Thermon reported a solid QQ2 2025 performance driven by the contribution of recently acquired Vapor Power and ongoing cost discipline, against a backdrop of a softer large-project environment. Revenue of 178.38 million included Vapor Power revenue of 12.1 million, with organic revenue excluding Vapor Power down about 17% year over year due to weakness in large project activity, while OpEx revenues showed resilience and higher margins. The quarter delivered Adjusted EBITDA of 23.8 million (margin 20.8%), and net income of 9.49 million (net margin 5.3%), reflecting a favorable mix shift toward recurring OpEx revenues that historically carry higher gross margins. Backlog rose 29% year over year to 214.9 million, with organic backlog up 3%, and orders advanced 13% to 131.1 million (organic +3%). Management emphasized continued diversification away from oil and gas, with diversified end-market orders above 70% and a pipeline exceeding 1.2 billion, including roughly 320 million of decarbonization opportunities. The company strengthened its growth trajectory with the close of the F.A.T.I. acquisition (Italy) and the ongoing integration of Vapor Power. In line with strategic objectives, Thermon reaffirmed capital discipline and released full-year 2025 guidance: revenue of 495–515 million, Adjusted EBITDA of 105–110 million, and Adjusted EPS of 1.77–1.89. Freely available cash flow remained robust at 6.7 million in the quarter and over 15 million in the first half of fiscal 2025, with net leverage of about 1.3x. Looking ahead, management pointed to nuclear and data-center related opportunities and a broader energy-transition/infra spend tailwind, while noting continued sensitivity to large-project timing. Overall, Thermon’s results support a view of a durable, high-margin aftermarket/MRO-centric business complemented by strategic acquisitions and a growing pipeline of large, multi-year projects that could unlock meaningful upside as capital spending normalizes.