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.