Highest-materiality recent filing
CECO Q2 orders up 191% to $798.5M, backlog $1.82B; raises FY2026 guidance
Q2 orders $798.5M, up 191% YoY; backlog $1,819.1M, up 164%.
CECO closes Thermon acquisition; pro forma revenue $1.3B, net loss $20.2M for FY2025
Acquisition closed June 1, 2026; consideration mix: $63.89 cash, 0.8110 CECO shares, or mixed 0.6840 shares + $10 cash per Thermon share.
CECO updates FY2026 guidance post-Thermon acquisition; revenue $1.275-1.375B
Thermon deal closed June 1, 2026; integration on track with no operating issues.
Thermon shareholders received mix of cash and stock; proration applied; total cash consideration ~$329.4M and 22.53M CECO shares issued.
CECO & Thermon stockholders approve merger; ~99.93% voted in favor; expected close June 1, 2026
CECO stockholders approved stock issuance for Thermon merger with 29,620,269 for, 18,904 against, 37,796 abstain.
CECO Q1 orders surge 97% to $449.5M; backlog tops $1B; raises FY guidance
Orders of $449.5M (+97% YoY); backlog $1,035.1M (+72%); book-to-bill ratio 2.2.
CECO ups revolving credit to $740M, adds $235M term loan for Thermon acquisition
Amended credit agreement increases revolver commitments to $740M from prior amount; $254.8M drawn at closing.
CECO Environmental to acquire Thermon Group for ~$63.89/share in cash or mixed consideration
Transaction implied enterprise value ~$1.1B; each Thermon share receives 0.684 CECO shares + $10 cash, $63.89 cash, or 0.811 CECO shares, subject to proration.
CECO Q4 orders up 50% to $329M; raises FY26 outlook; announces merger with Thermon
Q4 orders $329.3M (+50% YoY); revenue $214.7M (+35%); GAAP net income $3.1M (down 37%).
CECO Environmental enters $700M revolving credit facility maturing 2031
Facility size of $700M, with option to increase by up to $150M plus additional amount subject to leverage test.
CECO Q3 revenue $197.6M (+46% YoY); Adj EBITDA $23.2M (+62%); introduces 2026 outlook
Q3 revenue $197.6M (+46% YoY); orders $232.9M (+44%); backlog $719.6M (+64%).
CECO grants CFO Peter K. Johansson 30,000 performance-based RSUs with $60 stock target
Grant of 30,000 PSUs with four-year vesting (September 12, 2029) tied to stock price performance.
CECO Q2 orders surge 95% to $274.1M; revenue up 35%; raises FY outlook
Orders of $274.1M (+95% YoY) and backlog $688.1M (+76%) set all-time records.
CECO Environmental announces departure of Chief Admin & Legal Officer Lynn Watkins-Asiyanbi
Departure effective July 31, 2025 (officer role) and Aug 15, 2025 (employment).
CECO CEO gets 150K PSUs vesting if stock hits $40 within 4 years
Grant of 150,000 performance-based restricted stock units to CEO Todd R. Gleason on June 4, 2025.
Eight director nominees elected; Jason DeZwirek received 1,099,433 against votes, highest opposition.
CECO Q1 orders up 57% to $228M; backlog record $602M; maintains FY25 outlook
Orders of $227.9M, up 57% YoY; backlog $602.0M, up 55%.
CECO Environmental completes divestiture of Fluid Handling business to May River Capital for ~$110M
Enterprise value ~$110M, paid in cash at closing; net proceeds ~$106M with ~$3M in escrow.
CECO Environmental dismisses BDO, appoints Deloitte as auditor for FY2025
BDO dismissed as independent auditor effective Feb 28, 2025; no adverse opinions or disagreements on financials for FY2023/2024.
CECO Q4 record bookings $219M, revenue up 3%; reaffirms 2025 outlook $700-750M revenue
Q4: Revenue $158.6M (+3% YoY), gross margin 35.8% (+120 bps), net income $4.9M (+26%), GAAP EPS $0.13.
