CECO ENVIRONMENTAL CORP Files 10-K for Fiscal Year Ended December 31, 2023

TL;DR

<b>CECO ENVIRONMENTAL CORP filed its annual 10-K report detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

CECO ENVIRONMENTAL CORP (CECO) filed a Annual Report (10-K) with the SEC on March 5, 2024. CECO ENVIRONMENTAL CORP filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes financial data and operational details for the period. Key segments mentioned include Engineered Systems and Industrial Solutions. The company's business address is in Dallas, TX, with a mailing address in Cincinnati, OH. Previous company names include API ENTERPRISES INC and ALARM PRODUCTS INTERNATIONAL INC.

Why It Matters

For investors and stakeholders tracking CECO ENVIRONMENTAL CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of CECO's financial health, operational segments, and strategic positioning for investors and stakeholders. Understanding the details within this report is crucial for assessing the company's performance, risks, and future outlook in the industrial and commercial equipment sector.

Risk Assessment

Risk Level: — CECO ENVIRONMENTAL CORP shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a broad range of information, including financial statements, risk factors, and management discussion, necessitating a thorough review to identify specific material risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to identify any significant changes or emerging concerns that could impact CECO's stock performance.

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240305 — Filing Date (Date the 10-K was filed)
• 3564 — Standard Industrial Classification (SIC code for Industrial & Commercial Fans & Blowers & Air Purifying Equip)

Key Players & Entities

• CECO ENVIRONMENTAL CORP (company) — Filer of the 10-K report
• API ENTERPRISES INC (company) — Former company name
• ALARM PRODUCTS INTERNATIONAL INC (company) — Former company name
• Dallas, TX (location) — Business address
• Cincinnati, OH (location) — Mail address

FAQ

Industry Context

CECO ENVIRONMENTAL CORP operates in the industrial and commercial equipment sector, specifically focusing on air pollution control, industrial ventilation, and energy solutions.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and debt levels.
2. Review the 'Risk Factors' section for potential threats to the company's operations and financial performance.
3. Examine management's discussion and analysis (MD&A) for insights into strategic initiatives and future outlook.

Key Dates

• 2023-12-31: Fiscal Year End — The end date for the reporting period covered by the 10-K.
• 2024-03-05: Filing Date — The date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share CECO The NASDAQ Stock Mar
• $6 b — ting systems and equipment in excess of $6 billion, we are targeting to grow a highe

Filing Documents

• ceco-20231231.htm (10-K) — 3632KB
• ceco-ex10_22.htm (EX-10.22) — 177KB
• ceco-ex10_32.htm (EX-10.32) — 72KB
• ceco-ex10_33.htm (EX-10.33) — 292KB
• ceco-ex10_34.htm (EX-10.34) — 61KB
• ceco-ex21_1.htm (EX-21.1) — 25KB
• ceco-ex23_1.htm (EX-23.1) — 4KB
• ceco-ex31_1.htm (EX-31.1) — 12KB
• ceco-ex31_2.htm (EX-31.2) — 12KB
• ceco-ex32_1.htm (EX-32.1) — 7KB
• ceco-ex32_2.htm (EX-32.2) — 6KB
• ceco-ex97_1.htm (EX-97.1) — 34KB
• img57694301_0.jpg (GRAPHIC) — 2KB
• img57694301_1.jpg (GRAPHIC) — 263KB
• 0000950170-24-025511.txt (&nbsp;) — 17680KB
• ceco-20231231.xsd (EX-101.SCH) — 2066KB
• ceco-20231231_htm.xml (XML) — 3522KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 21 Item 1C. Cybersecurity .................................................................................................................................................................................... 21 Item 2.

Properties

Properties 22 Item 3.

Legal Proceedings

Legal Proceedings 22 Item 4. Mine Safety Disclosures 22 PART II. Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23 Item 6. [Reserved] 24 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 37 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 37 Item 9A.

Controls and Procedures

Controls and Procedures 37 Item 9B. Other Information 41 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 41 PART III. Item 10. Directors, Executive Officers and Corporate Governance 42 Item 11.

Executive Compensation

Executive Compensation 42 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 42 Item 13. Certain Relationships and Related Transactions, and Director Independence 43 Item 14. Principal Accounting Fees and Services 43 PART IV. Item 15. Exhibits and Financial Statement Schedules 44 Item 16. Form 10-K Summary 46

SIGNATURES

SIGNATURES 47 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K includes forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 (the "Exchange Act") 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 Annual Report on Form 10-K, 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, that could cause actual results to differ materially are discussed under "Part I — Item 1A. Risk Factors" of this Annual Report on Form 10-K and include, but are not limited to: 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 CECO's 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; liabilities arising from faulty services or products that cou

B usiness

Item 1. B usiness General CECO Environmental Corp. ("CECO", "we", "us", "our" 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 by providing innovative technology and application expertise. We help companies grow their businesses with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. Our 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. Our customers include some of the largest natural gas processors, transmission and distribution companies, refineries, power generators, industrial manufacturing, engineering and construction companies, semiconductor manufacturers, compressor manufacturers, beverage can manufacturers, metals and minerals, and electric vehicle producers in the world. We believe our value differentiators include, but are not limited to, our product and solutions performance quality, reliability, durability, on-time delivery and safety, all of which are underpinned by our core capabilities in advanced design and systems engineering, commercial excellence, and operational excellence. We believe these differentiators and core capabilities are critical to maintaining our competitive position. Additionally, we have built a spirit of continuous improvement to ensure we maintain our market leadership position. With an installed base of

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View this 10-K filing on SEC EDGAR