CECO Environmental(US:CECO) Globenewswire·2025-10-28 11:00Core Insights - CECO Environmental Corp. reported strong financial results for Q3 2025, achieving record revenues and backlog, with year-to-date revenue surpassing the total revenue of 2024 [4][5][10] Financial Performance - Q3 2025 operating income was $9.4 million, an increase of $2.2 million from $7.2 million in Q3 2024. Adjusted non-GAAP operating income rose to $17.5 million, up 59% from $11.0 million [4][8] - Net income for the quarter was $1.5 million, down from $2.1 million in Q3 2024, while non-GAAP net income increased to $9.3 million from $5.2 million [4][8] - Adjusted EBITDA reached $23.2 million, reflecting a 62% increase compared to $14.3 million in Q3 2024, with an adjusted EBITDA margin of 11.7% [4][8] - Free cash flow for the quarter was $19.0 million, up from $11.1 million in Q3 2024 [4][8] Guidance and Outlook - The company maintains its full-year 2025 revenue guidance of $725 to $775 million, representing a 35% increase at the midpoint, and expects adjusted EBITDA between $90 to $100 million, a 50% increase at the midpoint [5][9] - For 2026, CECO projects revenue between $850 and $950 million, a 20% increase at the midpoint, and adjusted EBITDA between $110 and $130 million, a 30% increase at the midpoint [9][10] Orders and Backlog - CECO booked over $232.9 million in new orders during the quarter, a 44% increase, and reported a backlog of $719.6 million, up 64% [8][10] - The sales pipeline now exceeds $5.8 billion, indicating strong future growth potential across various business segments and geographic areas [4][10] Strategic Initiatives - The company successfully divested its Global Pumps business and integrated multiple acquisitions, enhancing its operational capabilities and market position [6][10] - CECO continues to focus on operational excellence initiatives, contributing to margin expansion and overall business transformation [6][10]