Form 8-K

8-K — AMERICAS CARMART INC

Accession: 0001171843-26-004623

Filed: 2026-07-14

Period: 2026-07-14

CIK: 0000799850

SIC: 5500 (RETAIL-AUTO DEALERS & GASOLINE STATIONS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — f8k_071426.htm (Primary)

EX-99.1 — PRESS RELEASE (exh_991.htm)

GRAPHIC (graph.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: f8k_071426.htm · Sequence: 1

Form 8-K

False000079985000007998502026-07-142026-07-14iso4217:USDxbrli:sharesiso4217:USDxbrli:shares

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): July 14, 2026

_______________________________

America's Car-Mart Inc.

(Exact name of registrant as specified in its charter)

_______________________________

Texas 0-14939 63-0851141

(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

1805 North 2nd Street, Suite 401

Rogers, Arkansas 72756

(Address of Principal Executive Offices) (Zip Code)

(479) 464-9944

(Registrant's telephone number, including area code)

(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, par value $0.01 per share CRMT NASDAQ Global Select Market

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 July 14, 2026, America’s Car-Mart, Inc. (the “Company”) issued a press release announcing its operating results for the Fourth Quarter and Fiscal Year ended April 30, 2026. The press release contains certain financial, operating and other information for the period ended April 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

In accordance with General Instruction B.2., the information contained in Item 2.02 of this Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed to be “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, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act. The Company undertakes no obligation to update or revise this information.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number Description

99.1 Press Release dated July 14, 2026

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

SIGNATURE

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.

America's Car-Mart Inc.

Date: July 14, 2026 By: /s/ Jonathan Collins

Jonathan Collins

Chief Financial Officer (Principal Financial Officer)

EX-99.1 — PRESS RELEASE

EX-99.1

Filename: exh_991.htm · Sequence: 2

EdgarFiling

EXHIBIT 99.1

America’s Car-Mart Reports Fourth Quarter and Fiscal Year

2026 Results

ROGERS, Ark., July 14, 2026 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc. (NASDAQ: CRMT) (“we,” “Car-Mart”

or the “Company”), today reported financial results for the fourth quarter and full year ended April 30, 2026.

Full Year Key Results (FY’26 vs. FY’25, unless otherwise noted)

Total revenue of $1,281.5 million, down 7.9%; interest income increased 3.7% to $253.7 million

Sales volumes declined 14.3% to 48,891 units, reflecting reductions in both the active dealership base and

inventory purchases, partially offset by a 3.4% increase in the average retail sales price

Gross profit per unit improved 1.0% to $7,442; gross margin percentage of 35.4% vs. 36.7%

Total collections of $730.0 million, up 2.2% year-over-year

Net charge-offs as a percentage of average finance receivables were 27.6% vs. 25.9%

SG&A of $208.1 million; includes $4.0 million in non-recurring restructuring-related charges; adjusted

SG&A[ˆ] of $204.1 million, or 19.9% of sales

Non-cash impairment of $11.0 million related to the dealership consolidations, reported on a separate line

from SG&A

Loss per share of $16.79 and adjusted loss per share[1] of $3.71

[1]

Calculation of this non-GAAP financial measure and a reconciliation to the most directly comparable GAAP measure are included in

the tables accompanying this release.

President and CEO Doug Campbell commentary:

Our fourth quarter results reflect the actions we took to preserve liquidity, reduce risk, and operate within our capital structure

— and you can see that in our financial performance. The year did not meet our expectations, but this is a liquidity and capital-structure

story, not a credit-quality one.

On credit, our charge-off ratio ticked up to 7.5% in the fourth quarter, from 6.9% a year ago. Part of that is simply a smaller book

— with fewer new loans, our finance receivables are about 6.4% smaller than a year ago, and a smaller balance raises the percentage.

The rest reflects our customers paying more at the pump for much of the year, along with some disruption from our dealership consolidations

— and we're watching both closely. Underlying credit behavior has been relatively stable, even against those pressures.

With respect to our dealership consolidations, the customer accounts from our closed stores moved to stronger nearby locations, or

to a centralized collections team we built for the first time earlier this year — a way to serve accounts where the nearest store

was no longer a practical fit. That was the right call for the business. It was also a hard one for the associates affected, and I don't

want that to get lost in the numbers. We've worked to handle it the right way, with severance pay and assistance in helping those associates

find their next role.

