Ceco Environmental Corporation - Comprehensive Analysis Report
Summary
Ceco Environmental Corporation is a global industrial company focused on environmental solutions, providing safe, clean, and efficient technologies. Its core mission is to safeguard people, the environment, and industrial equipment by offering expertise in air quality and fluid handling for pollutant removal, resource recovery, and operational efficiency across diverse industrial sectors. The company's vision, "Win Right in everything we do," guides its ethical growth and strategic alignment with global environmental standards and industrial trends. Ceco Environmental holds a significant position in its industry by addressing critical needs in areas such as power generation, semiconductors, natural gas infrastructure, and electric vehicle production.
1. Strategic Focus & Objectives
Core Objectives
Ceco Environmental's primary strategic objectives include increasing revenues and profitability, particularly in emerging markets where environmental regulations are becoming more stringent. The company aims to strengthen and globally expand its comprehensive product and solution offerings. Its long-term goals involve transforming its business mix by strategically investing capital into leading air quality and water treatment positions, along with shifting its portfolio towards businesses with more recurring revenue and predictable cash flows within strong secular growth markets.
Specialization Areas
The company specializes in industrial air pollution control, advanced emissions control technologies, fluid handling solutions, and technologies related to energy transition markets. Its unique value proposition lies in over 150 years of application expertise combined with a comprehensive portfolio of proprietary solutions designed for diverse industrial needs, enabling pollutant removal, resource recovery, and enhanced operational efficiency.
Target Markets
Ceco Environmental serves a broad range of industrial end markets through two primary segments:
Engineered Systems: Focuses on power generation, refinery, water/wastewater, and midstream oil and gas markets.
Industrial Process Solutions: Addresses general industrial air pollution control, beverage can manufacturing, fluid handling, electric vehicle production, food and beverage, semiconductor, process filtration, pharmaceutical, petrochemical, wastewater treatment, wood manufacturing, desalination, and aquaculture markets. The company strategically aligns with long-term industrial trends such as manufacturing reshoring, electrification, evolving power generation needs, natural gas infrastructure development, and industrial water management investments.
2. Financial Overview
Funding History
Ceco Environmental Corporation is a publicly traded company listed on NASDAQ under the ticker CECE. The company has secured $400 million in funding across one round, with its most recent funding raised on October 14, 2024.
As of Q2 2025:
Record Backlog: $688.1 million, a 76% year-over-year increase.
Order Pursuit Pipeline: Exceeded $5.5 billion.
Adjusted EBITDA: Increased by 45% to $23.3 million.
Gross Profit Margin: Improved to approximately 36%.
Revenue: $185.4 million, a 35% year-over-year increase.
Full-Year 2024 Revenue: $557.9 million, up 2% from the prior year.
Full-Year 2025 Revenue Guidance: Between $725 million and $775 million, projecting approximately 35% growth.
Full-Year 2025 Adjusted EBITDA Guidance: Projected between $90 million and $100 million, a 50% increase at the midpoint from 2024.
Trailing Twelve-Month (TTM) Revenue (as of September 30, 2025): $718 million.
Market Capitalization: $1.73 billion with 35.6 million shares outstanding.
This financial performance demonstrates significant growth in order intake and profitability, driven by strong market demand and strategic execution.
3. Product Pipeline
Key Products/Services
Ceco Environmental offers a comprehensive suite of solutions tailored to stringent environmental standards and industrial performance needs:
Emissions Management Solutions for Air Quality:
Description: Comprehensive solutions designed for ultra-low emissions and acoustic performance, targeting stringent environmental standards. These solutions effectively manage and reduce pollutants such as Carbon Monoxide (CO), Volatile Organic Compounds (VOCs), Nitrogen Oxides (NOx), Hazardous Air Pollutants (HAPs), Acid Gases, and Particulate Matter.
Development Stage: Fully commercialized and continuously enhanced.
