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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-K\n\nANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF\n\nTHE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended May 3, 2026\n\nCommission File No. 1-12597\n\nCULP, INC.\n\n(Exact name of registrant as specified in its charter)\n\n \n\nNORTH CAROLINA\n\n(State or other jurisdiction of\n\nincorporation or other organization)\n\n56-1001967\n\n(I.R.S. Employer Identification No.)\n\n410 W. English Road 5th Floor, High Point, North Carolina\n\n(Address of principal executive offices)\n\n27262\n\n(zip code)\n\n \n\n(336) 889-5161\n\n(Registrant’s telephone number, including area code)\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of Each Class\n\nTrading Symbol(s)\n\nName of Each Exchange\n\nOn Which Registered\n\nCommon Stock, par value $.05/ Share\n\nCULP\n\nNasdaq Stock Market LLC\n\n \n\nSecurities registered pursuant to Section 12(g) of the Act: None\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934. Yes ☐ No ☒\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to the filing requirements for at least the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge Accelerated Filer\n\n☐\n\n \n\nAccelerated Filer\n\n☐\n\nNon-Accelerated Filer\n\n☒\n\nSmaller Reporting Company\n\n☒\n\n \n\nEmerging Growth Company\n\n☐\n\n \n\n \n\nIf 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. ☐\n\n \n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐\n\n \n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\n \n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒\n\nAs of July 15, 2026, 12,662,784 shares of common stock were outstanding. As of November 2, 2025, the aggregate market value of the voting stock held by non-affiliates of the registrant on that date was $42,069,072 based on the closing sales price of such stock as quoted on the New York Stock Exchange (NYSE), assuming, for purposes of this report, that all executive officers and directors of the registrant are affiliates.\n\nDOCUMENTS INCORPORATED BY REFERENCE\n\nPortions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A in connection with its Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.\n\n \n\n \n\nCULP, INC.\n\nFORM 10-K REPORT\n\nTABLE OF CONTENTS\n\n \n\nItem No.\n\n \n\n \n\nPage\n\n \n\n \n\n \n\n \n\n \n\n \n\n[PART I](#part_1)\n\n \n\n \n\n \n\n \n\n \n\n1.\n\n \n\n[Business](#item_1_business)\n\n2\n\n \n\n \n\n[Overview](#overview)\n\n \n\n \n\n \n\n[General Information](#general_information)\n\n3\n\n \n\n \n\n[Segments](#segments)\n\n4\n\n \n\n \n\n[Overview of Industry and Markets](#overview_industry_markets)\n\n5\n\n \n\n \n\n[Overview of Bedding Industry](#overview_bedding_industry)\n\n5\n\n \n\n \n\n[Overview of Residential, Commercial, and Hospitality Furnishing Industries](#overview_residential_commercial_furnitur)\n\n6\n\n \n\n \n\n[Products](#products)\n\n6\n\n \n\n \n\n[Manufacturing and Sourcing](#manufacturing_sourcing)\n\n7\n\n \n\n \n\n[Product Design and Innovation](#product_design_innovation)\n\n8\n\n \n\n \n\n[Distribution](#distribution)\n\n9\n\n \n\n \n\n[Sources and Availability of Raw Materials](#sources_availability_raw_materials)\n\n9\n\n \n\n \n\n[Seasonality](#seasonality)\n\n10\n\n \n\n \n\n[Competition](#competition)\n\n10\n\n \n\n \n\n[Environmental and Other Regulations](#environmental_or_regulations)\n\n11\n\n \n\n \n\n[Human Capital](#human_capital)\n\n11\n\n \n\n \n\n[Customers and Sales](#customers_sales)\n\n13\n\n \n\n \n\n[Net Sales by Geographic Area](#net_sales_by_geographic_area)\n\n13\n\n \n\n \n\n[Backlog](#backlog)\n\n14\n\n \n\n \n\n[Intellectual Property](#intellectual_property)\n\n14\n\n \n\n \n\n \n\n \n\n1A.\n\n \n\n[Risk Factors](#item_1a_risk_factors)\n\n15\n\n \n\n \n\n \n\n \n\n1B.\n\n \n\n[Unresolved Staff Comments](#item_1b_unresolved_staff_comments)\n\n24\n\n \n\n \n\n \n\n \n\n1C.\n\n \n\n[Cybersecurity](#item_1c_cybersecurity)\n\n24\n\n \n\n \n\n \n\n \n\n2.\n\n \n\n[Properties](#item_2_properties)\n\n26\n\n \n\n \n\n \n\n \n\n3.\n\n \n\n[Legal Proceedings](#item_3_legal_proceedings)\n\n26\n\n \n\n \n\n \n\n \n\n4.\n\n \n\n[Mine Safety Disclosure](#item_4_mine_safety_disclosure)\n\n26\n\n \n\n \n\n \n\n \n\n \n\n \n\n[PART II](#part_ii)\n\n \n\n \n\n \n\n \n\n \n\n5.