UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~May~~August 32, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_______to_______

Commission File Number: 001-36401

SPORTSMAN’S WAREHOUSE HOLDINGS, INC.

(Exact name of registrant as specified in its charter)


Delaware		39-1975614
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

1475 West 9000 South, Suite A, West Jordan, Utah		84088
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (801) 566-6681

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class

     Trading Symbol(s)

     Name of each exchange on which registered

     Common stock, par value $0.01 per share

     SPWH

     The Nasdaq Stock Market LLC
(Nasdaq Global Select Market)

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 Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company 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 filer	☐	Accelerated filer	☒

Non-accelerated filer	☐	Smaller reporting company	☒

Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act: ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

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The number of shares of the registrant'’s common stock, $0.01 par value per share, outstanding as of ~~May~~September 274, 2025 was 38,~~318~~431,~~169~~079.

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SPORTSMAN’S WAREHOUSE HOLDINGS, INC.

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		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited):	4
	Condensed Consolidated Balance Sheets	4
	Condensed Consolidated Statements of Operations	5
	Condensed Consolidated Statements of Stockholders’ Equity	6
	Condensed Consolidated Statements of Cash Flows	78
	Notes to Condensed Consolidated Financial Statements	89
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	2123
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	3236
Item 4.	Controls and Procedures	3236
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	3337
Item 1A.	Risk Factors	3337
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	3438
Item 3.	Defaults Upon Senior Securities	3438
Item 4.	Mine Safety Disclosures	3438
Item 5.	Other Information	3438
Item 6.	Exhibits	3539
	Signatures	3640

We operate on a fiscal calendar that, in a given fiscal year, consists of the 52- or 53-week period ending on the Saturday closest to January 31st. Our ~~first~~second fiscal quarters for fiscal year 2025 and fiscal year 2024 ended on ~~May~~August 32, 2025 and ~~May~~August 43, 2024, respectively. Both quarters consisted of 13 weeks and are referred to herein as the ~~first~~second quarter of fiscal year 2025 and the ~~first~~second quarter of fiscal year 2024, respectively. Fiscal year 2025 contains 52 weeks of operations and will end on January 31, 2026. Fiscal year 2024 contained 52 weeks of operations and ended on February 1, 2025.

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References throughout this document to “Sportsman’s Warehouse,” “we,” “us,” and “our” refer to Sportsman’s Warehouse Holdings, Inc. and its subsidiaries, and references to “Holdings” refer to Sportsman’s Warehouse Holdings, Inc. excluding its subsidiaries. References to (i) “fiscal year 2025” refer to our fiscal year ending January 31, 2026; and (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~~.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this “10-Q”) contains statements that constitute forward-looking statements as that term is defined by the Private Securities Litigation Reform Act of 1995. These statements concern our business, operations and financial performance and condition as well as our plans, objectives and expectations for our business operations and financial performance and condition, which are subject to risks and uncertainties. All statements other than statements of historical fact included in this 10-Q are forward-looking statements. These statements may include words such as “aim,” “anticipate,” “assume,” “believe,” “can have,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “likely,” “may,” “objective,” “plan,” “positioned,” “potential,” “predict,” “should,” “target,” “will,” “would” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events or trends. For example, all statements we make relating to our plans and objectives for future operations, growth or initiatives and strategies are forward-looking statements.

These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and our management’s beliefs and assumptions. We derive many of our forward-looking statements from our own operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that predicting the impact of known factors is very difficult, and we cannot anticipate all factors that could affect our actual results.

All of our forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from our expectations. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to:

•

current and future government regulations, in particular regulations relating to the sale of firearms and ammunition, which may impact the supply and demand for our products and our ability to conduct our business;

•

our retail-based business model which is impacted by general economic and market conditions, and economic, market and financial uncertainties that may cause a decline in consumer spending;

•

our concentration of stores in the Western United States which makes us susceptible to adverse conditions in this region, and could affect our sales and cause our operating results to suffer;

•

the highly fragmented and competitive industry in which we operate and the potential for increased competition;

•

changes in consumer demands, including regional preferences, which we may not be able to identify and respond to in a timely manner;

•

our entrance into new markets or operations in existing markets, including our plans to open additional stores in future periods, which may not be successful;

•

our implementation of a plan to reduce expenses in response to adverse macroeconomic conditions, including an increased focus on financial discipline and rigor throughout our organization; 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.

The above is not a complete list of factors or events that could cause actual results to differ from our expectations, and we cannot predict all of them. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the cautionary statements disclosed under “Part I., Item 1A., Risk Factors,” appearing in our Annual Report on Form 10-K for the fiscal year ended February 1, 2025 (our “Fiscal 2024 Form 10-K”) and “Part I., Item 2., Management’s Discussion and Analysis of Financial

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Condition and Results of Operations” and elsewhere in this 10-Q, as such disclosures may be amended, supplemented or superseded from time to time by other reports we file with the Securities and Exchange Commission (the “SEC”), including subsequent Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, and public communications. You should evaluate all forward-looking statements made in this 10-Q and otherwise in the context of these risks and uncertainties.

Potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on any forward-looking statements we make. These forward-looking statements speak only as of the date of this 10-Q and are not guarantees of future performance or developments and involve known and unknown risks, uncertainties and other factors that are in many cases beyond our control. Except as required by law, we undertake no obligation to update or revise any forward-looking statements publicly, whether as a result of new information, future developments or otherwise.

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

SPORTSMAN’S WAREHOUSE HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

Amounts in Thousands, Except Par Value Data

(unaudited)

	May 3,		February 1,
	August 2,		February 1,
	2025		2025
Assets
Current assets:
Cash and cash equivalents	$	31,~~560~~804	$	2,832
Accounts receivable, net		2,~~934~~666		2,410
Merchandise inventories		~~412~~443,~~268~~499		341,958
Prepaid expenses and other		2220,~~592~~339		18,802
Total current assets		~~441~~468,~~354~~308		366,002
Operating lease right of use asset		~~323~~317,~~753~~813		316,499
Property and equipment, net		~~162~~160,~~813~~997		167,838
Goodwill		1,496		1,496
Definite lived intangibles, net		~~253~~239		267
Total assets	$	~~929~~948,~~669~~853	$	852,102
Liabilities and Stockholders' Equity
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	8890,~~119~~122	$	64,041
Accrued expenses		9799,~~565~~002		95,946
Income taxes payable		~~486~~229		194
Operating lease liability, current		5052,~~466~~263		49,128
Revolving line of credit		~~141~~151,~~864~~215		74,654
Total current liabilities		~~378~~392,~~500~~831		283,963
Long-term liabilities:
Deferred income taxes		—		946
Term loan, net		2443,~~146~~851		24,067
Operating lease liability, noncurrent		~~311~~303,~~966~~284		307,422
Total long-term liabilities		~~336~~347,~~112~~135		332,435
Total liabilities		~~714~~739,~~612~~966		616,398
Commitments and contingencies
Stockholders' equity:
Stockholders’ equity:
Preferred stock, $.01 par value; 20,000 shares authorized; 0 shares issued and outstanding		—		—
Common stock, $.01 par value; 100,000 shares authorized; 38,318 and 38,103 shares issued and outstanding, respectively		383		380
Common stock, $.01 par value; 100,000 shares authorized; 38,413 and 38,103 shares issued and outstanding, respectively		384		380
Additional paid-in capital		8687,~~604~~516		86,000
Accumulated earnings		~~128~~120,~~070~~987		149,324
Total stockholders' equity		215,057		235,704
Total stockholders’ equity		208,887		235,704
Total liabilities and stockholders' equity	$	929,669	$	852,102
Total liabilities and stockholders’ equity	$	948,853	$	852,102

The accompanying notes are an integral part of these condensed consolidated financial statements.

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SPORTSMAN’S WAREHOUSE HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Amounts in Thousands, Except Per Share Data

(unaudited)

	Thirteen Weeks Ended						Twenty-Six Weeks Ended
	May 3,			May 4,
	August 2,			August 3,			August 2,			August 3,
	2025			2024			2025			2024
Net sales	$	~~249~~293,~~103~~899		$	~~244~~288,~~240~~734		$	543,002		$	532,974
Cost of goods sold		~~173~~199,~~460~~950			~~170~~198,~~454~~716			373,410			369,170
Gross profit		7593,~~643~~949			7390,~~786~~018			169,592			163,804
Selling, general, and administrative expenses		9597,~~256~~166			94,~~413~~341			192,422			188,754
Loss from operations		(193,~~613~~217	)		(204,~~627~~323	)		(22,830	)		(24,950	)
Interest expense		23,~~971~~769			23,~~908~~183			6,664			6,091
Loss before income taxes		(22,584	)		(23,535	)
Other losses		—			457			76			457
Income tax benefit		(1,330	)		(5,469	)
Loss before income taxes		(6,986	)		(7,963	)		(29,570	)		(31,498	)
Net loss	$	(21,254	)	$	(18,066	)
Income tax expense (benefit)		97			(2,057	)		(1,233	)		(7,526	)
Loss per share:
Net loss	$	(7,083	)	$	(5,906	)	$	(28,337	)	$	(23,972	)
Basic	$	(0.56	)	$	(0.48	)
Loss per share:
Diluted	$	(0.56	)	$	(0.48	)
Basic	$	(0.18	)	$	(0.16	)	$	(0.74	)	$	(0.64	)
Weighted average shares outstanding:
Diluted	$	(0.18	)	$	(0.16	)	$	(0.74	)	$	(0.64	)
Basic		38,144			37,567
Weighted average shares outstanding:
Diluted		38,144			37,567
Basic		38,376			37,751			38,260			37,659
Diluted		38,376			37,751			38,260			37,659

The accompanying notes are an integral part of these condensed consolidated financial statements.

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SPORTSMAN’S WAREHOUSE HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

Amounts in Thousands

(unaudited)

For the Thirteen Weeks Ended May 3, 2025 and May 4, 2024
For the Thirteen Weeks Ended August 2, 2025 and August 3, 2024
															Additional			Accumulated			Total
							Restricted nonvoting								paid-in-			(deficit)			stockholders'
	Common Stock						Common Stock				Treasury Stock				capital			earnings			equity
	Shares			Amount			Shares		Amount		Shares		Amount		Amount			Amount			Amount
Balance at February 3, 2024		37,529		$	375			—	$	—		—	$	—	$	81,798		$	182,383		$	264,556
Vesting of restricted stock units		149			1			—		—		—		—		(1	)		—			—
Payment of withholdings on restricted stock units		(46	)		—			—		—		—		—		(132	)		—			(132	)
Stock-based compensation		—			—			—		—		—		—		1,174			—			1,174
Net loss		—			—			—		—		—		—		—			(18,066	)		(18,066	)
Balance at May 4, 2024		37,632		$	376			—	$	—		—	$	—	$	82,839		$	164,317		$	247,532
Balance at February 1, 2025		38,041		$	380			—	$	—		—	$	—	$	86,000		$	149,324		$	235,704
Vesting of restricted stock units		116			1			—		—		—		—		(1	)		—			—
Vesting of restricted stock units		420			4			—		—		—		—		(4	)		—			—
Payment of withholdings on restricted stock units		(1	)		—			—		—		—		—		(17	)		—			(17	)
Payment of withholdings onrestricted stock units		(143	)		(1	)		—		—		—		—		(185	)		—			(186	)
Issuance of common stock forcash per employee stock purchaseplan		101			1			—		—		—		—		208						209
Stock-based compensation		—			—			—		—		—		—		~~793~~1,217			—			~~793~~1,217
Net loss		—			—			—		—		—		—		—			(215,~~254~~906	)		(215,~~254~~906	)
Balance at August 3, 2024		37,848		$	378			—	$	—		—	$	—	$	84,246		$	158,411		$	243,035
Balance at May 3, 2025		38,318		$	383			—	$	—		—	$	—	$	86,604		$	128,070		$	215,057
Vesting of restricted stock units		70			1			—		—		—		—		(1	)		—			—
Payment of withholdings onrestricted stock units		(18	)		—			—		—		—		—		(11	)		—			(11	)
Issuance of common stock forcash per employee stock purchaseplan		43			—			—		—		—		—		97			—			97
Stock-based compensation		—			—			—		—		—		—		827			—			827
Net loss		—			—			—		—		—		—		—			(7,083	)		(7,083	)
Balance at August 2, 2025		38,413		$	384			—	$	—		—	$	—	$	87,516		$	120,987		$	208,887

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SPORTSMAN'S WAREHOUSE HOLDINGS, INC. AND SUBSIDIARIES


For the Twenty-Six Weeks Ended August 2, 2025 and August 3, 2024
															Additional			Accumulated			Total
							Restricted nonvoting								paid-in-			(deficit)			stockholders
	Common Stock						common stock				Treasury Stock				capital			earnings			equity
	Shares			Amount			Shares		Amount		Shares		Amount		Amount			Amount			Amount

Balance at February 3, 2024		37,529		$	375			—	$	—		—	$	—	$	81,798		$	182,383		$	264,556
Vesting of restricted stock units		265			3			—		—		—		—		(3	)		—			—
Payment of withholdings on restricted stock units		(47	)		(1	)		—		—		—		—		(148	)		—			(149	)
Issuance of common stock for cash per employee stock purchase plan		101			1			—		—						208						209
Stock based compensation		—			—			—		—		—		—		2,391			—			2,391
Net loss		—			—			—		—		—		—		—			(23,972	)		(23,972	)
Balance at August 3, 2024		37,848		$	378			—	$	—		—	$	—	$	84,246		$	158,411		$	243,035

Balance at February 1, 2025		38,041		$	380			—	$	—		—	$	—	$	86,000		$	149,324		$	235,704
Repurchase of treasury stock		—			—			—		—		—		—		—			—			—
Retirement of treasury stock		—			—			—		—		—		—		—			—			—
Vesting of restricted stock units		490			5			—		—		—		—		(5	)		—			—
Payment of withholdings on restricted stock units		(161	)		(2	)		—		—		—		—		(196	)		—			(198	)
Issuance of common stock for cash per employee stock purchase plan		43			1			—		—		—		—		97			—			98
Stock based compensation		—			—			—		—		—		—		1,620			—			1,620
Net loss		—			—			—		—		—		—		—			(28,337	)		(28,337	)
Balance at August 2, 2025		38,413		$	384			—	$	—		—	$	—	$	87,516		$	120,987		$	208,887

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SPORTSMAN’S WAREHOUSE HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Amounts in Thousands

(unaudited)

