Gencor (NASDAQ: GENC) Q2 2026 earnings fall while backlog more than doubles

Rhea-AI Filing Summary

Gencor Industries reported lower results for the quarter ended March 31, 2026, with net revenue of $33,799,000 versus $38,204,000 a year earlier, mainly from timing of equipment orders and shipments.

Gross margin improved to 31.7% from 29.7%, but operating income declined to $4,236,000 and operating margin to 12.5%, pressured by significantly higher trade show expenses. Net income fell 37.0% to $3,843,000, or $0.26 per share, compared with $0.42 per share a year earlier.

For the six months, revenue was $57,376,000 and net income $7,285,000. Gencor ended the quarter with $155.1 million in cash and marketable securities, no debt, and a backlog of $60.5 million, more than double the prior year.

Insights

Industrial earnings analyst

Gencor’s Q2 profit fell on one-time trade show costs, while backlog and liquidity remained strong.

Gencor saw net revenue decline to $33.8M for the quarter ended March 31, 2026, down from $38.2M. Despite softer sales, gross margin expanded 200 basis points to 31.7%, indicating solid pricing and manufacturing discipline.

Operating income dropped from $6.5M to $4.2M, and net income fell 37.0% to $3.8M, largely due to a jump in trade show expenses to $3.5M. Other income also eased as marketable securities produced smaller gains.

Balance sheet quality remained high with $155.1M in cash and marketable securities, no debt, and net working capital of $205.2M. Backlog reached a record $60.5M, more than double the prior year, which management links to infrastructure funding and views as support for performance through the rest of fiscal 2026 and into fiscal 2027.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 net revenue: $33,799,000 Q2 2026 gross margin: 31.7% Q2 2026 operating income: $4,236,000 +5 more

8 metrics

Q2 2026 net revenue $33,799,000 Quarter ended March 31, 2026, vs $38,204,000 prior year

Q2 2026 gross margin 31.7% Up from 29.7% in quarter ended March 31, 2025

Q2 2026 operating income $4,236,000 Down from $6,480,000 in prior-year quarter

Q2 2026 net income $3,843,000 Decreased 37.0% from $6,095,000 year over year

Six-month 2026 net income $7,285,000 Six months ended March 31, 2026 vs $9,912,000 in 2025

Cash and marketable securities $155.1 million Cash and cash equivalents plus marketable securities at March 31, 2026

Backlog $60.5 million Backlog at March 31, 2026 vs $27.8 million prior year

Total assets $237,062,000 Total assets at March 31, 2026 balance sheet date

Key Terms

gross profit margins, operating income, net other income, marketable securities at fair value, +2 more

6 terms

gross profit margins financial

"As a percentage of net revenue, gross profit margins increased 200 basis points to 31.7%"

Gross profit margin measures the share of sales revenue a company keeps after paying the direct costs to make or buy the products or services it sells. Think of revenue as a whole pizza and gross profit margin as the slice left after taking away the cost of the ingredients — it shows how efficiently a company turns sales into basic profit. Investors use it to compare profitability, spot pricing or cost trends, and assess how much is available to cover other expenses and generate net profit.

operating income financial

"Operating income decreased 34.6%, or $2,244,000, from $6,480,000 ... compared with $4,236,000"

Operating income is the profit a company earns from its regular business activities after subtracting the costs directly related to running the business, such as wages, rent, and supplies. It shows how well the core operations are performing, ignoring income or expenses from non-regular activities like investments or one-time events. Investors use it to assess the company's efficiency and profitability from its main work.

net other income financial

"For the quarter ended March 31, 2026, the Company had net other income of $937,000"

marketable securities at fair value financial

"Marketable securities at fair value (cost of $109,533,000 at March 31, 2026"

backlog financial

"The Company’s backlog was $60.5 million at March 31, 2026 compared to $27.8 million"

A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.

forward-looking statements regulatory

"This press release and our other communications and statements may contain certain “forward-looking statements”"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Earnings Snapshot

Net revenue: $33,799,000

quarter ended March 31, 2026

Net revenue $33,799,000 down from $38,204,000 prior-year quarter

Net income $3,843,000 decreased 37.0% from $6,095,000

EPS basic and diluted $0.26 down from $0.42 prior-year quarter

Gross margin 31.7% up from 29.7% prior-year quarter

Operating margin 12.5% down from 17.0% prior-year quarter

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Understanding 8-K Material Events →

