evi20251231_10q.htm

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 December 31, 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 number 001-14757

EVI Industries, Inc.

(Exact name of registrant as specified in its charter)

Delaware	11-2014231
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

4500 Biscayne Blvd., Suite 340, Miami, Florida	33137
(Address of principal executive offices)	(Zip Code)

(305) 402-9300

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

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, $.025 par value	EVI	NYSE American

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 such filing requirements for the past 90 days. Yes ☒ No ☐

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 submit such files). Yes ☒ No ☐

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 ☐	Accelerated filer ☒	Non-accelerated filer ☐	Smaller reporting company ☒

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: Common Stock, $.025 par value per share – 12,862,149 shares outstanding as of February 4, 2026.

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements

	Condensed Consolidated Statements of Operations (Unaudited) for the six and three months ended December 31, 2025 and 2024	3

	Condensed Consolidated Balance Sheets at December 31, 2025 (Unaudited) and June 30, 2025	4

	Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) for the six and three months ended December 31, 2025 and 2024	6

	Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended December 31, 2025 and 2024	8

	Notes to Condensed Consolidated Financial Statements (Unaudited)	10

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	30

Item 4.	Controls and Procedures	31


PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	31

Item 1A.	Risk Factors	32

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32

Item 5.	Other Information	32

Item 6.	Exhibits	33

Signatures		34

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1.

Financial Statements.

EVI Industries, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except per share data) (Unaudited)

	For the six months ended				For the three months ended
	December 31,				December 31,
	2025		2024		2025		2024
Revenues	$	223,563	$	186,336	$	115,294	$	92,711
Cost of sales		154,141		129,959		79,764		65,189
Gross profit		69,422		56,377		35,530		27,522
Selling, general and administrative expenses		61,611		48,998		31,281		25,132
Operating income		7,811		7,379		4,249		2,390
Interest expense, net		1,999		1,152		1,083		670
Income before income taxes		5,812		6,227		3,166		1,720
Provision for income taxes		1,595		1,867		796		591

Net income	$	4,217	$	4,360	$	2,370	$	1,129

Net earnings per share – basic	$	0.28	$	0.29	$	0.16	$	0.08

Net earnings per share – diluted	$	0.26	$	0.29	$	0.15	$	0.07

See Notes to Condensed Consolidated Financial Statements

Table of Contents

EVI Industries, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except as otherwise noted)

	December 31,
	2025		June 30,
	(Unaudited)		2025
ASSETS
Current assets
Cash	$	4,250	$	8,852
Accounts receivable, net of allowance for expected credit losses of $3.3 million and $3.1 million, respectively		56,839		60,494
Inventories, net		78,038		66,059
Vendor deposits		1,841		1,396
Contract assets		8		289
Other current assets		11,940		8,346
Total current assets		152,916		145,436

Equipment and improvements, net		18,995		17,772
Operating lease assets		11,768		10,751
Intangible assets, net		29,316		30,875
Goodwill		92,226		91,667
Other assets		10,413		10,527

Total assets	$	315,634	$	307,028

See Notes to Condensed Consolidated Financial Statements

Table of Contents

EVI Industries, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

	December 31,
	2025			June 30,
	(Unaudited)			2025
LIABILITIES AND
SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued expenses	$	54,416		$	50,963
Accrued employee expenses		13,994			15,398
Customer deposits		21,456			24,316
Contract liabilities		3,028			408
Current portion of operating lease liabilities		3,889			3,778
Total current liabilities		96,783			94,863


Deferred tax liabilities, net		7,547			7,691
Long-term operating lease liabilities		9,335			7,997
Long-term debt		58,000			53,000

Total liabilities		171,665			163,551


Commitments and contingencies (Note 11)

Shareholders’ equity
Preferred stock, $1.00 par value; authorized shares – 200,000; none issued and outstanding		—			—
Common stock, $.025 par value; authorized shares - 20,000,000; 13,134,191 shares issued at December 31, 2025 and 12,983,872 shares issued at June 30, 2025, including shares held in treasury		328			325
Additional paid-in capital		113,944			111,219
Treasury stock, 272,569 shares at December 31, 2025 and 221,879 shares at June 30, 2025, at cost		(6,625	)		(5,155	)
Retained earnings		36,322			37,088
Total shareholders’ equity		143,969			143,477
Total liabilities and shareholders’ equity	$	315,634		$	307,028

