CECO ENVIRONMENTAL CORP

For the period ended Dec 31, 2025. Filed Mar 2, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 2, 2026

CECO$51.83-0.3%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEM ENTS OF CASH FLOWS

	Year ended December 31,
(in thousands)	2025	2024	2023
Cash flows from operating activities:
Net income	$53,107	$14,421	$14,501
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	24,882	14,523	12,507
Unrealized foreign currency (gain) loss	(2,057)	2,664	(1,041)
Gain on sale of Global Pump Solutions business	(63,701)	—	—
Loss realized with transfer of pension plan with sale of Global Pump Solutions business	2,104	—	—
Fair value adjustments to earnout liabilities	(7,403)	134	296
Loss on sale of property and equipment	60	191	110
Debt discount amortization	834	498	427
Share-based compensation expense	13,105	7,514	4,533
Provision for credit (recovery) loss	(988)	295	1,593
Inventory obsolescence expense	(354)	1,056	1,099
Deferred income tax expense (benefit)	6,312	(3,606)	(118)
Changes in operating assets and liabilities, net of acquisitions and divestiture:
Accounts receivable	(6,772)	(52,355)	(26,851)
Cost and estimated earnings of billings on uncompleted contracts	(44,833)	(4,149)	5,040
Inventories	(3,176)	(9,814)	(6,896)
Prepaid expenses and other current assets	(16,831)	(8,347)	1,196
Deferred charges and other assets	(79)	(12,736)	(1,420)
Accounts payable	7,215	36,181	13,852
Accrued expenses	13,761	7,119	8,340
Billings in excess of costs and estimated earnings on uncompleted contracts	37,903	24,923	21,575
Income taxes (receivable) payable	2,005	1,425	(1,976)
Other liabilities	(9,233)	4,891	(2,120)
Net cash provided by operating activities	5,861	24,828	44,647
Cash flows from investing activities:
Acquisitions of property and equipment	(11,343)	(17,368)	(8,384)
Net cash proceeds for sale of Global Pump Solutions business	107,808	—	—
Net proceeds from sale of assets	74	4	—
Cash paid for acquisitions, net of cash acquired	(97,615)	(87,948)	(48,102)
Net cash used in investing activities	(1,076)	(105,312)	(56,486)
Cash flows from financing activities:
Borrowings on revolving credit lines	233,300	309,300	106,600
Repayments on revolving credit lines	(238,900)	(112,400)	(150,600)
Borrowings of long-term debt	—	—	75,000
Repayments of long-term debt	(2,203)	(113,982)	(4,985)
Deferred financing fees paid	—	(1,924)	(363)
Deferred consideration paid for acquisitions	(2,787)	(2,050)	(1,247)
Payments on financing leases	(234)	(925)	(907)
Earnout payments	—	(2,831)	(2,123)
Equity awards surrendered by employees for tax liability, net of proceeds from employee stock purchase plan and exercise of stock options	872	(2,169)	1,435
Non-controlling interest distributions	(1,606)	(2,109)	(1,666)
Common stock repurchases	—	(5,000)	—
Net cash (used in) provided by financing activities	(11,558)	65,910	21,144
Effect of exchange rate changes on cash and cash equivalents	1,798	(2,673)	(442)
Net (decrease) increase in cash, cash equivalents and restricted cash	(4,974)	(17,247)	8,863
Cash, cash equivalents and restricted cash at beginning of year	38,201	55,448	46,585
Cash, cash equivalents and restricted cash at end of year	$33,227	$38,201	$55,448
Cash paid during the period for:
Interest	$20,408	$13,335	$12,098
Income taxes	$24,731	$9,550	$9,916

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