Preliminary 2024 revenue $555-$558M (prior guidance $575-$600M); Adjusted EBITDA $62-$63M (prior $65-$70M).
CECO Environmental completes acquisition of Profire Energy for ~$118.3M in cash
Tender offer expired Dec 31, 2024 with 86.31% of PFIE shares validly tendered at $2.55/share.
CECO Q3 revenue misses on project delays; guides FY24 lower; announces $125M Profire acquisition
Q3 revenue $135.5M (-9% YoY); GAAP EPS $0.06; non-GAAP EPS $0.14 (-36% YoY); net income $2.1M.
CECO to acquire Profire Energy for $125M in cash; $2.55/share, 46.5% premium
CECO to acquire Profire Energy for $2.55/share cash, implying equity value of ~$125M and enterprise value ~$108M.
CECO Environmental enters new $400M credit facility, extends maturity to 2029
Initial revolving credit facility of $400M; can be increased by up to $125M plus additional subject to leverage ratio.
CECO Q2 revenue $137.5M (+6% YoY); EPS $0.12; raises FY24 guidance; acquires EnviroCare
Record Q2 revenue of $137.5M, gross margin 35.6% (+480 bps YoY), adjusted EBITDA $16.1M (+18%).
CECO shareholders approve officer exculpation amendment, elect directors, ratify auditor
Officer exculpation amendment approved (24.3M for, 2.8M against, 53k abstain).
CECO reports record Q1 revenue $126.3M, Adj. EBITDA $13.2M up 36%, reaffirms FY24 guidance
Record Q1 revenue $126.3M (+12% YoY); GAAP EPS $0.04, non-GAAP EPS $0.11.
CECO reports record Q4 revenue $153.7M (+32% YoY); raises FY2024 guidance
Q4 revenue $153.7M (+32%), GAAP EPS $0.11, Non-GAAP EPS $0.28; Adjusted EBITDA $19.4M (+49%)
CECO reports record Q3 revenue $149.4M, up 38%; raises FY2023 guidance; introduces FY2024 outlook
Revenue $149.4M (+38% YoY), net income $3.3M (+74%), adjusted EBITDA $15.1M (+64%), record backlog $394.0M (+42%).
CECO grants performance-based PSUs to CFO and Chief Legal Officer; stock price targets $22-$35
Peter Johansson (CFO) granted 47,247 PSUs; Joycelynn Watkins-Asiyanbi (CAO/CLO) granted 41,341 PSUs.
CECO Environmental raises 2023 outlook, completes acquisition of Kemco Systems
Acquired Kemco Systems (closed Aug 23, 2023); Kemco had ~$22M revenue in 2022.
CECO Environmental appoints Laurie Siegel to board, compensation committee
Board expanded from 7 to 8 directors; Siegel joined effective September 6, 2023.
CECO Environmental names Kiril Kovachev as Chief Accounting Officer, replacing Paul Gohr
Paul Gohr departed as CAO effective Sept 1, 2023; Kiril Kovachev succeeded him effective Sept 2, 2023.
CECO Environmental COO departs; gets $630K severance plus RSUs
COO Ramesh Nuggihalli left Aug 20, 2023; separation agreement signed Aug 21.
CECO Q2 revenue up 23% to $129.2M, record orders $162.9M, raises FY23 guidance
Record Q2 orders of $162.9M (+44% YoY); backlog $391.0M (+35%); book-to-bill 1.26.
CECO Environmental COO Ramesh Nuggihalli to depart effective August 20, 2023
COO Ramesh Nuggihalli will step down and leave CECO on August 20, 2023.
CECO CEO Todd Gleason becomes at-will; gets 225K PSUs tied to $22-$35 stock price targets
Existing employment agreement not renewed; CEO becomes at-will effective July 5, 2023.
