Financial Analysis

(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 July 18, 2024, and January 13, 2025, respectively, Kjersten Higley filed putative class action lawsuits against the Company in the Superior Court of the State of Washington in King County. The complaints asserted claims on behalf of purported classes of individuals alleging, among other things, that the Company failed to properly compensate class members for all time worked and business expenses and that certain individuals were required to enter into non-disclosure agreements that allegedly restricted discussion of compensation. The matters were subsequently consolidated, and the parties have reached an agreement in principle to resolve the consolidated action, which is subject to final approval by the Court. The Company denies the allegations and any liability or wrongdoing.

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(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 2, 2026 and January 31, 2026, the Company had $ 118,858 and $ 57,936 , 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 acco …

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In the following table, revenue from contracts with customers is disaggregated by department. The percentage of net sales related to the Companys departments during the 13 weeks ended May 2, 2026 and May 3, 2025, was approximately: Thirteen Weeks Ended May 2, May 3, Department Product Offerings 2026 2025 Camping Backpacks, camp essentials, canoes and kayaks, coolers, outdoor cooking equipment, sleeping bags, tents and tools 7.1 % 8.5 % Apparel Camouflage, jackets, hats, outerwear, sportswear, technical gear and work wear 5.2 % 5.8 % Fishing Bait, electronics, fishing rods, flotation items, fly fishing, lines, lures, reels, tackle and small boats 12.4 % 12.1 % Footwear Hiking boots, socks, sport sandals, technical footwear, trail shoes, casual shoes, waders and work boots 4.5 % 5.2 % Hunting and Shooting Sports Ammunition, archery items, ATV accessories, blinds and tree stands, decoys, firearms, reloading equipment and shooting gear 66.4 % 63.6 % Optics, Electronics, Accessories and Other Gift items, GPS devices, knives, lighting, optics, two-way radios, and other license revenue, net of revenue discounts 4.4 % 4.8 % Total 100.0 % 100.0 % …

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(12) Stock-Based Compensation Stock-Based Compensation During the 13 weeks ended May 2, 2026 and May 3, 2025, the Company recognized total stock-based compensation expense of $ 779 and $ 793 , respectively. Compensation expense related to the Companys stock-based payment awards is recognized in selling, general, and administrative expenses in the condensed consolidated statements of operations. Employee Stock Plan As of May 2, 2026, 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 536 . As of May 2, 2026, there were 2,762 unvested stock awards outstanding under the 2019 Plan. Employee Stock Purchase Plan The Company also maintains an Amended and Restated Employee Stock Purchase Plan (the ESPP) that was approved by the Companys stockholders in fiscal year 2015, under which 1,600 shares of common stock were authorized. During the 13 weeks ended May 2, 2026 , no shares were issued under the ESPP and, as of May 2, 2026, the number of shares available for issuance was 638 . Nonvested Performance-Based Stock Awards During the 13 weeks ended May 2, 2026, the Company did no t issue any performance-based stock awards to employees. During the 13 weeks ended May 3, 2025, the Company did no t issue any performance-based stock awards to employees. The following table sets forth the rollforward of outstanding nonvested performance-based stock awards (per share amounts are not in tho …

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(10) Income Taxes During the 13 weeks ended May 2, 2026 and May 3, 2025, the Company recognized income tax expense of $ 1,043 and income tax benefit of $ 1,330 , respectively. The Companys effective tax rate during the 13 weeks ended May 2, 2026 and May 3, 2025 was - 5.0 % and 5.9 %, respectively. The Companys 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, and any expense offset by a valuation allowance. …

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(6) Leases At the inception of the lease, the Companys leases have remaining certain lease terms of up to 12 years, which typically includes multiple options for the Company to extend the lease which are not reasonably certain. During the period ended August 2, 2025, the Company changed the presentation of certain lease-related items within the Operating Activities section of the Statement of Cash Flows. Previously, changes in noncash lease expense and changes in operating lease liabilities were presented as separate line items. Beginning with the period ended August 2, 2025, these amounts are combined and presented as a single line item titled Lease 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 fiscal year ended January 31, 2026, the Company entered into finance lease arrangements for cash management equipment, including money counting machines and store safes, utilized in retail store operations. These arrangements generally have initial lease terms of four years. The leased equipment is recognized as finance lease right-of-use assets with corresponding finance lease liabilities on the consolidated balance sheets. Lease expense is recognized through depreciation of the right-of-use assets an …

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(8) Long-Term Debt Long-term debt consisted of the following as of May 2, 2026 and January 31, 2026: May 2, January 31, 2026 2026 Term loan $ 45,000 $ 45,000 Less discount ( 677 ) ( 835 ) 44,323 44,165 Less current portion, net of discount Long-term portion $ 44,323 $ 44,165 Term Loan On July 30, 2024, Sportsmans 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, as administrative and collateral agent for various lenders affiliated with Pathlight Capital (the ABL Lenders), entered into an ABL Term Loan Credit Agreement (as amended, the Term Loan Agreement) that governs the Companys outstanding term loans. The Term Loan Agreement provides for a senior secured term loan credit facility (the Term Loan Facility) in an aggregate principal amount of $ 45,000 , consisting of $ 25,000 in an initial ABL term loan (the Initial Term Loan) and $ 20,000 in a delayed draw ABL term loan (the Delayed Draw Term Loan and collectively with the Initial Term Loan, the Term Loans) that were made by the ABL Lenders on July 30, 2024 and July 30, 2025, respectively. The proceeds from the Initial ABL Term Loan were used to repay obligations under the Revolving Line of Credit described in Note 9. The Company incurred deferred financing costs and discounts related to the Term Loans of approximately $ 1,563 . These costs offset the recorded carrying amount of the Term Loans on the …

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Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU No. 2024-03, Income StatementReporting Comprehensive IncomeExpense 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 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. …

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(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 Companys 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 fut …

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(7) Segments The Company has one reportable segment, Sportsmans 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 Companys 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 Companys competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing managements compensation. The Companys single reportable segment revenue, segment profit or loss, and significant segment expenses are as follows: Thirteen Weeks Ended May 2, May 3, 2026 2025 Net sales $ 256,078 $ 249,103 Cost of goods sold 180,295 173,460 Gross profit 75,783 75,643 Selling, general and administrative expenses Payroll 41,164 42,568 Rent 24,208 23,917 Depreciation and amor …

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(2) Summary of Significant Accounting Policies The Companys significant accounting policies are described in Note 2 to the Fiscal 2025 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 November 2024, the FASB issued ASU No. 2024-03, Income StatementReporting Comprehensive IncomeExpense 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 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. …

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