☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 31, 2023 WASHINGTON, D.C. 20549 _________________________ FORM 10-Q _________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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 0-5286 _________________________ KEWAUNEE SCIENTIFIC CORPORATION (Exac ...

Table of Contents 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 April 30, 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 0-5286 KEWAUNEE SCIENTIFIC CORPORATION (Exact name of reg ...

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 January 31, 2023 or Registrant's telephone number, including area code: (704) 873-7202 Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of Exchange on which registered Common Stock, $2.50 par value KEQU ...

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 October 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 0-5286 _________________________ KEWAUNEE SCIENTIFIC CORPORATION (E ...

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 July 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 0-5286 _________________________ Registrant's telephone number, includ ...

Sales Performance - Sales for fiscal year 2022 were $168.9 million, an increase of 14.2% from $147.5 million in fiscal year 2021[68] - Domestic sales increased to $126.9 million in fiscal year 2022, up from $111.0 million in fiscal year 2021, driven by higher volumes and price increases[68] - International sales rose to $42.0 million in fiscal year 2022, a 15.3% increase from $36.5 million in fiscal year 2021, primarily due to strong demand in India[68] - Net sales for fiscal year 2022 were $168.872 million, a 14.5% increase from $147.469 million in fiscal year 2021[104] - The company’s subsidiaries contributed net sales of $42.024 million in 2022, up from $36.434 million in 2021, an increase of 15.5%[115] - The company reported net sales of $49,715,000 in the fourth quarter of fiscal year 2022, which was an increase from $38,707,000 in the fourth quarter of fiscal year 2021, representing a growth of about 28.5%[217] Financial Losses - Net loss for fiscal year 2022 was $6.1 million, or $2.20 per diluted share, compared to a net loss of $3.7 million, or $1.33 per diluted share, in fiscal year 2021[77] - The company reported a net loss of $6.126 million for fiscal year 2022, compared to a net loss of $3.672 million in fiscal year 2021, resulting in a net loss per share of $2.20[104] - The company experienced a comprehensive loss of $6.291 million in fiscal year 2022, compared to a comprehensive income of $2.349 million in fiscal year 2021[106] - The net loss attributable to Kewaunee Scientific Corporation for fiscal year 2022 was $6,126,000, compared to a net loss of $3,672,000 in fiscal year 2021, representing a deterioration of 66.8%[215] Operating Expenses - Operating expenses increased to $26.8 million in fiscal year 2022 from $25.3 million in fiscal year 2021, representing 15.9% of sales[71] - Operating expenses increased to $26.828 million in fiscal year 2022, up from $25.309 million in fiscal year 2021[104] - The company incurred $28,000 in operating expenses related to the closure of its China subsidiary during fiscal year 2022[216] Cash Flow and Capital Expenditures - Cash used in operating activities was $7.9 million in fiscal year 2022, primarily due to increases in inventories and receivables[82] - Capital expenditures were $1.9 million in fiscal year 2022, with an anticipated increase to approximately $3.5 million in fiscal year 2023[87] - Capital expenditures for the year were $1.908 million, down from $2.397 million in 2021, reflecting a decrease of 20.4%[112] Tax and Deferred Tax - Income tax expense for fiscal year 2022 was $3.5 million, significantly higher than $990,000 in fiscal year 2021, reflecting changes in deferred taxes[75] - The Company recorded a net income tax expense of $3,518,000 for the year ended April 30, 2022, compared to $990,000 for the previous year[185] - Deferred tax assets increased to $11,462,000 in 2022 from $5,754,000 in 2021, primarily due to the inclusion of proceeds on Sale Leaseback[186] Assets and Liabilities - Total assets increased to $118.773 million in 2022 from $89.384 million in 2021, representing a growth of 32.8%[111] - Current assets rose to $91.565 million in 2022, up from $60.457 million in 2021, marking an increase of 51.5%[111] - Total liabilities increased to $82.593 million in 2022 from $47.897 million in 2021, a rise of 72.5%[111] - Working capital increased to $49.3 million as of April 30, 2022, up from $26.3 million a year earlier, with a current assets to current liabilities ratio of 2.2-to-1.0[88] Inventory and Receivables - Accounts receivable increased to $41.254 million in 2022 from $32.882 million in 2021, reflecting a rise of 25.5%[111] - Inventories grew significantly to $23.796 million in 2022, compared to $16.517 million in 2021, an increase of 43.9%[111] - Total inventories increased to $23.796 million in 2022 from $16.517 million in 2021, with finished goods rising from $2.988 million to $4.555 million[163] Strategic Focus and Future Outlook - The company believes its record backlog and improved operating performance position it well for the next fiscal year despite economic uncertainties[92] - The company is focused on changes in its go-to-market strategy and continued investment in manufacturing operations to enhance future performance[92] Stock and Compensation - The Company granted 67,750 RSUs in fiscal year 2022, compared to 95,861 RSUs in fiscal year 2021[145] - The Company recorded stock-based compensation expense of $701,000 in fiscal year 2022, an increase from $578,000 in fiscal year 2021[191] - The Company had 144,827 RSUs outstanding at the end of fiscal year 2022, with a weighted average grant date fair value of $12.24[193] Pension and Lease Obligations - The total minimum lease payments for operating leases are projected to be $8,821,000 for the fiscal year ending April 30, 2023[202] - The total operating lease expense for the fiscal year ended April 30, 2022, was $3,067,000, up from $2,854,000 in 2021[200] - The Company expects no contributions to the pension plans during fiscal year 2023, having made $30,000 in contributions in fiscal year 2021[206]

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 January 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 0-5286 _________________________ KEWAUNEE SCIENTIFIC CORPORATION (E ...

