# EDGAR Filing Document

**Accession Number:** 0000915779
**File Stem:** 0001628280-26-045034
**Filing Date:** 2026-6
**Character Count:** 43104
**Document Hash:** 7d306afe4c049750d14b11aa64dc1c64
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-045034.hdr.sgml**: 20260624

**ACCESSION NUMBER**: 0001628280-26-045034

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20260622

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260624

**DATE AS OF CHANGE**: 20260624

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DAKTRONICS INC /SD/
- **CENTRAL INDEX KEY:** 0000915779
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS MANUFACTURING INDUSTRIES [3990]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 460306862
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0502

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38747
- **FILM NUMBER:** 261113115

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 5128
- **STREET 2:** 201 DAKTRONICS DRIVE
- **CITY:** BROOKINGS
- **STATE:** SD
- **ZIP:** 57006
- **BUSINESS PHONE:** 6056974000

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 5128
- **CITY:** BROOKINGS
- **STATE:** SD
- **ZIP:** 57006

?xml version='1.0' encoding='ASCII'? dakt-20260622

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** June 22, 2026

![dakt20210111_8kimg001.jpg](dakt-20260622_g1.jpg)

**Daktronics, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-38747** | **46-0306862** |
| (State or other jurisdiction of<br>incorporation) | (Commission<br>File Number) | (I.R.S. Employer<br>Identification No.) |

---

**201 Daktronics Drive**

**Brookings, SD 57006**

(Address of principal executive offices, and Zip Code)

**(605) 692-0200**

(Registrant's telephone number, including area code)

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.00001 Par Value | DAKT | Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On June 24, 2026, Daktronics, Inc. (the "***Company***") issued a press release announcing its financial results for the fiscal quarter and full year ended May 2, 2026 (the "***Release***"). A copy of the Release is attached to this Current Report on Form 8-K (this "***Report***") as Exhibit 99.1 and is incorporated herein by reference.

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

On June 24, 2026, the Company posted supplemental investor materials, including a slide presentation, on its *investor.daktronics.com* website. The Company uses its investor relations website, together with its filings made with the Securities and Exchange Commission (the "***SEC***"), press releases, public conference calls, webcasts, and social media channels, including the social media accounts of its Chief Executive Officer, to disseminate material information to the public in a broad, non-exclusionary manner and to comply with its disclosure obligations under Regulation FD.

**Item 8.01&nbsp;&nbsp;&nbsp;&nbsp;Other Events.**

On June 22, 2026, the Board of Directors of the Company voted to authorize additional repurchases of outstanding shares of the Company's common stock ("***Share Repurchases***") under the Company's existing stock repurchase program (the "***Repurchase Program***"). The authorization increased the total amount available under the Repurchase Program as of the date of the authorization to $40.0 million.

Share Repurchases may occur from time to time in open market purchases, private transactions, or other transactions. The timing, volume, and nature of Share Repurchases will be at the sole discretion of the Company's management and will be dependent on market conditions, applicable securities laws and other legal requirements, business considerations, and other factors. The Repurchase Program does not require the Company to repurchase a certain amount of shares and does not have a fixed expiration date and may be suspended, discontinued, or terminated at any time. Under the Repurchase Program, the Company may conduct Share Repurchases in accordance with all applicable securities laws and regulations, including Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"). No assurance can be given that any particular number of shares of common stock will be repurchased.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

*(d) Exhibits.* 

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Exhibit Description</u> |
| <u>[99.1](dakt-20260502x8kexx991.htm)</u> | <u>[Press Release dated June 24, 2026, issued by Daktronics, Inc. regarding fourth quarter and fiscal year 2026 results.](dakt-20260502x8kexx991.htm)</u> |
| 104 | Cover page Interactive Data File (embedded within the Inline XBRL document). |

---

The information contained in Items 2.02, 7.01, 8.01, and 9.01 of this Report, including the Release, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to liability under that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "***Securities Act***"), or the Exchange Act, regardless of any general incorporation language in such a filing, except as shall be expressly set forth by specific reference in such a filing.

