Increased durability and reliability combine with lower power consumption in NPP display product BROOKINGS, S.D., May 16, 2024 (GLOBE NEWSWIRE) -- Daktronics (NASDAQ-DAKT) of Brookings, South Dakota, has released its Flip-Chip COB (Chip On Board) LED display technology worldwide. The company's latest addition to its Narrow Pixel Pitch (NPP) product family brings tighter pixel spacings ranging from 1.8 millimeters to 0.9 millimeters with increased durability and reliability combined with lower power consumpt ...

Core Viewpoint - Daktronics has launched its Flip-Chip COB LED display technology, enhancing durability, reliability, and reducing power consumption, which improves customer experience in the LED display market [1][2]. Product Features - The new COB technology offers tighter pixel spacings from 1.8mm to 0.9mm, providing an alternative to traditional SMD and IMD LED options, resulting in lower heat generation and increased reliability [2]. - The COB product features the thinnest and lightest cabinet available in the market, facilitating a fast installation process with a sleek appearance [3]. - Daktronics' 35+ years of experience in coatings and encapsulants has led to a specific encapsulant design that enhances product safety and durability against impact, moisture, dust, static, and oxidation [4]. Reliability and Testing - The company emphasizes product reliability, supported by a dedicated lab for rigorous testing of components to ensure industry-leading reliability in its flip-chip COB LEDs and associated technologies [5]. - The product offers various brightness options tailored for different applications, effectively combating indoor indirect sunlight in environments such as offices and high-ambient brightness lobbies [5]. Market Position - Daktronics positions itself as a leader in the audiovisual systems market, providing large-format LED displays and related technologies for various applications, including sports, business, and transportation [7].

BROOKINGS, S.D., March 08, 2024 (GLOBE NEWSWIRE) -- Daktronics Inc. (NASDAQ:DAKT), a leading global designer and manufacturer of best-in-class dynamic video communication displays and control systems for customers worldwide, announced that Reece Kurtenbach, Chief Executive Officer and Sheila Anderson, Chief Financial Officer will hold a presentation and host one-on-one meetings with investors at the Sidoti Small-Cap Virtual Conference taking place on March 13-14, 2024. The presentation will begin at 10:00 a ...

BROOKINGS, S.D., March 08, 2024 (GLOBE NEWSWIRE) -- Daktronics Inc. (Nasdaq: DAKT), a leading global designer and manufacturer of best-in-class dynamic video communication displays and control systems for customers worldwide, announced that Reece Kurtenbach, Chief Executive Officer and Sheila Anderson, Chief Financial Officer will hold a presentation and host one-on-one meetings with investors at the Sidoti Small-Cap Virtual Conference taking place on March 13-14, 2024. The presentation will begin at 10:00 ...

Daktronics, Inc. (NASDAQ:DAKT) Q3 2024 Earnings Conference Call February 28, 2024 11:00 AM ET Company Participants Carla Gatzke - Corporate Secretary Sheila Anderson - CFO Reece Kurtenbach - President and CEO Conference Call Participants BJ Cook - Singular Research Anja Soderstrom - Sidoti Operator Good day, ladies and gentlemen, and welcome to the Daktronics' Fiscal Year 2024 Third Quarter Earnings Results Conference Call. As a reminder, this conference is being recorded, Wednesday, February 28, 2024, and ...

SAFE HARBOR STATEMENT Forward-looking statements are made in the context of information available as of the date stated. The Company undertakes no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur. • Execution drove positive operating income, delivering profitability in a seasonally low-volume period despite lower volume compared to last year's surge of backorder fulfillment Backlog -23% – continue to work down elevated levels from past periods ...

BROOKINGS, S.D., Feb. 28, 2024 (GLOBE NEWSWIRE) -- Daktronics, Inc. (NASDAQ-DAKT), a leading global designer and manufacturer of best-in-class dynamic video communication displays and control systems for customers worldwide, today reported results for its fiscal 2024 third quarter which ended January 27, 2024. Q3 FY2024 financial highlights: Year-to-date product and service orders were $534.4 million(1), an increase of 6.6 percent as compared to $501.4 million in the same period of fiscal 2023; during the t ...

Exhibit 99.1 Daktronics, Inc. Announces 2024 Fiscal Third Quarter Results BROOKINGS, S.D., February 28, 2024 – Daktronics, Inc. (NASDAQ-DAKT), a leading global designer and manufacturer of best-in- class dynamic video communication displays and control systems for customers worldwide, today reported results for its fiscal 2024 third quarter which ended January 27, 2024. Q3 FY2024 financial highlights: "Our teams' strong execution of the manufacturing, operating, sourcing and pricing improvements that we put ...