\n\n \n\n[Market for the Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](#item_5_market_for_registrants_common_equ)\n\n27\n\n \n\n \n\n \n\n \n\n6.\n\n \n\n[Reserved](#item_6_reserved)\n\n28\n\n \n\n \n\n \n\n \n\n7.\n\n \n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#item_7_managements_discussion_analysis_f)\n\n29\n\n \n\n \n\n \n\n \n\n7A.\n\n \n\n[Quantitative and Qualitative Disclosures about Market Risk](#item_7a_quantitative_qualitative_disclos)\n\n47\n\n \n\n \n\n \n\n \n\n8.\n\n \n\n[Consolidated Financial Statements and Supplementary Data](#item_8_consolidated_financial_statements)\n\n48\n\n \n\n \n\n \n\n \n\n9.\n\n \n\n[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#item_9_changes_in_disagreements_with_acc)\n\n90\n\n \n\n \n\n \n\n \n\n9A.\n\n \n\n[Controls and Procedures](#item_9a_controls_procedures)\n\n90\n\n \n\n \n\n \n\n \n\n9B.\n\n \n\n[Other Information](#item_9b_or_information)\n\n90\n\n \n\n \n\n \n\n \n\n9C.\n\n \n\n[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#disclosure_regarding_foreign_juris)\n\n90\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n[PART III](#part_iii)\n\n \n\n \n\n \n\n \n\n \n\n10.\n\n \n\n[Directors, Executive Officers, and Corporate Governance](#item_10_directors_executive_ficers_corpo)\n\n91\n\n \n\n \n\n \n\n \n\n11.\n\n \n\n[Executive Compensation](#item_11_executive_compensation)\n\n91\n\n \n\n \n\n \n\n \n\n12.\n\n \n\n[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#item_12_security_ownership_certain_benef)\n\n91\n\n \n\n \n\n \n\n \n\n13.\n\n \n\n[Certain Relationships, Related Transactions, and Director Independence](#item_13_certain_relationships_related_tr)\n\n92\n\n \n\n \n\n \n\n \n\n14.\n\n \n\n[Principal Accountant Fees and Services](#item_14_principal_accountant_fees_servic)\n\n92\n\n \n\n \n\n \n\n \n\n \n\n \n\n[PART IV](#part_iv)\n\n \n\n \n\n \n\n \n\n \n\n15.\n\n \n\n[Exhibits and Financial Statement Schedules](#item_15_exhibits_financial_statement_sch)\n\n93\n\n \n\n \n\n \n\n \n\n \n\n \n\n[Documents Filed as Part of this Report](#a_documents_filed_as_part_this_report)\n\n93\n\n \n\n \n\n \n\n \n\n \n\n \n\n[Financial Statement Schedules](#financial_statement_schedules)\n\n93\n\n \n\n \n\n \n\n \n\n \n\n \n\n[Exhibits](#exhibits)\n\n94\n\n \n\n \n\n \n\n \n\n16.\n\n \n\n[Form 10-K Summary](#item_16_form_10k_summary)\n\n95\n\n \n\n \n\n \n\n \n\n \n\n \n\n[Signatures](#signatures)\n\n96\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nCAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING INFORMATION\n\n \n\nParts I and II of this report contain “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934). Such statements are inherently subject to risks and uncertainties that may cause actual events and results to differ materially from such statements. Forward-looking statements are statements that include projections, expectations, or beliefs about future events or results or otherwise are not statements of historical fact. Such statements are often but not always characterized by qualifying words such as “expect,” “believe,” “will,” “may,” “should,” “could,” “potential,” “continue,” “target,” “predict”, “seek,” “anticipate,” “estimate,” “intend,” “plan,” “project,” and their derivatives, and include but are not limited to statements about expectations, projections, or trends for our future operations, strategic initiatives and plans, restructuring and integration actions, production levels, new project launches, sales, profit margins, profitability, operating (loss) income, capital expenditures, working capital levels, cost savings (including, without limitation, anticipated cost savings from restructuring and integration actions), income taxes, SG&A or other expenses, pre-tax (loss) income, earnings, cash flow, and other performance or liquidity measures, as well as any statements regarding dividends, share repurchases, liquidity, use of cash and cash requirements, ending cash balances and cash positions, borrowing capacity, investments, potential acquisitions, cash and non-cash restructuring and restructuring-related charges, expenses, and/or credits, net proceeds from restructuring-related asset dispositions, future economic or industry trends, public health epidemics, or other future developments. There can be no assurance that we will realize these expectations or meet our guidance, or that these beliefs will prove correct.