美國汽車行（CRMT）全年收入跌7.9%，第四季虧損擴大，並披露持續經營重大疑問

EX-99.1
2
exh_991.htm
PRESS RELEASE

 EdgarFiling
 
 

EXHIBIT 99.1

America’s Car-Mart Reports Fourth Quarter and Fiscal Year
2026 Results

ROGERS, Ark., July 14, 2026 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc. (NASDAQ: CRMT) (“we,” “Car-Mart”
or the “Company”), today reported financial results for the fourth quarter and full year ended April 30, 2026.

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

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

Sales volumes declined 14.3% to 48,891 units, reflecting reductions in both the active dealership base and
inventory purchases, partially offset by a 3.4% increase in the average retail sales price

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

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

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

SG&A of $208.1 million; includes $4.0 million in non-recurring restructuring-related charges; adjusted
SG&A[ˆ] of $204.1 million, or 19.9% of sales

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

Loss per share of $16.79 and adjusted loss per share[1] of $3.71[1]
Calculation of this non-GAAP financial measure and a reconciliation to the most directly comparable GAAP measure are included in
the tables accompanying this release.

President and CEO Doug Campbell commentary: 

Our fourth quarter results reflect the actions we took to preserve liquidity, reduce risk, and operate within our capital structure
— and you can see that in our financial performance. The year did not meet our expectations, but this is a liquidity and capital-structure
story, not a credit-quality one.

On credit, our charge-off ratio ticked up to 7.5% in the fourth quarter, from 6.9% a year ago. Part of that is simply a smaller book
— with fewer new loans, our finance receivables are about 6.4% smaller than a year ago, and a smaller balance raises the percentage.
The rest reflects our customers paying more at the pump for much of the year, along with some disruption from our dealership consolidations
— and we're watching both closely. Underlying credit behavior has been relatively stable, even against those pressures.

With respect to our dealership consolidations, the customer accounts from our closed stores moved to stronger nearby locations, or
to a centralized collections team we built for the first time earlier this year — a way to serve accounts where the nearest store
was no longer a practical fit. That was the right call for the business. It was also a hard one for the associates affected, and I don't
want that to get lost in the numbers. We've worked to handle it the right way, with severance pay and assistance in helping those associates
find their next role.

On June 19, 2026, we amended our credit agreement with our senior secured term loan lenders. The amendment gives us covenant relief
and a defined window to complete our previously disclosed review of strategic and financing alternatives. It also sets specific milestones
we are required to satisfy and meeting them is central to the path forward. You'll also see a going-concern disclosure in our Form 10-K.
It's because we have not yet secured the additional financing or alternative transaction needed to resolve our liquidity constraint. An
independent review is underway to assess a wide range of alternatives to get this right for the people who depend on us: our creditors,
shareholders, customers, vendors, and associates.

To our customers: our job every day is still to keep you on the road, and that continues without interruption. To our vendors and associates:
I know there are a lot of questions right now, and I'm not going to pretend otherwise. It takes what it takes to work through this the
right way, and that's where our focus is. To our shareholders: I know this has been a difficult and uncertain period, and you have every
right to expect us to work through it with urgency and discipline. That is exactly what this team and this Board are doing. Thank you
for staying with us through a hard year. We do not take it for granted.

 
 Fiscal
 year 2026 Key Operating Metrics

 

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

 
 Fourth
 Quarter Business Review

 

Note: Discussions in each section provide information for the fourth quarter of fiscal year 2026, compared to the
fourth quarter of fiscal year 2025, unless otherwise noted.

SALES VOLUME – Retail units sold decreased 27.1% to 11,411 units when compared to the prior year's quarter.
These results were driven primarily by lower inventory levels — the result of the reduced availability of origination capital and
reduced inventory purchases to preserve capital — and, to a lesser extent, the earlier store consolidations completed in the third
quarter.

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

TOTAL REVENUE – Total revenue for the quarter was $302.8 million, a decrease of 18.2% year-over-year. The decline
was driven by lower retail unit volume — consistent with the reduction in inventory purchases and the earlier store consolidations
discussed above — partially offset by a 5.7% increase in the average retail sales price to $20,138. Interest income was largely
stable, decreasing 0.5% to $60.2 million.

GROSS PROFIT – Gross profit margin as a percentage of sales was 31.2%, compared to 36.4% in the prior year quarter.
Total gross profit per retail unit sold decreased by 8.1% to $6,627. Most of the decline reflected lower origination volume, which reduced
the share of higher-margin retail sales relative to wholesale volume, as well as fixed charges within cost of sales that do not scale
down with lower sales volume.

SG&A EXPENSE – SG&A expenses totaled $47.6 million for the quarter, or 19.6% of sales, compared to $48.3
million and 15.6% of sales in the prior year quarter. The current quarter included approximately $4.0 million in non-recurring restructuring
charges related primarily to our capital structure strategic review. Excluding these items, adjusted SG&A (non-GAAPˆ) was $43.6
million, or 18.0% of sales.

The Company continued to make progress on its footprint optimization initiative. During the quarter, the Company consolidated 42 dealership
locations into nearby, higher-performing dealerships, and consolidated some customer accounts into a centralized collections team. Including
the Company's Q3 reductions in footprint, this reduced the Company's active dealership count from 154 at April 30, 2025 to 94 at April
30, 2026. The Company remains committed to adjusting its SG&A to match anticipated sales volumes.

IMPAIRMENT – The Company recognized $6.4 million of non-cash impairment during the quarter and $11.0 million
for the full year, related to long-lived assets at the dealership locations consolidated during fiscal 2026. These charges are reported
on a separate line from SG&A and have no impact on cash flow or liquidity.