	Thirteen Weeks Ended
	Twenty-Six Weeks Ended
	May 3,			May 4,
	August 2,			August 3,
	2025			2024
Cash flows from operating activities:
Net loss	$	(2128,~~254~~337	)	$	(1823,~~066~~972	)
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation of property and equipment		919,~~846~~765			1020,~~377~~522
Amortization of discount on debt and deferred financing fees		~~136~~285			3880
Amortization of definite lived intangible		1417			1530
Loss on asset dispositions		64			16473
Noncash lease expense		(11,242	)		(3,187	)
Deferred income taxes		(946	)		(7,533	)
Deferred income taxes		(946	)		(5,467	)
Stock-based compensation		1,620			2,391
Stock-based compensation		793			1,174
Change in operating assets and liabilities, net of amounts acquired:
Accounts receivable, net		(~~523~~257	)		18(176	)
Operating lease liabilities		9,869			1,477
Operating lease assets and liabilities		(2,320	)		(3,227	)
Merchandise inventories		(70101,~~310~~541	)		(368,~~933~~725	)
Prepaid expenses and other		(31,~~828~~612	)		~~839~~2,995
Accounts payable		2224,~~986~~261			13(1,~~756~~367	)
Accrued expenses		32,~~869~~167			12,~~351~~525
Income taxes payable and receivable		~~292~~35			(58148	)
Net cash used in operating activities		(6086,~~234~~799	)		(3416,~~650~~132	)
Cash flows from investing activities:
Purchase of property and equipment, net of amounts acquired		(311,~~815~~180	)		(37,~~312~~686	)
Proceeds from sale of property and equipment		11			2455
Net cash used in investing activities		(311,~~804~~169	)		(37,~~288~~631	)
Cash flows from financing activities:
Net borrowings on line of credit		6776,~~210~~561			375,~~992~~011
Decrease in book overdraft		(2,239	)		(895	)
Borrowings on term loan		20,000			25,000
Payment of withholdings on restricted stock units		(186	)		(132	)
Increase (decrease) in book overdraft		903			(5,917	)
Payment of deferred financing costs and discount on term loan		(19	)		—
Proceeds from issuance of common stock per employee stock purchase plan		97			208
Net cash provided by financing activities		64,766			36,965
Payment of withholdings on restricted stock units		(196	)		(148	)
Net change in cash and cash equivalents		728			(973	)
Payment of deferred financing costs and discount on term loan		(425	)		(972	)
Net cash provided by financing activities		96,940			23,182
Net change in cash and cash equivalents		(1,028	)		(581	)
Cash and cash equivalents at beginning of period		2,832			3,141
Cash and cash equivalents at end of period	$	31,~~560~~804		$	2,~~168~~560
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest, net of amounts capitalized	$	26,~~821~~286		$	25,~~688~~952
Income taxes, net of refunds		~~676~~(321	)		56155
Supplemental schedule of noncash activities:
Noncash change in operating lease right of use asset and operating lease liabilities from remeasurement of existing leases and addition of new leases	$	(3,953	)	$	7,052
Purchases of property and equipment included in accounts payable and accrued expenses	$	2,098		$	936
Purchases of property and equipment included in accounts payable and accrued expenses	$	1,371		$	834

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The accompanying notes are an integral part of these condensed consolidated financial statements.

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SPORTSMAN’S WAREHOUSE HOLDINGS, INC.

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

Dollars in Thousands, except per share amounts (unaudited)

(1) Description of Business and Basis of Presentation

Description of Business

Sportsman’s Warehouse Holdings, Inc., a Delaware corporation (“Holdings”), and its subsidiaries (collectively, the “Company”) operate retail sporting goods stores. As of ~~May~~August 32, 2025, the Company operated 146 stores in 32 states. The Company also operates an e-commerce platform at www.sportsmans.com. The Company’s stores and website are aggregated into one operating and reportable segment.

Basis of Presentation

The condensed consolidated financial statements included herein are unaudited and have been prepared by management of the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. The Company’s condensed consolidated balance sheet as of February 1, 2025 was derived from the Company’s audited consolidated balance sheet as of that date. All other condensed consolidated financial statements contained herein are unaudited and reflect all adjustments that are, in the opinion of management, necessary to summarize fairly the Company'’s condensed consolidated financial statements for the periods presented. All of these adjustments are of a normal recurring nature. The results of the fiscal quarter ended ~~May~~August 32, 2025 are not necessarily indicative of the results to be obtained for the fiscal year ending January 31, 2026. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 1, 2025 filed with the SEC on April 2, 2025 (the “Fiscal 2024 Form 10-K”).

(2) Summary of Significant Accounting Policies

The Company’s significant accounting policies are described in Note 2 to the Fiscal 2024 Form 10-K. The Company has consistently applied the accounting policies to all periods presented in the condensed consolidated financial statements presented herein.

Recently Issued Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures, which include improvements to income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to better align disclosures with Regulation S-X and to remove disclosures no longer considered cost beneficial or relevant. This ASU is effective for public entities for annual periods beginning after December 15, 2024, with earlier or retrospective application permitted. The amendments in this ASU should be applied prospectively for annual financial statements not yet issued or made available for issuance. The Company is evaluating the future impact of the issuance of this ASU on its consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which includes improvements to the disclosures in the notes to the financial statements of specified information about certain costs and expenses. This ASU requires the disclosure of (1) amounts of certain relevant expenses included in each caption on the face of the financial statements, (2) certain amounts that are already required to be disclosed under GAAP in the same disclosure as the other disaggregation requirements, (3) a qualitative description of the amounts remaining in relevant expense captions that are not

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amounts that are already required to be disclosed under GAAP in the same disclosure as the other disaggregation requirements, (3) a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and (4) the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses. This ASU is effective for public entities for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 with early adoption permitted. The Company is evaluating the future impact of the issuance of this ASU on its consolidated financial statements.

(3) Revenue Recognition

Revenue recognition accounting policy

The Company operates solely as an outdoor retailer, which includes both retail stores and an e-commerce platform, that offers a broad range of products in the United States and online. Generally, all revenues are recognized when control of the promised goods is transferred to customers, in an amount that reflects the consideration in exchange for those goods. Accordingly, the Company implicitly enters into a contract with customers to deliver merchandise inventory at the point of sale. Collectability is reasonably assured since the Company only extends immaterial credit for purchases to certain municipalities.

Substantially all of the Company’s revenue is for single performance obligations for the following distinct items:

•

Retail store sales

•

E-commerce sales

•

Gift cards and loyalty rewards program

For performance obligations related to retail store and e-commerce sales contracts, the Company typically transfers control, for retail stores, upon consummation of the sale when the product is paid for and taken by the customer and, for e-commerce sales, when the products are tendered for delivery to the common carrier.

The transaction price for each contract is the stated price on the product, reduced by any stated discounts at that point in time. The Company does not engage in sales of products that attach a future material right which could result in a separate performance obligation for the purchase of goods in the future at a material discount. The implicit point-of-sale contract with the customer, as reflected in the transaction receipt, states the final terms of the sale, including the description, quantity, and price of each product purchased. Payment for the Company’s contracts is due in full upon delivery. The customer agrees to a stated price implicit in the contract that does not vary over the contract.

The transaction price relative to sales subject to a right of return reflects the amount of estimated consideration to which the Company expects to be entitled. This amount of variable consideration included in the transaction price, and measurement of net sales, is included in net sales only to the extent that it is probable that there will be no significant reversal in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. The allowance for sales returns is estimated based upon historical experience and a provision for estimated returns is recorded as a reduction in sales in the relevant period. The estimated merchandise inventory cost related to the sales returns is recorded in prepaid expenses and other. The estimated refund liabilities are recorded in accrued expenses. If actual results in the future vary from the Company’s estimates, the Company adjusts these estimates, which would affect net sales and earnings in the period such variances become known.

Contract liabilities are recognized primarily for gift card sales and the Company’s loyalty reward program. Cash received from the sale of gift cards is recorded as a contract liability in accrued expenses, and the Company recognizes revenue upon the customer’s redemption of the gift card. Gift card breakage is recognized as revenue in proportion to the pattern of customer redemptions by applying a historical breakage rate of 4.0% when no escheat liability to relevant jurisdictions exists. Based upon historical experience, gift cards are predominantly redeemed in the first two years following their issuance date. The Company does not sell or provide gift cards that carry expiration dates.

9Accounting Standards Codification (“ASC”) 606 requires the Company to allocate the transaction price between the goods and the loyalty reward points based on the relative standalone selling price. The Company recognizes revenue

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Accounting Standards Codification (“ASC”) 606 requires the Company to allocate the transaction price between the goods and the loyalty reward points based on the relative standalone selling price. The Company recognizes revenue for the breakage of loyalty reward points as revenue in proportion to the pattern of customer redemption of the points by applying an estimated breakage rate of 35.0% using historical rates and future expectations.

As it relates to e-commerce sales, the Company accounts for shipping and handling as fulfillment activities, and not as a separate performance obligation. Accordingly, the Company recognizes revenue for only one performance obligation, the sale of the product, at the shipping point (when the customer gains control). Revenue associated with shipping and handling is not material. The costs associated with fulfillment are recorded in costs of goods sold.

The Company offers promotional financing and credit cards issued by a third-party bank that manages and directly extends credit to the Company’s customers. The Company provides a license to its brand and marketing services, and the Company facilitates credit applications in its stores and online. The banks are the sole owners of the accounts receivable generated under the program and, accordingly, the Company does not hold any customer receivables related to these programs and acts as an agent in the financing transactions with customers. The Company is eligible to receive a profit share from certain of its banking partners based on the annual performance of their corresponding portfolio, and the Company receives monthly payments based on forecasts of full-year performance. This is a form of variable consideration. The Company records such profit share as revenue over time using the most likely amount method, which reflects the amount earned each month when it is determined that the likelihood of a significant revenue reversal is not probable, which is typically monthly. Profit-share payments occur monthly, shortly after the end of each program month.

Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue.

Sales returns

The Company allows customers to return items purchased within 30 days provided the merchandise is in resaleable condition with original packaging and the original sales/gift receipt is presented. The Company estimates a reserve for sales returns and records the respective reserve amounts, including a right to return asset when a product is expected to be returned and resold. Historical experience of actual returns and customer return rights are the key factors used in determining the estimated sales returns.

Contract balances

The following table provides information about right of return assets, contract liabilities, and sales return liabilities with customers as of ~~May~~August 32, 2025 and February 1, 2025:

	May 3, 2025			February 1, 2025
	August 2, 2025			February 1, 2025
Right of return assets, which are included in prepaid expenses and other	$	12,~~701~~201		$	1,732
Estimated gift card contract liability, net of breakage		(2827,~~634~~949	)		(30,872	)
Estimated loyalty contract liability, net of breakage		(21,~~196~~647	)		(2,606	)
Sales return liabilities, which are included in accrued expenses		(23,~~539~~285	)		(2,585	)

During the 13 and 26 weeks ended ~~May~~August 32, 2025, the Company recognized approximately $~~379~~318 and $697 in gift card breakage and approximately $1,~~024~~223 and $2,247 in loyalty breakage, respectively. During the 13 and 26 weeks ended ~~May~~August 43, 2024, the Company recognized approximately $~~407~~375 and $782 in gift card breakage and approximately $~~437~~1,385 and $1,823 in loyalty breakage, respectively. During the 13 and 26 weeks ended ~~May~~August 32, 2025, the Company recognized revenue of $83,~~130~~532 and $11,662, respectively, relating to contract liabilities that existed at February 1, 2025.

The current balance of the right of return assets is the expected amount of inventory to be returned that is expected to be resold. The current balance of the contract liabilities primarily relates to the gift card and loyalty reward program liabilities. The Company expects the revenue associated with these liabilities to be recognized in proportion to the pattern of customer redemptions over the next two years. The current balance of sales return liabilities is the expected amount of sales returns from sales that have occurred.

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Disaggregation of revenue from contracts with customers

In the following table, revenue from contracts with customers is disaggregated by department. The percentage of net sales related to the Company’s departments during the 13 and 26 weeks ended ~~May~~August 32, 2025 and ~~May~~August 43, 2024, was approximately:

		Thirteen Weeks Ended						Twenty-Six Weeks Ended
		May 3,			May 4,
		August 2,			August 3,			August 2,			August 3,
Department	Product Offerings	2025			2024			2025			2024
Camping	Backpacks, camp essentials, canoes and kayaks, coolers, outdoor cooking equipment, sleeping bags, tents and tools		814.5	%		916.24	%		11.8	%		13.1	%
Apparel	Camouflage, jackets, hats, outerwear, sportswear, technical gear and work wear		56.83	%		56.6	%		6.1	%		6.1	%
Fishing	Bait, electronics, fishing rods, flotation items, fly fishing, lines, lures, reels, tackle and small boats		1218.13	%		1116.18	%		15.5	%		14.2	%
Footwear	Hiking boots, socks, sport sandals, technical footwear, trail shoes, casual shoes, waders and work boots		56.21	%		56.23	%		5.7	%		5.8	%
Hunting and Shooting	Ammunition, archery items, ATV accessories, blinds and tree stands, decoys, firearms, reloading equipment and shooting gear		6348.69	%		6347.9	%		55.7	%		55.2	%
Optics, Electronics, Accessories, and Other	Gift items, GPS devices, knives, lighting, optics, two-way radios, and other license revenue, net of revenue discounts		45.89	%		56.0	%		5.2	%		5.6	%
Total			100.0	%		100.0	%		100.0	%		100.0	%

(4) Property and Equipment

Property and equipment consisted of the following as of ~~May~~August 32, 2025 and February 1, 2025:

	May 3,			February 1,
	August 2,			February 1,
	2025			2025
Furniture, fixtures, and equipment	$	~~178~~183,~~422~~312		$	175,178
Leasehold improvements		~~233~~234,~~411~~659			232,168
Construction in progress		13,~~449~~409			1,126
Total property and equipment, gross		~~413~~421,~~282~~380			408,472
Less accumulated depreciation and amortization		(~~250~~260,~~469~~383	)		(240,634	)
Total property and equipment, net	$	~~162~~160,~~813~~997		$	167,838

~~(5) Accrued Expenses~~12

Accrued expenses consisted of the following as of May 3, 2025 and February 1, 2025:

	May 3,		February 1,
	2025		2025
Book overdraft	$	19,690	$	21,929
Unearned revenue		34,083		36,600
Accrued payroll and related expenses		13,027		11,397
Sales and use tax payable		6,755		5,624
Accrued construction costs		22		—
Other		23,988		20,396
Total accrued expenses	$	97,565	$	95,946

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(5) Accrued Expenses

Accrued expenses consisted of the following as of August 2, 2025 and February 1, 2025:


	August 2,		February 1,
	2025		2025
Book overdraft	$	22,832	$	21,929
Unearned revenue		32,514		36,600
Accrued payroll and related expenses		10,730		11,397
Sales and use tax payable		7,415		5,624
Accrued construction costs		22		—
Other		25,489		20,396
Total accrued expenses	$	99,002	$	95,946

(6) Leases

AtThe ~~the inception of the lease, the~~ Company’s operating leases typically have ~~remaining certain lease~~ terms of up to 15 years, ~~which~~with ~~typically includes~~ multiple options for the Company to extend the lease ~~which are not reasonably certain~~.

