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 DECEMBER 31, 2023 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. (State or other jurisdiction of incorporation or organization) Delaware 59-0933147 (IR ...

Financial Performance - Net revenue for the year ended September 30, 2023, was $105,075,000, a 1.5% increase from $103,479,000 in 2022[152]. - Gross profit increased to $29,037,000 in 2023, compared to $20,544,000 in 2022, reflecting a significant improvement in profitability[152]. - Operating income rose to $13,425,000 in 2023, up from $4,167,000 in the previous year, indicating enhanced operational efficiency[152]. - Net income for 2023 was $14,666,000, a substantial recovery from a net loss of $372,000 in 2022[152]. - Basic and diluted earnings per share for 2023 were both $1.00, compared to a loss of $0.03 per share in 2022[163]. - Cash flows provided by operating activities were $10,196,000 in 2023, a turnaround from cash used in operations of $9,135,000 in 2022[156]. Assets and Liabilities - As of September 30, 2023, the Company reported total assets of $195,748,000, an increase from $179,313,000 in 2022, reflecting a growth of approximately 9.5%[150]. - Total current liabilities increased to $14,165,000 from $12,390,000, reflecting a rise of approximately 14.3%[150]. - Shareholders' equity rose to $181,583,000 from $166,917,000, an increase of about 8.8%[150]. - The balance of accrued expenses increased significantly to $3,753,000 in 2023 from $1,885,000 in 2022, a rise of 99%[206]. - The provision for doubtful accounts increased to $290,000 in 2023 from $194,000 in 2022, a growth of 49.5%[191]. Inventory and Supply Chain - Inventories increased significantly to $71,527,000 from $55,815,000, marking a rise of approximately 28.2%[150]. - The allowance for slow-moving and obsolete inventories was estimated at approximately $9,813,000 as of September 30, 2023[141]. - The allowance for slow-moving and obsolete inventories rose to $9,813,000 in 2023 from $8,192,000 in 2022, an increase of 19.8%[203]. - The principal raw material used is carbon steel, and any supply interruptions or price increases could materially affect production and results[51]. Customer Concentration - One customer accounted for 14.8% of net revenue for the year ended September 30, 2023, while no customer accounted for 10% or more of net revenue in the previous year[40]. - Revenue from custom equipment sales contracts for the year ended September 30, 2023, was approximately $34,150,000[145]. - Equipment sales recognized over time decreased to $34,150,000 in 2023 from $37,572,000 in 2022, a decline of 6.4%[181]. Employment and Workforce - The Company has a total of 314 full-time and 3 part-time employees as of September 30, 2023[33]. - The Company faces challenges in hiring skilled production workers, which could adversely impact its financial objectives[76]. - The Company relies on key personnel for its success, and the loss of such employees could adversely affect operations[46]. Environmental Compliance - The Company is subject to various federal, state, local, and foreign environmental laws and regulations, and believes it is in compliance with all applicable regulations[32]. - The Company is subject to extensive environmental laws and regulations, which could lead to significant compliance costs in the future[50]. Competition and Market Conditions - Competition in the industry may reduce revenue and market share, as competitors may have greater resources[64]. - Global economic instability, including inflation and geopolitical issues, may adversely impact the Company's business and financial condition[69]. Acquisitions and Business Strategy - The Company has engaged in a series of acquisitions since 1985 to expand its business, including the acquisition of asphalt paver assets from Volvo in 2020[16]. - The Company acquired Blaw-Knox paver assets on October 1, 2020, with ongoing integration challenges that may affect future performance[73]. Taxation - The company's effective income tax rate for 2023 was 21.9%, compared to a negative rate of 78.0% in 2022[207]. - The Company accrued unrecognized tax benefits (UTBs) of $176,000 in 2023, up from $131,000 in 2022[210]. - Total income taxes paid in fiscal 2023 were $2,300,000, compared to $2,839,000 in fiscal 2022[208]. Cash and Investments - The Company recorded cash and cash equivalents of $17,031,000, up from $9,581,000 in the previous year, representing an increase of approximately 77.5%[150]. - The company maintained a strong cash position with cash and cash equivalents increasing to $17,031,000 at the end of 2023, up from $9,581,000 at the end of 2022[156]. - The Company reported marketable securities valued at $84,252,000, a decrease from $89,300,000 in 2022, indicating a decline of about 5.8%[150]. - Total assets measured at fair value as of September 30, 2023, amounted to $84,252,000, with significant holdings in government securities and corporate bonds[168]. - The company reported net unrealized gains of $4,316,000 on trading securities still held as of September 30, 2023[168]. Capital Expenditures - Capital expenditures for 2023 were $2,746,000, down from $4,516,000 in 2022, indicating a more conservative investment approach[156].

