America’s Car-Mart (CRMT) investor relations material

Executive summary

• Retail sales volumes declined 22.1% year-over-year to 10,275 units, primarily due to capital structure constraints and severe weather disruptions, including Winter Storm Fern, which closed the dealership network for several days.

• Store consolidations reduced the active dealership count to 136 after closing 18 locations as part of operational improvements.

• Gross profit per retail unit sold increased 8.8% year-over-year to $7,762, with gross margin stable at 35.8%.

• The company completed a $161.3 million asset-backed securitization with a residual cash flow structure in December 2025.

• Net loss attributable to common shareholders was $76.7 million for the quarter, or $9.25 per share GAAP; adjusted loss per share was $1.53, excluding significant non-cash and non-recurring items.

Financial highlights

• Total revenue was $286.8 million for the quarter, down 12% year-over-year; interest income increased 3.1% to $64.2 million.

• SG&A expenses were $51.5 million (23.1% of sales), including $2.8 million in non-recurring charges; adjusted SG&A was $48.7 million (21.9% of sales).

• Provision for credit losses increased 21.4% to $105.2 million.

• Interest expense for the quarter was $21.8 million, up from $16.9 million year-over-year.

• Total cash, including restricted cash, was $237.0 million at quarter end; total debt was $892.2 million.

Outlook and guidance

• Inventory build began in January for tax season, with a 44% increase from December lows.

• Management expects sales volumes to recover as origination capacity is restored through additional financing sources, with cost savings from store consolidations and SG&A reductions to be reflected in Q4.

• The company is focused on securing new asset-backed securitizations or warehouse facilities to support growth.

• Forward-looking statements highlight risks from economic conditions, vehicle supply, credit availability, regulatory changes, and operational challenges.