10-Q

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 of Incorporation or organization)	(IRS Employer Identification No.)

5080 Spectrum Drive Suite 800E Addison, Texas	75001
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (214) 357-6181

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, par value $0.01 per share	CECO	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practical date: 35,328,115 shares of common stock, par value $0.01 per share, as of July 18, 2025.

CECO ENVIRONMENTAL CORP.

QUARTERLY REPORT ON FORM 10-Q

For the quarter ended June 30, 2025

Table of Contents

Part I –	Financial Information	2
	Item 1. Financial Statements	2
	Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024	2
	Condensed Consolidated Statements of Income for the three and six months ended June 30, 2025 and 2024	3
	Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024	4
	Condensed Consolidated Statements of Shareholders’ Equity for the six months ended June 30, 2025 and 2024	5
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024	6
	Notes to Condensed Consolidated Financial Statements	7
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
	Item 3. Quantitative and Qualitative Disclosures about Market Risk	30
	Item 4. Controls and Procedures	31
Part II –	Other Information	32
	Item 1. Legal Proceedings	32
	Item 1A. Risk Factors	32
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	32
	Item 3. Defaults Upon Senior Securities	32
	Item 4. Mine Safety Disclosures	32
	Item 5. Other Information	32
	Item 6. Exhibits	33
Signatures		34

1

CECO ENVIRONMENTAL CORP.

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands, except per share data)	June 30, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	36,823		$	37,832
Restricted cash		86			369
Accounts receivable, net allowances of $8,993 and $8,863		161,498			159,572
Costs and estimated earnings in excess of billings on uncompleted contracts		91,262			69,889
Inventories		59,792			42,624
Prepaid expenses and other current assets		29,682			16,859
Prepaid income taxes		3,856			3,826
Total current assets		382,999			330,971
Property, plant and equipment, net		46,618			33,810
Right-of-use assets from operating leases		24,903			25,102
Goodwill		288,043			269,747
Intangible assets – finite life, net		106,871			74,050
Intangible assets – indefinite life		9,666			9,466
Deferred income taxes		293			966
Deferred charges and other assets		17,189			15,587
Total assets	$	876,582		$	759,699
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of debt	$	1,857		$	1,650
Accounts payable		125,971			109,671
Accrued expenses		53,950			47,528
Billings in excess of costs and estimated earnings on uncompleted contracts		93,045			81,501
Notes payable		1,700			1,700
Income taxes payable		8,512			2,612
Total current liabilities		285,035			244,662
Other liabilities		3,137			14,362
Debt, less current portion		236,877			217,230
Deferred income tax liability, net		28,567			11,322
Operating lease liabilities		19,747			20,230
Total liabilities		573,363			507,806
Commitments and contingencies (See Note 14)
Shareholders’ equity:
Preferred stock, $.01 par value; 10,000 shares authorized, none issued		—			—
Common stock, $.01 par value; 100,000,000 shares authorized, 35,307,944 and 34,978,009 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively		352			349
Capital in excess of par value		258,466			255,211
Retained earnings		52,064			6,570
Accumulated other comprehensive loss		(12,518	)		(14,441	)
Total CECO shareholders' equity		298,364			247,689
Noncontrolling interest		4,855			4,204
Total shareholders' equity		303,219			251,893
Total liabilities and shareholders' equity	$	876,582		$	759,699

The notes to the condensed consolidated financial statements are an integral part of the above statements.

2

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

	Three months ended June 30,					Six months ended June 30,
(in thousands, except share and per share data)	2025			2024		2025			2024
Net sales	$	185,391		$	137,522	$	362,088		$	263,854
Cost of sales		118,283			88,475		232,818			169,675
Gross profit		67,108			49,047		129,270			94,179
Selling and administrative expenses		48,816			36,465		102,359			71,372
Amortization expenses		2,937			2,210		6,033			4,419
Acquisition and integration expenses		32			476		8,175			666
Gain on sale of Global Pump Solutions business		—			—		(64,502	)		—
Other operating (income) expense, net		(2,738	)		639		(2,725	)		779
Income from operations		18,061			9,257		79,930			16,943
Other (income) expense, net		(1,454	)		679		(861	)		2,192
Interest expense		4,898			3,254		11,115			6,667
Income before income taxes		14,617			5,324		69,676			8,084
Income tax expense		4,511			394		23,127			1,062
Net income		10,106			4,930		46,549			7,022
Noncontrolling interest		596			445		1,055			1,029
Net income attributable to CECO Environmental Corp.	$	9,510		$	4,485	$	45,494		$	5,993
Earnings per share:
Basic	$	0.27		$	0.13	$	1.29		$	0.17
Diluted	$	0.26		$	0.12	$	1.24		$	0.17
Weighted average number of common shares outstanding:
Basic		35,286,065			34,918,412		35,157,514			34,881,625
Diluted		36,558,493			36,302,664		36,624,237			36,239,331

The notes to the condensed consolidated financial statements are an integral part of the above statements.

3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

	Three months ended June 30,					Six months ended June 30,
(in thousands)	2025		2024			2025		2024
Net income	$	10,106	$	4,930		$	46,549	$	7,022
Other comprehensive income, net of tax:
Foreign currency translation gain (loss)		404		(856	)		1,923		(202	)
Comprehensive income	$	10,510	$	4,074		$	48,472	$	6,820

The notes to the condensed consolidated financial statements are an integral part of the above statements.

4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(unaudited)

	Common Stock				Capital in excess of			Retained		Accumulated Other Comprehensive			Non-controlling			Total Shareholders'
	Shares		Amount		par value			Earnings		Loss			interest			Equity
Balance December 31, 2024		34,978	$	349	$	255,211		$	6,570	$	(14,441	)	$	4,204		$	251,893
Net income for the three months ended March 31, 2025		—		—		—			35,984		—			458			36,442
Restricted stock units issued		260		3		(3,045	)		—		—			—			(3,042	)
Share based compensation earned		12		—		3,641			—		—			—			3,641
Translation gain		—		—		—			—		1,519			—			1,519
Noncontrolling interest distributions		—		—		—			—		—			(402	)		(402	)
Balance March 31, 2025		35,250	$	352	$	255,807		$	42,554	$	(12,922	)	$	4,260		$	290,051
Net income for the three months ended June 30, 2025		—		—		—			9,510		—			595			10,105
Exercise of stock options		1		—		5			—		—			—			5
Restricted stock units issued		57		—		(224	)		—		—			—			(224	)
Share based compensation earned		—		—		2,878			—		—			—			2,878
Translation gain		—		—		—			—		404			—			404
Balance June 30, 2025		35,308	$	352	$	258,466		$	52,064	$	(12,518	)	$	4,855		$	303,219

	Common Stock						Capital in excess of			Accumulated			Accumulated Other Comprehensive			Non-controlling			Total Shareholders'
	Shares			Amount			par value			Loss			Loss			interest			Equity
Balance December 31, 2023		34,835		$	348		$	254,956		$	(6,387	)	$	(16,274	)	$	4,848		$	237,491
Net income for the three months ended March 31, 2024		—			—			—			1,508			—			585			2,093
Exercise of stock options		10			—			113			—			—			—			113
Restricted stock units issued		195			2			(2,204	)		—			—			—			(2,202	)
Share based compensation earned		12			—			1,808			—			—			—			1,808
Common stock repurchase and retirement		(144	)		(1	)		(3,000	)		—			—			—			(3,001	)
Translation gain		—			—			—			—			654			—			654
Noncontrolling interest distributions		—			—			—			—			—			(804	)		(804	)
Balance March 31, 2024		34,908		$	349		$	251,673		$	(4,879	)	$	(15,620	)	$	4,629		$	236,152
Net income for the three months ended June 30, 2024		—			—			—			4,485			—			445			4,930
Exercise of stock options		10			—			161			—			—			—			161
Restricted stock units issued		92			1			(466	)		—			—			—			(465	)
Share based compensation earned		—			—			2,191			—			—			—			2,191
Common stock repurchase and retirement		(86	)		(1	)		(1,999	)		—			—			—			(2,000	)
Translation loss		—			—			—			—			(856	)		—			(856	)
Noncontrolling interest distributions		—			—			—			—			—			(301	)		(301	)
Balance June 30, 2024		34,924		$	349		$	251,560		$	(394	)	$	(16,476	)	$	4,773		$	239,812

The notes to the condensed consolidated financial statements are an integral part of the above statements.

5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	Six months ended June 30,
(in thousands)	2025			2024
Cash flows from operating activities:
Net income	$	46,549		$	7,022
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization		10,157			6,973
Unrealized foreign currency (gain) loss		(3,024	)		691
Gain on sale of Global Pump Solutions business		(64,502	)		—
Fair value adjustment to earnout liabilities		(7,403	)		—
(Gain) loss on sale of property and equipment		(34	)		126
Debt discount amortization		412			240
Share-based compensation expense		6,234			3,847
Provision for credit loss		1,297			267
Inventory reserve expense		192			669
Deferred income tax benefit		1,335			22
Changes in operating assets and liabilities, net of acquisitions and divestiture:
Accounts receivable		4,850			(17,295	)
Costs and estimated earnings in excess of billings on uncompleted contracts		(19,635	)		10,610
Inventories		(8,853	)		(5,151	)
Prepaid expense and other current assets		(13,865	)		(11,164	)
Deferred charges and other assets		(1,512	)		(412	)
Accounts payable		11,884			13,719
Accrued expenses		9,973			1,566
Billings in excess of costs and estimated earnings on uncompleted contracts		7,524			3,060
Income taxes payable		5,942			68
Other liabilities		(6,884	)		(6,967	)
Net cash (used in) provided by operating activities		(19,363	)		7,891
Cash flows from investing activities:
Acquisitions of property and equipment		(4,432	)		(7,233	)
Net cash proceeds for sale of Global Pump Solutions business		105,860			—
Net cash (paid) received for acquisitions, net of cash acquired		(97,615	)		422
Net cash provided by (used in) investing activities		3,813			(6,811	)
Cash flows from financing activities:
Borrowings on revolving credit lines		162,000			21,700
Repayments on revolving credit lines		(142,300	)		(23,200	)
Repayments of long-term debt		(802	)		(5,198	)
Payments on finance leases and financing liability		(393	)		(458	)
Deferred consideration paid for acquisitions		(1,000	)		(2,050	)
Earnout payments		—			(1,672	)
Equity awards surrendered by employees for tax liability, net of proceeds from employee stock purchase plan and exercise of stock options		(2,906	)		418
Noncontrolling interest distributions		(402	)		(1,105	)
Common stock repurchased		—			(5,000	)
Net cash provided by (used in) financing activities		14,197			(16,565	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		61			(3,049	)
Net decrease in cash, cash equivalents and restricted cash		(1,292	)		(18,534	)
Cash, cash equivalents and restricted cash at beginning of period		38,201			55,448
Cash, cash equivalents and restricted cash at end of period	$	36,909		$	36,914
Cash paid during the period for:
Interest	$	10,940		$	6,574
Income taxes	$	18,642		$	3,801

The notes to the condensed consolidated financial statements are an integral part of the above statements.

6

CECO ENVIRONMENTAL CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1. Basis of Reporting for Consolidated Financial Statements

The accompanying unaudited condensed consolidated financial statements of CECO Environmental Corp. and its subsidiaries (the “Company,” “CECO,” “we,” “us,” or “our”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to those rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements of the Company contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position as of June 30, 2025 and the results of operations, cash flows and shareholders’ equity for the three and six months ended June 30, 2025 and 2024. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the full year. The balance sheet as of December 31, 2024 has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the SEC on February 25, 2025 (the “Form 10-K”).

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

These financial statements and accompanying notes should be read in conjunction with the audited financial statements and the notes thereto included in the Form 10-K.

Unless otherwise indicated, all balances within tables are in thousands, except per share amounts.

2. Recent Financial Accounting Pronouncements

The Company considered the impact of all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB"). The ASUs issued but not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's consolidated financial statements.

Accounting Standards Adopted in Fiscal 2025

None.

Accounting Standards to be Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which addresses annual income tax disclosure requirements, primarily around the disclosure of the rate reconciliation and income taxes paid. The ASU is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s consolidated financial statements and will adopt the new annual disclosures as required for the fiscal year ended December 31, 2025.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which addresses expense disclosure requirements, primarily the disaggregation of expense captions. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s consolidated financial statements.

7

3. Accounts Receivable

Accounts receivable as of June 30, 2025 and December 31, 2024 consisted of the following:

(in thousands)	June 30, 2025			December 31, 2024
Accounts receivable	$	170,491		$	168,435
Provision for credit losses		(8,993	)		(8,863	)
Total accounts receivable, net	$	161,498		$	159,572

Accounts receivable, net as of the beginning of the prior year period, or January 1, 2024, were $112.7 million.

Balances billed but not paid by customers under retainage provisions in contracts within the Condensed Consolidated Balance Sheets amounted to approximately $15.8 million and $13.6 million at June 30, 2025 and December 31, 2024, respectively. Retainage receivables on contracts in progress are generally collected within a year or two subsequent to contract completion, and are recorded in either "Accounts receivable, net" or "Deferred charges and other assets" within the Condensed Consolidated Balance Sheets depending on timing of expected collection.

Provision for credit losses activity for the six months ended June 30, 2025 and 2024 consisted of the following:

	Six months ended June 30,
(in thousands)	2025			2024
Balance at beginning of period	$	8,863		$	6,460
Write-offs		(1,167	)		(14	)
Changes to the provision		1,297			787
Recoveries		—			(651	)
Balance at end of period	$	8,993		$	6,582

4. Contract Assets and Liabilities

Contract assets and liabilities as of June 30, 2025 and December 31, 2024 consisted of the following:

(in thousands)	June 30, 2025		December 31, 2024
Costs and estimated earnings in excess of billings on uncompleted contracts	$	91,262	$	69,889
Billings in excess of costs and estimated earnings on uncompleted contracts		93,045		81,501

As of the beginning of the prior year period, or January 1, 2024, costs and estimated earnings in excess of billings on uncompleted contracts and billings in excess of costs and estimated earnings on uncompleted contracts were $66.6 million and $56.9 million, respectively. The contract liabilities recorded in “Accrued expenses” on the Condensed Consolidated Balance Sheets were $16.0 million, $9.7 million and $7.9 million as of June 30, 2025, December 31, 2024 and January 1, 2024, respectively. Approximately 50% of the Company's contract liabilities as of December 31, 2024 were recognized as revenue in the six months ended June 30, 2025.

5. Inventories

Inventories as of June 30, 2025 and December 31, 2024 consisted of the following:

(in thousands)	June 30, 2025		December 31, 2024
Raw materials	$	21,461	$	24,803
Work in process		17,691		14,532
Finished goods		20,640		3,289
Total inventories	$	59,792	$	42,624

Amounts credited to the allowance for obsolete inventory and charged to cost of sales amounted to $0.1 million and $0.2 million for the three months ended June 30, 2025 and 2024, respectively, and $0.2 million and $0.7 million for the six months ended June 30, 2025 and 2024, respectively.

.

8

6. Goodwill and Intangible Assets

Goodwill and indefinite life intangible asset activity for the six months ended June 30, 2025 and the year ended December 31, 2024 was as follows:

(in thousands)	Six months ended June 30, 2025					Year ended December 31, 2024
Goodwill / Tradename	Goodwill			Tradename		Goodwill			Tradename
Balance at beginning of period	$	269,747		$	9,466	$	211,326		$	9,570
Acquisitions		40,711			—		59,115			—
Divestiture		(26,838	)		—		—			—
Foreign currency translation		4,423			200		(694	)		(104	)
Balance at end of period	$	288,043		$	9,666	$	269,747		$	9,466

During the six months ended June 30, 2025, the Company recorded measurement period adjustments related to the acquisitions of WK Germany KG, GmbH and WK Asia-Pacific Pte. Ltd. (collectively, "WK Group") and Verantis Environmental Solutions Group ("Verantis"), as discussed in Note 15, resulting in increases to goodwill as of the acquisition dates of $9.4 million and $5.6 million, respectively. These adjustments relate to working capital and the associated tax balances. During the six months ended June 30, 2025, the Company completed its acquisition of Profire Energy, Inc. ("Profire"), as discussed in Note 15, and its divestiture of its Fluid Handling business, also known as its Global Pump Solutions business, as discussed in Note 16.

Finite life intangible assets as of June 30, 2025 and December 31, 2024 consisted of the following:

	June 30, 2025						December 31, 2024
(in thousands)	Cost			Accum. Amort.			Cost			Accum. Amort.
Technology	$	22,314		$	13,642		$	20,614		$	14,769
Customer lists		140,337			54,668			127,354			70,045
Tradenames		17,660			4,961			18,530			6,392
Foreign currency adjustments		(331	)		(162	)		(2,770	)		(1,528	)
Total intangible assets – finite life	$	179,980		$	73,109		$	163,728		$	89,678

Finite life intangible asset activity for the six months ended June 30, 2025 and 2024 was as follows:

	Six months ended June 30,
(in thousands)	2025			2024
Intangible assets – finite life, net at beginning of period	$	74,050		$	50,461
Amortization expense		(6,033	)		(4,315	)
Acquisitions		41,810			—
Divestiture		(4,029	)		—
Foreign currency adjustments		1,073			(60	)
Intangible assets – finite life, net at end of period	$	106,871		$	46,086

Amortization expense of finite life intangible assets was $2.9 million and $2.2 million for the three months ended June 30, 2025 and 2024, respectively, and $6.0 million and $4.3 million for the six months ended June 30, 2025 and 2024, respectively. Amortization over the next five years for finite life intangibles is expected to be $10.5 million for the remainder of 2025, $16.3 million in 2026, $15.4 million in 2027, $14.5 million in 2028, $12.8 million in 2029, and $40.5 million thereafter. The weighted average amortization periods for finite life intangible assets was 8.5 years as of June 30, 2025, inclusive of weighted average amortization periods for technology, customer lists, and tradenames of 6.3, 8.9, and 7.9 years, respectively.

Annually during the fourth quarter, or more often as circumstances require, the Company completes an impairment assessment of its goodwill and indefinite life intangible assets at the reporting unit level. As a part of its annual assessment, the Company first qualitatively assesses whether current events or changes in circumstances lead to a determination that it is more likely than not, defined as a likelihood of more than 50 percent, that the fair value of a reporting unit is less than its carrying amount. If there is a qualitative determination that the fair value of a particular reporting unit is more likely than not greater than its carrying value, the Company does not need to quantitatively test for impairment for that reporting unit. If this qualitative assessment indicates a more likely than not potential that the asset may be impaired, the estimated fair value is determined using a weighting of the income method and the market method. If the estimated fair value of a reporting unit is less than its carrying value, an impairment charge is recorded.

9

Additionally, property, plant and equipment and finite life intangible assets are reviewed whenever events or changes in circumstances occur that indicate possible impairment. If events or changes in circumstances occur that indicate possible impairment, the impairment review is based on an undiscounted cash flow analysis at the lowest level at which cash flows of the long-lived assets are largely independent of other groups of assets and liabilities. When impairment is indicated, the estimated future cash flows are then discounted to determine the estimated fair value of the asset or asset group and an impairment charge is recorded for the difference between the carrying value and the estimated fair value.

The Company did not identify any triggering events that would require an interim impairment assessment, or record an impairment of goodwill, indefinite life intangible assets, finite life intangible assets or property, plant and equipment during the three or six months ended June 30, 2025.

The Company’s assumptions about future conditions important to its assessment of potential impairment are subject to uncertainty, and the Company will continue to monitor these conditions in future periods as new information becomes available, and will update its analysis accordingly.

7. Accrued Expenses

Accrued expenses as of June 30, 2025 and December 31, 2024 consisted of the following:

(in thousands)	June 30, 2025		December 31, 2024
Compensation and related benefits	$	12,695	$	12,274
Accrued warranty		5,274		4,558
Contract liability		15,976		9,746
Short-term operating lease liability		4,536		4,262
Other		15,469		16,688
Total accrued expenses	$	53,950	$	47,528

8. Senior Debt

Debt as of June 30, 2025 and December 31, 2024 consisted of the following:

(in thousands)	June 30, 2025			December 31, 2024
Outstanding borrowings under Credit Facility (defined below)
Revolving credit facility	$	233,900		$	214,200
Total outstanding borrowings under the Credit Facility		233,900			214,200
Outstanding borrowings under the joint venture term debt		6,472			7,297
Other borrowings		576			—
Unamortized debt discount		(2,214	)		(2,617	)
Total outstanding borrowings		238,734			218,880
Less: current portion		(1,857	)		(1,650	)
Total debt, less current portion	$	236,877		$	217,230

Scheduled principal payments under the Credit Facility and joint venture term debt are $0.8 million for the remainder of 2025, $1.9 million in 2026, and $3.9 million in 2027. The remaining $233.9 million will be paid upon maturity in 2029.

Credit Facility

On October 7, 2024, the Company entered into the Third Amended and Restated Credit Agreement (the “Credit Agreement”), among the Company, its subsidiaries from time to time party thereto, the lenders from time to time party thereto (the “Lenders”) and Bank of America, N.A., as administrative agent (the “Agent”), which amended and restated in its entirety the Company’s Second Amended and Restated Credit Agreement, dated as of June 11, 2019, among the Company, its subsidiaries from time to time party thereto, the lenders from time to time party thereto and the Agent. The Credit Agreement provides for a senior secured revolving credit facility in an initial aggregate principal amount of up to $400.0 million (the "Credit Facility”).

10

As of June 30, 2025 and December 31, 2024, $13.8 million and $18.9 million of letters of credit were outstanding, respectively. Total unused credit availability, in consideration of borrowing limitations, under the Company’s Credit Facility was $104.3 million and $1.0 million at June 30, 2025 and December 31, 2024, respectively. Revolving loans may be borrowed, repaid and reborrowed until October 7, 2029, at which time all outstanding balances of the Credit Facility must be repaid.

The Credit Facility accrues interest (a) with respect to base rate loans, at an annual rate equal to an applicable rate of between 0.75% and 2.25% (fluctuating based on the Company’s Consolidated Net Leverage Ratio), plus a rate equal to the highest of (1) the Agent’s prime rate, (2) the federal funds rate plus one-half of 1.00%, (3) Daily Simple SOFR (as defined in the Credit Agreement) plus 1.00% and (4) 1.00%, (b) for all other loans, at an annual rate equal to an applicable rate of between 1.75% and 3.25% (fluctuating based on the Company’s Consolidated Net Leverage Ratio), plus a rate determined based on the denominated currency and, as applicable pursuant to the Credit Agreement, whether the Company has elected for interest on such loans to accrue at a daily rate or a term rate: (a) for term rate loans, if denominated (1) in U.S. Dollars, Term SOFR (as defined in the Credit Agreement inclusive of a 0.10% per annum adjustment), (2) in euros, EURIBOR, (3) in Canadian dollars, the Term CORRA Rate (as defined in the Credit Agreement) plus 0.29547% for a one-month interest period and 0.32138% for a three-month interest period or (4) in a currency other than (1)-(3), the rate per annum as designated with respect to such currency at the time such currency was approved by the Agent and the other Lenders or, if such rate is unavailable on any date of determination for any reason, a comparable or successor rate approved by the Agent, and (b) for daily rate loans, if denominated (1) in U.S. dollars, Daily Simple SOFR (as defined in the Credit Agreement inclusive of a 0.10% per annum adjustment), (2) in pounds sterling, a rate per annum equal to SONIA (as defined in the Credit Agreement) plus 0.0326% per annum or (3) in a currency other than (1) or (2), the rate per annum as designated with respect to such currency at the time such currency was approved by the Agent and the other Lenders or, if such rate is unavailable on any date of determination for any reason, a comparable or successor rate approved by the Agent.

Interest on Base Rate loans is payable quarterly in arrears on the last day of each calendar quarter and at maturity. Interest on Term SOFR rate loans is payable on the last date of each applicable Interest Period (as defined in the Credit Agreement), but in no event less than once every three months and at maturity. The weighted average stated interest rate on outstanding borrowings was 7.27% and 7.07% at June 30, 2025 and December 31, 2024, respectively. The effective interest rate was 7.04% and 7.82% at June 30, 2025 and December 31, 2024, respectively.

With respect to financial covenants, the Company is required to maintain a Consolidated Net Leverage Ratio not greater than 4.00 to 1.00 and a Consolidated Secured Net Leverage Ratio (as defined in the Credit Agreement) not greater than 3.00 to 1.00, in each case as of the last day of each fiscal quarter of the Company. At the election of the Company and subject to certain restrictions contained in the Credit Agreement, following the occurrence of a Permitted Acquisition (as defined in the Credit Agreement) involving aggregate consideration of $15.0 million or more, such maximum Consolidated Net Leverage Ratio and Consolidated Secured Net Leverage Ratio may be increased to 4.50 to 1.00 and 3.50 to 1.00, respectively, for the fiscal quarter in which such Permitted Acquisition is consummated and the subsequent three fiscal quarters of the Company. In the first quarter of 2025, the Company entered into an Elevated Ratio Period resulting in a maximum Consolidated Net Leverage Ratio of 4.50 and Consolidated Secured Net Leverage Ratio of 3.50. This Elevated Ratio will be in effect for a maximum of four quarters, after which the Consolidated Net Leverage Ratio will revert to 4.00 and the Consolidated Secured Net Leverage Ratio will revert to 3.00. The Company is also required to maintain a Consolidated Fixed Charge Coverage Ratio (as defined in the Credit Agreement) as of the last day of each fiscal quarter of the Company of not less than 1.25 to 1.00.

