Form 8-K

8-K — AMERICAS CARMART INC

Accession: 0001171843-26-005948

Filed: 2026-09-09

Period: 2026-09-09

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_090926.htm (Primary)

EX-99.1 — PRESS RELEASE (exh_991.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: f8k_090926.htm · Sequence: 1

Form 8-K

False000079985000007998502026-09-092026-09-09iso4217: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): September 9, 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 September 9, 2026, America’s Car-Mart, Inc. (the “Company”) issued a press release announcing its operating results for the quarter ended July 31, 2026. The press release contains certain financial, operating and other information for the period ended July 31, 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 September 9, 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: September 9, 2026 By: /s/ Marie Persichetti

Marie Persichetti

Chief 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 First Quarter Fiscal Year 2027 Results

ROGERS, Ark., Sept. 09, 2026 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc. (NASDAQ: CRMT) (“we,” “Car-Mart”

or the “Company”), today reported financial results for the first quarter ended July 31, 2026.

President and CEO Doug Campbell commentary:

Our first quarter results reflect the capital constraints that have defined our results over the last several quarters.

With limited capacity to purchase inventory and fund originations, retail units were down 81.9% and revenue was down 57.3%. Inventory

ended the quarter at $35.2 million against $112.5 million a year ago. This is a capital structure story, not a demand story. Application

volume was limited by the vehicles we had available to sell.

Credit performance was also weaker. Net charge-offs were 9.5% of average finance receivables against 6.6% a year ago,

and accounts over 30 days past due were 4.6% against 4.1%. Three things drive that: the contraction of the portfolio, continued fuel and

cost-of-living pressure on our customers, and the transition of a small portion of the book to centralized collections, which we completed

this quarter alongside the dealership consolidations. The transition work is now behind us.

Resolving our capital structure remains our first priority. The Special Committee, together with its advisors and management,

continues to evaluate the range of financing and strategic alternatives available, including discussions with third parties. We do not

intend to comment further on that process.

First

Quarter Business Review

Note: Discussions in each section provide information for the first quarter of fiscal year 2027, compared to the first quarter

of fiscal year 2026, unless otherwise noted.

SALES VOLUME – Retail units sold decreased 81.9% to 2,450 units compared to the prior year's

quarter, reflecting the Company's decision to manage capital and inventory at minimal levels, which declined 68.7% to $35.2 million at

July 31, 2026 from $112.5 million a year earlier, and from $54.1 million at April 30, 2026. The decline in retail units sold exceeded

the decline in ending inventory because inventory was drawn down over the course of the quarter, resulting in an average balance well

below historical levels. These results were also impacted by the consolidation of 60 dealership locations during fiscal 2026, which reduced

the Company's dealership count from 154 to 94.

Application volume processed through credit decisioning was constrained by the inventory available for sale, which

was limited by the Company’s reduced ability to purchase vehicles during the period, and not by a decline in customer demand.

TOTAL REVENUE – Total revenue for the quarter was $145.8 million, a decrease of 57.3% year-over-year.

The decline was primarily driven by lower retail unit volume — consistent with the reduction in inventory purchases and the store

consolidations discussed above — partially offset by a 7.0% increase in the average retail sales price of the vehicle, excluding

ancillary products, from $17,319 to $18,530, as the Company prioritized sales of select inventory to higher credit quality customers.

The decline in retail volume was partially offset by an increase in third-party wholesale sales, which rose to $21.0 million from $10.8

million. The increase primarily reflects a change in disposition strategy rather than a change in repossession activity. With limited

capital available to fund new originations, the Company began wholesaling substantially all repossessed vehicles in late May to accelerate

cash conversion, rather than retaining a portion of those units for retail sale, as it had historically. Interest income decreased 14.2%

to $55.8 million, primarily due to the $325 million decrease in the portfolio size.

GROSS PROFIT – Gross profit margin as a percentage of sales was 21.8%, compared to 36.6% in

the prior year quarter. Total gross profit per retail unit sold increased by 7.5% to $8,015. The decline in gross profit margin reflects

two primary factors. First, third-party wholesale sales, which carry lower margins, represented 23.4% of total sales compared to 3.9%

in the prior year quarter, resulting in an aggregate loss of $4.7 million as the Company made a decision to sell more repossessed vehicles

through wholesale channels, rather than re-retailing them, as part of its capital management strategy. Second, the fixed and semi-fixed

components of cost of sales were spread over a substantially reduced retail sales base. Total gross profit per retail unit sold is calculated

based on total gross profit, which includes the loss on third-party wholesale sales, divided by a retail unit count that declined 81.9%.

