美国汽车行：2025年季度报告

FORM10-Q xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedJuly31, 2025 Or oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ________ to ________ Commission file number:0-14939 AMERICA’S CAR-MART, INC.(Exact name of registrant as specified in its charter) Texas63-0851141(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) 1805 North 2nd Street, Suite 401,Rogers,Arkansas72756(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: 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 Actof 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subjectto such filing requirements for the past 90 days.YesxNoo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesxNoo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany 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 fileroAccelerated filerxNon-accelerated filerooSmaller reporting companyoEmerging growth companyo If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith 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). YesoNox 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 ClassOutstanding at September4, 2025Common Stock, par value $0.01 per share8,278,194 TABLE OF CONTENTS Item 1.Financial Statements4Condensed Consolidated Balance Sheets (Unaudited) – July 31, 2025and April 30, 20254Condensed Consolidated Statements of Operations (Unaudited) – Three Months Ended July 31, 2025and20245Condensed Consolidated Statements of Cash Flows (Unaudited) – Three Months Ended July 31, 2025and20246Condensed Consolidated Statements of Equity (Unaudited) – Three Months Ended July 31, 20257Condensed Consolidated Statements of Equity (Unaudited) – Three Months Ended July 31, 20248Notes to Consolidated Financial Statements (Unaudited)9Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations33Item 3.Quantitative and Qualitative Disclosures about Market Risk43Item 4.Controls and Procedures43 PART II.OTHER INFORMATION Item 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosureItem 5.Other InformationItem 6.Exhibits SIGNATURES47 Part I.FINANCIAL INFORMATION Condensed Consolidated Balance Sheets (Unaudited)July31, 2025 and April30, 2025 A–Organization and Business America’s Car-Mart, Inc., a Texas corporation (the “Company”), is one of the largest publicly held automotive retailers in the UnitedStates focused exclusively on the “Integrated Auto Sales and Finance” segment of the used car market. References to the Company typicallyinclude the Company’s consolidated subsidiaries. The Company’s operations are principally conducted through itstwooperating subsidiaries,America’s Car Mart, Inc., an Arkansas corporation (“Car-Mart of Arkansas”), and Colonial Auto Finance, Inc., an Arkansas corporation(“Colonial”). The Company primarily sells older model used vehicles and provides financing for substantially all of its customers. Many of theCompany’s customers have limited financial resources and would not qualify for conventional financing as a result of limited credit histories orpast credit difficulties. As of July31, 2025, the Company operated154dealerships located primarily in small cities throughout the South-Central United States. B–Summary of Significant Accounting Policies General The accompanying condensed consolidated balance sheet as of April30, 2025, which has been derived from audited financialstatements, and the unaudited interim condensed financial statements as of July31, 2025 and 2024, have been prepared in accordance withgenerally accepted accounting principles for interim financial information and in ac