On June 19, 2026, we amended our credit agreement with our senior secured term loan lenders. The amendment gives us covenant relief

and a defined window to complete our previously disclosed review of strategic and financing alternatives. It also sets specific milestones

we are required to satisfy and meeting them is central to the path forward. You'll also see a going-concern disclosure in our Form 10-K.

It's because we have not yet secured the additional financing or alternative transaction needed to resolve our liquidity constraint. An

independent review is underway to assess a wide range of alternatives to get this right for the people who depend on us: our creditors,

shareholders, customers, vendors, and associates.

To our customers: our job every day is still to keep you on the road, and that continues without interruption. To our vendors and associates:

I know there are a lot of questions right now, and I'm not going to pretend otherwise. It takes what it takes to work through this the

right way, and that's where our focus is. To our shareholders: I know this has been a difficult and uncertain period, and you have every

right to expect us to work through it with urgency and discipline. That is exactly what this team and this Board are doing. Thank you

for staying with us through a hard year. We do not take it for granted.

Fiscal

year 2026 Key Operating Metrics

Dollars in thousands, except per share data. Dollar and percentage changes may not recalculate due to rounding. Charts

may not be to scale.

Fourth

Quarter Business Review

Note: Discussions in each section provide information for the fourth quarter of fiscal year 2026, compared to the

fourth quarter of fiscal year 2025, unless otherwise noted.

SALES VOLUME – Retail units sold decreased 27.1% to 11,411 units when compared to the prior year's quarter.

These results were driven primarily by lower inventory levels — the result of the reduced availability of origination capital and

reduced inventory purchases to preserve capital — and, to a lesser extent, the earlier store consolidations completed in the third

quarter.

Sales volumes during the quarter are not indicative of underlying consumer demand. Lead indicators for demand remained robust throughout

the quarter.

TOTAL REVENUE – Total revenue for the quarter was $302.8 million, a decrease of 18.2% year-over-year. The decline

was driven by lower retail unit volume — consistent with the reduction in inventory purchases and the earlier store consolidations

discussed above — partially offset by a 5.7% increase in the average retail sales price to $20,138. Interest income was largely

stable, decreasing 0.5% to $60.2 million.

GROSS PROFIT – Gross profit margin as a percentage of sales was 31.2%, compared to 36.4% in the prior year quarter.

Total gross profit per retail unit sold decreased by 8.1% to $6,627. Most of the decline reflected lower origination volume, which reduced

the share of higher-margin retail sales relative to wholesale volume, as well as fixed charges within cost of sales that do not scale

down with lower sales volume.

SG&A EXPENSE – SG&A expenses totaled $47.6 million for the quarter, or 19.6% of sales, compared to $48.3

million and 15.6% of sales in the prior year quarter. The current quarter included approximately $4.0 million in non-recurring restructuring

charges related primarily to our capital structure strategic review. Excluding these items, adjusted SG&A (non-GAAPˆ) was $43.6

million, or 18.0% of sales.

The Company continued to make progress on its footprint optimization initiative. During the quarter, the Company consolidated 42 dealership

locations into nearby, higher-performing dealerships, and consolidated some customer accounts into a centralized collections team. Including

the Company's Q3 reductions in footprint, this reduced the Company's active dealership count from 154 at April 30, 2025 to 94 at April

30, 2026. The Company remains committed to adjusting its SG&A to match anticipated sales volumes.

IMPAIRMENT – The Company recognized $6.4 million of non-cash impairment during the quarter and $11.0 million

for the full year, related to long-lived assets at the dealership locations consolidated during fiscal 2026. These charges are reported

on a separate line from SG&A and have no impact on cash flow or liquidity.

CREDIT AND UNDERWRITING PERFORMANCE – Net charge-offs as a percentage of average finance receivables were 7.5%,

compared to 6.9% in the prior year quarter. The increase in the ratio partly reflects the contraction in the receivables base —

the principal balance of finance receivables declined 6.4% compared to the prior year quarter as management moderated originations due

to liquidity constraints. Adjusting for that smaller base, net charge-offs would have been lower, with only a modest increase related

to continued fuel and cost-of-living pressure on the Company’s customers, and not to any change in underwriting standards.