CREDIT AND UNDERWRITING PERFORMANCE – Net charge-offs as a percentage of average finance receivables were 7.5%,
compared to 6.9% in the prior year quarter. The increase in the ratio partly reflects the contraction in the receivables base —
the principal balance of finance receivables declined 6.4% compared to the prior year quarter as management moderated originations due
to liquidity constraints. Adjusting for that smaller base, net charge-offs would have been lower, with only a modest increase related
to continued fuel and cost-of-living pressure on the Company’s customers, and not to any change in underwriting standards.

Total collections were $185.7 million, down 2.8% from the prior year quarter, reflecting the smaller receivables base; average collected
per active customer per month improved to $617 from $612, aided by the Company's Pay Your Way digital payment platform, through which
approximately 64% of payment transactions are now processed remotely.

Accounts over 30 days past due were 4.1% at year-end, up from 3.4% a year ago but down sequentially from 4.4% at January 31, 2026.
The sequential improvement is notable, as the fourth quarter absorbed additional store closures that would ordinarily push delinquencies
higher, while the January 31 reading was itself elevated by Winter Storm Fern and the third-quarter store closures. The year-end measure
was further affected by the timing of the April closures — when accounts were being moved to nearby stores and to the centralized
collections team — and by the smaller receivables base against which delinquency is calculated.

Car-Mart's disciplined underwriting approach continues to strengthen its receivables portfolio, with the highest credit-tier customers
now representing 66.6% of accounts receivable, up from 64.6% in the prior year quarter.

ALLOWANCE FOR CREDIT LOSSES – The allowance for credit losses was $329.9 million at April 30, 2026, or 25.15%
of finance receivables, net of deferred revenue and pending accident protection plan claims, compared to 23.25% at April 30, 2025 and
25.53% at January 31, 2026.

The year-over-year increase primarily reflects the broader macroeconomic environment, rather than a change in underlying credit behavior,
and the reduction in finance receivable originations undertaken to preserve liquidity. These effects were partially offset by portfolio
mix shifts, including the growing share of receivables originated under our loan origination system (LOS) and those added through dealership
locations acquired during fiscal year 2025. The modest sequential decline from January 31 reflects the contraction in the receivables
base and stable underlying credit trends. Management considers the allowance adequate to reflect the risk profile of the portfolio at
April 30, 2026.

LEVERAGE & LIQUIDITY – Total debt declined to $722.4 million, a reduction of $54.4 million, or 7.0%, from
$776.8 million at April 30, 2025. Total debt, net of cash (non-GAAP1), declined to $590.7 million, a reduction of $61.5 million,
or 9.4%, from $652.2 million at April 30, 2025. Debt to finance receivables was 51.1% at April 30, 2026, compared to 51.5% at April 30,
2025. Net debt to finance receivables (non-GAAP1) was 41.8% at April 30, 2026, the lowest level in three years — since
April 30, 2023.

Total cash, including restricted cash, increased to $131.6 million at April 30, 2026, compared to $124.5 million at April 30, 2025.
Unrestricted cash, which is available to fund operations and capital needs, was $47.0 million at April 30, 2026, up from $9.8 million
a year earlier under the Company’s prior asset-based facility. Absent a revolving credit facility, preserving unrestricted liquidity
remains a primary focus. The Company has taken deliberate steps to align its cost structure with available capital, including the store
footprint rationalization discussed earlier. Total debt decreased to $722.4 million from $776.8 million at April 30, 2025, and total debt,
net of total cash, (non-GAAPˆ) decreased to $590.7 million from $652.2 million at April 30, 2025.

CAPITAL STRUCTURE – On June 19, 2026, we entered into an amendment to our Credit and Guaranty Agreement with
our lending group, which provides covenant relief and a defined runway that will give the Company – with the guidance of the Special
Committee – time to evaluate a full range of financing and strategic options available. As of the June 30, 2026 testing date under
the amendment, the Company was in compliance with all applicable covenants, and it remains in compliance as of the date of this release.
We view the amendment as a constructive step in improving our capital structure, reflecting our lenders’ continued engagement while
also giving us the time to fully review the strategic alternatives available. The Company remains focused on the interests of its lenders,
shareholders, associates, customers, and vendors as it evaluates the alternatives available.

The Company’s work ahead is focused on translating asset value into a sustainable funding restructure, either through a warehouse
facility, a recapitalization, or another financing transaction, and the amendment gives the Company the time to pursue that in an orderly
and thoughtful manner. Securing an additional readily available financing source, such as a revolving warehouse facility or other potential
debt facility, remains the critical next step in restoring origination capacity and would provide bridge financing between origination
and securitization that allows the Company to fully serve customer demand and restore sales volume. The Company cannot assure, however,
that it will be able to secure any such financing on acceptable terms, or at all, or that the review of strategic and financing alternatives
will result in any transaction or other outcome favorable to the Company or its stockholders.

GOING CONCERN – In accordance with ASC 205-40, the Company's substantial indebtedness, its liquidity position,
and the uncertainties associated with satisfying the milestones under the amendment to its Credit and Guaranty Agreement and securing
additional financing raise substantial doubt about its ability to continue as a going concern within one year after the consolidated financial
statements are issued. Management's plans to address these conditions have not been fully implemented and do not alleviate that doubt.
The financial statements have been prepared on a going-concern basis and include no related adjustments. See Note B (Liquidity and Going
Concern) in the Company's Form 10-K.

