CECO Environmental (NASDAQ:CECO), a provider of engineered solutions for air pollution control, industrial ventilation and fluid handling, reported strong fourth-quarter and full-year 2025 financial results.
The company also announced a proposed merger with Thermon Group Holdings that would combine the two industrial technology providers.
For the full year ended December 31, 2025, CECO recorded orders of $1,064.3 million, the highest in company history, reflecting strong demand across energy transition, power generation, semiconductor manufacturing and industrial end markets.
Revenue totaled $774.4 million, while adjusted EBITDA reached $90.3 million.
Backlog stood at $793.1 million at year-end, providing substantial visibility into future revenue.
The fourth quarter contributed significantly to the annual performance, with a gross margin of 35.1% driven by favorable project mix and operational execution.
A highlight was a record approximately $135 million gas-fired power project award that bolstered bookings momentum and underscored CECO's positioning in the energy infrastructure sector.
Following the quarter's performance, CECO raised its 2026 guidance, projecting revenue in the range of $925 million to $975 million and adjusted EBITDA of $115 million to $135 million.