GENCOR INDUSTRIES INC false 0000064472 0000064472 2026-06-12 2026-06-12

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report: June 12, 2026

(Date of earliest event reported)

GENCOR INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

5201 North Orange Blossom Trail, Orlando, Florida 32810

(Address of principal executive offices) (Zip Code)

(407) 290-6000

(Registrant’s telephone number, including area code)

Delaware		001-11703		59-0933147
(State or other jurisdiction of incorporated or organization)		Commission File Number		(I.R.S. Employer Identification No.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered or to be registered pursuant to Section 12(b) of the Act

Title of Each Class		Trading Symbol(s)		Name of Exchange on which registered
Common Stock ($.10 Par Value)		GENC		NYSE American LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On June 12, 2026 Gencor Industries, Inc. issued a press release announcing its financial results for the second quarter of fiscal 2026. A copy of the press release is attached as Exhibit 99.1.

The information in this Form 8-K and the Exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1		Earnings Release dated June 12, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				GENCOR INDUSTRIES, INC.
June 15, 2026				By:		/s/ Raymond Cole
						Raymond Cole, Interim Chief Financial Officer

Exhibit 99.1

GENCOR RELEASES SECOND QUARTER FISCAL 2026 RESULTS

June 12, 2026 (PRIME NEWSWIRE) - Gencor Industries, Inc. (the “Company” or “Gencor”) (NYSE American: GENC) announced today net revenue for the quarter ended March 31, 2026 was $33,799,000 compared with $38,204,000 net revenue for the quarter ended March 31, 2025. The decrease in net revenue was primarily due to lower contract equipment revenues recognized over time and associated freight revenue, which resulted from the timing of orders and shipments. As a percentage of net revenue, gross profit margins increased 200 basis points to 31.7% in the quarter ended March 31, 2026, compared to 29.7% in the quarter ended March 31, 2025.

Product engineering and development expenses decreased $52,000 to $629,000 for the quarter ended March 31, 2026, as compared to $681,000 for the quarter ended March 31, 2025 primarily due to lower headcount. Selling, general and administrative (“SG&A”) expenses increased $1,651,000 to $5,843,000 for the quarter ended March 31, 2026, compared to $4,192,000 for the quarter ended March 31, 2025 due to increased trade show expenses. In the quarter ended March 31, 2026 Gencor incurred trade show expenses of $3,525,000 compared with $345,000 in the quarter ended March 31, 2025.

Operating income decreased 34.6%, or $2,244,000, from $6,480,000 for the quarter ended March 31, 2025 compared with $4,236,000 for the quarter ended March 31, 2026, due to higher trade show expenses, which increased by $3,180,000 for the quarter ended March 31, 2026, compared to the quarter ended March 31, 2025. Operating margin was 12.5% for the quarter ended March 31, 2026 compared with 17.0% for the quarter ended March 31, 2025.

For the quarter ended March 31, 2026, the Company had net other income of $937,000, compared to $1,756,000 for the quarter ended March 31, 2025. Interest and dividend income, net of fees, was $1,111,000 in the quarter ended March 31, 2026 as compared to $1,158,000 in the quarter ended March 31, 2025. The net realized and unrealized losses on marketable securities were $174,000 for the quarter ended March 31, 2026, compared to net realized and unrealized gains of $598,000 for the quarter ended March 31, 2025. The decline in net realized and unrealized gains was due to higher interest rates on longer duration bonds that caused a decline in value.

The effective income tax rate for both the quarters ended March 31, 2026 and March 31, 2025 was 26% based on the expected annual effective income tax rate. Net income for the quarter ended March 31, 2026 decreased $2,252,000 or 37.0% to $3,843,000, or $0.26 basic and diluted net income per common share, from $6,095,000, or $0.42 basic and diluted net income per common share, for the quarter ended March 31, 2025. The lower net income resulted primarily from the impact of higher trade show expenses, lower net revenues and net non-operating income, partially offset by improved gross margins.

