Completed Four Acquisitions, Including the Largest in Company History, Delivered 7% Compounded Annual Organic Revenue Growth, and Expanded Strategic Investments
MIAMI--(BUSINESS WIRE)--September 11, 2025--
EVI Industries, Inc. (NYSE American: EVI) announced today its operating results for the fourth quarter and fiscal year ended June 30, 2025. The Company also provided updates related to its buy-and-build growth strategy, growth opportunities, and technology investments, and announced a special cash dividend.
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 30% in revenue, 18% in net income, and 27% in adjusted EBITDA. These results have been driven by the acquisition of 31 businesses, along with a 7% compounded annual growth rate in organic revenue, highlighting the effectiveness of EVI's disciplined approach to growth.
Fiscal Year 2025 Results (compared to the fiscal year ended June 30, 2024)
-- Revenue increased 10% to a record $390 million,
-- Gross Profit increased 12% to a record $118 million, or a record 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, or 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, or a record 30.8%, -- Operating Income increased 13% to a record $4.1 million, -- Net Income increased 1% to $2.1 million, and -- Adjusted EBITDA increased 17% to a record $7.2 million, or 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 $50 million in annual revenue (after intercompany eliminations) and brings a comprehensive distributor support platform encompassing sales development, training, logistics, and technical support. With relationships spanning more than 80 independent distributor customers across North America, EVI believes that Continental provides a powerful new channel for growth. EVI plans to leverage Continental as a master distributor for OEMs aiming to accelerate market penetration and to develop it into a strategic sourcing division--delivering stronger purchasing power, improved product availability, and a more competitive value proposition for both EVI-owned distributors and Continental's independent network.
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.
-- 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.
-- 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.
-- 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 $21.3 million in operating cash flow, which, while lower than the prior year, continues to reflect strong underlying operational performance. The year-over-year decline in cash flow is primarily attributable to an increased investment in working capital, as evidenced by higher inventory and accounts receivable balances of $66.1 million and $60.5 million, respectively, as of June 30, 2025. As of June 30, 2024, the Company had net debt of $8.3 million, and the Company generated $21.3 million in cash flow but also deployed $46.9 million across strategic acquisitions during fiscal 2025. As a result, net debt increased to $44.1 million as of June 30, 2025, reflecting ongoing investment in acquisitions, technology, and working capital to support long-term growth initiatives.
Special Cash Dividend
On September 11, 2025, EVI's Board of Directors declared a special cash dividend on the Company's common stock of $0.33 per share. The special cash dividend is payable on October 6, 2025, to shareholders of record as of September 25, 2025. The aggregate amount of the dividend will be approximately $4.9 million. This special cash distribution reflects the Company's strong fiscal 2025 results and its disciplined capital structure, allowing the Company to deliver value directly to its shareholders. The previous special cash dividend paid by EVI was approved by EVI's Board of Directors during September 2024 and was in the amount of $0.31 per share.