Total collections were $185.7 million, down 2.8% from the prior year quarter, reflecting the smaller receivables base; average collected

per active customer per month improved to $617 from $612, aided by the Company's Pay Your Way digital payment platform, through which

approximately 64% of payment transactions are now processed remotely.

Accounts over 30 days past due were 4.1% at year-end, up from 3.4% a year ago but down sequentially from 4.4% at January 31, 2026.

The sequential improvement is notable, as the fourth quarter absorbed additional store closures that would ordinarily push delinquencies

higher, while the January 31 reading was itself elevated by Winter Storm Fern and the third-quarter store closures. The year-end measure

was further affected by the timing of the April closures — when accounts were being moved to nearby stores and to the centralized

collections team — and by the smaller receivables base against which delinquency is calculated.

Car-Mart's disciplined underwriting approach continues to strengthen its receivables portfolio, with the highest credit-tier customers

now representing 66.6% of accounts receivable, up from 64.6% in the prior year quarter.

ALLOWANCE FOR CREDIT LOSSES – The allowance for credit losses was $329.9 million at April 30, 2026, or 25.15%

of finance receivables, net of deferred revenue and pending accident protection plan claims, compared to 23.25% at April 30, 2025 and

25.53% at January 31, 2026.

The year-over-year increase primarily reflects the broader macroeconomic environment, rather than a change in underlying credit behavior,

and the reduction in finance receivable originations undertaken to preserve liquidity. These effects were partially offset by portfolio

mix shifts, including the growing share of receivables originated under our loan origination system (LOS) and those added through dealership

locations acquired during fiscal year 2025. The modest sequential decline from January 31 reflects the contraction in the receivables

base and stable underlying credit trends. Management considers the allowance adequate to reflect the risk profile of the portfolio at

April 30, 2026.

LEVERAGE & LIQUIDITY – Total debt declined to $722.4 million, a reduction of $54.4 million, or 7.0%, from

$776.8 million at April 30, 2025. Total debt, net of cash (non-GAAP1), declined to $590.7 million, a reduction of $61.5 million,

or 9.4%, from $652.2 million at April 30, 2025. Debt to finance receivables was 51.1% at April 30, 2026, compared to 51.5% at April 30,

2025. Net debt to finance receivables (non-GAAP1) was 41.8% at April 30, 2026, the lowest level in three years — since

April 30, 2023.

Total cash, including restricted cash, increased to $131.6 million at April 30, 2026, compared to $124.5 million at April 30, 2025.

Unrestricted cash, which is available to fund operations and capital needs, was $47.0 million at April 30, 2026, up from $9.8 million

a year earlier under the Company’s prior asset-based facility. Absent a revolving credit facility, preserving unrestricted liquidity

remains a primary focus. The Company has taken deliberate steps to align its cost structure with available capital, including the store

footprint rationalization discussed earlier. Total debt decreased to $722.4 million from $776.8 million at April 30, 2025, and total debt,

net of total cash, (non-GAAPˆ) decreased to $590.7 million from $652.2 million at April 30, 2025.

CAPITAL STRUCTURE – On June 19, 2026, we entered into an amendment to our Credit and Guaranty Agreement with

our lending group, which provides covenant relief and a defined runway that will give the Company – with the guidance of the Special

Committee – time to evaluate a full range of financing and strategic options available. As of the June 30, 2026 testing date under

the amendment, the Company was in compliance with all applicable covenants, and it remains in compliance as of the date of this release.

We view the amendment as a constructive step in improving our capital structure, reflecting our lenders’ continued engagement while

also giving us the time to fully review the strategic alternatives available. The Company remains focused on the interests of its lenders,

shareholders, associates, customers, and vendors as it evaluates the alternatives available.

The Company’s work ahead is focused on translating asset value into a sustainable funding restructure, either through a warehouse

facility, a recapitalization, or another financing transaction, and the amendment gives the Company the time to pursue that in an orderly

and thoughtful manner. Securing an additional readily available financing source, such as a revolving warehouse facility or other potential

debt facility, remains the critical next step in restoring origination capacity and would provide bridge financing between origination

and securitization that allows the Company to fully serve customer demand and restore sales volume. The Company cannot assure, however,

that it will be able to secure any such financing on acceptable terms, or at all, or that the review of strategic and financing alternatives

will result in any transaction or other outcome favorable to the Company or its stockholders.

