On this page of StockholderLetter.com we present the latest annual shareholder letter from GENCOR INDUSTRIES INC — ticker symbol GENC. Reading current and past GENC letters to shareholders can bring important insights into the investment thesis.

 •  3/3/2026 Letter Continued (Full PDF)
 •  1/25/2024 GENC Stockholder Letter
 •  8/25/2025 GENC Stockholder Letter
 •  More "Industrial Machinery & Equipment" Category Stockholder Letters
 •  GENC Benford's Law Stock Score = 80

GENC Shareholder/Stockholder Letter Transcript:

[X]
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended September 30, 2025

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period From
to
Commission File No. 001-11703
(Exact name of registrant as specified in its charter)
Delaware
59-0933147
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
5201 North Orange Blossom Trail
Orlando, Florida 32810
(Address of principal executive offices, including zip code)
Registrant   s telephone number, including area code: (407) 290-6000
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on which Registered
Common Stock ($.10 Par Value)
GENC
NYSE American LLC
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: None
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 mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act
[ ] Yes
[ ] No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to
[ ] No
such filing requirements for the past 90 days.
[ ] Yes
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (   232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to
[ ] No
submit such files).
[ ] Yes
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,
or an emerging growth company. See the definitions of    large accelerated filer,       accelerated filer,       smaller reporting company,    and    emerging
growth company    in Rule 12b-2 of the Exchange Act:
Large Accelerated Filer
Non-Accelerated Filer


Emerging Growth Company

Accelerated Filer
Smaller Reporting Company [ ]
F-1
1

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. [ ]
Indicate by check mark whether the registrant has filed a report on and attestation to its management   s assessment of the effectiveness of its
internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting
firm that prepared or issued its audit report.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included
in the filing reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant   s executive officers during the relevant recovery period pursuant to   240.10D-1(b). [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
[ ] Yes
[ ] No
State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which
the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant   s most
recently completed second fiscal quarter:
$124,081,000.
Indicate the number of shares outstanding of each of the registrant   s classes of Common Stock, as of the latest practicable date. As of December 5,
2025:
Common Stock ($.10 par value):
Class B Common Stock ($.10 par value):
12,338,845 shares
2,318,857 shares
2
2

DOCUME TS I CORPORATED BY REFERE CE
Portions of the Registrant   s 2026 Proxy Statement for the Annual Meeting of the Stockholders (the    Proxy Statement   )
are incorporated by reference into Part III hereof. Except with respect to information specifically incorporated by
reference in this Form 10-K, the Proxy Statement is not deemed to be filed as a part hereof.
Introductory  ote: Caution Concerning Forward-Looking Statements
This Annual Report on Form 10-K (this    Annual Report   ) and the Company   s 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 U.S. government   s tariff announcements, (ii) the ongoing
conflict between Russia and Ukraine, and (iii) the ongoing conflict between Israel and Hamas, including hostilities
involving Iran, as well as actions taken by other countries, including the U.S., in response to such tariff announcements
and conflicts, 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    Risk Factors    in Part I, Item 1A in this Annual
Report, and    Management   s Discussion and Analysis of Financial Condition and Results of Operations    in Part II, Item
7 in this Annual Report. 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 Annual Report. The Company
does not undertake to update any forward-looking statement, except as required by law.
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3/3/2026 Letter Continued (Full PDF)

 

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