Thermon Group Holdings Inc. has announced its financial results for the first quarter of fiscal 2026, ending March 31, 2026. The company's revenue for the quarter stood at $108.9 million, marking a 5.4% decrease compared to the same period last year. The net income was reported at $8.6 million, showing a slight increase of 1.2% from the previous year, resulting in earnings per diluted share of $0.26. The adjusted net income was $12.1 million, a decrease of 7.6%, with adjusted earnings per share of $0.36. Thermon's adjusted EBITDA for the quarter was $21.2 million, a decline of 8.6%, with an adjusted EBITDA margin of 19.5%. The company also disclosed new orders amounting to $120.7 million, a 5.1% reduction, but maintained a book-to-bill ratio of 1.11x. The net leverage ratio was reported at 1.0x as of June 30, 2025. Despite facing a backlog conversion shortfall that delayed approximately $10 million in revenue, Thermon is optimistic about recognizing these revenues in the upcoming quarters. The company has confirmed its full-year 2026 guidance, projecting revenues between $495 million and $535 million, adjusted EBITDA between $104 million and $114 million, and earnings per share ranging from $1.35 to $1.57. Adjusted earnings per share for the year are expected to be between $1.77 and $1.99.