The Company has granted a security interest in substantially all of its assets to secure its obligations pursuant to the Credit Facility. The Company’s obligations under the Credit Facility are guaranteed by the Company’s domestic subsidiaries and such guaranty obligations are secured by a security interest on substantially all the assets of such subsidiaries, including certain real property. The Company’s obligations under the Credit Facility may also be guaranteed by the Company’s material foreign subsidiaries to the extent no adverse tax consequences would result to the Company.

11

As of June 30, 2025 and December 31, 2024, the Company was in compliance with all related financial and other restrictive covenants under the Credit Facility.

Joint Venture Debt

On March 7, 2022, the Effox-Flextor-Mader, Inc. joint venture ("EFM JV"), for which the Company holds 63% of the equity, entered into a loan agreement secured by the assets of the EFM JV in the aggregate principal amount of $11.0 million for the acquisition of General Rubber, LLC. As of June 30, 2025 and December 31, 2024, $6.5 million and $7.3 million was outstanding under the loan, respectively. Principal will be paid back to the lender monthly with the final installment due by February 27, 2027. Interest is accrued at the per annum rate based on EFM JV's choice of the 1/3/6 month Term SOFR rate plus 3.25%, with a floor rate of 3.75%. Interest is paid monthly on the last day of each month. The interest rate at June 30, 2025 and December 31, 2024 was 7.51% and 7.96%, respectively. As of June 30, 2025 and December 31, 2024, the EFM JV was in compliance with all related financial and other restrictive covenants under this loan agreement. This loan balance does not impact the Company’s borrowing capacity or the financial covenants under the Credit Facility. As of June 30, 2025, there were $18.0 million in current assets (including $5.0 million of cash, $5.6 million of accounts receivable, and $4.0 million of inventories), $43.0 million in long-lived assets (including $24.4 million of goodwill and intangible assets), and $30.5 million in total liabilities (including $6.5 million of debt and $4.2 million of accounts payable and accrued expenses) related to the EFM JV included in the Condensed Consolidated Balance Sheets. As of December 31, 2024, there were $16.2 million in current assets (including $2.9 million of cash, $7.9 million of accounts receivable, and $3.9 million of inventories), $25.4 million in long-lived assets (including $24.8 million of goodwill and intangible assets), and $14.0 million in total liabilities (including $7.3 million of debt and $4.1 million of accounts payable and accrued expenses) related to the EFM JV included in the Consolidated Balance Sheets. For the three months ended June 30, 2025 and 2024, the EFM JV accounted for $12.5 million and $13.2 million in revenue, respectively, and $1.6 million and $1.1 million in net income, respectively, included in the Company's results. For the six months ended June 30, 2025 and 2024, the EFM JV accounted for $23.5 million and $23.9 million in revenue, respectively, and $2.4 million and $2.7 million in net income, respectively, included in the Company's results.

Foreign Debt

The Company has a number of bank guarantee facilities and bilateral lines of credit in various foreign countries currently supported by cash, letters of credit or pledged assets and collateral under the Credit Facility. The Credit Facility allows letters of credit and bank guarantee issuances of up to $120.0 million from the bilateral lines of credit secured through pledged assets and collateral under the Credit Facility. As of June 30, 2025 and December 31, 2024, $35.5 million and $45.9 million in bank guarantees were outstanding, respectively, inclusive of $1.1 million and $1.1 million in outstanding bank guarantees as of June 30, 2025 and December 31, 2024, respectively, under a Euro-denominated bank guarantee agreement held by a subsidiary of the Company located in the Netherlands and secured by local assets, as well as $1.4 million and $2.1 million in outstanding bank guarantees as of June 30, 2025 and December 31, 2024, respectively, under Yuan-denominated bank guarantee agreements held by a subsidiary of the Company located in China and secured by local assets. Additionally, a subsidiary of the Company located in Germany held a bank loan of $0.6 million as of June 30, 2025.

9. Earnings per Share

The computational components of basic and diluted earnings per share for the three months ended June 30, 2025 and 2024 are as follows:

	Three months ended June 30,
(in thousands)	2025		2024
Numerator (for basic and diluted earnings per share)
Net income attributable to CECO Environmental Corp.	$	9,510	$	4,485
Denominator
Basic weighted-average shares outstanding		35,286		34,918
Common stock equivalents arising from stock options and restricted stock awards		1,272		1,385
Diluted weighted-average shares outstanding		36,558		36,303

The computational components of basic and diluted earnings per share for the six months ended June 30, 2025 and 2024 are as follows:

12

	Six months ended June 30,
(in thousands)	2025		2024
Numerator (for basic and diluted earnings per share)
Net income attributable to CECO Environmental Corp.	$	45,494	$	5,993
Denominator
Basic weighted-average shares outstanding		35,158		34,882
Common stock equivalents arising from stock options and restricted stock awards		1,467		1,357
Diluted weighted-average shares outstanding		36,625		36,239

Options and restricted stock units included in the computation of diluted earnings per share are calculated using the treasury stock method. For the three months ended June 30, 2025 and 2024, 0.2 and zero, respectively, and for the six months ended June 30, 2025 and 2024, 0.3 million and 0.1 million, respectively, of outstanding options and restricted stock units were excluded from the computation of diluted earnings per share due to their having an anti-dilutive effect.

Once a restricted stock unit vests, it is included in the computation of weighted average shares outstanding for purposes of basic and diluted earnings per share.

Common Stock Repurchase

On May 10, 2022, the Company's Board of Directors authorized a share repurchase program under which the Company was able to purchase up to $20.0 million of its outstanding shares of common stock through April 30, 2025. The authorization permitted the Company to repurchase shares in the open market, through accelerated share repurchases, block trades, Rule 10b5-1 trading plans or through privately negotiated transactions in accordance with applicable laws, rules and regulations. For the three and six months ended June 30, 2024, the Company repurchased approximately 86,000 and 230,000 shares under the program, respectively, for a cost of $2.0 million and $5.0 million, respectively. There were no shares repurchased under the program during the three or six months ended June 30, 2025. This program expired during the second quarter of 2025.

10. Share-Based Compensation

The Company recognized $2.9 million and $2.2 million of expense related to share-based compensation during the three months ended June 30, 2025 and 2024, respectively, and $6.2 million and $3.8 million during the six months ended June 30, 2025 and 2024, respectively, which was measured based upon the fair value of the awards at the grant date.

The Company granted approximately 203,000 and 57,000 restricted stock units during the three months ended June 30, 2025 and 2024, respectively, and approximately 590,000 and 341,000 restricted stock units during the six months ended June 30, 2025 and 2024, respectively. In addition, the Company granted 67,000 and 25,000 stock options during the six months ended June 30, 2025 and 2024, respectively. No stock options were granted during the three months ended June 30, 2025 and 2024.

There were 500 and 10,000 options exercised during the three months ended June 30, 2025 and 2024, respectively, for which the Company received zero and $0.2 million, respectively, in cash. The intrinsic value of options exercised during the three months ended June 30, 2025 and 2024 was zero and $0.1 million, respectively. There were 500 and 20,000 options exercised during the six months ended June 30, 2025 and 2024, respectively, for which the Company received zero and $0.3 million, respectively, in cash. The intrinsic value of options exercised during the six months ended June 30, 2025 and 2024 was zero and $0.2 million, respectively.

11. Pension and Employee Benefit Plans

The Company sponsored a non-contributory defined benefit pension plan for certain union employees. The plan was funded in accordance with the funding requirements of the Employee Retirement Income Security Act of 1974. The Company presents the components of net periodic benefit cost within “Other (income) expense, net” on the Condensed Consolidated Statements of

13

Income. Retirement plan expense is based on valuations performed by plan actuaries as of the beginning of each fiscal year. The components of the pension plan expense consisted of the following:

	Three months ended June 30,					Six months ended June 30,
(in thousands)	2025		2024			2025			2024
Interest cost	$	—	$	304		$	318		$	608
Expected return on plan assets		—		(304	)		(335	)		(608	)
Amortization of net actuarial loss		—		57			9			113
Net periodic benefit cost	$	—	$	57		$	(8	)	$	113

The Company made no contributions to its defined benefit plan during the three and six months ended June 30, 2025, and $0.2 million during the three and six months ended June 30, 2024. The plan assets balance of $0.4 million as of December 31, 2024 is included in “Deferred charges and other assets” on the Condensed Consolidated Balance Sheets. On March 31, 2025, the pension plan was transferred to the purchaser of the Global Pump Solutions business, as discussed in Note 16.

12. Income Taxes

The Company files income tax returns in various federal, state and local jurisdictions. Tax years from 2018 forward, with the exception of 2020, remain open for examination by Federal authorities. Tax years from 2018 forward remain open for all significant state and foreign authorities.

As of June 30, 2025 and December 31, 2024, the liability for uncertain tax positions totaled approximately $1.3 million and $1.1 million, respectively, which is included in “Other liabilities” on the Condensed Consolidated Balance Sheets. The Company recognizes accrued interest related to uncertain tax positions and penalties, if any, in income tax expense within the Condensed Consolidated Statements of Income.

Certain of the Company’s undistributed earnings of our foreign subsidiaries are not permanently reinvested. Since foreign earnings have already been subject to United States income tax in 2017 as a result of the 2017 Tax Cuts and Jobs Act, the Company intends to repatriate foreign-held cash as needed. The Company records deferred income tax attributable to foreign withholding taxes that would become payable should it decide to repatriate cash held in our foreign operations. As of June 30, 2025 and December 31, 2024, the Company recorded deferred income taxes of approximately $1.0 million and $0.9 million, respectively, on the undistributed earnings of its foreign subsidiaries.

Income tax expense was $4.5 million and $0.4 million for the three months ended June 30, 2025 and 2024, respectively, and $23.1 million and $1.0 million for the six months ended June 30, 2025 and 2024, respectively. The effective income tax rate for the three months ended June 30, 2025 was 30.9% compared with 7.4% for the three months ended June 30, 2024, and the effective income tax rate for the six months ended June 30, 2025 was 33.2% compared with 13.1% for the six months ended June 30, 2024. The effective income tax rates for the three and six months ended June 30, 2025 and 2024 differ from the United States federal statutory rate. The Company's effective rate is affected by certain other permanent differences, including the gain on the sale of the Global Pump Solutions business, state income taxes, non-deductible incentive stock-based compensation and differences in tax rates among jurisdictions in which it operates.

The Organization for Economic Co-operation and Development/G20 Inclusive Framework on Base Erosion and Profit Shifting published the Pillar Two model rules designed to address the tax challenges arising from the digitalization of the global economy which introduces a 15% global minimum corporate tax for companies with revenues above €750 million calculated on a country-by-country basis. On February 1, 2023, the FASB indicated that it believes the minimum tax imposed under Pillar Two is an alternative minimum tax, and, accordingly, deferred tax assets and liabilities associated with the minimum tax would not be recognized or adjusted for the estimated future effects of the minimum tax but would be recognized in the period incurred. Aspects of Pillar Two legislation have been enacted in certain jurisdictions in which the Company operates effective for accounting periods commencing on or after January 1, 2024. However, based on the current revenue threshold, the Company is currently not subject to Pillar Two taxes.

On July 4, 2025, the legislation HR-1, known as the One Big Beautiful Bill Act (the “Act”), was signed into law. The Act makes several changes to United States tax law, including the limitation on deductibility of interest expense, the capitalization of research expenditures, the allowance of immediate expensing of capital expenditures, and the taxation of foreign earnings. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company is currently assessing the Act's impact on the consolidated financial statements.

14

13. Financial Instruments

The Company's financial instruments consist primarily of investments in cash and cash equivalents, receivables and certain other assets, notes payable, foreign debt and accounts payable, which approximate fair value at June 30, 2025 and December 31, 2024, due to their short-term nature or variable, market-driven interest rates.

The fair value of the debt issued under the Credit Facility and joint venture term loan was $240.4 million and $221.5 million at June 30, 2025 and December 31, 2024, respectively. The fair value was determined considering market conditions, the Company's credit worthiness and the current terms of our debt, which is considered Level 2 on the fair value hierarchy.

At June 30, 2025 and December 31, 2024, the Company had cash and cash equivalents of $36.8 million and $37.8 million, respectively, of which $26.2 million and $29.7 million, respectively, was held outside of the United States, principally in the Netherlands, United Kingdom, United Arab Emirates, and China.

14. Commitments and Contingencies

Asbestos cases

The Company's subsidiary, Met-Pro Technologies LLC (“Met-Pro”), beginning in 2002, has been named in asbestos-related lawsuits filed against a large number of industrial companies including, in particular, those in the pump and fluid handling industries. While the Company divested of its fluid handling business (also known as its Global Pump Solutions business) in the first quarter of 2025, as discussed in Note 16, the Company retained historical asbestos liabilities and the related legacy insurance policies. In management’s opinion, the complaints typically have been vague, general and speculative, alleging that Met-Pro, along with the numerous other defendants, sold asbestos-containing products and engaged in other related actions which caused injuries (including mesothelioma and death) and loss to the plaintiffs. The Company’s insurers have hired attorneys who, together with the Company, are vigorously defending these cases. Many cases have been dismissed after the plaintiff fails to identify or produce evidence of exposure to Met-Pro’s products. In those cases, where evidence has been produced, the Company’s experience has been that the exposure levels are low and the Company’s position has been that its products were not a cause of death, injury or loss. The Company has been dismissed from or settled a large number of these cases. As of June 30, 2025 and December 31, 2024, the related amounts were $1.5 million and $0.2 million, respectively, which are recorded within "Accrued expenses" and "Other liabilities" on the Condensed Consolidated Balance Sheets.

The Company also presently believes that none of the pending cases will have a material adverse impact upon the Company’s results of operations, liquidity or financial condition.

Other

The Company is also a party to routine contract and employment-related litigation matters, warranty claims and routine audits of state and local tax returns arising in the ordinary course of its business.

The final outcome and impact of open matters, and related claims and investigations that may be brought in the future, are subject to many variables, and cannot be predicted. The Company records accruals for estimated losses relating to claims and lawsuits when available information indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. As of June 30, 2025 and December 31, 2024, the related amounts were $0.8 million and $0.1 million, respectively, which are recorded within "Accrued expenses" on the Condensed Consolidated Balance Sheets. Additionally, the Company has $1.0 million recorded within "Accounts payable" as of June 30, 2025 related to the settlement of a litigation matter. The Company expenses legal costs as they are incurred.

The Company is not aware of any pending claims or assessments, other than as described above, which may have a material adverse impact on its liquidity, financial position, results of operations, or cash flows.

15. Acquisitions

Profire Energy, Inc.

On January 3, 2025, the Company acquired all outstanding shares of Profire for $122.7 million in cash, including $4.6 million of cash used to settle outstanding equity awards for which $2.3 million represents the acceleration of such awards and thus recorded within "Acquisition and integration expenses" on the Condensed Consolidated Statements of Income. Resulting

15

consideration transferred for the acquisition was $120.4 million. The transaction was financed through a combination of cash on hand and a draw on the Company's revolving credit facility. Profire is a technology company and provider of intelligent control solutions that enhance the efficiency, safety, and reliability of industrial combustion appliances. The business operates primarily from locations in Lindon, Utah and Acheson, Alberta and is reported within the Engineered Systems segment. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of closing.

(in thousands)
Current assets (including cash and cash equivalents of $22,675 and accounts receivable of $14,151)	$	54,867
Property and equipment		17,416
Intangible - finite life		41,810
Goodwill		25,656
Other assets		343
Total assets acquired		140,092
Current liabilities assumed		(8,567	)
Deferred income tax liability		(10,852	)
Other liabilities assumed		(291	)
Net assets acquired	$	120,382

The Company acquired property and equipment consisting of $14.7 million of land, building and improvements, $2.1 million of vehicles, and $0.6 million of machinery and equipment and other.

The Company acquired technology, customer lists, and tradename intangible assets valued at $3.6 million, $34.5 million, and $3.7 million, respectively. These assets were determined to have useful lives of 7, 10, and 10 years, respectively.

During the three and six months ended June 30, 2025, Profire accounted for $16.9 million and $31.3 million in revenue, respectively, and $3.6 million and $3.6 million in net income, respectively, in the Company's results.

Verantis Environmental Solutions Group

On December 17, 2024, the Company acquired 100% of the equity interests of Verantis for $65.5 million in cash, which was financed with a draw on the Company's revolving credit facility. Verantis is a global leader in engineering services and equipment systems and solutions for exhaust air treatment in a wide range of general industrial and high technology manufacturing processes. The business operates primarily from locations in Middleburg Heights, Ohio and Singapore and is reported within the Industrial Processing Solutions segment. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of closing.

(in thousands)
Current assets (including accounts receivable of $9,308)	$	19,858
Property and equipment		373
Intangible - finite life		22,070
Goodwill		50,286
Other assets		118
Total assets acquired		92,705
Current liabilities assumed		(17,595	)
Deferred income tax liability		(8,716	)
Other liabilities assumed		(928	)
Net assets acquired	$	65,466

The Company acquired technology, customer lists and tradename intangible assets valued at $2.4 million, $17.0 million and $2.6 million, respectively. These assets were determined to have useful lives of 7, 10 and 10 years, respectively.

WK Group

On October 2, 2024, the Company acquired 100% of the equity interests of WK Group for $6.8 million in cash, which was financed with a draw on the Company's revolving credit facility. As additional consideration in the acquisition of WK Group, the former owners of WK Group are also entitled to earn-out payments up to $27.5 million based upon specified financial results through September 30, 2025. Based on projections at the acquisition date, the Company estimated the fair value of the

16

earn-out to be $6.3 million. During the second quarter of 2025, the Company recorded a fair value adjustment such that the earn-out liability within "Accrued expenses" on the Condensed Consolidated Balance Sheets reduced to zero as of June 30, 2025. The associated gain of $7.4 million, inclusive of $1.1 million of foreign currency adjustments, was recorded within "Other operating (income) expenses, net" on the Condensed Consolidated Statements of Income. This fair value measurement is based on inputs not observable in the market, which is considered Level 3 on the fair value hierarchy. WK Group designs and engineers a broad range of technical equipment and systems for exhaust and process air treatment, VOC abatement, energy recovery and surface treatment applications. The business operates primarily from locations in Germany, India, and Singapore and is reported within the Industrial Processing Solutions segment. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of closing.

(in thousands)
Current assets (including accounts receivable of $7,914)		14,358
Property and equipment		853
Intangible - finite life		3,114
Goodwill		12,355
Other assets		441
Total assets acquired		31,121
Current liabilities assumed		(15,113	)
Deferred income tax liability		(1,609	)
Other liabilities assumed		(1,320	)
Net assets acquired	$	13,079

The Company acquired technology, customer lists and tradename intangible assets valued at $1.0 million, $1.2 million and $1.0 million, respectively. These assets were determined to have useful lives of 7, 10 and 10 years, respectively.

EnviroCare International LLC

On July 29, 2024, the Company acquired 100% of the equity interests of EnviroCare International LLC (“EnviroCare") for $16.7 million, including $15.7 million paid at closing, which was financed with a draw on the Company's revolving credit facility, and a seller promissory note of $1.7 million, partially offset by a working capital adjustment of $0.7 million. EnviroCare is a designer and provider of industrial exhaust air contamination treatment and control and evaporative gas conditioning systems, solutions and services across a wide range of industrial and municipal applications. The business operates primarily from American Canyon, California and is reported within the Industrial Processing Solutions segment. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of closing.

(in thousands)
Current assets (including cash of $596 and accounts receivable of $405)	$	3,111
Property and equipment		17
Intangible - finite life		7,250
Goodwill		11,389
Total assets acquired		21,767
Current liabilities assumed		(5,065	)
Net assets acquired	$	16,702

The Company acquired technology, customer lists and tradename intangible assets valued at $0.8 million, $0.8 million and $5.7 million, respectively. These assets were determined to have useful lives of 7, 10 and 10 years, respectively.

The acquisitions disclosed above are subject to final adjustment, primarily for the valuation of intangible assets pending final valuation results for such assets and tax balances for the further assessment of the acquiree’s tax positions. These preliminary estimates and assumptions could change significantly during the purchase price measurement period as the Company finalizes the valuation of assets acquired and liabilities assumed. These changes could result in material variances in the Company's future financial results, including variances in the estimated purchase price, fair values recorded and expenses associated with these items.

Goodwill recognized represents value the Company expects to be created by combining the various operations of the acquired businesses with the Company’s operations, including the expansion into markets within existing business segments, access to new customers and potential cost savings and synergies. Goodwill related to these acquisitions is not deductible for tax

17

purposes.

Acquisition and integration expenses on the Condensed Consolidated Statements of Income are related to acquisition activities, which include retention, legal, accounting, banking, and other expenses.

The following unaudited pro forma financial information represents the Company’s results of operations as if these acquisitions had occurred at the beginning of the fiscal year prior to the acquisition. The pro forma results have been prepared for informational purposes only and include adjustments to amortize acquired intangible assets with finite life, reflect additional interest expense on debt used to fund the acquisition, and to record the income tax consequences of the pro forma adjustments.

	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2025		2024		2025		2024
Net sales	$	185,391	$	176,666	$	362,088	$	340,622
Net income attributable to CECO Environmental Corp.		9,510		4,058		45,494		4,511
Earnings per share:
Basic	$	0.27	$	0.12	$	1.29	$	0.13
Diluted	$	0.26	$	0.11	$	1.24	$	0.12

These pro forma results do not purport to be indicative of the results of operations that would have occurred had the purchase been made as of the beginning of the periods presented or of the results of operations that may occur in the future.

16. Divestiture

On March 31, 2025, the Company finalized the sale of its Global Pump Solutions business to a third party for a purchase price of $109.5 million, subject to purchase price adjustments. The Company received cash proceeds of $105.9 million, inclusive of the purchase price and purchase price adjustments of $0.8 million, with an additional amount of $2.8 million placed in escrow for the potential satisfaction of purchase price adjustments. Accordingly, the Company recognized a pre-tax gain on sale of business of $64.5 million. The Global Pump Solutions business consists of three niche leadership severe service industrial metallic, fiberglass and thermoplastic centrifugal pump brands: Dean, Fybroc and Sethco. The business primarily operates from locations in Indianapolis, Indiana and Telford, Pennsylvania, and was included within the Industrial Processing Solutions segment.

Amounts related to the transaction are as follows:

(in thousands)
Proceeds from sale of Global Pump Solutions business	$	108,610
Less: Assets transferred
Accounts receivable, net		(4,230	)
Inventories		(9,268	)
Property and equipment		(5,247	)
Goodwill		(26,838	)
Intangible assets – finite life, net		(4,029	)
Pension plan assets		(425	)
Other assets		(120	)
Less: Transaction costs		(616	)
Plus: Liabilities transferred
Accounts payable		1,024
Accrued expenses		1,731
Other liabilities assumed		3,910
Gain on sale of Global Pump Solutions business	$	64,502

17. Business Segment Information

The Company’s operations are organized and reviewed by management along its product lines or end markets that the segment serves and are presented in two reportable segments. The results of the segments, specifically income from operations as adjusted for intercompany profits, are reviewed quarterly by the chief operating decision maker ("CODM"), which is the

18

Company's Chief Executive Officer, for the purposes of allocating resources, including personnel, capital, and financial resources, and assessing performance, including the monitoring of budget versus actual results. Asset information by segment is not reported internally or otherwise regularly reviewed by the CODM.

The Company’s reportable segments are organized as groups of similar products and services, as described as follows:

Engineered Systems segment: The Company's Engineered Systems segment serves the power generation, hydrocarbon transport and processing, water/wastewater treatment, oily water separation and treatment, marine and naval, and natural gas and natural gas liquids infrastructure, treatment and transport sectors. The Company seeks to address the global demand for contaminant removal and environmental protection solutions with its highly engineered platforms including emissions management, fluid bed cyclones, thermal acoustics, separation and filtration, and dampers and expansion joints.

Industrial Process Solutions segment: The Company's Industrial Process Solutions segment serves the broad industrial sector with solutions for contamination control, exhaust air treatment, VOC abatement, process filtration and fluid handling in applications such as aluminum beverage can production, vehicle production, food and beverage processing, semiconductor fabrication, electronics production, steel and aluminum processing, engineered wood products manufacturing, chemical processing, general manufacturing and machining, coating and surface treatment, battery production and recycling, and wind and solar power components manufacturing end markets. The Company assists customers in maintaining clean and safe operations for employees, reducing energy consumption, minimizing waste for customers, and meeting regulatory standards for toxic emissions, fumes, volatile organic compounds, and odor elimination through its platforms including duct fabrication and installation, industrial air, and fluid handling.