The Company determines whether a contract is or contains a lease at contract inception. As the rate implicit in the lease is not readily determinable in most of the Company’s leases, the Company uses its incremental borrowing rate based on the information available at commencement date to determine the present value of lease payments. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The operating lease asset also includes any fixed lease payments made and includes lease incentives and incurred initial direct costs. Operating lease expense for fixed lease payments is recognized on a straight-line basis over the lease term. The Company’s lease terms may include options to extend or terminate the lease. Additionally, the Company’s leases do not contain any material residual guarantees or material restrictive covenants.

~~During~~For the 13period ~~weeks~~ ended ~~May~~August 32, 2025, the Company ~~recorded~~changed athe ~~net~~presentation ~~non~~of certain lease-~~cash~~related ~~decrease~~items ofwithin ~~$3,953~~the toOperating Activities section of the ~~right~~Statement of ~~use~~Cash ~~assets~~Flows. Previously, changes in noncash lease expense and changes in operating lease liabilities ~~resulting~~were ~~from~~presented ~~lease~~as ~~remeasurements~~separate ~~from~~line ~~the~~items. ~~exercise~~Beginning ofwith ~~lease~~the ~~extension~~current ~~options~~quarter, ~~acquired~~these ~~leases,~~amounts ~~new~~are ~~leases~~combined ~~added~~ and presented as a single line item titled “Operating lease ~~amendments~~assets and liabilities.”

The change was made to streamline the presentation and provide a more concise view of lease-related operating cash flow activity. Prior period amounts have been reclassified to conform to the current period presentation. This change had no impact on total net cash provided by operating activities.

During the 13 and 26 weeks ended August 2, 2025, the Company recorded non-cash decreases of $8 and $3,961, respectively, to the right of use assets and operating lease liabilities resulting from lease remeasurements from the exercise of lease extension options, acquired leases, new leases added and lease amendments.

In accordance with ASC 842, total lease expense was comprised of the following for the periods presented:

	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	May 3,		May 4,
	August 2,		August 3,		August 2,		August 3,
	2025		2024		2025		2024
Operating lease expense	$	17,~~319~~343	$	17,~~036~~123	$	34,662	$	34,159
Variable lease expense		6,~~557~~061		6,~~228~~129		12,618		12,357
Short-term lease expense		~~101~~79		~~134~~100		180		234
Total lease expense	$	23,~~977~~483	$	23,~~398~~352	$	47,460	$	46,750

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In accordance with ASC 842, other information related to leases was as follows for the periods presented:

	Thirteen Weeks Ended
	Twenty-Six Weeks Ended
	May 3,		May 4,
	August 2,		August 3,
	2025		2024
Operating cash outflows from operating leases	$	1836,~~265~~532	$	1837,~~518~~226

	As of May 3,			As of May 4,
	As of August 2,			As of August 3,
	2025			2024
Right-of-use assets obtained in exchange for new or remeasured operating lease liabilities	$	(3,953	)	$	7,052
Noncash change in operating lease right-of-use asset and operating lease liabilities from remeasurement of existing leases and addition of new leases	$	(3,961	)	$	12,681
Terminated right-of-use assets and liabilities		—			—
Weighted-average remaining lease term - operating leases		6.0817			6.00
Weighted-average discount rate - operating leases		7.3934	%		7.6863	%

In accordance with ASC 842, maturities of operating lease liabilities as of ~~May~~August 32, 2025 were as follows:

	Operating
Fiscal Year Ending:	Leases
2025 (remainder)	$	5537,~~901~~577
2026		7475,~~193~~434
2027		6768,~~568~~808
2028		6163,~~984~~224
2029		5254,~~807~~047
Thereafter		~~152~~153,~~745~~822
Undiscounted cash flows	$	~~465~~452,~~198~~912
Reconciliation of lease liabilities:
Present values	$	~~362~~355,~~432~~547
Lease liabilities - current		5052,~~466~~263
Lease liabilities - noncurrent		~~311~~303,~~966~~284
Lease liabilities - total	$	~~362~~355,~~432~~547
Difference between undiscounted and discounted cash flows	$	~~102~~97,~~766~~365

(7) Segments

The Company has one reportable segment, Sportsman'’s Warehouse, which operates solely as a sporting goods retailer, including both retail stores and an e-commerce platform. The single operating segment derives revenues from customers purchasing goods from both the Company’s retail stores and its e-commerce platform.

The CODM assesses performance for the single operating segment and decides how to allocate resources based on net income (loss) that also is reported on the condensed consolidated statement of operations.

The measure of segment assets is reported on the condensed consolidated balance sheet as total consolidated assets. Asset information is not presented here because its presentation here would be duplicative of the condensed consolidated balance sheets.

Net income is used in monitoring budget versus actual results. The CODM also uses net income (loss) in competitive analysis by benchmarking to the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation.

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The Company'’s single reportable segment revenue, segment profit or loss, and significant segment expenses are as follows:

	Thirteen Weeks Ended						Twenty-Six Weeks Ended
	May 3,			May 4,
	August 2,			August 3,			August 2,			August 3,
	2025			2024			2025			2024
Net sales	$	~~249~~293,~~103~~899		$	~~244~~288,~~240~~734		$	543,002		$	532,974
Cost of goods sold		~~173~~199,~~460~~950			~~170~~198,~~454~~716			373,410			369,170
Gross profit		7593,~~643~~949			7390,~~786~~018			169,592			163,804
Selling, general and administrative expenses
Payroll		4241,~~568~~490			4039,~~212~~637			84,058			79,850
Rent		23,~~917~~327			23,~~398~~352			47,243			46,750
Depreciation and amortization		9,~~860~~922			10,~~392~~160			19,782			20,552
Nonrecurring operating expenses (1)		—783			~~324~~430			783			755
Pre-opening (2)		71153			—			226			—
Other operating (3)		1821,~~840~~491			20,~~087~~762			40,330			40,847
Total selling, general and administrative expenses		9597,~~256~~166			94,~~413~~341			192,422			188,754
(Loss) income from operations		(193,~~613~~217	)		(204,~~627~~323	)		(22,830	)		(24,950	)
Other (income) expense:
Interest expense		2,971			2,908
Other losses		—			457			76			457
(Loss) income before income taxes		(22,584	)		(23,535	)
Interest expense		3,769			3,183			6,664			6,091
Income tax (benefit) expense		(1,330	)		(5,469	)
(Loss) income before income taxes		(6,986	)		(7,963	)		(29,570	)		(31,498	)
Consolidated net (loss) income	$	(21,254	)	$	(18,066	)
Income tax (benefit) expense		97			(2,057	)		(1,233	)		(7,526	)
Consolidated net (loss) income	$	(7,083	)	$	(5,906	)	$	(28,337	)	$	(23,972	)

(1)

Represents certain expenses the Company believes fall outside of typical costs related to normal operating conditions including executive transition costs.

(2)

~~Expenses~~Represents expenses incurred due to the opening of new store locations.

(3)

Significant expenses in Other operating, include: marketing, credit card fees, utilities, insurance, software support, consulting and legal.

(8) Long-Term Debt

Long-term debt consisted of the following as of ~~May~~August 32, 2025 and February 1, 2025:

	May 3,			February 1,
	August 2,			February 1,
	2025			2025
Term loan	$	2545,000		$	25,000
Less discount		(~~854~~1,149	)		(933	)
		24,146			24,067
		43,851			24,067
Less current portion, net of discount		—			—
Long-term portion	$	2443,~~146~~851		$	24,067

Term Loan

On July 30, 2024, Sportsman’s Warehouse, Inc. (“SWI”) a wholly owned subsidiary of Holdings, as lead borrower, Holdings, as guarantor, and other subsidiaries of Holdings, each as borrowers, and PLC Agent LLC (the “Pathlight Agent”), as administrative and collateral agent for various lenders affiliated with Pathlight Capital (the “ABL Lenders”), entered into an ABL Term Loan Credit Agreement (the “Term Loan Agreement”) that governs the Company's term loan (the “Term Loan”). The Term Loan provides for a senior secured term loan credit facility in an aggregate principal amount of $45,000, consisting of $25,000 in initial ABL term loans that were made by the ABL

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Agent”), as administrative and collateral agent for various lenders affiliated with Pathlight Capital (the “ABL Lenders”), onentered ~~July~~into 30an ABL Term Loan Credit Agreement (as amended, ~~2024~~the “Term Loan Agreement”) that governs the Company’s term loan (the “Term Loan”). The Term Loan provides for a senior secured term loan credit facility in an aggregate principal amount of $45,000, consisting of $25,000 in an initial ABL term loan and $20,000 in a delayed draw ABL term ~~loans~~loan that were made by the ABL Lenders on July 30, 2024 and July 30, 2025, respectively. The $2545,000 in proceeds from the initial ABL term ~~loans~~loan and delayed draw ABL term loan were used to repay obligations under the Revolving Line of Credit described in Note 9.

OnThe ~~March~~Company ~~31,~~incurred ~~2025,~~deferred ~~SWI,~~financing ascosts ~~lead~~and ~~borrower,~~discounts ~~Holdings,~~related asto ~~guarantor,~~the ~~and~~initial ~~other~~draw ~~subsidiaries~~on the Term Loan of ~~Holdings~~approximately $1,136. ~~each~~The asCompany ~~borrowers,~~incurred ~~and~~additional ~~the~~deferred ~~ABL~~financing ~~Lenders,~~costs ~~entered~~and ~~into~~discounts related to the ~~First~~delayed ~~Amendment~~draw toon the Term Loan ~~Credit~~of ~~Agreement~~approximately ($400. These costs offset the ~~“First~~recorded ~~Amended~~carrying amount of the Term Loan ~~Agreement”).~~on ~~The~~the ~~First~~condensed ~~Amended~~consolidated ~~Term~~balance ~~Loan~~sheet ~~Agreement~~and ~~extended~~are ~~the~~amortized ~~end~~to ~~date~~interest expense over the life of the ~~lenders’~~Term ~~commitment~~Loan. ~~for~~As of August 2, 2025 and February 1, 2025, the Company’s had $2045,000 ~~million~~and ~~delayed~~$25,000, ~~draw~~respectively, ~~ABL~~in ~~term~~outstanding ~~loan~~loans ~~from~~under ~~April~~the ~~30,~~Term ~~2025~~Loan. toAs ~~July~~of 31August 2, 2025, the Company did not have any remaining amount available for borrowing under the Term Loan.

The ~~Company~~Term ~~incurred~~Loan ~~deferred~~has ~~financing~~a ~~costs~~stated ~~and~~maturity ~~discounts~~date ~~related~~of to the ~~Term~~earlier ~~Loan~~ of ~~approximately~~July $130,~~136.~~ ~~These~~2029 ~~costs~~or ~~offset~~ the ~~recorded~~maturity ~~carrying~~date ~~amount~~ of the ~~Term~~Revolving ~~Loan~~Line onof ~~the~~Credit ~~condensed~~(described ~~consolidated~~below). ~~balance~~Borrowings ~~sheet~~under ~~and~~the ~~are~~Term ~~amortized~~Loan tobear interest ~~expense~~at ~~over~~a rate equal to the ~~life~~greater of ~~the~~a ~~Term~~floor ~~Loan~~rate of 3.0% Asor of(i) ~~each~~a ofspecified ~~May~~term 3,secured ~~2025~~overnight ~~and~~financing ~~February~~rate 1(SOFR), ~~2025,~~plus ~~the~~(ii) ~~Company~~0.10% ~~had~~as ~~$25~~a SOFR adjustment,~~000~~ inplus ~~outstanding~~(iii) ~~loans~~the ~~under~~applicable margin as specified in the Term Loan. AsThe ofapplicable ~~May~~margin means either 3.50% or 6.50% depending on the type of term loan. Under the Term Loan, ~~2025~~loans may be required to be converted to base rate loans and in such case, the ~~Company~~applicable ~~had~~margin ~~$18,000~~rate ~~available~~will ~~for~~increase ~~borrowing~~by 1.0%. The interest rate on the amounts outstanding under the Term Loan, ~~calculated~~as ~~based~~of ~~upon~~August ~~certain~~2, ~~borrowing~~2025 ~~base~~was ~~restrictions~~10.44%.

The availability of loans under the Term Loan is subject to a borrowing base calculation based on eligible credit card receivables, eligible inventory, the revolving borrowing base determined under the Revolving Line of Credit, and reserves. The Term Loan has a stated maturity date of the earlier of July 30, 2029 or the maturity date of the Revolving Line of Credit (described below). Borrowings under the Term Loan bear interest at a rate equal to the greater of a floor rate of 3.0% or (i) a specified term secured overnight financing rate (SOFR), plus (ii) 0.10% as a SOFR adjustment, plus (iii) the applicable margin as specified in the Term Loan. The applicable margin means either 3.50% or 6.50% depending on the type of term loan. Under the Term Loan, loans may be required to be converted to base rate loans and in such case, the applicable margin rate will increase by 1.0%. The interest rate on the amounts outstanding under the Term Loan as of May 3, 2025 was 10.42%.

Subject to specified exceptions, SWI and the other borrowers may be required to make mandatory prepayments under the Term Loan in the event of certain dispositions of certain property or assets, in the event of receipt of certain tax refunds, insurance or condemnation proceeds, upon the issuance of certain debt or equity securities, upon the incurrence of certain indebtedness for borrowed money or upon the receipt of certain payments not received in the ordinary course of business.

In addition, the Term Loan contains customary affirmative and negative covenants, including covenants that limit the ability of the Company to incur, create or assume certain indebtedness, to create, incur or assume certain liens, to make certain investments, to make sales, transfers and dispositions of certain property and to undergo certain fundamental changes, including certain mergers, liquidations and consolidations. The Term Loan also requires the Company to maintain a minimum availability at all times under its Revolving Line of Credit of not less than the greater of $30,000 and 10% of the gross borrowing base as defined in the Revolving Line of Credit Agreement and contains customary events of default, including defaults triggered by defaults under the Revolving Line of Credit. See Note 9 for information on the Revolving Line of Credit.

Each of the subsidiaries of Holdings is a borrower under the Term Loan, and all obligations under the Term Loan are guaranteed by Holdings. All of the obligations under the Term Loan are secured by a lien on substantially all of Holdings’ assets and the assets of all of Holdings’ subsidiaries, including a pledge of all capital stock of each of Holdings’ subsidiaries. The lien securing the obligations under the Term Loan is a first priority lien as to equipment, fixtures, intellectual property and equity interests.

As of ~~May~~August 32, 2025 and February 1, 2025, the Company had $~~854~~1,149 and $933, respectively, in outstanding deferred financing fees and discounts related to the Term Loan. During the 13 and 26 weeks ended ~~May~~August 32, 2025, the Company recognized $~~102~~106 and $208, respectively, of non-cash interest expense with regard to the amortization of deferred financing fees and discounts related to the Term Loan. During the 13 and 26 weeks ended ~~May~~August 43, 2024, the Company ~~did~~recognized ~~not~~$4 ~~recognize~~and ~~any~~$4, respectively of non-cash interest expense with regard to the amortization of deferred financing fees and discounts related to athe Term Loan.

