CECO Environmental Corp. (NASDAQ:CECO) said it anticipates full-year 2026 orders will surpass $1.5 billion, implying a book-to-bill ratio above 1.5 and roughly 50% growth compared with 2025 levels. The forecast does not include the previously announced acquisition of Thermon.
The company also reported that its sales pipeline has expanded to more than $6.5 billion. Chief Executive Officer Todd Gleason said CECO expects to secure its largest order to date in the coming weeks, covering gas turbine exhaust inlet air conditioning and emissions control solutions designed to support ultra-low NOx and VOC emissions.
According to the company, the biggest growth opportunities remain in natural gas power generation, industrial water solutions and industrial reshoring initiatives.
The planned acquisition of Thermon remains on schedule to close in mid-2026, pending shareholder and regulatory approvals. Under the terms of the deal, Thermon shareholders will receive $10 in cash and 0.6840 shares of CECO stock for each Thermon share, with the cash portion capped at approximately $330 million and financed through CECO’s existing credit facility.
CECO said it expects to generate at least $40 million in annual cost synergies by the third year after completing the Thermon acquisition. The combined company is projected to achieve adjusted EBITDA margins of about 20%.
Headquartered in Addison, Texas, CECO Environmental develops environmental technology solutions for industrial air, industrial water and energy transition markets worldwide. The company was founded in 1966.