10-Q

UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

DC 20549

FORM

10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 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: 000-05378

GEORGE

RISK INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Colorado	84-0524756
(State<br> or other jurisdiction<br><br> of incorporation or organization)	(I.R.S.<br> Employers<br><br> Identification No.)
802<br> South Elm St.
---	---
Kimball,<br> NE	69145
(Address<br> of principal executive offices)	(Zip<br> Code)

(308) 235-4645

(Registrant’s telephone number, including area code)

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

Title<br> of each class	Trading<br> Symbol(s)	Name<br> of each exchange on which registered
Class<br> A Common Stock, $0.10 par value	RSKIA	OTC<br> Markets
Convertible<br> Preferred Stock, $20 stated value	RSKIA	OTC<br> Markets

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, a non-accelerated filer, a small 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<br> accelerated filer ☐	Accelerated<br> filer ☐
Non-accelerated<br> filer ☐	Smaller<br> reporting company ☒
	Emerging<br> 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 ☒

APPLICABLE

ONLY TO CORPORATE ISSUERS

The

number of shares of the Registrant’s Common Stock outstanding, as of September 12, 2025, was 4,891,230.

GEORGE

RISK INDUSTRIES, INC.

PART

I. FINANCIAL INFORMATION

ITEM<br> 1:	Financial<br> Statements

The unaudited financial statements for the three months ended July 31, 2025 are attached hereto.

| 2 |

| --- |

GEORGE

RISK INDUSTRIES, INC.

CONDENSED

BALANCE SHEETS

		April 30, 2025
ASSETS
Current Assets:
Cash and cash equivalents	8,260,000	$	6,471,000
Investments and securities, at fair value	38,470,000		35,736,000
Accounts receivable:
Trade, net of allowance for credit losses of 57,193 and 12,414	5,114,000		4,693,000
Other	24,000		59,000
Federal solar tax credit receivable	2,154,000		2,154,000
Inventories, net	10,585,000		10,740,000
Prepaid expenses	563,000		514,000
Total Current Assets	65,170,000		60,367,000
Property and Equipment, net, at cost	2,130,000		2,031,000
Other Assets
Investment in Limited Land Partnership, at cost	25,000		25,000
Projects in process	10,000		10,000
Total Other Assets	35,000		35,000
Intangible assets, net	877,000		907,000
TOTAL ASSETS	68,212,000	$	63,340,000

All values are in US Dollars.

See accompanying notes to the condensed financial statements.

| 3 |

| --- |

GEORGE

RISK INDUSTRIES, INC.

CONDENSED

BALANCE SHEETS

(continued)

			April 30, 2025
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable, trade	465,000		$	301,000
Dividends payable	3,297,000			3,302,000
Deferred income	8,000			17,000
Accrued expenses	558,000			523,000
Income tax payable	472,000			25,000
Total Current Liabilities	4,800,000			4,168,000
Long-Term Liabilities
Deferred income taxes	2,766,000			2,310,000
Total Long-Term Liabilities	2,766,000			2,310,000
Total Liabilities	7,566,000			6,478,000
Commitments and contingencies	—			—
Stockholders’ Equity
Convertible preferred stock, 1,000,000 shares authorized, Series 1—noncumulative, 20 stated value, 25,000 shares authorized, 4,239 issued and outstanding	102,000			102,000
Common stock, Class A, .10 par value, 10,000,000 shares authorized, 8,502,881 shares issued and outstanding	850,000			850,000
Additional paid-in capital	1,931,000			1,931,000
Accumulated other comprehensive income	(76,000	)		(77,000	)
Retained earnings	62,865,000			59,072,000
Less: treasury stock, 3,611,051 and 3,610,451 shares, at cost	(5,026,000	)		(5,016,000	)
Total Stockholders’ Equity	60,646,000			56,862,000
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	68,212,000		$	63,340,000

All values are in US Dollars.

See accompanying notes to the condensed financial statements.

| 4 |

| --- |

GEORGE

RISK INDUSTRIES, INC.

CONDENSED

INCOME STATEMENTS

FOR

THE THREE MONTHS ENDED JULY 31, 2025, AND 2024

(Unaudited)

	July 31, 2025			July 31, 2024
Net Sales	$	5,898,000		$	5,780,000
Less: Cost of Goods Sold		(2,875,000	)		(2,835,000	)
Gross Profit		3,023,000			2,945,000
Operating Expenses:
General and Administrative		389,000			337,000
Sales		802,000			807,000
Engineering		24,000			27,000
Total Operating Expenses		1,215,000			1,171,000
Income From Operations		1,808,000			1,774,000
Other Income (Expense)
Other		67,000			2,000
Interest Expense		—			(1,000	)
Dividend and Interest Income		352,000			317,000
Unrealized Gain on Equity Securities		2,381,000			1,346,000
(Loss) on Sale of Assets		(30,000	)		(2,000	)
Gain on Sale of Investments		145,000			213,000
Total Other Income (Expense)		2,915,000			1,875,000
Income Before Provisions for Income Taxes		4,723,000			3,649,000
Provisions for Income Taxes
Current Expense		479,000			705,000
Deferred tax expense		452,000			239,000
Total Income Tax Expense		931,000			944,000
Net Income	$	3,792,000		$	2,705,000
Basic Earnings Per Share of Common Stock	$	0.78		$	0.55
Diluted Earnings Per Share of Common Stock	$	0.77		$	0.55
Weighted Average Number of Common Shares Outstanding		4,892,032			4,896,730
Weighted Average Number of Shares Outstanding (Diluted)		4,912,532			4,917,230