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | **DAKTRONICS, INC.** |
| | <u>By: /s/ Howard I. Atkins</u> |
| | Howard I. Atkins |
| | Acting Chief Financial Officer <br>(Principal Financial Officer and Principal Accounting Officer) |
| Date: June 24, 2026 |  |

---

## Exhibit 99.1

**Exhibit 99.1**

![image_0a.jpg](image_0a.jpg)

**Daktronics Announces Fourth Quarter and Full Fiscal Year 2026 Results** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Record net sales for fiscal 2026 of $838.7 million*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Record orders for fiscal 2026 of $860.8 million*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Q4 EPS of $0.17, adjusted EPS*<sup>(1)</sup> *of $0.27, up 50% from adjusted EPS*<sup>(1)</sup> *YoY*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Product backlog rose to $356.2 million at year end with solid pipeline entering fiscal 2027*

BROOKINGS, S.D., June 24, 2026 -- Daktronics, Inc. (NASDAQ: DAKT) (the "Company", "Daktronics", "we", "our", or "us"), a recognized industry leader in the design and manufacturing of best-in-class dynamic video communication displays and control systems for customers worldwide, today reported results for its fiscal year and fourth quarter ended May 2, 2026. Fiscal 2026 was a 53-week year, with an extra week in the first quarter, whereas fiscal 2025 was a 52-week year.

Fiscal Q4 and full year 2026 financial highlights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q4 sales of $208.6 million, up 20.9% from the fourth quarter fiscal 2025, and record full year sales of $838.7 million, up 10.9% from full year fiscal 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q4 operating margin of 6.8% compared to negative operating margin of 1.0% in the year-earlier period, full year operating margin of 7.3%, compared to 4.4% in fiscal 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q4 earnings per share ("EPS") of $0.17 compared to loss per share of $0.19 in the year-earlier period, adjusted EPS<sup>(1)</sup> of $0.27 compared to $0.18 in the year-earlier period; full-year EPS of $0.92 compared to loss per share of $0.21 in the year-earlier period, full year adjusted EPS of $1.05<sup>(1)</sup> compared to $0.84<sup>(1)</sup> for fiscal 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q4 new orders for products and services of $222.0 million<sup>(2)</sup>, down 7.7% from the exceptionally strong Q4 of fiscal 2025; record full year new orders of $860.8 million<sup>(2)</sup>, up 10.2% compared to full year 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Product backlog of $356.2 million<sup>(2)</sup>, up 4.3% from prior year end

"During fiscal 2026, Daktronics successfully completed numerous profitable business initiatives, laying the foundation for gaining momentum in executing our three-year strategic plan that started in fiscal 2025, advancing key initiatives that delivered accelerated sales growth, increased profitability, and a multi-quarter backlog of orders for a strong finish to the year," said Ramesh Jayaraman, Daktronics' President and Chief Executive Officer. "In fiscal 2026, we delivered record net sales and orders, reflecting efficient backlog conversion, steady customer demand and effective sales practices supporting our broad product and services portfolio. Margin expansion for the year was driven by stronger operational efficiency, improved supply chain execution, and disciplined inventory and working capital management, along with pricing actions aligned with our strategic initiatives. We ended the year on a strong note, delivering adjusted EPS<sup>(1)</sup> of $0.27 in the fourth quarter."

**Tracking to Three-Year Plan**

As outlined at Daktronics' April 9, 2026, Investor Day, management is focused on executing strategic priorities to support growth, operational excellence and cash deployment along the following strategic pillars:

(1) Adjusted Operating Income, Adjusted Net Income, and Adjusted EPS are measures not defined by accounting principles generally accepted in the United States of America ("GAAP"). These non-GAAP measures are used to report our results exclusive of items that are non-recurring or not core to our operating business. We believe presenting this non-GAAP financial measurement provides investors with a consistent way to analyze our performance. For more information, see the supplemental calculation contained later in this release.