INTEREST EXPENSE – Interest expense for the quarter was $20.0 million, an increase of $2.6 million, or 15.1%,
compared to $17.4 million in the prior year quarter. The increase reflects the full-quarter impact of the $300 million term loan closed
in October 2025 and the December 2025 asset-backed securitization (ABS) transaction. Subject to the attainment of additional financing
to support the Company’s operations, the Company's transition to residual ABS structures and continued capital structure refinements
are expected to improve the Company’s cost of funds over time.

INCOME TAXES – In fiscal 2026, the Company recorded an income tax provision of $31.1 million for the full year,
an effective rate of (28.8)%, despite a pre-tax loss for the year. The provision was driven principally by the non-cash valuation allowance
established in the third quarter against the deferred tax asset associated with net operating losses at Colonial Auto Finance.

1The calculation of this non-GAAP financial measure and a reconciliation to the most directly comparable
GAAP measure are included in the tables accompanying this release.

 
 Key
 Operating Results

 
  
  
  
  
  
  
  
  
  

 
  
 Three Months Ended
  
  
  
  

 
  
 April 30,
  
  
  
  

 
  
  
  
  
  
  
  
  
  

 
  
  
 2026
  
  
  
  
 2025
  
  
  
 Change

 
 Operating Data:
  
  
  
  
  
  
  
  

 
 Retail units sold
  
 11,411
  
  
  
  
 15,649
  
  
  
 (27.1
 )
 %

 
 Average number of dealerships in operation
  
 128
  
  
  
  
 154
  
  
  
 (16.9
 )
 %

 
 Average retail units sold per dealerships per
 month
  
 29.7
  
  
  
  
 33.9
  
  
  
 (12.4
 )
 %

 
 Average retail sales price
 $
 20,138
  
  
  
 $
 19,049
  
  
  
 5.7
  
 %

 
 Total gross profit per retail unit sold
 $
 6,627
  
  
  
 $
 7,209
  
  
  
 (8.1
 )
 %

 
 Total gross profit percentage
  
 31.2
  
 %
  
  
 36.4
  
 %
  
 (520
 )
 bps

 
 Same dealership revenue growth
  
 (6.1
 )
 %
  
  
 (3.9
 )
 %
  
  
  

 
 Net charge-offs as a percent of average finance
 receivables
  
 7.5
  
 %
  
  
 6.9
  
 %
  
 60
  
 bps

 
 Total collected (principal, interest and late
 fees), in thousands
 $
 185,710
  
  
  
 $
 191,114
  
  
  
 (2.8
 )
 %

 
 Average total collected per active customer per
 month
 $
 617
  
  
  
 $
 612
  
  
  
 0.8
  
 %

 
 Average percentage of finance receivables-current
 (excl. 1-2 day)
  
 73.2
  
 %
  
  
 80.2
  
 %
  
 (700
 )
 bps

 
 Average down-payment percentage
  
 6.1
  
 %
  
  
 6.2
  
 %
  
 (10
 )
 bps

 
  
  
  
  
  
  
  
  
  

 
  
  
  
  
  
  
  
  
  

 
  
 Twelve Months Ended
  
  
  

 
  
 April 30,
  
  
  

 
  
  
  
  
  
  
  
  
  

 
  
  
 2026
  
  
  
  
 2025
  
  
  
 Change

 
 Operating Data:
  
  
  
  
  
  
  
  

 
 Retail units sold
  
 48,891
  
  
  
  
 57,022
  
  
  
 (14.3
 )
 %

 
 Average number of dealerships in operation
  
 146
  
  
  
  
 154
  
  
  
 (5.2
 )
 %

 
 Average retail units sold per dealerships per
 month
  
 27.9
  
  
  
  
 30.9
  
  
  
 (9.7
 )
 %

 
 Average retail sales price
 $
 20,064
  
  
  
 $
 19,398
  
  
  
 3.4
  
 %

 
 Total gross profit per retail unit sold
 $
 7,442
  
  
  
 $
 7,368
  
  
  
 1.0
  
 %

 
 Total gross profit percentage
  
 35.4
  
 %
  
  
 36.7
  
 %
  
 (130
 )
 bps

 
 Same dealership revenue growth
  
 (2.2
 )
 %
  
  
 (5.0
 )
 %
  
  
  

 
 Net charge-offs as a percent of average finance
 receivables
  
 27.6
  
 %
  
  
 25.9
  
 %
  
 170
  
 bps

 
 Total collected (principal, interest and late
 fees), in thousands
 $
 730,048
  
  
  
 $
 714,102
  
  
  
 2.2
  
 %

 
 Average total collected per active customer per
 month
 $
 591
  
  
  
 $
 575
  
  
  
 2.7
  
 %

 
 Average percentage of finance receivables-current
 (excl. 1-2 day)
  
 76.3
  
 %
  
  
 81.4
  
 %
  
 (510
 )
 bps

 
 Average down-payment percentage
  
 5.1
  
 %
  
  
 5.5
  
 %
  
 (40
 )
 bps

 
  
  
  
  
  
  
  
  
  

 
  
  
  
  
  
  
  
  
  

 
 Period End Data:
  
  
  
  
  
  
  
  

 
 Dealerships open
  
 94
  
  
  
  
 154
  
  
  
 (39.0
 )
 %

 
 Accounts over 30 days past due
  
 4.1
  
 %
  
  
 3.4
  
 %
  
  
  

 
 Active customer count
  
 97,696
  
  
  
  
 104,682
  
  
  
 (6.7
 )
  

 
 Principal balance of finance receivables (in
 thousands)
 $
 1,413,059
  
  
  
 $
 1,509,154
  
  
  
 (6.4
 )
  

 
 Weighted average total contract term
  
 49.0
  
  
  
  
 48.3
  
  
  
 1.4
  
  

 
  
  
  
  
  
  
  
  
  

 

 
 Conference
 Call and Webcast

 

The Company will hold a conference call to discuss its quarterly results on Tuesday, July 14, 2026, at 9:00 a.m. ET.
Participants may access the conference call via webcast using this link: Webcast Link. To participate via telephone,
please register in advance using this Registration Link. Upon registration, all telephone participants will receive a
one-time confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be
used to access the call. All participants are encouraged to dial in 10 minutes prior to the start time. A replay and transcript of the
conference call and webcast and related supplemental information will be available on-demand via the Company’s investor relations
webpage at ir.car-mart.com for 12 months from July 14, 2026.

