Thermon Q1 FY2026 revenue $108.9M (-5.4% YoY); organic revenue down 11.3%; reaffirms full-year guidance

Thermon Group Holdings, Inc.

2026-Q1 EPS reported $0.26 revenue$108,898,000

Revenue $108.9M (-5.4% YoY); organic revenue down 11.3%; adjusted EPS $0.36 vs $0.38.
Backlog $252.2M (+27.1% YoY); new orders $120.7M (-5.1%) with book-to-bill 1.11x.
Adjusted EBITDA $21.2M (-8.6%); gross margin improved 30bps to 44.1% despite tariff headwinds.
Confirms FY2026 revenue guidance $495-$535M and adjusted EBITDA $104-$114M.
Repurchased $9.8M in stock; net leverage 1.0x; total liquidity $130.8M.

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