UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K ☒ANNUAL Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the fiscal year ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-4383 ESPEY MFG. & ELECTRONICS CORP. (Exact name of registrant as specified in its charter) NEW YORK 14-1387171 (State of incorporation) (I.R.S. Employer's Identification No.) 233 Ball ...

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 March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-4383 ESPEY MFG. & ELECTRONICS CORP. ☒ Yes ☐ No Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitte ...

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 December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-4383 ESPEY MFG. & ELECTRONICS CORP. (Exact name of registrant as specified in its charter) NEW YORK Trading Symbol 14-1387171 (State of incorporation) ESP (I.R.S. Employe ...

Financial Performance - Net sales for the three months ended September 30, 2022, were $8,635,795, an increase of 14.4% compared to $7,545,432 for the same period in 2021[10] - Gross profit for the same period was $1,812,142, representing a gross margin of 20.9%, up from $1,353,098 and a gross margin of 17.9% in 2021[10] - Operating income increased significantly to $973,112, compared to $358,276 in the prior year, reflecting a growth of 171.5%[10] - Net income for the quarter was $768,266, which is a 150.5% increase from $306,061 in the same quarter of 2021[10] - The company reported a basic net income per share of $0.31 for the quarter, compared to $0.13 for the same period in 2021[10] Assets and Liabilities - Total assets as of September 30, 2022, were $41,059,907, up from $39,897,229 as of June 30, 2022, indicating a growth of 2.9%[7] - Total liabilities increased to $8,132,531 from $7,797,615, representing a rise of 4.3%[7] - Total stockholders' equity as of September 30, 2022, was $32,927,376, an increase from $32,099,614 as of June 30, 2022, reflecting a growth of 2.6%[7] Cash Flow and Operating Activities - Net cash provided by operating activities decreased to $973,212 from $1,587,693 year-over-year, reflecting a decline of about 38.7%[16] - Cash and cash equivalents at the end of the period were $7,320,001, down from $8,298,714 at the end of the previous year, a decrease of approximately 11.8%[16] - The company did not borrow any funds during the last two fiscal years and has a $3,000,000 line of credit available[89] Expenses - Selling, general, and administrative expenses decreased to $839,030 from $994,822, a reduction of 15.7% year-over-year[10] - Total stock-based compensation expense for the three-month period ended September 30, 2022, was $61,259, compared to $52,776 in 2021, indicating an increase of approximately 16.1%[27] - The company reported a decrease in other income from $19,567 in 2021 to $12,574 in 2022, primarily due to reduced scrap sales[86] Revenue Recognition - Total revenue for the three months ended September 30, 2022, was $6,959,789, an increase of 7.2% from $6,492,236 for the same period in fiscal year 2021[40] - Revenue recognized based on milestones achieved was $1,676,006, up from $1,053,196 in the same period of the previous year, reflecting a growth of 59.0%[40] - Contract liabilities decreased to $2,644,238 as of September 30, 2022, from $3,384,474 as of June 30, 2022, primarily due to revenue recognized[43] Backlog and Orders - The company's backlog at September 30, 2022, totaled approximately $81.2 million, with projected revenue recognition of 32% in 2023, 47% in 2024, 17% in 2025, and 4% thereafter[44] - New orders received in the first three months of fiscal year 2023 were approximately $13.1 million, down from $17.1 million in the same period of 2022[68] - Significant customer concentration remains, with four customers accounting for approximately 80% of total sales for the three months ended September 30, 2022[70] Market Conditions and Challenges - The company continues to face supply chain disruptions and inflationary pressures impacting raw material and production costs, which are expected to negatively affect operating income in fiscal year 2023[64] - Engineering program backlog conversion into sales is subject to technical and scheduling delays, with $7.3 million in backlog currently[61] Tax and Compliance - The effective tax rate for the three months ended September 30, 2022, was approximately 22%, up from 19% in the same period of 2021, primarily due to higher permanent differences related to incentive stock options[87] - The company is evaluating the impact of adopting ASU 2016-13 on its financial statements, which is expected to be implemented in the first quarter of fiscal year 2024[46]

