{"url_path":"/sec/crmt/8-k/2026-07-14/body","section_key":"body","section_title":"Body","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-07-14","source_url":"https://www.sec.gov/Archives/edgar/data/799850/0001171843-26-004623-index.html","accession_number":"0001171843-26-004623","cik":"0000799850","ticker":"CRMT","issuer_name":"AMERICAS CARMART INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/799850/0001171843-26-004623-index.html","primary_entity_key":"0000799850","primary_entity_name":"AMERICAS CARMART INC"},"word_count":5615,"has_tables":true,"body_markdown":"EX-99.1\n2\nexh_991.htm\nPRESS RELEASE\n\nEdgarFiling\n\n**EXHIBIT 99.1**\n\n**America’s Car-Mart Reports Fourth Quarter and Fiscal Year\n2026 Results**\n\n****\n\nROGERS, Ark., July 14, 2026 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc. (NASDAQ: CRMT) (“we,” “Car-Mart”\nor the “Company”), today reported financial results for the fourth quarter and full year ended April 30, 2026.\n\n**Full Year Key Results (FY’26 vs. FY’25, unless otherwise noted)**\n\nTotal revenue of $1,281.5 million, down 7.9%; interest income increased 3.7% to $253.7 million\n\nSales volumes declined 14.3% to 48,891 units, reflecting reductions in both the active dealership base and\ninventory purchases, partially offset by a 3.4% increase in the average retail sales price\n\nGross profit per unit improved 1.0% to $7,442; gross margin percentage of 35.4% vs. 36.7%\n\nTotal collections of $730.0 million, up 2.2% year-over-year\n\nNet charge-offs as a percentage of average finance receivables were 27.6% vs. 25.9%\n\nSG&A of $208.1 million; includes $4.0 million in non-recurring restructuring-related charges; adjusted\nSG&A[ˆ] of $204.1 million, or 19.9% of sales\n\nNon-cash impairment of $11.0 million related to the dealership consolidations, reported on a separate line\nfrom SG&A\n\nLoss per share of $16.79 and adjusted loss per share[1] of $3.71\n[1]\nCalculation of this non-GAAP financial measure and a reconciliation to the most directly comparable GAAP measure are included in\nthe tables accompanying this release.\n\n**President and CEO Doug Campbell commentary:** \n\nOur fourth quarter results reflect the actions we took to preserve liquidity, reduce risk, and operate within our capital structure\n— and you can see that in our financial performance. The year did not meet our expectations, but this is a liquidity and capital-structure\nstory, not a credit-quality one.\n\nOn 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\n— with fewer new loans, our finance receivables are about 6.4% smaller than a year ago, and a smaller balance raises the percentage.\nThe rest reflects our customers paying more at the pump for much of the year, along with some disruption from our dealership consolidations\n— and we're watching both closely. Underlying credit behavior has been relatively stable, even against those pressures.\n\nWith respect to our dealership consolidations, the customer accounts from our closed stores moved to stronger nearby locations, or\nto a centralized collections team we built for the first time earlier this year — a way to serve accounts where the nearest store\nwas 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\nwant 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\nfind their next role.\n\nOn June 19, 2026, we amended our credit agreement with our senior secured term loan lenders. The amendment gives us covenant relief\nand a defined window to complete our previously disclosed review of strategic and financing alternatives. It also sets specific milestones\nwe 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.\nIt's because we have not yet secured the additional financing or alternative transaction needed to resolve our liquidity constraint. An\nindependent review is underway to assess a wide range of alternatives to get this right for the people who depend on us: our creditors,\nshareholders, customers, vendors, and associates.\n\nTo our customers: our job every day is still to keep you on the road, and that continues without interruption. To our vendors and associates:\nI 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\nright 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\nright to expect us to work through it with urgency and discipline. That is exactly what this team and this Board are doing. Thank you\nfor staying with us through a hard year. We do not take it for granted.\n\n**Fiscal\nyear 2026 Key Operating Metrics**\n\n*Dollars in thousands, except per share data. Dollar and percentage changes may not recalculate due to rounding. Charts\nmay not be to scale.*\n\n**\n\n**Fourth\nQuarter Business Review**\n\n*Note: Discussions in each section provide information for the fourth quarter of fiscal year 2026, compared to the\nfourth quarter of fiscal year 2025, unless otherwise noted.*\n\n**SALES VOLUME** – Retail units sold decreased 27.1% to 11,411 units when compared to the prior year's quarter.\nThese results were driven primarily by lower inventory levels — the result of the reduced availability of origination capital and\nreduced inventory purchases to preserve capital — and, to a lesser extent, the earlier store consolidations completed in the third\nquarter.\n\nSales volumes during the quarter are not indicative of underlying consumer demand. Lead indicators for demand remained robust throughout\nthe quarter.