Target Market/Condition: Natural gas power generation facilities, refineries, petrochemical plants, and other industrial operations requiring sophisticated air pollution control to meet or exceed regulatory compliance.
Expected Timeline: Ongoing deployment and customization based on client projects.
Key Features and Benefits: High efficiency in pollutant removal, acoustic performance integration, advanced engineering for reliability, and compliance with evolving environmental regulations. The company secured a notable $135 million order in 2025 for an emissions management solution for a Texas-based natural gas power generation facility.
Solutions for the EV Battery Industry:
Description: Technologies covering the entire lifecycle of electric vehicle battery production, including mining, processing, manufacturing, and recycling.
Development Stage: Commercialized and expanding with market growth.
Target Market/Condition: Manufacturers and processors within the electric vehicle battery supply chain.
Key Features and Benefits: Utilizes proven technologies such as Dust Collectors to manage airborne particulates, Scrubbers for gas cleaning, and Regenerative Thermal Oxidizers (RTOs) for VOC destruction, ensuring environmental compliance and operational efficiency throughout battery production.
4. Technology & Innovation
Technology Stack
Ceco Environmental leverages advanced engineering and proprietary technologies in air quality and fluid handling, with platforms built around specific applications, customer needs, and served end markets.
Core Platforms and Technologies:
Regenerative Thermal Oxidizers (RTOs): Marketed under brands such as Adwest, EIS, and WK, these systems are critical for reducing volatile organic compounds (VOCs), hazardous air pollutants (HAPs), and industrial odors.
Hee-Duall Bio-Pro Biofiltration Systems: These environmentally friendly systems protect against corrosive gases, hazardous air pollutants, and odors. They incorporate green technology to effectively reduce NOx and CO2 emissions while optimizing energy and water efficiency.
Customized Engineered Solutions: The company provides bespoke solutions for critical applications across various industries, demonstrating its deep application expertise.
Technical Capabilities:
Ceco Environmental has installed over 32,000 air pollution control systems globally.
These systems collectively eliminate more than 4.4 billion pounds of pollutants annually.
The company's approach combines advanced engineering with a deep understanding of industrial processes to deliver highly effective and compliant environmental solutions.
5. Leadership & Management
Executive Team
Jason DeZwirek: Chairman of the Board. Serving as Chairman since 2013, Mr. DeZwirek previously held the position of Secretary for Ceco Environmental and was Chairman and CEO of Kaboose, Inc.
Todd R. Gleason: Chief Executive Officer and Director. Appointed CEO in July 2020, Mr. Gleason previously served as President and CEO of Scientific Analytics and held senior leadership roles at Pentair, Trane Technologies, and Honeywell International Inc. He joined Ceco's Board of Directors concurrently with his CEO appointment.
Peter Johansson: Chief Financial Officer; Chief Strategy Officer; Senior Vice President. Mr. Johansson joined Ceco in August 2022. He brings over 35 years of diversified industrial business experience, having previously served as Executive Vice President of Strategy, Corporate Development and Marketing for Accudyne Industries, LLC, and held roles at IDEX Corporation, ITT Corporation, American Standard Companies, and Honeywell.
Lynn Watkins-Asiyanbi: Chief Administrative Officer; Chief Legal Officer; Secretary; Senior Vice President. Ms. Watkins-Asiyanbi assumed this newly created role in August 2022, overseeing legal, human resources, and corporate communication functions. She joined Ceco in June 2022 as Senior Vice President, General Counsel, and Corporate Secretary, following over 25 years of industrial business experience at global companies including John Bean Technologies, W.W. Grainger, Inc., U.S. Foods, Inc., Mars, Inc., and General Mills.
Ramesh Nuggihalli: Chief Operating Officer. Appointed COO in April 2021, Mr. Nuggihalli reports to CEO Todd Gleason. His extensive operational and general management experience comes from leadership positions at Xylem, Pentair, Tyco International, Ametek, General Electric, and Babcock & Wilcox.
Paul Gohr: Chief Accounting Officer.