The financial segment information is as follows for the three and six months ended June 30, 2025:

	Three months ended June 30, 2025				Six months ended June 30, 2025
(table only in thousands)	Engineered Systems		Industrial Process Solutions		Engineered Systems		Industrial Process Solutions
Sales	$	133,035	$	58,960	$	260,475	$	115,519
Income from operations		25,194		15,110		43,934		84,761

A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the three months ended June 30, 2025:

(table only in thousands)	Engineered Systems		Industrial Process Solutions			Total
Sales from external customers	$	128,460	$	56,931		$	185,391
Intra-segment sales		4,484		2,029			6,513
Inter-segment sales		91		—			91
Total segment sales		133,035		58,960			191,995
Reconciliation to sales
Elimination of intra- and inter-segment sales							6,604
Total consolidated sales							185,391
Reconciliation to income before income taxes
Direct cost of sales		76,638		36,078			112,715
Shop burden		3,338		2,230			5,568
Selling expense		7,933		2,857			10,790
Project engineering expense		4,729		2,803			7,531
General and administrative expense		9,185		2,278			11,463
Other segment items(1)		1,445		(4,424	)		(2,979	)
Income from operations		29,769		17,139			46,908
Stock-based compensation							2,878
Other corporate expenses(2)							19,365
Elimination of intra- and inter-segment activity							6,604
Interest expense							4,898
Other income(3)							(1,454	)
Total consolidated income before income taxes							14,617

19

(1) Includes amortization expenses, acquisition and integration expenses, and divestiture expenses.
(2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(3) Includes gain on sale of business, foreign exchange (gain) loss and pension expense.

A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the six months ended June 30, 2025:

(table only in thousands)	Engineered Systems		Industrial Process Solutions			Total
Sales from external customers	$	248,894	$	113,195		$	362,088
Intra-segment sales		11,393		2,324			13,717
Inter-segment sales		188		—			188
Total segment sales		260,475		115,519			375,993
Reconciliation to sales
Elimination of intra- and inter-segment sales							13,905
Total consolidated sales							362,088
Reconciliation to income before income taxes
Direct cost of sales		149,703		71,717			221,420
Shop burden		6,269		5,125			11,394
Selling expense		15,765		6,587			22,353
Project engineering expense		9,459		5,675			15,134
General and administrative expense		18,225		6,547			24,772
Gain on sale of Global Pump Solutions business		—		(64,502	)		(64,502	)
Other segment items(1)		5,538		(2,714	)		2,824
Income from operations		55,515		87,084			142,599
Stock-based compensation							6,234
Other corporate expenses(2)							42,530
Elimination of intra- and inter-segment activity							13,905
Interest expense							11,115
Other income(3)							(861	)
Total consolidated income before income taxes							69,676

(1) Includes amortization expenses, acquisition and integration expenses, and divestiture expenses.
(2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(3) Includes gain on sale of business, foreign exchange (gain) loss and pension expense.

Other segment information is as follows for the three and six months ended June 30, 2025:

	Three months ended June 30, 2025				Six months ended June 30, 2025
(table only in thousands)	Engineered Systems		Industrial Process Solutions		Engineered Systems		Industrial Process Solutions
Property and equipment additions	$	512	$	328	$	1,206	$	961
Depreciation and amortization(1)		2,113		1,864		4,098		4,188

(1) The amounts of depreciation and amortization disclosed by reportable segment are included within the other segment expense captions, such as shop burden or general and administrative expense.

The financial segment information is as follows for the three and six months ended June 30, 2024:

	Three months ended June 30, 2024				Six months ended June 30, 2024
(in thousands)	Engineered Systems		Industrial Process Solutions		Engineered Systems		Industrial Process Solutions
Sales	$	102,141	$	44,673	$	194,659	$	84,252
Income from operations		19,330		5,669		35,607		12,769

20

A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the three months ended June 30, 2024:

(in thousands)	Engineered Systems		Industrial Process Solutions		Total
Sales from external customers	$	97,392	$	40,130	$	137,522
Intra-segment sales		4,553		4,440		8,993
Inter-segment sales		196		103		299
Total segment sales		102,141		44,673		146,814
Reconciliation to sales
Elimination of intra- and inter-segment sales						9,292
Total consolidated sales						137,522
Reconciliation to income before income taxes
Direct cost of sales		59,483		24,081		83,563
Shop burden		2,224		2,679		4,903
Selling expense		5,865		2,794		8,659
Project engineering expense		4,066		1,652		5,718
General and administrative expense		4,716		2,502		7,218
Other segment items(1)		1,707		754		2,461
Income from operations		24,080		10,211		34,291
Stock-based compensation						2,177
Other corporate expenses(2)						13,565
Elimination of intra- and inter-segment activity						9,292
Interest expense						3,254
Other loss(3)						679
Total consolidated income before income taxes						5,324

(1) Includes amortization expenses, acquisition and integration expenses, and asbestos litigation expenses.
(2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(3) Includes foreign exchange (gain) loss and pension expense.

A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the six months ended June 30, 2024:

(in thousands)	Engineered Systems		Industrial Process Solutions		Total
Sales from external customers	$	186,741	$	77,113	$	263,854
Intra-segment sales		7,635		6,975		14,610
Inter-segment sales		283		164		447
Total segment sales		194,659		84,252		278,911
Reconciliation to sales
Elimination of intra- and inter-segment sales						15,057
Total consolidated sales						263,854
Reconciliation to income before income taxes
Direct cost of sales		116,578		44,305		160,883
Shop burden		3,800		4,983		8,783
Selling expense		11,405		5,693		17,098
Project engineering expense		6,388		3,209		9,597
General and administrative expense		9,537		4,740		14,277
Other segment items(1)		3,425		1,415		4,840
Income from operations		43,526		19,907		63,433
Stock-based compensation						3,847
Other corporate expenses(2)						27,586
Elimination of intra- and inter-segment activity						15,057
Interest expense						6,667
Other loss(3)						2,192
Total consolidated income before income taxes						8,084

21

(1) Includes amortization expenses, acquisition and integration expenses, and asbestos litigation expenses.
(2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(3) Includes foreign exchange (gain) loss and pension expense.

Other segment information is as follows for the three and six months ended June 30, 2024:

	Three months ended June 30, 2024				Six months ended June 30, 2024
(in thousands)	Engineered Systems		Industrial Process Solutions		Engineered Systems		Industrial Process Solutions
Property and equipment additions	$	890	$	429	$	2,027	$	1,035
Depreciation and amortization(1)		1,814		1,131		3,599		2,250

(1) The amounts of depreciation and amortization disclosed by reportable segment are included within the other segment expense captions, such as shop burden or general and administrative expense.

Geographic Information

Net sales by geographic area are as follows:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2025		2024		2025		2024
United States	$	120,204	$	90,450	$	230,875	$	168,238
United Kingdom		12,470		14,353		32,027		26,555
Netherlands		15,763		13,496		26,989		30,308
China		13,563		8,883		28,357		13,213
Other		23,391		10,340		43,840		25,540
Total net sales	$	185,391	$	137,522	$	362,088	$	263,854

The geographical area data for net sales is based upon the country location of the Company's business unit generating such sales.

Long-lived assets by geographic area are as follows:

(in thousands)	June 30, 2025		December 31, 2024
United States	$	372,714	$	332,162
United Kingdom		28,300		27,003
China		36,614		36,315
Other		55,955		33,248
Total long-lived assets	$	493,583	$	428,728

The geographical area data for long-lived assets is based upon physical location of such assets.

22

CECO ENVIRONMENTAL CORP.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The Company’s Condensed Consolidated Statements of Income for the three and six months ended June 30, 2025 and 2024 reflect the consolidated operations of the Company and its subsidiaries.

CECO Environmental Corp. (“CECO,” “we,” “us,” or the “Company”) is a leading environmentally focused, diversified industrial company, serving the broad landscape of industrial air, industrial water and energy transition markets globally providing innovative technology and application expertise through a collection of focused operating companies with niche leadership positions and well-established brands in fragmented markets with flexible business models and established supply chains. CECO helps companies grow their business with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. CECO solutions improve air and water quality, optimize emissions management, and increase the energy and process efficiency for highly engineered applications in power generation, midstream and downstream hydrocarbon processing and transport, chemical processing, electric vehicle production, polysilicon fabrication, semiconductor and electronics production, battery production and recycling, specialty metals, aluminum and steel production, beverage can manufacturing, and industrial and produced water and wastewater treatment, and a wide range of other industrial end markets.

Market Pressures

The senior management team monitors and manages the Company’s ability to operate effectively as the result of market pressures. Against the current backdrop of a rapidly evolving global commercial environment, we believe we are comparatively well-positioned as we execute and manufacture a majority of our business in the same regions in which we sell, with our cost and revenue bases largely aligned as a result. Recently, international trade has been impacted by geopolitical tariff considerations. To mitigate potential tariff-related impacts, we have worked strategically with customers and suppliers to optimize terms and pricing, sourcing locations, and logistics routes and schedules. While we will continue to take a proactive approach on our efforts to mitigate the impacts of tariffs, our business and results could be adversely affected by further policy developments. Additionally, we are currently experiencing shortages of raw materials and inflationary pressures for certain materials and labor. We have secured raw materials from existing and alternate suppliers and have taken other mitigating actions to mitigate supply disruptions; however, we cannot guarantee that we will be able to continue to do so in the future. If we are unable to continue to mitigate the effects of these supply disruptions and/or inflationary pressures, our business, results and financial condition could be adversely affected.

Note Regarding Use of Non-GAAP Financial Measures

The Company’s unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These GAAP financial statements include certain charges the Company believes are not indicative of its core ongoing operational performance.

As a result, the Company provides financial information in this Management’s Discussion and Analysis that was not prepared in accordance with GAAP and should not be considered as an alternative to the information prepared in accordance with GAAP. The Company provides this non-GAAP financial information because the Company’s management utilizes it to evaluate its ongoing financial performance and the Company believes it provides greater transparency to investors as supplemental information to its GAAP results.

The Company has provided the non-GAAP financial measures of non-GAAP operating income and non-GAAP operating margin as a result of items that the Company believes are not indicative of its ongoing operations. These include transactions associated with the Company’s acquisitions, divestiture, and the items described below in “Consolidated Results.” The Company believes that these items are not necessarily indicative of the Company’s ongoing operations and their exclusion provides individuals with additional information to better compare the Company's results over multiple periods. The Company utilizes this information to evaluate its ongoing financial performance. The Company has incurred substantial expense and income associated with acquisitions. While the Company cannot predict the exact timing or amounts of such charges, it does expect to treat the financial impact of these transactions as special items in its future presentation of non-GAAP results.

23

Results of Operations

Consolidated Results

Our Condensed Consolidated Statements of Income for the three and six months ended June 30, 2025 and 2024 are as follows:

	Three months ended June 30,						Six months ended June 30,
(in millions, except ratios)	2025			2024			2025			2024
Net sales	$	185.4		$	137.5		$	362.1		$	263.9
Cost of sales		118.3			88.5			232.8			169.7
Gross profit	$	67.1		$	49.0		$	129.3		$	94.2
Percent of sales		36.2	%		35.6	%		35.7	%		35.7	%
Selling and administrative expenses		48.8			36.4			102.4			71.4
Percent of sales		26.3	%		26.5	%		28.3	%		27.1	%
Amortization expenses		2.9			2.2			6.0			4.4
Acquisition and integration expenses		—			0.5			8.2			0.7
Gain on sale of Global Pump Solutions business		—			—			(64.5	)		—
Other operating (income) expense, net		(2.7	)		0.6			(2.7	)		0.8
Operating income	$	18.1		$	9.3		$	79.9		$	16.9
Operating margin		9.8	%		6.8	%		22.1	%		6.4	%
Other (income) expense, net	$	(1.4	)	$	0.7		$	(0.9	)	$	2.2
Interest expense		4.9			3.3			11.1			6.7
Income before income taxes	$	14.6		$	5.3		$	69.7		$	8.0
Income tax expense		4.5			0.4			23.2			1.1
Net income	$	10.1		$	4.9		$	46.5		$	6.9
Noncontrolling interest		0.6			0.4			1.0			1.0
Net income attributable to CECO Environmental Corp.	$	9.5		$	4.5		$	45.5		$	5.9

To compare operating performance between the three and six months ended June 30, 2025 and 2024, the Company has adjusted GAAP operating income to exclude (1) amortization of intangible assets, (2) acquisition and integration expenses, which include legal, accounting, and other expenses, (3) gain on the sale of the Global Pump Solutions business as discussed in Note 16, and (4) other non-recurring expenses, including fair value adjustment of earn-out liabilities from the acquisitions of WK Group, restructuring expenses primarily relating to severance, facility exits, and associated legal expenses, asbestos litigation expenses relating to future settlement payments, and third party professional consulting fees associated with Enterprise Resource Planning system implementations.

The following table presents the reconciliation of GAAP operating income and GAAP operating margin to non-GAAP operating income and non-GAAP operating margin:

	Three months ended June 30,						Six months ended June 30,
(in millions, except ratios)	2025			2024			2025			2024
Operating income as reported in accordance with GAAP	$	18.1		$	9.3		$	79.9		$	16.9
Operating margin in accordance with GAAP		9.8	%		6.8	%		22.1	%		6.4	%
Amortization expenses		2.9			2.2			6.0			4.4
Acquisition and integration expenses		—			0.5			8.2			0.7
Gain on sale of Global Pump Solutions business		—			—			(64.5	)		—
Other operating (income) expense, net(1)		(2.7	)		0.6			(2.7	)		0.8
Non-GAAP operating income	$	18.3		$	12.6		$	26.9		$	22.8
Non-GAAP operating margin		9.9	%		9.2	%		7.4	%		8.6	%

(1) Other non-recurring expenses, including fair value adjustment of earn-out liabilities from the acquisitions of WK Group, restructuring expenses primarily relating to severance, facility exits, and associated legal expenses, asbestos litigation expenses relating to future settlement payments, and third party professional consulting fees associated with Enterprise Resource Planning system implementations.

Orders booked increased $133.3 million, or 95%, to $274.1 million during the three months ended June 30, 2025 compared with $140.8 million in the three months ended June 30, 2024. Approximately 89%, or $245.3 million, of the orders for the three months ended June 30, 2025 is attributable to organic bookings, defined as orders recorded subsequent to the twelve month period

24

post-acquisition date. The orders increase is primarily attributable to the Company's energy and power technologies. Investments in domestic energy infrastructure have resulted in increased demand for emissions, separation, and acoustics products. The remainder of the increase in orders is attributable to the Company's recent acquisitions in burner management and industrial air technologies.

Orders booked increased $216.0 million, or 75%, to $502.1 million during the six months ended June 30, 2025 compared with $286.1 million in the six months ended June 30, 2024. Approximately 86%, or $430.1 million, of the orders for the six months ended June 30, 2025 is attributable to organic bookings, defined as orders recorded subsequent to the twelve month period post-acquisition date. The orders increase is primarily attributable to the Company's energy and power technologies. Investments in energy infrastructure and growth in midstream markets have resulted in increased demand for emissions, separation, and acoustics products. The remainder of the increase in orders is attributable to the Company's recent acquisitions.

Net sales for the three months ended June 30, 2025 increased $47.9 million, or 34.8%, to $185.4 million compared with $137.5 million for the three months ended June 30, 2024. Approximately 78%, or $145.1 million, of the net sales for the three months ended June 30, 2025 is attributable to organic revenue, defined as revenue recorded subsequent to the twelve month period post-acquisition date. The increase in organic revenue is driven by execution and delivery on our record backlog within energy transition end markets. The remainder of the increase in net sales is attributable to the Company's recent acquisitions.

Net sales for the six months ended June 30, 2025 increased $98.2 million, or 37.2%, to $362.1 million compared with $263.9 million for the six months ended June 30, 2024. Approximately 79%, or $287.5 million, of the net sales for the six months ended June 30, 2025 is attributable to organic revenue, defined as revenue recorded subsequent to the twelve month period post-acquisition date. The increase in organic revenue is driven by execution and delivery on our record backlog within energy transition end markets, with notable growth in midstream. The remainder of the increase in net sales is attributable to the Company's recent acquisitions.

Gross profit increased $18.1 million, or 36.9%, to $67.1 million in the three months ended June 30, 2025 compared with $49.0 million in the three months ended June 30, 2024. The increase in gross profit is primarily attributable to the increase in sales volume as described above. Gross profit as a percentage of sales slightly increased to 36.2% in the three months ended June 30, 2025 compared with 35.6% in the three months ended June 30, 2024. This increase is attributable to project mix.

Gross profit increased $35.1 million, or 37.3%, to $129.3 million in the six months ended June 30, 2025 compared with $94.2 million in the six months ended June 30, 2024. The increase in gross profit is primarily attributable to the increase in sales volume as described above. Gross profit as a percentage of sales was flat at 35.7% in the six months ended June 30, 2025 and June 30, 2024.

Selling and administrative expenses were $48.8 million for the three months ended June 30, 2025 compared with $36.4 million for the three months ended June 30, 2024. The increase is primarily attributable to increased headcount to support the Company’s backlog execution and growth initiatives. Additionally, acquisitions during the current and prior year drove increased selling and administrative expense.

Selling and administrative expenses were $102.4 million for the six months ended June 30, 2025 compared with $71.4 million for the six months ended June 30, 2024. The increase is primarily attributable to increased headcount to support the Company’s backlog execution and growth initiatives. Additionally, acquisitions during the current and prior year drove increased selling and administrative expense.

Amortization expense was $6.0 million for the three months ended June 30, 2025 compared with $2.2 million for the three months ended June 30, 2024. The increase in expense is attributable to increased intangible assets attributable to current and prior year acquisitions.

Amortization expense was $6.0 million for the six months ended June 30, 2025 compared with $4.4 million for the six months ended June 30, 2024. The increase in expense is attributable to increased intangible assets attributable to current and prior year acquisitions.

Operating income increased $8.8 million to $18.1 million for the three months ended June 30, 2025 compared with operating income of $9.3 million for the three months ended June 30, 2024. The increase in operating income is primarily attributable to the fair value adjustment to the earn-out liability associated with the acquisition of WK Group, as well as the increase in gross profit described above.

Operating income increased $63.0 million to $79.9 million for the six months ended June 30, 2025 compared with operating income of $16.9 million for the six months ended June 30, 2024. The increase in operating income is primarily attributable to the gain on the sale of the Global Pump Solutions business and fair value adjustment to the earn-out liability associated with the acquisition of WK Group, partially offset by the increase in selling and administrative expenses described above.

25

Non-GAAP operating income was $18.3 million for the three months ended June 30, 2025 compared with $12.6 million for the three months ended June 30, 2024. Non-GAAP operating income as a percentage of sales increased to 9.9% for the three months ended June 30, 2025 from 9.2% for the three months ended June 30, 2024.

Non-GAAP operating income was $26.9 million for the six months ended June 30, 2025 compared with $22.8 million for the six months ended June 30, 2024. Non-GAAP operating income as a percentage of sales decreased to 7% for the six months ended June 30, 2025 from 9% for the six months ended June 30, 2024.

Interest expense increased to $4.9 million in the three months ended June 30, 2025 compared with interest expense of $3.3 million for the three months ended June 30, 2024. The increase in interest expense is primarily due to increased debt balances.

Interest expense increased to $11.1 million in the six months ended June 30, 2025 compared with interest expense of $6.7 million for the six months ended June 30, 2024. The increase in interest expense is primarily due to increased debt balances.

Income tax expense was $4.5 million for the three months ended June 30, 2025 compared with income tax expense of $1.0 million for the three months ended June 30, 2024. Income tax expense was $23.1 million for the six months ended June 30, 2025 compared with income tax expense of $1.0 million for the six months ended June 30, 2024. The effective income tax rate for the three months ended June 30, 2025 was 30.9% compared with 7.4% for the three months ended June 30, 2024. The effective income tax rate for the six months ended June 30, 2025 was 33.2% compared with 13.1% for the six months ended June 30, 2024. The effective income tax rates for the three and six months ended June 30, 2025 and June 30, 2024 differ from the United States federal statutory rate. Our effective tax rate is affected by certain other permanent differences, including the gain on the sale of the Global Pump Solutions business, state income taxes, non-deductible incentive stock-based compensation, and differences in tax rates among the jurisdictions in which we operate.

Business Segments

The Company’s operations are organized and reviewed by management along its product lines or end market that the segment serves and are presented in two reportable segments. The results of the segments are reviewed through “Income from operations” on the unaudited Condensed Consolidated Statements of Income.

For the three and six months ended June 30, 2025, financial results by segment are as follows:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2025		2024		2025		2024
Net Sales (less intra- and inter-segment sales)
Engineered Systems segment	$	128,460	$	97,392	$	248,893	$	186,741
Industrial Process Solutions segment		56,931		40,130		113,195		77,113
Total net sales	$	185,391	$	137,522	$	362,088	$	263,854

For the three and six months ended June 30, 2024, financial results by segment are as follows:

	Three months ended June 30,						Six months ended June 30,
(in thousands)	2025			2024			2025			2024
Income from Operations
Engineered Systems segment	$	25,194		$	19,330		$	43,934		$	35,607
Industrial Process Solutions segment		15,110			5,669			84,760			12,769
Corporate and Other(1)		(22,243	)		(15,742	)		(48,764	)		(31,433	)
Total income from operations	$	18,061		$	9,257		$	79,930		$	16,943

(1) Includes corporate compensation, professional services, information technology, and other general and administrative corporate expenses.

Engineered Systems Segment

Our Engineered Systems segment orders booked increased $123.7 million, or 123%, to $224.2 million during the three months ended June 30, 2025 compared with $100.5 million in the three months ended June 30, 2024. The increase is primarily attributable to the Company's energy and power technologies. Investments in energy infrastructure and growth in midstream markets have resulted in increased demand for emissions, separation, and acoustics products. The Company’s acquisition of Profire, a niche-leader specializing

26

in the design and manufacture of burner-management systems and other combustion-management technologies, is another driver of increased orders. Approximately 94%, or $210.1 million, of the orders for the three months ended June 30, 2025 is attributable to organic bookings, defined as orders recorded subsequent to the twelve month period post-acquisition date.

Our Engineered Systems segment orders booked increased $187.1 million, or 94%, to $387.1 million during the six months ended June 30, 2025 compared with $200.0 million in the six months ended June 30, 2024. The increase is primarily attributable to the Company's energy and power technologies. Investments in energy infrastructure and growth in midstream markets have resulted in increased demand for emissions, separation, and acoustics products. The Company’s acquisition of Profire also contributed to the increase in orders. Approximately 91%, or $353.0 million, of the orders for the six months ended June 30, 2025 is attributable to organic bookings, defined as orders recorded subsequent to the twelve month period post-acquisition date.

Our Engineered Systems segment net sales increased $31.1 million to $128.5 million for the three months ended June 30, 2025 compared with $97.4 million for the three months ended June 30, 2024. The increase is led by backlog execution on large scale power projects and inorganic sales growth attributable to Profire. Approximately 87%, or $111.6 million, of the net sales for the three months ended June 30, 2025 is attributable to organic revenue.

Our Engineered Systems segment net sales increased $62.2 million to $248.9 million for the six months ended June 30, 2025 compared with $186.7 million for the six months ended June 30, 2024. The increase is led by backlog execution on large scale power projects and inorganic sales growth attributable to Profire. Approximately 87%, or $217.6 million, of the net sales for the six months ended June 30, 2025 is attributable to organic revenue.

Operating income for the Engineered Systems segment increased $5.9 million to $25.2 million for the three months ended June 30, 2025 compared with $19.3 million for the three months ended June 30, 2024. The operating income increase is attributable to higher gross profit related to increased net sales, partially offset by an increase in selling and administrative expense.

Operating income for the Engineered Systems segment increased $8.3 million to $43.9 million for the six months ended June 30, 2025 compared with $35.6 million for the six months ended June 30, 2024. The operating income increase is attributable to higher gross profit related to increased net sales, partially offset by an increase in selling and administrative expense.

Industrial Process Solutions Segment

Our Industrial Process Solutions segment orders booked increased $9.7 million, or 24%, to $49.9 million during the three months ended June 30, 2025 compared with $40.2 million in the three months ended June 30, 2024. The increase is primarily attributable to the Company’s most recent acquisitions in industrial air treatment applications and increase in demand for the Company's scrubber technologies. Approximately 70%, or $35.1 million, of the orders for the three months ended June 30, 2025 is attributable to organic bookings, defined as orders recorded subsequent to the twelve month period post-acquisition date.