See accompanying notes to the condensed financial statements.

| 5 |

| --- |

GEORGE

RISK INDUSTRIES, INC.

CONDENSED

STATEMENTS OF COMPREHENSIVE INCOME

FOR

THE THREE MONTHS ENDED JULY 31, 2025, AND 2024

(Unaudited)

	July 31, 2025			July 31, 2024
Net Income	$	3,792,000		$	2,705,000
Other Comprehensive Income, Net of Tax
Unrealized gain on debt securities:
Unrealized holding gains arising during period		5,000			247,000
Income tax (expense) related to other comprehensive income		(4,000	)		(70,000	)
Other Comprehensive Income		1,000			177,000
Comprehensive Income	$	3,793,000		$	2,882,000

See accompanying notes to the condensed financial statements.

| 6 |

| --- |

GEORGE

RISK INDUSTRIES, INC.

CONDENSED STATEMENTS

OF STOCKHOLDERS’ EQUITY

FOR

THE THREE MONTHS ENDED JULY 31, 2025, AND 2024

(Unaudited)

	Shares		Amount		Shares		Amount
	Preferred Stock				Common Stock<br> <br>Class A
	Shares		Amount		Shares		Amount
Balances, April 30, 2024		4,100	$	99,000		8,502,881	$	850,000
Unrealized gain, net of tax effect		—		—		—		—
Net Income		—		—		—		—
Balances, July 31, 2024		4,100	$	99,000		8,502,881	$	850,000
	Preferred Stock				Common Stock<br> <br>Class A
---	---	---	---	---	---	---	---	---
	Shares		Amount		Shares		Amount
Balances, April 30, 2025		4,239	$	102,000		8,502,881	$	850,000
Balance		4,239	$	102,000		8,502,881	$	850,000
Purchases of common stock		—		—		—		—
Unrealized gain, net of tax effect		—		—		—		—
Net Income		—		—		—		—
Balances, July 31, 2025		4,239	$	102,000		8,502,881	$	850,000
Balance		4,239	$	102,000		8,502,881	$	850,000

See accompanying notes to the condensed financial statements.

| 7 |

| --- |

GEORGE

RISK INDUSTRIES, INC.

CONDENSED

STATEMENTS OF STOCKHOLDERS’ EQUITIY

FOR

THE THREE MONTHS ENDED JULY 31, 2025, AND 2024

(Unaudited)

	Capital		Shares		Amount			Income			Earnings		Total
								Accumulated
			Treasury Stock					Other
	Paid-In		(Common Class A)					Comprehensive			Retained
	Capital		Shares		Amount			Income			Earnings		Total
Balances, April 30, 2024	$	1,934,000		3,606,151	$	(4,945,000	)	$	(137,000	)	$	56,836,000	$	54,637,000
Unrealized gain, net of tax effect		—		—		—			177,000			—		177,000
Net Income		—		—		—			—			2,705,000		2,705,000
Balances, July 31, 2024	$	1,934,000		3,606,151	$	(4,945,000	)	$	40,000		$	59,541,000	$	57,519,000
								Accumulated
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
			Treasury Stock					Other
	Paid-In		(Common Class A)					Comprehensive			Retained
	Capital		Shares		Amount			Income			Earnings		Total
Balances, April 30, 2025	$	1,931,000		3,610,451	$	(5,017,000	)	$	(77,000	)	$	59,073,000	$	56,862,000
Balance	$	1,931,000		3,610,451	$	(5,017,000	)	$	(77,000	)	$	59,073,000	$	56,862,000
Purchases of common stock		—		600		(9,000	)		—			—		(9,000	)
Unrealized gain, net of tax effect		—		—		—			1,000			—		1,000
Net Income		—		—		—			—			3,792,000		3,792,000
Balances, July 31, 2025	$	1,931,000		3,611,051	$	(5,026,000	)	$	(76,000	)	$	62,865,000	$	60,646,000
Balance	$	1,931,000		3,611,051	$	(5,026,000	)	$	(76,000	)	$	62,865,000	$	60,646,000

See accompanying notes to the condensed financial statements.

| 8 |

| --- |

GEORGE

RISK INDUSTRIES, INC.