Daniel Duncan: Group Executive, Advanced Separation & Water Solutions (previously President, Energy Solutions Segment).
Chris Tsourides: President - Industrial Air Solutions.
Sam Henderson: Chief Human Resources Officer.
Kiril Kovachev: Chief Accounting Officer.
Stephen Merchant: Head of Strategy & Corporate Development.
Marcio Pinto: Head of Financial Planning & Investor Relations.
Daniel Berryman: Head of Operational Excellence.
Alyson Richter: Associate General Counsel, Head of Compliance.
Mary Rusnak: Head of Global Marketing.
Michael Patterson: Group Executive, Industrial Air Solutions.
Martin Pranger: Group Executive, Emissions & Combustion Solutions.
David Barker: Group Executive, International – High Growth Regions.
Recent Leadership Changes
July 2020: Todd Gleason was appointed Chief Executive Officer, succeeding Dennis Sadlowski, who remained an advisor for a smooth transition through the end of 2020.
April 2021: Ramesh Nuggihalli was appointed Chief Operating Officer.
August 2022: Matthew Eckl (Chief Financial Officer) and Pamela Turay (Senior Vice President – Human Resources) departed the company. Peter Johansson joined as Chief Financial and Strategy Officer, and Lynn Watkins-Asiyanbi, previously General Counsel, assumed the newly created role of Chief Administrative and Legal Officer, integrating legal, human resources, and corporate communication functions.
6. Talent and Growth Indicators
Hiring Trends and Workforce
Ceco Environmental had approximately 1,600 dedicated professionals worldwide as of 2025, having grown from 1,377 employees as of December 31, 2022. This demonstrates a clear pattern of workforce expansion. The company's executive team is highly rated by employees, receiving an "A-" on Comparably and ranking first among competitors for CEO Score, suggesting strong leadership and employee satisfaction. A significant 88% of employees express pride in being part of the company, indicating high alignment with its mission, vision, and values.
Company Growth Trajectory Indicators
Several indicators highlight Ceco Environmental's robust growth trajectory:
The company's sales pipeline expanded to over $5.5 billion in 2025, reflecting strong market demand and potential for sustained growth.
Record orders in Q1 2025 reached $228 million, marking a 57% year-over-year increase.
The backlog expanded to a record $602 million, nearly a threefold increase since 2021, signifying substantial current and future project commitments.
The record backlog and growing sales pipeline underscore a robust market position and substantial demand for its environmental solutions, indicating a strong growth outlook with expanding operations and project execution capabilities globally.
7. Social Media Presence and Engagement
Digital Footprint
Ceco Environmental maintains an active and strategic online presence to communicate its brand message, engage with stakeholders, and drive business growth.
Corporate Website: Its corporate website serves as a central hub, providing detailed information on products, company news, and investor relations.
Digital Marketing: The company employs a range of digital marketing initiatives, including content marketing, search engine optimization (SEO), paid advertising, and email marketing, to reach a wide audience and increase website traffic.
Data-Driven Platforms: Sharpspring and Salesforce are leveraged for data-driven marketing efforts and effective customer segmentation.
Social Media Platforms: Ceco Environmental maintains a presence on key professional and social networking sites, including LinkedIn, Facebook, and YouTube. These platforms are used to showcase expertise, communicate brand messaging focused on environmental protection, and engage with the community.
Investor Relations: The company actively engages with investors through conferences and presentations, providing updates on financial performance and strategic direction.
8. Recognition and Awards
Industry Recognition
Ceco Environmental has garnered attention for its significant project wins and consistent operational updates.
The company received media coverage for 27 events in the past year, with 14 relating to company updates, demonstrating consistent visibility and news generation.
* A notable achievement in December 2025 was the announcement of its largest-ever order, exceeding $135 million, for an emissions management solution for a natural gas power generation facility in Texas. This record order highlights the company's capability in securing and executing large-scale, high-value environmental projects.