Our Industrial Process Solutions segment orders booked increased $29.4 million, or 34%, to $114.9 million during the six months ended June 30, 2025 compared with $85.5 million in the six months ended June 30, 2024. The increase is primarily attributable to Company’s most recent acquisitions in industrial air treatment applications and increase in demand for the Company's scrubber technologies. Approximately 67% or $77.0 million, of the orders for the six months ended June 30, 2025 is attributable to organic bookings, defined as orders recorded subsequent to the twelve month period post-acquisition date.

Our Industrial Process Solutions segment net sales increased $16.8 million to $56.9 million for the three months ended June 30, 2025 compared with $40.1 million for the three months ended June 30, 2024. The increase is primarily attributable to Company’s most recent acquisitions in industrial air treatment applications, partially offset by the loss of net sales due to the divestiture of the Global Pump Solutions business. Approximately 59%, or $33.5 million, of the net sales for the three months ended June 30, 2025 is attributable to organic revenue.

Our Industrial Process Solutions segment net sales increased $36.1 million to $113.2 million for the six months ended June 30, 2025 compared with $77.1 million for the six months ended June 30, 2024. The increase is primarily attributable to Company’s most recent acquisitions in industrial air treatment applications, partially offset by the loss of net sales due to the divestiture of the Global Pump Solutions business. Approximately 62%, or $70.0 million, of the net sales for the six months ended June 30, 2025 is attributable to organic revenue.

Operating income for the Industrial Process Solutions segment increased $9.4 million to $15.1 million for the three months ended June 30, 2025 compared with $5.7 million for the three months ended June 30, 2024. The increase is primarily attributable to the fair value adjustment to the earn-out liability associated with the acquisition of WK Group, as well as the increase in gross profit driven by the net sales increase described above.

27

Operating income for the Industrial Process Solutions segment increased $72.0 million to $84.8 million for the six months ended June 30, 2025 compared with $12.8 million for the six months ended June 30, 2024. The increase is primarily attributable to the gain on the sale of the Global Pump Solutions business and fair value adjustment to the earn-out liability associated with the acquisition of WK Group.

Backlog

Backlog (i.e., unfulfilled or remaining performance obligations) represents the sales we expect to recognize for our products and services for which control has not yet transferred to the customer. Backlog increased to $688.1 million as of June 30, 2025, from $540.9 million as of December 31, 2024. Our customers may have the right to cancel a given order. Historically, cancellations have not been significant. Backlog is adjusted on a quarterly basis for adjustments in foreign currency exchange rates. Substantially all backlog is expected to be delivered within 18 to 24 months. Backlog is not defined by GAAP and our methodology for calculating backlog may not be consistent with methodologies used by other companies.

Recent Accounting Pronouncements

For information regarding recent accounting pronouncements, see Note 2 to the unaudited condensed consolidated financial statements within Item 1 of this Quarterly Report on Form 10-Q.

Liquidity and Capital Resources

When we undertake large jobs, our working capital objective is to make these projects self-funding. We work to achieve this by obtaining customer down payments, progress billing contracts, when possible, utilizing extended payment terms from material suppliers, and paying sub-contractors after payment from our customers, which is an industry practice. Our investment in net working capital is funded by cash flow from operations and by our revolving line of credit under our Credit Facility (as defined below).

At June 30, 2025, the Company had working capital of $98.0 million, compared with $86.3 million at December 31, 2024. The ratio of current assets to current liabilities was 1.34 to 1.00 on June 30, 2025, as compared with a ratio of 1.35 to 1.00 on December 31, 2024.

At June 30, 2025 and December 31, 2024, cash and cash equivalents totaled $36.8 million and $37.8 million, respectively. As of June 30, 2025 and December 31, 2024, $26.2 million and $29.7 million, respectively, of our cash and cash equivalents were held by certain foreign subsidiaries, as well as being denominated in foreign currencies.

Debt consisted of the following:

(in thousands)	June 30, 2025			December 31, 2024
Outstanding borrowings under Credit Facility (defined below)
Revolving credit facility	$	233,900		$	214,200
Total outstanding borrowings under the Credit Facility		233,900			214,200
Outstanding borrowings under the joint venture term debt		6,472			7,297
Other borrowings		576			—
Unamortized debt discount		(2,214	)		(2,617	)
Total outstanding borrowings		238,734			218,880
Less: current portion		(1,857	)		(1,650	)
Total debt, less current portion	$	236,877		$	217,230

Credit Facility

The Company’s outstanding borrowings in the United States consist of a senior secured revolver loan with sub-facilities for letters of credit, swing-line loans and multi-currency loans (collectively, the “Credit Facility”). As of June 30, 2025 and December 31, 2024, the Company was in compliance with all related financial and other restrictive covenants under the Credit Facility.

See Note 8 to the unaudited condensed consolidated financial statements within Item 1 of this Quarterly Report on Form 10-Q for further information on the Company’s debt facilities.

Total unused credit availability under our existing Credit Facility is as follows:

28

(in millions)	June 30, 2025			December 31, 2024
Credit Facility, revolving loans	$	400.0		$	400.0
Draw down		(233.9	)		(214.2	)
Letters of credit open		(13.8	)		(18.9	)
Total unused credit availability	$	152.3		$	166.9
Amount available based on borrowing limitations	$	104.3		$	1.0

Overview of Cash Flows and Liquidity

	Six months ended June 30,
(in thousands)	2025			2024
Net cash (used in) provided by operating activities	$	(19,363	)	$	7,891
Net cash provided by (used in) investing activities		3,813			(6,811	)
Net cash provided by (used in) financing activities		14,197			(16,565	)
Effect of exchange rate changes on cash and cash equivalents		61			(3,049	)
Net decrease in cash	$	(1,292	)	$	(18,534	)

Operating Activities

For the six months ended June 30, 2025, $19.4 million of cash was used in operating activities compared with $7.9 million provided by operations in the prior year period, representing a decrease of $27.3 million. Cash flow from operating activities in the first six months of 2025 had an unfavorable impact year-over-year primarily due to timing of project-related payments.

Investing Activities

For the six months ended June 30, 2025, net cash provided by investing activities was $3.8 million compared with $6.8 million used in investing activities in the prior year period. For the six months ended June 30, 2025, the Company received $105.8 million related to the sale of the Global Pump Solutions business as discussed in Note 16, offset by $97.6 million used in the acquisition of Profire as discussed in Note 15. In the prior year period, $6.8 million cash used in investing activities was primarily the result of acquisitions of property and equipment.

Financing Activities

For the six months ended June 30, 2025, $14.2 million was provided by financing activities compared with $16.6 million used in financing activities in the prior year period, for an increase of $30.8 million. For the six months ended June 30, 2025, cash provided by financing activities was driven by net borrowings of $19.7 million, primarily to fund the acquisition of Profire as discussed in Note 15, partially offset by $1.0 million of deferred consideration paid for acquisitions, representing the repayment of the remainder of the promissory note associated with the acquisition of Transcend Solutions in 2023. For the six months ended June 30, 2024, the primary uses of cash for financing activities were $6.7 million of net repayments on revolving credit lines and long-term debt, $5.0 million to repurchase common stock, and $2.1 million of deferred consideration paid for acquisitions..

Critical Accounting Estimates

Management believes there have been no changes during the six months ended June 30, 2025 to the items that the Company disclosed as its critical accounting policies and estimates in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Forward-Looking Statements

This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, which are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. Any statements contained in this Quarterly Report on Form 10-Q, other than statements of historical fact, including statements about management’s beliefs and expectations, are forward-looking statements and should be evaluated as such. 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 expressions to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Potential risks and uncertainties, among others,

29

that could cause actual results to differ materially are discussed under “Item 1A. Risk Factors” of this Quarterly Report on Form 10-Q and in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and include, but are not limited to:

•the effect of recent acquisitions and the divestiture of our Fluid Handling Business (together, the “transactions”) on business relationships, operating results, and business generally, disruption of current plans and operations and potential difficulties in employee retention as a result of the transactions, diversion of management’s attention from ongoing business operations in connection with the integration of recent acquisitions, the outcome of any legal proceedings that have been or may in the future be instituted related to the Profire transaction or other transactions, the amount of the costs, fees, expenses and other charges related to the transactions, the achievement of the anticipated benefits of transactions, our ability to successfully integrate acquired businesses and realize the synergies from acquisitions, as well as a number of factors related to our business, including the sensitivity of our business to economic and financial market conditions generally and economic conditions in CECO’s service areas;

•dependence on fixed price contracts and the risks associated therewith, including actual costs exceeding estimates and method of accounting for revenue;

•the effect of growth on our infrastructure, resources and existing sales;

•the ability to expand operations in both new and existing markets;

•the potential for contract delay or cancellation as a result of on-going or worsening supply chain challenges, or other customer-driven project delays relating to supply chain challenges or other customer considerations;

•liabilities arising from faulty services or products that could result in significant professional or product liability, warranty or other claims;

•changes in or developments with respect to any litigation or investigation;

•failure to meet timely completion or performance standards that could result in higher cost and reduced profits or, in some cases, losses on projects;

•the potential for fluctuations in prices for manufactured components and raw materials, including as a result of tariffs and surcharges, and rising energy costs;

•inflationary pressures relating to rising raw material costs and the cost of labor;

•the substantial amount of debt incurred in connection with our strategic transactions and our ability to repay or refinance it or incur additional debt in the future;

•the impact of federal, state or local government regulations;

•our ability to repurchase shares of our common stock and the amounts and timing of repurchases;

•our ability to successfully realize the expected benefits of our restructuring program;

•economic and political conditions generally;

•our ability to optimize our business portfolio by identifying acquisition targets, executing upon any strategic acquisitions or divestitures, integrating acquired businesses and realizing the synergies from strategic transactions; and

•unpredictability and severity of catastrophic events, including cybersecurity threats, acts of terrorism or outbreak of war or hostilities or public health crises, as well as management’s response to any of the aforementioned factors.

Many of these risks are beyond management’s ability to control or predict. Should one or more of these risks or uncertainties materialize, or should any related assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. Investors are cautioned not to place undue reliance on such forward-looking statements as they speak only to our views as of the date the statement is made. Except as required under the federal securities laws or the rules and regulations of the Securities and Exchange Commission (the “SEC”), we undertake no obligation to update or review any forward-looking statements, whether as a result of new information, future events or otherwise.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to certain market risks, primarily changes in interest rates. Market risk is the potential loss arising from adverse changes in market rates and prices, such as foreign currency exchange and interest rates. For the Company, these exposures are

30

primarily related to changes in interest rates. We do not currently hold any derivatives or other financial instruments purely for trading or speculative purposes.

The carrying value of the Company’s total long-term debt and current maturities of long-term debt at June 30, 2025 was $240.4 million. Market risk was estimated as the potential decrease (increase) in future earnings and cash flows resulting from a hypothetical 10% increase (decrease) in the Company’s estimated weighted average borrowing rate at June 30, 2025. Most of the interest on the Company’s debt is indexed to SOFR market rates. The estimated annual impact of a hypothetical 10% change in the estimated weighted average borrowing rate at June 30, 2025 is $1.7 million.

The Company has wholly-owned subsidiaries in several countries, including in the Netherlands, Canada, the People’s Republic of China, Mexico, United Kingdom, Singapore, India, United Arab Emirates, Germany, South Korea and Saudi Arabia. In the past, we have not hedged our foreign currency exposure, and fluctuations in exchange rates have not materially affected our operating results. Future changes in exchange rates may positively or negatively impact our revenues, operating expenses and earnings. Transaction (gains) losses included in “Other (income) expense, net” line of the Condensed Consolidated Statements of Income were $(1.4) million and $0.5 million for the three months ended June 30, 2025 and 2024, respectively, and $(0.9) million and $1.6 million for the six months ended June 30, 2025 and 2024, respectively.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”)) that are designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective as of June 30, 2025.

Management believes that the condensed consolidated financial statements included in this report present fairly, in all material respects, the Company’s financial condition, results of operations and cash flows for each of the periods presented in this report in conformity with accounting principles generally accepted in the United States of America.

Changes in Internal Control Over Financial Reporting

There were no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during the quarter ended June 30, 2025 that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Limitations on the Effectiveness of Controls

Control systems, no matter how well conceived and operated, are designed to provide a reasonable, but not an absolute, level of assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected. The Company conducts periodic evaluations of its internal controls to enhance, where necessary, its procedures and controls.

31

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See Note 14 to the unaudited Condensed Consolidated Financial Statements contained in Part I, Item 1 of this Quarterly Report on Form 10-Q for information regarding legal proceedings in which the Company is involved.

ITEM 1A. RISK FACTORS

There have been no material changes in the Company’s risk factors that were disclosed in “Part I – Item 1A. Risk Factors” of the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

The following table provides information about our purchases of the Company's equity securities for the three months ended June 30, 2025:

	Issuer's Purchases of Equity Securities
(in thousands, except per share data) Period	Total Number of Shares Purchased(1)		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
April 1, 2025 - April 30, 2025	—		$	—	—		$	—
May 1, 2025 - May 31, 2025		—		—		—		—
June 1, 2025 - June 30, 2025		—		—		—		—
Total		—	$	—		—

(1) On May 10, 2022, the Board of Directors authorized a $20.0 million share repurchase program, which expired on April 30, 2025. See Note 9 to the unaudited Condensed Consolidated Financial Statements contained in Part I, Item 1 of this Quarterly Report on Form 10-Q for information regarding the Company's share repurchase program.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

(c)

Rule 10b5-1 Trading Plans

During the three months ended June 30, 2025, no director or Section 16 officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement,” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

32

ITEM 6. EXHIBITS

10.1	Equity award agreement between the Company and Todd R. Gleason, dated June 4, 2025 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on June 6, 2025).
31.1	Rule 13(a)/15d-14(a) Certification by Chief Executive Officer
31.2	Rule 13(a)/15d-14(a) Certification by Chief Financial Officer
32.1	Certification of Chief Executive Officer (18 U.S. Section 1350)
32.2	Certification of Chief Financial Officer (18 U.S. Section 1350)
101.INS	Inline XBRL Instance Document
101.SCH	Inline XBRL Taxonomy Extension Schema Document with Embedded Linkbase Documents
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

33

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

CECO Environmental Corp.
By:	/s/ Kiril Kovachev
	Kiril Kovachev
	Chief Accounting Officer (principal accounting officer and duly authorized officer)

Date: July 29, 2025

34

EX-31.1

Exhibit 31.1

Certification of Chief Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Todd Gleason, certify that:

1. I have reviewed this quarterly report on Form 10-Q of CECO Environmental Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Todd Gleason

Todd Gleason

Chief Executive Officer

Date: July 29, 2025

EX-31.2

Exhibit 31.2

Certification of Chief Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Peter Johansson, certify that:

1. I have reviewed this quarterly report on Form 10-Q of CECO Environmental Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Peter Johansson

Peter Johansson

Chief Financial and Strategy Officer

Date: July 29, 2025

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of CECO Environmental Corp. (the “Company”) on Form 10-Q for the three month period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Todd Gleason, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.

/s/ Todd Gleason

Todd Gleason

Chief Executive Officer

Date: July 29, 2025

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of CECO Environmental Corp. (the “Company”) on Form 10-Q for the three month period ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Peter Johansson, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.

/s/ Peter Johansson

Peter Johansson

Chief Financial and Strategy Officer

Date: July 29, 2025

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2025	Jul. 18, 2025
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Trading Symbol	CECO
Entity Registrant Name	CECO ENVIRONMENTAL CORP.
Entity Central Index Key	0000003197
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity File Number	0-07099
Entity Tax Identification Number	13-2566064
Entity Address, Address Line One	5080 Spectrum Drive
Entity Address, Address Line Two	Suite 800E
Entity Address, City or Town	Addison
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75001
City Area Code	214
Local Phone Number	357-6181
Entity Common Stock, Shares Outstanding		35,328,115
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Document Transition Report	false
Document Quarterly Report	true
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 36,823	$ 37,832
Restricted cash	86	369
Accounts receivable, net allowances of $8,993 and $8,863	161,498	159,572
Costs and estimated earnings in excess of billings on uncompleted contracts	91,262	69,889
Inventories	59,792	42,624
Prepaid expenses and other current assets	29,682	16,859
Prepaid income taxes	3,856	3,826
Total current assets	382,999	330,971
Property, plant and equipment, net	46,618	33,810
Right-of-use assets from operating leases	24,903	25,102
Goodwill	288,043	269,747
Intangible assets – finite life, net	106,871	74,050
Intangible assets – indefinite life	9,666	9,466
Deferred income taxes	293	966
Deferred charges and other assets	17,189	15,587
Total assets	876,582	759,699
Current liabilities:
Current portion of debt	1,857	1,650
Accounts payable	125,971	109,671
Accrued expenses	53,950	47,528
Billings in excess of costs and estimated earnings on uncompleted contracts	93,045	81,501
Notes payable	1,700	1,700
Income taxes payable	8,512	2,612
Total current liabilities	285,035	244,662
Other liabilities	3,137	14,362
Debt, less current portion	236,877	217,230
Deferred income tax liability, net	28,567	11,322
Operating lease liabilities	19,747	20,230
Total liabilities	573,363	507,806
Commitments and contingencies (See Note 14)
Shareholders’ equity:
Preferred stock, $.01 par value; 10,000 shares authorized, none issued	0	0
Common stock, $.01 par value; 100,000,000 shares authorized, 35,307,944 and 34,978,009 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively	352	349
Capital in excess of par value	258,466	255,211
Retained earnings	52,064	6,570
Accumulated other comprehensive loss	(12,518)	(14,441)
Total CECO shareholders' equity	298,364	247,689
Non-controlling interest	4,855	4,204
Total shareholders' equity	303,219	251,893
Total liabilities and shareholders' equity	$ 876,582	$ 759,699

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 8,993	$ 8,863
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000	10,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	35,307,944	34,978,009
Common Stock, shares outstanding	35,307,944	34,978,009

XML

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income Statement [Abstract]
Net sales	$ 185,391	$ 137,522	$ 362,088	$ 263,854
Cost of sales	118,283	88,475	232,818	169,675
Gross profit	67,108	49,047	129,270	94,179
Selling and administrative expenses	48,816	36,465	102,359	71,372
Amortization expenses	2,937	2,210	6,033	4,419
Acquisition and integration expenses	32	476	8,175	666
Gain on sale of Global Pump Solutions business	0	0	(64,502)	0
Other operating (income) expense, net	(2,738)	639	(2,725)	779
Income from operations	18,061	9,257	79,930	16,943
Other (income) expense, net	(1,454)	679	(861)	2,192
Interest expense	4,898	3,254	11,115	6,667
Income before income taxes	14,617	5,324	69,676	8,084
Income tax expense	4,511	394	23,127	1,062
Net income	10,106	4,930	46,549	7,022
Non-controlling interest	596	445	1,055	1,029
Net income attributable to CECO Environmental Corp.	$ 9,510	$ 4,485	$ 45,494	$ 5,993
Earnings per share:
Basic	$ 0.27	$ 0.13	$ 1.29	$ 0.17
Diluted	$ 0.26	$ 0.12	$ 1.24	$ 0.17
Weighted average number of common shares outstanding:
Basic	35,286,065	34,918,412	35,157,514	34,881,625
Diluted	36,558,493	36,302,664	36,624,237	36,239,331

XML

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 10,106	$ 4,930	$ 46,549	$ 7,022
Other comprehensive income, net of tax:
Foreign currency translation gain (loss)	404	(856)	1,923	(202)
Comprehensive income	$ 10,510	$ 4,074	$ 48,472	$ 6,820

XML

Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Capital in Excess of Par Value [Member]	Accumulated Loss [Member]	Accumulated Other Comprehensive Loss [Member]	Noncontrolling Interest [Member]	Shareholders' Equity [Member]
Beginning Balance at Dec. 31, 2023	$ 237,491	$ 348	$ 254,956	$ (6,387)	$ (16,274)	$ 4,848
Beginning Balance, Shares at Dec. 31, 2023		34,835,000
Net income	2,093			1,508		585
Exercise of stock options	113		113
Exercise of stock options, Shares		10,000
Restricted stock units issued	(2,202)	$ (2)	(2,204)
Restricted stock units issued, Shares		195,000
Share based compensation earned	1,808		1,808
Share based compensation earned, Shares		12,000
Translation gain	654				654
Noncontrolling interest distribution	(804)					(804)
Common stock repurchase and retirement	(3,001)	$ (1)	(3,000)
Common stock repurchase and retirement		(144)
Ending Balance at Mar. 31, 2024	236,152	$ 349	251,673	(4,879)	(15,620)	4,629
Ending Balance, Shares at Mar. 31, 2024		34,908,000
Beginning Balance at Dec. 31, 2023	237,491	$ 348	254,956	(6,387)	(16,274)	4,848
Beginning Balance, Shares at Dec. 31, 2023		34,835,000
Net income	$ 7,022
Exercise of stock options, Shares	20,000
Translation gain	$ (202)
Common stock repurchase and retirement	$ (5,000)
Common stock repurchase and retirement	(230,000)
Ending Balance at Jun. 30, 2024	$ 239,812	$ 349	251,560	(394)	(16,476)	4,773
Ending Balance, Shares at Jun. 30, 2024		34,924,000
Beginning Balance at Mar. 31, 2024	236,152	$ 349	251,673	(4,879)	(15,620)	4,629
Beginning Balance, Shares at Mar. 31, 2024		34,908,000
Net income	4,930			4,485		445
Exercise of stock options	$ 161		161
Exercise of stock options, Shares	10,000	10,000
Restricted stock units issued	$ (465)	$ (1)	(466)
Restricted stock units issued, Shares		92,000
Share based compensation earned	2,191		2,191
Translation gain	(856)				(856)
Noncontrolling interest distribution	(301)					(301)
Common stock repurchase and retirement	$ (2,000)	$ (1)	(1,999)
Common stock repurchase and retirement	(86,000)	(86)
Ending Balance at Jun. 30, 2024	$ 239,812	$ 349	251,560	(394)	(16,476)	4,773
Ending Balance, Shares at Jun. 30, 2024		34,924,000
Beginning Balance at Dec. 31, 2024	251,893	$ 349	255,211	6,570	(14,441)	4,204
Beginning Balance, Shares at Dec. 31, 2024		34,978,000
Net income	36,442			35,984		458
Restricted stock units issued	(3,042)	$ (3)	(3,045)
Restricted stock units issued, Shares		260,000
Share based compensation earned	3,641		3,641
Share based compensation earned, Shares		12,000
Translation gain	1,519				1,519
Noncontrolling interest distribution	(402)					(402)
Ending Balance at Mar. 31, 2025	290,051	$ 352	255,807	42,554	(12,922)	4,260
Ending Balance, Shares at Mar. 31, 2025		35,250,000
Beginning Balance at Dec. 31, 2024	251,893	$ 349	255,211	6,570	(14,441)	4,204
Beginning Balance, Shares at Dec. 31, 2024		34,978,000
Net income	$ 46,549
Exercise of stock options, Shares	500
Translation gain	$ 1,923
Common stock repurchase and retirement	0
Ending Balance at Jun. 30, 2025	$ 303,219	$ 352	258,466	52,064	(12,518)	4,855
Ending Balance, Shares at Jun. 30, 2025		35,308,000
Beginning Balance at Mar. 31, 2025	290,051	$ 352	255,807	42,554	(12,922)	4,260
Beginning Balance, Shares at Mar. 31, 2025		35,250,000
Net income	10,106			9,510		595	$ 10,105
Exercise of stock options	$ 5		5
Exercise of stock options, Shares	500	1,000
Restricted stock units issued	$ (224)		(224)
Restricted stock units issued, Shares		57,000
Share based compensation earned	2,878		2,878
Translation gain	$ 404				404
Common stock repurchase and retirement	0
Ending Balance at Jun. 30, 2025	$ 303,219	$ 352	$ 258,466	$ 52,064	$ (12,518)	$ 4,855
Ending Balance, Shares at Jun. 30, 2025		35,308,000

XML

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Cash flows from operating activities:
Net income	$ 10,106	$ 36,442	$ 4,930	$ 2,093	$ 46,549	$ 7,022
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization					10,157	6,973
Unrealized foreign currency gain (loss)					(3,024)	691
Gain on sale of Global Pump Solutions business					(64,502)	0
Fair value adjustment to earnout liabilities					(7,403)	0
(Gain) loss on sale of property and equipment					(34)	126
Debt discount amortization					412	240
Share-based compensation expense					6,234	3,847
Provision (recovery) for credit loss					1,297	267
Inventory reserve expense					192	669
Deferred income tax benefit					1,335	22
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable					4,850	(17,295)
Costs and estimated earnings in excess of billings on uncompleted contracts					(19,635)	10,610
Inventories					(8,853)	(5,151)
Prepaid expense and other current assets					(13,865)	(11,164)
Deferred charges and other assets					(1,512)	(412)
Accounts payable					11,884	13,719
Accrued expenses					9,973	1,566
Billings in excess of costs and estimated earnings on uncompleted contracts					7,524	3,060
Income taxes payable					5,942	68
Other liabilities					(6,884)	(6,967)
Net cash provided by (used in) operating activities					(19,363)	7,891
Cash flows from investing activities:
Acquisitions of property and equipment					(4,432)	(7,233)
Net cash proceeds for sale of Global Pump Solutions business					105,860	0
Net cash (paid) received for acquisitions, net of cash acquired					(97,615)	422
Net cash provided by (used in) investing activities					3,813	(6,811)
Cash flows from financing activities:
Borrowings on revolving credit lines					162,000	21,700
Repayments on revolving credit lines					(142,300)	(23,200)
Repayments of long-term debt					(802)	(5,198)
Payments on finance leases and financing liability					(393)	(458)
Deferred consideration paid for acquisitions					(1,000)	(2,050)
Earnout payments					0	(1,672)
Equity awards surrendered by employees for tax liability, net of proceeds from employee stock purchase plan and exercise of stock options					(2,906)	418
Noncontrolling interest distributions					(402)	(1,105)
Common stock repurchased					0	(5,000)
Net cash (used in) provided by financing activities					14,197	(16,565)
Effect of exchange rate changes on cash, cash equivalents and restricted cash					61	(3,049)
Net increase (decrease) in cash, cash equivalents and restricted cash					(1,292)	(18,534)
Cash, cash equivalents and restricted cash at beginning of period		$ 38,201		$ 55,448	38,201	55,448	$ 55,448
Cash, cash equivalents and restricted cash at end of period	$ 36,909		$ 36,914		36,909	36,914	$ 38,201
Cash paid during the period for:
Interest					10,940	6,574
Income taxes					$ 18,642	$ 3,801

XML

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 9,510	$ 4,485	$ 45,494	$ 5,993

XML

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

XML

Basis of Reporting for Consolidated Financial Statements

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Reporting for Consolidated Financial Statements

1. Basis of Reporting for Consolidated Financial Statements

The accompanying unaudited condensed consolidated financial statements of CECO Environmental Corp. and its subsidiaries (the “Company,” “CECO,” “we,” “us,” or “our”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to those rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements of the Company contain all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position as of June 30, 2025 and the results of operations, cash flows and shareholders’ equity for the three and six months ended June 30, 2025 and 2024. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the full year. The balance sheet as of December 31, 2024 has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 as filed with the SEC on February 25, 2025 (the “Form 10-K”).

