Form 8-K

8-K — SPORTSMAN'S WAREHOUSE HOLDINGS, INC.

Accession: 0001193125-26-134574

Filed: 2026-03-31

Period: 2026-03-31

CIK: 0001132105

SIC: 5940 (RETAIL-MISCELLANEOUS SHOPPING GOODS STORES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — spwh-20260331.htm (Primary)

EX-99.PR120722 (spwh-ex99_pr120722.htm)

GRAPHIC (img153794858_0.gif)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: spwh-20260331.htm · Sequence: 1

8-K

0001132105false00011321052026-03-312026-03-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 31, 2026

SPORTSMAN'S WAREHOUSE HOLDINGS, INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-36401

39-1975614

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

1475 West 9000 South

Suite A

West Jordan, Utah

84088

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: 801 566-6681

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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

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

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

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

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

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, $.01 par value

SPWH

The Nasdaq Stock Market LLC

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On March 31, 2026, Sportsman’s Warehouse Holdings, Inc. (“the Company”) issued a press release reporting its results of operations for the thirteen and fifty-two weeks ended January 31, 2026, a copy of which is furnished hereto as Exhibit 99.1 and is incorporated herein by reference.

The information in this Item 2.02 and the related information in Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section and shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1.

Press Release, dated March 31, 2026

Exhibit 104.

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

SPORTSMAN'S WAREHOUSE HOLDINGS, INC.

Date:

March 31, 2026

By:

/s/ Jennifer Fall Jung

Name:

Title

Jennifer Fall Jung

Secretary and Chief Financial Officer

EX-99.PR120722

Filename: spwh-ex99_pr120722.htm · Sequence: 2

EX-99.PR120722

Exhibit 99.1

Sportsman’s Warehouse Holdings, Inc. Announces

Fourth Quarter and Fiscal Year 2025 Financial Results

Full year same store sales growth of 1%

Decreased inventory by $29.1 million or 8.5%; reduced net debt by 6.1%

Provides full year 2026 outlook

WEST JORDAN, Utah, March 31, 2026--Sportsman's Warehouse Holdings, Inc. (“Sportsman's Warehouse” or the “Company”) (Nasdaq: SPWH) today announced financial results for the thirteen and fifty-two weeks ended January 31, 2026.

“We are pleased with our improved fourth quarter finish and full-year performance, which exceeded our revised guidance following our third quarter of 2025, and reflects the meaningful progress we are making against our strategic initiatives,” said Paul Stone, Chief Executive Officer of Sportsman’s Warehouse. “In 2025, we returned to positive same store sales growth for the first time since 2020, while also strengthening our balance sheet, improving inventory productivity, and generating positive free cash flow.”

“Our team executed with discipline throughout the year—refining our assortment, improving in-stock levels in key categories, and leaning into higher-growth areas such as Fishing and Personal Protection,” continued Stone. “These efforts are driving stronger customer engagement, improved inventory productivity, and a more efficient operating model. While the consumer environment remains pressured and we are approaching 2026 with appropriate caution, we are encouraged by the momentum in the business. With a stronger foundation in place, we believe we are well positioned to continue driving profitable growth and delivering long-term value for our shareholders.”

For the thirteen weeks ended January 31, 2026:

•

Net sales were $334.9 million, a decrease of 1.6%, compared to $340.4 million in the fourth quarter of fiscal year 2024. Performance was driven by a 6.2% gain in Hunting and Shooting Sports, led by firearms, ammunition, and less-lethal personal protection, with some additional event-driven demand. Fishing rose 3.2%, despite unseasonably warm weather in the Western U.S., which negatively affected ice fishing sales. Our other categories declined, reflecting a more promotional environment, the impact of the government shutdown, and continued pressure on the U.S. consumer.

•

Same store sales decreased 1.8% during the fourth quarter of fiscal year 2025, compared to the fourth quarter of fiscal year 2024, primarily as a result of the same factors noted above that drove net sales growth.

•

Gross profit was $95.2 million, or 28.4% of net sales, compared to $103.6 million or 30.4% of net sales in the fourth quarter of fiscal year 2024. This decrease was primarily driven by category mix,

with a higher penetration of firearms and ammunition, increased promotional activity, and lower sales in higher-margin categories.

•

Selling, general, and administrative (SG&A) expenses decreased to $96.2 million, or 28.7% of net sales, compared to $100.0 million, or 29.4% of net sales in the fourth quarter of fiscal year 2024, primarily driven by decreased payroll expense as we emphasize disciplined cost control.