 
 About
 America's Car-Mart, Inc.

 

America’s Car-Mart, Inc. (the “Company”) operates automotive dealerships in 12 states and is one
of the largest publicly held automotive retailers in the United States focused exclusively on the “Integrated Auto Sales and Finance”
segment of the used car market. The Company emphasizes superior customer service and the building of strong personal relationships with
its customers. The Company operates its dealerships primarily in smaller cities throughout the South-Central United States, selling quality
used vehicles and providing financing for substantially all of its customers. For more information about America’s Car-Mart, including
investor presentations, please visit our website at www.car-mart.com.

 
 Non-GAAP
 Financial Measures

 

This news release contains financial information determined by methods other than in accordance with generally accepted
accounting principles (GAAP). Specifically, we present as non-GAAP financial measures in this news release adjusted SG&A as a percentage
of sales; adjusted earnings (loss) per share; total debt, net of total cash; and the ratio of debt, net of cash, to finance receivables.
These non-GAAP measures are provided as supplemental measures to evaluate operating performance, cost structure, and leverage, and portfolio
economics and to facilitate period-to-period comparisons that may be impacted by non-recurring or non-cash items. We believe investors
benefit from referring to these non-GAAP measures and ratios in assessing our leverage, balance sheet risk, operating results and related
trends, and when planning and forecasting future periods.

These measures should not be considered in isolation or as substitutes for reported GAAP results, as they may include
or exclude certain items relative to similar GAAP-based measures and may not be comparable to similarly titled measures reported by other
companies. We strongly encourage investors to review our consolidated financial statements included in our publicly filed reports in their
entirety and not rely solely on any one financial measure or communication. The most directly comparable GAAP financial measures, as well
as reconciliations to those measures, are presented in the tables accompanying this release.

 
 Forward-Looking
 Statements

 

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements address the Company’s future events, objectives, plans and goals, as well as
the Company’s intent, beliefs and current expectations and projections regarding future financial and operating performance and
can generally be identified by words such as “may,” “will,” “should,” “could,” “expect,”
“anticipate,” “intend,” “plan,” “project,” “foresee,” and other similar words
or phrases. Specific events addressed by these forward-looking statements may include, but are not limited to:

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

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

the covenant relief and waivers under, and the Company's ability to satisfy the milestones and other conditions
of, the June 19, 2026 amendment to the Company’s Credit and Guaranty Agreement;

the Company's liquidity and its efforts to preserve liquidity, including the curtailment of inventory
purchases and finance receivable originations;

future earnings performance;

the availability of capital, including through income from operations and securing additional financing
to sustain and supplement operating cash flows through additional securitization transactions, warehouse credit facilities, or other sources,
and the Company's ability to consummate such financing transactions;

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

operational infrastructure investments;

technological investments and initiatives;

the impact of cost reduction and dealership footprint optimization initiatives on operating performance
and customer service levels;

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

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

These forward-looking statements are based on the Company’s current estimates and assumptions and involve various
risks and uncertainties. As a result, you are cautioned that these forward-looking statements are not guarantees of future performance,
and that actual results and events could differ materially from those projected in these forward-looking statements. Factors that may
cause actual results or events to differ materially from the Company’s projections include, but are not limited to:

the existence of substantial doubt about the Company's ability to continue as a going concern, and the
effects of that disclosure on the Company's relationships with customers, associates, suppliers, lenders and other stakeholders;

the Company's ability to satisfy the milestones and other conditions of the June 19, 2026 amendment to
its Credit and Guaranty Agreement, to extend the related covenant relief and waiver period, and to obtain further waivers, covenant relief,
forbearance or financing from its lenders on acceptable terms, or at all;

the outcome of the Company's review of strategic and financing alternatives, including the risk that the
review does not result in any transaction, results in a transaction on unfavorable terms, or is not completed in a timely manner, and
the costs, timing and uncertainties associated with the review and related advisory engagements;

the Company's substantial level of indebtedness and its ability to service that indebtedness, and the
risk that its indebtedness could be accelerated (including under cross-default or cross-acceleration provisions) and that the Company
would not have sufficient liquidity to repay it;

the Company's ability to fund finance receivable originations, vehicle inventory purchases, debt service
and operating expenses, including its ability to establish a warehouse credit facility and to continue to complete asset-backed securitization
transactions;

the curtailment of the Company's vehicle inventory purchases and finance receivable originations and the
effect of that curtailment on the Company's sales, revenues and collections;

the Company's changes to customer collection practices, including the transition to a centralized collections
model and the transfer of customer accounts to dealerships located farther from customers' prior collection locations and the effect of
the change on collections, revenues, and customer relationships;