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The scheduled minimum payments on outstanding long-term debt were as follows as of ~~May~~August 32, 2025:

Fiscal Year Ending:	Minimum Payments
2025 (remainder)	$	—
2026		—
2027		2545,000
2028		—
Total	$	45,000
2029		—
Thereafter		—
Total	$	25,000

(9) Revolving Line of Credit

SWI, as lead borrower, Holdings, and other subsidiaries of Holdings, each as borrowers, and Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, collateral agent, swing line lender, letter of credit issuer and lender, with a consortium of banks led by Wells Fargo, entered into a Second Amendment to Amended and Restated Credit Agreement (the “Second Amendment”). Through the Second Amendment, the parties agreed to amend the Amended and Restated Credit Agreement, dated as of May 23, 2018, as previously amended May 17, 2022 by and among SWI, as lead borrower, and Wells Fargo, as agent and a lender, and the other parties listed on the signature pages thereto (as amended, including by the Second Amendment, the “Revolving Line of Credit Agreement”) that governs the Company's revolving line of credit (the “Revolving Line of Credit”).

The Company did not incur any additional fees related to the Revolving Line of Credit and will continue to amortize the prior recorded fees of $508 paid to various parties which were capitalized in association with the May 17, 2022 amendment. Fees associated with the Revolving Line of Credit were recorded in prepaid expenses and other assets.

As of ~~May~~August 32, 2025 and February 1, 2025, the Company had $~~155~~167,~~500~~413 and $88,260, respectively, in outstanding revolving loans under the Revolving Line of Credit. Amounts outstanding are offset on the condensed consolidated balance sheets by amounts in depository accounts under lock-box type arrangements, which were $1316,~~636~~198 and $13,654 as of ~~May~~August 32, 2025 and February 1, 2025, respectively. As of ~~May~~August 32, 2025, the Company had $~~100~~107,~~525~~741 available for borrowing under the Revolving Line of Credit, calculated based upon certain borrowing base restrictions and stand-by commercial letters of credit of $2,~~337~~737 under the terms of the Revolving Line of Credit.

Borrowings under the Revolving Line of Credit bear interest based on either the base rate or Term SOFR (as defined in the Revolving Line of Credit Agreement), at the Company’s option, in each case plus an applicable margin. The base rate is the greatest of (1) the floor rate (as defined in the Revolving Line of Credit Agreement as a rate of interest equal to 0.0%) (2) Wells Fargo’s prime rate, (3) the federal funds rate (as defined in the Revolving Line of Credit Agreement) plus 0.50% or (4) the one-month Term SOFR (as defined in the Revolving Line of Credit) plus 1.00%. The applicable margin for loans under the Revolving Line of Credit, which varies based on the average daily availability, ranges from 0.25% to 0.50% per year for base rate loans and from 1.35% to 1.60% per year for Term SOFR loans. The Company is required to pay a commitment fee for the unused portion of the Revolving Line of Credit, which will range from 0.20% to 0.225% per annum, depending on the average daily availability under the Revolving Line of Credit. The interest rate on the amounts outstanding under the Revolving Line of Credit as of ~~May~~August 32, 2025 and February 1, 2025 was 5.9878% and 5.74%, respectively.

The Company may be required to make mandatory prepayments under the Revolving Line of Credit in the event of a disposition of certain property or assets, in the event of receipt of certain insurance or condemnation proceeds, upon the issuance of certain debt or equity securities, upon the incurrence of certain indebtedness for borrowed money or upon the receipt of certain payments not received in the ordinary course of business.

The Revolving Line of Credit Agreement contains customary affirmative and negative covenants, including covenants that limit the Company’s ability to incur, create or assume certain indebtedness, to create, incur or assume certain liens, to make certain investments, to make sales, transfers and dispositions of certain property and to undergo certain fundamental changes, including certain mergers, liquidations and consolidations. The Revolving Line of Credit Agreement also requires the Company to maintain a minimum availability at all times under its Revolving Line of Credit of not less than the greater of $30,000 and 10% of the gross borrowing base as defined in the Revolving Line of Credit and contains customary events of default, including defaults triggered by defaults

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Line of Credit Agreement also requires the Company to maintain a minimum availability at all times of not less than 10% of the gross borrowing base and contains customary events of default, including defaults triggered by defaults under the Term Loan. As of ~~May~~August 32, 2025, the Company held approximately $~~416~~447,~~400~~903 in collateralized eligible inventory and credit card receivables related to the Term Loan and the Revolving Line of Credit. The Revolving Line of Credit matures on May 27, 2027.

Each of the subsidiaries of Holdings is a borrower under the Revolving Line of Credit, and all obligations under the Revolving Line of Credit are guaranteed by Holdings. All of the obligations under the Revolving Line of Credit are secured by a lien on substantially all of Holdings’ tangible and intangible working capital assets and the tangible and intangible working capital assets of all of Holdings’ subsidiaries, including a pledge of all capital stock of each of Holdings’ subsidiaries. The lien securing the obligations under the Revolving Line of Credit is a first priority lien as to certain liquid assets, including cash, accounts receivable, deposit accounts and inventory.

As of ~~May~~August 32, 2025 and February 1, 2025, the Company had $~~314~~276 and $352, respectively, in outstanding deferred financing fees. During the 13 and 26 weeks ended ~~May~~August 32, 2025, the Company recognized $38 and ~~May~~$76, 4respectively, of non-cash interest expense with regard to the amortization of deferred financing fees. During the 13 and 26 weeks ended August 3, 2024, the Company recognized $38 and $3876, respectively, of non-cash interest expense with regard to the amortization of deferred financing fees.

During the 13 and 26 weeks ended ~~May~~August 32, 2025, gross borrowings under the Revolving Line of Credit were $351,274 and ~~May~~$691,412, 4respectively. During the 13 and 26 weeks ended August 3, 2024, gross borrowings under the Revolving Line of Credit were $~~340~~307,~~138~~762 and $~~307~~615,~~715~~477, respectively. During the 13 and 26 weeks ended ~~May~~August 32, 2025, gross paydowns under the Revolving Line of Credit were $342,162 and ~~May~~$617,082, 4respectively. During the 13 and 26 weeks ended August 3, 2024, gross paydowns under the Revolving Line of Credit were $~~274~~342,~~919~~581 and $~~269~~612,~~595~~175, respectively.

Restricted Net Assets

The provisions of the Term Loan and the Revolving Line of Credit restrict all of the net assets of the Company’s consolidated subsidiaries, which constitute all of the net assets on the Company’s condensed consolidated balance sheet as of ~~May~~August 32, 2025, from being used to pay any dividends without prior written consent from the financial institutions party to the respective agreement.

(10) Income Taxes

During the 13 and 26 weeks ended ~~May~~August 32, 2025, the Company recognized income tax expense of $97 and ~~May~~income 4tax benefit of $1,233, respectively. During the 13 and 26 weeks ended August 3, 2024, the Company recognized income tax benefit of $12,~~330~~057 and $57,~~469~~526, respectively. The Company's effective tax rate during the 13 and 26 weeks ended ~~May~~August 32, 2025 ~~and~~was ~~May~~-1.4% and 4.2%, respectively. The Company’s effective tax rate during the 13 and 26 weeks ended August 3, 2024 was 525.98% and 23.29%, respectively. The Company’s effective tax rate will generally differ from the U.S. Federal statutory rate of 21.0%, due to state taxes, permanent items, and discrete items relating to stock award deductions.

(11) Stockholders’ Equity

Earnings per Share

Basic earnings per share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share represents basic earnings per share adjusted to include the potentially dilutive effect of nonvested share awards and nonvested share unit awards.

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The following table sets forth the computation of basic and diluted earnings per share for the periods presented:

	Thirteen Weeks Ended						Twenty-Six Weeks Ended
	May 3,			May 4,
	August 2,			August 3,			August 2,			August 3,
	2025			2024			2025			2024
Net loss	$	(217,~~254~~083	)	$	(185,~~066~~906	)	$	(28,337	)	$	(23,972	)
Weighted average shares of common stock outstanding:
Basic		38,~~144~~376			37,~~567~~751			38,260			37,659
Dilutive effect of common stock equivalents		—			—			—			—
Diluted		38,~~144~~376			37,~~567~~751			38,260			37,659
Basic loss per share	$	(0.5618	)	$	(0.4816	)	$	(0.74	)	$	(0.64	)
Diluted loss per share	$	(0.5618	)	$	(0.4816	)	$	(0.74	)	$	(0.64	)
Restricted stock units considered anti-dilutive and excluded in the calculation		~~1,712~~113			~~635~~705			594			642

(12) Stock-Based Compensation

Stock-Based Compensation

During the 13 and 26 weeks ended ~~May~~August 32, 2025, the Company recognized total stock-based compensation expense of $827 and ~~May~~$1,620, 4respectively. During the 13 and 26 weeks ended August 3, 2024, the Company recognized total stock-based compensation expense of $~~793~~1,217 and $12,~~174~~391, respectively. Compensation expense related to the Company’s stock-based payment awards is recognized in selling, general, and administrative expenses in the condensed consolidated statements of operations.

Employee Stock ~~Plans~~Plan

As of ~~May~~August 32, 2025, the number of shares available for awards under the Amended and Restated 2019 Performance Incentive Plan (as amended and restated, the “Amended 2019 Plan”) was 1,~~954~~653. As of ~~May~~August 32, 2025, there were 2,~~022~~243 unvested stock awards outstanding under the 2019 Plan.

Upon effectiveness of the Amended 2019 Plan on May 30, 2024, the date of the Company's 2024 Annual Meeting, the Company's authority to grant new awards under the Inducement Plan terminated, and a total of 545,293 shares of Common Stock that had been available for new award grants under the Inducement Plan immediately prior to the 2024 Annual Meeting became available for award grants under the Amended 2019 Plan. As provided in the Amended 2019 Plan, any shares of the Company's common stock subject to awards (other than stock options and stock appreciation rights) granted under the Inducement Plan that were outstanding and unvested immediately prior to the 2024 Annual Meeting that are forfeited, terminated, cancelled or otherwise reacquired by the Company without having become vested plus any shares that are withheld or reacquired by the Company to satisfy the tax withholding obligations related to any awards (other than stock options and stock appreciation rights) granted under the Inducement Plan that were outstanding immediately prior to the 2024 Annual Meeting will be available for award grant purposes under the Amended 2019 Plan. As of the date of the 2024 Annual Meeting, a total of 454,707 shares were subject to awards then outstanding under the Inducement Plan.

Employee Stock Purchase Plan

The Company also maintains an Amended and ~~Rested~~Restated Employee Stock Purchase Plan (the “ESPP”) that was approved by the Company’s stockholders in fiscal year 2015, under which 1,600 shares of common stock were authorized. During the 13 weeks ended ~~May~~August 32, 2025, no43 shares were issued under the ESPP and, as of ~~May~~August 32, 2025, the number of shares available for issuance was ~~771~~728.

Nonvested Performance-Based Stock Awards

During the 13 and 26 weeks ended ~~May~~August 32, 2025, the Company did not issue any nonvested performance-based stock awards to employees.

18During the 13 weeks ended August 3, 2024, the Company did not issue any nonvested performance-based stock awards to employees. During the 26 weeks ended August 3, 2024, the Company issued 874 nonvested performance-based stock awards to employees at a weighted average grant date fair value of $3.09 per share. The nonvested performance-based stock awards issued to employees vest in full on the third anniversary of the grant date. The number of shares issued was contingent on management achieving a fiscal year 2024 performance target for earnings before interest, taxes, depreciation and amortization expenses. If a minimum threshold performance target is not achieved, no shares would vest. The maximum number of shares subject to the award was 874. Following the

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During the 13 weeks ended May 4, 2024, the Company issued 874 nonvested performance-based stock awards to employees at a weighted average grant date fair value of $3.09 per share. The nonvested performance-based stock awards issued to employees vest in full on the third anniversary of the grant date. The number of shares issued was contingent on management achieving a fiscal year 2024 performance target for earnings before interest, taxes, depreciation and amortization expenses. If a minimum threshold performance target is not achieved, no shares would vest. The maximum number of shares subject to the award was 874. Following the end of the performance period for fiscal year 2024, the fiscal year performance targets were not met and all shares were forfeited as of February 1, 2025.

The following table sets forth the rollforward of outstanding nonvested performance-based stock awards (per share amounts are not in thousands):

			Weighted
			average
			grant-date
	Shares		fair value
Balance at February 1, 2025		12	$	8.40
Grants		—		—
Forfeitures		—		—
Vested		—		—
Balance at May 3, 2025		12	$	8.40
Balance at August 2, 2025		12	$	8.40

			Weighted
			average
			grant-date
	Shares		fair value
Balance at February 3, 2024		30	$	9.03
Grants		874		3.09
Forfeitures		—		—
Vested		—		—
Balance at May 4, 2024		904	$	3.29
Balance at August 3, 2024		904	$	3.29

Nonvested Stock Unit Awards

During the 13 and 26 weeks ended ~~May~~August 32, 2025, the Company issued ~~835~~314 and 1,149 nonvested stock units to employees and directors at a weighted average grant date fair value of $1.0296 and $1.28 per share, respectively. The shares issued to employees of the Company vest over a three-year period with one third of the shares vesting on each anniversary of the grant date. The shares issued to directors of the Company vest over a 12-month period with one-twelfth of the shares vesting each month.

During the 13 and 26 weeks ended ~~May~~August 43, 2024, the Company issued ~~1,087~~267 and 1354 nonvested stock units to employees and directors at a weighted average grant date fair value of $3.1018 and $3.12 per share, respectively. The shares issued to employees of the Company vest over a three-year period with one third of the shares vesting on each anniversary of the grant date. The shares issued to directors of the Company vest over a 12-month period with one-twelfth of the shares vesting each month.

The following table sets forth the rollforward of outstanding nonvested stock units (per share amounts are not in thousands):

				Weighted
				average
				grant-date
	Shares			fair value
Balance at February 1, 2025		1,700		$	4.01
Grants		~~835~~1,149			1.0228
Forfeitures		(2734	)		54.0597
Vested		(~~498~~584	)		4.3720
Balance at May 3, 2025		2,010		$	2.67
Balance at August 2, 2025		2,231		$	2.57

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				Weighted
				average
				grant-date
	Shares			fair value
Balance at February 3, 2024		1,058		$	7.13
Grants		1,~~087~~354			3.1012
Forfeitures		(2743	)		97.4669
Vested		(~~184~~232	)		87.4259
Balance at May 4, 2024		1,934		$	4.69
Balance at August 3, 2024		2,137		$	4.51

(13) Commitments and Contingencies

Legal Matters

The Company is involved in various legal matters generally incidental to its business. After discussion with legal counsel, management is not aware of any matters for which the likelihood of a loss is probable and reasonably estimable and which could have a material impact on its consolidated financial condition, liquidity, or results of operations.

