SPWHHIGH SIGNALFINANCIAL10-K

Sportsman's Warehouse's financial position deteriorated significantly with operating losses more than doubling to -$37.4M and total debt increasing 83.5% to $44.2M.

The company is experiencing severe operational challenges with worsening profitability trends that signal potential fundamental business problems. The substantial increase in debt coupled with declining cash reserves and reduced stockholder equity suggests growing financial stress that could threaten the company's ability to invest in growth or weather economic downturns.

Comparing 2026-03-31 vs 2025-04-02View on EDGAR →
FINANCIAL ANALYSIS

The financial picture shows a company under significant distress, with operating losses more than doubling to -$37.4M and net losses expanding 51% to -$50.1M, while total debt spiked 83.5% to $44.2M. Cash declined 41% to just $1.7M and stockholder equity fell 20% to $188.6M, indicating deteriorating financial flexibility. Despite reducing dividend payments by 16%, the company increased capital expenditures 54% to $22.4M, suggesting management is still investing in the business amid declining performance and shrinking total assets.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
-104.8%
-$18.2M→-$37.4M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Total Debt
Balance Sheet
+83.5%
$24.1M→$44.2M

Debt increased 83.5% — substantial leverage increase; assess whether deployed for growth or covering losses.

Accounts Receivable
Balance Sheet
+82.2%
$2.4M→$4.4M

Receivables surged 82.2% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Capital Expenditure
Cash Flow
+54.2%
$14.6M→$22.4M

Capital expenditure jumped 54.2% — major investment cycle underway; assess returns on deployment.

Net Income
P&L
-51.4%
-$33.1M→-$50.1M

Net income declined 51.4% — review whether driven by operations, interest costs, or non-recurring items.

Cash & Equivalents
Balance Sheet
-41.4%
$2.8M→$1.7M

Cash declined 41.4% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Stockholders Equity
Balance Sheet
-20%
$235.7M→$188.6M

Equity decreased 20% — buybacks or losses reducing book value, monitor solvency ratios.

Dividends Paid
Cash Flow
-16%
$120.3M→$101.1M

Dividend reduced 16% — monitor management commentary on capital allocation priorities.

Current Liabilities
Balance Sheet
-12.3%
$284.0M→$249.0M

Current liabilities reduced — improved short-term financial position and working capital health.

Total Assets
Balance Sheet
-10.5%
$852.1M→$762.6M

Total assets contracted 10.5% — asset sales, write-downs, or balance sheet optimization underway.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-04-02
ADDED
Form 10-K Summary 98 SIGNATURES 99 iii References throughout this document to Sportsman s Warehouse, we, us, and our refer to Sportsman s Warehouse Holdings, Inc.
References to (i) fiscal year 2025 refer to our fiscal year ended January 31, 2026; (ii) fiscal year 2024 refer to our fiscal year ended February 1, 2025; and (iii) fiscal year 2023 refer to our fiscal year ended February 3, 2024.
obligations related to data privacy and security; and the impact of general macroeconomic conditions, such as labor shortages, inflation, elevated interest rates, the impacts of tariffs and trade disputes, economic slowdowns, and recessions or market corrections.
v SUMMARY OF RISK FACTORS Investing in our common stock involves a high degree of risk.
Below is a summary of certain material factors that could harm our business, operating results and/or financial condition, impair our future prospects, and/or cause the price of our common stock to decline.
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REMOVED
Form 10-K Summary 94 SIGNATURES 95 iii References throughout this document to Sportsman s Warehouse, we, us, and our refer to Sportsman s Warehouse Holdings, Inc.
References to (i) fiscal year 2024 refer to our fiscal year ended February 1, 2025; (ii) fiscal year 2023 refer to our fiscal year ended February 3, 2024; and (iii) fiscal year 2022 refer to our fiscal year ended January 28, 2023.
In addition, we host a variety of in-store programs (such as ladies nights and local events), contests (such as free-to-enter big-game trophy contests), thousands of educational 6 seminars (such as turkey frying, outdoor cooking, and firearm operation and safety).
We accomplish this primarily in three ways: Locally Relevant Merchandise : We carry approximately 25,000 stock-keeping units ( SKUs ) on average in a single store, out of Sportsman s Warehouse s total current offering of over 160,000 SKUs.
Approximately 46% of our unit sales and 20% of our dollar sales during fiscal year 2024 were consumables, such as ammunition, bait, cleaning supplies, food, certain lures, propane and reloading supplies.
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