EVI Industries Reports Record Fiscal 2025 Results, Fueled by Strategic Acquisitions, Organic Growth, Technological Advancements, and Market Expansion, and Announces Special Cash Dividend
Completed Four Acquisitions, Including the Largest in Company History, Delivered
EVI has established itself as the leader in the highly fragmented North American commercial laundry distribution and service industry through execution of its long-term growth strategy. Since the strategy’s inception in 2016, the Company has achieved compounded annual growth rates of
Fiscal Year 2025 Results (compared to the fiscal year ended June 30, 2024)
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Revenue increased
10% to a record$390 million -
Gross Profit increased
12% to a record$118 million 30.4% , -
Operating Income increased
18% to$13.8 million -
Net Income increased
33% to$7.5 million -
Adjusted EBITDA increased
11% to$25.0 million 6.4% , and -
The three-year compounded annual growth rate (CAGR) in organic revenue was
7% .
Fourth Quarter Results (compared to the quarter ended June 30, 2024)
-
Revenue increased
22% to a record$110 million -
Gross Profit increased
24% to a record$33.9 million 30.8% , -
Operating Income increased
13% to a record$4.1 million -
Net Income increased
1% to$2.1 million -
Adjusted EBITDA increased
17% to a record$7.2 million 6.5% .
Henry Nahmad, EVI’s Chairman and Chief Executive Officer, commented: “Fiscal 2025 was a defining year for our Company. We delivered record financial results, successfully completed the Company’s largest acquisition, and made meaningful progress on our technology roadmap. We believe that our expanded geographic footprint, modernized systems, and commitment to innovation position us to deliver even greater value to customers and shareholders in the years ahead."
Fiscal 2025 results reflect the continued execution of EVI’s long-term growth strategy through both organic expansion and strategic acquisitions. Strong demand across the Company’s distribution and service network was supported by favorable conditions across key end markets, including healthcare, hospitality, and the vended laundry industry, which continue to demonstrate resilient demand for commercial laundry products and services. The Company expanded its sales and technical workforce to support its objective of increasing market penetration and capturing market share in targeted regions, and these efforts, combined with strong demand, have resulted in a solid backlog of confirmed customer orders that provide further momentum for sustained growth.
At the same time, the Company advanced its operational capabilities by investing in modernizing its infrastructure, including meaningful enhancements to its technology systems. These efforts represent a significant undertaking, but they are already delivering tangible improvements at the regional group level. Over time, as these initiatives scale across the enterprise and the pace of spending moderates, the Company expects the resulting gains to both support progress toward the Company’s operating margin goal and reinforce its pursuit of continued growth. The Company’s results also reflect increased operating costs, including those associated with the integration of recently completed acquisitions and other strategic investments necessary to support long-term growth.
Buy-and-Build Strategy Drives Continued Expansion
During fiscal 2025, EVI continued to advance its long-term growth strategy through the completion of four acquisitions, headlined by the purchase of Girbau North America (now Continental Laundry Solutions), the largest transaction in the Company’s history. While all acquisitions contributed to an expanded geographic footprint, enhanced service capabilities, and stronger customer relationships, the Continental acquisition marks a significant strategic milestone.
Continental is expected to add approximately
Mr. Nahmad commented: “Our success in acquisitions extends beyond financial results—it’s built on people, culture, and trust. We take great pride in how we engage with business owners and their teams, striving to honor their legacies and provide their employees with meaningful opportunities to grow within our organization. We believe that this approach has earned us a reputation as the acquirer of choice in the commercial laundry industry, with owners of target companies excited to become part of a value-driven company with a strong track record, a growth-oriented culture, and a deep commitment to customer success. We expect that this reputation will continue to open doors and fuel our long-term buy-and-build strategy.”
Innovation and Strategic Technology Initiatives
EVI made significant strides in technology adoption during fiscal 2025, building on several years of meaningful investment in digital infrastructure and innovation, reinforcing its long-term strategy to modernize operations and elevate the customer experience.
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Field Service: The Company believes exceptional service is the foundation of future sales. Servicing commercial laundry equipment requires highly skilled technicians, and EVI’s field service platform equips them with the tools to maximize productivity and elevate the customer experience. The system optimizes scheduling, streamlines dispatch, and provides real-time updates, improving efficiency, appointment capacity, and responsiveness. It also generates valuable data, diagnostics and parts usage, that enhance service operations and provide OEM partners insights to improve future equipment design. With only two-thirds of its features currently activated, upcoming enhancements such as predictive maintenance and advanced communication tools are expected to unlock even greater value.