On January 22, 2024, Jon Kogut filed a putative class action lawsuit against the Company and the members of its Board of Directors (the "Board") in the Delaware Court of Chancery (the “2024 Delaware Litigation”). The lawsuit asserts claims on behalf of a putative class comprised of all stockholders other than defendants and any current directors or officers of the Company and is captioned Kogut v. Bejar, et al., C.A. No. 2024-0055-MTZ (Del. Ch.). In his complaint, Mr. Kogut contends that certain provisions in the Company’s advance notice bylaws (the “Challenged Provisions”) are invalid and void and that the members of the Board have breached their fiduciary duty of loyalty by adopting and maintaining the Challenged Provisions. In addition to seeking declaratory, equitable, and injunctive relief, Mr. Kogut seeks an award of attorneys’ fees and other costs and expenses on behalf of the putative class. On March 27, 2025, the Court stayed the action pending the resolution of motions to dismiss in other cases challenging advance notice bylaws.

20(14) Subsequent Events

On August 4, 2025, the Board of Directors of the Company appointed Jennifer Fall Jung as the Company’s Chief Financial Officer and Secretary, effective as of August 18, 2025 (the “Start Date”). On August 4, 2025, the Company and Jeff White mutually agreed that Mr. White will cease to serve as Chief Financial Officer and Secretary of the Company and from all other positions he holds with the Company and each of its subsidiaries, effective as of August 17, 2025 (the “Separation Date”), and will transition to a consulting role with the Company from August 18, 2025 to September 9, 2025, unless such role is terminated earlier pursuant to the terms of Mr. White’s Separation Agreement (as defined below).

In connection with Mr. White’s separation, the Company and Mr. White entered into a Separation and Consulting Agreement on August 4, 2025 (the “Separation Agreement”). The Separation Agreement provides that Mr. White’s employment as Chief Financial Officer and Secretary of the Company will cease on the Separation Date and he will transition to a consulting role with the Company from August 18, 2025 to September 9, 2025, unless terminated earlier pursuant to the terms contained in the Separation Agreement (the “Consulting Period”). Subject to Mr. White satisfying certain conditions, including entering into an initial release of claims with the signing of the Separation Agreement and a supplemental release of claims to be executed upon the Separation Date and complying with the terms and conditions of the Separation Agreement and covenants therein, Mr. White will receive (i) payments equal to 12 months of Mr. White’s base salary, payable in equal installments on the Company’s regular payroll schedule over the 12 month period immediately following the Separation Date, (ii) payment of the premiums necessary for him and his eligible dependents to continue group health coverage under COBRA for up to 12 months, and (iii) payment of a pro-rated target annual bonus for the Company’s fiscal year ending January 31, 2026 on the next regularly scheduled payroll date after the Separation Date. All equity awards granted to Mr. White that are outstanding and unvested immediately prior to the Separation Date will cease vesting and be forfeited for no consideration on the Separation Date. Subject to Mr. White complying with his obligations during the Consulting

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Period and entering into a supplemental release of claims upon the termination of the Consulting Period, Mr. White will be paid a retainer fee in an amount equal to $77.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The discussion below contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those which are discussed in the “Risk Factors” section in Part I., Item 1A. of our Fiscal 2024 Form 10-K. Also see “Special Note Regarding Forward-Looking Statements” preceding Part I. of this 10-Q. Additionally, our historical results are not necessarily indicative of the results that may be expected or achieved for any future period.

The following discussion and analysis should be read in conjunction with, and is qualified in its entirety by reference to, the unaudited condensed consolidated financial statements and the notes thereto included in this 10-Q.

Overview

We are an outdoor sporting goods retailer focused on meeting the everyday needs of the seasoned outdoor veteran, the first-time participant and everyone in between. Our mission is to provide outstanding gear and exceptional service to inspire outdoor memories.

Our business was founded in 1986 as a single retail store in Midvale, Utah. Today, we operate 146 stores in 32 states, totaling approximately 5.4 million gross square feet. We also operate an e-commerce platform at www.sportsmans.com. We do not incorporate the information on or accessible through our website into this 10-Q, and you should not consider any information on, or that can be accessed through, our website as part of this 10-Q.

Our stores and our e-commerce platform are aggregated into one operating and reportable segment.

Impact of Macroeconomic Conditions

Our financial results and operations have been, and will continue to be, impacted by events outside of our control. Global economic and business activities continue to face widespread macroeconomic uncertainties, including the impact of international trade policies and increased tariff rates, inflation, elevated interest rates, recession risks and rising global political tensions.

Recent changes in international trade policy and the implementation of increased tariff rates have caused substantial uncertainty with respect to our inventory cost. If some of the proposed and current changes to international trade and tariff policy are implemented or continue for a significant length of time, we will experience a material increase in our inventory costs, especially in our Hunting and Shooting and Optics, Electronics, Accessories and Other departments. We cannot predict the ultimate impact of such changes on our financial results for the remainder of fiscal year 2025 and beyond since such policies remain highly dynamic and evolving. In the first ~~quarter~~half of fiscal year 2025, we purchased additional inventory in anticipation of increased tariff rates ~~and we expect~~ to ~~purchase additional strategic inventory in the second quarter of fiscal year 2025 in anticipation of further tariff rate increases to~~ be prepared for the hunting and holiday seasons. We will continue to consider other means to mitigate the impact of increased tariff rates, including by seeking alternative sourcing of our products and by negotiating with our suppliers to absorb a portion of increased costs due to changes in tariff rates and trade policy; however, we cannot provide any assurances that we will be successful in such efforts.

In addition, since the beginning of fiscal year 2023, our business has been and continues to be impacted by consumer inflationary pressures and recession concerns. As a result, we have implemented cost reduction measures and reduced investments in future new store openings to reflect current sales trends. We did not open any new stores in fiscal year 2024 and we plan to open one new store in fiscal year 2025.

We continue to actively monitor the impact of these macroeconomic factors on our financial condition, liquidity, operations, suppliers, industry and workforce. The extent of the impact of these factors on our operational and financial performance, including our ability to execute our business strategies and initiatives in the expected timeframe, will depend on future developments, and the impact on our customers, partners and outfitters, all of

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which are uncertain and cannot be predicted; however, any continued or renewed disruption resulting from these factors could negatively impact our business.

How We Assess the Performance of Our Business

In assessing the performance of our business, we consider a variety of performance and financial measures. The key measures for determining how our business is performing are net sales, same store sales, gross margin, selling, general and administrative expenses, income from operations and Adjusted EBITDA, which we define as net loss plus interest expense, income tax benefit, depreciation and amortization, stock-based compensation expense, transition and severance costs related to director and officer transitions, and expenses that we do not believe are indicative of our ongoing expenses.

Net Sales and Same Store Sales

Our net sales are primarily received from revenue generated in our stores and also include sales generated through our e-commerce platform. When measuring revenue generated from our stores, we review our same store sales as well as the performance of our stores that have not operated for a sufficient amount of time and include each in same store sales. We include net sales from a store in same store sales on the first day of the 13th full fiscal month following the store’s grand opening or acquisition by us. We exclude sales from stores that were closed during the period from our same store sales calculation. We include net sales from e-commerce in our calculation of same store sales. For fiscal years consisting of 53 weeks, we exclude net sales during the 53rd week from our calculation of same store sales. Some of our competitors and other retailers may calculate same store sales differently than we do. As a result, data regarding our same store sales may not be comparable to similar data made available by other retailers.

Measuring the change in year-over-year same store sales allows us to evaluate how our retail store base is performing. Various factors affect same store sales, including:

•

macroeconomic factors, political trends, social unrest, inflationary pressures, recessionary trends, labor shortages, monetary supply shifts, elevated interest rates, tightening of credit markets, and potential disruptions from the ongoing Russia-Ukraine conflict and rising global political tensions;

•

consumer preferences, buying trends and overall economic trends;

•

changes or anticipated changes to laws and government regulations related to some of the products we sell, in particular regulations relating to the sale of firearms and ammunition;

•

our ability to identify and respond effectively to local and regional trends and customer preferences;

•

our ability to provide quality customer service that will increase our conversion of shoppers into paying customers;

•

the success of our omni-channel strategy and our e-commerce platform;

•

competition in the regional market of a store;

•

atypical weather;

•

new product introductions and changes in our product mix; and

•

changes in pricing and average ticket sales.

We operate in a complex regulatory and legal environment that could negatively impact the demand for our products, which could significantly affect our operations and financial results. State, local, and federal laws and regulations relating to products that we sell may change, sometimes significantly, as a result of political, economic or social events.

22For instance, in November 2022, Oregon passed a ballot measure that amended Oregon law to prohibit private citizens from manufacturing, importing, possessing, using, purchasing, selling or transferring a magazine capable of holding (or being readily converted to hold) over ten rounds of ammunition. Additionally, this ballot measure also

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For instance, in November 2022, Oregon passed a ballot measure that amended Oregon law to prohibit private citizens from manufacturing, importing, possessing, using, purchasing, selling or transferring a magazine capable of holding (or being readily converted to hold) over ten rounds of ammunition. Additionally, this ballot measure also imposed complex permitting and training requirements for the purchase and sale of firearms. On December 6, 2022, a state Circuit Court judge in Oregon preliminarily enjoined the implementation of the ballot measure. On November 21, 2023, the Circuit Court judge permanently enjoined implementation of the ballot measure upon a determination that the ballot measure was facially unconstitutional under Oregon's state constitution. On March 12, 2025, the Oregon Court of Appeals reversed the state Circuit Court judge's permanent injunction, holding that the ballot measure was in fact facially constitutional under Oregon's state constitution. The Oregon Court of Appeals ordered the Circuit Court judge to enter a declaratory judgment consistent with the Court of Appeals’ decision. ~~On April 14, 2025, the plaintiffs filed a petition for review before the Oregon Supreme Court.~~

WeThe ~~believe~~plaintiffs ~~the~~filed ~~injunction~~a ofpetition ~~the~~for ~~Oregon~~review ~~ballot~~before ~~measure~~the ~~remains~~Oregon ~~temporarily~~Supreme inCourt ~~effect~~on ~~pending~~April a14, ~~determination~~2025, onpreventing the ~~plaintiff’s~~Circuit ~~petition~~Court ~~for~~judge ~~review~~from ~~before~~entering the ~~Oregon~~declaratory ~~Supreme~~judgment ~~Court.~~pending ~~There is also~~ a ~~pending~~decision ~~bill~~of in the Oregon ~~House~~Supreme ~~(HB~~Court ~~3075)~~on ~~that~~whether ~~seeks~~ to ~~delay~~grant ~~and modify~~ the ~~implementation~~petition offor ~~the~~review. ~~ballot~~On ~~measure’s~~June ~~permitting~~12, ~~requirement~~2025, ~~and~~the ~~establish~~Oregon ~~certain~~Supreme ~~exemptions. This~~Court ~~ballot~~granted ~~measure~~the ispetition ~~also~~for ~~being~~review ~~challenged~~and inthe acase ~~related~~is ~~case~~now in ~~federal~~the ~~court~~process ~~that~~of isbeing ~~presently~~briefed onby ~~appeal~~the ~~before~~parties to the Ulitigation.S. ~~Court~~Oral ofarguments ~~Appeals~~in ~~for~~ the ~~Ninth~~case ~~Circuit.~~are ~~However,~~scheduled ~~due~~for toNovember a6, ~~recent~~2025, ~~ruling~~and ~~upholding~~we anticipate a ~~similar~~decision ~~magazine~~in ~~capacity~~the ~~restriction~~ case inwill ~~California~~be ~~(Virginia~~rendered ~~Duncan,~~by etthe ~~al.~~Oregon v.Supreme ~~Rob~~Court ~~Bonta,~~in ~~No.~~late ~~23-55805 (9th Cir~~2026. ~~2023)),~~The wepermanent ~~believe~~injunction itentered isby ~~unlikely that~~ the ~~ballot~~Circuit ~~measure~~Court Judge will becontinue ~~struck~~to ~~down~~remain byin ~~the~~effect ~~U.S.~~pending ~~Court~~the decision of ~~Appeals~~the ~~for~~Oregon ~~the~~Supreme ~~Ninth~~Court ~~Circuit~~in this case.

~~While~~On wea ~~believe~~parallel ~~the~~track, ~~injunction of the Oregon ballot measure remains in effect until the Oregon Supreme Court decides~~ on ~~the~~July ~~plaintiff’s~~24, ~~petition for review~~2025, the ~~ballot~~Governor ~~measure~~of ~~could~~Oregon ~~still~~signed beOregon ~~found~~Senate ~~constitutional~~Bill ~~and~~243 ~~implemented~~into ~~in its current form~~law. WeAmong ~~currently~~other ~~operate~~things, ~~eight~~this ~~stores~~bill indelayed the ~~State~~implementation date of ~~Oregon. If~~ the ballot measure isuntil ~~allowed~~March to15, ~~take~~2026. ~~effect~~Accordingly, ~~whether~~even ~~because~~if the Oregon Supreme Court ~~denies the petition for review or ultimately~~ upholds the Oregon Court of Appeals’ ~~March~~holding ~~12,~~that ~~2025~~the ~~order,~~ballot ~~sales~~measure ofis ~~firearms~~not infacially ~~Oregon~~unconstitutional ~~may~~between beNovember ~~halted~~7, or2025 ~~substantially~~and ~~diminished~~March ~~unless~~14, ~~all~~2026, ~~permitting~~the ~~and~~ballot ~~training~~measure ~~programs~~will ~~are~~not ~~fully~~be ~~developed~~implemented byprior ~~the~~to ~~state~~March ~~and/or~~15, ~~law~~2026. ~~enforcement~~On ~~agencies~~the atother ~~the~~hand, ~~time~~if the ~~ballot~~Oregon ~~measure~~Supreme ~~takes~~Court ~~effect.~~has Ifnot ~~delays~~ruled inon ~~establishing~~the ~~such~~matter ~~permitting~~by ~~and~~March ~~training~~15, ~~programs occur~~2026, itthe ~~could~~Circuit ~~result~~Court injudge’s apermanent ~~substantial~~injunction ~~decline in our sales~~ of ~~firearms~~the ~~and~~ballot ~~related~~measure ~~products~~will ~~and~~continue ~~reduce traffic~~ to ~~our~~remain ~~stores~~ in ~~Oregon,~~effect ~~which~~and ~~would~~further ~~significantly~~delay ~~impact~~implementation onof ~~our~~the ~~sales~~ballot ~~and~~measure ~~gross margin~~indefinitely.

We are aware that this ballot measure is also being challenged in a related case in federal court that is presently on appeal before the U.S. Court of Appeals for the Ninth Circuit. However, due to a ruling upholding a similar magazine capacity restriction case in California (Duncan, et al. v. Bonta, No. 23-55805 (9th Cir. 2023)), we believe it is unlikely that the Oregon ballot measure will be struck down by the U.S. Court of Appeals for the Ninth Circuit.