GOING CONCERN – In accordance with ASC 205-40, the Company's substantial indebtedness, its liquidity position,

and the uncertainties associated with satisfying the milestones under the amendment to its Credit and Guaranty Agreement and securing

additional financing raise substantial doubt about its ability to continue as a going concern within one year after the consolidated financial

statements are issued. Management's plans to address these conditions have not been fully implemented and do not alleviate that doubt.

The financial statements have been prepared on a going-concern basis and include no related adjustments. See Note B (Liquidity and Going

Concern) in the Company's Form 10-K.

INTEREST EXPENSE – Interest expense for the quarter was $20.0 million, an increase of $2.6 million, or 15.1%,

compared to $17.4 million in the prior year quarter. The increase reflects the full-quarter impact of the $300 million term loan closed

in October 2025 and the December 2025 asset-backed securitization (ABS) transaction. Subject to the attainment of additional financing

to support the Company’s operations, the Company's transition to residual ABS structures and continued capital structure refinements

are expected to improve the Company’s cost of funds over time.

INCOME TAXES – In fiscal 2026, the Company recorded an income tax provision of $31.1 million for the full year,

an effective rate of (28.8)%, despite a pre-tax loss for the year. The provision was driven principally by the non-cash valuation allowance

established in the third quarter against the deferred tax asset associated with net operating losses at Colonial Auto Finance.

1The calculation of this non-GAAP financial measure and a reconciliation to the most directly comparable

GAAP measure are included in the tables accompanying this release.

Key

Operating Results

Three Months Ended

April 30,

2026

2025

Change

Operating Data:

Retail units sold

11,411

15,649

(27.1

)

Average number of dealerships in operation

128

154

(16.9

)

Average retail units sold per dealerships per

month

29.7

33.9

(12.4

)

Average retail sales price

20,138

19,049

5.7

Total gross profit per retail unit sold

6,627

7,209

(8.1

)

Total gross profit percentage

31.2

36.4

(520

)

bps

Same dealership revenue growth

(6.1

)

(3.9

)

Net charge-offs as a percent of average finance

receivables

7.5

6.9

bps

Total collected (principal, interest and late

fees), in thousands

185,710

191,114

(2.8

)

Average total collected per active customer per

month

617

612

0.8

Average percentage of finance receivables-current

(excl. 1-2 day)

73.2

80.2

(700

)

bps

Average down-payment percentage

6.1

6.2

(10

)

bps

Twelve Months Ended

April 30,

2026

2025

Change

Operating Data:

Retail units sold

48,891

57,022

(14.3

)

Average number of dealerships in operation

146

154

(5.2

)

Average retail units sold per dealerships per

month

27.9

30.9

(9.7

)

Average retail sales price

20,064

19,398

3.4

Total gross profit per retail unit sold

7,442

7,368

1.0

Total gross profit percentage

35.4

36.7

(130

)

bps

Same dealership revenue growth

(2.2

)

(5.0

)

Net charge-offs as a percent of average finance

receivables

27.6

25.9

170

bps

Total collected (principal, interest and late

fees), in thousands

730,048

714,102

2.2

Average total collected per active customer per

month

591

575

2.7

Average percentage of finance receivables-current

(excl. 1-2 day)

76.3

81.4

(510

)

bps

Average down-payment percentage

5.1

5.5

(40

)

bps

Period End Data:

Dealerships open

154

(39.0

)

Accounts over 30 days past due

4.1

3.4

Active customer count

97,696

104,682

(6.7

)

Principal balance of finance receivables (in

thousands)

1,413,059

1,509,154

(6.4

)

Weighted average total contract term

49.0

48.3

1.4

Conference

Call and Webcast

The Company will hold a conference call to discuss its quarterly results on Tuesday, July 14, 2026, at 9:00 a.m. ET.

Participants may access the conference call via webcast using this link: Webcast Link. To participate via telephone,

please register in advance using this Registration Link. Upon registration, all telephone participants will receive a

one-time confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be

used to access the call. All participants are encouraged to dial in 10 minutes prior to the start time. A replay and transcript of the

conference call and webcast and related supplemental information will be available on-demand via the Company’s investor relations

webpage at ir.car-mart.com for 12 months from July 14, 2026.