\n\n**TOTAL REVENUE** – Total revenue for the quarter was $302.8 million, a decrease of 18.2% year-over-year. The decline\nwas driven by lower retail unit volume — consistent with the reduction in inventory purchases and the earlier store consolidations\ndiscussed above — partially offset by a 5.7% increase in the average retail sales price to $20,138. Interest income was largely\nstable, decreasing 0.5% to $60.2 million.\n\n**GROSS PROFIT** – Gross profit margin as a percentage of sales was 31.2%, compared to 36.4% in the prior year quarter.\nTotal gross profit per retail unit sold decreased by 8.1% to $6,627. Most of the decline reflected lower origination volume, which reduced\nthe share of higher-margin retail sales relative to wholesale volume, as well as fixed charges within cost of sales that do not scale\ndown with lower sales volume.\n\n**SG&A EXPENSE** – SG&A expenses totaled $47.6 million for the quarter, or 19.6% of sales, compared to $48.3\nmillion and 15.6% of sales in the prior year quarter. The current quarter included approximately $4.0 million in non-recurring restructuring\ncharges related primarily to our capital structure strategic review. Excluding these items, adjusted SG&A (non-GAAPˆ) was $43.6\nmillion, or 18.0% of sales.\n\nThe Company continued to make progress on its footprint optimization initiative. During the quarter, the Company consolidated 42 dealership\nlocations into nearby, higher-performing dealerships, and consolidated some customer accounts into a centralized collections team. Including\nthe Company's Q3 reductions in footprint, this reduced the Company's active dealership count from 154 at April 30, 2025 to 94 at April\n30, 2026. The Company remains committed to adjusting its SG&A to match anticipated sales volumes.\n\n**IMPAIRMENT** – The Company recognized $6.4 million of non-cash impairment during the quarter and $11.0 million\nfor the full year, related to long-lived assets at the dealership locations consolidated during fiscal 2026. These charges are reported\non a separate line from SG&A and have no impact on cash flow or liquidity.\n\n**CREDIT AND UNDERWRITING PERFORMANCE** – Net charge-offs as a percentage of average finance receivables were 7.5%,\ncompared to 6.9% in the prior year quarter. The increase in the ratio partly reflects the contraction in the receivables base —\nthe principal balance of finance receivables declined 6.4% compared to the prior year quarter as management moderated originations due\nto liquidity constraints. Adjusting for that smaller base, net charge-offs would have been lower, with only a modest increase related\nto continued fuel and cost-of-living pressure on the Company’s customers, and not to any change in underwriting standards.\n\nTotal collections were $185.7 million, down 2.8% from the prior year quarter, reflecting the smaller receivables base; average collected\nper active customer per month improved to $617 from $612, aided by the Company's Pay Your Way digital payment platform, through which\napproximately 64% of payment transactions are now processed remotely.\n\nAccounts 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.\nThe sequential improvement is notable, as the fourth quarter absorbed additional store closures that would ordinarily push delinquencies\nhigher, while the January 31 reading was itself elevated by Winter Storm Fern and the third-quarter store closures. The year-end measure\nwas further affected by the timing of the April closures — when accounts were being moved to nearby stores and to the centralized\ncollections team — and by the smaller receivables base against which delinquency is calculated.\n\nCar-Mart's disciplined underwriting approach continues to strengthen its receivables portfolio, with the highest credit-tier customers\nnow representing 66.6% of accounts receivable, up from 64.6% in the prior year quarter.\n\n**ALLOWANCE FOR CREDIT LOSSES** – The allowance for credit losses was $329.9 million at April 30, 2026, or 25.15%\nof finance receivables, net of deferred revenue and pending accident protection plan claims, compared to 23.25% at April 30, 2025 and\n25.53% at January 31, 2026.\n\nThe year-over-year increase primarily reflects the broader macroeconomic environment, rather than a change in underlying credit behavior,\nand the reduction in finance receivable originations undertaken to preserve liquidity. These effects were partially offset by portfolio\nmix shifts, including the growing share of receivables originated under our loan origination system (LOS) and those added through dealership\nlocations acquired during fiscal year 2025. The modest sequential decline from January 31 reflects the contraction in the receivables\nbase and stable underlying credit trends. Management considers the allowance adequate to reflect the risk profile of the portfolio at\nApril 30, 2026.\n\n**LEVERAGE & LIQUIDITY** – Total debt declined to $722.4 million, a reduction of $54.4 million, or 7.0%, from\n$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,\nor 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,\n2025. Net debt to finance receivables (non-GAAP1) was 41.8% at April 30, 2026, the lowest level in three years — since\nApril 30, 2023.\n\nTotal cash, including restricted cash, increased to $131.6 million at April 30, 2026, compared to $124.5 million at April 30, 2025.