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

the possibility that holders of the Company's common stock could experience a significant or complete
loss of their investment, including as a result of any restructuring, recapitalization, or dilutive issuance of equity or equity-linked
securities;

the Company's ability to maintain compliance with the continued listing requirements of, and the continued
listing of its common stock on, the Nasdaq Stock Market;

the diversion of management's attention from ordinary-course operations as a result of the strategic review
and the Company's liquidity and capital-structure matters;

general economic conditions in the markets in which the Company operates, including but not limited to
fluctuations in gas prices, grocery prices and employment levels and inflationary pressure on operating costs;

the availability of quality used vehicles at prices that will be affordable to the Company’s customers,
including the impacts of changes in new vehicle production and sales;

the availability of and access to capital through warehouse credit facilities, securitization financings
or other debt or equity financing on terms acceptable to the Company, and any increase in the cost of capital, to support the Company’s
business;

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

the Company’s compliance with financial covenants and other terms of its senior secured term loan,
non-recourse notes payable, and any future debt facilities;

the Company’s ability to underwrite and collect its contracts effectively, including whether anticipated
benefits from the Company’s recently implemented loan origination system are achieved as expected or at all;

competition;

dependence on existing management;

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

changes in consumer finance laws or regulations, including but not limited to rules and regulations that
have recently been enacted or could be enacted by federal and state governments;

future shutdowns of the federal government or changes to federal or state government assistance programs
impacting the Company’s customers;

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

security breaches, cyber-attacks, or fraudulent activity;

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

the ability to successfully transition customers and inventory from underperforming dealerships to nearby
more productive dealerships as part of the Company’s footprint optimization strategy;

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

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

the Company's ability to maintain effective internal control over financial reporting following the remediation
of its previously identified material weakness, and to design, implement, and maintain effective disclosure controls and procedures;

the potential dilutive impact of outstanding warrants to purchase the Company's common stock, if exercised,
and of any other future issuances of the Company's equity securities; and

potential business and economic disruptions and uncertainty that may result from any future public health
crises and any efforts to mitigate the financial impact and health risks associated with such developments.

Additionally, risks and uncertainties that may affect future results include those described from time to time in the
Company’s SEC filings. The Company undertakes no obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the dates on which they are made.

Jonathan CollinsChief Financial Officer(479) [email protected]

SM Berger & CompanyAndrew Berger, Managing [email protected] (216) 464-6400

Media ContactRachel Chesley / Misha [email protected]

 
 America's Car-Mart

 
 Consolidated Results of Operations

 
  
  
  
  
  
  
  
  
  
  
  
  

 
 (Amounts in thousands, except per share data)

 
  
  
  
  
  
  
  
  
  
  
  
  

 
  
  
  
  
  
  
  
  
 As a % of
 Sales
  

 
  
  
 Three Months Ended
  
  
  
 Three Months Ended
  

 
  
  
 April 30,
  
  
  
 April 30,
  

 
  
  
  
  
  
  
  
  
  
  
  
  

 
  
  
  
 2026
  
  
  
 2025
  
  
 % Change
  
 2026
  
  
 2025
  

 
 Statements of Operations:
  
  
  
  
  
  
  
  
  
  
  

 
 Revenues:
  
  
  
  
  
  
  
  
  
  
  

 
 Sales
  
 $
 242,637
  
  
 $
 309,702
  
  
 (21.7
 )
 %
 100.0
  
 %
 100.0
 %

 
 Interest income
  
  
 60,189
  
  
  
 60,472
  
  
 (0.5
 )
  
 24.8
  
  
 19.5
  

 
        Total
  
  
 302,826
  
  
  
 370,174
  
  
 (18.2
 )
  
 124.8
  
  
 119.5
  

 
  
  
  
  
  
  
  
  
  
  
  
  

 
 Costs and expenses:
  
  
  
  
  
  
  
  
  
  
  

 
 Cost of sales
  
  
 167,022
  
  
  
 196,896
  
  
 (15.2
 )
  
 68.8
  
  
 63.6
  

 
 Selling, general and administrative
  
  
 47,565
  
  
  
 48,343
  
  
 (1.6
 )
  
 19.6
  
  
 15.6
  

 
 Provision for credit losses
  
  
 91,914
  
  
  
 92,962
  
  
 (1.1
 )
  
 37.9
  
  
 30.0
  

 
 Interest expense
  
  
 19,993
  
  
  
 17,373
  
  
 15.1
  
  
 8.2
  
  
 5.6
  

 
 Impairment expense
  
  
 6,382
  
  
  
 -
  
  
 -
  
  
 2.6
  
  
 -
  

 
 Depreciation and amortization
  
  
 1,926
  
  
  
 1,947
  
  
 (1.1
 )
  
 0.8
  
  
 0.6
  

 
 (Gain) loss on disposal of property
 and equipment
  
  
 (235
 )
  
  
 175
  
  
 (234.3
 )
  
 (0.1
 )
  
 0.1
  

 
        Total
  
  
 334,567
  
  
  
 357,696
  
  
 (6.5
 )
  
 137.9
  
  
 115.5
  

 
  
  
  
  
  
  
  
  
  
  
  
  

 
        Income (Loss)
 before taxes
  
  
 (31,741
 )
  
  
 12,478
  
  
  
  
 (13.1
 )
  
 4.0
  

 
  
  
  
  
  
  
  
  
  
  
  
  

 
 Provision (benefit) for income taxes
  
  
 (2,176
 )
  
  
 1,843
  
  
  
  
 (0.9
 )
  
 0.6
  

 
  
  
  
  
  
  
  
  
  
  
  
  

 
        Net income
 (loss)
  
 $
 (29,565
 )
  
 $
 10,635
  
  
  
  
 (12.2
 )
  
 3.4
  

 
  
  
  
  
  
  
  
  
  
  
  
  

 
 Dividends on subsidiary preferred stock
  
  
 (10
 )
  
