Quarterly ResultApr 28, 2026, 07:02 AM
CECO Q1 Orders +97%, Backlog Eclipses $1B; Raises FY26 Guidance
AI Summary
CECO Environmental Corp. reported strong first quarter 2026 financial results, highlighted by a 97% increase in orders to $449.5 million and a record backlog eclipsing $1 billion, up 72%. Revenue grew 17% to $205.9 million, and non-GAAP net income surged 297% to $13.9 million. The company also raised its full-year 2026 guidance, expecting revenue between $940 million and $1 billion and Adjusted EBITDA between $120 million and $140 million. Additionally, the proposed merger with Thermon Group Holdings, Inc. remains on track for a second-quarter close, with stockholder votes scheduled for May 27, 2026.
Key Highlights
- Orders of $449.5 million, up 97% year-over-year.
- Backlog reached $1,035.1 million, up 72% year-over-year.
- Revenue increased 17% to $205.9 million.
- Non-GAAP net income was $13.9 million, up 297%.
- Adjusted EBITDA grew 46% to $20.4 million.
- Full year 2026 revenue guidance raised to $940 million - $1 billion.
- Full year 2026 Adjusted EBITDA guidance raised to $120 million - $140 million.
- Thermon merger on track for Q2 close, stockholder votes expected May 27, 2026.