AMCON Distributing Company Reports Results for the Quarter Ended March 31, 2026

OMAHA, Neb.--(BUSINESS WIRE)--AMCON Distributing Company (“AMCON” or “the Company”) (NYSE American: DIT), an Omaha, Nebraska based Convenience and Foodservice Distributor, announces fully diluted loss per share of $2.34 on a net loss available to common shareholders of $2.2 million for its second fiscal quarter ended March 31, 2026.

“AMCON’s commitment to proprietary foodservice programs and custom curated store level merchandising is a value-added approach to convenience distribution. We now have the capability to offer turn-key solutions that enable our retail partners the ability to compete favorably with the Quick Service Restaurant industry. Our foodservice programs are supported by AMCON’s industry leading platform of services, as well as the foundational support of our operating philosophy centered on a superior level of customer service,” said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer. He further noted, “We continue to actively seek strategic acquisition opportunities for Convenience and Foodservice Distributors, and their families, who desire to align with our customer focused approach philosophy and further the legacy of their enterprises.”

“AMCON’s broad geographic scope enables us to service customers across multiple time zones. Our customer-centric approach provides extraordinary value to our retail partners in challenging weather conditions as our AMCON teams ensure a consistent and timely flow of goods and services. As we grow, our customer base has demonstrated enthusiasm for our integrated state-of-the-art advertising, design, print and electronic display programs. These marketing tools provide our customers a competitive edge, especially in support of foodservice,” said Andrew C. Plummer, AMCON’s President and Chief Operating Officer. He further noted, “AMCON’s ability to deliver product in an efficient fashion is a key strategic benefit to our retail partners in an era of rising costs.”

For the fiscal quarter ended March 2026, the wholesale distribution segment reported revenues of $703.9 million and operating income of $2.2 million, and the retail health food segment reported revenues of $11.8 million and operating income of $0.1 million.

“We continue our relentless daily focus on managing the Company’s balance sheet and maximizing our liquidity position. At March 31, 2026, our shareholders’ equity was $112.4 million,” said Charles J. Schmaderer, AMCON’s Chief Financial Officer. Mr. Schmaderer also added, “Cost structures for Convenience Distributors have been impacted by the cumulative impact of inflation over a multi-year period. These inflationary pressures have resulted in higher operating expenses in areas such as product costs, labor and employee benefits, equipment, and insurance.”

AMCON, and its subsidiaries Team Sledd, LLC and Henry’s Foods, Inc., is a leading Convenience and Foodservice Distributor of consumer products, including beverages, candy, tobacco, groceries, foodservice, frozen and refrigerated foods, automotive supplies and health and beauty care products serving thirty-four (34) states from fifteen (15) distribution centers in Colorado, Idaho, Illinois, Indiana, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Tennessee and West Virginia. Through its Healthy Edge Retail Group, AMCON operates fifteen (15) health and natural product retail stores in the Midwest and Florida.

This news release contains forward-looking statements that are subject to risks and uncertainties and which reflect management's current beliefs and estimates of future economic circumstances, industry conditions, Company performance and financial results. A number of factors could affect the future results of the Company and could cause those results to differ materially from those expressed in the Company's forward-looking statements including, without limitation, availability of sufficient cash resources to conduct its business and meet its capital expenditures needs and the other factors described under Item 1.A. of the Company’s Annual Report on Form 10-K. Moreover, past financial performance should not be considered a reliable indicator of future performance. Accordingly, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 with respect to all such forward-looking statements.

Visit AMCON Distributing Company's web site at: www.amcon.com

AMCON Distributing Company and Subsidiaries
Condensed Consolidated Balance Sheets
March 31, 2026 and September 30, 2025
	March			September
	2026			2025
	(Unaudited)
ASSETS
Current assets:
Cash	$	643,064		$	744,613
Accounts receivable, less allowance for credit losses of $2.4 million at March 2026 and $2.4 million at September 2025		72,803,828			73,192,069
Inventories, net		150,695,783			153,276,545
Income taxes receivable		30,156			140,986
Prepaid expenses and other current assets		16,060,448			12,150,645
Assets held for sale		943,638			—
Total current assets		241,176,917			239,504,858
Property and equipment, net		111,781,351			107,844,655
Operating lease right-of-use assets, net		28,527,753			30,488,841
Goodwill		5,778,325			5,778,325
Other intangible assets, net		4,008,507			4,240,359
Other assets		3,194,416			3,231,488
Total assets	$	394,467,269		$	391,088,526
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	69,904,304		$	69,532,355
Accrued expenses		15,552,569			15,459,406
Accrued wages, salaries and bonuses		5,155,787			6,745,698
Current operating lease liabilities		7,361,830			7,862,117
Current maturities of long-term debt		5,513,687			5,471,310
Current mandatorily redeemable non-controlling interest		7,459,135			7,020,895
Total current liabilities		110,947,312			112,091,781
Credit facilities		137,063,059			126,804,775
Deferred income tax liability, net		3,251,034			4,048,070
Long-term operating lease liabilities		21,340,946			22,845,456
Long-term debt, less current maturities		8,199,693			11,033,949
Other long-term liabilities		1,297,832			1,193,081
Shareholders’ equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized		—			—
Common stock, $.01 par value, 3,000,000 shares authorized, 976,028 shares outstanding at March 2026 and 953,378 shares outstanding at September 2025		13,203			9,799
Additional paid-in capital		38,085,548			36,991,031
Retained earnings		106,673,900			108,475,842
Treasury stock at cost		(32,405,258	)		(32,405,258	)
Total shareholders’ equity		112,367,393			113,071,414
Total liabilities and shareholders’ equity	$	394,467,269		$	391,088,526

AMCON Distributing Company and Subsidiaries
Condensed Consolidated Unaudited Statements of Operations
for the three and six months ended March 31, 2026 and 2025
	For the three months ended March						For the six months ended March
	2026			2025			2026			2025
Sales (including excise taxes of $138.0 million and $126.1 million, and $281.1 and $269.5 million, respectively)	$	715,652,441		$	619,503,087		$	1,445,707,771		$	1,330,776,344
Cost of sales		672,163,242			576,475,202			1,354,170,245			1,240,854,907
Gross profit		43,489,199			43,027,885			91,537,526			89,921,437
Selling, general and administrative expenses		41,383,448			40,107,953			82,975,108			80,695,584
Depreciation and amortization		2,490,471			2,458,027			5,004,243			5,093,628
		43,873,919			42,565,980			87,979,351			85,789,212
Operating income (loss)		(384,720	)		461,905			3,558,175			4,132,225
Other expense (income):
Interest expense		2,228,039			2,266,407			4,889,675			5,113,028
Change in fair value of mandatorily redeemable non-controlling interest		115,599			272,856			438,240			467,668
Other (income), net		(126,877	)		(56,398	)		(206,223	)		(167,930	)
		2,216,761			2,482,865			5,121,692			5,412,766
Income (loss) from operations before income taxes		(2,601,481	)		(2,020,960	)		(1,563,517	)		(1,280,541	)
Income tax expense (benefit)		(427,000	)		(431,000	)		(182,000	)		(39,000	)
Net income (loss) available to common shareholders	$	(2,174,481	)	$	(1,589,960	)	$	(1,381,517	)	$	(1,241,541	)
Basic earnings (loss) per share available to common shareholders	$	(2.34	)	$	(1.72	)	$	(1.49	)	$	(1.35	)
Diluted earnings (loss) per share available to common shareholders	$	(2.34	)	$	(1.72	)	$	(1.49	)	$	(1.35	)
Basic weighted average shares outstanding		930,727			922,857			927,906			919,870
Diluted weighted average shares outstanding		930,727			922,857			927,906			919,870
Dividends paid per common share	$	0.31		$	0.31		$	0.43		$	0.43

AMCON Distributing Company and Subsidiaries
Condensed Consolidated Unaudited Statements of Shareholders’ Equity
for the three and six months ended March 31, 2026 and 2025
									Additional
	Common Stock			Treasury Stock					Paid-in			Retained
	Shares	Amount		Shares		Amount			Capital			Earnings			Total
THREE MONTHS ENDED MARCH 2025
Balance, January 1, 2025	1,297,814	$	9,799	(329,656	)	$	(31,272,163	)	$	35,077,446		$	108,604,071		$	112,419,153
Dividends on common stock, $0.12 per share	—		—	—			—			—			(116,183	)		(116,183	)
Compensation expense related to equity-based awards	—		—	—			—			637,862			—			637,862
Net loss available to common shareholders	—		—	—			—			—			(1,589,960	)		(1,589,960	)
Balance, March 31, 2025	1,297,814	$	9,799	(329,656	)	$	(31,272,163	)	$	35,715,308		$	106,897,928		$	111,350,872
THREE MONTHS ENDED MARCH 2026
Balance, January 1, 2026	1,320,464	$	9,950	(344,436	)	$	(32,405,258	)	$	37,539,841		$	108,969,480		$	114,114,013
Dividends on common stock, $0.12 per share	—		—	—			—			—			(121,099	)		(121,099	)
Compensation expense related to equity-based awards	—		—	—			—			548,960			—			548,960
Issuance of shares for stock split	—		3,253	—			—			(3,253	)					—
Net loss available to common shareholders	—		—	—			—			—			(2,174,481	)		(2,174,481	)
Balance, March 31, 2026	1,320,464	$	13,203	(344,436	)	$	(32,405,258	)	$	38,085,548		$	106,673,900		$	112,367,393