Sales Performance - Sales for the quarter were $39,031,000, relatively flat from $39,000,000 in the comparable period of the prior year[57] - Domestic sales for the quarter were $29,934,000, up 4.0% from $28,772,000 in the comparable period of the prior year[57] - International sales for the quarter were $9,097,000, down 11.1% from $10,228,000 in the comparable period of the prior year[57] Financial Position - The Company's order backlog was $139.7 million at October 31, 2021, the highest in its history, compared to $96.0 million at October 31, 2020[59] - The Company had working capital of $23,049,000 at October 31, 2021, down from $26,276,000 at April 30, 2021[67] Profitability - The gross profit margin for the three months ended October 31, 2021 was 9.2%, down from 16.4% in the comparable quarter of the prior year[60] - Net loss was $3,100,000, or $(1.11) per diluted share, for the three months ended October 31, 2021, compared to a net loss of $180,000, or $(0.07) per diluted share, in the prior year period[65] Future Outlook - The Company expects improved financial performance in the second half of the fiscal year and into fiscal year 2023[73] Tax Information - The effective income tax rates for the three and six months ended October 31, 2021 were (6.8)% and (11.3)%, compared to 54.4% and 18.5% for the comparable periods of the prior year[63] Cash Flow - The Company used cash of $6,071,000 during the six months ended October 31, 2021 primarily for operations and increases in receivables[69]

Financial Performance - Net sales for the three months ended July 31, 2021, were $39,493,000, an increase of 8.5% compared to $36,423,000 for the same period in 2020[10] - Gross profit for the same period was $5,674,000, a decrease of 3.5% from $5,881,000 in 2020[10] - The net loss attributable to Kewaunee Scientific Corporation for the three months ended July 31, 2021, was $1,345,000, compared to a net loss of $598,000 in 2020, representing a 125% increase in loss[10] - Basic and diluted net loss per share attributable to Kewaunee Scientific Corporation stockholders was $(0.48) for the three months ended July 31, 2021, compared to $(0.22) in 2020[10] - The company reported a comprehensive loss attributable to Kewaunee Scientific Corporation of $1,421,000 for the three months ended July 31, 2021, compared to a comprehensive loss of $611,000 in 2020[14] - Operating loss for the three months ended July 31, 2021, was $(1,091,000), compared to $(276,000) in the same period of 2020, reflecting a significant increase in operating losses[10] - Total revenues for the quarter were $39,493,000, an 8.4% increase from $36,423,000 in the prior year[58] - Net loss for the quarter was $1,345,000, or $(0.48) per diluted share, compared to a net loss of $598,000, or $(0.22) per diluted share in the prior year[65] Assets and Liabilities - Total current assets increased to $61,969,000 as of July 31, 2021, from $60,457,000 as of April 30, 2021, reflecting a growth of 2.5%[20] - Total assets as of July 31, 2021, were $90,299,000, up from $89,384,000 as of April 30, 2021, indicating a 1% increase[20] - Total liabilities increased to $49,959,000 as of July 31, 2021, compared to $47,897,000 as of April 30, 2021, marking a 4.3% rise[20] - Cash, cash equivalents, and restricted cash at the end of the period were $5,467,000, a decrease from $5,731,000 at the beginning of the period[22] - The company had outstanding advances of $8.9 million under its revolving credit facility as of July 31, 2021, an increase from $6.8 million at April 30, 2021[38] Revenue Breakdown - Domestic revenue for the three months ended July 31, 2021, was $29,663,000, compared to $30,058,000 in 2020, indicating a decline of about 1.3%[33] - International revenue for the three months ended July 31, 2021, was $9,830,000, up from $6,365,000 in 2020, reflecting a significant increase of approximately 54.5%[33] - Domestic sales decreased by 1.3% to $29,663,000, while international sales increased by 54.4% to $9,830,000[58] Inventory and Contract Assets - Total inventory as of July 31, 2021, was $17,852,000, an increase from $16,517,000 at April 30, 2021, representing a growth of approximately 8.1%[35] - Contract assets increased to $8,677,000 at July 31, 2021, from $6,929,000 at April 30, 2021, while contract liabilities decreased to $2,555,000 from $3,123,000 in the same period[34] - The company expects to recognize approximately 100% of the contract liability balances as revenue during the succeeding 12 months from both April 30, 2021, and July 31, 2021[34] Operating Expenses and Tax - Operating expenses increased to $6,765,000, or 17.1% of sales, compared to $6,157,000, or 16.9% of sales in the prior year[61] - Income tax expense for the three months ended July 31, 2021, was $251,000, significantly higher than $21,000 for the same period in 2020, resulting in an effective tax rate of (23.8)% compared to (3.6)%[48] - The effective income tax rate for the quarter was (23.8)%, compared to (3.6)% in the prior year, reflecting increased international operations[63] Future Outlook - The company anticipates project awards will accelerate as the economy reopens, despite short-term impacts from rising raw material prices[73] - The company plans to implement surcharges on new orders to offset broad-based price increases for materials[73] Stock-Based Compensation - The company recorded stock-based compensation expense of $194,000 for the three months ended July 31, 2021, compared to $59,000 for the same period in 2020, indicating an increase of approximately 228.8%[46] Order Backlog - The order backlog was $120.6 million at July 31, 2021, up from $101.2 million at July 31, 2020[59] Gross Profit Margin - Gross profit margin for the quarter was 14.4%, down from 16.1% in the prior year, due to increased raw material costs[60] Cash Flow - The company used cash of $1,776,000 in operations during the quarter, primarily due to increases in receivables and inventory[69]

Table of Contents 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 April 30, 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 0-5286 KEWAUNEE SCIENTIFIC CORPORATION (Exact name of reg ...