crmt-20260731

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 31, 2026

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission file number: 0-14939

AMERICA’S CAR-MART, INC.

(Exact name of registrant as specified in its charter)


Texas			63-0851141
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

1805 North 2nd Street, Suite 401, Rogers, Arkansas 72756

(Address of principal executive offices) (zip code)

(479) 464-9944

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	CRMT	NASDAQ Global Select Market

Indicate by check mark whether the registrant: (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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate 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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes x No o

Indicate 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.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Title of Each Class			Outstanding at September 9, 2026
Common Stock, par value $0.01 per share			8,338,478

Table of Contents

AMERICA’S CAR-MART, INC.

TABLE OF CONTENTS


			Page No.
PART I.	FINANCIAL INFORMATION
	Item 1.	Financial Statements	4
		Condensed Consolidated Balance Sheets (Unaudited) – July 31, 2026 and April 30, 2026	4
		Condensed Consolidated Statements of Operations (Unaudited) – Three Months Ended July 31, 2026 and 2025	5
		Condensed Consolidated Statements of Cash Flows (Unaudited) – Three Months Ended July 31, 2026 and 2025	6
		Condensed Consolidated Statements of Equity (Unaudited) – Three Months Ended July 31, 2026	7
		Condensed Consolidated Statements of Equity (Unaudited) – Three Months Ended July 31, 2025	8
		Notes to Consolidated Financial Statements (Unaudited)	9
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	47
	Item 4.	Controls and Procedures	47

PART II.	OTHER INFORMATION
	Item 1.	Legal Proceedings	48
	Item 1A.	Risk Factors	48
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	48
	Item 3.	Defaults Upon Senior Securities	48
	Item 4.	Mine Safety Disclosure	48
	Item 5.	Other Information	48
	Item 6.	Exhibits	48

SIGNATURES			50

Table of Contents

Part I. FINANCIAL INFORMATION


Item 1. Financial Statements

Condensed Consolidated Balance Sheets (Unaudited)

America’s Car-Mart, Inc.


	July 31, 2026		April 30, 2026
(Dollars in thousands except share and per share amounts)	(Unaudited)
Assets:
Cash and cash equivalents	$	27,532	$	46,962
Restricted cash	82,445		84,684
Accrued interest on finance receivables	6,919		8,029
Finance receivables, net of allowance for credit losses of $276,952 and $329,901, respectively	909,797		1,079,167
Inventory	35,194		54,074
Income tax receivable, net	3,600		3,524
Prepaid expenses and other assets	35,535		31,349
Right-of-use asset	42,266		43,429
Goodwill	22,764		22,767
Property and equipment, net	40,087		42,855
Total Assets	$	1,206,139	$	1,416,840

Liabilities:
Accounts payable	$	22,173	$	32,063
Deferred accident protection plan revenue	33,970		44,940
Deferred service contract revenue	32,841		51,474
Accrued liabilities	34,819		35,901
Deferred income tax liabilities, net	34,207		34,207
Lease liability	47,389		49,833
Non-recourse notes payable, net	357,655		458,685
Senior secured notes payable, net	266,205		263,681
Total liabilities	$	829,259	$	970,784

Commitments and contingencies (Note L)

Mezzanine equity:
Mandatorily redeemable preferred stock	$	400	$	400

Equity:
Preferred stock, par value $0.01 per share, 1,000,000 shares authorized; none issued or outstanding	$	—	$	—
Common stock, par value $0.01 per share, 50,000,000 shares authorized; 15,692,699 and 15,657,592 issued at July 31, 2026 and April 30, 2026, respectively, of which 8,338,478 and 8,305,520 were outstanding at July 31, 2026 and April 30, 2026, respectively	157		157
Additional paid-in capital	210,645		210,806
Retained earnings	464,120		533,110
Less: Treasury stock, at cost, 7,354,221 and 7,352,072 shares at July 31, 2026 and April 30, 2026, respectively	(298,542)		(298,517)
Total stockholders’ equity	376,380		445,556
Non-controlling interest	100		100
Total equity	376,480		445,656

Total Liabilities, Mezzanine Equity and Equity	$	1,206,139	$	1,416,840

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Table of Contents

Condensed Consolidated Statements of Operations (Unaudited)

America’s Car-Mart, Inc.


	Three Months Ended July 31,
	2026		2025
(Dollars in thousands except share and per share amounts)	(Unaudited)
Revenues:
Sales	$	89,902	$	276,240
Interest and other income	55,849		65,072

Total revenues	145,751		341,312

Costs and expenses:
Cost of sales, excluding depreciation	70,266		175,080
Selling, general and administrative	51,551		51,408
Provision for credit losses	71,559		103,036
Interest expense	19,226		17,042
Depreciation and amortization	1,802		2,139
Loss on disposal of property and equipment	178		9
Total costs and expenses	214,582		348,714

Loss before taxes	(68,831)		(7,402)

Provision for (benefit of) income taxes	149		(1,666)

Net loss	$	(68,980)	$	(5,736)

Less: Dividends on mandatorily redeemable preferred stock	(10)		(10)


Net loss attributable to common stockholders	$	(68,990)	$	(5,746)

Loss per share:
Basic	$	(8.28)	$	(0.69)
Diluted	$	(8.28)	$	(0.69)

Weighted average number of shares used in calculation:
Basic	8,329,512		8,274,054
Diluted	8,329,512		8,274,054

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

Table of Contents

Condensed Consolidated Statements of Cash Flows (Unaudited)

America’s Car-Mart, Inc.


	Three Months Ended July 31,
	2026		2025
(In thousands)	(Unaudited)
Operating Activities:
Net loss	$	(68,980)	$	(5,736)
Adjustments to reconcile net loss to net cash used in operating activities:
Provision for credit losses	71,559		103,036
Losses on claims for accident protection plan	7,132		8,595
Depreciation and amortization	1,802		2,139
Amortization of debt issuance costs	2,956		1,269
(Gain) loss on disposal of property and equipment	178