									Additional
	Common Stock			Treasury Stock					Paid-in			Retained
	Shares	Amount		Shares		Amount			Capital			Earnings			Total
SIX MONTHS ENDED MARCH 2025
Balance, October 1, 2024	1,275,164	$	9,648	(329,656	)	$	(31,272,163	)	$	34,439,735		$	108,552,565		$	111,729,785
Dividends on common stock, $0.43 per share	—		—	—			—			—			(413,096	)		(413,096	)
Compensation expense and issuance of stock in connection with equity-based awards	22,650		151	—			—			1,275,573			—			1,275,724
Net loss available to common shareholders	—		—	—			—			—			(1,241,541	)		(1,241,541	)
Balance, March 31, 2025	1,297,814	$	9,799	(329,656	)	$	(31,272,163	)	$	35,715,308		$	106,897,928		$	111,350,872
SIX MONTHS ENDED MARCH 2026
Balance, October 1, 2025	1,297,814	$	9,799	(344,436	)	$	(32,405,258	)	$	36,991,031		$	108,475,842		$	113,071,414
Dividends on common stock, $0.43 per share	—		—	—			—			—			(420,425	)		(420,425	)
Compensation expense and issuance of stock in connection with equity-based awards	22,650		151	—			—			1,097,770			—			1,097,921
Issuance of shares for stock split	—		3,253	—			—			(3,253	)		—			—
Net loss available to common shareholders	—		—	—			—			—			(1,381,517	)		(1,381,517	)
Balance, March 31, 2026	1,320,464	$	13,203	(344,436	)	$	(32,405,258	)	$	38,085,548		$	106,673,900		$	112,367,393

AMCON Distributing Company and Subsidiaries
Condensed Consolidated Unaudited Statements of Cash Flows
for the six months ended March 31, 2026 and 2025
	March			March
	2026			2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) available to common shareholders	$	(1,381,517	)	$	(1,241,541	)
Adjustments to reconcile net income (loss) available to common shareholders to net cash flows from (used in) operating activities:
Depreciation		4,772,391			4,824,777
Amortization		231,852			268,851
(Gain) loss on sales of property and equipment		(94,394	)		(44,229	)
Equity-based compensation		1,097,921			1,275,724
Deferred income taxes		(797,036	)		(571,672	)
Provision for credit losses		4,000			(164,616	)
Inventory allowance		(8,695	)		32,688
Change in fair value of contingent consideration		—			(1,453,452	)
Change in fair value of mandatorily redeemable non-controlling interest		438,240			467,668
Changes in assets and liabilities, net of effects of business combinations:
Accounts receivable		384,241			5,749,877
Inventories		2,589,457			(13,324,448	)
Prepaid and other current assets		(3,909,803	)		(245,028	)
Other assets		37,072			(50,666	)
Accounts payable		(32,480	)		2,898,936
Accrued expenses and accrued wages, salaries and bonuses		(1,540,457	)		(4,490,508	)
Other long-term liabilities		104,751			237,652
Income taxes payable and receivable		110,830			380,354
Net cash flows from (used in) operating activities		2,006,373			(5,449,633	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment		(9,328,436	)		(6,451,773	)
Proceeds from sales of property and equipment		174,534			67,208
Acquisition of Arrowrock Supply		—			(6,131,527	)
Net cash flows from (used in) investing activities		(9,153,902	)		(12,516,092	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facilities		1,369,524,265			1,262,647,310
Repayments under revolving credit facilities		(1,359,265,981	)		(1,241,627,743	)
Principal payments on long-term debt		(2,791,879	)		(2,627,680	)
Dividends on common stock		(420,425	)		(413,096	)
Net cash flows from (used in) financing activities		7,045,980			17,978,791
Net change in cash		(101,549	)		13,066
Cash, beginning of period		744,613			672,788
Cash, end of period	$	643,064		$	685,854
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of amounts capitalized	$	4,962,484		$	5,215,092
Cash paid during the period for income taxes, net of refunds		499,080			151,318
Supplemental disclosure of non-cash information:
Equipment acquisitions classified in accounts payable	$	445,813		$	841,018