CECO ENVIRONMENTAL CORP

Listed Company

CECOCIK 0000003197NasdaqLarge AcceleratedIndustrial & Commercial Fans & Blowers & Air Purifing EquipDelawareFY ends Dec 31

Period

FY 2025

Revenue

$774.38M

Net Income

$50.05M

Total Assets

$893.77M

Equity

$317.53M

Shares Out

35.87M

Op. Cash Flow

$5.86M

Business

CECO Environmental Corp is a diversified industrial company that provides engineered technology and application expertise for industrial air, industrial water, and energy transition markets. It offers engineered products and solutions such as emissions management systems, scrubbers, dust collectors, thermal oxidizers, filtration systems, pumps, silencers, dampers, expansion joints, water treatment packages, and engineered design‑build and aftermarket services. The company operates through Engineered Systems and Industrial Process Solutions segments addressing emissions control, separation, fluid handling, and process filtration. CECO sells globally through a direct sales force in key regions and through outside sales representatives and partner channels.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales	774	558	545	423	324
Cost of sales	505	362	374	294	223
Gross profit	269	196	171	128	101
Selling and administrative expenses	201	147	123	93	82
Amortization expenses	16	9	7	7	8
Acquisition and integration expenses	10	4	3	5	818,000
Gain on sale of Global Pump Solutions business	−64	0	0	—	—
Other operating expense	619,000	1	4	—	—
Total consolidated income from operations	106	35	35	22	10
Other expense (income)	2	5	−372,000	7	−2
Interest expense	21	13	13	−5	−3
Total income before income taxes	83	18	22	24	5
Income tax expense	30	3	7	5	3
Net income	53	14	15	18	2
Noncontrolling interest	3	1	2	−846,000	−557,000
Net income attributable to CECO Environmental Corp.	50	13	13	17	1
Basic (per share)	1.42	0.37	0.37	0.5	0.04
Diluted (per share)	1.37	0.36	0.37	0.5	0.04
Basic (shares)	35	35	35	35	35
Diluted (shares)	37	36	35	35	36

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	33	38	55	46	30
Restricted cash	83,000	369,000	669,000	1	2
Accounts receivable, net of allowances of $9,866 and $8,863	173	160	113	83	75
Costs and estimated earnings in excess of billings on uncompleted contracts	116	70	67	71	51
Inventories	54	43	34	27	17
Prepaid expenses and other current assets	29	17	12	12	11
Prepaid income taxes	5	4	824,000	1	3
Total current assets	410	331	281	241	189
Property, plant and equipment, net	48	34	26	21	16
Right-of-use assets from operating leases	28	25	16	11	16
Goodwill	288	270	211	183	161
Intangible assets finite life, net	97	74	50	35	26
Intangible assets indefinite life	10	9	10	10	10
Deferred income tax assets	449,000	966,000	304,000	829,000	505,000
Deferred charges and other assets	12	16	5	3	3
Total assets	894	760	600	505	416
Current portion of debt	2	2	10	4	2
Accounts payable	118	110	88	—	—
Accrued expenses	58	48	44	—	—
Billings in excess of costs and estimated earnings on uncompleted contracts	124	82	57	33	29
Notes payable	0	2	3	0	—
Income taxes payable	5	3	1	3	1
Total current liabilities	306	245	203	147	117
Other liabilities	3	14	13	15	15
Debt, less current portion	211	217	127	108	62
Deferred income tax liabilities, net	28	11	9	9	8
Operating lease liabilities	23	20	11	8	9
Total liabilities	571	508	363	287	210
Commitments and contingencies (See Note 12)	—	—	—	—	—
Preferred stock, $0.01 par value; 10,000 shares authorized, none issued	0	0	0	0	—
Common stock, $0.01 par value; 100,000,000 shares authorized, 35,644,537 and 34,978,009 shares issued and outstanding at December 31, 2025 and 2024, respectively	355,000	349,000	348,000	344,000	350,000
Capital in excess of par value	269	255	255	250	253
Retained earnings	57	7	−6	−19	−37
Accumulated other comprehensive loss	−9	−14	−16	−18	−12
Total CECO shareholders equity	318	248	233	213	205
Noncontrolling interest	6	4	5	5	1
Total shareholders' equity	323	252	237	218	206
Total liabilities and shareholders equity	894	760	600	505	416

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	25	15	13	11	10
Unrealized foreign currency (gain) loss	−2	3	−1	−1	2
Gain on sale of Global Pump Solutions business	−64	0	0	—	—
Loss realized with transfer of pension plan with sale of Global Pump Solutions business	2	0	0	—	—
Fair value adjustments to earnout liabilities	−7	134,000	296,000	−229,000	704,000
Loss on sale of property and equipment	60,000	191,000	110,000	10,000	−83,000
Debt discount amortization	834,000	498,000	427,000	371,000	404,000
Share-based compensation expense	13	8	5	4	3
Provision for credit (recovery) loss	−988,000	295,000	2	—	—
Inventory obsolescence expense	−354,000	1	1	140,000	82,000
Deferred income tax expense (benefit)	6	−4	−118,000	−39,000	0
Accounts receivable	−7	−52	−27	−7	−13
Cost and estimated earnings of billings on uncompleted contracts	−45	−4	5	−17	−7
Inventories	−3	−10	−7	−6	−203,000
Prepaid expenses and other current assets	−17	−8	1	37,000	6
Deferred charges and other assets	−79,000	−13	−1	2	300,000
Accounts payable	7	36	14	20	806,000
Accrued expenses	14	7	8	3	−366,000
Billings in excess of costs and estimated earnings on uncompleted contracts	38	25	22	4	8
Income taxes (receivable) payable	2	1	−2	1	1
Other liabilities	−9	5	−2	−4	−882,000
Net cash provided by operating activities	6	25	45	30	13
Acquisitions of property and equipment	−11	−17	−8	−3	−3
Net cash proceeds for sale of Global Pump Solutions business	108	0	0	—	—
Net proceeds from sale of assets	74,000	4,000	0	19,000	533,000
Cash paid for acquisitions, net of cash acquired	−98	−88	−48	−45	0
Net cash used in investing activities	−1	−105	−56	−48	−2
Borrowings on revolving credit lines	233	309	107	75	51
Repayments on revolving credit lines.	−239	−112	−151	−36	−57
Borrowings of long-term debt	0	0	75	11	0
Repayments of long-term debt	−2	−114	−5	−3	−3
Deferred financing fees paid	0	−2	−363,000	−130,000	−801,000
Deferred consideration paid for acquisitions	−3	−2	−1	0	0
Payments on financing leases	−234,000	−925,000	−907,000	−600,000	−603,000
Earnout payments	0	−3	−2	0	—
Equity awards surrendered by employees for tax liability, net of proceeds from employee stock purchase plan and exercise of stock options	872,000	−2	1	671,000	—
Non-controlling interest distributions	−2	−2	−2	−1	−107,000
Common stock repurchases	0	−5	0	−7	−5
Net cash (used in) provided by financing activities	−12	66	21	38	−16
Effect of exchange rate changes on cash and cash equivalents	2	−3	−442,000	−5	−1
Net (decrease) increase in cash, cash equivalents and restricted cash	−5	−17	9	15	−6
Interest	20	13	12	5	2
Income taxes	25	10	10	5	−3

Filings

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