America’s Car-Mart, Inc. Provides Update on Status of Its Annual Report on Form 10-K
America's Car-Mart (NASDAQ: CRMT) announced delays in filing its Annual Report on Form 10-K for fiscal year 2025 due to incomplete disclosures regarding loan modifications for customers experiencing financial difficulties. The company failed to meet the extended filing deadline of July 29, 2025.
The company identified material weaknesses in internal controls and determined that previously issued financial statements from fiscal years 2024 and 2025 should no longer be relied upon due to omitted loan modification disclosures. However, CRMT emphasized that these disclosure issues will not impact their previously reported financial results, including earnings, balance sheet, cash flows, or shareholder equity.
CRMT expects to receive a notice from Nasdaq regarding non-compliance with listing requirements, though this should not immediately affect their stock listing. The company will file the Form 10-K once the necessary disclosures and remediation efforts are completed.
America's Car-Mart (NASDAQ: CRMT) ha annunciato ritardi nella presentazione del suo Rapporto Annuale sul Modulo 10-K per l'anno fiscale 2025 a causa di divulgazioni incomplete riguardanti le modifiche ai prestiti per clienti in difficoltà finanziarie. L'azienda non ha rispettato la scadenza prorogata al 29 luglio 2025.
La società ha identificato debolezze significative nei controlli interni e ha stabilito che i bilanci precedentemente emessi per gli anni fiscali 2024 e 2025 non dovrebbero più essere considerati affidabili a causa delle omissioni nelle divulgazioni relative alle modifiche ai prestiti. Tuttavia, CRMT ha sottolineato che questi problemi di divulgazione non influenzeranno i risultati finanziari già comunicati, inclusi utili, stato patrimoniale, flussi di cassa o patrimonio netto degli azionisti.
CRMT prevede di ricevere una comunicazione da Nasdaq riguardo alla non conformità ai requisiti di quotazione, anche se ciò non dovrebbe incidere immediatamente sulla quotazione delle azioni. La società presenterà il Modulo 10-K una volta completate le divulgazioni necessarie e le azioni correttive.
America's Car-Mart (NASDAQ: CRMT) anunció retrasos en la presentación de su Informe Anual en el Formulario 10-K para el año fiscal 2025 debido a divulgaciones incompletas sobre modificaciones de préstamos para clientes con dificultades financieras. La compañía no cumplió con la fecha límite extendida del 29 de julio de 2025.
La empresa identificó debilidades materiales en los controles internos y determinó que los estados financieros emitidos previamente para los años fiscales 2024 y 2025 ya no deben ser considerados confiables debido a omisiones en las divulgaciones de modificaciones de préstamos. Sin embargo, CRMT enfatizó que estos problemas de divulgación no afectarán sus resultados financieros previamente reportados, incluyendo ganancias, balance, flujos de efectivo o patrimonio de los accionistas.
CRMT espera recibir una notificación de Nasdaq sobre el incumplimiento de los requisitos de cotización, aunque esto no debería afectar inmediatamente la cotización de sus acciones. La compañía presentará el Formulario 10-K una vez que se completen las divulgaciones necesarias y las acciones correctivas.
America's Car-Mart (NASDAQ: CRMT)는 재정적 어려움을 겪고 있는 고객들을 위한 대출 수정 관련 공시가 미완성되어 2025 회계연도 연례보고서(Form 10-K) 제출이 지연되고 있다고 발표했습니다. 회사는 연장된 제출 기한인 2025년 7월 29일을 지키지 못했습니다.
회사는 내부 통제상의 중대한 약점을 확인했으며, 누락된 대출 수정 공시로 인해 2024년 및 2025년 회계연도에 발행된 이전 재무제표는 더 이상 신뢰할 수 없다고 판단했습니다. 다만 CRMT는 이러한 공시 문제들이 이전에 보고된 재무 실적, 즉 수익, 대차대조표, 현금 흐름 또는 주주 자본에는 영향을 미치지 않을 것임을 강조했습니다.
CRMT는 상장 요건 미준수에 관한 나스닥의 통지를 받을 것으로 예상하지만, 이는 주식 상장에 즉각적인 영향을 주지는 않을 것이라고 밝혔습니다. 회사는 필요한 공시와 시정 조치가 완료되는 대로 Form 10-K를 제출할 예정입니다.
America's Car-Mart (NASDAQ : CRMT) a annoncé un retard dans le dépôt de son rapport annuel sur le formulaire 10-K pour l'exercice fiscal 2025 en raison de divulgations incomplètes concernant les modifications de prêts pour les clients en difficulté financière. La société n'a pas respecté la date limite prolongée du 29 juillet 2025.
La société a identifié des faiblesses importantes dans le contrôle interne et a déterminé que les états financiers publiés auparavant pour les exercices 2024 et 2025 ne devaient plus être considérés comme fiables en raison d'omissions dans les divulgations relatives aux modifications de prêts. Toutefois, CRMT a souligné que ces problèmes de divulgation n'affecteront pas les résultats financiers précédemment rapportés, y compris les bénéfices, le bilan, les flux de trésorerie ou les capitaux propres des actionnaires.
