Culp Announces Third Quarter Fiscal 2026 Results

About this update from Culp, Inc.

[{"type":"text","content":" \n Completion of Comprehensive Integration and Restructuring Initiatives Lays Foundation for Profitable Growth \n\n \n Balanced Global Platform Enhances Competitive Position in Fluid Tariff Environment \n\n \n HIGH POINT, N.C. --(BUSINESS WIRE)--\n Culp, Inc. (NASDAQ: CULP), a leading provider of fabrics for bedding and upholstery fabrics for residential, commercial, and hospitality furniture and other applications, today reported financial and operating results for its third fiscal quarter ended February 1, 2026 .\n\n \n Iv Culp , President and Chief Executive Officer, commented, \"Market softness remains the headline across the home furnishings industry, and the impacts of that dynamic were evident in our results for the quarter. We’re confident that the economic cycle for bedding and furniture will eventually turn within our core markets, and we have seen some green shoots on the bedding side recently, but key catalysts in housing affordability and discretionary consumer spending still need to level up for the needle to move meaningfully. Our team has effectively used this low demand period to further reset our platform, refine our go-to-market strategies, and position CULP to scale quickly and profitably, without adding capacity or cost, as volume stabilizes.\n\n \n“Despite the challenging industry conditions, including multiple Southeast snowstorms that caused us to lose the final week of shipping at our largest facility during the quarter, we continue to win programs with major customers and increase our share of the available business. Prior to the lost week from weather in January, we were on pace for a neutral year-over-year performance in bedding revenue, which is notable in this current market trough. We were pleased to see growth in our sewn mattress cover and upholstery kit product categories during the quarter, both of which are key growth areas that carry higher sales dollars and solid margin.\n\n \n“Customers continue leaning into our flexible supply chain offering reliable capacity and strategic tariff mitigation even before the most recent tariff developments. We believe our global footprint, anchored with robust U.S. capabilities, provides customers the most balanced solution in the market and enables us to support them regardless of whether they prefer to source domestically, nearshore or offshore. Regarding our own tariff costs, we are covered with our pricing relative to current rates after several periods absorbing the profitability impacts created by tariff volatility and the resulting lag between effective dates and price action. We are also encouraged by what appears to be an increasing prospect of reimbursement for the estimated six to seven million dollars we’ve paid toward IEEPA tariffs. If we ultimately receive those funds, and we understand the uncertainty there, it would be significant and offset some of our previous period losses.”\n\n \nCulp concluded, “Our team completed several key projects during the quarter, including the integration of both our U.S. distribution operations and window treatment business and the consolidation of our footprint in China . With these actions and the restructuring of our bedding business now behind us other than some related inventory build-up that we are working through, we move toward the end of our year with a streamlined platform and management team, neutralized pricing and tariff rates, and disciplined manufacturing operations. We believe CULP is ready to run and generate significant value for shareholders as the macro and trade environment cycles favorably, with any resulting volume increase expected to benefit our bottom line at enhanced levels given the lower fixed costs and added efficiencies in our platform. In the meantime, we remain committed to maintaining a disciplined approach to cash management, our balance sheet and fixed costs.\"\n\n \n Fiscal 2026 Third Quarter Financial Highlights \n\n \n \nConsolidated net sales of $48.0 million , a decline from prior-year period net sales of $52.3 million driven by continued industry-wide demand challenges along with reduced shipping days from severe weather conditions at quarter end.\n\n \n \nConsolidated gross profit of $5.3 million , or 11.1% of sales, compared to prior-year period gross profit of $6.4 million , or 12.1% of sales, with the decline driven by lower comparable sales and adjustments related to excess inventory stemming from the Company’s restructuring and integration initiatives.\n\n \n \nLoss from operations of $(3.7) million , compared to prior-year period loss from operations of $(3.9) million .\n \n \nExcluding restructuring and related expenses, adjusted operating loss of $(3.1) million , compared to prior-year period adjusted operating loss of $(1.6) million (see reconciliation table on page 10).\n\n \n \n\n \n \nNet loss of $(3.4) million , or $(.27) per diluted share, a sequential improvement of approximately 20% from the prior quarter and a year-over-year improvement of 17% compared to the prior-year period’s net loss of $(4.1) million , or $(.33) per diluted share.\n \n \nExcluding the impacts of restructuring and related expenses, stock-based compensation, and non-cash foreign exchange, as well as proceeds from a legal settlement, adjusted EBITDA of negative $(2.2) million , compared to negative $(457) thousand in the prior-year period (see reconciliation table on page 12).\n\n \n \n\n \n \n Financial Outlook \n\n \nDue to macroeconomic uncertainty and the fluid global trade and tariff environment, the Company is providing only limited forward guidance. The Company’s expectations are based on information available at the time of this press release and reflect certain assumptions by management regarding the Company’s business and industry trends, the projected impact of restructuring and integration initiatives, ongoing market headwinds, the projected impacts of economic or political instability in the Middle East , and current tariff rates applicable to U.S. imports.\n\n \n \nThe Company expects sequential consolidated sales growth for the fourth quarter of fiscal 2026, with solid expectations for the bedding segment despite what is anticipated to remain a challenged demand environment for home furnishings.\n\n \n \nThe Company expects its recent pricing action to balance tariff pressure and for the cost and efficiency benefits of its completed restructuring and integration initiatives to drive improving gross profit and lower SG&A for the fourth quarter and beyond. The Company is not providing more specific operating guidance at this time due to the uncertainty around the potential tariff refunds and, if received, the meaningful impacts on its operating results and prior quarter losses.\n\n \n \nWhile the Company intends to continue utilizing borrowings as necessary under its domestic and foreign credit facilities during fiscal 2026 to fund working capital needs and growth, it will continue to aggressively manage liquidity and capital expenditures and prioritize free cash flow. Additionally, the $4.8 million balance due from the sale of the Company’s facility in Canada is scheduled to be paid during the fourth quarter.\n\n \n \n Business Segment Highlights \n\n \nBedding\n\n \n \nSales in this segment were $27.3 million for the third quarter, down approximately 5% year-over-year due to continuing market softness driven by a lost week of sales in the U.S. from severe weather at quarter end, consumer uncertainty, a weak housing market, as well as continuing uncertainty from tariffs.\n\n \n \nGross profit in this segment was $2.0 million , or 7.2% of sales, a decline from the prior-year period’s gross profit of $2.7 million , or 9.6% of sales, and driven primarily by adjustments related to excess inventory stemming from the Company’s restructuring and integration initiatives, which were partially offset by improved selling margins during the quarter.\n\n \n \nUpholstery\n\n \n \nSales in this segment were $20.7 million for the third quarter, down approximately 12% year-over-year, with the decline primarily driven by lower commercial and hospitality sales due to generally the same factors impacting bedding sales.\n\n \n \nGross profit was $3.4 million , or 16.3% of sales, down from $4.2 million , or 17.9% of sales, in the prior-year period and driven primarily by lower comparable sales and unfavorable foreign exchange impacts related to the Company’s China operations.\n\n \n \n Balance Sheet, Cash Flow, and Liquidity \n\n \n \nAs of February 1, 2026 , the Company maintained $9.7 million in total cash and $18.5 million in outstanding debt under its credit facilities. The outstanding debt was primarily incurred to fund worldwide working capital and integration activities, as well as to take advantage of availability and borrowing opportunities at current preferred rates in China .\n\n \n \nAs of February 1, 2026 , the Company maintained approximately $27.7 million in liquidity consisting of $9.7 million in cash and $18.0 million in borrowing availability under its credit facilities.\n\n \n \nCash flow from operations and free cash flow were negative $(2.3) million and negative $(2.7) million , respectively, for the nine months ended February 1, 2026 , and primarily driven by operating losses, which compare favorably to negative $(9.4) million and negative $(11.9) million in the prior-year period. Adjusted for capital expenditures, proceeds from the sale of property, plant and equipment, notes receivable and other items, free cash flow was negative $(1.0) million , down favorably from negative $(10.1) million in the prior-year period (see reconciliation table on page 9).\n\n \n \nCapital expenditures for the nine months ended February 1, 2026 , were $442 thousand , down from $2.4 million in the prior-year period, as the Company continues to focus on maintenance projects and strategic initiatives with quick payback.