•

Impairment charges of $17.8 million, related to asset write offs for ten underperforming store locations, were recorded in the fourth quarter of fiscal year 2025. No impairment charges were recorded in the fourth quarter of fiscal year 2024.

•

Net loss was $(21.7) million, compared to a net loss of $(8.7) million in the fourth quarter of fiscal year 2024. Adjusted net loss was $(3.9) million, compared to adjusted net income of $1.6 million in the fourth quarter of fiscal year 2024 (see “GAAP and Non-GAAP Financial Measures”).

•

Adjusted EBITDA was $9.6 million, compared to $14.6 million in the fourth quarter of fiscal year 2024 (see “GAAP and Non-GAAP Financial Measures”).

•

Diluted loss per share was $(0.56), compared to diluted loss per share of $(0.23) in the fourth quarter of fiscal year 2024. Adjusted diluted loss per share was $(0.10), compared to adjusted diluted earnings per share of $0.04 for the fourth quarter of fiscal year 2024 (see “GAAP and Non-GAAP Financial Measures”).

For the fifty-two weeks ended January 31, 2026:

•

Net sales were $1,209.2 million, an increase of 1.0%, compared to $1,197.6 million in fiscal year 2024. The increase in net sales was primarily driven by growth in Hunting and Shooting Sports and Fishing, supported by improved in-stock levels and a more targeted, seasonally and regionally aligned merchandising strategy. Additional gains came from an increased focus on Personal Protection, including less-lethal alternatives, and a shift to a digital first marketing approach. We opened one new store in November 2025, which contributed $2.3 million in net sales.

•

Same store sales increased 1.0% compared to fiscal year 2024, primarily as a result of the same factors noted above that drove net sales growth.

•

Gross profit was $373.5 million or 30.9% of net sales, compared to $370.5 million or 30.9% of net sales for fiscal year 2024. We experienced gross margin improvements across most departments, but these improvements were offset by lower margins in Hunting and Shooting Sports and an unfavorable mix shift toward lower margin firearms and ammunition. Gross profit was also impacted by a prior year correction in customer loyalty liability, reducing gross margin by approximately 0.2% of net sales.

•

SG&A expenses increased to $393.0 million or 32.5% of net sales, compared to $388.7 million or 32.5% of net sales for fiscal year 2024, due to increases in non-recurring expenses and a reinvestment into customer facing and sales driving areas of the business including store and support area labor to drive sales.

•

Impairment charges of $17.8 million, related to asset write offs for ten underperforming store locations, were recorded in fiscal year 2025. No impairment charges were recorded in fiscal year 2024.

•

Net loss was $(50.1) million, compared to net loss of $(33.1) million in fiscal year 2024. Adjusted net loss was $(21.3) million, compared to adjusted net loss of $(20.2) million in fiscal year 2024 (see “GAAP and Non-GAAP Financial Measures”).

•

Adjusted EBITDA was $27.5 million, compared to $29.6 million in fiscal year 2024 (see “GAAP and Non-GAAP Financial Measures”).

•

Diluted loss per share was $(1.30), compared to diluted loss per share of $(0.87) in fiscal year 2024. Adjusted diluted loss per share was $(0.56), compared to adjusted diluted loss per share of $(0.53) in fiscal year 2024 (see “GAAP and Non-GAAP Financial Measures”).

Balance sheet and capital allocation highlights as of January 31, 2026:

•

The Company ended fiscal year 2025 with net debt of $90.0 million, a decrease of 6.1% compared with last year, comprised of $47.5 million of borrowings outstanding under the Company’s revolving credit facility, $44.2 million of net borrowings outstanding under the Company’s term loan facility, and $1.7 million of cash and cash equivalents. Inventory at the end of fiscal year 2025 was $312.9 million, a decrease of 8.5% compared with last year.

•

Total liquidity was $107.8 million as of the end of fiscal year 2025, comprised of $106.1 million of availability under the Company’s revolving credit facility and term loan facility and $1.7 million of cash and cash equivalents.

Fiscal Year 2026 Outlook:

For fiscal year 2026, the Company estimates same store sales to be in the range of down 1.0% to up 2.0% and adjusted EBITDA to be in the range of $30 million to $36 million. The Company also expects capital expenditures for 2026 to be in the range of $20 million to $25 million, primarily consisting of technology investments and general store maintenance. There are no new store openings planned for 2026.

