Daktronics Posts Loss In Q1; Net Sales Down 2.8%

(RTTNews) - Daktronics (DAKT) posted a first quarter net loss of $4.95 million compared to net income of $19.20 million, last year. Loss per share was $0.11 compared to profit of $0.42. For the three months ended July 27, 2024, the company recorded a non-cash charge of $21.6 million for the change in fair value of the convertible note payable. Adjusted net income declined to $16.64 million from $28.75 million.

Net sales for the first quarter decreased by 2.8% to $226.09 million as compared to the first quarter of fiscal 2024. The company said the sales decrease was driven by comparatively lower volumes in the Commercial, High School Park and Recreation, and International business units.

Shares of Daktronics are down 4% in pre-market trade on Wenesday.

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