\n\n \n \n Conference Call\n Culp, Inc. will hold a conference call to discuss financial results for the third quarter of its fiscal year 2026 on Thursday, March 12, 2026 , at 9:00 a.m. Eastern Time . A live webcast of this call can be accessed on the “Upcoming Events” section on the “Investor Relations” page of the Company’s website, www.culp.com . A replay of the webcast will be available for 30 days under the “Past Events” section on the “Investor Relations” page of the Company’s website.\n\n \n About the Company\n Culp, Inc. is one of the largest marketers of mattress fabrics for bedding and upholstery fabrics for residential, commercial, and hospitality furniture and other applications in North America . The Company markets a variety of fabrics to its global customer base of leading bedding and furniture companies, including fabrics produced at Culp’s manufacturing facilities and fabrics sourced through other suppliers. Culp has manufacturing and sourcing capabilities located in the United States , China , Haiti , Turkey , and Vietnam .\n\n \n Forward Looking Statements\n This release contains “forward-looking statements” within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934). Such statements are inherently subject to risks and uncertainties that may cause actual events and results to differ materially from such statements. Forward-looking statements are statements that include projections, expectations, or beliefs about future events or results or otherwise are not statements of historical fact. Such statements are often but not always characterized by qualifying words such as “expect,” “believe,” “will,” “may,” “should,” “could,” “potential,” “continue,” “target,” “predict,” “seek,” “anticipate,” “estimate,” “intend,” “plan,” “project,” and their derivatives, and include but are not limited to statements about expectations, projections, or trends for our future operations, expectations with respect to tariff refunds, strategic initiatives and plans, restructuring and integration actions, production levels, new product launches, sales, profit margins, profitability, operating (loss) income, capital expenditures, working capital levels, cost savings (including, without limitation, anticipated cost savings from restructuring and integration actions), income taxes, SG&A or other expenses, pre-tax (loss) income, earnings, cash flow, and other performance or liquidity measures, as well as any statements regarding dividends, share repurchases, liquidity, use of cash and cash requirements, ending cash balances and cash positions, borrowing capacity, investments, potential acquisitions, cash and non-cash restructuring and restructuring-related charges, expenses, and/or credits, net proceeds from restructuring related asset dispositions, future economic or industry trends, public health epidemics, or other future developments. There can be no assurance that we will realize these expectations or meet our guidance, or that these beliefs will prove correct.\n\n \nFactors that could influence the matters discussed in such statements include the level of housing starts and sales of existing homes, demand for home furnishings products, consumer confidence, trends in disposable income, and general economic conditions. Decreases in these economic indicators could have a negative effect on our business and prospects. Likewise, increases in interest rates, particularly home mortgage rates, and increases in consumer debt or the general rate of inflation, could affect us adversely. Changes in consumer tastes or preferences toward products not produced by us could erode demand for our products. Changes in tariffs or trade policy, including changes in U.S. trade enforcement priorities, or changes in the value of the U.S. dollar versus other currencies, could affect our financial results because a significant portion of our operations are located outside the United States . Relatedly, litigation is ongoing as to whether businesses that paid tariffs that were invalidated by the U.S. Supreme Court in February 2026 may receive refunds for those tariffs, and it is uncertain whether or when the Company may receive any such refunds, which could be significant. Also, economic or political instability in international areas could affect our operations or sources of goods in those areas, as well as demand for our products in international markets. The future performance of our business depends in part on our success in conducting and finalizing acquisition negotiations and integrating acquired businesses into our existing operations. The impact of public health epidemics on employees, customers, suppliers, and the global economy, such as the coronavirus pandemic, could also adversely affect our operations and financial performance. In addition, the impact of potential asset impairments, including impairments of property, plant, and equipment, inventory, or intangible assets, as well as the impact of valuation allowances applied against our net deferred income tax assets, could affect our financial results. Increases in freight costs, labor costs, and raw material prices, including increases in market prices for petrochemical products, can also significantly affect the prices we pay for shipping, labor, and raw materials, respectively, and in turn, increase our operating costs and decrease our profitability. Also, our success in diversifying our supply chain with reliable partners to effectively service our global platform could affect our operations and adversely affect our financial results. Finally, the future performance of our business also depends on our ability to successfully restructure our bedding operations and return the segment to profitability as well as successfully integrate our bedding and upholstery segments and realize the expected benefits of that integration effort, which may not meet our expectations. Further information about these factors, as well as other factors that could affect our future operations or financial results and the matters discussed in forward-looking statements, is included in Item 1A “Risk Factors” in our most recent Form 10-K and Form 10-Q reports filed with the Securities and Exchange Commission.\n\n \nMany of these factors are macroeconomic in nature and are, therefore, beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from those described in this release as anticipated, believed, estimated, expected, intended, planned or projected. The forward-looking statements included in this release are made only as of the date of this report. Unless required by United States federal securities laws, we neither intend nor assume any obligation to update these forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in our expectations. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. Additional risks and uncertainties that we do not presently know about or that we currently consider to be immaterial may also affect our business operations or financial results.\n\n \n \n \n \n \n \n \n \n \n \n \n \n CULP, INC. \nCONSOLIDATED STATEMENTS OF NET LOSS\nFOR THE THREE AND NINE MONTHS ENDED FEBRUARY 1, 2026 AND JANUARY 26, 2025 \nUnaudited\n(Amounts in Thousands, Except for Per Share Data) \n\n \n\n \n\n \n \n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n THREE MONTHS ENDED \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nAmount\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nPercent of Sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n February 1 ,\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n January 26 ,\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n% Over\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n February 1 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n January 26 ,\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2026\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2025\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(Under)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2026 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2025\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet sales\n\n \n\n \n\n \n $ \n\n \n\n \n\n \n \n\n \n\n \n\n \n47,965\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n \n\n \n\n \n\n \n52,253\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(8.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n 100.0 \n\n \n\n \n\n \n \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n100.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nCost of sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(42,642\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(45,906\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n 88.9 \n\n \n\n \n\n \n \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n87.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nGross profit\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,323\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,347\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(16.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n 11.1 \n\n \n\n \n\n \n \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n12.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nSelling, general and administrative expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(8,464\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(8,579\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n 17.6 \n\n \n\n \n\n \n \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n16.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nRestructuring expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(584\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,655\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(64.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n 1.2 \n\n \n\n \n\n \n \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n3.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nLoss from operations\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,725\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,887\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(4.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n (7.8 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nInterest expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(183\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(63\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n190.