“We were encouraged by our performance in 2025, particularly our return to positive comparable sales growth,” said Jennifer Fall Jung, Chief Financial Officer of Sportsman’s Warehouse. “We strengthened our balance sheet through disciplined inventory management, reducing inventory by 8.5%, while improving its quality and productivity. This, combined with focused expense management, allowed us to generate positive free cash flow, pay down our debt, and enhance overall liquidity.”

“We are approaching the year with a balanced outlook,” continued Fall Jung. “Our strategic initiatives are firmly in motion and we believe the actions we’ve taken position us to drive profitable growth, improve returns, and continue strengthening the balance sheet. Following the comprehensive review of our store fleet, we expect to close approximately five locations over the next 12 months. These closures are anticipated to occur after the holiday season, and as such, we do not expect a material impact to this year’s results.”

The Company has not reconciled expected adjusted EBITDA for fiscal year 2025 to GAAP net income because the Company does not provide guidance for net (loss) income and is not able to provide a reconciliation to net (loss) income without unreasonable effort. The Company is not able to estimate net (loss) income on a forward-looking basis without unreasonable efforts due to the variability and complexity with respect to the charges excluded from Adjusted EBITDA.

Conference Call Information:

A conference call to discuss fourth quarter and fiscal year 2025 financial results is scheduled for March 31, 2026, at 5:00 PM Eastern Time. The conference call will be held via webcast and may be accessed via the Investor Relations section of the Company’s website at www.sportsmans.com.

Non-GAAP and Other Financial Measures

This press release includes the following financial measures defined as non-GAAP financial measures by the Securities and Exchange Commission (the “SEC”) and that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”): adjusted net (loss) income, adjusted diluted (loss) earnings per share and adjusted EBITDA. The Company defines adjusted net (loss) income as net (loss)

income plus executive transition costs, cancelled contract expenses, legal expenses, valuation allowance, impairment costs and income tax expense (benefit). Net (loss) income is the most comparable GAAP financial measure to adjusted net (loss) income. The Company defines adjusted diluted (loss) earnings per share as adjusted net (loss) income divided by diluted weighted average shares outstanding. Diluted (loss) earnings per share is the most comparable GAAP financial measure to adjusted diluted (loss) earnings per share. The Company defines Adjusted EBITDA as net (loss) income plus interest expense, income tax expense (benefit), depreciation and amortization, stock-based compensation expense, executive transition and severance costs, impairment costs, and other expenses that we do not believe are indicative of our ongoing operations. Net (loss) income is the most comparable GAAP financial measure to adjusted EBITDA. The Company has reconciled these non-GAAP financial measures to the most directly comparable GAAP financial measures under “GAAP and Non-GAAP Financial Measures” in this release.

The Company believes that these non-GAAP financial measures not only provide its management with comparable financial data for internal financial analysis but also provide meaningful supplemental information to investors and are frequently used by analysts, investors and other interested parties in the evaluation of companies in the Company’s industry. Specifically, these non-GAAP financial measures allow investors to better understand the performance of the Company’s business and facilitate a more meaningful comparison of its diluted (loss) earnings per share and actual results on a period-over-period basis. The Company has provided this information as a means to evaluate the results of its ongoing operations. Management uses this information as additional measurement tools for purposes of business decision-making, including evaluating store performance, developing budgets and managing expenditures. Other companies in the Company’s industry may calculate these items differently than the Company does. Each of these measures is not a measure of performance under GAAP and should not be considered as a substitute for the most directly comparable financial measures prepared in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. The Company’s management believes that these non-GAAP financial measures allow investors to evaluate the Company’s operating performance and compare its results of operations from period to period on a consistent basis by excluding items that management does not believe are indicative of the Company’s core operating performance. The presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that the Company’s future results, cash flows or leverage will be unaffected by other unusual or non-recurring items.