(2) Orders and backlog metrics are non-GAAP measures, and our methodology for determining orders and backlog may vary from the methodology used by other companies in determining their orders and backlog amounts. For more information related to backlog, see Part I, Item 1. Business of our Annual Report on Form 10-K for the fiscal year ended May 2, 2026.

------

![strategyexecutionv2.jpg](strategyexecutionv2.jpg)

"We enter fiscal 2027 with concrete execution plans in place, balancing our strategic priorities between growth and operational excellence," said Jayaraman. "Our focus is to enhance our core organic growth capability, optimize our operating model to better serve customers while improving ROIC, and deploying capital in a disciplined manner to support organic growth, pursue targeted M&A, and return capital to shareholders through our share repurchase program. We are well positioned with a $356.2 million multi-quarter product backlog and a strong pipeline across all business segments backed by secular demand drivers. I'd like to thank our customers for their continued trust in Daktronics and our approximately 2,700 employees for what they have accomplished. Because of our team's dedication, we are tracking well toward our fiscal 2028 targets of 7-10% revenue CAGR, 10-12% operating margin and 17-20% ROIC."

**Fourth Quarter and Year-to-Date Results**

"Our team delivered an exceptional fiscal 2026, with record net sales, record orders, and a 290 basis point increase in operating margin," said Daktronics' Acting Chief Financial Officer Howard Atkins.

Full year 2026 orders increased 10.2 percent to a record $860.8 million, led by the Live Events business unit which won five of five Major League Baseball stadium installations since the third quarter of fiscal 2025. The Transportation and International business units had their own record orders quarters during the year. Fourth quarter fiscal 2026 orders declined 7.7 percent compared to an exceptionally strong fourth quarter of fiscal 2025 in which orders accelerated in advance of pricing increases. Product backlog rose to $356.2 million, with new orders exceeding revenue throughout the year.

Net sales for the fourth quarter of fiscal 2026 were up 20.9 percent from the year-earlier period, driven by the Live Events, High School Park and Recreation, and Transportation business units. The Commercial and International business unit net sales were relatively flat year-over-year. For the full year fiscal 2026, net sales were up 10.9 percent to a record $838.7 million due to strong order growth, the introduction of value-based pricing, and efficient revenue conversion.

Fourth quarter gross profit increased 3.0 percent from a year ago on higher revenue and wider gross profit margin, which increased to 28.0 percent for the fourth quarter of fiscal 2026 compared to 25.0 percent for the fourth quarter of fiscal 2025. A recapture of a prior period warranty provision accounted for 62 basis points of the 28.0 percent gross profit margin. For the full year, gross profit as a percentage of net sales increased to 27.3 percent, including warranty recapture, for fiscal 2026 from 25.8 percent in the prior year. Factors contributing to the margin increase included value-based price increases and operational efficiencies in working capital. The Company is monitoring developments related to tariff refunds, and no amounts have been recognized in the financial statements as of May 2, 2026, due to ongoing uncertainty regarding eligibility, timing and amount.

Operating expenses for the fourth quarter of fiscal 2026 were $44.4 million and relatively flat compared to $44.9 million for the fourth quarter of fiscal 2025. Operating expenses were $168.2 million for the full fiscal 2026 year compared to $162.4 million for the full fiscal 2025 year, an increase of 3.6 percent. The year-over-year increase primarily reflects higher

------

product design and development expenses, including costs associated with the acquisition of certain assets of X Display Company Technology Limited ("XDC").

Operating expenses during fiscal 2026 also included expenses related to management transition costs, advisory services, and legal expenses associated with the XDC acquisition. By comparison, expenses incurred during fiscal 2025 were primarily related to consultant and advisory costs supporting strategic and digital transformation initiatives and corporate governance matters.