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n 0.4 \n\n \n\n \n\n \n \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nInterest income\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n375\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n255\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n47.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n 0.8 \n\n \n\n \n\n \n \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nOther income (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n393\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 0.8 \n\n \n\n \n\n \n \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.0\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nLoss before income taxes\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,140\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,680\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(14.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n (6.5 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7.0\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nIncome tax expense (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(292\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(446\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(34.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n (9.3 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n(12.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nNet loss\n\n \n\n \n\n \n $ \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,432\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n \n\n \n\n \n\n \n(4,126\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(16.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n (7.2 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet loss per share - basic\n\n \n\n \n\n \n $ \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.27\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.33\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(18.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet loss per share - diluted\n\n \n\n \n\n \n $ \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.27\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.33\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(18.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAverage shares outstanding-basic\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,663\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,559\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAverage shares outstanding-diluted\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,663\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,559\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Notes \n \n \n \n(1)\n\n \n\n \n\n \nOther expense includes $1.0 million received in cash proceeds in connection with the resolution of a legal matter.\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n(2)\n\n \n\n \n\n \nPercent of sales column for income tax expense is calculated as a percent of loss before income taxes.\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n NINE MONTHS ENDED \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nAmount\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nPercent of Sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n February 1 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n January 26 ,\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n% Over\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n February 1 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n January 26 ,\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2026 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2025\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(Under)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2026 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2025\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet sales\n\n \n\n \n\n \n $ \n\n \n\n \n\n \n \n\n \n\n \n\n \n 151,859 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n \n\n \n\n \n\n \n164,464\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n 100.0 \n\n \n\n \n\n \n \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n100.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nCost of sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (133,525 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(147,050\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(9.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n 87.9 \n\n \n\n \n\n \n \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n89.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nGross profit\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 18,334 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17,414\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n 12.1 \n\n \n\n \n\n \n \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nSelling, general and administrative expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (26,321 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(27,235\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n 17.3 \n\n \n\n \n\n \n \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n16.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nRestructuring credit (expense)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2,425 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(6,317\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n 1.6 \n\n \n\n \n\n \n \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nLoss from operations\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (5,562 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(16,138\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(65.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n (3.7 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n(9.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nInterest expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (565 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(121\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n366.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n 0.4 \n\n \n\n \n\n \n \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nInterest income\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 859 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n761\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n 0.6 \n\n \n\n \n\n \n \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nOther expense (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (833 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(898\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n 0.5 \n\n \n\n \n\n \n \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nLoss before income taxes\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (6,101 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(16,396\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(62.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n (4.0 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n(10.0\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nIncome tax expense (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (1,868 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(635\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n194.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n (30.6 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nNet loss\n\n \n\n \n\n \n $ \n\n \n\n \n\n \n \n\n \n\n \n\n \n (7,969 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n \n\n \n\n \n\n \n(17,031\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(53.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n (5.2 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n(10.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet loss per share - basic\n\n \n\n \n\n \n $ \n\n \n\n \n\n \n \n\n \n\n \n\n \n (0.63 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.36\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(53.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet loss per share - diluted\n\n \n\n \n\n \n $ \n\n \n\n \n\n \n \n\n \n\n \n\n \n (0.63 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.36\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(53.7\n\n \n\n \n\n \n)\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAverage shares outstanding-basic\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 12,619 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,514\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.84\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAverage shares outstanding-diluted\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 12,619 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,514\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n0.84\n\n \n\n \n\n \n \n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Notes \n \n \n \n(1)\n\n \n\n \n\n \nOther expense includes $1.0 million received in cash proceeds in connection with the resolution of a legal matter.\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n(2)\n\n \n\n \n\n \nPercent of sales column for income tax expense is calculated as a percent of loss before income taxes.