CECO Environmental beats top-line and bottom-line estimates; initiates FY26 and reaffirms FY25 outlook

* CECO Environmental press release [https://seekingalpha.com/pr/20281496-ceco-environmental-reports-third-quarter-2025-results] (NASDAQ:CECO [https://seekingalpha.com/symbol/CECO]): Q3 Non-GAAP EPS of $0.26 beats by $0.01.
* Revenue of $197.6M (+45.8% Y/Y) beats by $7.24M.
* Orders of $232.9 million, up 44 percent.
* Backlog of $719.6 million, up 64 percent.
* Adjusted EBITDA of $23.2 million, up 62 percent.
* Free cash flow of $19.0 million, up 71 percent.
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2025 FULL YEAR GUIDANCE

The Company maintains its revenue outlook of $725 to $775 million (VS. $758.05M CONSENSUS), up approximately 35 percent at the midpoint and its expected range for adjusted EBITDA between $90 to $100 million, up approximately 50% at the midpoint, and a free cash flow outlook of greater than 60 percent conversion of adjusted EBITDA.

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2026 FULL YEAR OUTLOOK

The Company introduced its 2026 full year outlook with revenue between $850 and $950 million VS. $836.70M CONSENSUS), up approximately 20 percent at the midpoint of the range, and adjusted EBITDA between $110 and $130 million, up approximately 30 percent at the midpoint of the range. The Company expects full year free cash flow of between 50% to 60% of adjusted EBITDA.

MORE ON CECO ENVIRONMENTAL

* CECO Environmental Corp. (CECO) Environmental Corp. Presents at Jefferies Mining and Industrials Conference 2025 - Slideshow [https://seekingalpha.com/article/4820725-ceco-environmental-corp-ceco-environmental-corp-presents-at-jefferies-mining-and-industrials]
* CECO Environmental Q3 2025 Earnings Preview [https://seekingalpha.com/news/4508683-ceco-environmental-q3-2025-earnings-preview]
* Seeking Alpha’s Quant Rating on CECO Environmental [https://seekingalpha.com/symbol/CECO/ratings/quant-ratings]
* Historical earnings data for CECO Environmental [https://seekingalpha.com/symbol/CECO/earnings]
* Financial information for CECO Environmental [https://seekingalpha.com/symbol/CECO/income-statement]