☐ 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: 001-11703 GENCOR INDUSTRIES, INC. 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, 2021 OR Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 ...

Part I. Financial Information [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Q1 FY2021 net income decreased to **$1.55 million** due to an operating loss from Blaw-Knox acquisition costs [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of December 31, 2020, total assets slightly increased to **$173.3 million**, driven by higher inventories, while total liabilities rose to **$10.5 million** and shareholders' equity reached **$162.8 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2020 | Sep 30, 2020 | | :--- | :--- | :--- | | Cash and cash equivalents | $23,957 | $35,584 | | Marketable securities | $92,049 | $89,498 | | Inventories, net | $35,473 | $27,090 | | Total current assets | $160,066 | $161,758 | | **Total Assets** | **$173,312** | **$171,094** | | Total current liabilities | $8,727 | $8,514 | | **Total Liabilities** | **$10,541** | **$9,874** | | **Total Shareholders' Equity** | **$162,771** | **$161,220** | [Condensed Consolidated Statements of Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Net revenue increased slightly to **$19.0 million** in Q1 FY2021, but an operating loss of **$1.1 million** led to a net income decrease to **$1.55 million** Quarterly Income Statement Comparison (in thousands) | Metric | Q1 2021 (ended Dec 31, 2020) | Q1 2020 (ended Dec 31, 2019) | Change | | :--- | :--- | :--- | :--- | | Net revenue | $18,964 | $18,030 | +5.2% | | Gross profit | $2,981 | $4,320 | -31.0% | | Operating income (loss) | $(1,058) | $1,172 | -190.3% | | Net income | $1,551 | $2,489 | -37.7% | | Diluted EPS | $0.11 | $0.17 | -35.3% | [Condensed Consolidated Statements of Shareholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders%27%20Equity) Shareholders' equity increased to **$162.8 million** as of December 31, 2020, solely due to the quarter's net income - Total shareholders' equity grew by **$1.55 million** during the quarter, entirely due to net income, reaching **$162.8 million** as of December 31, 2020[17](index=17&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow was **$3.7 million**, but investing activities used **$15.3 million**, primarily for the Blaw-Knox acquisition, resulting in a net cash decrease of **$11.6 million** Quarterly Cash Flow Summary (in thousands) | Cash Flow Category | Q1 2021 (ended Dec 31, 2020) | Q1 2020 (ended Dec 31, 2019) | | :--- | :--- | :--- | | Cash flows provided by operating activities | $3,705 | $4,047 | | Cash flows used in investing activities | $(15,332) | $(6) | | Net increase (decrease) in cash | $(11,627) | $4,041 | | **Cash and cash equivalents at end of period** | **$23,957** | **$14,343** | - The company used **$14.4 million** in cash for the acquisition of Blaw-Knox during the quarter[20](index=20&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail the **$14.4 million** Blaw-Knox acquisition, a shift in revenue recognition, and significant customer concentration - On October 1, 2020, the Company acquired the Blaw-Knox paver product line and associated assets for an initial purchase price of approximately **$14.4 million**, funded by cash on hand, including **$11.0 million** in inventory and **$3.4 million** in fixed assets[23](index=23&type=chunk) Disaggregated Net Revenue by Source (in thousands) | Revenue Source | Q1 2021 (ended Dec 31, 2020) | Q1 2020 (ended Dec 31, 2019) | | :--- | :--- | :--- | | Equipment sales recognized over time | $4,132 | $12,090 | | Equipment sales recognized at a point in time | $10,136 | $1,907 | | Parts and component sales | $3,931 | $3,146 | | **Total Net Revenue** | **$18,964** | **$18,030** | - During the quarter ended December 31, 2020, three customers accounted for **15.5%**, **12.0%**, and **10.5%** of net revenues, respectively, indicating significant customer concentration[45](index=45&type=chunk) - The company entered into new operating leases related to the Blaw-Knox acquisition, resulting in a Right-of-Use (ROU) asset of **$1.1 million** and total lease liabilities of **$1.1 million** as of December 31, 2020[61](index=61&type=chunk)[63](index=63&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=16&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q1 FY2021 revenue increased by **5.2%**, but gross margin declined to **15.7%** due to **$1.5 million** in unabsorbed overhead from the Blaw-Knox acquisition, while liquidity remains strong with **$24.0 million** in cash and **$92.0 million** in marketable securities Q1 2021 vs Q1 2020 Performance | Metric | Q1 2021 (ended Dec 31, 2020) | Q1 2020 (ended Dec 31, 2019) | | :--- | :--- | :--- | | Net Revenues | $18,964,000 | $18,030,000 | | Gross Profit Margin | 15.7% | 24.0% | | Operating Income (Loss) | $(1,058,000) | $1,172,000 | | Net Income | $1,551,000 | $2,489,000 | - Gross profit margin was negatively impacted by approximately **$1.5 million** of unabsorbed manufacturing labor and overhead expenses related to the Blaw-Knox paver product line, which has not yet started production[77](index=77&type=chunk) - Selling, general and administrative (SG&A) expenses increased by **$0.81 million**, primarily due to approximately **$0.5 million** in professional fees, salaries, and other expenses related to the Blaw-Knox acquisition[78](index=78&type=chunk) - The company's backlog was **$32.1 million** at December 31, 2020, compared to **$30.9 million** at December 31, 2019[85](index=85&type=chunk) - As of December 31, 2020, the company had **$24.0 million** in cash and cash equivalents and **$92.0 million** in marketable securities[84](index=84&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=21&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section is not applicable for the reporting period - The company has indicated that this item is not applicable[105](index=105&type=chunk) [Controls and Procedures](index=21&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of December 31, 2020, with no material changes in internal control over financial reporting during the quarter - Based on an evaluation, the Chief Executive Officer and Principal Financial and Accounting Officer concluded that the Company's disclosure controls and procedures are effective as of the end of the quarter[106](index=106&type=chunk) - No changes in the Company's internal control over financial reporting occurred during the quarter ended December 31, 2020, that materially affected, or are reasonably likely to materially affect, these controls[108](index=108&type=chunk) Part II. Other Information [Legal Proceedings](index=22&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, none of which are deemed material to the business - The company states that it does not believe any current legal proceedings are material to its business[110](index=110&type=chunk) [Risk Factors](index=22&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended September 30, 2020 - During the quarter ended December 31, 2020, there were no material changes to the risk factors previously disclosed in the Annual Report on Form 10-K for the fiscal year ended September 30, 2020[111](index=111&type=chunk) [Exhibits](index=22&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and Interactive Data Files - Exhibits filed include CEO and CFO certifications pursuant to Rule 13a-14(a) and 18 U.S.C. Section 1350, as well as XBRL Interactive Data Files[112](index=112&type=chunk)

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 September 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-11703 GENCOR INDUSTRIES, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Exact name of registrant as specified in its charter) Delaware 59-0933147 (State or other jurisdiction of incorporation or organization) (I.R.S. Emplo ...

Table of Contents 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, 2019 OR ☐ 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: 001-11703 GENCOR INDUSTRIES, INC. Delaware 59-0933147 (State or other jurisdiction of incorporation or organization) 5201 N ...

Table of Contents ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2018 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 OR FORM 10-Q ☐ 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: 001-11703 GENCOR INDUSTRIES, INC. (State or other jurisdiction of incorporated or organization) 5201 North Orange Blosso ...