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 JUNE 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (IRS Employer Identification No.) 5201 North Orange Blossom Trail, Orlando, Florida 32810 (Address of principal executive offices) (Zip Code) (407) 290-6000 (Registrant's telephone nu ...

Financial Performance - Net revenue for the quarter ended March 31, 2023, was $30,501,000, slightly down from $30,654,000 in the same quarter of 2022, while net revenue for the six months ended March 31, 2023, increased to $56,327,000 from $50,760,000, a growth of about 11%[16] - Gross profit for the quarter ended March 31, 2023, was $9,097,000, compared to $6,192,000 in the same quarter of 2022, reflecting a significant increase of approximately 47%[16] - Operating income for the quarter ended March 31, 2023, was $5,161,000, up from $1,908,000 in the same quarter of 2022, indicating a growth of about 171%[16] - Net income for the quarter ended March 31, 2023, was $4,873,000, compared to $439,000 in the same quarter of 2022, representing an increase of approximately 1,110%[16] - For the six months ended March 31, 2023, net sales increased to $56,327,000 from $50,760,000 for the same period in 2022, an increase of $5,567,000[82] - Net income for the six months ended March 31, 2023, was $8,349,000, or $0.57 basic and diluted earnings per share, versus $165,000, or $0.01 basic and diluted earnings per share for the same period in 2022[86] Cash and Assets - Cash and cash equivalents increased to $18,462,000 as of March 31, 2023, from $9,581,000 at September 30, 2022, marking an increase of approximately 93%[13] - As of March 31, 2023, the total fair value of the company's marketable securities was $87,851,000, with Level 1 measurements accounting for $51,076,000 and Level 2 measurements for $36,775,000[32] - The Company had no long-term or short-term debt outstanding as of March 31, 2023, indicating a strong balance sheet[88] - The maximum amount that can be drawn under the irrevocable standby letter of credit is $150,000, which expires in April 2024[89] Liabilities and Equity - Total current liabilities rose to $20,083,000 as of March 31, 2023, compared to $12,390,000 at September 30, 2022, an increase of about 62%[13] - Retained earnings increased to $161,210,000 as of March 31, 2023, up from $152,861,000 at September 30, 2022, reflecting a growth of approximately 5.5%[13] Inventory and Receivables - The company's net inventories increased to $63,803,000 as of March 31, 2023, up from $55,815,000 as of September 30, 2022[36] - Accounts receivable increased by $4,297,000, primarily due to increased paver sales and the timing of parts sales collections[91] - Slow-moving and obsolete inventory allowances were $8,573,000 at March 31, 2023, compared to $8,192,000 at September 30, 2022[36] Customer and Contract Information - Customer deposits related to contracts with customers increased to $12,323,000 as of March 31, 2023, from $5,864,000 at September 30, 2022[53] - Two customers accounted for 12.7% and 11.6% of net revenues during the quarter ended March 31, 2023[40] - The Company's backlog was $37.4 million at March 31, 2023, down from $44.9 million at March 31, 2022, indicating a decrease of approximately 16.6% year-over-year[91] Cash Flow - The company experienced a net increase in cash flows from operating activities to $10,055,000 for the six months ended March 31, 2023, compared to $1,045,000 in the same period of 2022[21] - Cash flows provided by operating activities during the six months ended March 31, 2023, were $10,055,000, reflecting operational efficiency[91] - Cash flows used in investing activities for the six months ended March 31, 2023, were $1,174,000, primarily for capital expenditures related to manufacturing equipment[92] Tax and Non-Operating Income - The effective income tax rates for the quarters ended March 31, 2023, and March 31, 2022, were 24.1% and 24.2%, respectively[81] - The Company had net non-operating income of $1,257,000 for the quarter ended March 31, 2023, compared to a net non-operating expense of $(1,329,000) for the same quarter in 2022[80] Earnings Per Share - The company reported a basic income per common share of $0.33 for the quarter ended March 31, 2023, compared to $0.03 in the same quarter of 2022, indicating a significant increase[16] - Basic net income per share for the quarter ended March 31, 2023, was $0.33, compared to $0.03 for the same quarter in 2022[39]

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 Table of Contents 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 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) (IR ...

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 September 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 001-11703 GENCOR INDUSTRIES, INC. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act ☐ Yes ☒ No Indicate by check mar ...

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 JUNE 30, 2022 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) (IRS Em ...