CRMT s'attend à recevoir un avis de Nasdaq concernant le non-respect des exigences de cotation, bien que cela ne devrait pas affecter immédiatement la cotation de leurs actions. La société déposera le formulaire 10-K une fois que les divulgations nécessaires et les mesures correctives seront terminées.
America's Car-Mart (NASDAQ: CRMT) gab Verzögerungen bei der Einreichung seines Jahresberichts auf Formular 10-K für das Geschäftsjahr 2025 bekannt, aufgrund unvollständiger Angaben zu Kreditänderungen für Kunden mit finanziellen Schwierigkeiten. Das Unternehmen verpasste die verlängerte Einreichungsfrist am 29. Juli 2025.
Das Unternehmen identifizierte wesentliche Schwächen in den internen Kontrollen und stellte fest, dass zuvor veröffentlichte Finanzberichte für die Geschäftsjahre 2024 und 2025 aufgrund ausgelassener Angaben zu Kreditänderungen nicht mehr als verlässlich angesehen werden sollten. CRMT betonte jedoch, dass diese Offenlegungsprobleme keine Auswirkungen auf die zuvor gemeldeten Finanzergebnisse, einschließlich Gewinn, Bilanz, Cashflow oder Eigenkapital der Aktionäre, haben werden.
CRMT erwartet eine Mitteilung von Nasdaq bezüglich der Nichteinhaltung der Börsenzulassungsanforderungen, was jedoch die Aktiennotierung nicht sofort beeinträchtigen sollte. Das Unternehmen wird das Formular 10-K einreichen, sobald die erforderlichen Offenlegungen und Korrekturmaßnahmen abgeschlossen sind.
- No material impact expected on financial statements, earnings, or cash flows
- Additional loan modification disclosures will provide greater transparency to shareholders
- Stock listing on Nasdaq expected to continue without immediate impact
- Material weaknesses identified in internal control over financial reporting
- Previously issued financial statements from 2024-2025 deemed unreliable due to disclosure omissions
- Failure to meet extended Form 10-K filing deadline
- Expected non-compliance notice from Nasdaq regarding timely filing requirements
Insights
CRMT reveals material control weaknesses and unreliable past financial statements due to omitted loan modification disclosures, while maintaining operational results remain unchanged.
America's Car-Mart's disclosure represents a significant regulatory development that warrants investor attention. The company has failed to file its Form 10-K within the extended deadline and has determined that previously issued financial statements should no longer be relied upon—not because the numbers were wrong, but because they omitted required disclosures about loan modifications for financially troubled customers.
The identification of material weaknesses in internal controls is particularly concerning from a governance perspective. These control deficiencies prevented the company from making mandatory disclosures under ASC 310-10-50 about loan modifications, which are critical for understanding the quality and risk profile of Car-Mart's loan portfolio.
While the company emphasizes that these omissions won't affect previously reported earnings, balance sheet figures, or cash flows, the regulatory implications are substantial. Car-Mart now faces potential Nasdaq non-compliance for late filing, which although not immediately threatening listing status, adds another layer of regulatory pressure.
The omitted disclosures about loan modifications for financially troubled customers are particularly material for Car-Mart's business model, which relies heavily on in-house financing for used car purchases. Without these disclosures, investors lack critical information about: (1) the extent of modifications as a percentage of total receivables, (2) the financial impact of these modifications, and (3) the performance of modified loans over time—all essential metrics for evaluating the health of the company's loan portfolio and ultimately its business stability.
The timeline for resolution remains unclear, with the company only committing to file "as soon as practicable," introducing additional uncertainty for investors relying on timely and complete financial information.
ROGERS, Ark., July 30, 2025 (GLOBE NEWSWIRE) -- America’s Car-Mart, Inc. (NASDAQ: CRMT) (“Car-Mart” or the “Company”), today announced that it is continuing its work to complete certain omitted disclosures to be included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2025 (the “Form 10-K”) related to loan modifications for customers experiencing financial difficulty. The Company previously reported in a Form 12b-25 filing with the Securities and Exchange Commission (“SEC”) on July 15, 2025, that it was working to include these required disclosures in the Form 10-K to meet applicable accounting standards and that the Company anticipated filing its Form 10-K within 15 calendar days from the original due date (the “Extension Period”). However, due to additional time needed to complete these disclosures, the Company was unable to file the Form 10-K within the Extension Period, which expired on July 29, 2025.
Key Points:
- Additional Loan Information: The additional disclosures required by applicable accounting standards will contain more detailed information about loan modifications for customers experiencing financial difficulties, which may give shareholders more insight into the Company’s business model.
- No Changes to Operating Results or Financial Condition: The additional required disclosures will not affect the accuracy of the Company's previously reported financial results, including its earnings, balance sheet, cash flows, or shareholder equity.