CONDENSED

STATEMENTS OF CASH FLOWS

FOR

THE THREE MONTHS ENDED JULY 31, 2025, AND 2024

(Unaudited)

	July 31, 2025			July 31, 2024
Cash Flows from Operating Activities:
Net Income	$	3,792,000		$	2,705,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		34,000			125,000
(Gain) on sale of investments		(145,000	)		(213,000	)
Unrealized (gain) on equity securities		(2,381,000	)		(1,346,000	)
Provision for credit losses on accounts receivable		45,000			(13,000	)
Reserve for obsolete inventory		(18,000	)		4,000
Deferred income taxes		452,000			239,000
Loss on sale of assets		30,000			2,000
Changes in assets and liabilities:
(Increase) decrease in:
Accounts receivable		(466,000	)		(255,000	)
Inventories		173,000			313,000
Prepaid expenses and other current assets		(48,000	)		(104,000	)
Other receivables		35,000			46,000
Increase (decrease) in:
Accounts payable		163,000			(30,000	)
Accrued expenses and other current liabilities		26,000			125,000
Income tax payable		447,000			697,000
Net cash from operating activities		2,139,000			2,295,000
Cash Flows From Investing Activities:
(Purchase) of property and equipment		(133,000	)		(105,000	)
Proceeds from sale of marketable securities		7,000			8,000
(Purchase) of marketable securities		(210,000	)		(212,000	)
Distribution from investment in limited land partnership		—			269,000
Net cash from investing activities		(336,000	)		(40,000	)
Cash Flows From Financing Activities:
(Purchase) of treasury stock		(9,000	)		—
Dividends paid		(5,000	)		—
Net cash from financing activities		(14,000	)		—
Net Change in Cash and Cash Equivalents	$	1,789,000		$	2,255,000
Cash and Cash Equivalents, beginning of period	$	6,471,000		$	7,112,000
Cash and Cash Equivalents, end of period	$	8,260,000		$	9,367,000
Supplemental Disclosure for Cash Flow Information:
Cash payments for:
Income taxes paid	$	250,000		$	0
Interest paid	$	0		$	1,000
Cash receipts for:
Income taxes	$	226,000		$	0

See accompanying notes to the condensed financial statements

| 9 |

| --- |

GEORGE

RISK INDUSTRIES, INC.

NOTES

TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JULY

31, 2025

Note 1: Unaudited Interim Financial Statements

The accompanying financial statements have been prepared in accordance with the instructions for Form 10-Q and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s April 30, 2025 annual report on Form 10-K (the “Annual Report”). In the opinion of management, all adjustments, consisting only of normal recurring adjustments considered necessary for a fair presentation, have been included. Operating results for any quarter are not necessarily indicative of the results for any other quarter or for the full year.

AccountingEstimates—The preparation of these financial statements requires the use of estimates and assumptions including the carrying value of assets. The estimates and assumptions result in approximate rather than exact amounts.

SignificantAccounting Policies — The significant accounting policies used in preparation of these condensed financial statements are disclosed in our Annual Report, and there have been no changes to the Company’s significant accounting policies during the three months ended July 31, 2025.

Purchaseof Transferrable Tax Credits – In September 2024, pursuant to transferability provisions of the Inflation Reduction Act of 2022, the Company executed an agreement to purchase a tax credit of $3,431,000 created by solar energy projects qualifying under Internal Revenue Code Section 48 (the “Solar Tax Credit”) in exchange for consideration of $2,917,000, resulting in a total gain on federal Solar Tax Credit of $515,000. This tax credit is available to offset income tax payments for the Company’s 2025 fiscal year and for up to the prior four fiscal years. Once the amount of the current federal income tax due is known, amendments will be made to the prior fiscal years until the total credit has been used. As of July 31, 2025, this is shown as a receivable of $2,154,000.

SegmentReporting and Related Information— In fiscal year 2025, we adopted Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07) that was issued by the Financial Accounting Standards Board (FASB). This new standard requires an enhanced disclosure of significant segment expenses on an annual basis.

OperatingSegments and Related Disclosures

We manage our company as one reportable operating segment. The segment information aligns with how the Company’s Chief Operating Decision Maker (“CODM”) reviews and manages our business. The Company’s CODM is Stephanie Risk-McElroy, President and Chief Executive and Financial Officer.

Financial information and annual operating plans and forecasts are prepared and reviewed by the CODM at an entity level. The CODM assesses performance for the segment and decides how to better allocate resources based on net income that is reported on the Statements of Income and Comprehensive Income. The Company’s objective in making resource allocation decisions is to optimize the financial results.

RecentlyIssued Accounting Pronouncements — In December 2023, the FASB issued ASU No. 2023-09, Improvements to Tax Disclosures (Topic 740), to enhance the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. This guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company has adopted this standard which has had minimal impact on its Financial Statements.

