The revenue beat is overshadowed by a massive GAAP EPS miss and reiterated guidance that implies no acceleration. With $148.4M net debt and negative free cash flow, the balance sheet remains stretched. Monitor for any covenant-related disclosures or debt restructuring in the next 10-Q. The stock's $54M market cap leaves little room for error — any further deterioration could trigger distress.
Price Chart
Executive Summary
Sportsman's Warehouse reported Q1 2026 net sales of $256.1M (+2.8% YoY), beating the $253.0M consensus, but GAAP EPS of -$0.56 missed the Street consensus of -$0.10 by a wide margin. The company reiterated its FY2026 guidance for same-store sales of -1.0% to +2.0% and adjusted EBITDA of $30M-$36M, providing no upside catalyst. Despite a modest revenue beat, the persistent net loss, gross margin compression (29.6% vs 30.4% last year), and heavy debt ($148.4M net debt) keep the outlook bearish for equity holders.
Key Financial Metrics
Key Facts
- Net sales $256.1M (+2.8% YoY) vs consensus $253.0M — modest beat
- GAAP diluted EPS -$0.56 vs consensus -$0.10 — 460% miss on Street EPS
- Gross margin fell to 29.6% from 30.4% YoY due to category mix
- Net loss widened to -$21.8M from -$21.3M YoY
- Adjusted EBITDA improved to -$8.1M from -$9.0M YoY
- Net debt of $148.4M; total liquidity $116.7M
- FY2026 guidance reiterated: same-store sales -1.0% to +2.0%, adj. EBITDA $30M-$36M
- Inventory reduced 6.5% YoY to $387.1M
- No new store openings planned for 2026
Financial Impact
Revenue beat of ~$3.1M vs consensus but GAAP EPS miss of -$0.46 vs consensus; net loss of -$21.8M; gross margin down 80bps YoY
Risk Factors
- Persistent net losses and negative free cash flow strain liquidity
- High debt load ($148.4M net debt) vs $54M market cap creates refinancing risk
- Consumer spending pressure and higher fuel prices could further depress sales
- No new store openings and flat guidance suggest limited growth catalysts
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3305587 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 1, 2026 7w ago | 8-K | $1.28 | awaiting T+60 | — | $1.07 (−16.41%) |
Sep 1, 2026 7w ago | Press Release | $1.28 | awaiting T+60 | — | $1.07 (−16.41%) |
Aug 18, 2026 9w ago | Press Release | $1.19 | awaiting T+60 | — | $1.07 (−10.08%) |
Jun 24, 2026 17w ago | 8-K | $1.22 $1.17 | ▼ −4.10% | ▼ −7.83% | $1.07 (−12.30%) |
Jun 2, 2026 20w ago | 8-K | $1.45 $1.14 | ▼ −21.38% | ▼ −23.88% | $1.07 (−26.21%) |
Jun 2, 2026 20w ago | Press Release | $1.45 $1.14 | ▲ +21.38% | ▲ +23.88% | $1.07 (+26.21%) |
Mar 31, 2026 29w ago | 8-K | $1.32 $1.35 | ▼ −2.27% | ▲ +11.11% | $1.07 (+18.94%) |
Mar 17, 2026 31w ago | Press Release | $1.38 $1.26 | ▼ −8.70% | ▼ −20.22% | $1.07 (−22.46%) |
Mar 3, 2026 33w ago | Press Release | $1.48 $1.27 | ▼ −14.19% | ▼ −24.51% | $1.07 (−27.70%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers