Net sales increased by 38.8% to $774.4 million in 2025, up from $557.9 million in 2024. Operating income surged to $105.9 million in 2025, a substantial increase from $35.5 million in 2024. Net income attributable to CECO Environmental Corp. was $50.1 million in 2025, compared to $13.0 million in 2024. Backlog grew by 46.6% to $793.1 million as of December 31, 2025, from $540.9 million in 2024. Orders booked increased by 59.5% to $1,064.3 million in 2025, compared to $667.3 million in 2024, with $267.2 million representing organic growth. The company entered into an Agreement and Plan of Merger to acquire Thermon Group Holdings, Inc. in a cash and stock transaction on February 23, 2026. The Global Pump Solutions business was divested on March 31, 2025, for $108.7 million, resulting in a pre-tax gain of $63.7 million. Material weaknesses in internal control over financial reporting were identified, primarily related to the Verantis Environmental Solutions Group acquisition and balance sheet reconciliations. The company's domestic Total Recordable Incident Rate (TRIR) was 1.98% for 2025, which is better than the benchmark industry average of 2.68%.