thr-20250930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission File Number: 001-35159

THERMON GROUP HOLDINGS, INC.

(Exact name of registrant as specified in its charter)


Delaware			27-2228185
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

7171 Southwest Parkway, Building 300, Suite 200, Austin, Texas 78735

(Address of principal executive offices) (zip code)

(512) 690-0600

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value per share

THR

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒Yes ☐No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐Yes ☒ No

As of November 5, 2025, the registrant had 32,840,075 shares of common stock, par value $0.001 per share, outstanding.

THERMON GROUP HOLDINGS, INC.

QUARTERLY REPORT

FOR THE QUARTER ENDED SEPTEMBER 30, 2025

TABLE OF CONTENTS


			Page
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets as of September 30, 2025 and March 31, 2025			2
Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) for the three and six months ended September 30, 2025, and 2024			3
Condensed Consolidated Statements of Equity for the three and six months ended September 30, 2025 and 2024			4
Condensed Consolidated Statements of Cash Flows for the six months ended September 30, 2025 and 2024			6
Notes to Condensed Consolidated Financial Statements (Unaudited)			7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			20
Item 3. Quantitative and Qualitative Disclosures About Market Risk			29
Item 4. Controls and Procedures			31
PART II — OTHER INFORMATION
Item 1. Legal Proceedings			32
Item 1A. Risk Factors			32
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities			32
Item 3. Defaults Upon Senior Securities			32
Item 4. Mine Safety Disclosures			32
Item 5. Other Information			32
Item 6. Exhibits			33
EXHIBIT INDEX			34
SIGNATURES			35

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Thermon Group Holdings, Inc.

Condensed Consolidated Balance Sheets

(Dollars in thousands, except share and per share data)


	September 30, 2025		March 31, 2025
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	29,748	$	39,537
Accounts receivable, net of allowances of $1,021 and $1,230 as of September 30, 2025 and March 31, 2025, respectively	102,125		109,830
Inventories, net	110,977		88,980
Contract assets	25,212		19,188
Prepaid expenses and other current assets	20,644		16,526
Income tax receivable	147		231
Total current assets	$	288,853	$	274,292
Property, plant and equipment, net of depreciation and amortization of $79,782 and $75,773 as of September 30, 2025 and March 31, 2025, respectively	76,541		72,824
Goodwill	269,805		264,331
Intangible assets, net	110,451		115,283
Operating lease right-of-use assets	10,384		11,192
Deferred income taxes	1,284		895
Other non-current assets	20,866		16,635
Total assets	$	778,184	$	755,452
Liabilities
Current liabilities:
Accounts payable	$	41,329	$	31,185
Accrued liabilities	32,128		35,788
Current portion of long-term debt	6,250		18,000
Contract liabilities	16,857		19,604
Lease liabilities

SEC Form 10-Q filed by Thermon Group Holdings Inc.