About

America's Car-Mart, Inc.

America’s Car-Mart, Inc. (the “Company”) operates automotive dealerships in 12 states and is one

of the largest publicly held automotive retailers in the United States focused exclusively on the “Integrated Auto Sales and Finance”

segment of the used car market. The Company emphasizes superior customer service and the building of strong personal relationships with

its customers. The Company operates its dealerships primarily in smaller cities throughout the South-Central United States, selling quality

used vehicles and providing financing for substantially all of its customers. For more information about America’s Car-Mart, including

investor presentations, please visit our website at www.car-mart.com.

Non-GAAP

Financial Measures

This news release contains financial information determined by methods other than in accordance with generally accepted

accounting principles (GAAP). Specifically, we present as non-GAAP financial measures in this news release adjusted SG&A as a percentage

of sales; adjusted earnings (loss) per share; total debt, net of total cash; and the ratio of debt, net of cash, to finance receivables.

These non-GAAP measures are provided as supplemental measures to evaluate operating performance, cost structure, and leverage, and portfolio

economics and to facilitate period-to-period comparisons that may be impacted by non-recurring or non-cash items. We believe investors

benefit from referring to these non-GAAP measures and ratios in assessing our leverage, balance sheet risk, operating results and related

trends, and when planning and forecasting future periods.

These measures should not be considered in isolation or as substitutes for reported GAAP results, as they may include

or exclude certain items relative to similar GAAP-based measures and may not be comparable to similarly titled measures reported by other

companies. We strongly encourage investors to review our consolidated financial statements included in our publicly filed reports in their

entirety and not rely solely on any one financial measure or communication. The most directly comparable GAAP financial measures, as well

as reconciliations to those measures, are presented in the tables accompanying this release.

Forward-Looking

Statements

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation

Reform Act of 1995. These forward-looking statements address the Company’s future events, objectives, plans and goals, as well as

the Company’s intent, beliefs and current expectations and projections regarding future financial and operating performance and

can generally be identified by words such as “may,” “will,” “should,” “could,” “expect,”

“anticipate,” “intend,” “plan,” “project,” “foresee,” and other similar words

or phrases. Specific events addressed by these forward-looking statements may include, but are not limited to:

the Company's ability to continue as a going concern;

the Company's review of strategic and financing alternatives and the potential outcomes of that review;

the covenant relief and waivers under, and the Company's ability to satisfy the milestones and other conditions

of, the June 19, 2026 amendment to the Company’s Credit and Guaranty Agreement;

the Company's liquidity and its efforts to preserve liquidity, including the curtailment of inventory

purchases and finance receivable originations;

future earnings performance;

the availability of capital, including through income from operations and securing additional financing

to sustain and supplement operating cash flows through additional securitization transactions, warehouse credit facilities, or other sources,

and the Company's ability to consummate such financing transactions;

the benefits of recent or future changes to the Company’s capital structure;

operational infrastructure investments;

technological investments and initiatives;

the impact of cost reduction and dealership footprint optimization initiatives on operating performance

and customer service levels;

the Company's ability to execute its business plan; and

the Company’s business, operating and growth strategies and expectations.

These forward-looking statements are based on the Company’s current estimates and assumptions and involve various

risks and uncertainties. As a result, you are cautioned that these forward-looking statements are not guarantees of future performance,

and that actual results and events could differ materially from those projected in these forward-looking statements. Factors that may

cause actual results or events to differ materially from the Company’s projections include, but are not limited to:

the existence of substantial doubt about the Company's ability to continue as a going concern, and the

effects of that disclosure on the Company's relationships with customers, associates, suppliers, lenders and other stakeholders;

the Company's ability to satisfy the milestones and other conditions of the June 19, 2026 amendment to

its Credit and Guaranty Agreement, to extend the related covenant relief and waiver period, and to obtain further waivers, covenant relief,

forbearance or financing from its lenders on acceptable terms, or at all;

the outcome of the Company's review of strategic and financing alternatives, including the risk that the

review does not result in any transaction, results in a transaction on unfavorable terms, or is not completed in a timely manner, and

the costs, timing and uncertainties associated with the review and related advisory engagements;

the Company's substantial level of indebtedness and its ability to service that indebtedness, and the