CECO Environmental names Kiril Kovachev as new Chief Accounting Officer effective Sept 1
Paul Gohr to step down as Chief Accounting Officer effective August 31, 2023; will receive severance.
All seven director nominees elected with 22.1M to 23.6M votes for each; broker non-votes of 4.4M on each.
CECO Q1 revenue up 22% to $112.6M; record backlog $356.1M; raises FY2023 outlook
Orders $146.1M, record backlog $356.1M (+26%), Q1 revenue $112.6M (+22%).
CECO boosts severance to 1-year salary plus bonus; amends bylaws for universal proxy
Severance for qualifying non-change-of-control terminations increased from 26 weeks to one year base salary plus annual bonus.
CECO Q4 revenue $116.4M (+24% YoY), EPS $0.24; raises FY2023 guidance
Q4 orders $150.5M (+66% YoY); backlog $311.7M (+46%) record level.
CECO Environmental Q4 2022 preliminary orders ≥$145M; up 60% YoY, 42% sequentially
Orders expected to exceed $145M, a 60% increase over prior-year quarter.
CECO Q3 revenue up 36% to $108.4M; raises 2022 EBITDA guidance to >$39M
Net income of $1.9M vs loss of $1.2M YoY; GAAP EPS $0.06; non-GAAP EPS $0.20.
CECO Environmental finalizes separation agreement with former CFO Matthew Eckl
Separation agreement includes $366,000 lump sum cash severance payment.
CECO appoints Peter Johansson as CFO, replacing Matthew Eckl effectively August 15
Matthew Eckl ceases as CFO August 14, leaves August 20; expected severance per employment agreement.
CECO Q2 revenue +34% to $105.4M, adj. EBITDA +63%; raises FY22 guidance, CFO departs
Q2 revenue $105.4M (+34% YoY); net income $4.4M vs $0.3M; adjusted EBITDA $10.6M (+63%).
CECO Environmental appoints Robert E. Knowling Jr. to board of directors; two directors retire
Robert E. Knowling appointed to CECO board effective July 11, 2022; board expanded from seven to eight members.
CECO Environmental stockholders elect all seven director nominees at 2022 annual meeting
Seven director nominees elected with votes ranging from 24.1M to 27.1M for; Jason DeZwirek received 25.8M for.
the Board appointed Todd Gleason, CECO’s Chief Executive Officer and an existing member of the Board, to serve as Chairman of the Board, effective as of the effective time of the First Merger.
Mr. Jason DeZwirek has been designated as the Lead Independent Director.
the Board appointed Marcus J. George and Victor L. Richey, each of whom served as a member of the board of directors of Thermon immediately prior thereto, as directors of the Company to fill the two newly created vacancies on the Board.
the Board appointed Marcus J. George and Victor L. Richey, each of whom served as a member of the board of directors of Thermon immediately prior thereto, as directors of the Company to fill the two newly created vacancies on the Board.
On September 6, 2023, CECO Environmental Corp. (the “Company”) increased the size of the Board of Directors of the Company (the “Board”) from seven to eight directors and appointed Laurie Siegel to serve as a director of the Company.
Matthew Eckl, its Chief Financial Officer, will cease serving as the Company’s Chief Financial Officer, effective August 14, 2022
Today CECO also announced the appointment of Peter K. Johansson, 58, as the Company’s Senior Vice President, Chief Financial and Strategy Officer, effective August 15, 2022
On July 11, 2022, CECO Environmental Corp. (the “Company”) increased the size of the Board of Directors of the Company (the “Board”) from seven to eight directors and appointed Robert E. Knowling, Jr. to serve as a director of the Company.
On November 4, 2021, CECO Environmental Corp. (the “Company”) increased the size of the Board of Directors of the Company (the “Board”) from eight to nine directors and appointed Richard F. Wallman to serve as a director of the Company.
Max materiality 0.90 · Median 0.70 · Most common event earnings