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 the United States and other countries where the Company operates or where the Company's customers and suppliers are located; economic uncertainty, including as it relates to governmental measures such as the imposition of tariffs and their effect on the pricing and demand for, and availability of, the Company's products, global trading markets, credit markets, industry conditions, economic conditions generally or otherwise on the Company and its business and results, including that a weakening of the U.S. dollar would result in increased costs, which in turn would negatively affect the Company's operating results; the potential of a recession; industry conditions and trends; credit market volatility; risks related to supply chain delays and disruptions and their impact on the Company's business and results, including the Company's ability to deliver products and services to its customers on a timely basis; risks relating to inflation, including the current inflationary trend, and other price increases (including due to the imposition of tariffs), and their impact on the Company's costs and results (including that, if desired, the Company may not be able to successfully increase the price of its products and services to offset such costs, in whole or in part, and that price increases may result in reduced demand for the Company's products and services); risks related to interest rate increases, including
the impact thereof on the cost of the Company's indebtedness and the Company's ability to raise capital if deemed necessary or advisable; risks associated with international relations and international hostilities, and the impact thereof on economic conditions; the Company's ability to implement its business and growth strategies and plans, including changes thereto; risks and uncertainties associated with the Company's "buy-and-build" growth strategy, including, without limitation, that the Company may not be successful in identifying or consummating acquisitions or other strategic transactions, integration risks, risks related to indebtedness incurred by the Company in connection with the financing of acquisitions and other strategic transactions, dilution experienced by the Company's existing stockholders as a result of the issuance of shares of the Company's common stock in connection with acquisitions or other strategic transactions (or for other purposes), risks related to the business, results, operations and prospects of acquired businesses, risks that suppliers of the acquired business may not consent to the transaction or otherwise continue its relationship with the acquired business following the transaction and the impact that the loss of any such supplier may have on the results of the Company and the acquired business, risks that the Company's goals or expectations with respect to acquisitions, including the anticipated benefits of the acquisition of Continental (including its impact on the Company's financial results), and other strategic transactions may not be met, and risks related to the accounting for acquisitions; risks that investments, initiatives and expenses, including, without limitation, investments in acquired businesses and strategic and technology initiatives (including those associated with the Company's field service software and ERP platform), and other investments, initiatives and expenses, may not result in the benefits anticipated; risks relating to Company's planned e-commerce platform, including potential delays in the launch of the platform and the risk that the platform may not perform or positively impact the Company's results as anticipated; the impact of measures which the Company may take from time to time in connection with its expansion efforts and pursuit of market share growth, including that they may not be successful and may adversely impact the Company's gross margin and other financial results; technology changes; competition, including the Company's ability to compete effectively and the impact that competition may have on the Company and its results, including the prices which the Company may charge for its products and services and on the Company's profit margins, and competition for qualified employees; risks relating to the Company's relationships with its principal suppliers and customers, including the impact of the loss of any such relationship; risks related to the Company's indebtedness, including that availability under the Company's credit facility is subject to the terms and conditions of the facility; the availability, terms and deployment of debt and equity capital if needed for expansion or otherwise; risks of cybersecurity threats or incidents, including the potential misappropriation or use of assets or confidential information, corruption of data or operational disruptions; the risk that orders in the Company's backlog may not be fulfilled as or when expected; and that dividends may not be paid in the future. Reference is also made to the other economic, competitive, governmental, technological and other risks and factors discussed in the Company's filings with the SEC, including, without limitation, in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025. Many of these risks and factors are beyond the Company's control. Further, past performance and perceived trends may not be indicative of future results. The Company cautions that the foregoing factors are not exclusive. The reader should not place undue reliance on any forward-looking statement, which speaks only as of the date made. The Company does not undertake to, and specifically disclaims any obligation to, update, revise or supplement any forward-looking statement, whether as a result of changes in circumstances, new information, subsequent events or otherwise, except as may be required by law.
EVI
Industries,
Inc.
-------------- -------------- -------------- -------------- --------------
Condensed Consolidated Results of Operations (in thousands, except per share
data)
Unaudited Unaudited
12-Months 12-Months
Ended Ended 3-Months Ended 3-Months Ended
6/30/25 6/30/24 6/30/25 6/30/24
Revenues $ 389,830 $ 353,563 $ 109,956 $ 90,146
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 $ 7,498 $ 5,646 $ 2,097 $ 2,067
============== ============== ============== ==============
Net Earnings
per Share
Basic $ 0.50 $ 0.39 $ 0.14 $ 0.14
Diluted $ 0.49 $ 0.37 $ 0.14 $ 0.14
Weighted
Average Shares
Outstanding
Basic 12,734 12,650 12,758 12,681
Diluted 13,159 13,218 13,192 13,127
EVI Industries, Inc.