  
 (10
 )
  
  
  
  
  
  
  

 
  
  
  
  
  
  
  
  
  
  
  
  

 
        Net income
 (loss) attributable to common shareholders
  
 $
 (29,575
 )
  
 $
 10,625
  
  
  
  
  
  
  
  

 
  
  
  
  
  
  
  
  
  
  
  
  

 
 Earnings (Loss) per share:
  
  
  
  
  
  
  
  
  
  
  

 
 Basic
  
 $
 (3.56
 )
  
 $
 1.29
  
  
  
  
  
  
  
  

 
 Diluted
  
 $
 (3.56
 )
  
 $
 1.26
  
  
  
  
  
  
  
  

 
  
  
  
  
  
  
  
  
  
  
  
  

 
 Weighted average number of shares used
 in calculation:
  
  
  
  
  
  
  
  
  
  
  

 
 Basic
  
  
 8,303,434
  
  
  
 8,260,468
  
  
  
  
  
  
  
  

 
 Diluted
  
  
 8,303,434
  
  
  
 8,428,197
  
  
  
  
  
  
  
  

 
  
  
  
  
  
  
  
  
  
  
  
  

 
  
  
  
  
  
  
  
  
  
  
  
  

 
 America's Car-Mart

 
 Consolidated Results of Operations

 
  

 
 (Amounts in thousands, except per share data)

 
  
  
  
  
  
  
  
  
  
  
  
  

 
  
  
  
  
  
  
  
  
 As a % of
 Sales
  

 
  
  
 Twelve Months Ended
  
  
  
 Twelve Months Ended
  

 
  
  
 April 30,
  
  
  
 April 30,
  

 
  
  
  
  
  
  
  
  
  
  
  
  

 
  
  
  
 2026
  
  
  
 2025
  
  
 % Change
  
 2026
  
  
 2025
  

 
 Statements of Operations:
  
  
  
  
  
  
  
  
  
  
  

 
 Revenues:
  
  
  
  
  
  
  
  
  
  
  

 
 Sales
  
 $
 1,027,813
  
  
 $
 1,146,208
  
  
 (10.3
 )
 %
 100.0
  
 %
 100.0
 %

 
 Interest income
  
  
 253,689
  
  
  
 244,724
  
  
 3.7
  
  
 24.7
  
  
 21.4
  

 
        Total
  
  
 1,281,502
  
  
  
 1,390,932
  
  
 (7.9
 )
  
 124.7
  
  
 121.4
  

 
  
  
  
  
  
  
  
  
  
  
  
  

 
 Costs and expenses:
  
  
  
  
  
  
  
  
  
  
  

 
 Cost of sales
  
  
 663,981
  
  
  
 726,055
  
  
 (8.5
 )
  
 64.6
  
  
 63.3
  

 
 Selling, general and administrative
  
  
 208,084
  
  
  
 188,921
  
  
 10.1
  
  
 20.2
  
  
 16.5
  

 
 Provision for credit losses
  
  
 419,230
  
  
  
 374,559
  
  
 11.9
  
  
 40.8
  
  
 32.7
  

 
 Interest expense
  
  
 74,494
  
  
  
 70,650
  
  
 5.4
  
  
 7.2
  
  
 6.2
  

 
 Impairment expense
  
  
 11,016
  
  
  
 -
  
  
 -
  
  
 1.1
  
  
 -
  

 
 Loss on extinguishment of debt
  
  
 4,476
  
  
  
 -
  
  
 -
  
  
 0.4
  
  
 -
  

 
 Depreciation and amortization
  
  
 8,207
  
  
  
 7,647
  
  
 7.3
  
  
 0.8
  
  
 0.7
  

 
 (Gain) loss on disposal of property
 and equipment
  
  
 (5
 )
  
  
 299
  
  
 (101.7
 )
  
 -
  
  
 -
  

 
        Total
  
  
 1,389,483
  
  
  
 1,368,131
  
  
 1.6
  
  
 135.2
  
  
 119.4
  

 
  
  
  
  
  
  
  
  
  
  
  
  

 
        Income (Loss)
 before taxes
  
  
 (107,981
 )
  
  
 22,801
  
  
  
  
 (10.5
 )
  
 2.0
  

 
  
  
  
  
  
  
  
  
  
  
  
  

 
 Provision (benefit) for income taxes
  
  
 31,130
  
  
  
 4,869
  
  
  
  
 3.0
  
  
 0.4
  

 
  
  
  
  
  
  
  
  
  
  
  
  

 
        Net income
 (loss)
  
 $
 (139,111
 )
  
 $
 17,932
  
  
  
  
 (13.5
 )
  
 1.6
  

 
  
  
  
  
  
  
  
  
  
  
  
  

 
 Dividends on subsidiary preferred stock
  
  
 (40
 )
  
  
 (40
 )
  
  
  
  
  
  
  

 
  
  
  
  
  
  
  
  
  
  
  
  

 
        Net income
 (loss) attributable to common shareholders
  
 $
 (139,151
 )
  
 $
 17,892
  
  
  
  
  
  
  
  

 
  
  
  
  
  
  
  
  
  
  
  
  

 
 Earnings (Loss) per share:
  
  
  
  
  
  
  
  
  
  
  

 
 Basic
  
 $
 (16.79
 )
  
 $
 2.38
  
  
  
  
  
  
  
  

 
 Diluted
  
 $
 (16.79
 )
  
 $
 2.33
  
  
  
  
  
  
  
  

 

 
 America's Car-Mart

 
 Condensed Consolidated Balance Sheet
 and Other Data

 
  
  
  