In July 2025, the FASB issued ASU No. 2024-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for AccountsReceivable and Contract Assets, which provides that in developing supportable forecasts as part of estimating expected credit losses, all entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. This guidance is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. An entity that elects the practical expedient should apply the amendment prospectively. The Company does not expect the adoption of this new accounting guidance to have a material effect on its Consolidated Financial Statements.

| 10 |

| --- |

Note 2: Investments

The Company has investments in publicly traded equity securities, state and municipal debt securities, real estate investment trusts, and money markets. The investments in debt securities, which include municipal bonds and bond funds, mature between August 2025 and December 2050. The Company uses the average cost method to determine the cost of equity securities sold, with any unrealized gains or losses reported in the respective period’s earnings. Unrealized gains and losses on debt securities are excluded from earnings and reported separately as a component of stockholders’ equity. Dividend and interest income are reported as earned.

As of July 31, 2025, and April 30, 2025, investments consisted of the following:

Schedule of Investments

			Gross		Gross
Investments at	Cost		Unrealized		Unrealized			Fair
July 31, 2025	Basis		Gains		Losses			Value
Municipal bonds	$	7,803,000	$	151,000	$	(123,000	)	$	7,831,000
REITs		74,000		3,000		(7,000	)		70,000
Equity securities		17,971,000		11,644,000		(259,000	)		29,356,000
Money markets and CDs		1,213,000		—		—			1,213,000
Total	$	27,061,000	$	11,798,000	$	(389,000	)	$	38,470,000
			Gross		Gross
---	---	---	---	---	---	---	---	---	---
Investments at	Cost		Unrealized		Unrealized			Fair
April 30, 2025	Basis		Gains		Losses			Value
Municipal bonds	$	7,681,000	$	141,000	$	(135,000	)	$	7,687,000
REITs		74,000		1,000		(7,000	)		68,000
Equity securities		17,689,000		9,330,000		(307,000	)		26,712,000
Money markets and CDs		1,269,000		—		—			1,269,000
Total	$	26,713,000	$	9,472,000	$	(449,000	)	$	35,736,000

Marketable securities that are classified as equity securities are carried at fair value on the balance sheets with changes in fair value recorded as an unrealized gain or (loss) in the statements of income in the period of the change. Upon the disposition of a marketable security, the Company records a realized gain or (loss) on the Company’s statements of income.

The Company evaluates all marketable securities for other-than-temporary declines in fair value, which are defined as when the cost basis exceeds the fair value for approximately one year. The Company also evaluates the nature of the investment, the cause of impairment, and the number of investments that are in an unrealized position. When an “other-than-temporary” decline is identified, the Company will decrease the cost of the marketable security to the new fair value and recognize a real loss. The investments are periodically evaluated to determine if impairment changes are required. As a result of this standard, no impairment loss was recorded for the quarters ended July 31, 2025, and 2024, respectively.

The

Company’s investments are actively traded in the stock and bond markets. Therefore, either a realized gain or loss is recorded when a sale happens. For the quarter ended July 31, 2025, the Company had sales of equity securities which yielded gross realized gains of $190,000 and gross realized losses of $36,000. For the same period, sales of debt securities did not yield any gross realized gains, but gross realized losses of $9,000 were recorded. During the quarter ending July 31, 2024, the Company recorded gross realized gains and losses on equity securities of $268,000 and $48,000, respectively, while sales of debt securities did not yield any gross realized gains, but gross realized losses of $7,000 were recorded. The gross realized loss numbers would include the impaired figures listed in the previous paragraph if there happened to be any.

| 11 |

| --- |

The following table shows the investments with unrealized losses that are not deemed to be “other-than-temporarily impaired”, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of July 31, 2025, and April 30, 2025, respectively.

Unrealized

Loss Breakdown by Investment Type at July 31, 2025

Schedule of Unrealized Loss Breakdown by Investment Type

Description	Less than 12 months, Fair Value		Less than 12 months, Unrealized Loss			12 months or greater, Fair Value		12 months or greater, Unrealized Loss			Total, Fair Value		Total, Unrealized Loss
	Less than 12 months					12 months or greater					Total
Description	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds	$	1,666,000	$	(35,000	)	$	976,000	$	(88,000	)	$	2,642,000	$	(123,000	)
REITs		—		—			39,000		(6,000	)		39,000		(6,000	)
Equity securities		2,535,000		(162,000	)		372,000		(98,000	)		2,907,000		(260,000	)
Total	$	4,201,000	$	(197,000	)	$	1,387,000	$	(192,000	)	$	5,588,000	$	(389,000	)

Unrealized

Loss Breakdown by Investment Type at April 30, 2025

Description	Less than 12 months, Fair Value		Less than 12 months, Unrealized Loss			12 months or greater, Fair Value		12 months or greater, Unrealized Loss			Total, Fair Value		Total, Unrealized Loss
	Less than 12 months					12 months or greater					Total
Description	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Municipal bonds	$	550,000	$	(21,000	)	$	2,108,000	$	(114,000	)	$	2,658,000	$	(135,000	)
REITs		—		—			38,000		(7,000	)		38,000		(7,000	)
Equity securities		1,562,000		(132,000	)		2,238,000		(175,000	)		3,800,000		(307,000	)
Total	$	2,112,000	$	(153,000	)	$	4,384,000	$	(296,000	)	$	6,496,000	$	(449,000	)

MunicipalBonds

The unrealized losses on the Company’s investments in municipal bonds were caused by interest rate increases. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Because the Company has the ability to hold these investments until a recovery of fair value, which may be maturity, the Company does not consider these investments to be other-than-temporarily impaired as of July 31, 2025, and April 31, 2025.