For the six months ended March 31, 2026 the Company had net revenue of $57,376,000 and net income of $7,285,000, or $0.50 per basic and diluted common share, compared to net revenue of $69,620,000 and net income of $9,912,000 or $0.68 per basic and diluted common share for the six months ended March 31, 2025. The decline in net income on earnings per share was largely due to the increased trade show expenses in the quarter ending March 31, 2026.

At March 31, 2026, the Company had $155.1 million of cash and cash equivalents and marketable securities compared to $136.3 million at September 30, 2025. Net working capital was $205.2 million at March 31, 2026 compared to $197.7 million at September 30, 2025. The Company had no short-term or long-term debt outstanding at March 31, 2026.

The Company’s backlog was $60.5 million at March 31, 2026 compared to $27.8 million at March 31, 2025.

Marc Elliott, Gencor’s President and Chairman of the Board, commented, “Gencor’s second quarter revenue decline from the previous year was due to a slow start to the season delaying asphalt plant orders typically sold earlier in the fiscal year. Despite lower revenue, gross profit margins exceeded expectations, reflecting strong manufacturing execution and effective cost management. Our $60.5 million backlog was more than double the prior year as remaining IIJA funding obligations continued to flow to states. With this record backlog entering the third quarter, we are well-positioned for sustainable performance through the remainder of this fiscal year and into fiscal 2027.”

Gencor Industries, Inc. is a diversified heavy machinery manufacturer for the production of highway construction materials and equipment and environmental control machinery and equipment used in a variety of applications.

GENCOR INDUSTRIES, INC.

Condensed Consolidated Income Statements

(Unaudited)

		For the Quarters Ended March 31,								For the Six Months Ended March 31,
		2026				2025				2026				2025
Net revenue		$	33,799,000			$	38,204,000			$	57,376,000			$	69,620,000
Cost of goods sold			23,091,000				26,851,000				39,913,000				49,599,000
Gross profit			10,708,000				11,353,000				17,463,000				20,021,000
Operating expenses:
Product engineering and development			629,000				681,000				1,387,000				1,357,000
Selling, general and administrative			5,843,000				4,192,000				8,739,000				7,560,000
Total operating expenses			6,472,000				4,873,000				10,126,000				8,917,000
Operating income			4,236,000				6,480,000				7,337,000				11,104,000
Other income (expense), net:
Interest and dividend income, net of fees			1,111,000				1,158,000				2,288,000				2,147,000
Net realized and unrealized gains (losses) on marketable securities			(174,000	)			598,000				199,000				143,000
Total other income, net			937,000				1,756,000				2,487,000				2,290,000
Income before income tax expense			5,173,000				8,236,000				9,824,000				13,394,000
Income tax expense			1,330,000				2,141,000				2,539,000				3,482,000
Net income		$	3,843,000			$	6,095,000			$	7,285,000			$	9,912,000
Net income per common share – basic and diluted		$	0.26			$	0.42			$	0.50			$	0.68

GENCOR INDUSTRIES, INC.

Condensed Consolidated Balance Sheets

		March 31, 2026 (Unaudited)				September 30, 2025
ASSETS
Current assets:
Cash and cash equivalents		$	43,464,000			$	26,587,000
Marketable securities at fair value (cost of $109,533,000 at March 31, 2026 and $107,237,000 at September 30, 2025)			111,670,000				109,714,000
Accounts receivable, less allowance for credit losses of $529,000 at March 31, 2026 and $434,000 at September 30, 2025			3,932,000				3,130,000
Contract assets			7,552,000				12,208,000
Inventories, net			51,071,000				53,503,000
Prepaid expenses and other current assets			3,167,000				1,399,000
Total current assets			220,856,000				206,541,000
Property and equipment, net			11,154,000				11,079,000
Deferred income taxes			4,843,000				4,584,000
Other long-term assets			209,000				392,000
Total Assets		$	237,062,000			$	222,596,000
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	4,834,000			$	1,842,000
Customer deposits			7,105,000				3,889,000
Contract liabilities			1,233,000				—
Accrued expenses			2,282,000				2,741,000
Current operating lease liabilities			156,000				339,000
Total current liabilities			15,610,000				8,811,000
Unrecognized tax benefits			2,365,000				1,983,000
Total liabilities			17,975,000				10,794,000
Commitments and contingencies
Shareholders’ equity:
Preferred stock, par value $.10 per share; 300,000 shares authorized; none issued			—				—
Common stock, par value $.10 per share; 15,000,000 shares authorized; 12,339,000 shares issued and outstanding at March 31, 2026 and September 30, 2025			1,234,000				1,234,000
Class B Stock, par value $.10 per share; 6,000,000 shares authorized; 2,319,000 shares issued and outstanding at March 31, 2026 and September 30, 2025			232,000				232,000
Capital in excess of par value			12,590,000				12,590,000
Retained earnings			205,031,000				197,746,000
Total shareholders’ equity			219,087,000				211,802,000
Total Liabilities and Shareholders’ Equity		$	237,062,000			$	222,596,000