Equally important, every service call is a touchpoint with the customer. Technicians are trained not only to complete repairs but also to identify preventative maintenance needs or equipment replacement opportunities that improve reliability and efficiency. Qualified leads are then passed to the Company’s 200 sales professionals, creating a recurring pipeline that drives revenue growth while deepening customer relationships. Supported by more than 425 service professionals, EVI today operates the largest service organization in the North American commercial laundry industry, and complements this scale with the industry’s broadest portfolio of products to meet virtually any customer need—together representing a powerful competitive advantage.
The rapid adoption of this platform underscores both its effectiveness and its potential. In July 2024, only two business units were live, completing about 1,000 service appointments that month. By June 2025, the rollout had expanded to 27 business units, with more than 8,500 appointments completed in that month alone.
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Business Intelligence: By the end of fiscal 2025, 28 of EVI’s 31 business units were operating on the Company’s end-state enterprise resource planning (ERP) platform. Combined with the rollout of enterprise-wide business intelligence (BI) tools, these initiatives have created a strong infrastructure for measuring and managing both financial and operational performance. Together, they provide leadership with real-time, data-driven insights to support faster, smarter decision-making.
With this foundation in place, EVI is focused on using insights to drive targeted improvements across its operations. In inventory management, the Company expects to optimize stock levels, reduce carrying costs, and improve fill rates. More accurate job costing is expected to ensure installation and service projects are priced and executed to protect and expand margins. In service operations, enhanced visibility into technician efficiency, parts usage, and service-level profitability is expected to support margin expansion and a more consistent customer experience. At the regional level, performance dashboards will help identify underperformance and guide the reallocation of resources to areas with the greatest potential impact.
By improving execution across these areas, the Company expects to strengthen working capital efficiency, enhance margins, and align performance across its growing network of businesses. Management believes these tools will not only improve operational consistency but also position EVI to scale more effectively and deliver greater value to customers.
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Planned E-Commerce Platform: As part of its broader strategy to redefine the customer experience, EVI is developing an e-commerce platform designed to deliver a seamless, data-driven, and service-integrated digital experience. Expected to launch in fiscal 2026, the platform is expected to provide real-time access to product information, inventory, pricing, and service capabilities, empowering customers to engage with the Company anytime and anywhere.
Once live, it will offer 24/7 ordering convenience, reduced transaction costs through automation, and greater accuracy in pricing and fulfillment. By leveraging customer data, EVI plans to deliver personalized product recommendations and dynamic reordering tools. Integration with service operations is expected to enable customers to schedule appointments, track service activity, and access service history online—streamlining their experience from end to end.
Supported by the industry’s largest inventory and the broadest portfolio of products, EVI’s local business units will be able to meet customer need with speed and reliability. Strategically located facilities will further enable efficient shipping and service response, strengthening customer satisfaction, loyalty, and repeat business, while lowering the cost to serve. This initiative represents a key pillar of EVI’s long-term strategy to create value through innovation, efficiency, and an exceptional customer experience.
Cash Flow, Financial Strength, and Liquidity
EVI’s objective is to maintain a healthy balance sheet that allows for access to low-cost capital to fund strategic investments in new growth opportunities as they arise. The Company’s strong financial position is key to its ability to deliver sustained long-term returns, enabling investments regardless of macroeconomic or industry conditions.
EVI generated
Special Cash Dividend
On September 11, 2025, EVI’s Board of Directors declared a special cash dividend on the Company’s common stock of
Tariff Impacts
EVI continues to monitor tariff developments and their potential impact on operations. In response to higher costs from suppliers and OEM partners, the Company has adjusted its own pricing while pursuing measures such as diversifying sourcing and collaborating with suppliers on shared cost strategies. Despite ongoing uncertainty around trade policy, EVI’s focus on essential equipment and replacement parts across diverse markets, along with its commitment to maintaining competitive marketability, provides a strong foundation for sustained performance.
Looking Ahead
Mr. Nahmad commented: “We will continue to execute on our long-term strategy and advance our key initiatives with a focus on growth, innovation, and achieving operating leverage. We remain committed to disciplined execution, building on our strong foundation and proven model to deliver sustained value for customers and shareholders.”
Earnings Call and Additional Information
The Company has provided a pre-recorded earnings conference call, including a business update, which can be accessed under “Financial Info” in the “Investors” section of the Company’s website at www.evi-ind.com or by visiting https://ir.evi-ind.com/message-from-the-ceo. For additional information regarding the Company’s results for the fiscal year ended June 30, 2025, please see the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025, as filed with the Securities and Exchange Commission on or about the date hereof.
