UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2025 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File No. 0-07099 CECO ENVIRONMENTAL CORP. (Exact name of registrant as specified in its charter) Delaware 13-2566064 (State or other jurisdiction ...

CECO Environmental (CECO) Q2 2025 Earnings Call July 29, 2025 08:30 AM ET Speaker0Good day,Speaker1and thank youSpeaker0for standing by. Welcome to the CECO Environmental Second Quarter twenty twenty five Earnings Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Please be advised that this conference is being recorded.I would now like to hand the conference over to your speaker today, Steven Hoosier, Investor Relat ...

CECO Environmental (CECO) came out with quarterly earnings of $0.24 per share, beating the Zacks Consensus Estimate of $0.2 per share. This compares to earnings of $0.2 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +20.00%. A quarter ago, it was expected that this maker of air pollution controls and industrial ventilation systems would post earnings of $0.1 per share when it actually produced earnings of $0.1, delivering no ...

Q2 2025 Performance Highlights - Backlog reached a record high of $688 million, a 76% increase year-over-year[6] - Orders hit a record of $274 million, resulting in a book-to-bill ratio of approximately 1.5x[6] - Revenue increased by 35% year-over-year to $185 million, exceeding consensus estimates[6] - Adjusted EBITDA was $23.3 million, also above consensus estimates[6] - Adjusted EPS was $0.24, in line with consensus estimates[6] H1 2025 Results and Outlook - H1 Bookings were approximately $502 million, up 76% year-over-year, with a book-to-bill ratio of approximately 1.4x[10] - H1 Revenue was approximately $362 million, a 37% increase year-over-year[10] - The company is updating its FY2025 revenue outlook to $725 million - $775 million, reflecting an approximate $25 million increase[11] - The company maintains its Adjusted EBITDA outlook at $90 million - $100 million, expecting an approximate 50% year-over-year increase[11] Financial Metrics - Q2 2025 Orders increased by 95% year-over-year to $274 million[16] - Trailing Twelve Months (TTM) Orders increased by 58% to $883 million[16] - Q2 2025 Adjusted EBITDA increased by 45% year-over-year to $23.3 million[16] - Q2 2025 Revenue increased by 35% year-over-year to $185 million[16]

CECO ENVIRONMENTAL REPORTS SECOND QUARTER 2025 RESULTS Continued Strong Orders Growth Headlines Multiple Financial Records Raises Full Year Revenue Outlook ADDISON, TEXAS (July 29, 2025) -- CECO Environmental Corp. (Nasdaq: CECO) ("CECO" or the "Company"), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment, and industrial equipment, today reported its financial results for the second quarter of 2025. Second Quarter Summary (1) (1) All comparison ...

15th Annual East Coast Ideas Conference June 12, 2025 New York City Forward-looking statements and Non-GAAP information This presentation contains forward-looking statements with predictions, projections and other statements about future events. These statements are made on the basis of management's views and assumptions regarding future events and business performance. We use words such as "believe," "expect," "anticipate," "intends," "estimate," "forecast," "project," "will," "plan," "should" and similar ...

CECO Environmental (CECO) FY Conference June 12, 2025 09:15 AM ET Speaker0 Hi everyone, thank you so much for coming. We're delighted to have CECO. We have Peter Johansson, Chief Financial and Strategy Officer. Speaker1 Good morning everyone. Thank you for your time today. Alright. Thank you. Okay. So here's our safe harbor statement. There will be some forward looking info and non GAAP information presented. Please don't hold that against me. I wanna start out with a brief overview of the company. I see so ...

