CECO Q4 orders up 50% to $329M; raises FY26 outlook; announces merger with Thermon

CECO ENVIRONMENTAL CORP

2025-FY EPS reported $1.37 revenue$750,000,000

Q4 orders $329.3M (+50% YoY); revenue $214.7M (+35%); GAAP net income $3.1M (down 37%).
Adjusted EBITDA Q4 $29.8M (margin 13.9%, record); FY Adj. EBITDA $90.3M (+44%).
Full year orders $1.06B (+59%), backlog $793M (+47%), sales pipeline $6.5B (+45%).
Raised 2026 outlook: revenue $925-975M, Adj. EBITDA $115-135M (excl. Thermon merger).
Announced strategic combination with Thermon Group; expected close mid-2026.

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