We currently operate eight stores in the State of Oregon. If the Oregon Supreme Court upholds the Oregon Court of Appeals March 12, 2025 order and the ballot measure is allowed to take effect on or after March 15, 2026 , sales of firearms in Oregon may be halted or substantially diminished unless all permitting and training programs are fully developed by the state and/or law enforcement agencies at the time the ballot measure takes effect. If delays in establishing such permitting and training programs occur, it could result in a substantial decline in our sales of firearms and related products and reduce traffic to our stores in Oregon, which would significantly impact on our sales and gross margin. It is still unclear what measures the State of Oregon has undertaken thus far to set up the permitting and training infrastructure called for in the ballot measure.

Opening new stores and acquiring store locations is also an important part of our long-term growth strategy. During fiscal year 2024, we did not open any new stores. We plan to open one new store in fiscal year 2025. We may deviate from this target if attractive opportunities are presented to open stores or acquire new store locations outside of our target growth rate.

We also have been scaling our e-commerce platform and increasing sales through our website, www.sportsmans.com.

We believe the key drivers to increasing our total net sales include:

•

increasing and improving same store sales in our existing markets;

•

increasing customer visits to our stores and improving our conversion rate through focused marketing efforts and continually high standards of customer service;

•

expanding our omni-channel capabilities through refined product assortment, expanded content and expertise and better user experience;

•

~~build~~building strong community connections and be the local choice for hunting and fishing solutions;

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•

increasing our total gross square footage by opening new stores; and

•

growing our loyalty and credit card programs.

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Gross Margin

Gross profit consists of our net sales less cost of goods sold. Gross margin measures our gross profit as a percentage of net sales. Our cost of goods sold primarily consists of merchandise acquisition costs, including freight-in costs, shipping costs, payment term discounts received from the vendor and vendor allowances and rebates associated directly with merchandise and shipping costs related to e-commerce sales.

We believe the key drivers to improving our gross margin are increasing the product mix to higher margin products, particularly apparel and footwear, increasing foot traffic within our stores and traffic to our website, improving buying opportunities with our vendor partners and coordinating pricing strategies among our stores and our merchandise group. Our ability to properly manage our inventory can also impact our gross margin. We focus our buying on core items, high-turning products and seasonally relevant merchandise, particularly in ammunition, fishing, camping and personal protection, as these are areas where customer demand is more predictable and where having products in stock matters most to our customers. Successful inventory management ensures we have sufficient high margin products in stock to meet customer demand, while overstocking of items can lead to markdowns in order to help a product sell. This is especially true with respect to our more in demand inventory, with approximately 20% of our products accounting for approximately 80% of our net sales. Despite our decision to pull forward inventory purchases, we anticipate ending fiscal year 2025 with lower total inventory than fiscal year 2024.

During fiscal year 2024 and continuing into the first ~~quarter~~half of fiscal year 2025, elevated inflation has adversely impacted our gross margins. In fiscal year 2025, we anticipate modest improvements in our gross margins, driven by continued careful management of variable expenses. However, during the first ~~quarter~~half of fiscal year 2025, these improvements ~~were~~have ~~negatively~~been ~~impacted~~partially offset by our decision to pull forward inventory purchases in anticipation of increased tariffs.

Gross margins may continue to be affected by the evolving implementation of these higher tariff rates. We believe that the overall growth of our business can also help improve our gross margins, because increased merchandise volumes will enable us to maintain our strong relationships with our vendors. If we see significant declines in sales or increases in overstocked inventory, we may experience a decline in gross margins as we use promotions to drive traffic and reduce inventory.

Selling, General, and Administrative Expenses

We closely manage our selling, general, and administrative expenses. Our selling, general, and administrative expenses are comprised of payroll, rent and occupancy, depreciation and amortization, acquisition expenses, pre-opening expenses and other operating expenses, including stock-based compensation expense. Pre-opening expenses include expenses incurred in the preparation and opening of a new store location, such as payroll, travel and supplies, but do not include the cost of the initial inventory or capital expenditures required to open a location.

Our selling, general, and administrative expenses are primarily influenced by the volume of net sales of our locations, except for our corporate payroll, rent and occupancy and depreciation and amortization, which are generally fixed in nature. We control our selling, general, and administrative expenses through a budgeting and reporting process that allows our personnel to adjust our expenses as trends in net sales activity are identified.

Income from Operations

Income from operations is gross profit less selling, general, and administrative expenses. We use income from operations as an indicator of the productivity of our business and our ability to manage selling, general, and administrative expenses.

~~Adjusted EBITDA~~ 26

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Adjusted EBITDA margin as additional measurement tools for purposes of business decision-making, including evaluating store performance, developing budgets and managing expenditures. See “—Non-GAAP Financial Measures.”

We define Adjusted EBITDA as net loss plus interest expense, income tax benefit, depreciation and amortization, stock-based compensation expense, transition and severance costs related to director and officer transitions, and expenses that we do not believe are indicative of our ongoing expenses. We define Adjusted EBITDA margin as Adjusted EBITDA divided by net sales. In evaluating our business, we use Adjusted EBITDA and Adjusted EBITDA margin as additional measurement tools for purposes of business decision-making, including evaluating store performance, developing budgets and managing expenditures. See “—Non-GAAP Financial Measures.”

Results of Operations

The following table summarizes key components of our results of operations as a percentage of net sales during the periods presented:

	Thirteen Weeks Ended						Twenty-Six Weeks Ended
	May 3,			May 4,
	August 2,			August 3,			August 2,			August 3,
	2025			2024			2025			2024
Percentage of net sales:
Net sales		100.0	%		100.0	%		100.0	%		100.0	%
Cost of goods sold		6968.60			6968.8			68.8			69.3
Gross profit		3032.40			3031.2			31.2			30.7
Selling, general, and administrative expenses		3833.21			3832.67			35.4			35.4
Loss from operations		(71.81	)		(81.45	)		(4.2	)		(4.7	)
Interest expense		1.3			1.21			1.2			1.1
Loss before income taxes		(9.1	)		(9.6	)
Other losses		0.0			0.2			0.0			0.1
Income tax benefit		(0.5	)		(2.2	)
Loss before income taxes		(2.4	)		(2.8	)		(5.4	)		(5.9	)
Net loss		(8.6	)%		(7.4	)%
Income tax expense (benefit)		0.0			(0.7	)		(0.2	)		(1.4	)
Adjusted EBITDA		(3.6	)%		(3.6	)%
Net loss		(2.4	)%		(2.1	)%		(5.2	)%		(4.5	)%
Adjusted EBITDA		2.8	%		2.6	%		(0.1	)%		(0.2	)%

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The following table shows our percentage of net sales by department during the periods presented:

		Thirteen Weeks Ended						Twenty-Six Weeks Ended
		May 3,			May 4,
		August 2,			August 3,			August 2,			August 3,
Department	Product Offerings	2025			2024			2025			2024
Camping	Backpacks, camp essentials, canoes and kayaks, coolers, outdoor cooking equipment, sleeping bags, tents and tools		814.5	%		916.24	%		11.8	%		13.1	%
Apparel	Camouflage, jackets, hats, outerwear, sportswear, technical gear and work wear		56.83	%		56.6	%		6.1	%		6.1	%
Fishing	Bait, electronics, fishing rods, flotation items, fly fishing, lines, lures, reels, tackle and small boats		1218.13	%		1116.18	%		15.5	%		14.2	%
Footwear	Hiking boots, socks, sport sandals, technical footwear, trail shoes, casual shoes, waders and work boots		56.21	%		56.23	%		5.7	%		5.8	%
Hunting and Shooting	Ammunition, archery items, ATV accessories, blinds and tree stands, decoys, firearms, reloading equipment and shooting gear		6348.69	%		6347.9	%		55.7	%		55.2	%
Optics, Electronics, Accessories, and Other	Gift items, GPS devices, knives, lighting, optics, two-way radios, and other license revenue, net of revenue discounts		45.89	%		56.0	%		5.2	%		5.6	%
Total			100.0	%		100.0	%		100.0	%		100.0	%

Thirteen Weeks Ended ~~May~~August 32, 2025 Compared to Thirteen Weeks Ended ~~May~~August 43, 2024

Net Sales and Same Store Sales. Net sales increased by $45.92 million, or 21.08%, to $~~249~~293.19 million during the 13 weeks ended ~~May~~August 32, 2025 compared to $~~244~~288.27 million in the corresponding period of fiscal year 2024. Our net sales increased primarily due to increased sales in our Fishing and Hunting and Shooting departments as we continue to emphasize inventory in-stocks to ensure we have the right inventory at the right location at the right time. E-commerce driven sales comprised more than 19% of total sales for the 13 weeks ended August 2, 2025 and increased by approximately 3% compared to the corresponding period in fiscal year 2024. Same store sales increased by 2.1% during the 13 weeks ended August 2, 2025 compared to the corresponding 13-week period of fiscal year 2024, primarily as a result of our inventory management and digital marketing efforts.

25Our Hunting and Shooting and Fishing departments saw net sales increases of $5.5 million and $5.3 million, respectively, during the 13 weeks ended August 2, 2025 compared to the corresponding period of fiscal year 2024 primarily driven by increased unit sales due to our continued emphasis on maintaining sufficient inventory in-stocks of core items. Our Camping, Footwear, Apparel and Optics, Electronics, Accessories and Other departments saw net sales decreases of $4.7 million, $0.4 million, $0.4 million and $0.2 million, respectively, during the 13 weeks ended August 2, 2025 compared to the corresponding period of fiscal year 2024. We believe these decreases reflected the impact of broader macroeconomic conditions discussed above. Within our Hunting and Shooting department, our ammunition category saw an increase of $3.6 million or 10.0%, while our firearm category remained relatively flat during the 13 weeks ended August 2, 2025 compared to the corresponding period of fiscal year 2024. The increase in the ammunition category was primarily due to our efforts to ensure every day low pricing in key ammunition groups and improved in-stocks on core products. The leveling in our firearms category was primarily driven by a

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~~E-commerce~~shift ~~driven~~in ~~sales~~consumer ~~comprised~~behavior ~~more~~to ~~than~~lower ~~20%~~cost ~~of total sales for the 13 weeks ended May 3~~firearms, ~~2025~~offset ~~and increased~~ by ~~approximately 8% compared to the corresponding period in fiscal year 2024. Same store sales~~ increased byunit 2sales.0% ~~during~~We ~~the~~continue 13to ~~weeks~~consistently ~~ended~~outpace ~~May 3, 2025 compared to~~ the ~~corresponding~~adjusted ~~13-week~~NICS ~~period~~background ofcheck ~~fiscal year 2024~~data, ~~primarily~~gaining asmarket ashare ~~result~~within ofthe ~~our~~firearm ~~inventory management efforts~~space.

~~Our~~With ~~Fishing,~~respect ~~Hunting~~to ~~and~~same ~~Shooting,~~store ~~Apparel and Footwear departments saw net~~ sales ~~increases of $3.0 million~~, ~~$2.4 million, $0.8 million and $0.2 million, respectively,~~ during the 13 weeks ended ~~May~~August 32, 2025, ~~compared to the corresponding period of fiscal year 2024 primarily driven by increased unit sales due to~~ our ~~continued~~Fishing, ~~emphasis~~Hunting onand ~~maintaining~~Shooting ~~sufficient inventory in-stocks of core items. Our Camping~~ and Optics, Electronics, Accessories and Other departments saw ~~net~~increases ~~sales decreases~~ of $110.39%, ~~million~~4.0% and ~~$0.~~2 ~~million~~.7%, respectively, ~~during the 13 weeks ended May 3, 2025~~ compared to the corresponding period of fiscal year 2024. WeOur ~~believe these decreases reflected the impact of broader macroeconomic conditions discussed above. We also believe our~~ Camping, ~~department~~Footwear ~~was~~and ~~impacted~~Apparel bydepartments ~~the~~saw ~~later~~same ~~spring~~store ~~and~~sales ~~the~~decreases ~~timing~~ of ~~the Easter holiday~~9. ~~Within our Hunting and Shooting department~~8%, ~~our ammunition category saw an increase of $0~~2.~~5 million or~~ 1.3% and ~~our firearm category saw a decrease of $0.~~1 ~~million or 0~~.19%, respectively, during the 13 weeks ended ~~May~~August 32, 2025 compared to the corresponding period of fiscal year 2024. ~~The~~These ~~increase~~changes inwere ~~the ammunition category was~~ primarily ~~due~~driven toby ~~our~~the ~~efforts~~items tonoted ~~ensure~~above ~~every~~for ~~day~~net ~~low pricing in key ammunition groups~~sales. ~~The~~As ~~decrease~~of inAugust ~~our firearms category was primarily driven by a shift in consumer behavior to lower cost firearms~~2, ~~however~~2025, we146 ~~continued~~stores towere ~~consistently~~included ~~outpace~~in ~~the~~our ~~adjusted~~same ~~NICS~~store ~~background~~sales ~~check data and gain market share within the firearm space~~calculation.

~~With~~Gross ~~respect~~Profit. toGross ~~same~~profit ~~store~~increased ~~sales~~by $3.9 million, or 4.4%, to $93.9 million during the 13 weeks ended ~~May~~August 32, 2025, ~~our~~compared ~~Fishing,~~to ~~Apparel,~~$90 ~~Hunting~~million ~~and~~for ~~Shooting~~the ~~and~~corresponding ~~Footwear~~period ~~departments~~of ~~saw~~fiscal ~~increases~~year 2024. As a percentage of ~~11.0%,~~net ~~5.6%~~sales, ~~1.5%~~gross ~~and~~profit 1increased to 32.40% during the 13 weeks ended August 2, ~~respectively~~2025, compared to 31.2% for the corresponding period of fiscal year 2024. ~~Our~~The ~~Camping~~margin ~~and~~improvement ~~Optics,~~was ~~Electronics,~~primarily ~~Accessories~~driven ~~and~~by ~~Other~~stronger ~~departments~~product ~~saw~~margins ~~same~~from ~~store~~healthier ~~sales~~inventory ~~decreases~~and ofincreased ~~5.8%~~sales ~~and~~in 1the Fishing department.~~3%,~~ ~~respectively,~~These ~~during~~gains ~~the~~were 13partially ~~weeks~~offset ~~ended~~by ~~May~~a 3,mix ~~2025~~shift ~~compared~~toward tolower-margin ~~the~~firearms ~~corresponding~~and ~~period~~ammunition, ofwhich ~~fiscal~~have ~~year~~a ~~2024.~~lower ~~These~~gross ~~changes~~margin, ~~were~~reduced ~~primarily~~camping ~~driven~~sales, byand ~~the~~higher ~~items~~freight ~~noted~~costs ~~above~~from ~~for~~an ~~net~~intentional ~~sales.~~inventory Aspull-forward ofto ~~May~~be 3,on-time ~~2025,~~and ~~146~~ready ~~stores~~for ~~were~~the ~~included~~key inlate ~~our~~summer ~~same~~and ~~store~~fall ~~sales~~hunting ~~calculation~~seasons.