Part I [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for the three and nine months ended January 27, 2024, including balance sheets, statements of operations, and cash flows Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Jan 27, 2024 (in thousands) | Apr 29, 2023 (in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $76,764 | $23,982 | | Accounts receivable, net | $100,601 | $109,979 | | Inventories | $140,251 | $149,448 | | **Total Assets** | **$499,206** | **$468,104** | | **Liabilities & Equity** | | | | Accounts payable | $49,489 | $67,522 | | Long-term debt, net | $48,466 | $17,750 | | Total current liabilities | $170,261 | $210,163 | | **Total Shareholders' Equity** | **$236,246** | **$200,878** | Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended Jan 27, 2024 (in thousands) | Three Months Ended Jan 28, 2023 (in thousands) | Nine Months Ended Jan 27, 2024 (in thousands) | Nine Months Ended Jan 28, 2023 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Net sales | $170,303 | $184,975 | $602,203 | $544,334 | | Gross profit | $41,718 | $41,713 | $167,064 | $99,211 | | Operating income | $8,036 | $7,118 | $67,688 | $3,125 | | Net income (loss) | $10,742 | $3,713 | $32,103 | $(14,597) | | Diluted EPS | $0.09 | $0.08 | $0.69 | $(0.32) | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Nine Months Ended Jan 27, 2024 (in thousands) | Nine Months Ended Jan 28, 2023 (in thousands) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $53,789 | $(9,487) | | Net cash used in investing activities | $(17,055) | $(20,947) | | Net cash provided by financing activities | $15,689 | $23,498 | | **Net increase (decrease) in cash** | **$52,503** | **$(7,278)** | [Notes to the Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's accounting policies, revenue recognition, segment performance, financing agreements, and related party transactions - As of January 27, 2024, remaining performance obligations totaled **$393.2 million**, with approximately **$328.5 million** expected to be recognized as revenue within 12 months[55](index=55&type=chunk) - On May 11, 2023, the company secured new financing, including a **$75 million** senior credit facility and a **$25 million** secured convertible note, with fair value changes recognized in operations[64](index=64&type=chunk)[68](index=68&type=chunk)[72](index=72&type=chunk) - The effective tax rate for the nine months ended January 27, 2024, was **31.5%**, influenced by non-taxable fair value changes of the convertible note[81](index=81&type=chunk) - The company entered a Securities Purchase Agreement with Alta Fox Opportunities Fund, LP for a **$25 million** convertible note, with Alta Fox being a related party owning **9.99%** of common stock at the time[88](index=88&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance for Q3 and the first nine months of fiscal 2024, covering operations, segment performance, liquidity, and capital resources - The product order backlog was **$328.3 million** as of January 27, 2024, a decrease from **$429.1 million** a year prior, reflecting improved production and fulfillment[106](index=106&type=chunk) - The company anticipates long-term growth driven by audiovisual industry fundamentals, including LED display adoption and new technology, despite potential short-term impacts from project timing and global economic conditions[103](index=103&type=chunk) [Results of Operations - Three-Month Comparison](index=28&type=section&id=RESULTS%20OF%20OPERATIONS%20COMPARISON%20OF%20THE%20THREE%20MONTHS%20ENDED%20JANUARY%2027%2C%202024%20AND%20JANUARY%2028%2C%202023) Net sales for Q3 FY2024 decreased by **7.9%** to **$170.3 million**, while gross profit remained stable at **$41.7 million**, and operating income increased to **$8.0 million** Net Sales by Segment (Q3 FY2024 vs Q3 FY2023, in thousands) | Segment | Q3 FY2024 (in thousands) | Q3 FY2023 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Commercial | $33,292 | $49,967 | (33.4)% | | Live Events | $73,393 | $67,748 | 8.3% | | High School Park and Recreation | $28,764 | $28,312 | 1.6% | | Transportation | $19,605 | $17,578 | 11.5% | | International | $15,249 | $21,370 | (28.6)% | | **Total** | **$170,303** | **$184,975** | **(7.9)%** | Gross Profit by Segment (Q3 FY2024 vs Q3 FY2023, in thousands) | Segment | Q3 FY2024 (in thousands) | Q3 FY2023 (in thousands) | Gross Margin % (FY24) | Gross Margin % (FY23) | | :--- | :--- | :--- | :--- | :--- | | Commercial | $5,546 | $10,547 | 16.7% | 21.1% | | Live Events | $21,102 | $14,405 | 28.8% | 21.3% | | High School Park and Recreation | $8,029 | $7,555 | 27.9% | 26.7% | | Transportation | $6,180 | $5,534 | 31.5% | 31.5% | | International | $861 | $3,672 | 5.6% | 17.2% | | **Total** | **$41,718** | **$41,713** | **24.5%** | **22.6%** | - Orders for Q3 FY2024 increased by **29.4%** year-over-year, driven by strong demand in Live Events and rebounding Commercial business[111](index=111&type=chunk) [Results of