America’s Car-Mart reported fiscal 2026 total revenue of $1,281.5 million, a 7.9% decline year-over-year, and a GAAP net loss of $139.1 million (loss per share $16.79). The company recorded adjusted loss per share of $(3.71) and interest income of $253.7 million for the year. Management disclosed covenant relief under an amended credit agreement and noted substantial doubt about the company’s ability to continue as a going concern within one year.

Financial Highlights

  • Total revenue: $1,281.5 million for fiscal 2026, down 7.9% from fiscal 2025.
  • Interest income: $253.7 million, up 3.7% year-over-year.
  • Total gross profit per retail unit: $7,442 for the year; gross profit margin 35.4% (vs. 36.7% prior year).
  • GAAP net loss: $(139.1) million for fiscal 2026; GAAP loss per share: $(16.79).
  • Adjusted loss per share (non-GAAP): $(3.71) for fiscal 2026 (reconciliation provided in release).

Business Highlights

  • Sales volumes: retail units sold declined 14.3% for the year to 48,891 units, reflecting fewer active dealerships and reduced inventory purchases to preserve liquidity.
  • Dealership footprint optimization: active dealerships reduced from 154 at April 30, 2025 to 94 at April 30, 2026, including consolidation of 42 locations in Q4.
  • Receivables and collections: principal balance of finance receivables declined 6.4% year-over-year; total collections increased 2.2% to $730.0 million for the year, with average collected per active customer per month rising to $591.
  • Credit and underwriting: net charge-offs as a percent of average finance receivables were 27.6% for the year; allowance for credit losses increased to $329.9 million (25.15% of finance receivables).
  • Capital structure actions: June 19, 2026 amendment to Credit and Guaranty Agreement provides covenant relief and a defined runway to pursue strategic and financing alternatives; management is pursuing additional financing options including warehouse facilities, securitization or recapitalization.

Original SEC Filing:

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