CECO Environmental Reports First Quarter 2026 Results

About this update from Ceco Environmental Corp.

Strong First Quarter Results Highlighted by Orders up 97 Percent and Backlog Eclipsing $1BLargest Natural Gas Power Order in Company History Booked in April 2026Company Raises Full Year 2026 Guidance ADDISON, Texas, April 28, 2026 (GLOBE NEWSWIRE) -- CECO Environmental Corp. (Nasdaq: CECO) ("CECO"), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment, and industrial equipment, today reported its financial results for the first quarter of 2026 – as well as an update for the proposed merger transaction with Thermon Group Holdings, Inc. ("Thermon"). Highlights for the Quarter(1) (1) All comparisons are versus the comparable prior year period, unless otherwise stated.Reconciliations of GAAP (reported) to non-GAAP measures are in the attached financial tables. Todd Gleason, CECO's Chief Executive Officer commented, “I am pleased to highlight the tremendous topline growth and steady EBITDA margin expansion we continue to deliver at CECO. This is the first time our quarter-end backlog has eclipsed $1 billion, which reflects our incredible 2.2 book-to-bill ratio during the first quarter. We continue to secure strategic, large-scale projects to enable natural gas power generation expansion in support of a tremendous global investment in electrical power demand for data centers, artificial intelligence computing, industrial reshoring and electrification. This strong momentum continued into April 2026 as we have already booked approximately over $450 million in new orders including the largest ever order in the Natural Gas Power market, setting our second quarter bookings on a course to materially exceed the record we just set in the first quarter.” First quarter operating income was $1.9 million, down $60.0 million or 97 percent when compared to $61.9 million in the first quarter 2025. On an adjusted basis, non-GAAP operating income was $17.9 million, up $9.3 million or 108 percent when compared to $8.6 million in the first quarter of 2025. Net loss was $(0.4) million in the quarter, down $36.4 million or 101 percent when compared to net income of $36.0 million in the first quarter of 2025. Non-GAAP net income was $13.9 million, up $10.4 million or 297 percent when compared to $3.5 million in the first quarter of 2025. Adjusted EBITDA of $20.4 mi...

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