Use of Non-GAAP Financial Information
In this press release, EVI discloses the non-GAAP financial measure of adjusted EBITDA, which EVI defines as earnings before interest, taxes, depreciation, amortization, and amortization of stock-based compensation. Adjusted EBITDA is determined by adding interest expense, income taxes, depreciation, amortization, and amortization of stock-based compensation to net income, as shown in the attached statement of Condensed Consolidated Earnings before Interest, Taxes, Depreciation, Amortization, and Amortization of Stock-based Compensation. EVI considers adjusted EBITDA to be an important indicator of its operating performance. Adjusted EBITDA is also used by companies, lenders, investors and others because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company’s capital structure, debt levels and credit ratings, and the tax positions of companies can vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. Adjusted EBITDA should not be considered as an alternative to net income or any other measure of financial performance or liquidity, including cash flow, derived in accordance with GAAP, or to any other method of analyzing EVI’s results as reported under GAAP.
About EVI Industries
EVI Industries, Inc., through its wholly owned subsidiaries, is a value-added distributor and a provider of advisory and technical services. Through its vast sales organization, the Company provides its customers with planning, designing, and consulting services related to their commercial laundry operations. The Company sells and/or leases its customers commercial laundry equipment, specializing in washing, drying, finishing, material handling, water heating, power generation, and water reuse applications. In support of the suite of products it offers, the Company sells related parts and accessories. Additionally, through the Company’s robust network of commercial laundry technicians, the Company provides its customers with installation, maintenance, and repair services. The Company’s customers include retail, commercial, industrial, institutional, and government customers. Purchases made by customers range from parts and accessories to single or multiple units of equipment, to large complex systems as well as the purchase of the Company’s installation, maintenance, and repair services.
Safe Harbor Statement
Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “should,” “could,” “seek,” “believe,” “expect,” “anticipate,” “estimate,” “project,” “intend,” “strategy” and similar expressions are intended to identify forward looking statements. Forward looking statements may relate to, among other things, events, conditions, and trends that may affect the future plans, operations, business, strategies, operating results, financial position and prospects of the Company. Forward looking statements are subject to a number of known and unknown risks and uncertainties that may cause actual results, trends, performance or achievements of the Company, or industry trends and results, to differ materially from the future results, trends, performance or achievements expressed or implied by such forward looking statements. These risks and uncertainties include, among others, those associated with: general economic and business conditions in
EVI Industries, Inc. |
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Condensed Consolidated Results of Operations (in thousands, except per share data) |
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Unaudited |
Unaudited |
|
12-Months Ended |
12-Months Ended |
3-Months Ended |
3-Months Ended |
6/30/25 |
6/30/24 |
6/30/25 |
6/30/24 |
|
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Revenues |
|
|
|
|
Cost of Sales |
271,482 |
248,310 |
76,040 |
62,777 |
Gross Profit |
118,348 |
105,253 |
33,916 |
27,369 |
SG&A |
104,580 |
93,625 |
29,802 |
23,717 |
Operating Income |
13,768 |
11,628 |
4,114 |
3,652 |
Interest Expense, net |
2,743 |
2,744 |
1,026 |
476 |
Income before Income Taxes |
11,025 |
8,884 |
3,088 |
3,176 |
Provision for Income Taxes |
3,527 |
3,238 |
991 |
1,109 |
Net Income |
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Net Earnings per Share |
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Basic |
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Diluted |
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Weighted Average Shares Outstanding |
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Basic |
12,734 |
12,650 |
12,758 |
12,681 |
Diluted |
13,159 |
13,218 |
13,192 |
13,127 |
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EVI Industries, Inc. |
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Condensed Consolidated Balance Sheets (in thousands, except per share data) |
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6/30/25 |
6/30/24 |
Assets |
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Current assets |
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Cash |
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Accounts receivable, net |
|
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60,494 |
40,932 |
Inventories, net |
|
|
66,059 |
47,901 |
Vendor deposits |
|
|
1,396 |
1,657 |
Contract assets |
|
|
289 |
1,222 |
Other current assets |
|
|
8,346 |
5,671 |
Total current assets |
|
|
145,436 |
101,941 |
Equipment and improvements, net |
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17,772 |
13,950 |
Operating lease assets |
|
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10,751 |
8,078 |
Intangible assets, net |
|
|
30,875 |
22,022 |
Goodwill |
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|
91,667 |
75,102 |
Other assets |
|
|
10,527 |
9,566 |
Total assets |
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Liabilities and Shareholders’ Equity |
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Current liabilities |
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Accounts payable and accrued expenses |
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Accrued employee expenses |
|
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15,398 |
11,370 |
Customer deposits |
|
|
24,316 |
24,419 |
Contract liabilities |
|
|
408 |
- |
Current portion of operating lease liabilities |
|
|
3,778 |
3,110 |
Total current liabilities |
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94,863 |
69,803 |
Deferred income taxes, net |
|
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7,691 |
5,498 |
Long-term operating lease liabilities |
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7,997 |
5,849 |
Long-term debt, net |
|
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53,000 |
12,903 |
Total liabilities |
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163,551 |
94,053 |
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Shareholders' equity |
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Preferred stock, |
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- |
- |