-------------------------------------------------- --------- ---------
Condensed Consolidated Balance Sheets (in thousands, except per share
data)
6/30/25 6/30/24
Assets
Current assets
Cash $ 8,852 $ 4,558
Accounts receivable, net 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 17,772 13,950
Operating lease assets 10,751 8,078
Intangible assets, net 30,875 22,022
Goodwill 91,667 75,102
Other assets 10,527 9,566
--------- ---------
Total assets $ 307,028 $ 230,659
--------- ---------
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued expenses $ 50,963 $ 30,904
Accrued employee expenses 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 94,863 69,803
--------- ---------
Deferred income taxes, net 7,691 5,498
Long-term operating lease liabilities 7,997 5,849
Long-term debt, net 53,000 12,903
--------- ---------
Total liabilities 163,551 94,053
--------- ---------
Shareholders' equity
Preferred stock, $1.00 par value - -
Common stock, $.025 par value 325 322
Additional paid-in capital 111,219 106,540
Treasury stock (5,155) (4,439)
Retained earnings 37,088 34,183
--------- ---------
Total shareholders' equity 143,477 136,606
--------- ---------
Total liabilities and
shareholders' equity $ 307,028 $ 230,659
--------- ---------
EVI Industries, Inc.
----------------------------------------- -------------- -------------
Condensed Consolidated Statements of Cash Flows (in thousands)
For the twelve months ended
6/30/25 6/30/24
Operating activities:
Net income $ 7,498 $ 5,646
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 6,692 5,983
Amortization of debt discount 54 34
Provision for expected credit
losses 1,052 688
Non-cash lease expense 143 14
Stock compensation 4,558 4,974
Inventory reserve 182 54
(Benefit) provision for deferred
income taxes (821) 475
Other (87) 25
(Increase) decrease in operating
assets:
Accounts receivable (11,058) 7,028
Inventories 211 11,901
Vendor deposits 261 634
Contract assets 1,157 (41)
Other assets (735) 2,476
(Decrease) increase in operating
liabilities:
Accounts payable and accrued
expenses 10,272 (8,234)
Accrued employee expenses 2,220 646
Customer deposits (742) 1,017
Contract liabilities 408 (668)
-------------- -------------
Net cash provided by operating activities 21,265 32,652
-------------- -------------
Investing activities:
Capital expenditures (4,861) (4,867)
Cash paid for acquisitions, net of cash
acquired (46,925) (1,949)
-------------- -------------
Net cash used by investing activities (51,786) (6,816)
-------------- -------------
Financing activities:
Dividends paid (4,593) (4,071)
Proceeds from borrowings 106,000 62,500
Debt repayments (66,000) (84,500)
Repurchases of common stock in
satisfaction of employee tax
withholding obligations (716) (1,244)
Issuances of common stock under
employee stock purchase plan 124 116
-------------- -------------
Net cash provided (used) by financing
activities 34,815 (27,199)
-------------- -------------
Net increase (decrease) in cash 4,294 (1,363)
Cash at beginning of period 4,558 5,921
-------------- -------------
Cash at end of period $ 8,852 $ 4,558
============== =============
EVI Industries, Inc.
----------------------------------------- -------------- -------------
Condensed Consolidated Statements of Cash Flows (in thousands)
For the twelve months ended
6/30/25 6/30/24
Supplemental disclosures of cash flow
information:
Cash paid during the period for
interest $ 2,500 $ 2,783
Cash paid during the period for income
taxes $ 2,976 $ 4,575
Supplemental disclosures of non-cash
financing activities:
Issuances of common stock for
acquisitions - $ 229
Supplemental disclosures of non-cash
investing activities:
Amounts owed to sellers in connection
with acquisitions $ 4,181 -
The following table reconciles net income, the most comparable GAAP financial
measure, to Adjusted EBITDA.
EVI
Industries,
Inc.
-------------- -------------- -------------- -------------- --------------
Condensed Consolidated Earnings before Interest, Taxes, Depreciation,
Amortization, and Amortization of Stock-based Compensation (in thousands)
Unaudited Unaudited
12-Months 12-Months
Ended Ended 3-Months Ended 3-Months Ended
6/30/25 6/30/24 6/30/25 6/30/24
Net Income $ 7,498 $ 5,646 $ 2,097 $ 2,067
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 $ 25,018 $ 22,585 $ 7,202 $ 6,161
============== ============== ============== ==============
View source version on businesswire.com: https://www.businesswire.com/news/home/20250911081721/en/
CONTACT: EVI Industries, Inc.
4500 Biscayne Blvd., Suite 340
Miami, Florida 33137
(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
(END) Dow Jones Newswires
September 11, 2025 16:33 ET (20:33 GMT)