~~Gross~~Selling, ~~Profit~~General, and Administrative Expenses. ~~Gross~~Selling, ~~profit~~general, and administrative expenses increased by $12.98 million, or 23.50%, to $7597.62 million during the 13 weeks ended ~~May~~August 32, 2025, compared to $7394.83 million for the corresponding period of fiscal year 2024. AsThis aincrease ~~percentage~~was ofprimarily ~~net~~the ~~sales,~~result ~~gross~~of ~~profit~~ increased topayroll 30expense of $1.4%9 million during the 13 weeks ended ~~May~~August 32, 2025. As a percentage of net sales, ~~compared~~selling, general, and administrative expenses increased to 3033.21% ~~for~~of net sales in the ~~corresponding~~second ~~period~~quarter of fiscal year ~~2024~~2025, ~~primarily~~compared ~~driven~~to by32.7% ~~favorable~~of ~~mix~~net ~~and~~sales ~~rate improvements~~ in ~~our~~the ~~fishing~~second ~~business,~~quarter ~~which~~of ~~carries~~fiscal ayear ~~higher gross margin rate profile~~2024. ~~This~~ ~~gain~~The ~~was~~increase, ~~partially~~as ~~offset~~a bypercentage ~~increased~~of ~~freight~~net ~~expense~~sales, ~~tied~~was due to ~~our~~a ~~strategic~~reinvestment ~~inventory~~in ~~pull~~customer-~~forward~~facing inareas ~~anticipation~~ of ~~higher~~the ~~tariffs~~business, including store labor and ~~changes~~digital marketing to ~~international~~grow ~~trade~~sales ~~policy~~and omni-channel traffic.

~~Selling,~~Interest ~~General, and Administrative Expenses~~Expense. ~~Selling,~~Interest ~~general,~~expense ~~and administrative expenses~~ increased by $0.86 million, or 018.98%, to $~~95.~~3.8 million during the 13 weeks ended ~~May~~August 32, 2025, compared to $943.42 million for the corresponding period of fiscal year 2024. ~~This~~The increase in interest expense was primarily ~~the~~driven ~~result~~by of increased ~~payroll~~borrowings ~~and~~under ~~rent expenses of $2.4 million and $0.5 million, respectively, during~~ the 13revolving ~~weeks~~line ~~ended May 3, 2025. These increases were partially offset by decreases~~ of ~~$1.2~~credit ~~million~~ and ~~$0.5~~term ~~million~~loan infacilities ~~other~~during ~~operating and depreciation expenses, respectively. As a percentage of net sales, selling, general, and administrative expenses decreased to 38.2% of net sales in~~ the ~~first~~second quarter of fiscal year 2025, compared to ~~38.6% of net sales in~~ the ~~first~~corresponding ~~quarter~~period of fiscal year 2024~~, reflecting our continued focus on expense management and fixed cost leverage gained from higher sales~~.

~~Interest~~Income ~~Expense~~Taxes. ~~Interest~~We ~~expense~~recognized ~~increased~~income bytax expense of $0.1 million, ~~or 3.4%, to $3 million~~ during the 13 weeks ended ~~May~~August 32, 2025, compared to an income tax benefit of $2.91 million ~~for~~during the corresponding period of fiscal year 2024. ~~The~~Our ~~increase~~effective intax ~~interest~~rates ~~expense~~during ~~was~~the ~~primarily~~13 ~~driven~~weeks byended ~~increased~~August ~~amortization~~2, of2025 ~~outstanding~~and ~~deferred~~August ~~financing~~3, ~~fees~~2024 were -1.4% and ~~discounts~~25.8%, ~~related~~respectively. toOur ~~the~~effective ~~term~~tax ~~loan~~rate ~~facility~~will ~~during~~generally differ from the ~~first~~U.S. ~~quarter~~Federal ofstatutory ~~fiscal~~rate ~~year~~of ~~2025~~21.0%, ~~compared~~due to ~~the~~state ~~corresponding~~taxes, ~~period~~permanent ofitems, ~~fiscal~~and ~~year~~discrete ~~2024.~~items relating to stock award deductions.

~~Income~~Twenty-Six ~~Taxes.~~Weeks WeEnded ~~recognized~~August ~~income tax benefit of $1.3 million during the 13 weeks ended May 3~~2, 2025 ~~compared~~Compared to anTwenty-Six ~~income~~Weeks ~~tax~~Ended ~~benefit~~August ~~of $5.5 million during the corresponding period of fiscal year 2024. Our effective tax rates during the 13 weeks ended May~~ 3, ~~2025 and May 4,~~ 2024 were 5.9% and 23.2%, respectively. Our effective tax rate will generally differ from the U.S. Federal statutory rate of 21.0%, due to state taxes, permanent items, and discrete items relating to stock award deductions.

Net Sales and Same Store Sales. Net sales increased by $10 million, or 1.9%, to $543 million during the 26 weeks ended August 2, 2025 compared to $533 million in the corresponding period of fiscal year 2024. Our net sales increased primarily due to increased sales in our Fishing and Hunting and Shooting departments as we continue to emphasize inventory in-stocks to ensure we have the right inventory at the right location at the right time. E-commerce driven sales comprised more than 19% of total sales for the 26 weeks ended August 2, 2025 and increased by approximately 4% compared to the corresponding period in fiscal year 2024. Same store sales increased by 2.0% during the 26 weeks ended August 2, 2025 compared to the corresponding 26-week period of fiscal year 2024, primarily as a result of our inventory management efforts and new digital marketing strategy.

Our Fishing, Hunting and Shooting and Apparel departments saw net sales increases of $8.2 million, $7.9 million and $0.4 million, respectively, during the 26 weeks ended August 2, 2025 compared to the corresponding period of fiscal year 2024 primarily driven by increased unit sales due to our continued emphasis on maintaining sufficient inventory in-stocks of core items. Our Camping, Optics, Electronics, Accessories and Other and Footwear departments saw net sales decreases of $6.0 million, $0.4 million and $0.2 million, respectively, during the 26 weeks

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ended August 2, 2025 compared to the corresponding period of fiscal year 2024. We believe these decreases reflected the impact of broader macroeconomic conditions discussed above. Within our Hunting and Shooting department, our ammunition and firearm categories saw an increases of $4.1 million and a decrease of $0.1 million or an increase of 5.3% and a decrease of less than 0.1%, respectively, during the 26 weeks ended August 2, 2025 compared to the corresponding period of fiscal year 2024. The increase in the ammunition category was primarily due to our efforts to ensure every day low pricing in key ammunition groups. While we saw a slight decrease in our firearm category, it remains relatively flat. The leveling in our firearms category was primarily driven by a shift in consumer behavior to lower cost firearms, however, we have seen increased unit sales and continue to consistently outpace the adjusted NICS background checks data, an indication that we are gaining market share within the firearms space.

With respect to same store sales, during the 26 weeks ended August 2, 2025, our Fishing, Hunting and Shooting, Apparel and Optics, Electronics, Accessories and Other departments saw increases of 10.9%, 2.7%, 1.2% and 0.3%, respectively, compared to the corresponding period of fiscal year 2024. Our Camping and Footwear departments saw same store sales decreases of 8.5% and 0.7%, respectively, during the 26 weeks ended August 2, 2025 compared to the corresponding period of fiscal year 2024. These changes were primarily driven by the items noted above for net sales. As of August 2, 2025, 146 stores were included in our same store sales calculation.

Gross Profit. Gross profit increased by $5.8 million, or 3.5%, to $169.6 million during the 26 weeks ended August 2, 2025 compared to $163.8 million for the corresponding period of fiscal year 2024. As a percentage of net sales, gross profit increased to 31.2% during the 26 weeks ended August 2, 2025, compared to 30.7% for the corresponding period of fiscal year 2024, primarily driven by favorable mix and rate improvements from our fishing business, which carries a higher gross margin rate profile and rate improvements in our camping business. This gain was partially offset by increased freight expense tied to our strategic inventory pull-forward in anticipation of higher tariffs and changes to international trade policy.

Selling, General, and Administrative Expenses. Selling, general, and administrative expenses increased by $3.7 million, or 1.9%, to $192.4 million during the 26 weeks ended August 2, 2025, compared to $188.8 million for the corresponding period of fiscal year 2024. This increase was primarily the result of increased payroll expense of $4.2 million during the 26 weeks ended August 2, 2025, reflecting our reinvestment into customer facing and sales driving areas of the business. This increase was partially offset by a decrease of $0.8 million and $0.5 million in depreciation and other operating expenses, respectively. As a percentage of net sales, selling, general, and administrative expenses remained flat at 35.4% of net sales in the 26 weeks ended August 2, 2025, compared to the 26 weeks ended August 3, 2024.

Interest Expense. Interest expense increased by $0.6 million, or 9.8%, to $6.7 million during the 26 weeks ended August 2, 2025, compared to $6.1 million for the corresponding period of fiscal year 2024. The increase in interest expense was primarily driven by increased amortization of outstanding deferred financing fees and discounts related to the term loan facility during the 26 weeks ended August 2, 2025 compared to the corresponding period of fiscal year 2024.

Income Taxes. We recognized income tax benefit of $1.2 million during the 26 weeks ended August 2, 2025 compared to an income tax benefit of $7.5 million during the corresponding period of fiscal year 2024. Our effective tax rates during the 26 weeks ended August 2, 2025 and August 3, 2024 were 4.2% and 23.9%, respectively. Our effective tax rate will generally differ from the U.S. Federal statutory rate of 21.0%, due to state taxes, permanent items, and discrete items relating to stock award deductions.

Seasonality

Net sales are typically higher in our third and fourth fiscal quarters than in our first and second fiscal quarters because of the openings of hunting seasons across the country and consumer holiday buying patterns. We also incur additional expenses in our third and fourth fiscal quarters due to higher sales volume and increased staffing in our stores. We anticipate our net sales will continue to reflect this seasonal pattern. On average, over the last three fiscal years, we have generated approximately 26.4% and 28.0% of our net sales in the third and fourth fiscal quarters, respectively, which includes the holiday selling season as well as the opening of the Fall hunting season. We anticipate our net sales will continue to reflect this seasonal pattern. However, Spring hunting, Father’s Day and the availability of hunting and fishing throughout the year in many of our markets counterbalance this seasonality to a certain degree.

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years, we have generated approximately 26.4% and 28.0% of our net sales in the third and fourth fiscal quarters, respectively, which includes the holiday selling season as well as the opening of the Fall hunting season. We anticipate our net sales will continue to reflect this seasonal pattern. However, Spring hunting, Father’s Day and the availability of hunting and fishing throughout the year in many of our markets counterbalance this seasonality to a certain degree.

The timing of our new retail store openings also may have an impact on our quarterly results. First, we incur certain non-recurring expenses related to opening each new retail store, which are expensed as they are incurred. Second, most store expenses generally vary proportionately with net sales, but there is also a fixed cost component, which includes occupancy costs. These fixed costs typically result in lower store profitability during the initial period after a new retail store opens. Due to both of these factors, new retail store openings may result in a temporary decline in operating profit, in dollars and/or as a percentage of net sales.

Weather conditions affect outdoor activities and the demand for related apparel and equipment. Customers’ demand for our products, and, therefore, our net sales, can be significantly impacted by weather patterns on a local, regional and national basis.

Liquidity and Capital Resources

Overview; Uses and Sources of Cash

As of ~~May~~August 32, 2025, we had cash and cash equivalents of $31.68 million and working capital, consisting of current assets less current liabilities, of $6275.95 million. We also had $~~118~~107.57 million available for borrowing under our senior secured revolving credit facility ~~and our term loan facility~~ as of ~~May~~August 32, 2025, calculated based upon ~~certain~~ borrowing base restrictions ~~for~~under ~~each~~our ~~of the~~ revolving credit facility ~~and term loan facility~~.

Our primary cash requirements are for seasonal working capital needs and capital expenditures related to ongoing operational needs and new system investments. For both the short-term and the long-term, our primary sources of cash are borrowings under our senior secured revolving credit facility, ~~our term loan facility~~ and operating cash flows. We believe that our cash on hand, cash generated by operating activities and funds available under our revolving credit facility ~~and term loan facility~~ will be sufficient to finance our operating activities and meet our cash requirements for at least the next twelve months and beyond. With only one new store planned for fiscal year 2025, we intend to prioritize the repayment of outstanding debt with any excess cash flow.

Material Cash Requirements

Our material cash requirements from known contractual and other obligations are primarily for general operating expenses and other expenses discussed below.

Purchase Obligations. In the ordinary course of business, we enter into arrangements with vendors to purchase merchandise in advance of expected delivery. We or the vendor can generally terminate the purchase orders at any time. These purchase orders do not contain any termination payments or other penalties if cancelled.

Operating Lease Obligations. Operating lease commitments consist principally of leases for our retail stores, corporate office and distribution center. Our leases often include options which allow us to extend the terms beyond the initial lease term. As of ~~May~~August 32, 2025, our expected operating lease payments for the remainder of fiscal year 2025 and fiscal year 2026 are $5537.96 million and $7475.24 million, respectively. Our total committed operating lease payments are $~~465~~452.29 million. Other operating lease obligations consist of distribution center equipment. See Note 6, “Leases” to our unaudited condensed consolidated financial statements included in this 10-Q.

27Capital Expenditures. During the 26 weeks ended August 2, 2025, we incurred approximately $11.2 million in capital expenditures primarily related to strategic technological investments and general store maintenance. We expect capital expenditures between $20 million and $25 million for fiscal year 2025 (inclusive of amounts spent during the 26 weeks ended August 2, 2025) primarily related to strategic technological investments, such as planogramming, merchandising and replenishment and store scheduling tools, and general store fleet maintenance. We intend to fund these capital expenditures with our operating cash flows, cash on hand and funds available under

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Capital Expenditures. During the 13 weeks ended May 3, 2025, we incurred approximately $3.8 million in capital expenditures primarily related to strategic technological investments and general store maintenance. We expect capital expenditures between $20 million and $25 million for fiscal year 2025 (inclusive of amounts spent during the 13 weeks ended May 3, 2025) primarily related to strategic technological investments, such as planogramming, merchandising and replenishment and store scheduling tools, and general store fleet maintenance. We intend to fund these capital expenditures with our ~~operating cash flows, cash on hand and funds available under our~~ revolving credit facility. Other investment opportunities, such as potential strategic acquisitions or store expansion rates in excess of those presently planned, may require additional funding.

Principal and Interest Payments. We maintain a $350.0 million revolving credit facility and a $45.0 million term loan facility. As of ~~May~~August 32, 2025, $~~155~~167.54 million was outstanding under the revolving credit facility and $2545.0 million was outstanding under the term loan facility. Assuming no additional repayments or borrowings on our revolving credit facility ~~and our term loan facility~~ after ~~May~~August 32, 2025, our interest payments would be approximately $87.92 million for the remainder of fiscal year 2025 and approximately $1114.94 million for fiscal year 2026, in each case, based on the interest rate as of ~~May~~August 32, 2025. As of ~~May~~August 32, 2025, our weighted average interest rate on the amounts outstanding under our revolving credit facility and term loan facility was 6.5977%. See below under “Indebtedness” for additional information regarding our revolving credit facility and term loan facility, including the interest rates applicable to any borrowing under such facilities.