Revenue and Orders - Management expects revenues in fiscal year 2023 to be higher than in fiscal year 2022, driven by existing sales backlog[30]. - The total backlog as of June 30, 2022, was approximately $76.8 million, up from $65.6 million at June 30, 2021[36]. - The company received $43.2 million in new orders during fiscal year 2022, with expectations for new orders in fiscal 2023 to exceed this amount[35]. - The company has outstanding opportunities exceeding $74.6 million as of August 31, 2022, for both repeat and new programs[38]. Financial Performance - Gross profits for the twelve months ended June 30, 2022, were $5,472,158, representing a gross profit margin of 17% compared to 12.1% in the previous year[45]. - Net income for fiscal year 2022 was $1,265,127, or $0.52 per share, compared to a net loss of $(181,543), or $(0.08) per share, for fiscal year 2021[50]. - Selling, general, and administrative expenses for fiscal year 2022 were $3,942,991, an increase of $157,245 compared to the previous year[47]. - The effective tax rate for fiscal year 2022 was 20.6%, compared to a benefit of 50.7% in fiscal year 2021[49]. Cash Flow and Capital Management - Net cash provided by operating activities for the fiscal year 2022 was $2,219,687, compared to $594,996 in 2021[52]. - Net cash used in investing activities increased to $(918,339) in 2022 from $2,006,910 in 2021, primarily due to reinvestment of matured securities[52]. - The Company did not repurchase any shares held by the ESOP during the twelve months ended June 30, 2022, and has authorization to purchase an additional $783,460 of Company stock[52]. - Cash flow generated from operations is expected to be sufficient to meet long-term funding requirements for the foreseeable future[53]. - There was no cash used for financing activities in the twelve months ended June 30, 2022, due to the suspension of dividend payments[52]. - The increase in cash provided by operating activities was primarily due to an increase in net income and a decrease in inventory purchases[52]. Operational Challenges - The company continues to face inflationary cost challenges impacting operating income in fiscal year 2023 due to rising raw material and labor costs[32]. - Engineering programs in the backlog aggregate $7.3 million, with successful conversion dependent on timely execution and completion[34]. Working Capital and Investments - The Company's working capital as of June 30, 2022, was approximately $29.5 million, an increase from $27.5 million in 2021[52]. - Management has budgeted approximately $500,000 for new equipment and plant improvements in fiscal year 2023[54]. - The Company has a reserve for bad debts of $3,000, which management believes is adequate given the customer base[55]. - The Company did not borrow any funds during the last two fiscal years and has a $3,000,000 line of credit available if necessary[52].

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 March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-4383 ESPEY MFG. & ELECTRONICS CORP. (Exact name of registrant as specified in its charter) NEW YORK Trading Symbol 14-1387171 (State of incorporation) ESP (I.R.S. Employer's ...

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 December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-4383 ESPEY MFG. & ELECTRONICS CORP. (Exact name of registrant as specified in its charter) NEW YORK Trading Symbol 14-1387171 (State of incorporation) ESP (I.R.S. Employe ...

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, 2021 Commission File Number 1-4383 ESPEY MFG. & ELECTRONICS CORP. (Exact name of registrant as specified in its charter) NEW YORK Trading Symbol 14-1387171 (State of incorporation) ESP (I.R.S. Employer's Identification No.) 233 Ballston Avenue, Saratoga Springs, New York 12866 (Address of princ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2021 Commission File Number I-4383 ESPEY MFG. & ELECTRONICS CORP. (Exact name of registrant as specified in its charter) NEW YORK 14-1387171 (State of incorporation) (I.R.S. Employer's Identification No.) 233 Ballston Avenue, Saratoga Springs, New York 12866 (Address of principal executive offices) 518-584- ...