- Timing of Annual Report on Form 10-K: The Company is working to complete these disclosures and will file its Form 10-K as soon as practicable.
- Internal Control Impact: The Company has identified deficiencies in its internal processes for ensuring complete disclosures and expects to report one or more material weaknesses in its internal control over financial reporting in the upcoming Form 10-K.
- Effect on Historical Financial Statements: Due to the required loan modification disclosures being omitted from the notes to the Company’s consolidated financial statements in the Company’s quarterly reports for each quarterly period in fiscal years 2024 and 2025 and its annual report for fiscal year 2024, the Company's management determined that the financial statements included in these reports should no longer be relied upon. The Company plans to report the omitted loan modification disclosures for the non-reliance periods in its Form 10-K for the fiscal year ended April 30, 2025.
As part of the Company’s year-end reporting process and the preparation of the Company’s Form 10-K for the fiscal year ended April 30, 2025, management identified the need to include disclosures related to loan modifications for borrowers experiencing financial difficulty, in accordance with Financial Accounting Standards Board Accounting Standards Codification ("ASC") 310-10-50-42 through 50-44. The Company has determined that its previously issued financial statements contain material omissions of required disclosures under these ASC provisions.
Specifically, the Company determined that it did not provide the following required disclosures by class of financing receivable: (1) qualitative and quantitative information about the types of modifications utilized by the Company, including the total period-end amortized cost basis of the modified receivables and the percentage of modifications of receivables made to debtors experiencing financial difficulty relative to the total period-end amortized cost basis of receivables in the class of financing receivable; (2) the financial effect of the modification by type of modification, including information about the changes to the contractual terms as a result of the modification and the incremental effect of principal forgiveness on the amortized cost basis of the modified receivables, as applicable, or the reduction in weighted-average interest rates (versus a range) for interest rate reductions; and (3) receivable performance in the 12 months after a modification of a receivable made to a debtor experiencing financial difficulty.
The Company has identified deficiencies in its internal control over financial reporting related to the omitted disclosures described above that existed at each of the affected periods described below. The Company continues to evaluate the impact of these deficiencies on its internal control over financial reporting and expects to report one or more material weaknesses in internal control over financial reporting in its Form 10-K, when such report is filed with the SEC.
As a result, the Company's management determined that certain previously issued financial statements should no longer be relied upon due to omission of the aforementioned information about loan modifications in the notes to those financial statements. The affected periods include quarterly reports for each quarter during fiscal years 2024 and 2025 through January 31, 2025, and its annual report for fiscal year 2024.
The Company is working to complete the necessary disclosures as soon as reasonably practicable.
The Company does not expect these disclosure additions to result in any material impact on the Company's Consolidated Statements of Earnings, Consolidated Balance Sheets, Consolidated Statements of Cash Flow, or Consolidated Statements of Shareholders' Equity. The Company's management intends to file the Form 10-K as soon as practicable following completion of the necessary disclosures and remediation efforts; however, no assurance can be given as to the definitive date on which the Form 10-K will be filed.
The Company expects to receive a notice from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that as a result of the Company’s delay in filing the Form 10-K, the Company is not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1). The Company does not expect the notice to have an immediate effect on the listing or trading of the Company’s common stock on The Nasdaq Global Select Market. The Company will issue a press release and file a Form 8-K with the SEC to announce the notification when received.
About 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.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. Words such as “expect,” “believe,” “will,” “would” and other similar words and expressions are intended to signify forward-looking statements. These forward-looking statements include, without limitation, statements regarding the Company’s ability to file its Form 10-K for the fiscal year ended April 30, 2025 and anticipated disclosures in the Form 10-K. Actual events and the timing of such events could materially differ from those anticipated in such forward-looking statements as a result of certain risks and uncertainties, including the time and effort required for the Company to complete its analysis and preparation of the additional disclosures necessary to finalize the Company’s financial statements and Form 10-K; the time and effort required for the Company’s independent auditor to complete its review of the Form 10-K and its audit opinions with respect to the Company’s financial statements and internal control over financial reporting to be included in the Form 10-K; the completion by the Company of its analysis and preparation of the additional disclosures and any other information necessary to complete the financial statements and the Form 10-K; the completion by the independent auditor of its review procedures and other steps necessary to complete its audit of the Company’s financial statements and internal control over financial reporting and its review of the Form 10-K; and additional risks described in more detail in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2024 and other documents on file with the SEC, each of which can be found on the SEC’s website, www.sec.gov, or the investor relations section of the Company’s website. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.
Contact:
SM Berger & Company
Andrew Berger, Managing Director
andrew@smberger.com
(216) 464-6400
FAQ
Why did America's Car-Mart (CRMT) delay filing its 2025 Form 10-K?
Will CRMT's financial restatement affect its previously reported earnings?
What periods are affected by CRMT's financial statement reliability issues?
Will CRMT be delisted from Nasdaq due to the delayed Form 10-K filing?
What internal control issues did CRMT identify in July 2025?