SG&A EXPENSE – SG&A expenses totaled $51.6 million for the quarter, or 57.3% of sales, compared

to $51.4 million and 18.6% of sales in the prior year quarter. The current quarter included approximately $13.7 million in non-recurring

charges, consisting of $9.6 million of professional fees related primarily to our capital structure strategic review and $4.1 million

of retention award expense. Excluding these items, adjusted SG&A (non-GAAP1) was $37.9 million.

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

were 9.5%, compared to 6.6% in the prior year quarter. The increase in the ratio mostly reflects the contraction in the receivables base

— the principal balance of finance receivables declined 21.4% compared to the prior year quarter as originations were limited due

to liquidity constraints.

Net charge-offs increased $24.4 million compared to the prior year quarter, reflecting a combination of operational

and macroeconomic factors. First, the Company began rolling out a centralized collections function in the fourth quarter of fiscal year

2026, consolidating account servicing that had previously been performed at the dealership level, and completed implementation during

the first quarter of fiscal year 2027 in connection with the transition of the consolidated dealerships. The ramp-up spanned both periods

and included the migration of active accounts to the centralized platform, the hiring and training of collections staff, and the implementation

of standardized contact and workflow procedures. Collections activity during this ramp-up period reflected the operational demands of

the transition, and delinquency and charge-off performance on the affected accounts was elevated relative to the Company’s historical

experience. Separately, continued fuel and cost-of-living pressure weighed on the Company’s customers throughout the quarter.

Total collections were $164.4 million, down 10.5% from the prior year quarter, reflecting the smaller receivables base;

average collected per active customer per month improved to $594 from $585.

Accounts over 30 days past due were 4.6% at quarter end, compared to 4.1% a year ago and 4.1% at April 30, 2026. In

addition to the smaller receivables base against which delinquency is calculated, the year-over-year increase primarily reflects the transition

of certain accounts in connection with the Company's dealership consolidation, either to nearby dealerships or to the Company's centralized

collections model, as described above.

ALLOWANCE FOR CREDIT LOSSES – The allowance for credit losses was $277.0 million at July 31,

2026, or 24.74% of finance receivables, net of deferred revenue and pending accident protection plan claims, compared to 23.35% at July

31, 2025 and 25.15% at April 30, 2026.

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

in underlying credit behavior, and the reduction in finance receivable originations undertaken to preserve liquidity. The reduction compared

to April 30 reflects the smaller portfolio size and the improvement in qualitative factors, such as inflation.

LEVERAGE & LIQUIDITY – Total debt declined to $623.9 million, a reduction of $151.3 million,

or 19.5%, from $775.1 million at July 31, 2025. Debt to finance receivables was 52.4% at July 31, 2026, compared to 51.1% at July 31,

2025. Net debt to finance receivables (non-GAAP1) was 43.1% at July 31, 2026.

Total cash, including restricted cash, decreased to $110.0 million at July 31, 2026, compared to $121.4 million at

July 31, 2025 and $131.6 million at April 30, 2026. Unrestricted cash, which is available to fund operations and capital needs, was $27.5

million at July 31, 2026, up from $9.7 million a year earlier, but down from $47.0 million at April 30, 2026. 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.

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 July 31, 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.

On September 4, 2026, the scheduled termination date of this amendment was extended through September 11, 2026. The

purpose of this extension is to allow the Company additional time to evaluate the alternatives available and continue discussions with

prospective counterparties. The Company remains focused on the interests of its lenders, stockholders, associates, customers, and vendors

as this process continues. The Company cannot assure, however, that the review of strategic and financing alternatives will result in

any transaction or other outcome favorable to the Company or its stockholders or that the Company will be able to secure additional financing

on acceptable terms, or at all.

INTEREST EXPENSE – Interest expense for the quarter was $19.2 million, an increase of $2.2 million,

or 12.8%, compared to $17.0 million in the prior year quarter. The increase reflects the larger balance outstanding under the senior secured

term loan, and its higher interest rate, compared to the revolving line of credit in place in the prior year quarter. During the quarter,

$1.1 million of interest due on the senior secured loan was paid in kind and added to the outstanding principal balance of the loan. These

effects were partly offset by lower interest on the Company’s asset-backed non-recourse notes payable, whose balance fell from $610.8

million to $357.7 million, and by the absence of revolver interest following repayment and retirement of the Company’s revolver

in October 2025.