\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n CULP, INC. \nCONSOLIDATED BALANCE SHEETS\n FEBRUARY 1, 2026 , JANUARY 26, 2025 , AND APRIL 27, 2025 \nUnaudited\n(Amounts in Thousands) \n\n \n\n \n\n \n \n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Amounts \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (Condensed) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(Condensed)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(Condensed)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n February 1 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n January 26 ,\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n* April 27 ,\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2026 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2025\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2025\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCurrent assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash and cash equivalents\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 9,687 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n5,279\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n5,629\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nShort-term investments - rabbi trust\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1,913 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,753\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,325\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccounts receivable, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 16,891 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23,159\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n21,844\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nInventories\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 52,208 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n48,599\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n49,309\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nShort-term notes receivable\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 5,166 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n526\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n280\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCurrent income taxes receivable\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n — \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,137\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAssets held for sale\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n — \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,214\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,177\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther current assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2,579 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,619\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,970\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal current assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 88,444 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n85,286\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n83,534\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProperty, plant & equipment, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 21,614 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n25,939\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n24,836\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRight of use assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3,322 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,103\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,908\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIntangible assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 386 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,594\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n960\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLong-term investments - rabbi trust\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 5,050 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,250\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,722\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLong-term notes receivable\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 936 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,254\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,182\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDeferred income taxes\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 468 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n490\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n637\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 533 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n639\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n591\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 120,753 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n127,555\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n123,370\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCurrent liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLines of credit - current\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 11,508 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,384\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8,114\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccounts payable - trade\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 29,643 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n32,717\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,323\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccounts payable - capital expenditures\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 24 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n439\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOperating lease liability - current\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1,138 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,025\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,394\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDeferred compensation - current\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1,913 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,753\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,325\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDeferred revenue\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 624 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n697\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n422\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccrued expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 5,560 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,079\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,333\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccrued restructuring\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 132 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n723\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n610\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncome taxes payable - current\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1,047 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n828\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,420\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal current liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 51,589 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n50,645\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n46,964\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLine of credit - long-term\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 7,025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOperating lease liability - long-term\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1,138 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,127\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,535\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nIncome taxes payable - long-term\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 845 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,400\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n790\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDeferred income taxes\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 4,846 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,582\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,155\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDeferred compensation - long-term\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 5,090 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,151\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,686\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal liabilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 70,533 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n67,905\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n65,730\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nShareholders' equity\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 50,220 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n59,650\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n57,640\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal liabilities and shareholders' equity\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 120,753 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n127,555\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n123,370\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nShares outstanding\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 12,663 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,559\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,559\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n \n \n* Derived from audited financial statements. \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n CULP, INC. \nCONSOLIDATED STATEMENTS OF CASH FLOWS\nFOR THE NINE MONTHS ENDED FEBRUARY 1, 2026 AND JANUARY 26, 2025 \nUnaudited\n(Amounts in Thousands) \n\n \n\n \n\n \n \n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n NINE MONTHS ENDED \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Amounts \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n February 1 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n January 26 ,\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2026 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2025\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash flows from operating activities:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet loss\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (7,969 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(17,031\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nAdjustments to reconcile net loss to net cash used in operating activities:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDepreciation\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3,142 