Financial Performance - For the quarter ended March 31, 2022, net revenue was $30,654,000, representing an increase of 43.4% compared to $21,352,000 for the same quarter in 2021[18] - Gross profit for the quarter was $6,192,000, slightly up from $6,146,000 in the prior year, indicating a stable gross margin[18] - Operating income increased to $1,908,000 for the quarter, compared to $1,239,000 in the same quarter last year, reflecting improved operational efficiency[18] - Net income for the quarter was $439,000, a decrease from $2,288,000 in the prior year, primarily due to net realized and unrealized losses on marketable securities[18] - Basic earnings per share for the quarter ended March 31, 2022, were $0.03, a decrease from $0.16 in the same quarter of 2021[44] - Net income for the quarter ended March 31, 2022, was $439,000, or $0.03 basic and diluted earnings per share, down from $2,288,000, or $0.16 basic and diluted earnings per share, for the same quarter in 2021[88] Revenue and Sales - Equipment sales recognized over time amounted to $10,998,000 for the quarter ended March 31, 2022, compared to $3,870,000 in the same quarter of 2021, indicating a significant increase of 184.5%[52] - Net revenues for the quarter ended March 31, 2022, were $30,654,000, an increase of $9,302,000 compared to $21,352,000 for the same quarter in 2021, reflecting the impact of the $1.2 trillion infrastructure bill signed into law in November 2021[82] - Net sales increased by $10,444,000 to $50,760,000 for the six months ended March 31, 2022, compared to $40,316,000 for the same period in 2021, driven by the new $1.2 trillion infrastructure bill[89] Assets and Liabilities - Total current assets increased to $173,603,000 as of March 31, 2022, up from $166,823,000 at September 30, 2021, driven by higher inventories and accounts receivable[15] - Total liabilities rose to $19,065,000 as of March 31, 2022, compared to $12,173,000 at September 30, 2021, largely due to increased customer deposits[15] - Cash and cash equivalents decreased to $22,571,000 at the end of the quarter, down from $23,232,000 at the end of the previous fiscal year[15] - The company’s net inventories as of March 31, 2022, totaled $47,222,000, an increase from $41,888,000 as of September 30, 2021[42] - Customer deposits related to contracts with customers increased to $10,286,000 at March 31, 2022, from $5,244,000 at September 30, 2021[59] Expenses - Selling, general and administrative expenses decreased to $3,364,000 for the quarter ended March 31, 2022, compared to $3,838,000 for the same quarter in 2021, attributed to lower professional fees[84] - Product engineering and development expenses decreased to $920,000 for the quarter ended March 31, 2022, from $1,069,000 in the same quarter of 2021, primarily due to reduced headcount[84] - Product engineering and development expenses rose by $355,000 for the six months ended March 31, 2022, compared to the same period in 2021[91] Marketable Securities - The company reported net unrealized losses of $(1,598,000) for the quarter ended March 31, 2022, compared to net unrealized gains of $596,000 for the same quarter in 2021[37][38] - As of March 31, 2022, total marketable securities measured at fair value were $94,501,000, with $70,479,000 classified as Level 1 and $24,022,000 as Level 2[37] Operational Metrics - The effective income tax rate for the quarter ended March 31, 2022, was 24.2%, compared to 20.0% for the same quarter in 2021[88] - Cash provided by operations during the six months ended March 31, 2022, was $1,045,000[98] - Cash flows used in investing activities for the six months ended March 31, 2022, were $1,706,000, primarily for capital expenditures[99] - The Company had $22,571,000 in cash and cash equivalents and $94,501,000 in marketable securities as of March 31, 2022[97] Backlog and Contracts - The Company's backlog increased to $44.9 million at March 31, 2022, compared to $42.6 million at March 31, 2021[98] - Costs incurred on uncompleted contracts were $19,501,000 as of March 31, 2022, compared to $11,483,000 as of September 30, 2021, reflecting an increase of 70.4%[43] - The estimated earnings on uncompleted contracts were $5,875,000 as of March 31, 2022, compared to $4,395,000 as of September 30, 2021, indicating a growth of 33.6%[43] Strategic Developments - The acquisition of Blaw-Knox assets in October 2020 has allowed the company to enter the asphalt paver sector, contributing to its market expansion strategy[26] - One customer accounted for 13.6% of net revenues during the quarter ended March 31, 2022, compared to 12.0% for another customer in the same quarter of 2021[47]

Table of Contents 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 DECEMBER 31, 2021 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 59-0933147 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) FORM 10-K 5201 North Orange Blossom Trail Orlando, Florida 32810 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Address of principal executive offices, including zip code) For the Fiscal Year Ended September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SEC ...