MarketableEquity Securities and REITs

The Company’s investments in marketable equity securities and REITs consist of a wide variety of companies. Investments in these companies include growth, growth income, and foreign investment objectives. The individual holdings have been evaluated, and due to management’s plan to hold on to these investments for an extended period, the Company does not consider these investments to be other-than-temporarily impaired at July 31, 2025, and April 30, 2025.

| 12 |

| --- |

Note 3: Inventories

Inventories at July 31, 2025, and April 30, 2025, consisted of the following:

Schedule of Inventories

	July 31,			April 30,
	2025			2025
Raw materials	$	8,917,000		$	9,279,000
Work in process		898,000			776,000
Finished goods		1,164,000			1,097,000
Inventory, gross		10,979,000			11,152,000
Less: allowance for obsolete inventory		(394,000	)		(412,000	)
Inventories, net	$	10,585,000		$	10,740,000

Note 4: Earnings per Share

Basic and diluted earnings per share, assuming convertible preferred stock was converted for each period presented, are:

Schedule of Basic and Diluted Earnings Per Share

	For the three months ended July 31, 2025
	Income		Shares		Per-Share
	(Numerator)		(Denominator)		Amount
Net income	$	3,792,000
Basic EPS	$	3,792,000		4,892,032	$	.78
Effect of dilutive Convertible Preferred Stock		—		20,500		(.01	)
Diluted EPS	$	3,792,000		4,912,532	$	.77
	For the three months ended July 31, 2024
---	---	---	---	---	---	---
	Income		Shares		Per-Share
	(Numerator)		(Denominator)		Amount
Net income	$	2,705,000
Basic EPS	$	2,705,000		4,896,730	$	.55
Effect of dilutive Convertible Preferred Stock		—		20,500		—
Diluted EPS	$	2,705,000		4,917,230	$	.55

| 13 |

| --- |

Note 5: Retirement Benefit Plan

On January 1, 1998, the Company adopted the George Risk Industries, Inc. Retirement Savings Plan (the “Plan”). The Plan is a defined contribution savings plan designed to provide retirement income to eligible employees of the Company. The Plan is intended to be qualified under Section 401(k) of the Internal Revenue Code of 1986, as amended. It is funded by voluntary pre-tax and Roth (taxable) contributions from eligible employees who may contribute a percentage of their eligible compensation, subject to limitations. Employees are eligible to participate in the Plan when they have attained the age of 21 and completed one thousand hours of service in any plan year with the Company. Each participant is immediately 100% vested with respect to the participants’ contributions while the Company’s matching contributions are vested over six years in accordance with the Plan document. Contributions are invested, as directed by the participant, in investment funds available under the Plan. Matching contributions of approximately $

16,000

were paid in each of the quarters ending July 31, 2025, and 2024, respectively.

Note 6: Fair Value Measurements

The carrying value of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their fair value due to their short-term nature. The fair value of our investments is determined utilizing market-based information. Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions, and credit risk.

US GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurements). The levels of the fair value hierarchy under US GAAP are described below:

Level<br> 1	Valuation<br> is based upon quoted prices for identical instruments traded in active markets.
Level<br> 2	Valuation<br> is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets<br> that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.
Level<br> 3	Valuation<br> is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions<br> reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques<br> include use of option pricing models, discounted cash flow models and similar techniques.

Investmentsand Marketable Securities

As of July 31, 2025, and April 30, 2025, our investments consisted of money markets, publicly traded equity securities, real estate investment trusts (REITs), as well as certain state and municipal debt securities. The marketable securities are valued using third-party broker statements. The value of the majority of securities is derived from quoted market information. The inputs to the valuation are generally classified as Level 1, given the active market for these securities; however, if an active market does not exist, which is the case for municipal bonds and REITs, the inputs are recorded as Level 2.