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,288\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNon-cash inventory charge (credit)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1,641 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,022\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nAmortization\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 288 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n301\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nStock-based compensation\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 462 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n522\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDeferred income taxes\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (140 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n231\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGain on sale of equipment\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (4 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(27\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nRealized gain on sale of investments (rabbi trust)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (4 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNon-cash restructuring (credit) expense\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (3,313 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,143\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nForeign currency exchange loss (gain)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 887 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(97\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nChanges in assets and liabilities:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccounts receivable\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 5,025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,029\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nInventories\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (4,355 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,730\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nOther current assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 446 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n737\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther assets\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 161 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n98\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccounts payable - trade\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1,670 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,184\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDeferred revenue\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 202 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(798\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nAccrued restructuring\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (479 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n753\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAccrued expenses and deferred compensation\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 502 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(335\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nIncome taxes\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (429 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,613\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nNet cash used in operating activities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (2,267 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(9,425\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nCash flows from investing activities:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCapital expenditures\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (442 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,440\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nProceeds from the sale of property, plant and equipment\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1,097 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,450\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProceeds from notes receivable\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 270 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n270\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProceeds from the sale of investments (rabbi trust)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 747 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n699\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPurchase of investments (rabbi trust)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (496 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(599\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nNet cash provided by (used in) investing activities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1,176 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(620\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nCash flows from financing activities:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProceeds from lines of credit\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 10,604 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,898\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPayments on lines of credit\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (5,271 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,500\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nPayment of debt issuance costs\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (169 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCommon stock surrendered for withholding taxes payable\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (76 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(68\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nNet cash provided by financing activities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 5,088 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,330\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nEffect of foreign currency exchange rate changes on cash and cash equivalents\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 61 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(18\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nIncrease (decrease) in cash and cash equivalents\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 4,058 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(4,733\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nCash and cash equivalents at beginning of year\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 5,629 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,012\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash and cash equivalents at end of period\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 9,687 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n5,279\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n CULP, INC. \nSTATEMENTS OF NET SALES AND GROSS PROFIT BY SEGMENT\nFOR THE THREE AND NINE MONTHS ENDED FEBRUARY 1, 2026 AND JANUARY 26, 2025 \nUnaudited\n(Amounts in Thousands) \n\n \n\n \n\n \n \n \n \n \n \n \n\n \n\n \n\n \n THREE MONTHS ENDED \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nAmounts\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nPercent of Total Sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n February 1 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n January 26 ,\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n% Over\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n February 1 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n January 26 ,\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Net Sales by Segment\n\n \n\n \n\n \n \n\n \n\n \n\n \n 2026 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2025\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(Under)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2026 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2025\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBedding\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 27,283 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n28,642\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(4.7\n\n \n\n \n\n \n)%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 56.9 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n54.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nUpholstery\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 20,682 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23,611\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(12.4\n\n \n\n \n\n \n)%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 43.1 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n45.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n Net Sales \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 47,965 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n52,253\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(8.2\n\n \n\n \n\n \n)%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 100.0 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGross Profit by Segment\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nGross Margin\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBedding\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 1,956 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,743\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(28.7\n\n \n\n \n\n \n)%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 7.2 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nUpholstery\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3,367 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,228\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(20.4\n\n \n\n \n\n \n)%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 16.3 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17.9\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nTotal Segment Gross Profit\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 5,323 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,971\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(23.6\n\n \n\n \n\n \n)%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 11.1 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nRestructuring Related Charge (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n — \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(624\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(100.0\n\n \n\n \n\n \n)%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 0.0 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1.2\n\n \n\n \n\n \n)%\n\n \n\n \n\n \n \n \nGross Profit\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 5,323 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n6,347\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(16.1\n\n \n\n \n\n \n)%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 11.1 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n Notes \n \n \n \n(1)\n\n \n\n \n\n \nSee page 10 for details regarding restructuring related charges included in cost of sales and gross profit and a Reconciliation of Selected Income Statement Information to Adjusted Results for the three months ended February 1, 2026 and January 26, 2025 .