Form 10-Q

The Company expects to file its Quarterly Report on Form 10-Q for the quarter ended July 31, 2026 on September 9, 2026.

This release should be read together with that report, including Note B — Liquidity and Going Concern — to the condensed consolidated

financial statements and the discussion of liquidity and capital resources in Management’s Discussion and Analysis of Financial

Condition and Results of Operations.

1 The 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

July

31,

2026

2025

Change

Operating Data:

Retail

units sold

2,450

13,568

(81.9

)

Average number of dealerships

in operation

154

(39.0

)

Average retail units

sold per dealership per month

8.7

29.4

(70.4

)

Average retail sales

price, excluding ancillary products

18,530

17,319

7.0

Total gross profit per

retail unit sold

8,015

7,456

7.5

Total gross profit percentage

21.8

36.6

(1,480

)

bps

Same dealership revenue

growth

(47.5

)

(4.1

)

Net charge-offs as a

percent of average finance receivables

9.5

6.6

290

bps

Total collected (principal,

interest and late fees),in thousands

164,377

183,571

(10.5

)

Average total collected

per active customer per month

594

585

1.5

Average percentage of

finance receivables-current (excl. 1-2 day)

69.0

80.8

(1,180

)

bps

Average down-payment

percentage

5.4

4.9

bps

Period End Data:

Dealerships open

154

(39.0

)

Accounts over 30 days

past due

4.6

4.1

bps

Active customer count

85,753

104,691

(18.1

)

Principal balance of

finance receivables(in thousands)

1,190,950

1,515,681

(21.4

)

Weighted average total

contract term

49.3

48.3

2.0

Conference

Call and Webcast

The Company will not host a conference call to discuss its first quarter fiscal 2027 results. Given the ongoing review

of strategic and financing alternatives, the Company does not intend to discuss that review beyond the information contained in this release

and in its Quarterly Report on Form 10-Q for the quarter ended July 31, 2026. Investors and analysts with questions may contact the Company

using the investor relations contact information below; the Company will respond only with information that has been publicly disclosed.

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; 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

and its ability to execute and consummate any potential transaction;

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 and operating 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 further extend the related covenant relief and waiver period beyond September 11, 2026, if needed,

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, inflationary pressure on operating costs and customers’ ability

to make vehicle payments;

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, tariffs and trade restrictions on the automotive industry, and elevated

wholesale vehicle costs;

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

or other debt or equity financing sources 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 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.

Marie Persichetti

Chief Financial Officer

(479) 464-9944

InvestorRelations@car-mart.com

SM Berger & Company

Andrew Berger, Managing Director

(216) 464-6400

andrew@smberger.com

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

July 31,

2026

2025

% Change

2026

2025

Statements of Operations:

Revenues:

Sales

89,902

276,240

(67.5

)

100.0

Interest income

55,849

65,072

(14.2

)

62.1

23.6

Total

145,751

341,312

(57.3

)

162.1

123.6

Costs and expenses:

Cost of sales

70,266

175,080

(59.9

)

78.2

63.4

Selling, general and administrative

51,551

51,408

0.3

57.3

18.6

Provision for credit losses

71,559

103,036

(30.5

)

79.6

37.3

Interest expense

19,226

17,042

12.8

21.4

6.2

Depreciation and amortization

1,802

2,139

(15.8

)

2.0

0.8

Loss on disposal of property and equipment

178

1,877.8

0.2

Total

214,582

348,714

(38.5

)

238.7

126.3

Loss before taxes

(68,831

)

(7,402

)

(76.6

)

(2.7

)

Provision for (benefit of) income taxes

149

(1,666

)

0.2

(0.6

)

Net loss

(68,980

)

(5,736

)

(76.7

)

(2.1

)

Dividends on subsidiary preferred stock

(10

)

(10

)

Net loss attributable to common shareholders

(68,990

)

(5,746

)

Loss per share:

Basic

(8.28

)

(0.69

)

Diluted

(8.28

)

(0.69

)

Weighted average number of shares used

in calculation:

Basic

8,329,512

8,274,054

Diluted

8,329,512

8,274,054

America’s Car-Mart

Condensed Consolidated Balance Sheet

and Other Data

(Amounts in thousands, except per share data)