Group 1 - CECO Environmental (NASDAQ: CECO) is experiencing increased expectations and momentum due to a recalibrated strategy [1] - The investment group "Value In Corporate Events" focuses on identifying opportunities in IPOs, mergers & acquisitions, earnings reports, and corporate capital allocation changes [1] - The group covers 10 major events monthly to find the best investment opportunities [1] Group 2 - The article does not provide specific financial data or performance metrics for CECO Environmental or any other companies mentioned [2]

[Part I – Financial Information](index=3&type=section&id=Part%20I%20%E2%80%93%20Financial%20Information) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) CECO Environmental Corp. reported Q1 2025 net sales of $176.7 million and net income of $36.0 million, significantly boosted by a divestiture gain Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $476,101 | $330,971 | | **Total assets** | $957,095 | $759,699 | | **Total current liabilities** | $278,754 | $244,662 | | **Total liabilities** | $667,044 | $507,806 | | **Total shareholders' equity** | $290,051 | $251,893 | Condensed Consolidated Statement of Income Highlights (in thousands, except per share data) | Account | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net sales | $176,697 | $126,332 | | Gross profit | $62,162 | $45,132 | | Income from operations | $61,870 | $7,686 | | Gain on sale of Global Pump Solutions business | $64,502 | $— | | Net income attributable to CECO | $35,984 | $1,508 | | Diluted EPS | $0.98 | $0.04 | Condensed Consolidated Statement of Cash Flows Highlights (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(11,696) | $1,224 | | Net cash provided by (used in) investing activities | $4,829 | $(2,694) | | Net cash provided by (used in) financing activities | $115,756 | $(6,528) | | **Net increase (decrease) in cash** | **$108,475** | **$(8,420)** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Q1 2025 notes detail Profire Energy acquisition, Global Pump Solutions divestiture gain, increased debt, and litigation - On January 3, 2025, the Company acquired all outstanding shares of Profire Energy, Inc. for **$122.7 million** in cash, financed through cash on hand and a draw on the revolving credit facility[72](index=72&type=chunk) - On March 31, 2025, the Company finalized the sale of its Global Pump Solutions business for a purchase price of **$109.5 million**, recognizing a pre-tax gain on the sale of **$64.5 million**[86](index=86&type=chunk) Debt Composition (in thousands) | Debt Component | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Revolving credit facility | $334,700 | $214,200 | | Joint venture term debt | $6,885 | $7,297 | | **Total outstanding borrowings** | **$339,710** | **$218,880** | Segment Operating Income (in thousands) | Segment | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Engineered Systems | $18,740 | $16,277 | | Industrial Process Solutions | $69,650 | $7,100 | | **Total Segment Operating Income** | **$88,390** | **$23,377** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q1 2025 orders and net sales increased, with GAAP operating income boosted by divestiture, non-GAAP income declined - Orders booked increased **57.0%** to **$227.9 million** in Q1 2025 from **$145.3 million** in Q1 2024, with organic bookings contributing approximately **81%** of the total[111](index=111&type=chunk) - Backlog increased to **$602.0 million** as of March 31, 2025, from **$540.9 million** as of December 31, 2024. Substantially all backlog is expected to be delivered within 18 to 24 months[129](index=129&type=chunk) Reconciliation of GAAP to Non-GAAP Operating Income (in millions) | Description | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Operating income (GAAP)** | **$61.9** | **$7.7** | | Amortization expenses | $3.1 | $2.2 | | Acquisition and integration expenses | $8.1 | $0.2 | | Gain on sale of Global Pump Solutions business | $(64.5) | $— | | Other expenses | $— | $0.1 | | **Non-GAAP operating income** | **$8.6** | **$10.2** | | **Non-GAAP operating margin** | **4.9%** | **8.1%** | [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Q1 2025 net sales rose **39.9%** to **$176.7 million**, with GAAP operating income heavily influenced by a **$64.5 million** divestiture gain - Net sales increased **$50.4 million (39.9%)** to **$176.7 million**, with organic revenue contributing **$142.4 million (81% of total sales)**[112](index=112&type=chunk) - Gross profit as a percentage of sales slightly decreased to **35.2%** in Q1 2025 from **35.7%** in Q1 2024 due to project mix[113](index=113&type=chunk) - Selling and administrative expenses increased to **$53.6 million** from **$34.9 million**, primarily due to increased headcount and expenses from prior year acquisitions[114](index=114&type=chunk) - Non-GAAP operating margin decreased to **4.9%** for Q1 2025 from **8.1%** for Q1 