Financial Performance - Net sales for the three months ended March 31, 2021, were $4,205,068, compared to $6,191,300 for the same period in 2020, indicating a decrease of about 32%[9] - Gross loss for the three months ended March 31, 2021, was $(187,154), compared to a gross profit of $910,933 for the same period in 2020[9] - Operating loss for the nine months ended March 31, 2021, was $(1,196,734), compared to an operating income of $136,441 for the same period in 2020[9] - Net loss for the three months ended March 31, 2021, was $(1,070,114), compared to a net loss of $(103,765) for the same period in 2020[9] - Total revenue for the nine months ended March 31, 2021, was $15,479,212, a decrease of 2.1% compared to $15,806,805 for the same period in fiscal year 2020[31] - The net loss for the nine months ended March 31, 2021, was $1,061,297, compared to a net income of $206,975 for the same period in 2020[15] Assets and Liabilities - Total assets as of March 31, 2021, were $36,740,177, a decrease from $38,208,766 on June 30, 2020, representing a decline of approximately 3.9%[7] - Total current liabilities increased to $7,489,473 as of March 31, 2021, from $6,748,965 on June 30, 2020, reflecting an increase of approximately 11%[7] - Total stockholders' equity as of March 31, 2021, was $29,071,392, a decrease from $31,226,848 on June 30, 2020, indicating a decline of approximately 6.9%[7] - Cash and cash equivalents increased to $8,488,936 as of March 31, 2021, from $5,402,122 on June 30, 2020, representing an increase of about 57%[7] Shareholder Information - Basic net loss per share for the three months ended March 31, 2021, was $(0.44), compared to $(0.04) for the same period in 2020[9] - Dividends per share were $0.00 for the three months ended March 31, 2021, compared to $0.25 for the same period in 2020[9] - The company paid dividends of $0.50 per share, totaling $1,201,316 during the nine months ended March 31, 2021[11] - The company suspended its regular quarterly dividend payment effective March 9, 2021, after paying $0.50 per share for the nine months ended March 31, 2021, compared to $0.75 per share for the same period in 2020[24] Compensation and Expenses - Stock-based compensation for the three months ended March 31, 2021, amounted to $25,412, while for the nine months it was $106,286[11] - Total stock-based compensation expense for the nine-month period ending March 31, 2021, was $106,286, down from $141,450 in the same period of 2020[21] - Selling, general and administrative expenses decreased to $990,311 for the three months ended March 31, 2021, a reduction of $66,723 compared to the same period in 2020[75] Operational Challenges - Management expects revenues in fiscal year 2021 to be lower than in fiscal year 2020, driven by backlog orders and workforce constraints due to the pandemic[57] - Significant customer concentration risk exists, with net sales to five significant customers representing 66.1% of total sales for the three-month period ended March 31, 2021[62] - An unplanned facility closure in March 2021 due to COVID-19 exposure impacted manufacturing and shipping capabilities for approximately 10 days[55] - The company continues to face supply chain disruptions affecting product shipments, with ongoing efforts to resolve these issues[72] Backlog and Future Orders - The company's backlog as of March 31, 2021, totaled $67.3 million, with expected revenue recognition of 19.1% in 2021, 50.6% in 2022, 19.1% in 2023, and 11.2% thereafter[34] - New orders received in the first nine months of fiscal year 2021 were $30.8 million, down from $33.6 million in the same period of fiscal 2020[59] - The company anticipates that a minimum of $12.8 million of orders from the March 31, 2021 backlog will be filled during the fiscal year ending June 30, 2021[59] Tax and Other Financial Metrics - The effective tax rates for the three and nine months ended March 31, 2021, were approximately 8.6% and 8.2%, respectively, down from 15.4% and 15.9% in the same periods in 2020[77] - Other income for the three months ended March 31, 2021, was $7,075, down from $23,518 in 2020, primarily due to decreased interest income from reduced investment securities[76]