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

These financial statements and accompanying notes should be read in conjunction with the audited financial statements and the notes thereto included in the Form 10-K.

Unless otherwise indicated, all balances within tables are in thousands, except per share amounts.

XML

Recent Financial Accounting Pronouncements

6 Months Ended

Jun. 30, 2025

Accounting Changes and Error Corrections [Abstract]

New Financial Accounting Pronouncements

2. Recent Financial Accounting Pronouncements

The Company considered the impact of all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB"). The ASUs issued but not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's consolidated financial statements.

Accounting Standards Adopted in Fiscal 2025

None.

Accounting Standards to be Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which addresses annual income tax disclosure requirements, primarily around the disclosure of the rate reconciliation and income taxes paid. The ASU is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s consolidated financial statements and will adopt the new annual disclosures as required for the fiscal year ended December 31, 2025.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which addresses expense disclosure requirements, primarily the disaggregation of expense captions. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s consolidated financial statements.

XML

Accounts Receivable

6 Months Ended

Jun. 30, 2025

Receivables [Abstract]

Accounts Receivable

3. Accounts Receivable

Accounts receivable as of June 30, 2025 and December 31, 2024 consisted of the following:

(in thousands)	June 30, 2025			December 31, 2024
Accounts receivable	$	170,491		$	168,435
Provision for credit losses		(8,993	)		(8,863	)
Total accounts receivable, net	$	161,498		$	159,572

Accounts receivable, net as of the beginning of the prior year period, or January 1, 2024, were $112.7 million.

Balances billed but not paid by customers under retainage provisions in contracts within the Condensed Consolidated Balance Sheets amounted to approximately $15.8 million and $13.6 million at June 30, 2025 and December 31, 2024, respectively. Retainage receivables on contracts in progress are generally collected within a year or two subsequent to contract completion, and are recorded in either "Accounts receivable, net" or "Deferred charges and other assets" within the Condensed Consolidated Balance Sheets depending on timing of expected collection.

Provision for credit losses activity for the six months ended June 30, 2025 and 2024 consisted of the following:

	Six months ended June 30,
(in thousands)	2025			2024
Balance at beginning of period	$	8,863		$	6,460
Write-offs		(1,167	)		(14	)
Changes to the provision		1,297			787
Recoveries		—			(651	)
Balance at end of period	$	8,993		$	6,582

XML

Contract Assets and Liabilities

6 Months Ended

Jun. 30, 2025

Disclosure Text Block [Abstract]

Contract Assets and Liabilities

4. Contract Assets and Liabilities

Contract assets and liabilities as of June 30, 2025 and December 31, 2024 consisted of the following:

(in thousands)	June 30, 2025		December 31, 2024
Costs and estimated earnings in excess of billings on uncompleted contracts	$	91,262	$	69,889
Billings in excess of costs and estimated earnings on uncompleted contracts		93,045		81,501

As of the beginning of the prior year period, or January 1, 2024, costs and estimated earnings in excess of billings on uncompleted contracts and billings in excess of costs and estimated earnings on uncompleted contracts were $66.6 million and $56.9 million, respectively. The contract liabilities recorded in “Accrued expenses” on the Condensed Consolidated Balance Sheets were $16.0 million, $9.7 million and $7.9 million as of June 30, 2025, December 31, 2024 and January 1, 2024, respectively. Approximately 50% of the Company's contract liabilities as of December 31, 2024 were recognized as revenue in the six months ended June 30, 2025.

XML

Inventories

6 Months Ended

Jun. 30, 2025

Inventory Disclosure [Abstract]

Inventories

5. Inventories

Inventories as of June 30, 2025 and December 31, 2024 consisted of the following:

(in thousands)	June 30, 2025		December 31, 2024
Raw materials	$	21,461	$	24,803
Work in process		17,691		14,532
Finished goods		20,640		3,289
Total inventories	$	59,792	$	42,624

Amounts credited to the allowance for obsolete inventory and charged to cost of sales amounted to $0.1 million and $0.2 million for the three months ended June 30, 2025 and 2024, respectively, and $0.2 million and $0.7 million for the six months ended June 30, 2025 and 2024, respectively.

.

XML

Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

6. Goodwill and Intangible Assets

Goodwill and indefinite life intangible asset activity for the six months ended June 30, 2025 and the year ended December 31, 2024 was as follows:

(in thousands)	Six months ended June 30, 2025					Year ended December 31, 2024
Goodwill / Tradename	Goodwill			Tradename		Goodwill			Tradename
Balance at beginning of period	$	269,747		$	9,466	$	211,326		$	9,570
Acquisitions		40,711			—		59,115			—
Divestiture		(26,838	)		—		—			—
Foreign currency translation		4,423			200		(694	)		(104	)
Balance at end of period	$	288,043		$	9,666	$	269,747		$	9,466

During the six months ended June 30, 2025, the Company recorded measurement period adjustments related to the acquisitions of WK Germany KG, GmbH and WK Asia-Pacific Pte. Ltd. (collectively, "WK Group") and Verantis Environmental Solutions Group ("Verantis"), as discussed in Note 15, resulting in increases to goodwill as of the acquisition dates of $9.4 million and $5.6 million, respectively. These adjustments relate to working capital and the associated tax balances. During the six months ended June 30, 2025, the Company completed its acquisition of Profire Energy, Inc. ("Profire"), as discussed in Note 15, and its divestiture of its Fluid Handling business, also known as its Global Pump Solutions business, as discussed in Note 16.

Finite life intangible assets as of June 30, 2025 and December 31, 2024 consisted of the following:

	June 30, 2025						December 31, 2024
(in thousands)	Cost			Accum. Amort.			Cost			Accum. Amort.
Technology	$	22,314		$	13,642		$	20,614		$	14,769
Customer lists		140,337			54,668			127,354			70,045
Tradenames		17,660			4,961			18,530			6,392
Foreign currency adjustments		(331	)		(162	)		(2,770	)		(1,528	)
Total intangible assets – finite life	$	179,980		$	73,109		$	163,728		$	89,678

Finite life intangible asset activity for the six months ended June 30, 2025 and 2024 was as follows:

	Six months ended June 30,
(in thousands)	2025			2024
Intangible assets – finite life, net at beginning of period	$	74,050		$	50,461
Amortization expense		(6,033	)		(4,315	)
Acquisitions		41,810			—
Divestiture		(4,029	)		—
Foreign currency adjustments		1,073			(60	)
Intangible assets – finite life, net at end of period	$	106,871		$	46,086

Amortization expense of finite life intangible assets was $2.9 million and $2.2 million for the three months ended June 30, 2025 and 2024, respectively, and $6.0 million and $4.3 million for the six months ended June 30, 2025 and 2024, respectively. Amortization over the next five years for finite life intangibles is expected to be $10.5 million for the remainder of 2025, $16.3 million in 2026, $15.4 million in 2027, $14.5 million in 2028, $12.8 million in 2029, and $40.5 million thereafter. The weighted average amortization periods for finite life intangible assets was 8.5 years as of June 30, 2025, inclusive of weighted average amortization periods for technology, customer lists, and tradenames of 6.3, 8.9, and 7.9 years, respectively.

Annually during the fourth quarter, or more often as circumstances require, the Company completes an impairment assessment of its goodwill and indefinite life intangible assets at the reporting unit level. As a part of its annual assessment, the Company first qualitatively assesses whether current events or changes in circumstances lead to a determination that it is more likely than not, defined as a likelihood of more than 50 percent, that the fair value of a reporting unit is less than its carrying amount. If there is a qualitative determination that the fair value of a particular reporting unit is more likely than not greater than its carrying value, the Company does not need to quantitatively test for impairment for that reporting unit. If this qualitative assessment indicates a more likely than not potential that the asset may be impaired, the estimated fair value is determined using a weighting of the income method and the market method. If the estimated fair value of a reporting unit is less than its carrying value, an impairment charge is recorded.

Additionally, property, plant and equipment and finite life intangible assets are reviewed whenever events or changes in circumstances occur that indicate possible impairment. If events or changes in circumstances occur that indicate possible impairment, the impairment review is based on an undiscounted cash flow analysis at the lowest level at which cash flows of the long-lived assets are largely independent of other groups of assets and liabilities. When impairment is indicated, the estimated future cash flows are then discounted to determine the estimated fair value of the asset or asset group and an impairment charge is recorded for the difference between the carrying value and the estimated fair value.

The Company did not identify any triggering events that would require an interim impairment assessment, or record an impairment of goodwill, indefinite life intangible assets, finite life intangible assets or property, plant and equipment during the three or six months ended June 30, 2025.

The Company’s assumptions about future conditions important to its assessment of potential impairment are subject to uncertainty, and the Company will continue to monitor these conditions in future periods as new information becomes available, and will update its analysis accordingly.

XML

Accrued Expenses

6 Months Ended

Jun. 30, 2025

Payables and Accruals [Abstract]

Accrued Expenses

7. Accrued Expenses

Accrued expenses as of June 30, 2025 and December 31, 2024 consisted of the following:

(in thousands)	June 30, 2025		December 31, 2024
Compensation and related benefits	$	12,695	$	12,274
Accrued warranty		5,274		4,558
Contract liability		15,976		9,746
Short-term operating lease liability		4,536		4,262
Other		15,469		16,688
Total accrued expenses	$	53,950	$	47,528

XML

Senior Debt

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Senior Debt

8. Senior Debt

Debt as of June 30, 2025 and December 31, 2024 consisted of the following:

(in thousands)	June 30, 2025			December 31, 2024
Outstanding borrowings under Credit Facility (defined below)
Revolving credit facility	$	233,900		$	214,200
Total outstanding borrowings under the Credit Facility		233,900			214,200
Outstanding borrowings under the joint venture term debt		6,472			7,297
Other borrowings		576			—
Unamortized debt discount		(2,214	)		(2,617	)
Total outstanding borrowings		238,734			218,880
Less: current portion		(1,857	)		(1,650	)
Total debt, less current portion	$	236,877		$	217,230

Scheduled principal payments under the Credit Facility and joint venture term debt are $0.8 million for the remainder of 2025, $1.9 million in 2026, and $3.9 million in 2027. The remaining $233.9 million will be paid upon maturity in 2029.

Credit Facility

On October 7, 2024, the Company entered into the Third Amended and Restated Credit Agreement (the “Credit Agreement”), among the Company, its subsidiaries from time to time party thereto, the lenders from time to time party thereto (the “Lenders”) and Bank of America, N.A., as administrative agent (the “Agent”), which amended and restated in its entirety the Company’s Second Amended and Restated Credit Agreement, dated as of June 11, 2019, among the Company, its subsidiaries from time to time party thereto, the lenders from time to time party thereto and the Agent. The Credit Agreement provides for a senior secured revolving credit facility in an initial aggregate principal amount of up to $400.0 million (the "Credit Facility”).

As of June 30, 2025 and December 31, 2024, $13.8 million and $18.9 million of letters of credit were outstanding, respectively. Total unused credit availability, in consideration of borrowing limitations, under the Company’s Credit Facility was $104.3 million and $1.0 million at June 30, 2025 and December 31, 2024, respectively. Revolving loans may be borrowed, repaid and reborrowed until October 7, 2029, at which time all outstanding balances of the Credit Facility must be repaid.

The Credit Facility accrues interest (a) with respect to base rate loans, at an annual rate equal to an applicable rate of between 0.75% and 2.25% (fluctuating based on the Company’s Consolidated Net Leverage Ratio), plus a rate equal to the highest of (1) the Agent’s prime rate, (2) the federal funds rate plus one-half of 1.00%, (3) Daily Simple SOFR (as defined in the Credit Agreement) plus 1.00% and (4) 1.00%, (b) for all other loans, at an annual rate equal to an applicable rate of between 1.75% and 3.25% (fluctuating based on the Company’s Consolidated Net Leverage Ratio), plus a rate determined based on the denominated currency and, as applicable pursuant to the Credit Agreement, whether the Company has elected for interest on such loans to accrue at a daily rate or a term rate: (a) for term rate loans, if denominated (1) in U.S. Dollars, Term SOFR (as defined in the Credit Agreement inclusive of a 0.10% per annum adjustment), (2) in euros, EURIBOR, (3) in Canadian dollars, the Term CORRA Rate (as defined in the Credit Agreement) plus 0.29547% for a one-month interest period and 0.32138% for a three-month interest period or (4) in a currency other than (1)-(3), the rate per annum as designated with respect to such currency at the time such currency was approved by the Agent and the other Lenders or, if such rate is unavailable on any date of determination for any reason, a comparable or successor rate approved by the Agent, and (b) for daily rate loans, if denominated (1) in U.S. dollars, Daily Simple SOFR (as defined in the Credit Agreement inclusive of a 0.10% per annum adjustment), (2) in pounds sterling, a rate per annum equal to SONIA (as defined in the Credit Agreement) plus 0.0326% per annum or (3) in a currency other than (1) or (2), the rate per annum as designated with respect to such currency at the time such currency was approved by the Agent and the other Lenders or, if such rate is unavailable on any date of determination for any reason, a comparable or successor rate approved by the Agent.

Interest on Base Rate loans is payable quarterly in arrears on the last day of each calendar quarter and at maturity. Interest on Term SOFR rate loans is payable on the last date of each applicable Interest Period (as defined in the Credit Agreement), but in no event less than once every three months and at maturity. The weighted average stated interest rate on outstanding borrowings was 7.27% and 7.07% at June 30, 2025 and December 31, 2024, respectively. The effective interest rate was 7.04% and 7.82% at June 30, 2025 and December 31, 2024, respectively.

With respect to financial covenants, the Company is required to maintain a Consolidated Net Leverage Ratio not greater than 4.00 to 1.00 and a Consolidated Secured Net Leverage Ratio (as defined in the Credit Agreement) not greater than 3.00 to 1.00, in each case as of the last day of each fiscal quarter of the Company. At the election of the Company and subject to certain restrictions contained in the Credit Agreement, following the occurrence of a Permitted Acquisition (as defined in the Credit Agreement) involving aggregate consideration of $15.0 million or more, such maximum Consolidated Net Leverage Ratio and Consolidated Secured Net Leverage Ratio may be increased to 4.50 to 1.00 and 3.50 to 1.00, respectively, for the fiscal quarter in which such Permitted Acquisition is consummated and the subsequent three fiscal quarters of the Company. In the first quarter of 2025, the Company entered into an Elevated Ratio Period resulting in a maximum Consolidated Net Leverage Ratio of 4.50 and Consolidated Secured Net Leverage Ratio of 3.50. This Elevated Ratio will be in effect for a maximum of four quarters, after which the Consolidated Net Leverage Ratio will revert to 4.00 and the Consolidated Secured Net Leverage Ratio will revert to 3.00. The Company is also required to maintain a Consolidated Fixed Charge Coverage Ratio (as defined in the Credit Agreement) as of the last day of each fiscal quarter of the Company of not less than 1.25 to 1.00.

The Company has granted a security interest in substantially all of its assets to secure its obligations pursuant to the Credit Facility. The Company’s obligations under the Credit Facility are guaranteed by the Company’s domestic subsidiaries and such guaranty obligations are secured by a security interest on substantially all the assets of such subsidiaries, including certain real property. The Company’s obligations under the Credit Facility may also be guaranteed by the Company’s material foreign subsidiaries to the extent no adverse tax consequences would result to the Company.

As of June 30, 2025 and December 31, 2024, the Company was in compliance with all related financial and other restrictive covenants under the Credit Facility.

Joint Venture Debt

On March 7, 2022, the Effox-Flextor-Mader, Inc. joint venture ("EFM JV"), for which the Company holds 63% of the equity, entered into a loan agreement secured by the assets of the EFM JV in the aggregate principal amount of $11.0 million for the acquisition of General Rubber, LLC. As of June 30, 2025 and December 31, 2024, $6.5 million and $7.3 million was outstanding under the loan, respectively. Principal will be paid back to the lender monthly with the final installment due by February 27, 2027. Interest is accrued at the per annum rate based on EFM JV's choice of the 1/3/6 month Term SOFR rate plus 3.25%, with a floor rate of 3.75%. Interest is paid monthly on the last day of each month. The interest rate at June 30, 2025 and December 31, 2024 was 7.51% and 7.96%, respectively. As of June 30, 2025 and December 31, 2024, the EFM JV was in compliance with all related financial and other restrictive covenants under this loan agreement. This loan balance does not impact the Company’s borrowing capacity or the financial covenants under the Credit Facility. As of June 30, 2025, there were $18.0 million in current assets (including $5.0 million of cash, $5.6 million of accounts receivable, and $4.0 million of inventories), $43.0 million in long-lived assets (including $24.4 million of goodwill and intangible assets), and $30.5 million in total liabilities (including $6.5 million of debt and $4.2 million of accounts payable and accrued expenses) related to the EFM JV included in the Condensed Consolidated Balance Sheets. As of December 31, 2024, there were $16.2 million in current assets (including $2.9 million of cash, $7.9 million of accounts receivable, and $3.9 million of inventories), $25.4 million in long-lived assets (including $24.8 million of goodwill and intangible assets), and $14.0 million in total liabilities (including $7.3 million of debt and $4.1 million of accounts payable and accrued expenses) related to the EFM JV included in the Consolidated Balance Sheets. For the three months ended June 30, 2025 and 2024, the EFM JV accounted for $12.5 million and $13.2 million in revenue, respectively, and $1.6 million and $1.1 million in net income, respectively, included in the Company's results. For the six months ended June 30, 2025 and 2024, the EFM JV accounted for $23.5 million and $23.9 million in revenue, respectively, and $2.4 million and $2.7 million in net income, respectively, included in the Company's results.

Foreign Debt

The Company has a number of bank guarantee facilities and bilateral lines of credit in various foreign countries currently supported by cash, letters of credit or pledged assets and collateral under the Credit Facility. The Credit Facility allows letters of credit and bank guarantee issuances of up to $120.0 million from the bilateral lines of credit secured through pledged assets and collateral under the Credit Facility. As of June 30, 2025 and December 31, 2024, $35.5 million and $45.9 million in bank guarantees were outstanding, respectively, inclusive of $1.1 million and $1.1 million in outstanding bank guarantees as of June 30, 2025 and December 31, 2024, respectively, under a Euro-denominated bank guarantee agreement held by a subsidiary of the Company located in the Netherlands and secured by local assets, as well as $1.4 million and $2.1 million in outstanding bank guarantees as of June 30, 2025 and December 31, 2024, respectively, under Yuan-denominated bank guarantee agreements held by a subsidiary of the Company located in China and secured by local assets.

XML

Earnings per Share

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Earnings per Share

9. Earnings per Share

The computational components of basic and diluted earnings per share for the three months ended June 30, 2025 and 2024 are as follows:

	Three months ended June 30,
(in thousands)	2025		2024
Numerator (for basic and diluted earnings per share)
Net income attributable to CECO Environmental Corp.	$	9,510	$	4,485
Denominator
Basic weighted-average shares outstanding		35,286		34,918
Common stock equivalents arising from stock options and restricted stock awards		1,272		1,385
Diluted weighted-average shares outstanding		36,558		36,303

The computational components of basic and diluted earnings per share for the six months ended June 30, 2025 and 2024 are as follows:

	Six months ended June 30,
(in thousands)	2025		2024
Numerator (for basic and diluted earnings per share)
Net income attributable to CECO Environmental Corp.	$	45,494	$	5,993
Denominator
Basic weighted-average shares outstanding		35,158		34,882
Common stock equivalents arising from stock options and restricted stock awards		1,467		1,357
Diluted weighted-average shares outstanding		36,625		36,239

Options and restricted stock units included in the computation of diluted earnings per share are calculated using the treasury stock method. For the three months ended June 30, 2025 and 2024, 0.2 and zero, respectively, and for the six months ended June 30, 2025 and 2024, 0.3 million and 0.1 million, respectively, of outstanding options and restricted stock units were excluded from the computation of diluted earnings per share due to their having an anti-dilutive effect.

Once a restricted stock unit vests, it is included in the computation of weighted average shares outstanding for purposes of basic and diluted earnings per share.

Common Stock Repurchase

On May 10, 2022, the Company's Board of Directors authorized a share repurchase program under which the Company was able to purchase up to $20.0 million of its outstanding shares of common stock through April 30, 2025. The authorization permitted the Company to repurchase shares in the open market, through accelerated share repurchases, block trades, Rule 10b5-1 trading plans or through privately negotiated transactions in accordance with applicable laws, rules and regulations. For the three and six months ended June 30, 2024, the Company repurchased approximately 86,000 and 230,000 shares under the program, respectively, for a cost of $2.0 million and $5.0 million, respectively. There were no shares repurchased under the program during the three or six months ended June 30, 2025. This program expired during the second quarter of 2025.

XML

Share-Based Compensation

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

10. Share-Based Compensation

The Company recognized $2.9 million and $2.2 million of expense related to share-based compensation during the three months ended June 30, 2025 and 2024, respectively, and $6.2 million and $3.8 million during the six months ended June 30, 2025 and 2024, respectively, which was measured based upon the fair value of the awards at the grant date.

The Company granted approximately 203,000 and 57,000 restricted stock units during the three months ended June 30, 2025 and 2024, respectively, and approximately 590,000 and 341,000 restricted stock units during the six months ended June 30, 2025 and 2024, respectively. In addition, the Company granted 67,000 and 25,000 stock options during the six months ended June 30, 2025 and 2024, respectively. No stock options were granted during the three months ended June 30, 2025 and 2024.

There were 500 and 10,000 options exercised during the three months ended June 30, 2025 and 2024, respectively, for which the Company received zero and $0.2 million, respectively, in cash. The intrinsic value of options exercised during the three months ended June 30, 2025 and 2024 was zero and $0.1 million, respectively. There were 500 and 20,000 options exercised during the six months ended June 30, 2025 and 2024, respectively, for which the Company received zero and $0.3 million, respectively, in cash. The intrinsic value of options exercised during the six months ended June 30, 2025 and 2024 was zero and $0.2 million, respectively.

XML

Pension and Employee Benefit Plans

6 Months Ended

Jun. 30, 2025

Retirement Benefits [Abstract]

Pension and Employee Benefit Plans

11. Pension and Employee Benefit Plans

The Company sponsored a non-contributory defined benefit pension plan for certain union employees. The plan was funded in accordance with the funding requirements of the Employee Retirement Income Security Act of 1974. The Company presents the components of net periodic benefit cost within “Other (income) expense, net” on the Condensed Consolidated Statements of

Income. Retirement plan expense is based on valuations performed by plan actuaries as of the beginning of each fiscal year. The components of the pension plan expense consisted of the following:

	Three months ended June 30,					Six months ended June 30,
(in thousands)	2025		2024			2025			2024
Interest cost	$	—	$	304		$	318		$	608
Expected return on plan assets		—		(304	)		(335	)		(608	)
Amortization of net actuarial loss		—		57			9			113
Net periodic benefit cost	$	—	$	57		$	(8	)	$	113

The Company made no contributions to its defined benefit plan during the three and six months ended June 30, 2025, and $0.2 million during the three and six months ended June 30, 2024. The plan assets balance of $0.4 million as of December 31, 2024 is included in “Deferred charges and other assets” on the Condensed Consolidated Balance Sheets. On March 31, 2025, the pension plan was transferred to the purchaser of the Global Pump Solutions business, as discussed in Note 16.