  
  

 
 (Amounts in thousands, except per share data)

 
  
  
  
  
  

 
  
  
 April 30,
  
 April 30,

 
  
  
  
 2026
  
  
  
 2025
  

 
  
  
  
  
  

 
 Cash and cash equivalents
  
 $
 46,962
  
  
 $
 9,808
  

 
 Restricted cash from collections on auto finance receivables
  
 $
 84,684
  
  
 $
 114,729
  

 
 Finance receivables, net
  
 $
 1,079,167
  
  
 $
 1,180,673
  

 
 Inventory
  
 $
 54,074
  
  
 $
 112,229
  

 
 Total assets
  
 $
 1,416,840
  
  
 $
 1,606,474
  

 
 Senior Secured Notes Payable, net
  
 $
 263,681
  
  
 $
 -
  

 
 Revolving lines of credit, net
  
 $
 -
  
  
 $
 204,769
  

 
 Non-recourse notes payable, net
  
 $
 458,685
  
  
 $
 572,010
  

 
 Treasury stock
  
 $
 298,517
  
  
 $
 298,220
  

 
 Total equity
  
 $
 445,656
  
  
 $
 569,522
  

 
 Shares outstanding
  
  
 8,305,520
  
  
  
 8,263,280
  

 
 Book value per outstanding share
  
 $
 53.71
  
  
 $
 68.97
  

 
  
  
  
  
  

 
  
  
  
  
  

 
  
  
  
  
  

 
 Allowance for credit losses
  
  
 (329,901
 )
  
  
 (323,100
 )

 
  
  
  
  
  

 
 Allowance as % of principal balance
 net of deferred revenue
  
  
 25.15
 %
  
  
 23.25
 %

 
  
  
  
  
  

 
  
  
  
  
  

 
  
  
  
  
  

 
  
  
  
  
  

 
 Changes in allowance for credit losses:
  
  
  
  

 
  
  
 Twelve Months Ended

 
  
  
 April 30,

 
  
  
  
 2026
  
  
  
 2025
  

 
 Balance at beginning of period
  
 $
 323,100
  
  
 $
 331,260
  

 
 Provision for credit losses
  
  
 419,230
  
  
  
 374,559
  

 
 Charge-offs, net of collateral recovered
  
  
 (412,429
 )
  
  
 (382,719
 )

 
 Balance at end of period
  
 $
 329,901
  
  
 $
 323,100
  

 

 
 America's Car-Mart

 
 Condensed Consolidated Statements of
 Cash Flows

 
  
  
  
  
  

 
 (Amounts in thousands)

 
  
  
  
  
  

 
  
  
 Twelve Months Ended

 
  
  
 April 30,

 
  
  
  
 2026
  
  
  
 2025
  

 
  
  
  
  
  

 
 Operating activities:
  
  
  
  

 
 Net loss
  
 $
 (139,111
 )
  
 $
 17,932
  

 
 Provision for credit losses
  
  
 419,230
  
  
  
 374,559
  

 
 Losses on claims for accident protection
 plan
  
  
 36,276
  
  
  
 34,525
  

 
 Loss on extinguishment of debt
  
  
 2,726
  
  
  
 -
  

 
 Depreciation and amortization
  
  
 8,207
  
  
  
 7,647
  

 
 Finance receivable originations
  
  
 (952,451
 )
  
  
 (1,075,080
 )

 
 Finance receivable collections
  
  
 477,730
  
  
  
 469,379
  

 
 Inventory
  
  
 180,287
  
  
  
 114,573
  

 
 Deferred accident protection plan revenue
  
  
 (6,518
 )
  
  
 (378
 )

 
 Deferred service contract revenue
  
  
 (10,313
 )
  
  
 (7,158
 )

 
 Income taxes, net
  
  
 (4,975
 )
  
  
 4,409
  

 
 Deferred income taxes
  
  
 27,061
  
  
  
 -
  

 
 Impairment of assets
  
  
 11,016
  
  
  

 
 Other
  
  
 15,794
  
  
  
 10,828
  

 
      Net cash provided
 by (used in) operating activities
  
  
 64,959
  
  
  
 (48,764
 )

 
  
  
  
  
  

 
 Investing activities:
  
  
  
  

 
 Purchase of investments
  
  
 -
  
  
  
 (7,527
 )

 
 Purchase of property and equipment and
 other
  
  
 (1,810
 )
  
  
 (3,890
 )

 
 Proceeds from sale of property and equipment
  
  
 289
  
  
  
 42
  

 
      Net cash used in
 investing activities
  
  
 (1,521
 )
  
  
 (11,375
 )

 
  
  
  
  
  

 
 Financing activities:
  
  
  
  

 
 Issuance of common stock
  
  
 218
  
  
  
 74,106
  

 
 Purchase of common stock
  
  
 (297
 )
  
  
 (434
 )

 
 Dividend payments
  
  
 (40
 )
  
  
 (40
 )

 
 Change in cash overdrafts
  
  
 (1,289
 )
  
  
 466
  

 
 Debt issuance costs
  
  
 (20,252
 )
  
  
 (9,006
 )

 
 Non-recourse notes payable, net
  
  
 (113,821
 )
  
  
 18,558
  

 
 Revolving line of credit, net
  
  
 (207,098
 )
  
  
 6,579
  

 
 Loss on extinguishment of debt
  
  
 (1,750
 )
  
  
 -
  

 
 Issuance of senior secured notes payable
  
  
 288,000
  
  
  
 -
  

 
      Net cash provided
 by (used in) financing activities
  
  
 (56,329
 )
  
  
 90,229
  

 
  
  
  