\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n NINE MONTHS ENDED \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nAmounts\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nPercent of Total Sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n February 1 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n January 26 ,\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n% Over\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n February 1 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n January 26 ,\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Net Sales by Segment\n\n \n\n \n\n \n \n\n \n\n \n\n \n 2026 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2025\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(Under)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2026 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2025\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBedding\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 86,093 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n86,792\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.8\n\n \n\n \n\n \n)%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 56.7 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n52.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nUpholstery\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 65,766 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n77,672\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(15.3\n\n \n\n \n\n \n)%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 43.3 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n47.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n Net Sales \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 151,859 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n164,464\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7.7\n\n \n\n \n\n \n)%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 100.0 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nGross Profit by Segment\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nGross Margin\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBedding\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 8,001 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,862\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n64.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 9.3 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nUpholstery\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 11,264 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n14,061\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(19.9\n\n \n\n \n\n \n)%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 17.1 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n18.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nTotal Segment Gross Profit\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 19,265 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n18,923\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 12.7 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nRestructuring Related Charge (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (931 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,509\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(38.3\n\n \n\n \n\n \n)%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (0.6 \n\n \n\n \n\n \n )% \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(0.9\n\n \n\n \n\n \n)%\n\n \n\n \n\n \n \n \nGross Profit\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 18,334 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n17,414\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 12.1 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n Notes \n \n \n \n(1)\n\n \n\n \n\n \nSee page 11 for details regarding restructuring related charges included in cost of sales and gross profit and a Reconciliation of Selected Income Statement Information to Adjusted Results for the nine months February 1, 2026 , and January 26, 2025 .\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n CULP, INC. \nRECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES\nUnaudited\n(Amounts in Thousands) \n\n \n\n \n\n \n \n \n \n \n \n RECONCILIATION OF NET (DEBT) CASH \n\n \n\n \n\n \n \n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Amounts \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n February 1 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n January 26 ,\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n April 27 ,\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2026 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2025\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2025*\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Cash: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash and cash equivalents\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 9,687 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n5,279\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n5,629\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Debt: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLines of credit - current\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (11,508 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(5,384\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(8,114\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nLine of credit - long-term\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (7,025 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(4,600\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nTotal debt\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (18,533 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(5,384\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(12,714\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Net (debt) cash position \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (8,846 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(105\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(7,085\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n \n \n* Derived from audited financial statements \n\n \n\n \n\n \n \n \n \n \n \n \n RECONCILIATION OF ADJUSTED FREE CASH FLOW \n\n \n\n \n\n \n \n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n NINE MONTHS ENDED \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Amounts \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n February 1 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n January 26 ,\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2026 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2025\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet cash used in operating activities\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (2,267 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(9,425\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nMinus: Capital expenditures\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (442 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,440\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nFree Cash Flow\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (2,709 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(11,865\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nPlus: Proceeds from the sale of building and equipment\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1,097 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,450\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPlus: Proceeds from notes receivable\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 270 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n270\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nPlus: Proceeds from the sale of investments (rabbi trust)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 747 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n699\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nMinus: Purchase of investments (rabbi trust)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (496 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(599\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nEffects of foreign currency exchange rate changes on cash and cash equivalents\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 61 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(18\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nAdjusted Free Cash Flow\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (1,030 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(10,063\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n CULP, INC. \nRECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (CONTINUED)\nUnaudited\n(Amounts in Thousands) \n\n \n\n \n\n \n \n \n \n \n \n RECONCILIATION OF SELECTED INCOME STATEMENT INFORMATION TO ADJUSTED RESULTS \n\n \n\n \n\n \n \n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Three months ended February 1, 2026 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n As Reported \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nAdjusted Results\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n February 1 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n February 1 ,\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2026 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nAdjustments\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2026\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 47,965 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n47,965\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCost of sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (42,642 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(42,642\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nGross profit\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 5,323 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,323\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSelling, general and administrative expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (8,464 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(8,464\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nRestructuring expense (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (584 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n584\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLoss from operations\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (3,725 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n584\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(3,141\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n Notes \n \n \n \n(1)\n\n \n\n \n\n \nDuring the three-month period ended February 1, 2026 , restructuring expense mostly represented charges related to transforming our operating model and the consolidation of certain facilities to further reduce fixed costs.\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Three months ended January 26, 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n As Reported \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nAdjusted Results\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n January 26 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n January 26 ,\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nAdjustments\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2025\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 52,253 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n52,253\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCost of sales (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (45,906 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n624\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(45,282\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nGross profit\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 6,347 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n624\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,971\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSelling, general and administrative expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (8,579 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(8,579\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nRestructuring expense (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (1,655 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,655\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLoss from operations\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (3,887 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,279\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(1,608\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n Notes \n \n \n \n(1)\n\n \n\n \n\n \nDuring the three-month period ended January 26, 2025 , restructuring related charges recorded in cost of sales represented losses on the disposal, valuation, and markdowns of inventory mostly related to the closure of the bedding manufacturing facility in Quebec, Canada .\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n(2)\n\n \n\n \n\n \nDuring the three-month period ended January 26, 2025 restructuring expense mostly represented charges related to the consolidation of our North American bedding manufacturing platform and the closure of the bedding manufacturing facility in Quebec, Canada .\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n CULP, INC. \nRECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (CONTINUED)\nUnaudited\n(Amounts in Thousands) \n\n \n\n \n\n \n \n \n \n \n \n RECONCILIATION OF SELECTED INCOME STATEMENT INFORMATION TO ADJUSTED RESULTS \n\n \n\n \n\n \n \n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Nine months ended February 1, 2026 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n As Reported \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nAdjusted Results\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n February 1 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n February 1 ,\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2026 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nAdjustments\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2026\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 151,859 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n151,859\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCost of sales (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (133,525 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n931\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(132,594\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nGross profit\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 18,334 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n931\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19,265\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSelling, general and administrative expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (26,321 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(26,321\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nRestructuring credit (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2,425 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,425\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLoss from operations\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (5,562 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,494\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(7,056\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n Notes \n \n \n \n(1)\n\n \n\n \n\n \nDuring the nine-month period ended February 1, 2026 , restructuring related charges recorded in cost of sales represented losses on the disposal, valuation, and markdowns of inventory related to the consolidation of our North American bedding operations and the consolidation of certain facilities related to transforming our operating model to one integrated Culp branded business to reduce fixed costs.\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n(2)\n\n \n\n \n\n \nDuring the nine-month period ended February 1, 2026 , restructuring credit mostly represented a gain from the sale of the manufacturing facility located in Quebec, Canada totaling $4.0 million , partially offset by charges related to transforming our operating model and the consolidation of certain facilities to further reduce fixed costs.\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Nine months ended January 26, 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n As Reported \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nAdjusted Results\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n January 26 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n January 26 ,\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nAdjustments\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2025\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet sales\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 164,464 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n164,464\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCost of sales (1)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (147,050 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,509\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(145,541\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nGross profit\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 17,414 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,509\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n18,923\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nSelling, general and administrative expenses\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (27,235 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(27,235\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nRestructuring expense (2)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (6,317 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,317\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLoss from operations\n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (16,138 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,826\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(8,312\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n Notes \n \n \n \n(1)\n\n \n\n \n\n \nDuring the nine-month period ended January 26, 2025 , restructuring related charges recorded in cost of sales represented losses on the disposal, valuation, and markdowns of inventory mostly related to the closure of the bedding manufacturing facility in Quebec, Canada .\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n(2)\n\n \n\n \n\n \nDuring the nine-month period ended January 26, 2025 , restructuring expense mostly represented charges related to the consolidation of our North American bedding manufacturing platform and the closure of the bedding manufacturing facility in Quebec, Canada .