Operations - Nine-Month Comparison](index=32&type=section&id=RESULTS%20OF%20OPERATIONS%20COMPARISON%20OF%20THE%20NINE%20MONTHS%20ENDED%20JANUARY%2027%2C%202024%20AND%20JANUARY%2028%2C%202023) Net sales for the first nine months of FY2024 grew **10.6%** to **$602.2 million**, with gross profit surging **68.4%** to **$167.1 million** and operating income increasing to **$67.7 million** Net Sales by Segment (Nine Months FY2024 vs FY2023, in thousands) | Segment | Nine Months FY2024 (in thousands) | Nine Months FY2023 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Commercial | $122,628 | $127,132 | (3.5)% | | Live Events | $233,602 | $193,370 | 20.8% | | High School Park and Recreation | $133,940 | $106,127 | 26.2% | | Transportation | $61,217 | $53,797 | 13.8% | | International | $50,816 | $63,908 | (20.5)% | | **Total** | **$602,203** | **$544,334** | **10.6%** | Gross Profit by Segment (Nine Months FY2024 vs FY2023, in thousands) | Segment | Nine Months FY2024 (in thousands) | Nine Months FY2023 (in thousands) | Gross Margin % (FY24) | Gross Margin % (FY23) | | :--- | :--- | :--- | :--- | :--- | | Commercial | $25,546 | $21,565 | 20.8% | 17.0% | | Live Events | $68,276 | $26,174 | 29.2% | 13.5% | | High School Park and Recreation | $45,274 | $29,343 | 33.8% | 27.6% | | Transportation | $20,049 | $15,456 | 32.8% | 28.7% | | International | $7,919 | $6,673 | 15.6% | 10.4% | | **Total** | **$167,064** | **$99,211** | **27.7%** | **18.2%** | [Liquidity and Capital Resources](index=35&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) The company's liquidity strengthened in the first nine months of FY2024, with net cash from operating activities at **$53.8 million** and **$76.8 million** in cash as of January 27, 2024 - Net cash provided by operating activities was **$53.8 million** for the first nine months of fiscal 2024, a significant improvement from a **$9.5 million** use in the prior year[140](index=140&type=chunk) - Working capital increased to **$205.3 million** as of January 27, 2024, from **$132.5 million** at the end of fiscal 2023[147](index=147&type=chunk) - Total capital expenditures for fiscal 2024 are projected at approximately **$19 million**, with **$13.6 million** incurred in the first nine months[149](index=149&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in market risk exposure, except for interest rate risks from new debt facilities in Q1 FY2024 - No material changes have occurred in the company's market risk exposure during the first nine months of fiscal 2024, except for interest rate risks from new credit facilities[154](index=154&type=chunk)[155](index=155&type=chunk) [Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were deemed ineffective as of January 27, 2024, due to a material weakness in internal control over financial reporting, with a remediation plan underway - Disclosure controls and procedures were deemed **not effective** as of January 27, 2024, due to a material weakness in internal control over financial reporting[156](index=156&type=chunk) - The material weakness stems from ineffective controls for revenue contracts recognized over time, due to insufficient training of control operators[158](index=158&type=chunk) - A remediation plan is in progress, including additional training for revenue control operators to enhance control precision[159](index=159&type=chunk) Part II. Other Information [Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings in the normal course of business, not expected to materially impact financial condition or operations - The company is party to various legal proceedings in the ordinary course of business, not expected to result in a material adverse effect[162](index=162&type=chunk) [Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) This section refers to the detailed risk factors in the Annual Report on Form 10-K for FY2023, with no material changes noted - No material changes have occurred to the risk factors previously disclosed in the Annual Report on Form 10-K for the fiscal year ended April 29, 2023[163](index=163&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any shares of its common stock during the three months ended January 27, 2024 - No shares of common stock were repurchased during the third quarter of fiscal 2024[164](index=164&type=chunk) [Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section provides an index of all exhibits filed as part of the Quarterly Report on Form 10-Q

Everybody loves Nvidia (NASDAQ:NVDA) and company, but let’s be real – the concept of bargain tech stocks makes a lot of sense. At the end of the day, we all love a good deal.Listen, I’m not against buying NVDA for the long haul. However, I can also read numbers. With a trailing-earnings multiple of nearly 96X, it just seems a little rich. Yes, the company represents a juggernaut in the innovation space. As well, the underlying artificial intelligence narrative offers a massive addressable market. However, t ...