\n\nFactors that could influence the matters discussed in such statements include the level of housing starts and sales of existing homes, consumer confidence, trends in disposable income, and general economic conditions. Decreases in these economic indicators could have a negative effect on our business and prospects. Likewise, increases in interest rates, particularly home mortgage rates, and increases in consumer debt or the general rate of inflation, could affect us adversely. Changes in consumer tastes or preferences toward products not produced by us could erode demand for our products. Changes in tariffs or trade policy, including changes in U.S. trade enforcement priorities, or changes in the value of the U.S. dollar versus other currencies, could affect our financial results because a significant portion of our operations are located outside the United States. Relatedly, litigation is ongoing as to whether businesses that paid tariffs that were invalidated by the U.S. Supreme Court in February 2026 may receive or retain refunds for those tariffs, and it may be uncertain as to whether the company may retain any such refunds, which could be significant. Also, economic or political instability in international areas could affect our operations or sources of goods in those areas, as well as demand for our products in international markets. The future performance of our business depends in part on our success in conducting and finalizing acquisition negotiations and integrating acquired businesses into our existing operations. The impact of public health epidemics on employees, customers, suppliers, and the global economy could also adversely affect our operations and financial performance. In addition, the impact of potential asset impairments, including impairments of property, plant, and equipment, inventory, or intangible assets, as well as the impact of valuation allowances applied against our net deferred income tax assets, could affect our financial results. Increases in freight costs, labor costs, and raw material prices, including increases in market prices for petrochemical products, can also significantly affect the prices we pay for shipping, labor, and raw materials, respectively, and, in turn, increase our operating costs and decrease our profitability. Also, our success in diversifying our supply chain with reliable partners to effectively service our global platform could affect our operations and adversely affect our financial results. Finally, the future performance of our business also depends on our ability to achieve our expected cost savings from past restructuring programs and to return our restructured bedding business to profitability, as well as our ability to successfully integrate our bedding and upholstery divisions and achieve the anticipated operating efficiency and cost reduction benefits of that and similar cost-reduction and efficiency initiatives. Further information about these factors, as well as other factors that could affect our future operations or financial results and the matters discussed in forward-looking statements, is included in Item 1A “Risk Factors” of this Annual Report on Form 10-K.\n\nMany of these factors are macroeconomic in nature and are, therefore, beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from those described in this Annual Report on Form 10-K as anticipated, believed, estimated, expected, intended, planned or projected. The forward-looking statements included in this Annual Report on Form 10-K are made only as of the date of this report. Unless required by United States federal securities laws, we neither intend nor assume any obligation to update these forward-looking statements for any reason after the date of this Annual Report on Form 10-K to conform these statements to actual results or to changes in our expectations. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. Additional risks and uncertainties that we do not presently know about or that we currently consider to be immaterial may also affect our business operations or financial results.\n\n1\n\n \n\nPART I"}