As noted above, the Company has not provided a reconciliation of fiscal year 2026 guidance for Adjusted EBITDA, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures, including stock-based compensation expense and income tax expense that are difficult to predict in order to include in a GAAP estimate. The Company defines net debt as borrowings outstanding under the Company’s revolving credit facility and term loan facility less cash and cash equivalents. The Company defines total liquidity as total availability under the Company’s revolving credit facility plus cash and cash equivalents.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this release include, but are not limited to, statements regarding our efforts to drive stronger customer engagement, improved inventory productivity, and a more efficient operating model; our expectations regarding momentum in our business; the impact of our strategic initiatives; our ability to continue driving profitable growth, improving returns, strengthening our balance sheet, and delivering long-term value for our shareholders; our guidance for same store sales and capital expenditures for fiscal year 2026; the number of store openings in 2026; and the possibility that we

will close underperforming stores in the future, including the number of stores that we expect to close, the anticipated timing of such store closures and the impact of these closures to our financial results for fiscal year 2026. Investors can identify these statements by the fact that they use words such as “aim,” “anticipate,” “assume,” “believe,” “can have,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “likely,” “may,” “objective,” “plan,” “positioned,” “potential,” “predict,” “should,” “target,” “will,” “would” and similar terms and phrases. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and our management’s beliefs and assumptions. We derive many of our forward-looking statements from our own operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that predicting the impact of known factors is very difficult, and we cannot anticipate all factors that could affect our actual results. The Company cannot assure investors that future developments affecting the Company will be those that it has anticipated. Actual results may differ materially from these expectations due to many factors including, but not limited to: current and future government regulations, in particular regulations relating to the sale of firearms and ammunition, which may negatively impact the demand for the Company’s products and ability to conduct its business; the Company’s retail-based business model which is impacted by general economic and market conditions such as elevated interest rates, inflationary pressures and economic, market and financial uncertainties that may cause a decline in consumer spending; the Company’s concentration of stores in the Western United States which makes the Company susceptible to adverse conditions in this region; the highly fragmented and competitive industry in which the Company operates and the potential for increased competition; changes in consumer demands, including regional preferences, which we may not be able to identify and respond to in a timely manner; the Company’s entrance into new markets or operations in existing markets, including the Company’s long-term strategy to open new stores in future periods, which may not be successful; the costs to close underperforming stores, if the Company decides to do so, which costs may be significant; stringent and evolving U.S. obligations related to data privacy and security; impact of general macroeconomic conditions, such as labor shortages, inflation, elevated interest rates, the impacts of tariffs and trade disputes, economic slowdowns, and recessions or market corrections; and other factors that are set forth in the Company's filings with the SEC, including under the caption “Risk Factors” in the Company’s Form 10-K for the fiscal year ended February 1, 2025, which was filed with the SEC on April 2, 2025, and the Company’s other public filings made with the SEC and available at www.sec.gov. If one or more of these risks or uncertainties materialize, or if any of the Company’s assumptions prove incorrect, the Company’s actual results may vary in material respects from those projected in these forward-looking statements. Any forward-looking statement made by the Company in this release speaks only as of the date on which the Company makes it. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

About Sportsman’s Warehouse Holdings, Inc.

Sportsman’s Warehouse Holdings, Inc. is an outdoor specialty retailer focused on meeting the needs of the seasoned outdoor veteran, the first-time participant, and everyone in between. We provide outstanding gear and exceptional service to inspire outdoor memories.

For press releases and certain additional information about the Company, visit the Investor Relations section of the Company's website at www.sportsmans.com.

Investor Contact:

Riley Timmer

Vice President, Strategic Programs & Investor Relations

Sportsman’s Warehouse

(801) 566-6681

investors@sportsmans.com

Exhibit 99.1

SPORTSMAN’S WAREHOUSE HOLDINGS, INC.

Condensed Consolidated Statements of Operations (Unaudited)

(amounts in thousands, except per share data)

For the Fiscal Quarters Ended

January 31, 2026

% of net sales

February 1, 2025

% of net sales

YOY Variance

Net sales

334,857

100.0%

340,398

100.0%

(5,541

)

Cost of goods sold

239,646

71.6%

236,824

69.6%

2,822

Gross profit

95,211

28.4%

103,574

30.4%

(8,363

)

Operating expenses:

Selling, general and administrative expenses

96,167

28.7%

99,978

29.4%

(3,811

)

Impairment expense

17,841

5.3%

0.0%

17,841

Income from operations

(18,797

)

(5.6%)

3,596

1.0%

(22,393

)

Other losses

0.0%

155

0.0%

(155

)

Interest expense

2,993

0.9%

2,870

0.8%

123

Income before income tax expense

(21,790

)

(6.5%)

571

0.1%

(22,361

)

Income tax expense

(58

)

0.0%

9,294

2.7%

(9,352

)

Net income

(21,732

)

(6.5%)

(8,723

)

(2.6%)

(13,009

)

Earnings per share

Basic

(0.56

)

(0.23

)

(0.33

)

Diluted

(0.56

)

(0.23

)

(0.33

)

Weighted average shares outstanding

Basic

38,568

38,045

523

Diluted

38,568

38,045

523

SPORTSMAN’S WAREHOUSE HOLDINGS, INC.