FairValue Hierarchy

The following table sets forth our assets and liabilities measured at fair value on a recurring basis and a non-recurring basis by level within the fair value hierarchy. As required by US GAAP, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

| 14 |

| --- |

Schedule of Assets Measured at Fair Value on Recurring Basis

	Level 1		Level 2		Level 3		Total
	Assets Measured at Fair Value on a Recurring Basis as of <br> July 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Municipal Bonds	$	—	$	7,831,000	$	—	$	7,831,000
REITs		—		70,000		—		70,000
Equity Securities		29,356,000		—		—		29,356,000
Money Markets and CDs		1,213,000		—		—		1,213,000
Total fair value of assets measured on a recurring basis	$	30,569,000	$	7,901,000	$	—	$	38,470,000
	Level 1		Level 2		Level 3		Total
---	---	---	---	---	---	---	---	---
	Assets Measured at Fair Value on a Recurring Basis as of <br> April 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Municipal Bonds	$	—	$	7,687,000	$	—	$	7,687,000
REITs		—		68,000		—		68,000
Equity Securities		26,712,000		—		—		26,712,000
Money Markets and CDs		1,269,000		—		—		1,269,000
Total fair value of assets measured on a recurring basis	$	27,981,000	$	7,755,000	$	—	$	35,736,000

Note 7: Subsequent Events

On July 28, 2025, the Board of Directors declared

a cash dividend of $1.00 per share on the Company’s common stock, payable by October 31, 2025, to shareholders of record as of September 30, 2025. The total dividend is estimated to be approximately $4.9 million, based on the number of outstanding shares.

| 15 |

| --- |

GEORGE

RISK INDUSTRIES, INC.

PART

I. FINANCIAL INFORMATION

Item<br> 2:	Management<br> Discussion and Analysis of Financial Condition and Results of Operations

MANAGEMENT

DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ThisQuarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, asamended (the Securities Act) and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), which are subjectto the “safe harbor” created by those sections. Any statements herein that are not statements of historical fact may be deemedto be forward-looking statements. For example, words such as “may,” “will,” “could,” “would,”“should,” “anticipate,” “expect,” “intend,” “believe,” “estimate,”“project,” or “continue,” and the negatives of such terms are intended to identify forward-looking statements.The information included herein represents our estimates and assumptions as of the date of this filing. Unless required by law, we undertakeno obligation to update publicly any forward-looking statements, or to update the reasons actual results could differ materially fromthose anticipated in these forward-looking statements, even if current information becomes available in the future.

Thefollowing discussion should be read in conjunction with the attached condensed financial statements and with the Company’s auditedfinancial statements and discussion for the fiscal year ended April 30, 2025.

ExecutiveSummary

The Company’s performance improved during the quarter ended July 31, 2025, as compared to the quarter ended July 31, 2024. Sales, income from operations, and overall net income have increased when comparing these figures to the same quarter last year. The Company has a back-order log, but management has seen improvement in this area and continues to work towards diminishing that number. During this current quarter, even with the tariffs that the government has put into place, the economy is strong, which has helped shape our profitable numbers. Opportunities include ramping up production to meet customers’ needs, potentially through increased automation and exploring potential acquisitions. We also continue to work on new products that will be a good fit for our industry and business. Challenges in the coming months include continuing to deliver products to customers in a timely manner and addressing the continuing impact of tariffs, as well as purchasing raw materials at prices that will maintain the Company’s profitability. Management continues to work at keeping operations flowing as efficiently as possible with the hopes of getting the facilities running leaner and more profitable than ever before.

Results of Operations

●	Net<br> sales for the quarter ended July 31, 2025, showed a 2.04% increase over the same period in the prior year. The small increase in<br> sales is a result of a resilient economy, which has helped improve growth in the housing market. Management also believes that sales<br> stay strong due to our ongoing commitment to outstanding customer service, our ability to customize products, and continuing to manufacture<br> quality products.
●	The<br> cost of goods sold percentage decreased from 49.05% of sales during the quarter last year to 48.75% for the current quarter, which<br> is right at Management’s goal of keeping labor and other manufacturing expenses below 50%. The decreased cost of goods sold<br> percentage is a result of a steadier economy. Management strives to be as efficient as possible as material costs continue to increase.<br> Wages also continue to increase to remain competitive in the job market.
●	Operating<br> expenses increased by $44,000 when comparing the current year quarter to the same quarter for the prior year. When comparing percentages<br> in relation to net sales, the operating expenses increased slightly to 20.6% for the quarter ended July 31, 2025, as compared to<br> 20.26% for the corresponding quarter last year. The dollar increase is primarily the result of increased sales commissions. The Company<br> maintained the ratio of operating expenses to net sales at less than 30%, which is in line with historical ratios.
●	Income<br> from operations for the quarter ended July 31, 2025, was $1,808,000, which is an increase of 1.92% over the corresponding quarter<br> last year, which had income from operations of $1,774,000.