risk that its indebtedness could be accelerated (including under cross-default or cross-acceleration provisions) and that the Company

would not have sufficient liquidity to repay it;

the Company's ability to fund finance receivable originations, vehicle inventory purchases, debt service

and operating expenses, including its ability to establish a warehouse credit facility and to continue to complete asset-backed securitization

transactions;

the curtailment of the Company's vehicle inventory purchases and finance receivable originations and the

effect of that curtailment on the Company's sales, revenues and collections;

the Company's changes to customer collection practices, including the transition to a centralized collections

model and the transfer of customer accounts to dealerships located farther from customers' prior collection locations and the effect of

the change on collections, revenues, and customer relationships;

the potential need for the Company to seek protection under applicable bankruptcy or insolvency laws;

the possibility that holders of the Company's common stock could experience a significant or complete

loss of their investment, including as a result of any restructuring, recapitalization, or dilutive issuance of equity or equity-linked

securities;

the Company's ability to maintain compliance with the continued listing requirements of, and the continued

listing of its common stock on, the Nasdaq Stock Market;

the diversion of management's attention from ordinary-course operations as a result of the strategic review

and the Company's liquidity and capital-structure matters;

general economic conditions in the markets in which the Company operates, including but not limited to

fluctuations in gas prices, grocery prices and employment levels and inflationary pressure on operating costs;

the availability of quality used vehicles at prices that will be affordable to the Company’s customers,

including the impacts of changes in new vehicle production and sales;

the availability of and access to capital through warehouse credit facilities, securitization financings

or other debt or equity financing on terms acceptable to the Company, and any increase in the cost of capital, to support the Company’s

business;

the Company’s ability to consummate debt or equity financing transactions on terms acceptable to

the Company;

the Company’s compliance with financial covenants and other terms of its senior secured term loan,

non-recourse notes payable, and any future debt facilities;

the Company’s ability to underwrite and collect its contracts effectively, including whether anticipated

benefits from the Company’s recently implemented loan origination system are achieved as expected or at all;

competition;

dependence on existing management;

ability to attract, develop, and retain qualified general managers;

changes in consumer finance laws or regulations, including but not limited to rules and regulations that

have recently been enacted or could be enacted by federal and state governments;

future shutdowns of the federal government or changes to federal or state government assistance programs

impacting the Company’s customers;

the ability to keep pace with technological advances and changes in consumer behavior affecting our business;

security breaches, cyber-attacks, or fraudulent activity;

the ability to identify and obtain favorable locations for new or relocated dealerships at reasonable

cost;

the ability to successfully transition customers and inventory from underperforming dealerships to nearby

more productive dealerships as part of the Company’s footprint optimization strategy;

the ability to successfully identify, complete and integrate new acquisitions;

the occurrence and impact of any adverse weather events or other natural disasters affecting the Company’s

dealerships or customers;

the Company's ability to maintain effective internal control over financial reporting following the remediation

of its previously identified material weakness, and to design, implement, and maintain effective disclosure controls and procedures;

the potential dilutive impact of outstanding warrants to purchase the Company's common stock, if exercised,

and of any other future issuances of the Company's equity securities; and

potential business and economic disruptions and uncertainty that may result from any future public health

crises and any efforts to mitigate the financial impact and health risks associated with such developments.

Additionally, risks and uncertainties that may affect future results include those described from time to time in the

Company’s SEC filings. The Company undertakes no obligation to update or revise any forward-looking statements, whether

as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking

statements, which speak only as of the dates on which they are made.

Jonathan Collins

Chief Financial Officer

(479) 464-9944

InvestorRelations@car-mart.com

SM Berger & Company

Andrew Berger, Managing Director

andrew@smberger.com

(216) 464-6400

Media Contact

Rachel Chesley / Misha Ross

Car-MartComms@fticonsulting.com

America's Car-Mart

Consolidated Results of Operations

(Amounts in thousands, except per share data)

As a % of

Sales

Three Months Ended

April 30,

2026

2025

% Change

2026

2025

Statements of Operations:

Revenues:

Sales

242,637

309,702

(21.7

)

100.0

Interest income

60,189

60,472

(0.5

)

24.8

19.5

Total

302,826

370,174

(18.2

)

124.8

119.5

Costs and expenses:

Cost of sales

167,022

196,896

(15.2

)

68.8

63.6

Selling, general and administrative

47,565

48,343

(1.6

)

19.6

15.6

Provision for credit losses

91,914

92,962

(1.1

)

37.9

30.0

Interest expense

19,993

17,373

15.1

8.2

5.6

Impairment expense

6,382

2.6

Depreciation and amortization

1,926

1,947

(1.1

)

0.8

0.6

(Gain) loss on disposal of property

and equipment

(235

)

175

(234.3

)

(0.1

)

0.1

Total

334,567

357,696

(6.5

)

137.9

115.5

Income (Loss)

before taxes

(31,741

)

12,478

(13.1

)

4.0

Provision (benefit) for income taxes

(2,176

)

1,843

(0.9

)

0.6

Net income

(loss)

(29,565

)

10,635

(12.2

)

3.4

Dividends on subsidiary preferred stock

(10

)

(10

)

Net income

(loss) attributable to common shareholders

(29,575

)

10,625

Earnings (Loss) per share:

Basic

(3.56

)

1.29

Diluted

(3.56

)

1.26

Weighted average number of shares used

in calculation:

Basic

8,303,434

8,260,468

Diluted

8,303,434

8,428,197

America's Car-Mart

Consolidated Results of Operations

(Amounts in thousands, except per share data)

As a % of

Sales

Twelve Months Ended

April 30,

2026

2025

% Change

2026

2025

Statements of Operations:

Revenues:

Sales

1,027,813

1,146,208

(10.3

)

100.0

Interest income

253,689

244,724

3.7

24.7

21.4

Total

1,281,502

1,390,932

(7.9

)

124.7

121.4

Costs and expenses:

Cost of sales

663,981

726,055

(8.5

)

64.6

63.3

Selling, general and administrative

208,084

188,921

10.1

20.2

16.5

Provision for credit losses

419,230

374,559

11.9

40.8

32.7

Interest expense

74,494

70,650

5.4

7.2

6.2

Impairment expense

11,016

1.1

Loss on extinguishment of debt

4,476

0.4

Depreciation and amortization

8,207

7,647

7.3

0.8

0.7

(Gain) loss on disposal of property

and equipment

)

299

(101.7

)

Total

1,389,483

1,368,131

1.6

135.2

119.4

Income (Loss)

before taxes

(107,981

)

22,801

(10.5

)

2.0

Provision (benefit) for income taxes

31,130

4,869

3.0

0.4

Net income

(loss)

(139,111

)

17,932

(13.5

)

1.6

Dividends on subsidiary preferred stock

(40

)

(40

)

Net income

(loss) attributable to common shareholders

(139,151

)

17,892

Earnings (Loss) per share:

Basic

(16.79

)

2.38

Diluted

(16.79

)

2.33

America's Car-Mart

Condensed Consolidated Balance Sheet

and Other Data

(Amounts in thousands, except per share data)

April 30,

2026

2025

Cash and cash equivalents

46,962

9,808

Restricted cash from collections on auto finance receivables

84,684

114,729

Finance receivables, net

1,079,167

1,180,673

Inventory

54,074

112,229

Total assets

1,416,840

1,606,474

Senior Secured Notes Payable, net

263,681

Revolving lines of credit, net

204,769

Non-recourse notes payable, net

458,685

572,010

Treasury stock

298,517

298,220

Total equity

445,656

569,522

Shares outstanding

8,305,520

8,263,280

Book value per outstanding share

53.71

68.97

Allowance for credit losses

(329,901

)

(323,100

)

Allowance as % of principal balance

net of deferred revenue

25.15

23.25

Changes in allowance for credit losses:

Twelve Months Ended

April 30,

2026

2025

Balance at beginning of period

323,100

331,260

Provision for credit losses

419,230

374,559

Charge-offs, net of collateral recovered

(412,429

)

(382,719

)

Balance at end of period

329,901

323,100

America's Car-Mart

Condensed Consolidated Statements of

Cash Flows

(Amounts in thousands)

Twelve Months Ended

April 30,

2026

2025

Operating activities:

Net loss

(139,111

)

17,932

Provision for credit losses

419,230

374,559

Losses on claims for accident protection

plan

36,276

34,525

Loss on extinguishment of debt

2,726

Depreciation and amortization

8,207

7,647

Finance receivable originations

(952,451

)