\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n CULP, INC. \nRECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (CONTINUED)\nUnaudited\n(Amounts in Thousands) \n\n \n\n \n\n \n \n \n \n \n \n RECONCILIATION OF ADJUSTED EBITDA \n\n \n\n \n\n \n \n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Quarter \n\n \n\n \n Ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Quarter \n\n \n\n \n Ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Quarter \n\n \n\n \n Ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Quarter \n\n \n\n \n Ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Trailing \n\n \n\n \n 12 Months \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Nine Months \n\n \n\n \n Ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n April 27 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n August 3 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n November 2 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n February 1 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n February 1 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n February 1 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2026 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2026 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2026 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Net loss \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (2,073 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (231 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (4,306 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (3,432 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (10,042 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (7,969 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n \n Interest income, net \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (44 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (52 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (50 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (192 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (338 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (294 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n \n Income tax (benefit) expense \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (243 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1,369 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 207 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 292 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1,625 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1,868 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Depreciation expense \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1,152 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1,111 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1,057 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 974 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 4,294 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 3,142 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Amortization expense \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 104 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 95 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 97 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 96 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 392 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 288 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n EBITDA \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (1,104 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2,292 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (2,995 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (2,262 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (4,069 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (2,965 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n \n Restructuring expense (credit) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1,422 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (3,508 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 499 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 584 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (1,003 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (2,425 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n \n Restructuring related expense \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 113 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n — \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 931 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n — \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1,044 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 931 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Resolution of a legal matter \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n — \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n — \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n — \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (1,000 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (1,000 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (1,000 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n \n Stock based compensation \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 128 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 156 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 177 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 129 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 590 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 462 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Foreign currency exchange (gain) loss (1) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (48 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 122 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 396 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 369 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 839 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 887 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Adjusted EBITDA \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n 511 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (938 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (992 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (2,180 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (3,599 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (4,110 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n % Net Sales \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1.0 \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (1.9 \n\n \n\n \n\n \n )% \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (1.9 \n\n \n\n \n\n \n )% \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (4.5 \n\n \n\n \n\n \n )% \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (1.8 \n\n \n\n \n\n \n )% \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (2.7 \n\n \n\n \n\n \n )% \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Quarter \n\n \n\n \n Ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Quarter \n\n \n\n \n Ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Quarter \n\n \n\n \n Ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Quarter \n\n \n\n \n Ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Trailing \n\n \n\n \n 12 Months \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Nine Months \n\n \n\n \n Ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n April 28 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n July 28 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n October 27 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n January 26 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n January 26 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n January 26 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2024 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2025 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Net loss \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (4,865 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (7,261 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (5,644 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (4,126 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (21,896 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n $ \n\n \n\n \n\n \n (17,031 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n \n Interest income, net \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (252 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (234 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (214 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (192 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (892 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (640 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n \n Income tax expense (benefit) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 805 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 239 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (50 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 446 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1,440 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 635 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Depreciation expense \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1,623 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1,581 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1,496 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 1,211 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 5,911 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 4,288 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Amortization expense \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 99 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 99 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 101 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 101 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 400 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 301 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n EBITDA \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (2,590 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (5,576 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (4,311 \n\n \n\n \n\n \n ) \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n (2,560 \n\n \n\n \n\n \n ) ...

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