| 16 |

| --- | | ● | Other<br> income and expenses showed a $2,915,000 gain for the quarter ended July 31, 2025, as compared to a $1,875,000 gain for the quarter<br> ended July 31, 2024. For the three months ended July 31, 2025, $2,381,000 of unrealized gains from equity securities were recorded,<br> compared to $1,346,000 of unrealized losses from equity securities recorded for the three months ended July 31, 2024. The remainder<br> of the increase is primarily due to dividend and interest income paid on investments and gains on sales of investments. | | --- | --- | | ● | The<br> Company’s provision for income taxes showed a slight decrease of $13,000 from $944,000 in the quarter ended July 31, 2024,<br> to $931,000 for the quarter ended July 31, 2025. This decrease is primarily due to the State of Nebraska reducing the corporate income<br> tax rate for 2025. Income before provisions for income tax is up $1,074,000 when comparing the current quarter ending July 31, 2025,<br> to the same quarter the prior year. | | ● | Net<br> income for the quarter ended July 31, 2025, was $3,792,000, a 40.18% increase from the corresponding quarter last year, which showed<br> net income of $2,705,000. | | ● | Earnings<br> per share for the quarters ended July 31, 2025, and 2024, were $0.78 and $0.55 per common share, respectively. |

Liquidity and capital resources

	Operating
●	Net<br> cash increased $1,789,000 during the quarter ended July 31, 2025, compared to an increase of $2,255,000 during the corresponding<br> quarter last year. Details by category are listed below.
●	Accounts<br> receivable, net increased $466,000 for the quarter ending July 31, 2025, compared to a $255,000 increase for the same quarter last<br> year. The increase in cash flow from accounts receivable is directly attributable to the increase in sales, offset slightly by a<br> temporary delay in payment from one of our larger customers. Management works with customers to collect accounts and to keep past<br> due accounts to a minimum. An analysis of accounts receivable shows that 19.92% of the balance was over 90 days at July 31, 2025.
●	Inventories,<br> net decreased $173,000 during the current quarter as compared to a $313,000 decrease last year. The current period’s decrease<br> is primarily due to the Company’s increased sales, thereby using inventory faster than it is replenished.
●	For<br> the quarter ended July 31, 2025, there was a $48,000 increase in prepaid expenses and other current assets, compared to an increase<br> of $104,000 for the quarter ended July 31, 2024. The smaller current increase is due to a decrease in prepayments for raw materials<br> during the quarter.
---	---
●	Accounts<br> payable increased $163,000 for the quarter ended July 31, 2025, compared to a decrease of $30,000 for the same quarter the year before.<br> The variance is primarily due to timing differences in the receipt of products. Management strives to pay all payables within terms,<br> unless there is a problem with the merchandise.
●	Accrued<br> expenses and other current liabilities increased $26,000 for the current quarter, as compared to a $125,000 increase for the quarter<br> ended July 31, 2024. The difference in the amounts is primarily due to the timing of payroll cycles.
●	Income<br> tax payable increased $447,000 for the quarter ended July 31, 2025, compared to a $697,000 increase in income tax payable for the<br> quarter ended July 31, 2024. The current year income tax payable increase is a result of increased income.

| 17 |

| --- | | | Investing | | --- | --- | | ● | The<br> Company purchased $133,000 of property and equipment during the current fiscal quarter. In comparison, $105,000 was spent on purchases<br> of property and equipment during the corresponding quarter last year. | | ● | The<br> Company continues to purchase marketable securities, which include municipal bonds and quality stocks. Cash spent on purchases of<br> marketable securities for the quarter ended July 31, 2025, was $210,000 compared to $212,000 spent during the quarter ended July<br> 31, 2024. We continue to use “money manager” accounts for most stock transactions. By doing this, the Company gives an<br> independent third-party firm, which is an expert in this field, permission to buy and sell stocks at will. The Company pays quarterly<br> service fees based on the value of the investments.<br><br> <br><br><br> <br>The<br> Company did not receive any cash distributions from the investment in the limited land partnership during the quarter ending July<br> 31, 2025, compared to a cash distribution of $269,000 received during the quarter ending July 31, 2024. This was the second distribution<br> received from the sale of the limited land partnership. The rest of the proceeds are contingent on finishing wetland restoration<br> of the land. | | | Financing | | ● | The<br> Company continues to repurchase common stock when the opportunity arises. For the quarter ended July 31, 2025, the Company repurchased<br> treasury stock in the amount of $9,000. In comparison, there was no treasury stock repurchased during the quarter ended July 31,<br> 2024. |

New Product Development

●	The<br> Company and its engineering department perpetually work to develop enhancements to current<br> product lines, develop new products that complement existing products, and look for products<br> that are well-suited to our distribution network and manufacturing capabilities. Items currently<br> in various stages of the development process include:
●	Explosion-proof<br> contacts that will be Underwriter Laboratories (UL) listed for hazardous locations are in development. There has been demand from<br> our customers for this type of high-security magnetic reed switch.
●	Research<br> is being done on programmable temperature and humidity sensors with built-in hysteresis, a miniature profile overhead door contact<br> based on our popular 4532 series, and a brass water valve shut-off system.
●	Production<br> has begun on a couple of newly developed products. First, there are magnetic contacts, which are listed under UL 634 Level 2. These<br> sensors will require additional UL testing and are used in high security applications such as government buildings, military use,<br> nuclear facilities, and financial institutions. Second, we have updated our small profile glass break detector and, third, we have<br> expanded the GR3045 panic switch to include single-pull, double-throw (SPDT) versions, latching and non-latching with LED indicator<br> lights.
●	Wireless<br> technology is a main area of focus for product development. We are considering adding wireless technology to some of our current<br> products. A wireless contact switch is in the final stages of development. We are also working on wireless versions of monitoring<br> devices which include glass break detection, tilt sensing, and environmental monitoring.