\nUnrestricted cash, which is available to fund operations and capital needs, was $47.0 million at April 30, 2026, up from $9.8 million\na year earlier under the Company’s prior asset-based facility. Absent a revolving credit facility, preserving unrestricted liquidity\nremains a primary focus. The Company has taken deliberate steps to align its cost structure with available capital, including the store\nfootprint rationalization discussed earlier. Total debt decreased to $722.4 million from $776.8 million at April 30, 2025, and total debt,\nnet of total cash, (non-GAAPˆ) decreased to $590.7 million from $652.2 million at April 30, 2025.\n\n**CAPITAL STRUCTURE**– On June 19, 2026, we entered into an amendment to our Credit and Guaranty Agreement with\nour lending group, which provides covenant relief and a defined runway that will give the Company – with the guidance of the Special\nCommittee – time to evaluate a full range of financing and strategic options available. As of the June 30, 2026 testing date under\nthe amendment, the Company was in compliance with all applicable covenants, and it remains in compliance as of the date of this release.\nWe view the amendment as a constructive step in improving our capital structure, reflecting our lenders’ continued engagement while\nalso giving us the time to fully review the strategic alternatives available. The Company remains focused on the interests of its lenders,\nshareholders, associates, customers, and vendors as it evaluates the alternatives available.\n\nThe Company’s work ahead is focused on translating asset value into a sustainable funding restructure, either through a warehouse\nfacility, a recapitalization, or another financing transaction, and the amendment gives the Company the time to pursue that in an orderly\nand thoughtful manner. Securing an additional readily available financing source, such as a revolving warehouse facility or other potential\ndebt facility, remains the critical next step in restoring origination capacity and would provide bridge financing between origination\nand securitization that allows the Company to fully serve customer demand and restore sales volume. The Company cannot assure, however,\nthat it will be able to secure any such financing on acceptable terms, or at all, or that the review of strategic and financing alternatives\nwill result in any transaction or other outcome favorable to the Company or its stockholders.\n\n**GOING CONCERN** – In accordance with ASC 205-40, the Company's substantial indebtedness, its liquidity position,\nand the uncertainties associated with satisfying the milestones under the amendment to its Credit and Guaranty Agreement and securing\nadditional financing raise substantial doubt about its ability to continue as a going concern within one year after the consolidated financial\nstatements are issued. Management's plans to address these conditions have not been fully implemented and do not alleviate that doubt.\nThe financial statements have been prepared on a going-concern basis and include no related adjustments. See Note B (Liquidity and Going\nConcern) in the Company's Form 10-K.\n\n**INTEREST EXPENSE** – Interest expense for the quarter was $20.0 million, an increase of $2.6 million, or 15.1%,\ncompared to $17.4 million in the prior year quarter. The increase reflects the full-quarter impact of the $300 million term loan closed\nin October 2025 and the December 2025 asset-backed securitization (ABS) transaction. Subject to the attainment of additional financing\nto support the Company’s operations, the Company's transition to residual ABS structures and continued capital structure refinements\nare expected to improve the Company’s cost of funds over time.\n\n**INCOME TAXES** – In fiscal 2026, the Company recorded an income tax provision of $31.1 million for the full year,\nan effective rate of (28.8)%, despite a pre-tax loss for the year. The provision was driven principally by the non-cash valuation allowance\nestablished in the third quarter against the deferred tax asset associated with net operating losses at Colonial Auto Finance.\n\n1The calculation of this non-GAAP financial measure and a reconciliation to the most directly comparable\nGAAP measure are included in the tables accompanying this release.\n\n**Key\nOperating Results**\n\n \n \n \n \n \n \n \n \n \n\n \nThree Months Ended\n \n \n \n \n\n \nApril 30,\n \n \n \n \n\n \n \n \n \n \n \n \n \n \n\n \n \n2026\n \n \n \n \n2025\n \n \n \nChange\n\n**Operating Data:**\n \n \n \n \n \n \n \n \n\nRetail units sold\n \n11,411\n \n \n \n \n15,649\n \n \n \n(27.1\n)\n%\n\nAverage number of dealerships in operation\n \n128\n \n \n \n \n154\n \n \n \n(16.9\n)\n%\n\nAverage retail units sold per dealerships per\nmonth\n \n29.7\n \n \n \n \n33.9\n \n \n \n(12.4\n)\n%\n\nAverage retail sales price\n$\n20,138\n \n \n \n$\n19,049\n \n \n \n5.7\n \n%\n\nTotal gross profit per retail unit sold\n$\n6,627\n \n \n \n$\n7,209\n \n \n \n(8.1\n)\n%\n\nTotal gross profit percentage\n \n31.2\n \n%\n \n \n36.4\n \n%\n \n(520\n)\nbps\n\nSame dealership revenue growth\n \n(6.1\n)\n%\n \n \n(3.9\n)\n%\n \n \n \n\nNet charge-offs as a percent of average finance\nreceivables\n \n7.5\n \n%\n \n \n6.9\n \n%\n \n60\n \nbps\n\nTotal collected (principal, interest and late\nfees),*in thousands*\n$\n185,710\n \n \n \n$\n191,114\n \n \n \n(2.8\n)\n%\n\nAverage total collected per active customer per\nmonth\n$\n617\n \n \n \n$\n612\n \n \n \n0.8\n \n%\n\nAverage percentage of finance receivables-current\n(excl. 1-2 day)\n \n73.2\n \n%\n \n \n80.2\n \n%\n \n(700\n)\nbps\n\nAverage down-payment percentage\n \n6.1\n \n%\n \n \n6.2\n \n%\n \n(10\n)\nbps\n\n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n\n \nTwelve Months