2024[117](index=117&type=chunk) [Business Segments](index=34&type=section&id=Business%20Segments) Engineered Systems and Industrial Process Solutions segments saw increased orders and sales, with IPS operating income boosted by divestiture gain - Engineered Systems segment orders increased **62.9%** to **$163.0 million**, with organic bookings accounting for **88%** of the total[123](index=123&type=chunk) - Industrial Process Solutions segment operating income increased by **$62.6 million** to **$69.7 million**, primarily due to the gain on the sale of the Global Pump Solutions business[128](index=128&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity strengthened with cash increasing to **$146.5 million**, driven by divestiture proceeds and credit facility borrowings - Working capital increased to **$197.4 million** at March 31, 2025, from **$86.3 million** at December 31, 2024[132](index=132&type=chunk) - Cash and cash equivalents totaled **$146.5 million** at March 31, 2025, a substantial increase from **$37.8 million** at December 31, 2024[133](index=133&type=chunk) - In April 2025, subsequent to the quarter end, the Company made payments of **$98.7 million** on its Credit Facility[135](index=135&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces market risks from interest rate and foreign currency changes, with a **10%** rate change impacting earnings by **$2.5 million** annually - The company's primary market risks are changes in interest rates and foreign currency exchange rates[146](index=146&type=chunk) - A hypothetical **10%** change in the estimated weighted average borrowing rate at March 31, 2025, would have an estimated annual impact of **$2.5 million**[147](index=147&type=chunk) - Transaction gains included in "Other expense, net" were **$1.7 million** for the three months ended March 31, 2025, compared to **$0.8 million** in the prior year period[149](index=149&type=chunk) [Item 4. Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of March 31, 2025, with no material changes to internal controls during the quarter - Based on an evaluation, management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2025[150](index=150&type=chunk) - No changes in the Company's internal control over financial reporting occurred during the quarter ended March 31, 2025, that materially affected, or are reasonably likely to materially affect, internal controls[152](index=152&type=chunk) [Part II – Other Information](index=43&type=section&id=Part%20II%20%E2%80%93%20Other%20Information) [Item 1. Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company faces asbestos-related lawsuits through its subsidiary, but management expects no material adverse financial impact - The Company's subsidiary, Met-Pro, has been named in asbestos-related lawsuits. The Company retained these historical liabilities after the divestiture of its fluid handling business[67](index=67&type=chunk) - Management believes that none of the pending cases will have a material adverse impact upon the Company's results of operations, liquidity or financial condition[68](index=68&type=chunk) [Item 1A. Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) No material changes occurred in the company's risk factors from those disclosed in the Annual Report on Form 10-K for 2024 - There have been no material changes in the Company's risk factors from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024[155](index=155&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=43&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company made no share repurchases in Q1 2025, with **$8.0 million** remaining available under the program expiring April 30, 2025 - The company did not repurchase any shares during the three months ended March 31, 2025[53](index=53&type=chunk)[156](index=156&type=chunk) - As of March 31, 2025, **$8.0 million** remained available under the share repurchase program, which expires on April 30, 2025[156](index=156&type=chunk) [Other Items (3, 4, 5, 6)](index=43&type=section&id=Other%20Items%20(3%2C%204%2C%205%2C%206)) The company reported no defaults on senior securities and no director or officer trading plan adoptions or terminations - **Item 3:** No defaults upon senior securities were reported[157](index=157&type=chunk) - **Item 5:** No director or Section 16 officer adopted or terminated a Rule 10b5-1 trading arrangement during the quarter[159](index=159&type=chunk)

CECO Environmental Corp. (NASDAQ:CECO) Q1 2025 Earnings Conference Call April 29, 2025 8:30 AM ET Company Participants Steven Hooser - IR Todd Gleason - CEO Peter Johansson - Chief Financial and Strategy Officer Conference Call Participants Rob Brown - Lake Street Capital Markets Bobby Brooks - Northland Capital Markets Aaron Spychalla - Craig-Hallum Capital Group Gerry Sweeney - Roth Capital Jim Ricchiuti - Needham & Company Sameer Joshi - H.C. Wainwright Operator Good day, and thank you for standing by. W ...