Caution Concerning Forward Looking Statements - This press release and our other communications and statements may contain certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including statements about the Company’s beliefs, plans, objectives, goals, expectations, estimates, projections and intentions. These statements are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond the Company’s control. The Company’s actual results may differ materially from those set forth in the Company’s forward-looking statements depending on a variety of important factors, including the financial condition of the Company’s customers, changes in the economic and competitive environments, and demand for the Company’s products. In addition, the impact of (i) the United States (“U.S.”) government’s tariff announcements, (ii) the ongoing conflicts and/or tensions involving Russia, Ukraine, Israel, Iran, the U.S., and various other countries, and (iii) any actions taken by the U.S. or other countries in response to such tariff announcements, conflicts and/or tensions, could result in a disruption in our supply chain and higher costs of our products. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “goal,” and similar expressions are intended to identify forward-looking statements.

For information concerning these factors and related matters, see the following sections of the Company’s Annual Report on Form 10-K for the year ended September 30, 2025: (a) Part I, Item 1A, “Risk Factors” and (b) Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. However, other factors besides those referenced could adversely affect the Company’s results, and you should not consider any such list of factors to be a complete set of all potential risks or uncertainties. Any forward-looking statements made by the Company herein speak as of the date of this press release. The Company does not undertake to update any forward-looking statements, except as required by law.

Unless the context otherwise indicates, all references in this press release to the “Company,” “Gencor,” “we,” “us,” or “our,” or similar words are to Gencor Industries, Inc. and its subsidiaries.

Contact:  Raymond Cole, Interim Chief Financial Officer

407-290-6000

FAQ

How did Gencor (GENC) perform in its Q2 fiscal 2026 results?

Gencor’s Q2 fiscal 2026 performance showed lower earnings but solid margins. Net revenue was $33.8 million and net income fell to $3.8 million. Gross margin improved to 31.7%, while higher trade show expenses and weaker other income reduced overall profitability.

What happened to Gencor (GENC) net income and EPS in Q2 2026?

Gencor’s net income decreased to $3.8 million in Q2 2026, a 37.0% decline year over year. Earnings per share were $0.26 basic and diluted, compared with $0.42 in the prior-year quarter, mainly due to higher trade show expenses and lower revenue.

How did Gencor (GENC) revenue and margins change versus Q2 2025?

Quarterly net revenue declined to $33.8 million from $38.2 million, driven by timing of equipment orders and shipments. Despite lower sales, Gencor’s gross profit margin improved to 31.7% from 29.7%, reflecting stronger manufacturing execution and effective cost management.

What is Gencor (GENC) backlog and financial position as of March 31, 2026?

As of March 31, 2026, Gencor reported a $60.5 million backlog, more than double the prior year. The company held $155.1 million in cash and marketable securities, net working capital of $205.2 million, and had no short-term or long-term debt outstanding.

How did Gencor’s (GENC) six-month fiscal 2026 results compare to the prior year?

For the six months ended March 31, 2026, Gencor posted net revenue of $57.4 million and net income of $7.3 million. This compared to $69.6 million in revenue and $9.9 million in net income a year earlier, reflecting softer demand and elevated trade show costs.

What were the key factors behind Gencor’s (GENC) lower Q2 2026 profits?

Lower profits mainly reflected higher trade show expenses, lower net revenue, and reduced net other income. Trade show costs rose to $3.5 million from $0.3 million. These headwinds were partially offset by improved gross profit margins supported by strong manufacturing execution and cost control.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 63.8 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 16.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 10.6 KB