XML

Income Taxes

6 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

The Company files income tax returns in various federal, state and local jurisdictions. Tax years from 2018 forward, with the exception of 2020, remain open for examination by Federal authorities. Tax years from 2018 forward remain open for all significant state and foreign authorities.

As of June 30, 2025 and December 31, 2024, the liability for uncertain tax positions totaled approximately $1.3 million and $1.1 million, respectively, which is included in “Other liabilities” on the Condensed Consolidated Balance Sheets. The Company recognizes accrued interest related to uncertain tax positions and penalties, if any, in income tax expense within the Condensed Consolidated Statements of Income.

Certain of the Company’s undistributed earnings of our foreign subsidiaries are not permanently reinvested. Since foreign earnings have already been subject to United States income tax in 2017 as a result of the 2017 Tax Cuts and Jobs Act, the Company intends to repatriate foreign-held cash as needed. The Company records deferred income tax attributable to foreign withholding taxes that would become payable should it decide to repatriate cash held in our foreign operations. As of June 30, 2025 and December 31, 2024, the Company recorded deferred income taxes of approximately $1.0 million and $0.9 million, respectively, on the undistributed earnings of its foreign subsidiaries.

Income tax expense was $4.5 million and $0.4 million for the three months ended June 30, 2025 and 2024, respectively, and $23.1 million and $1.0 million for the six months ended June 30, 2025 and 2024, respectively. The effective income tax rate for the three months ended June 30, 2025 was 30.9% compared with 7.4% for the three months ended June 30, 2024, and the effective income tax rate for the six months ended June 30, 2025 was 33.2% compared with 13.1% for the six months ended June 30, 2024. The effective income tax rates for the three and six months ended June 30, 2025 and 2024 differ from the United States federal statutory rate. The Company's effective rate is affected by certain other permanent differences, including the gain on the sale of the Global Pump Solutions business, state income taxes, non-deductible incentive stock-based compensation and differences in tax rates among jurisdictions in which it operates.

The Organization for Economic Co-operation and Development/G20 Inclusive Framework on Base Erosion and Profit Shifting published the Pillar Two model rules designed to address the tax challenges arising from the digitalization of the global economy which introduces a 15% global minimum corporate tax for companies with revenues above €750 million calculated on a country-by-country basis. On February 1, 2023, the FASB indicated that it believes the minimum tax imposed under Pillar Two is an alternative minimum tax, and, accordingly, deferred tax assets and liabilities associated with the minimum tax would not be recognized or adjusted for the estimated future effects of the minimum tax but would be recognized in the period incurred. Aspects of Pillar Two legislation have been enacted in certain jurisdictions in which the Company operates effective for accounting periods commencing on or after January 1, 2024. However, based on the current revenue threshold, the Company is currently not subject to Pillar Two taxes.

On July 4, 2025, the legislation HR-1, known as the One Big Beautiful Bill Act (the “Act”), was signed into law. The Act makes several changes to United States tax law, including the limitation on deductibility of interest expense, the capitalization of research expenditures, the allowance of immediate expensing of capital expenditures, and the taxation of foreign earnings. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company is currently assessing the Act's impact on the consolidated financial statements.

XML

Financial Instruments

6 Months Ended

Jun. 30, 2025

Investments, All Other Investments [Abstract]

Financial Instruments

13. Financial Instruments

The Company's financial instruments consist primarily of investments in cash and cash equivalents, receivables and certain other assets, notes payable, foreign debt and accounts payable, which approximate fair value at June 30, 2025 and December 31, 2024, due to their short-term nature or variable, market-driven interest rates.

The fair value of the debt issued under the Credit Facility and joint venture term loan was $240.4 million and $221.5 million at June 30, 2025 and December 31, 2024, respectively. The fair value was determined considering market conditions, the Company's credit worthiness and the current terms of our debt, which is considered Level 2 on the fair value hierarchy.

At June 30, 2025 and December 31, 2024, the Company had cash and cash equivalents of $36.8 million and $37.8 million, respectively, of which $26.2 million and $29.7 million, respectively, was held outside of the United States, principally in the Netherlands, United Kingdom, United Arab Emirates, and China.

XML

Commitments and Contingencies

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

14. Commitments and Contingencies

Asbestos cases

The Company's subsidiary, Met-Pro Technologies LLC (“Met-Pro”), beginning in 2002, has been named in asbestos-related lawsuits filed against a large number of industrial companies including, in particular, those in the pump and fluid handling industries. While the Company divested of its fluid handling business (also known as its Global Pump Solutions business) in the first quarter of 2025, as discussed in Note 16, the Company retained historical asbestos liabilities and the related legacy insurance policies. In management’s opinion, the complaints typically have been vague, general and speculative, alleging that Met-Pro, along with the numerous other defendants, sold asbestos-containing products and engaged in other related actions which caused injuries (including mesothelioma and death) and loss to the plaintiffs. The Company’s insurers have hired attorneys who, together with the Company, are vigorously defending these cases. Many cases have been dismissed after the plaintiff fails to identify or produce evidence of exposure to Met-Pro’s products. In those cases, where evidence has been produced, the Company’s experience has been that the exposure levels are low and the Company’s position has been that its products were not a cause of death, injury or loss. The Company has been dismissed from or settled a large number of these cases. As of June 30, 2025 and December 31, 2024, the related amounts were $1.5 million and $0.2 million, respectively, which are recorded within "Accrued expenses" and "Other liabilities" on the Condensed Consolidated Balance Sheets.

The Company also presently believes that none of the pending cases will have a material adverse impact upon the Company’s results of operations, liquidity or financial condition.

Other

The Company is also a party to routine contract and employment-related litigation matters, warranty claims and routine audits of state and local tax returns arising in the ordinary course of its business.

The final outcome and impact of open matters, and related claims and investigations that may be brought in the future, are subject to many variables, and cannot be predicted. The Company records accruals for estimated losses relating to claims and lawsuits when available information indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. As of June 30, 2025 and December 31, 2024, the related amounts were $0.8 million and $0.1 million, respectively, which are recorded within "Accrued expenses" on the Condensed Consolidated Balance Sheets. Additionally, the Company has $1.0 million recorded within "Accounts payable" as of June 30, 2025 related to the settlement of a litigation matter. The Company expenses legal costs as they are incurred.

The Company is not aware of any pending claims or assessments, other than as described above, which may have a material adverse impact on its liquidity, financial position, results of operations, or cash flows.

XML

Acquisitions

6 Months Ended

Jun. 30, 2025

Business Combinations [Abstract]

Acquisitions

15. Acquisitions

Profire Energy, Inc.

On January 3, 2025, the Company acquired all outstanding shares of Profire for $122.7 million in cash, including $4.6 million of cash used to settle outstanding equity awards for which $2.3 million represents the acceleration of such awards and thus recorded within "Acquisition and integration expenses" on the Condensed Consolidated Statements of Income. Resulting

consideration transferred for the acquisition was $120.4 million. The transaction was financed through a combination of cash on hand and a draw on the Company's revolving credit facility. Profire is a technology company and provider of intelligent control solutions that enhance the efficiency, safety, and reliability of industrial combustion appliances. The business operates primarily from locations in Lindon, Utah and Acheson, Alberta and is reported within the Engineered Systems segment. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of closing.

(in thousands)
Current assets (including cash and cash equivalents of $22,675 and accounts receivable of $14,151)	$	54,867
Property and equipment		17,416
Intangible - finite life		41,810
Goodwill		25,656
Other assets		343
Total assets acquired		140,092
Current liabilities assumed		(8,567	)
Deferred income tax liability		(10,852	)
Other liabilities assumed		(291	)
Net assets acquired	$	120,382

The Company acquired property and equipment consisting of $14.7 million of land, building and improvements, $2.1 million of vehicles, and $0.6 million of machinery and equipment and other.

The Company acquired technology, customer lists, and tradename intangible assets valued at $3.6 million, $34.5 million, and $3.7 million, respectively. These assets were determined to have useful lives of 7, 10, and 10 years, respectively.

During the three and six months ended June 30, 2025, Profire accounted for $16.9 million and $31.3 million in revenue, respectively, and $3.6 million and $3.6 million in net income, respectively, in the Company's results.

Verantis Environmental Solutions Group

On December 17, 2024, the Company acquired 100% of the equity interests of Verantis for $65.5 million in cash, which was financed with a draw on the Company's revolving credit facility. Verantis is a global leader in engineering services and equipment systems and solutions for exhaust air treatment in a wide range of general industrial and high technology manufacturing processes. The business operates primarily from locations in Middleburg Heights, Ohio and Singapore and is reported within the Industrial Processing Solutions segment. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of closing.

(in thousands)
Current assets (including accounts receivable of $9,308)	$	19,858
Property and equipment		373
Intangible - finite life		22,070
Goodwill		50,286
Other assets		118
Total assets acquired		92,705
Current liabilities assumed		(17,595	)
Deferred income tax liability		(8,716	)
Other liabilities assumed		(928	)
Net assets acquired	$	65,466

The Company acquired technology, customer lists and tradename intangible assets valued at $2.4 million, $17.0 million and $2.6 million, respectively. These assets were determined to have useful lives of 7, 10 and 10 years, respectively.

WK Group

On October 2, 2024, the Company acquired 100% of the equity interests of WK Group for $6.8 million in cash, which was financed with a draw on the Company's revolving credit facility. As additional consideration in the acquisition of WK Group, the former owners of WK Group are also entitled to earn-out payments up to $27.5 million based upon specified financial results through September 30, 2025. Based on projections at the acquisition date, the Company estimated the fair value of the

earn-out to be $6.3 million. During the second quarter of 2025, the Company recorded a fair value adjustment such that the earn-out liability within "Accrued expenses" on the Condensed Consolidated Balance Sheets reduced to zero as of June 30, 2025. The associated gain of $7.4 million, inclusive of $1.1 million of foreign currency adjustments, was recorded within "Other operating (income) expenses, net" on the Condensed Consolidated Statements of Income. This fair value measurement is based on inputs not observable in the market, which is considered Level 3 on the fair value hierarchy. WK Group designs and engineers a broad range of technical equipment and systems for exhaust and process air treatment, VOC abatement, energy recovery and surface treatment applications. The business operates primarily from locations in Germany, India, and Singapore and is reported within the Industrial Processing Solutions segment. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of closing.

(in thousands)
Current assets (including accounts receivable of $7,914)		14,358
Property and equipment		853
Intangible - finite life		3,114
Goodwill		12,355
Other assets		441
Total assets acquired		31,121
Current liabilities assumed		(15,113	)
Deferred income tax liability		(1,609	)
Other liabilities assumed		(1,320	)
Net assets acquired	$	13,079

The Company acquired technology, customer lists and tradename intangible assets valued at $1.0 million, $1.2 million and $1.0 million, respectively. These assets were determined to have useful lives of 7, 10 and 10 years, respectively.

EnviroCare International LLC

On July 29, 2024, the Company acquired 100% of the equity interests of EnviroCare International LLC (“EnviroCare") for $16.7 million, including $15.7 million paid at closing, which was financed with a draw on the Company's revolving credit facility, and a seller promissory note of $1.7 million, partially offset by a working capital adjustment of $0.7 million. EnviroCare is a designer and provider of industrial exhaust air contamination treatment and control and evaporative gas conditioning systems, solutions and services across a wide range of industrial and municipal applications. The business operates primarily from American Canyon, California and is reported within the Industrial Processing Solutions segment. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of closing.

(in thousands)
Current assets (including cash of $596 and accounts receivable of $405)	$	3,111
Property and equipment		17
Intangible - finite life		7,250
Goodwill		11,389
Total assets acquired		21,767
Current liabilities assumed		(5,065	)
Net assets acquired	$	16,702

The Company acquired technology, customer lists and tradename intangible assets valued at $0.8 million, $0.8 million and $5.7 million, respectively. These assets were determined to have useful lives of 7, 10 and 10 years, respectively.

The acquisitions disclosed above are subject to final adjustment, primarily for the valuation of intangible assets pending final valuation results for such assets and tax balances for the further assessment of the acquiree’s tax positions. These preliminary estimates and assumptions could change significantly during the purchase price measurement period as the Company finalizes the valuation of assets acquired and liabilities assumed. These changes could result in material variances in the Company's future financial results, including variances in the estimated purchase price, fair values recorded and expenses associated with these items.

Goodwill recognized represents value the Company expects to be created by combining the various operations of the acquired businesses with the Company’s operations, including the expansion into markets within existing business segments, access to new customers and potential cost savings and synergies. Goodwill related to these acquisitions is not deductible for tax

purposes.

Acquisition and integration expenses on the Condensed Consolidated Statements of Income are related to acquisition activities, which include retention, legal, accounting, banking, and other expenses.

The following unaudited pro forma financial information represents the Company’s results of operations as if these acquisitions had occurred at the beginning of the fiscal year prior to the acquisition. The pro forma results have been prepared for informational purposes only and include adjustments to amortize acquired intangible assets with finite life, reflect additional interest expense on debt used to fund the acquisition, and to record the income tax consequences of the pro forma adjustments.

	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2025		2024		2025		2024
Net sales	$	185,391	$	176,666	$	362,088	$	340,622
Net income attributable to CECO Environmental Corp.		9,510		4,058		45,494		4,511
Earnings per share:
Basic	$	0.27	$	0.12	$	1.29	$	0.13
Diluted	$	0.26	$	0.11	$	1.24	$	0.12

These pro forma results do not purport to be indicative of the results of operations that would have occurred had the purchase been made as of the beginning of the periods presented or of the results of operations that may occur in the future.

XML

Divestiture

6 Months Ended

Jun. 30, 2025

Divestiture [Abstract]

Divestiture [Text Block]

16. Divestiture

On March 31, 2025, the Company finalized the sale of its Global Pump Solutions business to a third party for a purchase price of $109.5 million, subject to purchase price adjustments. The Company received cash proceeds of $105.9 million, inclusive of the purchase price and purchase price adjustments of $0.8 million, with an additional amount of $2.8 million placed in escrow for the potential satisfaction of purchase price adjustments. Accordingly, the Company recognized a pre-tax gain on sale of business of $64.5 million. The Global Pump Solutions business consists of three niche leadership severe service industrial metallic, fiberglass and thermoplastic centrifugal pump brands: Dean, Fybroc and Sethco. The business primarily operates from locations in Indianapolis, Indiana and Telford, Pennsylvania, and was included within the Industrial Processing Solutions segment.

Amounts related to the transaction are as follows:

(in thousands)
Proceeds from sale of Global Pump Solutions business	$	108,610
Less: Assets transferred
Accounts receivable, net		(4,230	)
Inventories		(9,268	)
Property and equipment		(5,247	)
Goodwill		(26,838	)
Intangible assets – finite life, net		(4,029	)
Pension plan assets		(425	)
Other assets		(120	)
Less: Transaction costs		(616	)
Plus: Liabilities transferred
Accounts payable		1,024
Accrued expenses		1,731
Other liabilities assumed		3,910
Gain on sale of Global Pump Solutions business	$	64,502

XML

Business Segment Information

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Business Segment Information

17. Business Segment Information

The Company’s operations are organized and reviewed by management along its product lines or end markets that the segment serves and are presented in two reportable segments. The results of the segments, specifically income from operations as adjusted for intercompany profits, are reviewed quarterly by the chief operating decision maker ("CODM"), which is the

Company's Chief Executive Officer, for the purposes of allocating resources, including personnel, capital, and financial resources, and assessing performance, including the monitoring of budget versus actual results. Asset information by segment is not reported internally or otherwise regularly reviewed by the CODM.

The Company’s reportable segments are organized as groups of similar products and services, as described as follows:

Engineered Systems segment: The Company's Engineered Systems segment serves the power generation, hydrocarbon transport and processing, water/wastewater treatment, oily water separation and treatment, marine and naval, and natural gas and natural gas liquids infrastructure, treatment and transport sectors. The Company seeks to address the global demand for contaminant removal and environmental protection solutions with its highly engineered platforms including emissions management, fluid bed cyclones, thermal acoustics, separation and filtration, and dampers and expansion joints.

Industrial Process Solutions segment: The Company's Industrial Process Solutions segment serves the broad industrial sector with solutions for contamination control, exhaust air treatment, VOC abatement, process filtration and fluid handling in applications such as aluminum beverage can production, vehicle production, food and beverage processing, semiconductor fabrication, electronics production, steel and aluminum processing, engineered wood products manufacturing, chemical processing, general manufacturing and machining, coating and surface treatment, battery production and recycling, and wind and solar power components manufacturing end markets. The Company assists customers in maintaining clean and safe operations for employees, reducing energy consumption, minimizing waste for customers, and meeting regulatory standards for toxic emissions, fumes, volatile organic compounds, and odor elimination through its platforms including duct fabrication and installation, industrial air, and fluid handling.

The financial segment information is as follows for the three and six months ended June 30, 2025:

	Three months ended June 30, 2025				Six months ended June 30, 2025
(table only in thousands)	Engineered Systems		Industrial Process Solutions		Engineered Systems		Industrial Process Solutions
Sales	$	133,035	$	58,960	$	260,475	$	115,519
Income from operations		25,194		15,110		43,934		84,761

A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the three months ended June 30, 2025:

(table only in thousands)	Engineered Systems		Industrial Process Solutions			Total
Sales from external customers	$	128,460	$	56,931		$	185,391
Intra-segment sales		4,484		2,029			6,513
Inter-segment sales		91		—			91
Total segment sales		133,035		58,960			191,995
Reconciliation to sales
Elimination of intra- and inter-segment sales							6,604
Total consolidated sales							185,391
Reconciliation to income before income taxes
Direct cost of sales		76,638		36,078			112,715
Shop burden		3,338		2,230			5,568
Selling expense		7,933		2,857			10,790
Project engineering expense		4,729		2,803			7,531
General and administrative expense		9,185		2,278			11,463
Other segment items(1)		1,445		(4,424	)		(2,979	)
Income from operations		29,769		17,139			46,908
Stock-based compensation							2,878
Other corporate expenses(2)							19,365
Elimination of intra- and inter-segment activity							6,604
Interest expense							4,898
Other income(3)							(1,454	)
Total consolidated income before income taxes							14,617

(1) Includes amortization expenses, acquisition and integration expenses, and divestiture expenses.
(2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(3) Includes gain on sale of business, foreign exchange (gain) loss and pension expense.

A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the six months ended June 30, 2025:

(table only in thousands)	Engineered Systems		Industrial Process Solutions			Total
Sales from external customers	$	248,894	$	113,195		$	362,088
Intra-segment sales		11,393		2,324			13,717
Inter-segment sales		188		—			188
Total segment sales		260,475		115,519			375,993
Reconciliation to sales
Elimination of intra- and inter-segment sales							13,905
Total consolidated sales							362,088
Reconciliation to income before income taxes
Direct cost of sales		149,703		71,717			221,420
Shop burden		6,269		5,125			11,394
Selling expense		15,765		6,587			22,353
Project engineering expense		9,459		5,675			15,134
General and administrative expense		18,225		6,547			24,772
Gain on sale of Global Pump Solutions business		—		(64,502	)		(64,502	)
Other segment items(1)		5,538		(2,714	)		2,824
Income from operations		55,515		87,084			142,599
Stock-based compensation							6,234
Other corporate expenses(2)							42,530
Elimination of intra- and inter-segment activity							13,905
Interest expense							11,115
Other income(3)							(861	)
Total consolidated income before income taxes							69,676

(1) Includes amortization expenses, acquisition and integration expenses, and divestiture expenses.
(2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(3) Includes gain on sale of business, foreign exchange (gain) loss and pension expense.

Other segment information is as follows for the three and six months ended June 30, 2025:

	Three months ended June 30, 2025				Six months ended June 30, 2025
(table only in thousands)	Engineered Systems		Industrial Process Solutions		Engineered Systems		Industrial Process Solutions
Property and equipment additions	$	512	$	328	$	1,206	$	961
Depreciation and amortization(1)		2,113		1,864		4,098		4,188

(1) The amounts of depreciation and amortization disclosed by reportable segment are included within the other segment expense captions, such as shop burden or general and administrative expense.

The financial segment information is as follows for the three and six months ended June 30, 2024:

	Three months ended June 30, 2024				Six months ended June 30, 2024
(in thousands)	Engineered Systems		Industrial Process Solutions		Engineered Systems		Industrial Process Solutions
Sales	$	102,141	$	44,673	$	194,659	$	84,252
Income from operations		19,330		5,669		35,607		12,769

A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the three months ended June 30, 2024:

(in thousands)	Engineered Systems		Industrial Process Solutions		Total
Sales from external customers	$	97,392	$	40,130	$	137,522
Intra-segment sales		4,553		4,440		8,993
Inter-segment sales		196		103		299
Total segment sales		102,141		44,673		146,814
Reconciliation to sales
Elimination of intra- and inter-segment sales						9,292
Total consolidated sales						137,522
Reconciliation to income before income taxes
Direct cost of sales		59,483		24,081		83,563
Shop burden		2,224		2,679		4,903
Selling expense		5,865		2,794		8,659
Project engineering expense		4,066		1,652		5,718
General and administrative expense		4,716		2,502		7,218
Other segment items(1)		1,707		754		2,461
Income from operations		24,080		10,211		34,291
Stock-based compensation						2,177
Other corporate expenses(2)						13,565
Elimination of intra- and inter-segment activity						9,292
Interest expense						3,254
Other loss(3)						679
Total consolidated income before income taxes						5,324

(1) Includes amortization expenses, acquisition and integration expenses, and asbestos litigation expenses.
(2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(3) Includes foreign exchange (gain) loss and pension expense.

A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the six months ended June 30, 2024:

(in thousands)	Engineered Systems		Industrial Process Solutions		Total
Sales from external customers	$	186,741	$	77,113	$	263,854
Intra-segment sales		7,635		6,975		14,610
Inter-segment sales		283		164		447
Total segment sales		194,659		84,252		278,911
Reconciliation to sales
Elimination of intra- and inter-segment sales						15,057
Total consolidated sales						263,854
Reconciliation to income before income taxes
Direct cost of sales		116,578		44,305		160,883
Shop burden		3,800		4,983		8,783
Selling expense		11,405		5,693		17,098
Project engineering expense		6,388		3,209		9,597
General and administrative expense		9,537		4,740		14,277
Other segment items(1)		3,425		1,415		4,840
Income from operations		43,526		19,907		63,433
Stock-based compensation						3,847
Other corporate expenses(2)						27,586
Elimination of intra- and inter-segment activity						15,057
Interest expense						6,667
Other loss(3)						2,192
Total consolidated income before income taxes						8,084

(1) Includes amortization expenses, acquisition and integration expenses, and asbestos litigation expenses.
(2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(3) Includes foreign exchange (gain) loss and pension expense.

Other segment information is as follows for the three and six months ended June 30, 2024:

	Three months ended June 30, 2024				Six months ended June 30, 2024
(in thousands)	Engineered Systems		Industrial Process Solutions		Engineered Systems		Industrial Process Solutions
Property and equipment additions	$	890	$	429	$	2,027	$	1,035
Depreciation and amortization(1)		1,814		1,131		3,599		2,250

(1) The amounts of depreciation and amortization disclosed by reportable segment are included within the other segment expense captions, such as shop burden or general and administrative expense.

Geographic Information

Net sales by geographic area are as follows:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2025		2024		2025		2024
United States	$	120,204	$	90,450	$	230,875	$	168,238
United Kingdom		12,470		14,353		32,027		26,555
Netherlands		15,763		13,496		26,989		30,308
China		13,563		8,883		28,357		13,213
Other		23,391		10,340		43,840		25,540
Total net sales	$	185,391	$	137,522	$	362,088	$	263,854

The geographical area data for net sales is based upon the country location of the Company's business unit generating such sales.

Long-lived assets by geographic area are as follows:

(in thousands)	June 30, 2025		December 31, 2024
United States	$	372,714	$	332,162
United Kingdom		28,300		27,003
China		36,614		36,315
Other		55,955		33,248
Total long-lived assets	$	493,583	$	428,728

The geographical area data for long-lived assets is based upon physical location of such assets.

XML

Recent Financial Accounting Pronouncements (Policies)

6 Months Ended

Jun. 30, 2025

Accounting Changes and Error Corrections [Abstract]

Accounting Standards Adopted in Fiscal 2024

Accounting Standards Adopted in Fiscal 2025

None.