Ended\n \n \n \n\n \nApril 30,\n \n \n \n\n \n \n \n \n \n \n \n \n \n\n \n \n2026\n \n \n \n \n2025\n \n \n \nChange\n\n**Operating Data:**\n \n \n \n \n \n \n \n \n\nRetail units sold\n \n48,891\n \n \n \n \n57,022\n \n \n \n(14.3\n)\n%\n\nAverage number of dealerships in operation\n \n146\n \n \n \n \n154\n \n \n \n(5.2\n)\n%\n\nAverage retail units sold per dealerships per\nmonth\n \n27.9\n \n \n \n \n30.9\n \n \n \n(9.7\n)\n%\n\nAverage retail sales price\n$\n20,064\n \n \n \n$\n19,398\n \n \n \n3.4\n \n%\n\nTotal gross profit per retail unit sold\n$\n7,442\n \n \n \n$\n7,368\n \n \n \n1.0\n \n%\n\nTotal gross profit percentage\n \n35.4\n \n%\n \n \n36.7\n \n%\n \n(130\n)\nbps\n\nSame dealership revenue growth\n \n(2.2\n)\n%\n \n \n(5.0\n)\n%\n \n \n \n\nNet charge-offs as a percent of average finance\nreceivables\n \n27.6\n \n%\n \n \n25.9\n \n%\n \n170\n \nbps\n\nTotal collected (principal, interest and late\nfees), in thousands\n$\n730,048\n \n \n \n$\n714,102\n \n \n \n2.2\n \n%\n\nAverage total collected per active customer per\nmonth\n$\n591\n \n \n \n$\n575\n \n \n \n2.7\n \n%\n\nAverage percentage of finance receivables-current\n(excl. 1-2 day)\n \n76.3\n \n%\n \n \n81.4\n \n%\n \n(510\n)\nbps\n\nAverage down-payment percentage\n \n5.1\n \n%\n \n \n5.5\n \n%\n \n(40\n)\nbps\n\n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n\n**Period End Data:**\n \n \n \n \n \n \n \n \n\nDealerships open\n \n94\n \n \n \n \n154\n \n \n \n(39.0\n)\n%\n\nAccounts over 30 days past due\n \n4.1\n \n%\n \n \n3.4\n \n%\n \n \n \n\nActive customer count\n \n97,696\n \n \n \n \n104,682\n \n \n \n(6.7\n)\n \n\nPrincipal balance of finance receivables *(in\nthousands)*\n$\n1,413,059\n \n \n \n$\n1,509,154\n \n \n \n(6.4\n)\n \n\nWeighted average total contract term\n \n49.0\n \n \n \n \n48.3\n \n \n \n1.4\n \n \n\n \n \n \n \n \n \n \n \n \n\n**Conference\nCall and Webcast**\n\nThe Company will hold a conference call to discuss its quarterly results on Tuesday, July 14, 2026, at 9:00 a.m. ET.\nParticipants may access the conference call via webcast using this link: **Webcast Link**. To participate via telephone,\nplease register in advance using this **Registration Link**. Upon registration, all telephone participants will receive a\none-time confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be\nused to access the call. All participants are encouraged to dial in 10 minutes prior to the start time. A replay and transcript of the\nconference call and webcast and related supplemental information will be available on-demand via the Company’s investor relations\nwebpage at ir.car-mart.com for 12 months from July 14, 2026.\n\n**About\nAmerica's Car-Mart, Inc.**\n\nAmerica’s Car-Mart, Inc. (the “Company”) operates automotive dealerships in 12 states and is one\nof the largest publicly held automotive retailers in the United States focused exclusively on the “Integrated Auto Sales and Finance”\nsegment of the used car market. The Company emphasizes superior customer service and the building of strong personal relationships with\nits customers. The Company operates its dealerships primarily in smaller cities throughout the South-Central United States, selling quality\nused vehicles and providing financing for substantially all of its customers. For more information about America’s Car-Mart, including\ninvestor presentations, please visit our website at www.car-mart.com.\n\n**Non-GAAP\nFinancial Measures**\n\nThis news release contains financial information determined by methods other than in accordance with generally accepted\naccounting principles (GAAP). Specifically, we present as non-GAAP financial measures in this news release adjusted SG&A as a percentage\nof sales; adjusted earnings (loss) per share; total debt, net of total cash; and the ratio of debt, net of cash, to finance receivables.\nThese non-GAAP measures are provided as supplemental measures to evaluate operating performance, cost structure, and leverage, and portfolio\neconomics and to facilitate period-to-period comparisons that may be impacted by non-recurring or non-cash items. We believe investors\nbenefit from referring to these non-GAAP measures and ratios in assessing our leverage, balance sheet risk, operating results and related\ntrends, and when planning and forecasting future periods.\n\nThese measures should not be considered in isolation or as substitutes for reported GAAP results, as they may include\nor exclude certain items relative to similar GAAP-based measures and may not be comparable to similarly titled measures reported by other\ncompanies. We strongly encourage investors to review our consolidated financial statements included in our publicly filed reports in their\nentirety and not rely solely on any one financial measure or communication. The most directly comparable GAAP financial measures, as well\nas reconciliations to those measures, are presented in the tables accompanying this release.