  
  

 
 Increase in cash, cash equivalents, and restricted
 cash
  
 $
 7,109
  
  
 $
 30,090
  

 

 
 America's Car-Mart

 
 Reconciliation of Non-GAAP Financial
 Measures

 
  

 
 (Amounts in thousands)

 
  

 
  

 
  
  
  
  
  

 
 Calculation of Adjusted SG&A as Percentage of
 Sales:
  
  
  
  

 
  
  
 Three Months Ended
  
 Three Months Ended

 
  
  
 April 30,
  
 April 30,

 
  
  
  
 2026
  
  
  
 2025
  

 
 Sales
  
  
 242,637
  
  
  
 309,702
  

 
  
  
  
  
  

 
 Selling, general and administrative
  
  
 47,565
  
  
  
 48,343
  

 
 Restructuring-related charges(1)
  
  
 3,961
  
  
  
 -
  

 
 Adjusted selling, general and administrative
  
  
 43,604
  
  
  
 48,343
  

 
  
  
  
  
  

 
 Adjusted SG&A as a percentage of
 sales
  
  
 18.0
 %
  
  
 15.6
 %

 
  
  
  
  
  

 
  
  
  
  
  

 
 America's Car-Mart

 
 Reconciliation of Non-GAAP Financial
 Measures

 
  
  
  
  
  

 
 (Amounts in thousands)

 
  
  
  
  
  

 
  
  
  
  
  

 
 Calculation of Adjusted Loss Per Share:
  
  
  
  

 
  
  
 Three Months Ended
  
 Twelve Months Ended

 
  
  
 April 30,
  
 April 30,

 
  
  
  
 2026
  
  
  
 2026
  

 
 Net loss attributable to common shareholders
 (A)
  
 $
 (29,575
 )
  
 $
 (139,151
 )

 
  
  
  
  
  

 
 Loss on extinguishment of debt adjustment(1)
  
  
 -
  
  
  
 4,476
  

 
 Credit loss impact of allowance percentage
 adjustment
  
  
 24,927
  
  
  
 54,932
  

 
 Impairment of assets impacted by lot
 closures and non-core adjustments(1)
  
  
 6,382
  
  
  
 11,016
  

 
 Restructuring-related charges(1)
  
  
 3,961
  
  
  
 3,961
  

 
 Pre-tax impact of adjustments (B)
  
  
 35,270
  
  
  
 74,385
  

 
 Tax effect of adjustment [effective
 tax rate of (28.83)%] (C)
  
  
 (10,168
 )
  
  
 (21,445
 )

 
 Tax impact of deferred tax asset valuation
 allowance (D)
  
  
 8,444
  
  
  
 55,454
  

 
 Post-tax impact of adjustments (B+C+D)
  
  
 33,546
  
  
  
 108,394
  

 
  
  
  
  
  

 
 Adjusted net loss attributable to common shareholders (A+(B+C+D))
  
  
 3,971
  
  
  
 (30,757
 )

 
  
  
  
  
  

 
 Weighted average shares outstanding
  
  
 8,303
  
  
  
 8,289
  

 
 Adjusted loss per share
  
 $
 0.48
  
  
 $
 (3.71
 )

 
 Diluted earnings (loss) per share (GAAP)(2)
  
 $
 (3.56
 )
  
 $
 (16.79
 )

 
 Diluted earnings (loss) per share impact
 of adjustments
  
 $
 (4.04
 )
  
 $
 (13.08
 )

 
  
  
  
  
  

 
 (1)The Company
 recorded certain one-time items in each quarter that did not recur in the other period; as a result, the non-GAAP adjustments reflected
 in each reconciliation may differ between period.
  
  

 
  
  

 
  
  
  
  
  

 
 (2)Diluted earnings
 (loss) per share for the current quarter was the same as basic earnings (loss) per share because the net loss makes potential common stock
 equivalents anti-dilutive.
  
  

 
  
  

 
  
  
  

 

 
 America's Car-Mart

 
 Reconciliation of Non-GAAP Financial
 Measures

 
  
  
  
  
  

 
 (Amounts in thousands)

 
  
  
  
  
  

 
  
  
  
  
  

 
 Calculation of Debt, Net of Total Cash, to Finance
 Receivables:
  
  
  
  

 
  
  
 April 30,
 2026
  
 April 30,
 2025

 
 Debt:
  
  
  
  

 
 Senior
 Secured Notes Payable, net
  
 $
 263,681
  
  
 $
 -
  

 
 Revolving lines of credit, net
  
  
 -
  
  
  
 204,769
  

 
 Notes payable, net
  
  
 458,685
  
  
  
 572,010
  

 
 Total debt
  
 $
 722,366
  
  
 $
 776,779
  

 
  
  
  
  
  

 
 Cash:
  
  
  
  

 
 Cash and cash equivalents
  
 $
 46,962
  
  
 $
 9,808
  

 
 Restricted cash
  
  
 84,684
  
  
  
 114,729
  

 
 Total cash, cash equivalents, and restricted
 cash
  
 $
 131,646
  
  
 $
 124,537
  

 
  
  
  
  
  

 
 Debt, net of total cash
  
 $
 590,720
  
  
 $
 652,242
  

 
  
  
  
  
  

 
 Principal balance of finance receivables
  
 $
 1,413,059
  
  
 $
 1,509,155
  

 
  
  
  
  
  

 
 Ratio of debt to finance receivables
  
  
 51.1
 %
  
  
 51.5
 %

 
 Ratio of debt, net of total cash, to
 finance receivables
  
  
 41.8
 %
  
  
 43.2
 %

 
  
  
  

 

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