Accounting Standards to be Adopted

Accounting Standards to be Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which addresses annual income tax disclosure requirements, primarily around the disclosure of the rate reconciliation and income taxes paid. The ASU is effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s consolidated financial statements and will adopt the new annual disclosures as required for the fiscal year ended December 31, 2025.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which addresses expense disclosure requirements, primarily the disaggregation of expense captions. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s consolidated financial statements.

XML

Accounts Receivable (Tables)

6 Months Ended

Jun. 30, 2025

Receivables [Abstract]

Summary of Accounts Receivable

Accounts receivable as of June 30, 2025 and December 31, 2024 consisted of the following:

(in thousands)	June 30, 2025			December 31, 2024
Accounts receivable	$	170,491		$	168,435
Provision for credit losses		(8,993	)		(8,863	)
Total accounts receivable, net	$	161,498		$	159,572

Schedule of Provision for Credit Losses Activity

Provision for credit losses activity for the six months ended June 30, 2025 and 2024 consisted of the following:

	Six months ended June 30,
(in thousands)	2025			2024
Balance at beginning of period	$	8,863		$	6,460
Write-offs		(1,167	)		(14	)
Changes to the provision		1,297			787
Recoveries		—			(651	)
Balance at end of period	$	8,993		$	6,582

XML

Contract Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2025

Table Text Block [Abstract]

Summary of Contract Assets and Liabilities

Contract assets and liabilities as of June 30, 2025 and December 31, 2024 consisted of the following:

(in thousands)	June 30, 2025		December 31, 2024
Costs and estimated earnings in excess of billings on uncompleted contracts	$	91,262	$	69,889
Billings in excess of costs and estimated earnings on uncompleted contracts		93,045		81,501

XML

Inventories (Tables)

6 Months Ended

Jun. 30, 2025

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories as of June 30, 2025 and December 31, 2024 consisted of the following:

(in thousands)	June 30, 2025		December 31, 2024
Raw materials	$	21,461	$	24,803
Work in process		17,691		14,532
Finished goods		20,640		3,289
Total inventories	$	59,792	$	42,624

XML

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill / Tradename

Goodwill and indefinite life intangible asset activity for the six months ended June 30, 2025 and the year ended December 31, 2024 was as follows:

(in thousands)	Six months ended June 30, 2025					Year ended December 31, 2024
Goodwill / Tradename	Goodwill			Tradename		Goodwill			Tradename
Balance at beginning of period	$	269,747		$	9,466	$	211,326		$	9,570
Acquisitions		40,711			—		59,115			—
Divestiture		(26,838	)		—		—			—
Foreign currency translation		4,423			200		(694	)		(104	)
Balance at end of period	$	288,043		$	9,666	$	269,747		$	9,466

Intangible Assets - Finite Life

Finite life intangible assets as of June 30, 2025 and December 31, 2024 consisted of the following:

	June 30, 2025						December 31, 2024
(in thousands)	Cost			Accum. Amort.			Cost			Accum. Amort.
Technology	$	22,314		$	13,642		$	20,614		$	14,769
Customer lists		140,337			54,668			127,354			70,045
Tradenames		17,660			4,961			18,530			6,392
Foreign currency adjustments		(331	)		(162	)		(2,770	)		(1,528	)
Total intangible assets – finite life	$	179,980		$	73,109		$	163,728		$	89,678

Summary of Finite Lived Intangible Assets Activities

Finite life intangible asset activity for the six months ended June 30, 2025 and 2024 was as follows:

	Six months ended June 30,
(in thousands)	2025			2024
Intangible assets – finite life, net at beginning of period	$	74,050		$	50,461
Amortization expense		(6,033	)		(4,315	)
Acquisitions		41,810			—
Divestiture		(4,029	)		—
Foreign currency adjustments		1,073			(60	)
Intangible assets – finite life, net at end of period	$	106,871		$	46,086

XML

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2025

Payables and Accruals [Abstract]

Summary of Accrued Expenses

Accrued expenses as of June 30, 2025 and December 31, 2024 consisted of the following:

(in thousands)	June 30, 2025		December 31, 2024
Compensation and related benefits	$	12,695	$	12,274
Accrued warranty		5,274		4,558
Contract liability		15,976		9,746
Short-term operating lease liability		4,536		4,262
Other		15,469		16,688
Total accrued expenses	$	53,950	$	47,528

XML

Senior Debt (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Summary of Debt

Debt as of June 30, 2025 and December 31, 2024 consisted of the following:

(in thousands)	June 30, 2025			December 31, 2024
Outstanding borrowings under Credit Facility (defined below)
Revolving credit facility	$	233,900		$	214,200
Total outstanding borrowings under the Credit Facility		233,900			214,200
Outstanding borrowings under the joint venture term debt		6,472			7,297
Other borrowings		576			—
Unamortized debt discount		(2,214	)		(2,617	)
Total outstanding borrowings		238,734			218,880
Less: current portion		(1,857	)		(1,650	)
Total debt, less current portion	$	236,877		$	217,230

XML

Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Number of Shares Outstanding for Calculation of Earnings Per Share

The computational components of basic and diluted earnings per share for the three months ended June 30, 2025 and 2024 are as follows:

	Three months ended June 30,
(in thousands)	2025		2024
Numerator (for basic and diluted earnings per share)
Net income attributable to CECO Environmental Corp.	$	9,510	$	4,485
Denominator
Basic weighted-average shares outstanding		35,286		34,918
Common stock equivalents arising from stock options and restricted stock awards		1,272		1,385
Diluted weighted-average shares outstanding		36,558		36,303

The computational components of basic and diluted earnings per share for the six months ended June 30, 2025 and 2024 are as follows:

	Six months ended June 30,
(in thousands)	2025		2024
Numerator (for basic and diluted earnings per share)
Net income attributable to CECO Environmental Corp.	$	45,494	$	5,993
Denominator
Basic weighted-average shares outstanding		35,158		34,882
Common stock equivalents arising from stock options and restricted stock awards		1,467		1,357
Diluted weighted-average shares outstanding		36,625		36,239

XML

Pension and Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2025

Retirement Benefits [Abstract]

Components of Pension and Employee Benefit Expenses

The components of the pension plan expense consisted of the following:

	Three months ended June 30,					Six months ended June 30,
(in thousands)	2025		2024			2025			2024
Interest cost	$	—	$	304		$	318		$	608
Expected return on plan assets		—		(304	)		(335	)		(608	)
Amortization of net actuarial loss		—		57			9			113
Net periodic benefit cost	$	—	$	57		$	(8	)	$	113

XML

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2025

Profire Energy Inc [Member]

Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of closing.

(in thousands)
Current assets (including cash and cash equivalents of $22,675 and accounts receivable of $14,151)	$	54,867
Property and equipment		17,416
Intangible - finite life		41,810
Goodwill		25,656
Other assets		343
Total assets acquired		140,092
Current liabilities assumed		(8,567	)
Deferred income tax liability		(10,852	)
Other liabilities assumed		(291	)
Net assets acquired	$	120,382

Verantis Environmental Solutions Group [Member]

Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of closing.

(in thousands)
Current assets (including accounts receivable of $9,308)	$	19,858
Property and equipment		373
Intangible - finite life		22,070
Goodwill		50,286
Other assets		118
Total assets acquired		92,705
Current liabilities assumed		(17,595	)
Deferred income tax liability		(8,716	)
Other liabilities assumed		(928	)
Net assets acquired	$	65,466

WK Group [Member]

Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of closing.

(in thousands)
Current assets (including accounts receivable of $7,914)		14,358
Property and equipment		853
Intangible - finite life		3,114
Goodwill		12,355
Other assets		441
Total assets acquired		31,121
Current liabilities assumed		(15,113	)
Deferred income tax liability		(1,609	)
Other liabilities assumed		(1,320	)
Net assets acquired	$	13,079

EnviroCare International LLC [Member]

Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of closing.

(in thousands)
Current assets (including cash of $596 and accounts receivable of $405)	$	3,111
Property and equipment		17
Intangible - finite life		7,250
Goodwill		11,389
Total assets acquired		21,767
Current liabilities assumed		(5,065	)
Net assets acquired	$	16,702

Schedule of Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information represents the Company’s results of operations as if these acquisitions had occurred at the beginning of the fiscal year prior to the acquisition.

	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2025		2024		2025		2024
Net sales	$	185,391	$	176,666	$	362,088	$	340,622
Net income attributable to CECO Environmental Corp.		9,510		4,058		45,494		4,511
Earnings per share:
Basic	$	0.27	$	0.12	$	1.29	$	0.13
Diluted	$	0.26	$	0.11	$	1.24	$	0.12

XML

Divestiture (Tables)

6 Months Ended

Jun. 30, 2025

Divestiture [Abstract]

Summary of Amounts Related to the Transaction

Amounts related to the transaction are as follows:

(in thousands)
Proceeds from sale of Global Pump Solutions business	$	108,610
Less: Assets transferred
Accounts receivable, net		(4,230	)
Inventories		(9,268	)
Property and equipment		(5,247	)
Goodwill		(26,838	)
Intangible assets – finite life, net		(4,029	)
Pension plan assets		(425	)
Other assets		(120	)
Less: Transaction costs		(616	)
Plus: Liabilities transferred
Accounts payable		1,024
Accrued expenses		1,731
Other liabilities assumed		3,910
Gain on sale of Global Pump Solutions business	$	64,502

XML

Business Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Net Sales and Income from Operation by Business Segment

The financial segment information is as follows for the three and six months ended June 30, 2025:

	Three months ended June 30, 2025				Six months ended June 30, 2025
(table only in thousands)	Engineered Systems		Industrial Process Solutions		Engineered Systems		Industrial Process Solutions
Sales	$	133,035	$	58,960	$	260,475	$	115,519
Income from operations		25,194		15,110		43,934		84,761

The financial segment information is as follows for the three and six months ended June 30, 2024:

	Three months ended June 30, 2024				Six months ended June 30, 2024
(in thousands)	Engineered Systems		Industrial Process Solutions		Engineered Systems		Industrial Process Solutions
Sales	$	102,141	$	44,673	$	194,659	$	84,252
Income from operations		19,330		5,669		35,607		12,769

Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets

Other segment information is as follows for the three and six months ended June 30, 2025:

	Three months ended June 30, 2025				Six months ended June 30, 2025
(table only in thousands)	Engineered Systems		Industrial Process Solutions		Engineered Systems		Industrial Process Solutions
Property and equipment additions	$	512	$	328	$	1,206	$	961
Depreciation and amortization(1)		2,113		1,864		4,098		4,188

(1) The amounts of depreciation and amortization disclosed by reportable segment are included within the other segment expense captions, such as shop burden or general and administrative expense.

Other segment information is as follows for the three and six months ended June 30, 2024:

	Three months ended June 30, 2024				Six months ended June 30, 2024
(in thousands)	Engineered Systems		Industrial Process Solutions		Engineered Systems		Industrial Process Solutions
Property and equipment additions	$	890	$	429	$	2,027	$	1,035
Depreciation and amortization(1)		1,814		1,131		3,599		2,250

(1) The amounts of depreciation and amortization disclosed by reportable segment are included within the other segment expense captions, such as shop burden or general and administrative expense.

Intra-Segment and Inter-Segment Revenues

A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the three months ended June 30, 2025:

(table only in thousands)	Engineered Systems		Industrial Process Solutions			Total
Sales from external customers	$	128,460	$	56,931		$	185,391
Intra-segment sales		4,484		2,029			6,513
Inter-segment sales		91		—			91
Total segment sales		133,035		58,960			191,995
Reconciliation to sales
Elimination of intra- and inter-segment sales							6,604
Total consolidated sales							185,391
Reconciliation to income before income taxes
Direct cost of sales		76,638		36,078			112,715
Shop burden		3,338		2,230			5,568
Selling expense		7,933		2,857			10,790
Project engineering expense		4,729		2,803			7,531
General and administrative expense		9,185		2,278			11,463
Other segment items(1)		1,445		(4,424	)		(2,979	)
Income from operations		29,769		17,139			46,908
Stock-based compensation							2,878
Other corporate expenses(2)							19,365
Elimination of intra- and inter-segment activity							6,604
Interest expense							4,898
Other income(3)							(1,454	)
Total consolidated income before income taxes							14,617

(1) Includes amortization expenses, acquisition and integration expenses, and divestiture expenses.
(2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(3) Includes gain on sale of business, foreign exchange (gain) loss and pension expense.

A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the six months ended June 30, 2025:

(table only in thousands)	Engineered Systems		Industrial Process Solutions			Total
Sales from external customers	$	248,894	$	113,195		$	362,088
Intra-segment sales		11,393		2,324			13,717
Inter-segment sales		188		—			188
Total segment sales		260,475		115,519			375,993
Reconciliation to sales
Elimination of intra- and inter-segment sales							13,905
Total consolidated sales							362,088
Reconciliation to income before income taxes
Direct cost of sales		149,703		71,717			221,420
Shop burden		6,269		5,125			11,394
Selling expense		15,765		6,587			22,353
Project engineering expense		9,459		5,675			15,134
General and administrative expense		18,225		6,547			24,772
Gain on sale of Global Pump Solutions business		—		(64,502	)		(64,502	)
Other segment items(1)		5,538		(2,714	)		2,824
Income from operations		55,515		87,084			142,599
Stock-based compensation							6,234
Other corporate expenses(2)							42,530
Elimination of intra- and inter-segment activity							13,905
Interest expense							11,115
Other income(3)							(861	)
Total consolidated income before income taxes							69,676

(1) Includes amortization expenses, acquisition and integration expenses, and divestiture expenses.
(2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(3) Includes gain on sale of business, foreign exchange (gain) loss and pension expense.

A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the three months ended June 30, 2024:

(in thousands)	Engineered Systems		Industrial Process Solutions		Total
Sales from external customers	$	97,392	$	40,130	$	137,522
Intra-segment sales		4,553		4,440		8,993
Inter-segment sales		196		103		299
Total segment sales		102,141		44,673		146,814
Reconciliation to sales
Elimination of intra- and inter-segment sales						9,292
Total consolidated sales						137,522
Reconciliation to income before income taxes
Direct cost of sales		59,483		24,081		83,563
Shop burden		2,224		2,679		4,903
Selling expense		5,865		2,794		8,659
Project engineering expense		4,066		1,652		5,718
General and administrative expense		4,716		2,502		7,218
Other segment items(1)		1,707		754		2,461
Income from operations		24,080		10,211		34,291
Stock-based compensation						2,177
Other corporate expenses(2)						13,565
Elimination of intra- and inter-segment activity						9,292
Interest expense						3,254
Other loss(3)						679
Total consolidated income before income taxes						5,324

(1) Includes amortization expenses, acquisition and integration expenses, and asbestos litigation expenses.
(2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(3) Includes foreign exchange (gain) loss and pension expense.

A reconciliation of total segment sales to total consolidated sales, as well as total segment income from operations to total consolidated income from operations and total consolidated net income is as follows for the six months ended June 30, 2024:

(in thousands)	Engineered Systems		Industrial Process Solutions		Total
Sales from external customers	$	186,741	$	77,113	$	263,854
Intra-segment sales		7,635		6,975		14,610
Inter-segment sales		283		164		447
Total segment sales		194,659		84,252		278,911
Reconciliation to sales
Elimination of intra- and inter-segment sales						15,057
Total consolidated sales						263,854
Reconciliation to income before income taxes
Direct cost of sales		116,578		44,305		160,883
Shop burden		3,800		4,983		8,783
Selling expense		11,405		5,693		17,098
Project engineering expense		6,388		3,209		9,597
General and administrative expense		9,537		4,740		14,277
Other segment items(1)		3,425		1,415		4,840
Income from operations		43,526		19,907		63,433
Stock-based compensation						3,847
Other corporate expenses(2)						27,586
Elimination of intra- and inter-segment activity						15,057
Interest expense						6,667
Other loss(3)						2,192
Total consolidated income before income taxes						8,084

(1) Includes amortization expenses, acquisition and integration expenses, and asbestos litigation expenses.
(2) Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.
(3) Includes foreign exchange (gain) loss and pension expense.

Net Sales By Geographic Area

Net sales by geographic area are as follows:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2025		2024		2025		2024
United States	$	120,204	$	90,450	$	230,875	$	168,238
United Kingdom		12,470		14,353		32,027		26,555
Netherlands		15,763		13,496		26,989		30,308
China		13,563		8,883		28,357		13,213
Other		23,391		10,340		43,840		25,540
Total net sales	$	185,391	$	137,522	$	362,088	$	263,854

The geographical area data for net sales is based upon the country location of the Company's business unit generating such sales.

Long-Lived Assets By Geographic Area

Long-lived assets by geographic area are as follows:

(in thousands)	June 30, 2025		December 31, 2024
United States	$	372,714	$	332,162
United Kingdom		28,300		27,003
China		36,614		36,315
Other		55,955		33,248
Total long-lived assets	$	493,583	$	428,728

The geographical area data for long-lived assets is based upon physical location of such assets.

XML

Accounts Receivable - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 170,491	$ 168,435
Provision for credit losses	(8,993)	(8,863)
Total accounts receivable, net	$ 161,498	$ 159,572	$ 112,700

XML

Accounts Receivable - Provision for Credit Losses Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 8,863	$ 6,460
Write-offs	(1,167)	(14)
Changes to the provision	1,297	787
Recoveries	0	(651)
Balance at end of period	$ 8,993	$ 6,582

XML

Accounts Receivable - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Accounts receivable, net of allowances	$ 161,498	$ 159,572	$ 112,700
Amount billed but not received under retainage provisions in contracts	$ 15,800	$ 13,600

XML

Contract Assets and Liabilities - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Jan. 01, 2024
Contract with Customer, Asset, after Allowance for Credit Loss, Current [Abstract]
Costs and estimated earnings in excess of billings on uncompleted contracts	$ 91,262	$ 69,889	$ 66,600
Billings in excess of costs and estimated earnings on uncompleted contracts	$ 93,045	$ 81,501	$ 56,900

XML

Contract Assets and Liabilities (Additional Information) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Dec. 31, 2024	Jan. 01, 2024
Contract Assets and Liabilities [Line Items]
Costs and estimated earnings in excess of billings on uncompleted contracts	$ 91,262	$ 69,889	$ 66,600
Billings in excess of costs and estimated earnings on uncompleted contracts	$ 93,045	81,501	56,900
Contract liabilities recognized as revenue	50.00%
Accrued Liabilities [Member]
Contract Assets and Liabilities [Line Items]
Accrued expenses	$ 16,000	$ 9,700	$ 7,900

XML

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Inventory, Net [Abstract]
Raw materials	$ 21,461	$ 24,803
Work in process	17,691	14,532
Finished goods	20,640	3,289
Total inventories	$ 59,792	$ 42,624

XML

Inventories - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Inventory Disclosure [Abstract]
Amounts credited to the allowance for obsolete inventory	$ 0.1	$ 0.2	$ 0.2	$ 0.7

XML

Goodwill and Intangible Assets - Goodwill / Tradename (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, balance at beginning of period	$ 269,747	$ 211,326
Goodwill, Acquisitions	40,711	59,115
Goodwill, Divestitures	(26,838)
Goodwill, foreign currency translation	4,423	(694)
Goodwill, balance at end of period	288,043	269,747
Tradename, balance at beginning of period	9,466	9,570
Tradename, foreign currency translation	200	(104)
Tradename, balance at end of period	$ 9,666	$ 9,466

XML

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Schedule Of Goodwill And Other Intangible Assets [Line Items]
Goodwill Increase			$ 40,711		$ 59,115
Amortization expense of finite life intangible assets	$ 2,900	$ 2,200	6,033	$ 4,315
Amortization expense of finite life intangibles for 2025	10,500		10,500
Amortization expense of finite life intangibles for 2026	16,300		16,300
Amortization expense of finite life intangibles for 2027	15,400		15,400
Amortization expense of finite life intangibles for 2028	14,500		14,500
Amortization expense of finite life intangibles for 2029	12,800		12,800
Amortization expense of finite life intangibles thereafter	$ 40,500		$ 40,500
Finite-Lived intangible assets, Weighted average amortization period			8 years 6 months
WK Group [Member]
Schedule Of Goodwill And Other Intangible Assets [Line Items]
Goodwill Increase			$ 9,400
Verantis Environmental Solutions Group [Member]
Schedule Of Goodwill And Other Intangible Assets [Line Items]
Goodwill Increase			$ 5,600
Technology [Member]
Schedule Of Goodwill And Other Intangible Assets [Line Items]
Finite-Lived intangible assets, Weighted average amortization period			6 years 3 months 18 days
Customer Lists [Member]
Schedule Of Goodwill And Other Intangible Assets [Line Items]
Finite-Lived intangible assets, Weighted average amortization period			8 years 10 months 24 days
Customer Lists [Member] | WK Group [Member]
Schedule Of Goodwill And Other Intangible Assets [Line Items]
Intangible assets, Useful Life	10 years		10 years
Customer Lists [Member] | Verantis Environmental Solutions Group [Member]
Schedule Of Goodwill And Other Intangible Assets [Line Items]
Intangible assets, Useful Life	10 years		10 years
Tradename [Member]
Schedule Of Goodwill And Other Intangible Assets [Line Items]
Finite-Lived intangible assets, Weighted average amortization period			7 years 10 months 24 days
Tradename [Member] | WK Group [Member]
Schedule Of Goodwill And Other Intangible Assets [Line Items]
Intangible assets, Useful Life	10 years		10 years
Tradename [Member] | Verantis Environmental Solutions Group [Member]
Schedule Of Goodwill And Other Intangible Assets [Line Items]
Intangible assets, Useful Life	10 years		10 years

XML

Goodwill and Intangible Assets - Intangible Assets - Finite Life (Detail) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Cost	$ 179,980	$ 163,728
Accumulated Amortization	73,109	89,678
Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	22,314	20,614
Accumulated Amortization	13,642	14,769
Customer Lists [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	140,337	127,354
Accumulated Amortization	54,668	70,045
Tradename [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	17,660	18,530
Accumulated Amortization	4,961	6,392
Foreign Currency Adjustments [Member]
Finite-Lived Intangible Assets [Line Items]
Cost	(331)	(2,770)
Accumulated Amortization	$ (162)	$ (1,528)

XML

Goodwill and Intangible Assets - Finite Lived Intangible Assets Amortization Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets – finite life, net at beginning of period			$ 74,050	$ 50,461
Amortization expense	$ (2,900)	$ (2,200)	(6,033)	(4,315)
Acquisition			41,810
Divestitures			(4,029)
Foreign currency adjustments			1,073	(60)
Intangible assets – finite life, net at end of period	$ 106,871	$ 46,086	$ 106,871	$ 46,086

XML

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Compensation and related benefits	$ 12,695	$ 12,274
Accrued warranty	5,274	4,558
Contract liability	15,976	9,746
Short-term operating lease liability	4,536	4,262
Other	15,469	16,688
Total accrued expenses	$ 53,950	$ 47,528

XML

Senior Debt - Summary of Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Total outstanding borrowings under the Credit Facility	$ 238,734	$ 218,880
Other borrowings	576	0
Total outstanding borrowings	238,734	218,880
Less: current portion	(1,857)	(1,650)
Total debt, less current portion	236,877	217,230
Revolving Credit Loan [Member]
Debt Instrument [Line Items]
Revolving credit facility	233,900	214,200
Senior Debt [Member]
Debt Instrument [Line Items]
Total outstanding borrowings under the Credit Facility	233,900	214,200
Total outstanding borrowings	233,900	214,200
Line Of Credit [Member]
Debt Instrument [Line Items]
Outstanding borrowing under the joint venture term debt	6,472	7,297
Term Debt [Member]
Debt Instrument [Line Items]
Unamortized debt discount	$ (2,214)	$ (2,617)