Common stock, |
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325 |
322 |
Additional paid-in capital |
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111,219 |
106,540 |
Treasury stock |
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(5,155) |
(4,439) |
Retained earnings |
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37,088 |
34,183 |
Total shareholders' equity |
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143,477 |
136,606 |
Total liabilities and shareholders' equity |
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EVI Industries, Inc. |
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Condensed Consolidated Statements of Cash Flows (in thousands) |
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For the twelve months ended |
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6/30/25 |
6/30/24 |
Operating activities: |
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Net income |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation and amortization |
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6,692 |
5,983 |
Amortization of debt discount |
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54 |
34 |
Provision for expected credit losses |
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1,052 |
688 |
Non-cash lease expense |
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143 |
14 |
Stock compensation |
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4,558 |
4,974 |
Inventory reserve |
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182 |
54 |
(Benefit) provision for deferred income taxes |
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(821) |
475 |
Other |
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(87) |
25 |
(Increase) decrease in operating assets: |
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Accounts receivable |
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(11,058) |
7,028 |
Inventories |
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211 |
11,901 |
Vendor deposits |
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261 |
634 |
Contract assets |
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1,157 |
(41) |
Other assets |
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(735) |
2,476 |
(Decrease) increase in operating liabilities: |
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Accounts payable and accrued expenses |
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10,272 |
(8,234) |
Accrued employee expenses |
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2,220 |
646 |
Customer deposits |
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(742) |
1,017 |
Contract liabilities |
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408 |
(668) |
Net cash provided by operating activities |
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21,265 |
32,652 |
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Investing activities: |
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Capital expenditures |
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(4,861) |
(4,867) |
Cash paid for acquisitions, net of cash acquired |
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(46,925) |
(1,949) |
Net cash used by investing activities |
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(51,786) |
(6,816) |
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Financing activities: |
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Dividends paid |
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(4,593) |
(4,071) |
Proceeds from borrowings |
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106,000 |
62,500 |
Debt repayments |
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(66,000) |
(84,500) |
Repurchases of common stock in satisfaction of employee tax withholding obligations |
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(716) |
(1,244) |
Issuances of common stock under employee stock purchase plan |
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124 |
116 |
Net cash provided (used) by financing activities |
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34,815 |
(27,199) |
Net increase (decrease) in cash |
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4,294 |
(1,363) |
Cash at beginning of period |
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4,558 |
5,921 |
Cash at end of period |
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EVI Industries, Inc. |
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Condensed Consolidated Statements of Cash Flows (in thousands) |
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For the twelve months ended |
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6/30/25 |
6/30/24 |
Supplemental disclosures of cash flow information: |
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Cash paid during the period for interest |
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Cash paid during the period for income taxes |
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Supplemental disclosures of non-cash financing activities: |
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Issuances of common stock for acquisitions |
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- |
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Supplemental disclosures of non-cash investing activities: |
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Amounts owed to sellers in connection with acquisitions |
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- |
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The following table reconciles net income, the most comparable GAAP financial measure, to Adjusted EBITDA. |
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EVI Industries, Inc. |
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Condensed Consolidated Earnings before Interest, Taxes, Depreciation, Amortization, and Amortization of Stock-based Compensation (in thousands) |
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Unaudited |
Unaudited |
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12-Months Ended |
12-Months Ended |
3-Months Ended |
3-Months Ended |
6/30/25 |
6/30/24 |
6/30/25 |
6/30/24 |
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Net Income |
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Provision for Income Taxes |
3,527 |
3,238 |
991 |
1,109 |
Interest Expense, Net |
2,743 |
2,744 |
1,026 |
476 |
Depreciation and Amortization |
6,692 |
5,983 |
1,958 |
1,491 |
Amortization of Stock-based Compensation |
4,558 |
4,974 |
1,130 |
1,018 |
Adjusted EBITDA |
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View source version on businesswire.com: https://www.businesswire.com/news/home/20250911081721/en/
EVI Industries, Inc.
4500 Biscayne Blvd., Suite 340
(305) 402-9300
Henry M. Nahmad
Chairman and CEO
(305) 402-9300
Craig Ettelman
Director of Finance and Investor Relations
(305) 402-9300
info@evi-ind.com
Source: EVI Industries, Inc.