Condensed Consolidated Statements of Operations (Unaudited)

(amounts in thousands, except per share data)

For the Fiscal Years Ended

January 31, 2026

% of net sales

February 1, 2025

% of net sales

YOY Variance

Net sales

1,209,182

100.0%

1,197,633

100.0%

11,549

Cost of goods sold

835,660

69.1%

827,167

69.1%

8,493

Gross profit

373,522

30.9%

370,466

30.9%

3,056

Operating expenses:

Selling, general and administrative expenses

393,041

32.5%

388,705

32.5%

4,336

Impairment expense

17,841

1.5%

0.0%

17,841

Income from operations

(37,360

)

(3.1%)

(18,239

)

(1.6%)

(19,121

)

Other losses

0.0%

612

0.1%

(537

)

Interest expense

13,711

1.1%

12,278

1.0%

1,433

Income before income tax expense

(51,146

)

(4.2%)

(31,129

)

(2.7%)

(20,017

)

Income tax expense

(1,085

)

(0.1%)

1,930

0.2%

(3,015

)

Net income

(50,061

)

(4.1%)

(33,059

)

(2.9%)

(17,002

)

Earnings per share

Basic

(1.30

)

(0.87

)

(0.43

)

Diluted

(1.30

)

(0.87

)

(0.43

)

Weighted average shares outstanding

Basic

38,386

37,808

578

Diluted

38,386

37,808

578

SPORTSMAN’S WAREHOUSE HOLDINGS, INC.

Condensed Consolidated Balance Sheets (Unaudited)

(amounts in thousands, except par value data)

January 31,

February 1,

2026

2025

Assets

Current assets:

Cash and cash equivalents

1,659

2,832

Accounts receivable, net

4,390

2,410

Merchandise inventories

312,858

341,958

Prepaid expenses and other

18,834

18,802

Total current assets

337,741

366,002

Operating lease right of use asset

288,590

316,499

Finance lease right of use asset

1,215

—

Property and equipment, net

133,329

167,838

Goodwill

1,496

Deferred tax asset

—

Definite lived intangibles, net

211

267

Total assets

762,582

852,102

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable

44,933

64,041

Accrued expenses

102,450

95,946

Income taxes payable

194

Operating lease liability, current

53,763

49,128

Finance lease liability, current

295

—

Revolving line of credit

47,524

74,654

Total current liabilities

249,029

283,963

Long-term liabilities:

Deferred income taxes

—

946

Term loan, net

44,165

24,067

Operating lease liability, noncurrent

279,933

307,422

Finance lease liability, noncurrent

895

—

Total long-term liabilities

324,993

332,435

Total liabilities

574,022

616,398

Stockholders' equity:

Common stock, $.01 par value; 100,000 shares authorized; 38,103 and 37,529 shares issued and outstanding, respectively

386

380

Additional paid-in capital

88,911

86,000

Retained earnings

99,263

149,324

Total stockholders' equity

188,560

235,704

Total liabilities and stockholders' equity

762,582

852,102

SPORTSMAN’S WAREHOUSE HOLDINGS, INC.

Condensed Consolidated Statements Cash Flows (Unaudited)

(amounts in thousands)

Fiscal Year Ended

January 31,

February 1,

2026

2025

Cash flows from operating activities:

Net (loss) income

(50,061

)

(33,059

)

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Depreciation of property and equipment

39,044

40,438

Amortization of discount on debt and deferred financing fees

677

353

Amortization of definite lived intangible

Impairment

17,841

—

Loss on asset dispositions

612

Deferred income taxes

(946

)

1,451

Stock-based compensation

3,061

4,229

Change in operating assets and liabilities, net of amounts acquired:

Accounts receivable, net

(1,981

)

(290

)

Lease assets and liabilities

2,330

(6,265

)

Merchandise inventories

29,100

12,752

Prepaid expenses and other

3,083

1,124

Accounts payable

(19,644

)

7,996

Accrued expenses

8,833

4,680

Income taxes payable and receivable

(130

)

Net cash provided by operating activities

31,326

34,149

Cash flows from investing activities:

Purchase of property and equipment

(22,442

)

(14,556

)

Proceeds from sale of property and equipment

Net cash used in investing activities

(22,431

)

(14,480

)

Cash flows from financing activities:

Net borrowings on line of credit

(27,130

)

(51,389

)

Borrowings on term loan

20,000

25,000

Increase (decrease) in book overdraft, net

(2,297

)

7,568

Proceeds from issuance of common stock per employee stock purchase plan

209

304

Payment of withholdings on restricted stock units

(353

)

(326

)

Principal on capital leases

(69

)

—

Payment of deferred financing costs and discount on term loan

(428

)

(1,135

)

Net cash (used in) provided by financing activities

(10,068

)

(19,978

)

Net change in cash and cash equivalents

(1,173

)

(309

)

Cash and cash equivalents at beginning of period

2,832

3,141

Cash and cash equivalents at end of period

1,659

2,832

SPORTSMAN’S WAREHOUSE HOLDINGS, INC.

GAAP and Non-GAAP Financial Measures (Unaudited)

(amounts in thousands, except per share data)

Reconciliation of GAAP net (loss) income and GAAP dilutive (loss) earnings per share to adjusted net (loss) income and adjusted diluted (loss) earnings per share:

For the Fiscal Quarters Ended

For the Fiscal Years Ended

January 31, 2026

February 1, 2025

January 31, 2026

February 1, 2025

Numerator:

Net (loss) income

(21,732

)

(8,723

)

(50,061

)

(33,059

)

Executive transition costs (1)

156

372

1,385

1,081

Cancelled contract (2)

911

Legal expense (3)

3,508

1,750

Valuation allowance (4)

(98

)

10,082

7,241

10,082

Impairment (5)

17,841

Less tax benefit

(39

)

(97

)

(1,223

)

(973

)

Adjusted net (loss) income

(3,872

)

1,634

(21,309

)

(20,208

)

Denominator:

Diluted weighted average shares outstanding

38,568

38,045

38,386

37,808

Reconciliation of earnings per share:

Dilutive (loss) earnings per share

(0.56

)

(0.23

)

(1.30

)

(0.87

)

Impact of adjustments to numerator and denominator

0.46

0.27

0.74

0.34

Adjusted diluted (loss) earnings per share

(0.10

)

0.04

(0.56

)

(0.53

)

(1) Expenses incurred relating to the departure of officers and the recruitment of key members of our senior management team.

(2) Represents fees and expenses related to a settlement in the cancellation of a contract related to our information technology systems.

(3) Represents costs related to legal settlements and related fees and expenses.

(4) Represents estimated tax benefit had the company not been in a deferred tax asset valuation allowance position.

(5) Represents impairment costs primarily related to leasehold improvements, operating lease assets, and other fixed assets.

SPORTSMAN’S WAREHOUSE HOLDINGS, INC.

GAAP and Non-GAAP Financial Measures (Unaudited)

(amounts in thousands, except per share data)

Reconciliation of net (loss) income to adjusted EBITDA:

For the Fiscal Quarters Ended

For the Fiscal Years Ended

January 31, 2026

February 1, 2025

January 31, 2026

February 1, 2025

Net (loss) income

(21,732

)

(8,723

)

(50,061

)

(33,059

)

Interest expense

2,993

2,870

13,711

12,278

Income tax expense (benefit)

(58

)

9,294

(1,085

)

1,930

Depreciation and amortization

9,699

9,962

39,100

40,498

Stock-based compensation expense (1)

661

791

3,061

4,229

Executive transition costs (2)

156

372

1,385

1,081

Cancelled contract (3)

911

Legal expense (4)

3,508

1,750

Impairment costs (5)

17,841

Adjusted EBITDA

9,560

14,566

27,460

29,618

(1) Stock-based compensation expense represents non-cash expenses related to equity instruments granted to outfitters under the Sportsman's Warehouse Holdings, Inc. 2019 Performance Incentive Plan and the Sportsman's Warehouse Holdings, Inc. Employee Stock Purchase Plan.

(2) Expenses incurred relating to the departure of officers and the recruitment of key members of our senior management team.

(3) Represents fees and expenses related to a settlement in the cancellation of a contract related to our information technology systems.

(4) Represents costs related to legal settlements and related fees and expenses.

(5) Represents impairment costs primarily related to leasehold improvements, operating lease assets, and other fixed assets.

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Mar. 31, 2026

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