XML

Senior Debt - Additional Information (Detail) $ in Thousands, € in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2025 EUR (€)	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Oct. 07, 2024 USD ($)	Mar. 07, 2022 USD ($)
Line Of Credit Facility [Line Items]
Credit facility principal payments 2025	$ 800		$ 800
Credit facility principal payments 2026	1,900		1,900
Credit facility principal payments 2027	3,900		3,900
Credit facility principal payments 2029	$ 233,900		$ 233,900
Debt Instrument, Basis Spread on Variable Rate			1.00%	1.00%
Weighted average interest rate on outstanding borrowings	7.27%		7.27%			7.07%
Debt effective interest rate	7.04%		7.04%			7.82%
Bank Loan	$ 600		$ 600
Inventories Related to EFM JV	59,792		59,792			$ 42,624
Current Assets Related to EFM JV	382,999		382,999			330,971
Liabilities Related to EFM JV	573,363		573,363			$ 507,806
Revenues Related to EFM JV | €				€ 750
Net Income Related to EFM JV	$ 9,510	$ 4,485	$ 45,494		$ 5,993
EFM JV [Member]
Line Of Credit Facility [Line Items]
Weighted average interest rate on outstanding borrowings	7.51%		7.51%			7.96%
Cash Related to EFM JV	$ 5,000		$ 5,000			$ 2,900
Accounts Receivable Related to EFM JV	5,600		5,600			7,900
Inventories Related to EFM JV	4,000		4,000			3,900
Current Assets Related to EFM JV	18,000		18,000			16,200
Long Lived Assets Related to EFM JV	43,000		43,000			25,400
Goodwill and Intangible Assets Related to EFM JV	24,400		24,400			24,800
Debt Related to EFM JV	6,500		6,500			7,300
Accounts payable and accrued expenses related to EFM JV	4,200		4,200			4,100
Liabilities Related to EFM JV	30,500		30,500			14,000
Revenues Related to EFM JV	12,500	13,200	23,500		23,900
Net Income Related to EFM JV	1,600	$ 1,100	2,400		$ 2,700
Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Unused credit availability under credit facility	$ 104,300		$ 104,300			1,000
Secured Debt							$ 400,000
Credit Agreement [Member] | EFM JV [Member]
Line Of Credit Facility [Line Items]
Equity Ownership Percentage								63.00%
Secured Debt								$ 11,000
Amended Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Banking Regulation, Supplementary Leverage Ratio, Maximum	0.04		0.04
Aggregate Consideration			$ 15,000
Banking Regulation, Supplementary Leverage Ratio	0.045		0.045
Amended Credit Agreement [Member] | Fiscal Quarter [Member]
Line Of Credit Facility [Line Items]
Banking Regulation, Supplementary Leverage Ratio, Maximum	0.03		0.03
Banking Regulation, Supplementary Leverage Ratio	0.035		0.035
Secured Overnight Financing Rate (SOFR) [Member] | Amended Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate			0.10%	0.10%
Pounds Sterling [Member] | Amended Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate			0.0326%	0.0326%
Minimum [Member]
Line Of Credit Facility [Line Items]
Credit Facility Interest Rate	0.75%		0.75%
Debt Instrument, Interest Rate			1.75%	1.75%
Debt Instrument, Basis Spread on Variable Rate			1.00%	1.00%
Maximum consolidated leverage ratio	4.00%		4.00%
Consolidated Leverage Ratio			3.00%	3.00%
Minimum [Member] | Amended Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Consolidated Fixed Charge Coverage Ratio	1.00%		1.00%
Minimum [Member] | Canadian Dollar [Member] | Amended Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate			0.29547%	0.29547%
Maximum [Member]
Line Of Credit Facility [Line Items]
Credit Facility Interest Rate	2.25%		2.25%
Debt Instrument, Interest Rate			3.25%	3.25%
Maximum consolidated leverage ratio	4.50%		4.50%
Consolidated Leverage Ratio			3.50%	3.50%
Maximum [Member] | Amended Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Consolidated Fixed Charge Coverage Ratio	1.25%		1.25%
Maximum [Member] | Canadian Dollar [Member] | Amended Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate			0.32138%	0.32138%
Letters of Credit [Member]
Line Of Credit Facility [Line Items]
Aggregate principal amount outstanding under the credit facilities	$ 13,800		$ 13,800			18,900
Letters of Credit [Member] | EFM JV [Member]
Line Of Credit Facility [Line Items]
Aggregate principal amount outstanding under the credit facilities	6,500		6,500			7,300
Bank Guarantees [Member]
Line Of Credit Facility [Line Items]
Bank guarantee issuance under bilateral lines and collateral	120,000		120,000
Bank guarantee agreement outstanding amount	35,500		35,500			45,900
Bank Guarantees [Member] | Euro-Denominated Bank Guarantee [Member]
Line Of Credit Facility [Line Items]
Bank guarantee agreement outstanding amount	1,100		1,100			1,100
Netherlands Facility [Member] | Euro-Denominated Bank Guarantee [Member]
Line Of Credit Facility [Line Items]
Bank guarantee agreement outstanding amount	$ 1,400		$ 1,400			$ 2,100

XML

Earnings per Share - Number of Shares Outstanding for Calculation of Earnings Per Share (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Net Income (Loss)	$ 9,510	$ 4,485	$ 45,494	$ 5,993
Denominator
Basic weighted-average shares outstanding	35,286,065	34,918,412	35,157,514	34,881,625
Common stock equivalents arising from stock options and restricted stock awards	1,272,000	1,385,000	1,467,000	1,357,000
Diluted weighted-average shares outstanding	36,558,493	36,302,664	36,624,237	36,239,331
Scenario [Member]
Denominator
Diluted weighted-average shares outstanding			36,625,000	36,239,000

XML

Earnings per Share - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024	May 10, 2022
Earnings And Dividends Per Share [Abstract]
Anti-dilutive options and restricted stock units outstanding	200,000	0		300,000	100,000
Purchase of outstanding shares of common stock						$ 20,000
Repurchase of common stock (in shares)	0	86,000		0	230,000
Repurchase of common stock		$ 2,000	$ 3,001		$ 5,000

XML

Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Recognized share-based compensation awards	$ 2.9	$ 2.2	$ 6.2	$ 3.8
Cash received from employee stock option exercised	$ 0.0	$ 0.2	$ 0.0	$ 0.3
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	500	10,000	500	20,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value	$ 0.0	$ 0.1	$ 0.0	$ 0.2
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted stock awards granted	203,000	57,000	590,000	341,000
Number of Options, Granted	0	0	67,000	25,000

XML

Pension and Employee Benefit Plans - Components of Pension and Employee Benefit Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Net periodic benefit cost	$ 0	$ 57	$ (8)	$ 113
Health Care Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Interest cost	0	304	318	608
Expected return on plan assets	0	(304)	(335)	(608)
Amortization of net actuarial loss	$ 0	$ 57	$ 9	$ 113

XML

Pension and Employee Benefit Plans - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Retirement Benefits [Abstract]
Defined benefit plan contributions	$ 0	$ 200	$ 0	$ 200
Plan Assets Balance					$ 400,000

XML

Income Taxes - Additional Information (Detail) $ in Thousands, € in Millions	3 Months Ended		6 Months Ended			12 Months Ended
	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2025 EUR (€)	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
Income Taxes [Line Items]
Liability for uncertain tax positions	$ 1,300		$ 1,300			$ 1,100
Deferred income taxes on undistributed earnings			1,335		$ 22
Income tax expense	$ 4,511	$ 394	$ 23,127		$ 1,062
Effective income tax rate	30.90%	7.40%	33.20%	33.20%	13.10%
Percentage of corporate tax			15.00%	15.00%
Revenues | €				€ 750
Foreign Subsidiaries [Member]
Income Taxes [Line Items]
Deferred income taxes on undistributed earnings			$ 1,000			$ 900
Federal Authorities [Member]
Income Taxes [Line Items]
Open tax years			2018	2018
Income tax expense	$ 4,500	$ 400	$ 23,100		$ 1,000
State and Foreign Authorities [Member]
Income Taxes [Line Items]
Open tax years			2018	2018

XML

Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Fair Value Of Financial Instruments [Line Items]
Cash and cash equivalents	$ 36,823	$ 37,832
Cash held outside United States, principally in Netherlands, United Kingdom, China, and Canada	26,200	29,700
Credit Facility [Member]
Fair Value Of Financial Instruments [Line Items]
Fair value of debt issued	$ 240,400	$ 221,500

XML

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Other Commitments [Line Items]
Total accrued expenses	$ 53,950	$ 47,528
Assessment regarding Loss contingency impact Description	not aware of any pending claims or assessments, other than as described above, which may have a material adverse impact on its liquidity, financial position, results of operations, or cash flows.
Asbestos Issue [Member]
Other Commitments [Line Items]
Total accrued expenses	$ 1,500	200
Other Litigations [Member]
Other Commitments [Line Items]
Total accrued expenses	800	$ 100
Accounts Payable	$ 1,000

XML

Acquisitions - Additional Information (Detail) $ in Thousands, € in Millions		3 Months Ended		6 Months Ended
	Jan. 03, 2025 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2025 EUR (€)	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 17, 2024 USD ($)	Oct. 02, 2024 USD ($)	Jul. 29, 2024 USD ($)
Business Acquisition Contingent Consideration [Line Items]
Acquisition expenses		$ 32	$ 476	$ 8,175		$ 666
Assets Current		382,999		382,999			$ 330,971
Liabilities		573,363		573,363			$ 507,806
Net income attributable to CECO Environmental Corp.		9,510	4,485	45,494		5,993
Revenues | €					€ 750
Pre tax loss		14,617	5,324	69,676		8,084
Land, Building and Improvements
Business Acquisition Contingent Consideration [Line Items]
Property and equipment		14,700		14,700
Vehicles
Business Acquisition Contingent Consideration [Line Items]
Property and equipment		2,100		2,100
Other Machinery and Equipment
Business Acquisition Contingent Consideration [Line Items]
Property and equipment		600		600
Environmental Integrated Solutions [Member]
Business Acquisition Contingent Consideration [Line Items]
Gain (Loss) on Sales of Loans, Net		185,391	$ 176,666	362,088		$ 340,622
Profire Energy Inc [Member]
Business Acquisition Contingent Consideration [Line Items]
Contingent consideration	$ 122,700
Acquisition expenses	2,300
Deferred cash consideration	4,600
Property and equipment	17,416
Net assets acquired	$ 120,382
Net income attributable to CECO Environmental Corp.		3,600		3,600
Revenues		16,900		31,300
Profire Energy Inc [Member] | Technology [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets		$ 3,600		$ 3,600
Intangible assets, Useful Life		7 years		7 years
Profire Energy Inc [Member] | Customer Lists [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets		$ 34,500		$ 34,500
Intangible assets, Useful Life		10 years		10 years
Profire Energy Inc [Member] | Tradename [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets		$ 3,700		$ 3,700
Intangible assets, Useful Life		10 years		10 years
Verantis Environmental Solutions Group [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquisition of equity								100.00%
Contingent consideration								$ 65,500
Property and equipment								373
Net assets acquired								$ 65,466
Verantis Environmental Solutions Group [Member] | Technology [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets		$ 2,400		$ 2,400
Intangible assets, Useful Life		7 years		7 years
Verantis Environmental Solutions Group [Member] | Customer Lists [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets		$ 17,000		$ 17,000
Intangible assets, Useful Life		10 years		10 years
Verantis Environmental Solutions Group [Member] | Tradename [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets		$ 2,600		$ 2,600
Intangible assets, Useful Life		10 years		10 years
WK Group [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquisition of equity									100.00%
Contingent consideration									$ 6,800
Other operating associated gain				$ 7,400
Fair value foreign currency adjustments				1,100
Earn out, Fair value									6,300
Accounts payable and accrued expenses									27,500
Property and equipment									853
Net assets acquired									$ 13,079
WK Group [Member] | Technology [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets		$ 1,000		$ 1,000
Intangible assets, Useful Life		7 years		7 years
WK Group [Member] | Customer Lists [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets		$ 1,200		$ 1,200
Intangible assets, Useful Life		10 years		10 years
WK Group [Member] | Tradename [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets		$ 1,000		$ 1,000
Intangible assets, Useful Life		10 years		10 years
EnviroCare International LLC [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquisition of equity										100.00%
Contingent consideration										$ 15,700
Promissory Note										1,700
Working Capital Adjustment										700
Deferred cash consideration										16,700
Property and equipment										17
Net assets acquired										$ 16,702
EnviroCare International LLC [Member] | Technology [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets		$ 800		$ 800
Intangible assets, Useful Life		7 years		7 years
EnviroCare International LLC [Member] | Customer Lists [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets		$ 800		$ 800
Intangible assets, Useful Life		10 years		10 years
EnviroCare International LLC [Member] | Tradename [Member]
Business Acquisition Contingent Consideration [Line Items]
Acquired intangible assets		$ 5,700		$ 5,700
Intangible assets, Useful Life		10 years		10 years

XML

Acquisitions - Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Jun. 30, 2025	Jan. 03, 2025	Dec. 31, 2024	Dec. 17, 2024	Oct. 02, 2024	Jul. 29, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Right-of-use assets from operating leases	$ 24,903		$ 25,102
Goodwill	$ 288,043		$ 269,747				$ 211,326
Profire Energy Inc [Member]
Business Acquisition [Line Items]
Current assets		$ 54,867
Property and equipment		17,416
Intangible - finite life		41,810
Goodwill		25,656
Other Assets		343
Total assets acquired		140,092
Current liabilities assumed		(8,567)
Deferred income tax liability		(10,852)
Other liabilities assumed		(291)
Net assets acquired		$ 120,382
Verantis Environmental Solutions Group [Member]
Business Acquisition [Line Items]
Current assets				$ 19,858
Property and equipment				373
Intangible - finite life				22,070
Goodwill				50,286
Other Assets				118
Total assets acquired				92,705
Current liabilities assumed				(17,595)
Deferred income tax liability				(8,716)
Other liabilities assumed				(928)
Net assets acquired				$ 65,466
WK Group [Member]
Business Acquisition [Line Items]
Current assets					$ 14,358
Property and equipment					853
Intangible - finite life					3,114
Goodwill					12,355
Other Assets					441
Total assets acquired					31,121
Current liabilities assumed					(15,113)
Deferred income tax liability					(1,609)
Other liabilities assumed					(1,320)
Net assets acquired					$ 13,079
EnviroCare International LLC [Member]
Business Acquisition [Line Items]
Current assets						$ 3,111
Property and equipment						17
Intangible - finite life						7,250
Goodwill						11,389
Total assets acquired						21,767
Current liabilities assumed						(5,065)
Net assets acquired						$ 16,702

XML

Acquisitions - Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) - USD ($) $ in Thousands					6 Months Ended
	Jan. 03, 2025	Dec. 17, 2024	Oct. 02, 2024	Jul. 29, 2024	Jun. 30, 2025	Jun. 30, 2024
Business Acquisition [Line Items]
Account receivable					$ (4,850)	$ 17,295
Profire Energy Inc [Member]
Business Acquisition [Line Items]
Cash, Current assets	$ 22,675
Account receivable	$ 14,151
Verantis Environmental Solutions Group [Member]
Business Acquisition [Line Items]
Account receivable		$ 9,308
WK Group [Member]
Business Acquisition [Line Items]
Account receivable			$ 7,914
EnviroCare International LLC [Member]
Business Acquisition [Line Items]
Cash, Current assets				$ 596
Account receivable				$ 405

XML

Acquisitions - Schedule of Unaudited Pro Forma Financial Information (Details) - Environmental Integrated Solutions [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Business Acquisition [Line Items]
Net sales	$ 185,391	$ 176,666	$ 362,088	$ 340,622
Net income attributable to CECO Environmental Corp.	$ 9,510	$ 4,058	$ 45,494	$ 4,511
Earnings per share:
Basic	$ 0.27	$ 0.12	$ 1.29	$ 0.13
Diluted	$ 0.26	$ 0.11	$ 1.24	$ 0.12

XML

Divestiture (Additional Information) (Details) - Global Pump Solutions [Member] $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)
Divestiture [Line Items]
Purchase Price	$ 109.5
Cash received	105.9
Purchase price adjustments	0.8
Other additional amount	2.8
Pre tax gain on sale of business	$ 64.5

XML

Divestiture - Schedule of Amounts Related to the Transaction (Details) - USD ($)	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Divestiture [Line Items]
Goodwill	$ 288,043,000		$ 269,747,000	$ 211,326,000
Intangible assets - finite life, net	(106,871,000)	$ (46,086,000)	$ (74,050,000)	$ (50,461,000)
Goodwill, Written off Related to Sale of Business Unit	26,838,000
Gain on sale of Global Pump Solutions business	64,502,000	$ 0
Global Pump Solutions [Member]
Divestiture [Line Items]
Proceeds from sale of Global Pump Solutions business	108,610,000
Accounts receivable, net	(4,230,000)
Inventories	(9,268,000)
Property and equipment	(5,247,000)
Goodwill	(26,838,000)
Intangible assets - finite life, net	(4,029,000)
Other Assets	(120,000)
Pension plan assets	(425,000)
Accounts Payable	1,024,000
Less: Transaction costs	(616,000)
Accrued expenses	1,731,000
Other liabilities assumed	(3,910,000)
Gain on sale of Global Pump Solutions business	$ 64,502,000

XML

Business Segment Information - Net Sales and Income from Operation by Business Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Segment Reporting Information [Line Items]
Net sales	$ 185,391	$ 137,522	$ 362,088	$ 263,854
Income from operations	18,061	9,257	79,930	16,943
Engineered Systems Segment [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	133,035	102,141	260,475	194,659
Income from operations	25,194	19,330	43,934	35,607
Industrial Process Solutions Segment [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	58,960	44,673	115,519	84,252
Income from operations	$ 15,110	$ 5,669	$ 84,761	$ 12,769

XML

Business Segment Information - Property and Equipment Additions, Depreciation and Amortization and Identifiable Assets (Detail) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2025		Jun. 30, 2024		Jun. 30, 2025		Jun. 30, 2024
Segment Reporting Information [Line Items]
Depreciation and amortization					$ 10,157		$ 6,973
Engineered Systems Segment [Member]
Segment Reporting Information [Line Items]
Property and equipment additions	$ 512		$ 890		1,206		2,027
Depreciation and amortization	2,113	[1]	1,814	[2]	4,098	[1]	3,599	[2]
Industrial Process Solutions Segment [Member]
Segment Reporting Information [Line Items]
Property and equipment additions	328		429		961		1,035
Depreciation and amortization	$ 1,864	[1]	$ 1,131	[2]	$ 4,188	[1]	$ 2,250	[2]

[1] The amounts of depreciation and amortization disclosed by reportable segment are included within the other segment expense captions, such as shop burden or general and administrative expense.

[2] The amounts of depreciation and amortization disclosed by reportable segment are included within the other segment expense captions, such as shop burden or general and administrative expense.

XML

Business Segment Information - Goodwill (Detail) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Goodwill	$ 288,043	$ 269,747	$ 211,326

XML

Business Segment Information - Intra-Segment and Inter-Segment Revenues (Detail) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2025		Jun. 30, 2024		Jun. 30, 2025		Jun. 30, 2024
Segment Reporting Information [Line Items]
Net sales	$ 185,391		$ 137,522		$ 362,088		$ 263,854
Total consolidated sales	185,391		137,522		362,088		263,854
Stock-based compensation					6,234		3,847
Income before income taxes	14,617		5,324		69,676		8,084
Operating Segments [Member]
Segment Reporting Information [Line Items]
Elimination of intra- and inter-segment sales	6,604		9,292		13,905		15,057
Direct cost of sales	112,715		83,563		221,420		160,883
Shop burden	5,568		4,903		11,394		8,783
Selling expense	10,790		8,659		22,353		17,098
Project engineering expense	7,531		5,718		15,134		9,597
General and administrative expense	11,463		7,218		24,772		14,277
Gain on sale of Global Pump Solutions business					(64,502)
Other segment items	(2,979)	[1]	2,461	[2]	2,824	[3]	4,840	[4]
Income from operations	46,908		34,291		142,599		63,433
Stock-based compensation	2,878		2,177		6,234		3,847
Other corporate expenses	19,365	[5]	13,565	[6]	42,530	[7]	27,586	[8]
Elimination of intra- and inter-segment activity	6,604		9,292		13,905		15,057
Interest expense	4,898		3,254		11,115		6,667
Other income	(1,454)	[9]	679	[10]	(861)	[11]	2,192	[12]
Income before income taxes	14,617		5,324		69,676		8,084
Operating Segments [Member] | Industrial Segment Sales [Member]
Segment Reporting Information [Line Items]
Net sales	185,391		137,522		362,088		263,854
Total consolidated sales	185,391		137,522		362,088		263,854
Operating Segments [Member] | Engineered Systems Segment [Member]
Segment Reporting Information [Line Items]
Net sales	133,035		102,141		260,475		194,659
Total consolidated sales	133,035		102,141		260,475		194,659
Direct cost of sales	76,638		59,483		149,703		116,578
Shop burden	3,338		2,224		6,269		3,800
Selling expense	7,933		5,865		15,765		11,405
Project engineering expense	4,729		4,066		9,459		6,388
General and administrative expense	9,185		4,716		18,225		9,537
Gain on sale of Global Pump Solutions business					0
Other segment items	1,445	[1]	1,707	[2]	5,538	[3]	3,425	[4]
Income from operations	29,769		24,080		55,515		43,526
Operating Segments [Member] | Engineered Systems Segment [Member] | Industrial Segment Sales [Member]
Segment Reporting Information [Line Items]
Net sales	128,460		97,392		248,894		186,741
Total consolidated sales	128,460		97,392		248,894		186,741
Operating Segments [Member] | Industrial Process Solutions Segment [Member]
Segment Reporting Information [Line Items]
Net sales	58,960		44,673		115,519		84,252
Total consolidated sales	58,960		44,673		115,519		84,252
Direct cost of sales	36,078		24,081		71,717		44,305
Shop burden	2,230		2,679		5,125		4,983
Selling expense	2,857		2,794		6,587		5,693
Project engineering expense	2,803		1,652		5,675		3,209
General and administrative expense	2,278		2,502		6,547		4,740
Gain on sale of Global Pump Solutions business					(64,502)
Other segment items	(4,424)	[1]	754	[2]	(2,714)	[3]	1,415	[4]
Income from operations	17,139		10,211		87,084		19,907
Operating Segments [Member] | Industrial Process Solutions Segment [Member] | Industrial Segment Sales [Member]
Segment Reporting Information [Line Items]
Net sales	56,931		40,130		113,195		77,113
Total consolidated sales	56,931		40,130		113,195		77,113
Operating Segments [Member] | Inter sub segment Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	91		299		188		447
Total consolidated sales	91		299		188		447
Operating Segments [Member] | Inter sub segment Eliminations [Member] | Engineered Systems Segment [Member]
Segment Reporting Information [Line Items]
Net sales	91		196		188		283
Total consolidated sales	91		196		188		283
Operating Segments [Member] | Inter sub segment Eliminations [Member] | Industrial Process Solutions Segment [Member]
Segment Reporting Information [Line Items]
Net sales	0		103		0		164
Total consolidated sales	0		103		0		164
Operating Segments [Member] | Intra Sub Segment Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	6,513		8,993		13,717		14,610
Total consolidated sales	6,513		8,993		13,717		14,610
Operating Segments [Member] | Intra Sub Segment Eliminations [Member] | Engineered Systems Segment [Member]
Segment Reporting Information [Line Items]
Net sales	4,484		4,553		11,393		7,635
Total consolidated sales	4,484		4,553		11,393		7,635
Operating Segments [Member] | Intra Sub Segment Eliminations [Member] | Industrial Process Solutions Segment [Member]
Segment Reporting Information [Line Items]
Net sales	2,029		4,440		2,324		6,975
Total consolidated sales	2,029		4,440		2,324		6,975
Operating Segments [Member] | Total Segment Sales [Member]
Segment Reporting Information [Line Items]
Net sales	191,995		146,814		375,993		278,911
Total consolidated sales	$ 191,995		$ 146,814		$ 375,993		$ 278,911

[1] Includes amortization expenses, acquisition and integration expenses, and divestiture expenses.

[2] Includes amortization expenses, acquisition and integration expenses, and asbestos litigation expenses.

[3] Includes amortization expenses, acquisition and integration expenses, and divestiture expenses.

[4] Includes amortization expenses, acquisition and integration expenses, and asbestos litigation expenses.

[5] Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.

[6] Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.

[7] Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.

[8] Includes corporate compensation, professional services and information technology expenses, and other general and administrative corporate expenses.

[9] Includes gain on sale of business, foreign exchange (gain) loss and pension expense.

[10] Includes foreign exchange (gain) loss and pension expense.

[11] Includes gain on sale of business, foreign exchange (gain) loss and pension expense.

[12] Includes foreign exchange (gain) loss and pension expense.

XML

Business Segment Information - Net sales by geographic area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Segment Reporting Information [Line Items]
Net sales	$ 185,391	$ 137,522	$ 362,088	$ 263,854
US
Segment Reporting Information [Line Items]
Net sales	120,204	90,450	230,875	168,238
GB
Segment Reporting Information [Line Items]
Net sales	12,470	14,353	32,027	26,555
NL
Segment Reporting Information [Line Items]
Net sales	15,763	13,496	26,989	30,308
CN
Segment Reporting Information [Line Items]
Net sales	13,563	8,883	28,357	13,213
Other
Segment Reporting Information [Line Items]
Net sales	$ 23,391	$ 10,340	$ 43,840	$ 25,540

XML

Business Segment Information - Long-lived assets by geographic area (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Total Long-Lived Assets	$ 493,583	$ 428,728
US
Segment Reporting Information [Line Items]
Total Long-Lived Assets	372,714	332,162
GB
Segment Reporting Information [Line Items]
Total Long-Lived Assets	28,300	27,003
CN
Segment Reporting Information [Line Items]
Total Long-Lived Assets	36,614	36,315
Other
Segment Reporting Information [Line Items]
Total Long-Lived Assets	$ 55,955	$ 33,248

XML

Business Segment Information (Additional Information) (Details)	6 Months Ended
	Jun. 30, 2025 Segment
Segment Reporting [Abstract]
Number of reportable segments	2