See Notes to Condensed Consolidated Financial Statements

Table of Contents

EVI Industries, Inc. and Subsidiaries

Condensed Consolidated Statements of Shareholders’ Equity

(In thousands, except share data) (Unaudited)

	*Six months ended December 31, 2025*
					Additional
	Common Stock				Paid-in			Treasury Stock					Retained
	Shares		Amount		Capital			Shares		Cost			Earnings			Total
Balance at June 30, 2025		12,983,872	$	325	$	111,219			221,879	$	(5,155	)	$	37,088		$	143,477

Share repurchases		—		—		—			50,690		(1,470	)		—			(1,470	)

Vesting of restricted shares		146,662		3		(3	)		—		—			—			—

Issuance of shares under employee stock purchase plan		3,657		—		85			—		—			—			85

Stock compensation		—		—		2,643			—		—			—			2,643

Amount of dividends paid ($0.33 per share)		—		—		—			—		—			(4,983	)		(4,983	)

Net income		—		—		—			—		—			4,217			4,217
Balance at December 31, 2025		13,134,191	$	328	$	113,944			272,569	$	(6,625	)	$	36,322		$	143,969

	*Three months ended December 31, 2025*
					Additional
	Common Stock				Paid-in			Treasury Stock					Retained
	Shares		Amount		Capital			Shares		Cost			Earnings		Total
Balance at September 30, 2025		13,056,903	$	326	$	112,459			249,245	$	(5,971	)	$	33,952	$	140,766

Share repurchases		—		—		—			23,324		(654	)		—		(654	)

Vesting of restricted shares		73,631		2		(2	)		—		—			—		—

Issuance of shares under employee stock purchase plan		3,657		—		85			—		—			—		85

Stock compensation		—		—		1,402			—		—			—		1,402

Net income		—		—		—			—		—			2,370		2,370
Balance at December 31, 2025		13,134,191	$	328	$	113,944			272,569	$	(6,625	)	$	36,322	$	143,969

See Notes to Condensed Consolidated Financial Statements

Table of Contents

EVI Industries, Inc. and Subsidiaries

Condensed Consolidated Statements of Shareholders’ Equity

(In thousands, except share data) (Unaudited)

	*Six months ended December 31, 2024*
					Additional
	Common Stock				Paid-in			Treasury Stock					Retained
	Shares		Amount		Capital			Shares		Cost			Earnings			Total
Balance at June 30, 2024		12,868,709	$	322	$	106,540			184,672	$	(4,439	)	$	34,183		$	136,606

Share repurchases		—		—		—			35,233		(683	)		—			(683	)

Vesting of restricted shares		102,462		2		(2	)		—		—			—			—

Issuance of shares under employee stock purchase plan		3,645		—		56			—		—			—			56

Amount of dividends paid ($0.31 per share)		—		—		—			—		—			(4,593	)		(4,593	)

Stock compensation		—		—		2,263			—		—			—			2,263

Net income		—		—		—			—		—			4,360			4,360
Balance at December 31, 2024		12,974,816	$	324	$	108,857			219,905	$	(5,122	)	$	33,950		$	138,009

	*Three months ended December 31, 2024*
					Additional
	Common Stock				Paid-in			Treasury Stock					Retained
	Shares		Amount		Capital			Shares		Cost			Earnings		Total
Balance at September 30, 2024		12,903,061	$	323	$	107,606			197,624	$	(4,693	)	$	32,821	$	136,057

Share repurchases		—		—		—			22,281		(429	)		—		(429	)

Vesting of restricted shares		68,110		1		(1	)		—		—			—		—

Issuance of shares under employee stock purchase plan		3,645		—		56			—		—			—		56

SEC Form 10-Q filed by EVI Industries Inc.