Cash Flows

Cash flows provided by (used in) operating, investing and financing activities are shown in the following table:

	Thirteen Weeks Ended
	Twenty-Six Weeks Ended
	May 3,			May 4,
	August 2,			August 3,
	2025			2024
	(in thousands)
Cash flows used in operating activities	$	(6086,~~234~~799	)	$	(3416,~~650~~132	)
Cash flows used in investing activities		(311,~~804~~169	)		(37,~~288~~631	)
Cash provided by financing activities		6496,~~766~~940			3623,~~965~~182
Cash at end of period		31,~~560~~804			2,~~168~~560

Net cash used in operating activities was $6086.28 million for the 1326 weeks ended ~~May~~August 32, 2025, compared to net cash used in operating activities ~~was~~of $3416.71 million for the corresponding period of fiscal year 2024, an increase of approximately $2570.57 million. The increase in our cash flows used in operating activities was primarily driven by increased inventory purchases during the 1326 weeks ended ~~May~~August 32, 2025 compared to the corresponding period of fiscal year 2024 done in an attempt to reduce our exposure to tariffs and ensure we have inventory on hand for hunting season and the holiday seasons.

Net cash used in investing activities was $311.82 million for the 1326 weeks ended ~~May~~August 32, 2025, compared to net cash used in investing activities ~~was~~of $37.36 million for the corresponding period of fiscal year 2024, an increase of approximately $03.56 million, which was primarily driven by increased capital expenditures related to the construction of a new store and timing of technical investments during the 1326 weeks ended ~~May~~August 32, 2025 compared to the corresponding period of fiscal year 2024.

Net cash provided by financing activities was $6496.89 million for the 1326 weeks ended ~~May~~August 32, 2025, compared to net cash provided by financing activities ~~was~~of $3723.02 million for the corresponding period of fiscal year 2024, an increase of approximately $2773.87 million. The increase in cash provided by financing activities was primarily the result of ~~increased~~our borrowing of $20.0 million under our delayed draw ABL term loan and incremental borrowings under our revolving credit facility.

Indebtedness

We maintain a $350.0 million revolving credit facility, with $~~155~~167.54 million outstanding as of ~~May~~August 32, 2025. Our revolving credit facility is governed by an amended and restated credit agreement with a consortium of banks led by Wells Fargo Bank, National Association (“Wells Fargo”). We additionally entered into a term loan credit facility on July 30, 2024 with ~~an aggregate principal amount available of~~ $45.0 million, ~~with $25.0 million~~ outstanding as of ~~May~~August 32, 2025. Borrowings under our revolving credit facility ~~and term loan facility~~ are subject to a borrowing base calculation. As of ~~May~~August 32, 2025, we had an aggregate amount of $~~118~~107.57 million available for borrowing under our revolving credit facility, calculated based upon certain borrowing base restrictions, and $2.7 million in stand-by commercial letters of credit.

28Borrowings under the revolving credit facility bear interest based on either the base rate or Term SOFR (as defined by the credit agreement governing the revolving credit facility), at our option, in each case plus an applicable

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~~revolving~~margin. ~~credit~~The ~~facility~~base ~~and~~rate ~~our~~is ~~term~~the ~~loan~~greatest ~~facility,~~of ~~calculated~~(1) ~~based~~the ~~upon~~floor ~~certain~~rate ~~borrowing~~(as ~~base~~defined ~~restrictions,~~in ~~and~~the $2credit agreement as a rate of interest equal to 0.0%) (2) Wells Fargo’s prime rate, (3) ~~million~~the federal funds rate (as defined in ~~stand~~the applicable credit agreement) plus 0.50% or (4) the one-bymonth ~~commercial~~Term ~~letters~~SOFR of(as defined in the applicable credit agreement) plus 1.00%. ~~Our~~The ~~$20~~applicable ~~million~~margin ~~availability~~for loans under ~~our~~the ~~term~~revolving ~~loan~~credit ~~was~~facility, ~~scheduled~~which tovaries ~~expire~~based on ~~April~~the 30average daily availability, ~~2025~~ranges from 0.25% to 0.50% per year for base rate loans and wefrom ~~recently~~1.35% ~~extended~~to 1.60% per year for Term SOFR loans. We are required to pay a commitment fee for the ~~expiration~~unused portion of the revolving credit facility, which will range from 0.20% to ~~July~~0.225% 31per annum, ~~2025~~depending on the average daily availability under the revolving credit facility.

Borrowings under the revolving credit facility bear interest based on either the base rate or Term SOFR (as defined by the credit agreement governing the revolving credit facility), at our option, in each case plus an applicable margin. The base rate is the greatest of (1) the floor rate (as defined in the credit agreement as a rate of interest equal to 0.0%) (2) Wells Fargo’s prime rate, (3) the federal funds rate (as defined in the applicable credit agreement) plus 0.50% or (4) the one-month Term SOFR (as defined in the applicable credit agreement) plus 1.00%. The applicable margin for loans under the revolving credit facility, which varies based on the average daily availability, ranges from 0.25% to 0.50% per year for base rate loans and from 1.35% to 1.60% per year for Term SOFR loans. We are required to pay a commitment fee for the unused portion of the revolving credit facility, which will range from 0.20% to 0.225% per annum, depending on the average daily availability under the revolving credit facility.

Borrowings under the term loan facility bear interest at a rate equal to (i) a specified term secured overnight financing rate (SOFR), plus (ii) 0.10% as a SOFR adjustment, plus (iii) the applicable margin as specified in the Term Loan. The applicable margin means either 3.50% or 6.50% depending on the type of term loan. Under the Term Loan, loans may be required to be converted to base rate loans and in such case, the applicable margin rate will increase by 1.0%.

Each of the subsidiaries of Holdings is a borrower under the revolving credit facility and the term loan, and all obligations under the revolving credit facility and the term loan are guaranteed by Holdings. All of the obligations under the revolving credit facility and the term loan are secured by a lien on substantially all of Holdings’ assets and assets of all of Holdings’ subsidiaries, including a pledge of all capital stock of each of Holdings’ subsidiaries. The lien securing the obligations under the revolving credit facility is a first priority lien as to certain liquid assets, including cash, accounts receivable, deposit accounts and inventory. The lien securing the obligations under the term loan facility is a first priority lien as to equipment, fixtures, intellectual property and equity interests.

We may be required to make mandatory prepayments under the revolving credit facility and the term loan in the event of a disposition of certain property or assets, in the event of receipt of certain insurance or condemnation proceeds, upon the issuance of certain debt or equity securities, upon the incurrence of certain indebtedness for borrowed money or upon the receipt of certain payments not received in the ordinary course of business.

Our revolving credit facility and term loan facility each require us to maintain a minimum availability at all times of not less than the greater of $30.0 million and 10% of the gross borrowing base. In addition, the credit agreements governing each of our revolving credit facility and our term loan facility contain customary affirmative and negative covenants, including covenants that limit our ability to incur, create or assume certain indebtedness, to create, incur or assume certain liens, to make certain investments, to make sales, transfers and dispositions of certain property and to undergo certain fundamental changes, including certain mergers, liquidations and consolidations. The revolving credit facility and term loan facility also contain customary events of default, including defaults triggered by defaults under the other facility. As of ~~May~~August 32, 2025, we were in compliance with all covenants under the credit agreements governing each of our revolving credit facility and our term loan facility.

Critical Accounting Estimates

Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In connection with the preparation of the financial statements, we are required to make assumptions, make estimates and apply judgment that affect the reported amounts of assets, liabilities, revenue, expenses and the related disclosures. We base our assumptions, estimates and judgments on historical experience, current trends and other factors that we believe to be relevant at the time the condensed consolidated financial statements are prepared. On a regular basis, we review the accounting policies, assumptions, estimates and judgments to ensure that our financial statements are presented fairly and in accordance with GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material.

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There have been no significant changes to our critical accounting estimates as described in “Part II., Item 7., Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Fiscal 2024 Form 10-K.

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Non-GAAP Financial Measures

In evaluating our business, we use Adjusted EBITDA and Adjusted EBITDA margin as supplemental measures of our operating performance. We define Adjusted EBITDA as net loss plus interest expense, income tax benefit, depreciation and amortization, stock-based compensation expense, transition and severance costs related to director and officer transitions, and expenses that we do not believe are indicative of our ongoing expenses. Net loss is the most comparable GAAP financial measure to Adjusted EBITDA. We define Adjusted EBITDA margin as, for any period, the Adjusted EBITDA for that period divided by the net sales for that period. We consider Adjusted EBITDA and Adjusted EBITDA margin important supplemental measures of our operating performance and believe they are frequently used by analysts, investors and other interested parties in the evaluation of companies in our industry. Other companies in our industry, however, may calculate Adjusted EBITDA and Adjusted EBITDA margin differently than we do. Management also uses Adjusted EBITDA and Adjusted EBITDA margin as additional measurement tools for purposes of business decision-making, including evaluating store performance, developing budgets and managing expenditures. Management believes Adjusted EBITDA and Adjusted EBITDA margin allow investors to evaluate our operating performance and compare our results of operations from period to period on a consistent basis by excluding items that management does not believe are indicative of our core operating performance.

Adjusted EBITDA is not defined under GAAP and is not a measure of operating income, operating performance or liquidity presented in accordance with GAAP. Adjusted EBITDA has limitations as an analytical tool, and when assessing our operating performance, you should not consider Adjusted EBITDA in isolation or as a substitute for net income or other condensed consolidated statement of operations data prepared in accordance with GAAP. Some of these limitations include, but are not limited to:

•

Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;

•

Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;

•

Adjusted EBITDA may be defined differently by other companies, and, therefore, it may not be directly comparable to the results of other companies in our industry;

•

Adjusted EBITDA does not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our debt; and

•

Adjusted EBITDA does not reflect income taxes or the cash requirements for any tax payments.

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A reconciliation of net loss, to Adjusted EBITDA and a calculation of Adjusted EBITDA margin is set forth below for the periods presented (amounts in thousands):

	Thirteen Weeks Ended						Twenty-Six Weeks Ended
	May 3,			May 4,
	August 2,			August 3,			August 2,			August 3,
	2025			2024			2025			2024
	(dollars in thousands)
Net loss	$	(217,~~254~~083	)	$	(185,~~066~~906	)	$	(28,337	)	$	(23,972	)
Interest expense		23,~~971~~769			23,~~908~~183			6,664			6,091
Income tax benefit		(1,330	)		(5,469	)
Income tax expense (benefit)		97			(2,057	)		(1,233	)		(7,526	)
Depreciation and amortization		9,~~860~~922			10,~~392~~160			19,782			20,552
Stock-based compensation expense (1)		~~793~~827			1,~~174~~217			1,620			2,391
Director and officer transition costs (2)		—500			~~324~~106			500			430
Adjusted EBITDA	$	(8,960	)	$	(8,737	)
Cancelled contract (3)		—			706			—			706
Net sales	$	249,103		$	244,240
Legal accrual (4)		283			—			283			—
Net loss margin		(8.6	)%		(7.4	)%
Adjusted EBITDA	$	8,315		$	7,409		$	(721	)	$	(1,328	)
Adjusted EBITDA margin (3)		(3.6	)%		(3.6	)%
Net sales	$	293,899		$	288,734		$	543,002		$	532,974
Net loss margin		(2.4	)%		(2.1	)%		(5.2	)%		(4.5	)%
Adjusted EBITDA margin (5)		2.8	%		2.6	%		(0.1	)%		(0.2	)%

(1)

~~Stock-based~~Represents ~~compensation expense represents~~ non-cash expenses related to equity instruments granted to employees under our equity incentive plan and employee stock purchase plan.

(2)

~~Expenses~~Represents expenses incurred relating to the departure of directors and officers and the recruitment of directors and key members of our senior management team.

(3)

Represents fees and expenses related to a settlement in the cancellation of a contract related to our information technology systems.

(4)

Represents an accrual for a legal settlement and related fees and expense.

(5)

We calculate net income margin as net income divided by net sales and we define Adjusted EBITDA margin as Adjusted EBITDA divided by net sales.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a smaller reporting company, we are not required to provide the information required by Item 305 of Regulation S-K.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and to ensure that information required to be disclosed is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosures. Our management has evaluated, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this 10-Q. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of ~~May~~August 32, 2025.

Inherent Limitations in Effectiveness of Controls

Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures, or our internal controls, will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the company have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of simple error or mistake or fraud. Additionally, controls can be circumvented by individuals or groups of persons or by an unauthorized override of the controls. Accordingly, because of the inherent limitations in our control system, misstatements in our public reports due to error or fraud may occur and not be detected.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(d) and 15d-15(d) under the Exchange Act) during the 13 weeks ended ~~May~~August 32, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See Note 13, “Commitments and Contingencies” to our condensed consolidated financial statements for additional information, which is incorporated herein by reference.

The pending lawsuit described in Note 13 of our unaudited interim consolidated financial statements is subject to inherent uncertainties, and the actual defense and disposition costs will depend upon unknown factors. The outcomes of the pending lawsuit are necessarily uncertain. We also could be forced to expend significant resources in the defense of the pending lawsuit, including substantial legal fees and costs.

ITEM 1A. RISK FACTORS

Our business faces significant risks and uncertainties. Certain important factors may have a material adverse effect on our business prospects, financial condition and results of operations, and you should carefully consider them. There have been no material changes in our risk factors from those set forth in our Fiscal 2024 Form 10-K.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

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ITEM 6. EXHIBITS

Exhibit Number		Description
3.1		Amended and Restated Certificate of Incorporation of Sportsman’s Warehouse Holdings, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed with the SEC on June 8, 2023).
3.2		Fourth Amended and Restated Bylaws of Sportsman’s Warehouse Holdings, Inc. (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K, filed with the SEC on March 25, 2024).
10.1		~~First~~Employment ~~Amendment to ABL Term Loan Credit~~ Agreement, dated ~~March~~August 284, 2025, bybetween ~~and among~~ Sportsman'’s Warehouse Holdings, Inc., ~~as lead borrower, the other borrowers~~ and ~~guarantors~~Jennifer ~~party~~Fall ~~thereto, PLC Agent LLC, as administrative and collateral agent, and the lenders party thereto (incorporated by reference to Exhibit 10~~Jung.~~5 to the Annual Report on Form 10-K, filed with the SEC on April 2, 2025).~~
10.2		Separation and Consulting Agreement, dated August 4, 2025, between Sportsman’s Warehouse Holdings, Inc. and Jeff White.
31.1*		Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**		Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*		XBRL Taxonomy Extension Schema Document.
104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).


*	Filed herewith.
**	Furnished herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	SPORTSMAN’S WAREHOUSE HOLDINGS, INC.
Date: June 4, 2025	By:	/s/Paul Stone
Date: September 4, 2025	By:	/s/Paul Stone
		Paul Stone
		President and Chief Executive Officer
		(Principal Executive Officer)
Date: June 4, 2025	By:	/s/Jeff White
Date: September 4, 2025	By:	/s/Jennifer Fall Jung
		Jeff White
		Jennifer Fall Jung
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

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