Other Information

In addition to researching and developing new products, management is always open to the possibility of acquiring a business or product line that would complement our existing operations. Due to the Company’s strong cash position, management believes this could be achieved without the need for outside financing. The intent is to utilize the equipment, marketing techniques, and established customers to deliver new products and increase sales and profits.

There are no known seasonal trends with any of GRI’s products, since we sell to distributors and OEM manufacturers. Our products are tied to the housing industry and will fluctuate with building trends.

| 18 |

| --- |

GEORGE

RISK INDUSTRIES, INC.

PART

I. FINANCIAL INFORMATION

Item<br> 3.	Quantitative<br> and Qualitative Disclosures About Market Risk

This disclosure does not apply.

Item<br> 4.	Controls<br> and Procedures

DisclosureControls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer (also serving as the Chief Financial Officer), has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of July 31, 2025. Based on such evaluation, the Company’s Chief Executive Officer has concluded that, as of July 31, 2025, the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by the SEC’s rules and forms and are designed to ensure that information required to be disclosed by the Company in the reports we file or submit under the Exchange Act is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer, as appropriate to allow timely decisions regarding required disclosure.

Changesin Internal Control Over Financial Reporting

No change in our internal control over financial reporting occurred during the fiscal quarter ended July 31, 2025, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

| 19 |

| --- |

GEORGE

RISK INDUSTRIES, INC.

PART

II. OTHER INFORMATION

Item<br> 1.	Legal<br> Proceedings

Not applicable

Item<br> 1A.	Risk<br> Factors

Not applicable

Item<br> 2.	Unregistered<br> Sales of Equity Securities and Use of Proceeds

The following table provides information relating to the Company’s repurchase of common stock for the first quarter of fiscal year 2026.

Period	Number of shares repurchased
May<br> 1, 2025 – May 31, 2025	-0-
June<br> 1, 2025 – June 30, 2025	600
July<br> 1, 2025 – July 31, 2025	-0-
Item<br> 3.	Defaults<br> upon Senior Securities
---	---

Not applicable

Item<br> 4.	Mine<br> Safety Disclosures

Not applicable

Item<br> 5.	Other<br> Information

Not applicable

Item<br> 6.	Exhibits
Exhibit<br> No.	Description
---	---
31.1	Certification of the Chief Executive Officer (Principal Financial and Accounting Officer), as required by Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of the Chief Executive Officer (Principal Financial and Accounting Officer), as required by Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	Inline<br> XBRL Instance Document
101.SCH	Inline<br> XBRL Taxonomy Extension Schema Document
101.CAL	Inline<br> XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline<br> XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline<br> XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline<br> XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover<br> Page Interactive Data File (embedded within the Inline XBRL document)

| 20 |

| --- |

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	George<br> Risk Industries, Inc.
	(Registrant)
Date<br> September 12, 2025	By:	/s/ Stephanie M. Risk-McElroy
		Stephanie<br> M. Risk-McElroy
		President,<br> Chief Executive Officer, Chief Financial Officer
		and<br> Chairman of the Board

| 21 |

| --- |

Exhibit31.1

CERTIFICATIONOF STEPHANIE M. RISK-MCELROY, CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER, PURSUANT TO RULE 13a-14 OF THE SECURITIES EXCHANGEACT OF 1934 SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Stephanie M. Risk-McElroy, certify that:

(1) I have reviewed this quarterly report on Form 10-Q of George Risk Industries, Inc.;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;

(4) The small business issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the small business issuer and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the small business issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the small business issuer’s internal control over financial reporting that occurred during the small business issuer’s most recent fiscal quarter (the small business issuer’s first fiscal quarter in the case of this quarterly report) that has materially affected, or is reasonably likely to materially affect, the small business issuer’s internal control over financial reporting; and

(5) The small business issuer’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer’s auditors and the audit committee of the small business issuer’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer’s internal control over financial reporting.

Date: September 12, 2025

By:	/s/ Stephanie M. Risk-McElroy
	Stephanie<br> M. Risk-McElroy
	Chief<br> Executive Officer and Chief Financial Officer

Exhibit32.1

CERTIFICATIONOF CHIEF EXECUTIVE AND FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEYACT OF 2002

I, Stephanie M. Risk-McElroy, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the quarterly report of George Risk Industries, Inc. on Form 10-Q dated July 31, 2025 fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 and that information contained in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of George Risk Industries, Inc.

Date:<br> September 12, 2025	By:	/s/ Stephanie M. Risk-McElroy
		Stephanie<br> M. Risk-McElroy
		President<br> and Chief Executive and Financial Officer