On May 29, 2023, about 1330 central daylight time, a Bellanca 8KCAB airplane, N5038E, sustained substantial damage when it was involved in an accident near Larchwood, Iowa. The pilot sustained serious injuries and the passenger had minor injuries. The airplane was operated as a Title 14 Code of Federal Regulations Part 91 personal flight. The pilot reported that he did not recall anything about the accident. The passenger reported that his memory was vague but did recall taking off from the taxiway of a private airstrip (Larchwood-Zangger Vintage Airpark, 2VA). He recalled that he felt a little bit of a roller coaster sensation on the climb out. The airplane seemed to pitch up higher than normal, and then seemed to stall. He recalled that he heard the pilot say that they were stalling. He did not recall seeing the ground or impact with the ground. The pilot reported on the NTSB Form 6120 that there were no mechanical malfunctions or failures of the airplane. Examination of the accident site showed that the airplane impacted the ground about 700 ft to the left of the departure end of the paved taxiway. The front of the fuselage and both wings sustained substantial damage. Impact damage and low energy signatures were consistent with a stall. Examination of the flight controls revealed continuity from the cockpit to the rudder, ailerons, elevator, and elevator trim surfaces. Interruptions in the flight control continuity were attributed to impact damage. Fuel was present in the fuel lines and the carburetor bowl. The fuel tanks were breached, but first responders noted that fuel was leaking and the grass around the wreckage showed blight from fuel leakage. Examination of the engine revealed continuity throughout the drivetrain. Thumb compression was verified on all valves and cylinders. No pre-impact anomalies were found with the airframe, fuel, system, flight controls, or the engine.