July 31,

April 30,

July 31,

2026

2025

Cash and cash equivalents

27,532

46,962

9,666

Restricted cash

82,445

84,684

111,761

Finance receivables, net

909,797

1,079,167

1,183,452

Inventory

35,194

54,074

112,451

Total assets

1,206,139

1,416,840

1,607,974

Senior Secured Notes Payable, net

266,205

263,681

Revolving lines of credit, net

164,394

Non-recourse notes payable, net

357,655

458,685

610,750

Treasury stock

298,542

298,517

298,291

Total equity

376,480

445,656

564,931

Shares outstanding

8,338,478

8,305,520

8,277,613

Book value per outstanding share

45.20

53.71

68.30

Allowance for credit losses

(276,952

)

(329,901

)

(326,070

)

Allowance as % of principal balance

net of deferred revenue

24.74

25.15

23.35

Changes in allowance for credit losses:

Three Months Ended

July 31,

2026

2025

Balance at beginning of period

329,901

323,100

Provision for credit losses

71,559

103,036

Charge-offs, net of collateral recovered

(124,508

)

(100,066

)

Balance at end of period

276,952

326,070

America’s Car-Mart

Condensed Consolidated Statements of

Cash Flows

(Amounts in thousands)

Three Months Ended

July 31,

2026

2025

Operating activities:

Net loss

(68,980

)

(5,736

)

Provision for credit losses

71,559

103,036

Losses on claims for accident protection

plan

7,132

8,595

Depreciation and amortization

1,802

2,139

Finance receivable originations

(40,976

)

(262,746

)

Finance receivable collections

108,810

118,720

Inventory

41,514

28,618

Deferred accident protection plan revenue

(10,970

)

(578

)

Deferred service contract revenue

(18,633

)

(455

)

Income taxes, net

(76

)

(2,255

)

Deferred income taxes

608

Other

(11,113

)

4,136

Net cash provided by (used in) operating

activities

80,069

(5,918

)

Investing activities:

Purchase of property and equipment and

other

(90

)

(459

)

Proceeds from sale of property and equipment

881

Net cash provided by (used in) investing

activities

791

(439

)

Financing activities:

Issuance of common stock

Purchase of common stock

(25

)

(71

)

Dividend payments

(10

)

(10

)

Change in cash overdrafts

6,162

Debt issuance costs

(662

)

(1,708

)

Non-recourse notes payable, net

(101,861

)

38,501

Revolving line of credit, net

(39,696

)

Net cash provided by (used in) financing

activities

(102,529

)

3,247

Decrease in cash, cash equivalents, and restricted

cash

(21,669

)

(3,110

)

America’s Car-Mart

Reconciliation of Non-GAAP Financial

Measures

(Amounts in thousands)

Calculation of Debt, Net of Total Cash, to Finance

Receivables:

July 31, 2026

July 31, 2025

Debt:

Senior

Secured Notes Payable, net

266,205

Revolving lines of credit, net

164,394

Notes payable, net

357,655

610,750

Total debt

623,860

775,144

Cash:

Cash and cash equivalents

27,532

9,666

Restricted cash

82,445

111,761

Total cash, cash equivalents, and restricted

cash

109,977

121,427

Debt, net of total cash

513,883

653,717

Principal balance of finance receivables

1,190,950

1,515,681

Ratio of debt to finance receivables

52.4

51.1

Ratio of debt, net of total cash, to

finance receivables

43.1

America’s

Car-Mart

Reconciliation of Non-GAAP Financial Measures

(Amounts in thousands)

Calculation of Adjusted SG&A:

Three Months Ended

July 31,

2026

2025

Sales

89,902

276,240

Selling, general and administrative

51,551

51,408

Retention bonus (1)

4,083

Professional fees related to capital

restructuring (1)

9,578

Adjusted selling, general and administrative

37,890

51,408

America’s

Car-Mart

Reconciliation of Non-GAAP Financial Measures

(Amounts in thousands)

Calculation of Adjusted Loss Per Share:

Three Months Ended

July 31,

2026

Net loss attributable to common shareholders

(A)

(68,990

)

Retention bonus (1)

4,083

Professional fees related to capital

restructuring (1)

9,578

Pre-tax impact of adjustments (B)

13,661

Tax effect of adjustment [effective

tax rate of (0.2)%] (C)

(27

)

Tax impact of deferred tax asset valuation

allowance (D)

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

13,634

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

(55,356

)

Weighted average shares outstanding

8,330

Adjusted loss per share

(6.65

)

Diluted earnings (loss) per share (GAAP)

(2)

(8.28

)

Diluted earnings (loss) per share impact

of adjustments

1.64

(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 periods.

(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.

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