(1,075,080

)

Finance receivable collections

477,730

469,379

Inventory

180,287

114,573

Deferred accident protection plan revenue

(6,518

)

(378

)

Deferred service contract revenue

(10,313

)

(7,158

)

Income taxes, net

(4,975

)

4,409

Deferred income taxes

27,061

Impairment of assets

11,016

Other

15,794

10,828

Net cash provided

by (used in) operating activities

64,959

(48,764

)

Investing activities:

Purchase of investments

(7,527

)

Purchase of property and equipment and

other

(1,810

)

(3,890

)

Proceeds from sale of property and equipment

289

Net cash used in

investing activities

(1,521

)

(11,375

)

Financing activities:

Issuance of common stock

218

74,106

Purchase of common stock

(297

)

(434

)

Dividend payments

(40

)

(40

)

Change in cash overdrafts

(1,289

)

466

Debt issuance costs

(20,252

)

(9,006

)

Non-recourse notes payable, net

(113,821

)

18,558

Revolving line of credit, net

(207,098

)

6,579

Loss on extinguishment of debt

(1,750

)

Issuance of senior secured notes payable

288,000

Net cash provided

by (used in) financing activities

(56,329

)

90,229

Increase in cash, cash equivalents, and restricted

cash

7,109

30,090

America's Car-Mart

Reconciliation of Non-GAAP Financial

Measures

(Amounts in thousands)

Calculation of Adjusted SG&A as Percentage of

Sales:

Three Months Ended

April 30,

2026

2025

Sales

242,637

309,702

Selling, general and administrative

47,565

48,343

Restructuring-related charges(1)

3,961

Adjusted selling, general and administrative

43,604

48,343

Adjusted SG&A as a percentage of

sales

18.0

15.6

America's Car-Mart

Reconciliation of Non-GAAP Financial

Measures

(Amounts in thousands)

Calculation of Adjusted Loss Per Share:

Three Months Ended

Twelve Months Ended

April 30,

2026

Net loss attributable to common shareholders

(A)

(29,575

)

(139,151

)

Loss on extinguishment of debt adjustment(1)

4,476

Credit loss impact of allowance percentage

adjustment

24,927

54,932

Impairment of assets impacted by lot

closures and non-core adjustments(1)

6,382

11,016

Restructuring-related charges(1)

3,961

Pre-tax impact of adjustments (B)

35,270

74,385

Tax effect of adjustment [effective

tax rate of (28.83)%] (C)

(10,168

)

(21,445

)

Tax impact of deferred tax asset valuation

allowance (D)

8,444

55,454

Post-tax impact of adjustments (B+C+D)

33,546

108,394

Adjusted net loss attributable to common shareholders (A+(B+C+D))

3,971

(30,757

)

Weighted average shares outstanding

8,303

8,289

Adjusted loss per share

0.48

(3.71

)

Diluted earnings (loss) per share (GAAP)(2)

(3.56

)

(16.79

)

Diluted earnings (loss) per share impact

of adjustments

(4.04

)

(13.08

)

(1)The Company

recorded certain one-time items in each quarter that did not recur in the other period; as a result, the non-GAAP adjustments reflected

in each reconciliation may differ between period.

(2)Diluted earnings

(loss) per share for the current quarter was the same as basic earnings (loss) per share because the net loss makes potential common stock

equivalents anti-dilutive.

America's Car-Mart

Reconciliation of Non-GAAP Financial

Measures

(Amounts in thousands)

Calculation of Debt, Net of Total Cash, to Finance

Receivables:

April 30,

2026

April 30,

2025

Debt:

Senior

Secured Notes Payable, net

263,681

Revolving lines of credit, net

204,769

Notes payable, net

458,685

572,010

Total debt

722,366

776,779

Cash:

Cash and cash equivalents

46,962

9,808

Restricted cash

84,684

114,729

Total cash, cash equivalents, and restricted

cash

131,646

124,537

Debt, net of total cash

590,720

652,242

Principal balance of finance receivables

1,413,059

1,509,155

Ratio of debt to finance receivables

51.1

51.5

Ratio of debt, net of total cash, to

finance receivables

41.8

43.2

An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3b6126a8-73d1-4d31-b313-55bae12bee31

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