\n\n**Forward-Looking\nStatements**\n\nThis news release contains “forward-looking statements” within the meaning of the Private Securities Litigation\nReform Act of 1995. These forward-looking statements address the Company’s future events, objectives, plans and goals, as well as\nthe Company’s intent, beliefs and current expectations and projections regarding future financial and operating performance and\ncan generally be identified by words such as “may,” “will,” “should,” “could,” “expect,”\n“anticipate,” “intend,” “plan,” “project,” “foresee,” and other similar words\nor phrases. Specific events addressed by these forward-looking statements may include, but are not limited to:\n\nthe Company's ability to continue as a going concern;\n\nthe Company's review of strategic and financing alternatives and the potential outcomes of that review;\n\nthe covenant relief and waivers under, and the Company's ability to satisfy the milestones and other conditions\nof, the June 19, 2026 amendment to the Company’s Credit and Guaranty Agreement;\n\nthe Company's liquidity and its efforts to preserve liquidity, including the curtailment of inventory\npurchases and finance receivable originations;\n\nfuture earnings performance;\n\nthe availability of capital, including through income from operations and securing additional financing\nto sustain and supplement operating cash flows through additional securitization transactions, warehouse credit facilities, or other sources,\nand the Company's ability to consummate such financing transactions;\n\nthe benefits of recent or future changes to the Company’s capital structure;\n\noperational infrastructure investments;\n\ntechnological investments and initiatives;\n\nthe impact of cost reduction and dealership footprint optimization initiatives on operating performance\nand customer service levels;\n\nthe Company's ability to execute its business plan; and\n\nthe Company’s business, operating and growth strategies and expectations.\n\nThese forward-looking statements are based on the Company’s current estimates and assumptions and involve various\nrisks and uncertainties. As a result, you are cautioned that these forward-looking statements are not guarantees of future performance,\nand that actual results and events could differ materially from those projected in these forward-looking statements. Factors that may\ncause actual results or events to differ materially from the Company’s projections include, but are not limited to:\n\nthe existence of substantial doubt about the Company's ability to continue as a going concern, and the\neffects of that disclosure on the Company's relationships with customers, associates, suppliers, lenders and other stakeholders;\n\nthe Company's ability to satisfy the milestones and other conditions of the June 19, 2026 amendment to\nits Credit and Guaranty Agreement, to extend the related covenant relief and waiver period, and to obtain further waivers, covenant relief,\nforbearance or financing from its lenders on acceptable terms, or at all;\n\nthe outcome of the Company's review of strategic and financing alternatives, including the risk that the\nreview does not result in any transaction, results in a transaction on unfavorable terms, or is not completed in a timely manner, and\nthe costs, timing and uncertainties associated with the review and related advisory engagements;\n\nthe Company's substantial level of indebtedness and its ability to service that indebtedness, and the\nrisk that its indebtedness could be accelerated (including under cross-default or cross-acceleration provisions) and that the Company\nwould not have sufficient liquidity to repay it;\n\nthe Company's ability to fund finance receivable originations, vehicle inventory purchases, debt service\nand operating expenses, including its ability to establish a warehouse credit facility and to continue to complete asset-backed securitization\ntransactions;\n\nthe curtailment of the Company's vehicle inventory purchases and finance receivable originations and the\neffect of that curtailment on the Company's sales, revenues and collections;\n\nthe Company's changes to customer collection practices, including the transition to a centralized collections\nmodel and the transfer of customer accounts to dealerships located farther from customers' prior collection locations and the effect of\nthe change on collections, revenues, and customer relationships;\n\nthe potential need for the Company to seek protection under applicable bankruptcy or insolvency laws;\n\nthe possibility that holders of the Company's common stock could experience a significant or complete\nloss of their investment, including as a result of any restructuring, recapitalization, or dilutive issuance of equity or equity-linked\nsecurities;\n\nthe Company's ability to maintain compliance with the continued listing requirements of, and the continued\nlisting of its common stock on, the Nasdaq Stock Market;\n\nthe diversion of management's attention from ordinary-course operations as a result of the strategic review\nand the Company's liquidity and capital-structure matters;\n\ngeneral economic conditions in the markets in which the Company operates, including but not limited to\nfluctuations in gas prices, grocery prices and employment levels and inflationary pressure on operating costs;\n\nthe availability of quality used vehicles at prices that will be affordable to the Company’s customers,\nincluding the impacts of changes in new vehicle production and sales;\n\nthe availability of and access to capital through warehouse credit facilities, securitization financings\nor other debt or equity financing on terms acceptable to the Company, and any increase in the cost of capital, to support the Company’s\nbusiness;\n\nthe Company’s ability to consummate debt or equity financing transactions on terms acceptable to\nthe Company;\n\nthe Company’s compliance with financial covenants and other terms of its senior secured term loan,\nnon-recourse notes payable, and any future debt facilities;\n\nthe Company’s ability to underwrite and collect its contracts effectively, including whether anticipated\nbenefits from the Company’s recently implemented loan origination system are achieved as expected or at all;\n\ncompetition;\n\ndependence on existing management;\n\nability to attract, develop, and retain qualified general managers;\n\nchanges in consumer finance laws or regulations, including but not limited to rules and regulations that\nhave recently been enacted or could be enacted by federal and state governments;\n\nfuture shutdowns of the federal government or changes to federal or state government assistance programs\nimpacting the Company’s customers;\n\nthe ability to keep pace with technological advances and changes in consumer behavior affecting our business;\n\nsecurity breaches, cyber-attacks, or fraudulent activity;\n\nthe ability to identify and obtain favorable locations for new or relocated dealerships at reasonable\ncost;\n\nthe ability to successfully transition customers and inventory from underperforming dealerships to nearby\nmore productive dealerships as part of the Company’s footprint optimization strategy;\n\nthe ability to successfully identify, complete and integrate new acquisitions;\n\nthe occurrence and impact of any adverse weather events or other natural disasters affecting the Company’s\ndealerships or customers;\n\nthe Company's ability to maintain effective internal control over financial reporting following the remediation\nof its previously identified material weakness, and to design, implement, and maintain effective disclosure controls and procedures;\n\nthe potential dilutive impact of outstanding warrants to purchase the Company's common stock, if exercised,\nand of any other future issuances of the Company's equity securities; and\n\npotential business and economic disruptions and uncertainty that may result from any future public health\ncrises and any efforts to mitigate the financial impact and health risks associated with such developments.\n\nAdditionally, risks and uncertainties that may affect future results include those described from time to time in the\nCompany’s SEC filings. The Company undertakes no obligation to update or revise any forward-looking statements, whether\nas a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking\nstatements, which speak only as of the dates on which they are made.\n\nJonathan Collins\nChief Financial Officer\n(479) 464-9944\nInvestorRelations@car-mart.com\n\nSM Berger & Company\nAndrew Berger, Managing Director\nandrew@smberger.com\n(216) 464-6400\n\nMedia Contact\nRachel Chesley / Misha Ross\nCar-MartComms@fticonsulting.com\n\n**America's Car-Mart**\n\n**Consolidated Results of Operations**\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n(Amounts in thousands, except per share data)\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \nAs a % of\nSales\n \n\n \n \nThree Months Ended\n \n \n \nThree Months Ended\n \n\n \n \nApril 30,\n \n \n \nApril 30,\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n2026\n \n \n \n2025\n \n \n% Change\n \n2026\n \n \n2025\n \n\n**Statements of Operations:**\n \n \n \n \n \n \n \n \n \n \n \n\nRevenues:\n \n \n \n \n \n \n \n \n \n \n \n\nSales\n \n$\n242,637\n \n \n$\n309,702\n \n \n(21.7\n)\n%\n100.0\n \n%\n100.0\n%\n\nInterest income\n \n \n60,189\n \n \n \n60,472\n \n \n(0.5\n)\n \n24.8\n \n \n19.5\n \n\n       Total\n \n \n302,826\n \n \n \n370,174\n \n \n(18.2\n)\n \n124.8\n \n \n119.5\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n\nCosts and expenses:\n \n \n \n \n \n \n \n \n \n \n \n\nCost of sales\n \n \n167,022\n \n \n \n196,896\n \n \n(15.2\n)\n \n68.8\n \n \n63.6\n \n\nSelling, general and administrative\n \n \n47,565\n \n \n \n48,343\n \n \n(1.6\n)\n \n19.6\n \n \n15.6\n \n\nProvision for credit losses\n \n \n91,914\n \n \n \n92,962\n \n \n(1.1\n)\n \n37.9\n \n \n30.0\n \n\nInterest expense\n \n \n19,993\n \n \n \n17,373\n \n \n15.1\n \n \n8.2\n \n \n5.6\n \n\nImpairment expense\n \n \n6,382\n \n \n \n-\n \n \n-\n \n \n2.6\n \n \n-\n \n\nDepreciation and amortization\n \n \n1,926\n \n \n \n1,947\n \n \n(1.1\n)\n \n0.8\n \n \n0.6\n \n\n(Gain) loss on disposal of property\nand equipment\n \n \n(235\n)\n \n \n175\n \n \n(234.3\n)\n \n(0.1\n)\n \n0.1\n \n\n       Total\n \n \n334,567\n \n \n \n357,696\n \n \n(6.5\n)\n \n137.9\n \n \n115.5\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n\n       Income (Loss)\nbefore taxes\n \n \n(31,741\n)\n \n \n12,478\n \n \n \n \n(13.1\n)\n \n4.0\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n\nProvision (benefit) for income taxes\n \n \n(2,176\n)\n \n \n1,843\n \n \n \n \n(0.9\n)\n \n0.6\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n\n       Net income\n(loss)\n \n$\n(29,565\n)\n \n$\n10,635\n \n \n \n \n(12.2\n)\n \n3.4\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n\nDividends on subsidiary preferred stock\n \n \n(10\n)\n \n \n(10\n)\n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n\n       Net income\n(loss) attributable to common shareholders\n \n$\n(29,575\n)\n \n$\n10,625\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n\nEarnings (Loss) per share:\n \n \n \n \n \n \n \n \n \n \n \n\nBasic\n \n$\n(3.56\n)\n \n$\n1.29\n \n \n \n \n \n \n \n \n\nDiluted\n \n$\n(3.56\n)\n \n$\n1.26\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n\nWeighted average number of shares used\nin calculation:\n \n \n \n \n \n \n \n \n \n \n \n\nBasic\n \n \n8,303,434\n \n \n \n8,260,468\n \n \n \n \n \n \n \n \n\nDiluted\n \n \n8,303,434\n \n \n \n8,428,197\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n\n**America's Car-Mart**\n\n**Consolidated Results of Operations**\n\n \n\n(Amounts in thousands, except per share data)****\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \nAs a % of\nSales\n \n\n \n \nTwelve Months Ended\n \n \n \nTwelve Months Ended\n \n\n \n \nApril 30,\n \n \n \nApril 30,\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n2026\n \n \n \n2025\n \n \n% Change\n \n2026\n \n \n2025\n \n\n**Statements of Operations:**\n \n \n \n \n \n \n \n \n \n \n \n\nRevenues:\n \n \n \n \n \n \n \n \n \n \n \n\nSales\n \n$\n1,027,813\n \n \n$\n1,146,208\n \n \n(10.3\n)\n%\n100.0\n \n%\n100.0\n%\n\nInterest income\n \n \n253,689\n \n \n \n244,724\n \n \n3.7\n \n \n24.7\n \n \n21.4\n \n\n       Total\n \n \n1,281,502\n \n \n \n1,390,932\n \n \n(7.9\n)\n \n124.7\n \n \n121.4\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n\nCosts and expenses:\n \n \n \n \n \n \n \n \n \n \n \n\nCost of sales\n \n \n663,981\n \n \n \n726,055\n \n \n(8.5\n)\n \n64.6\n \n \n63.3\n \n\nSelling, general and administrative\n \n \n208,084\n \n \n \n188,921\n \n \n10.1\n \n \n20.2\n \n \n16.5\n \n\nProvision for credit losses\n \n \n419,230\n \n \n \n374,559\n \n \n11.9\n \n \n40.8\n \n \n32.7\n \n\nInterest expense\n \n \n74,494\n \n \n \n70,650\n \n \n5.4\n \n \n7.2\n \n \n6.2\n \n\nImpairment expense\n \n \n11,016\n \n \n \n-\n \n \n-\n \n \n1.1\n \n \n-\n \n\nLoss on extinguishment of debt\n \n \n4,476\n \n \n \n-\n \n \n-\n \n \n0.4\n \n \n-\n \n\nDepreciation and amortization\n \n \n8,207\n \n \n \n7,647\n \n \n7.3\n \n \n0.8\n \n \n0.7\n \n\n(Gain) loss on disposal of property\nand equipment\n \n \n(5\n)\n \n \n299\n \n \n(101.7\n)\n \n-\n \n \n-\n \n\n       Total\n \n \n1,389,483\n \n \n \n1,368,131\n \n \n1.6\n \n \n135.2\n \n \n119.4\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n\n       Income (Loss)\nbefore taxes\n \n \n(107,981\n)\n \n \n22,801\n \n \n \n \n(10.5\n)\n \n2.0\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n\nProvision (benefit) for income taxes\n \n \n31,130\n \n \n \n4,869\n \n \n \n \n3.0\n \n \n0.4\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n\n       Net income\n(loss)\n \n$\n(139,111\n)\n \n$\n17,932\n \n \n \n \n(13.5\n)\n \n1.6\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n\nDividends on subsidiary preferred stock\n \n \n(40\n)\n \n \n(40\n)\n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n\n       Net income\n(loss) attributable to common shareholders\n \n$\n(139,151\n)\n \n$\n17,892\n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n\nEarnings (Loss) per share:\n \n \n \n \n \n \n \n \n \n \n \n\nBasic\n \n$\n(16.79\n)\n \n$\n2.38\n \n \n \n \n \n \n \n \n\nDiluted\n \n$\n(16.79\n)\n \n$\n2.33\n \n \n \n \n \n \n \n \n\n**America's Car-Mart**\n\n**Condensed Consolidated Balance Sheet\nand Other Data**\n\n \n \n \n \n \n\n(Amounts in thousands, except per share data)\n\n \n \n \n \n \n\n \n \nApril 30,\n \nApril 30,\n\n \n \n \n2026\n \n \n \n2025\n \n\n \n \n \n \n \n\nCash and cash equivalents\n \n$\n46,962\n \n \n$\n9,808\n \n\nRestricted cash from collections on auto finance receivables\n \n$\n84,684\n \n \n$\n114,729\n \n\nFinance receivables, net\n \n$\n1,079,167\n \n \n$\n1,180,673\n \n\nInventory\n \n$\n54,074\n \n \n$\n112,229\n \n\nTotal assets\n \n$\n1,416,840\n \n \n$\n1,606,474\n \n\nSenior Secured Notes Payable, net\n \n$\n263,681\n \n \n$\n-\n \n\nRevolving lines of credit, net\n \n$\n-\n \n \n$\n204,769\n \n\nNon-recourse notes payable, net\n \n$\n458,685\n \n \n$\n572,010\n \n\nTreasury stock\n \n$\n298,517\n \n \n$\n298,220\n \n\nTotal equity\n \n$\n445,656\n \n \n$\n569,522\n \n\nShares outstanding\n \n \n8,305,520\n \n \n \n8,263,280\n \n\nBook value per outstanding share\n \n$\n53.71\n \n \n$\n68.97\n \n\n \n \n \n \n \n\n \n \n \n \n \n\n \n \n \n \n \n\nAllowance for credit losses\n \n \n(329,901\n)\n \n \n(323,100\n)\n\n \n \n \n \n \n\nAllowance as % of principal balance\nnet of deferred revenue\n \n \n25.15\n%\n \n \n23.25\n%\n\n \n \n \n \n \n\n \n \n \n \n \n\n \n \n \n \n \n\n \n \n \n \n \n\n**Changes in allowance for credit losses:**\n \n \n \n \n\n \n \nTwelve Months Ended\n\n \n \nApril 30,\n\n \n \n \n2026\n \n \n \n2025\n \n\nBalance at beginning of period\n \n$\n323,100\n \n \n$\n331,260\n \n\nProvision for credit losses\n \n \n419,230\n \n \n \n374,559\n \n\nCharge-offs, net of collateral recovered\n \n \n(412,429\n)\n \n \n(382,719\n)\n\nBalance at end of period\n \n$\n329,901\n \n \n$\n323,100\n \n\n**America's Car-Mart**\n\n**Condensed Consolidated Statements of\nCash Flows**\n\n \n \n \n \n \n\n(Amounts in thousands)\n\n \n \n \n \n \n\n \n \nTwelve Months Ended\n\n \n \nApril 30,\n\n \n \n \n2026\n \n \n \n2025\n \n\n \n \n \n \n \n\n**Operating activities:**\n \n \n \n \n\nNet loss\n \n$\n(139,111\n)\n \n$\n17,932\n \n\nProvision for credit losses\n \n \n419,230\n \n \n \n374,559\n \n\nLosses on claims for accident protection\nplan\n \n \n36,276\n \n \n \n34,525\n \n\nLoss on extinguishment of debt\n \n \n2,726\n \n \n \n-\n \n\nDepreciation and amortization\n \n \n8,207\n \n \n \n7,647\n \n\nFinance receivable originations\n \n \n(952,451\n)\n \n \n(1,075,080\n)\n\nFinance receivable collections\n \n \n477,730\n \n \n \n469,379\n \n\nInventory\n \n \n180,287\n \n \n \n114,573\n \n\nDeferred accident protection plan revenue\n \n \n(6,518\n)\n \n \n(378\n)\n\nDeferred service contract revenue\n \n \n(10,313\n)\n \n \n(7,158\n)\n\nIncome taxes, net\n \n \n(4,975\n)\n \n \n4,409\n \n\nDeferred income taxes\n \n \n27,061\n \n \n \n-\n \n\nImpairment of assets\n \n \n11,016\n \n \n \n\nOther\n \n \n15,794\n \n \n \n10,828\n \n\n     Net cash provided\nby (used in) operating activities\n \n \n64,959\n \n \n \n(48,764\n)\n\n \n \n \n \n \n\n**Investing activities:**\n \n \n \n \n\nPurchase of investments\n \n \n-\n \n \n \n(7,527\n)\n\nPurchase of property and equipment and\nother\n \n \n(1,810\n)\n \n \n(3,890\n)\n\nProceeds from sale of property and equipment\n \n \n289\n \n \n \n42\n \n\n     Net cash used in\ninvesting activities\n \n \n(1,521\n)\n \n \n(11,375\n)\n\n \n \n \n \n \n\n**Financing activities:**\n \n \n \n \n\nIssuance of common stock\n \n \n218\n \n \n \n74,106\n \n\nPurchase of common stock\n \n \n(297\n)\n \n \n(434\n)\n\nDividend payments\n \n \n(40\n)\n \n \n(40\n)\n\nChange in cash overdrafts\n \n \n(1,289\n)\n \n \n466\n \n\nDebt issuance costs\n \n \n(20,252\n)\n \n \n(9,006\n)\n\nNon-recourse notes payable, net\n \n \n(113,821\n)\n \n \n18,558\n \n\nRevolving line of credit, net\n \n \n(207,098\n)\n \n \n6,579\n \n\nLoss on extinguishment of debt\n \n \n(1,750\n)\n \n \n-\n \n\nIssuance of senior secured notes payable\n \n \n288,000\n \n \n \n-\n \n\n     Net cash provided\nby (used in) financing activities\n \n \n(56,329\n)\n \n \n90,229\n \n\n \n \n \n \n \n\n**Increase in cash, cash equivalents, and restricted\ncash**\n \n$\n7,109\n \n \n$\n30,090\n \n\n**America's Car-Mart**\n\n**Reconciliation of Non-GAAP Financial\nMeasures**\n\n \n\n(Amounts in thousands)\n\n \n\n \n\n \n \n \n \n \n\n**Calculation of Adjusted SG&A as Percentage of\nSales:**\n \n \n \n \n\n \n \nThree Months Ended\n \nThree Months Ended\n\n \n \nApril 30,\n \nApril 30,\n\n \n \n \n2026\n \n \n \n2025\n \n\nSales\n \n \n242,637\n \n \n \n309,702\n \n\n \n \n \n \n \n\nSelling, general and administrative\n \n \n47,565\n \n \n \n48,343\n \n\nRestructuring-related charges(1)\n \n \n3,961\n \n \n \n-\n \n\nAdjusted selling, general and administrative\n \n \n43,604\n \n \n \n48,343\n \n\n \n \n \n \n \n\nAdjusted SG&A as a percentage of\nsales\n \n \n18.0\n%\n \n \n15.6\n%\n\n \n \n \n \n \n\n \n \n \n \n \n\n**America's Car-Mart**\n\n**Reconciliation of Non-GAAP Financial\nMeasures**\n\n \n \n \n \n \n\n(Amounts in thousands)\n\n \n \n \n \n \n\n \n \n \n \n \n\n**Calculation of Adjusted Loss Per Share:**\n \n \n \n \n\n \n \nThree Months Ended\n \nTwelve Months Ended\n\n \n \nApril 30,\n \nApril 30,\n\n \n \n \n2026\n \n \n \n2026\n \n\nNet loss attributable to common shareholders\n(A)\n \n$\n(29,575\n)\n \n$\n(139,151\n)\n\n \n \n \n \n \n\nLoss on extinguishment of debt adjustment(1)\n \n \n-\n \n \n \n4,476\n \n\nCredit loss impact of allowance percentage\nadjustment\n \n \n24,927\n \n \n \n54,932\n \n\nImpairment of assets impacted by lot\nclosures and non-core adjustments(1)\n \n \n6,382\n \n \n \n11,016\n \n\nRestructuring-related charges(1)\n \n \n3,961\n \n \n \n3,961\n \n\nPre-tax impact of adjustments (B)\n \n \n35,270\n \n \n \n74,385\n \n\nTax effect of adjustment [effective\ntax rate of (28.83)%] (C)\n \n \n(10,168\n)\n \n \n(21,445\n)\n\nTax impact of deferred tax asset valuation\nallowance (D)\n \n \n8,444\n \n \n \n55,454\n \n\nPost-tax impact of adjustments (B+C+D)\n \n \n33,546\n \n \n \n108,394\n \n\n \n \n \n \n \n\nAdjusted net loss attributable to common shareholders (A+(B+C+D))\n \n \n3,971\n \n \n \n(30,757\n)\n\n \n \n \n \n \n\nWeighted average shares outstanding\n \n \n8,303\n \n \n \n8,289\n \n\nAdjusted loss per share\n \n$\n0.48\n \n \n$\n(3.71\n)\n\nDiluted earnings (loss) per share (GAAP)(2)\n \n$\n(3.56\n)\n \n$\n(16.79\n)\n\nDiluted earnings (loss) per share impact\nof adjustments\n \n$\n(4.04\n)\n \n$\n(13.08\n)\n\n \n \n \n \n \n\n(1)The Company\nrecorded certain one-time items in each quarter that did not recur in the other period; as a result, the non-GAAP adjustments reflected\nin each reconciliation may differ between period.\n \n \n\n \n \n\n \n \n \n \n \n\n(2)Diluted earnings\n(loss) per share for the current quarter was the same as basic earnings (loss) per share because the net loss makes potential common stock\nequivalents anti-dilutive.\n \n \n\n \n \n\n \n \n \n\n**America's Car-Mart**\n\n**Reconciliation of Non-GAAP Financial\nMeasures**\n\n \n \n \n \n \n\n(Amounts in thousands)\n\n \n \n \n \n \n\n \n \n \n \n \n\n**Calculation of Debt, Net of Total Cash, to Finance\nReceivables:**\n \n \n \n \n\n \n \nApril 30,\n2026\n \nApril 30,\n2025\n\nDebt:\n \n \n \n \n\nSenior\nSecured Notes Payable, net\n \n$\n263,681\n \n \n$\n-\n \n\nRevolving lines of credit, net\n \n \n-\n \n \n \n204,769\n \n\nNotes payable, net\n \n \n458,685\n \n \n \n572,010\n \n\nTotal debt\n \n$\n722,366\n \n \n$\n776,779\n \n\n \n \n \n \n \n\nCash:\n \n \n \n \n\nCash and cash equivalents\n \n$\n46,962\n \n \n$\n9,808\n \n\nRestricted cash\n \n \n84,684\n \n \n \n114,729\n \n\nTotal cash, cash equivalents, and restricted\ncash\n \n$\n131,646\n \n \n$\n124,537\n \n\n \n \n \n \n \n\nDebt, net of total cash\n \n$\n590,720\n \n \n$\n652,242\n \n\n \n \n \n \n \n\nPrincipal balance of finance receivables\n \n$\n1,413,059\n \n \n$\n1,509,155\n \n\n \n \n \n \n \n\nRatio of debt to finance receivables\n \n \n51.1\n%\n \n \n51.5\n%\n\nRatio of debt, net of total cash, to\nfinance receivables\n \n \n41.8\n%\n \n \n43.2\n%\n\n \n \n \n\nAn infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3b6126a8-73d1-4d31-b313-55bae12bee31"}