Here are the 10-K annual reports from Gencor Industries, Inc. (GENC) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow GENC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full GENC filings page.
Gencor Industries reports modest growth for the year ended September 30, 2025, while disclosing significant control issues. Net revenue rose 2.0% to $115.4 million, driven by higher equipment sales recognized over time and stronger parts and component sales. Gross margin was essentially flat at 27.5%, and operating income increased to $14.0 million. Net income grew to $15.7 million, or $1.07 per share, helped by interest and dividend income and gains on a sizable investment portfolio.
The balance sheet remains very strong, with $26.6 million in cash and cash equivalents, $109.7 million in marketable securities, no long‑term debt, and working capital of $197.7 million. However, the order environment softened, as backlog dropped to $28.2 million from $72.2 million a year earlier, which could weigh on future revenue if not rebuilt.
A key concern is governance and reporting. Management concluded that internal control over financial reporting and disclosure controls were not effective as of September 30, 2025, and the external auditor issued an adverse opinion on internal control, citing material weaknesses, even though the financial statements themselves received an unqualified opinion.
Gencor Industries (NYSE:GENC) filed its overdue Annual Report for FY ended September 30 2024. The filing reveals two auditor changes: MSL partners joined Forvis Mazars on Nov 1 2024; Forvis Mazars was then dismissed on Feb 13 2025 and replaced by Berkowitz Pollack Brant on Feb 20 2025. Auditor turnover delayed completion of the FY 2024 audit and ICFR attestation, resulting in late Form 10-K and outstanding Form 10-Qs for the quarters ended Dec 31 2024 and Mar 31 2025.
Consequently, the company received a NYSE American delinquency notice. The exchange has now granted an extension until August 19 2025 to file all missing reports and regain compliance, mitigating immediate delisting risk.
Capital structure: as of June 25 2025 the company had 12.34 M common shares and 2.32 M Class B shares outstanding; non-affiliate market value at Q2 FY24 was $160.2 million.
No restatements, going-concern warnings, or material changes to business operations were disclosed in this report.