Operating margin was 6.8 percent for the fourth quarter of fiscal 2026 compared to an operating loss of 1.0 percent for the fourth quarter of fiscal 2025. Operating margin was 7.3 percent for fiscal 2026 compared to 4.4 percent for fiscal 2025.

The increase in net interest income for the fourth quarter of fiscal 2026 compared to the same period a year ago is primarily due to a higher average cash level invested in interest-bearing accounts. During the third and fourth quarters of fiscal 2025, interest expense included interest on the convertible note payable, which was settled during fiscal 2025.

The change in fair value of the convertible note was caused by the conversion of the entire convertible note in the third and fourth quarters of fiscal 2025.

The Company's effective tax rate for fiscal 2026 was 22.2 percent compared to negative 73.0 percent for fiscal 2025. During fiscal 2025, the Company's effective income tax rate was primarily impacted due to the convertible note fair value adjustment to expense that is not deductible for tax purposes. In fiscal 2026, there were no further impacts of fair value adjustments on the convertible note and our effective tax rate has normalized closer to the U.S. statutory rate.

Fourth quarter fiscal 2026 earnings per diluted share were $0.17, compared to a loss per diluted share of $0.19 in the fourth quarter fiscal 2025. For fiscal 2026, earnings per diluted share were $0.92, compared to a loss per diluted share of $0.21 in fiscal 2025. Fourth quarter fiscal 2026 adjusted EPS<sup>(1)</sup> of $0.27 excludes a $3.8 million provision for possible credit losses related to the exit of an investment in an affiliate and was up 50.0 percent from adjusted EPS<sup>(1)</sup> in the year-earlier period. Fourth quarter fiscal 2025 adjusted EPS<sup>(1)</sup> of $0.18 excludes a $15.5 million provision for possible credit losses booked related to the exit of an investment in a different affiliate.

**Balance Sheet and Cash Flow**

Cash and cash equivalents totaled $131.6 million as of May 2, 2026, and $10.8 million of total current and long-term debt was outstanding as of that date. Accounts receivable as of May 2, 2026, was $118.6 million compared to $92.8 million at the end of fiscal 2025.

The Company has a $71.5 million senior credit facility that consists of a cash flow-backed revolving line of credit. As of May 2, 2026, there were no advances under the loan portion of the line of credit, and the balance of letters of credit outstanding was $1.9 million.

In fiscal 2026, Daktronics generated $49.2 million of cash from operations, of which $14.9 million was used for purchases of property and equipment. During fiscal 2026, the Company repurchased 1.4 million shares of common stock at the volume-weighted average price of $17.80, equaling $25.4 million of share repurchases. In the fourth quarter of fiscal 2026, the Company repurchased 0.1 million shares of common stock at the volume-weighted average price of $19.56, equaling $2.6 million of share repurchases.

At the end of fiscal 2026, the Company's working capital ratio was 2.3 to 1.

**Webcast Information** 

The Company will host a conference call and webcast to discuss its financial results today at 10:00 a.m. (Central Time). This call will be broadcast live at http://investor.daktronics.com, where related presentation materials will also be posted prior to the conference call. A webcast will be available for replay shortly after the event.

**About Daktronics**

Daktronics has strong leadership positions in, and is the world's largest supplier of, large-screen video displays, electronic scoreboards, LED text and graphics displays, and related control systems. The Company excels in the control of display

(1) Adjusted Operating Income, Adjusted Net Income, and Adjusted EPS are measures not defined by accounting principles generally accepted in the United States of America ("GAAP"). These non-GAAP measures are used to report our results exclusive of items that are non-recurring or not core to our operating business. We believe presenting this non-GAAP financial measurement provides investors with a consistent way to analyze our performance. For more information, see the supplemental calculation contained later in this release.

(2) Orders and backlog metrics are non-GAAP measures, and our methodology for determining orders and backlog may vary from the methodology used by other companies in determining their orders and backlog amounts. For more information related to backlog, see Part I, Item 1. Business of our Annual Report on Form 10-K for the fiscal year ended May 2, 2026.

------

systems, including those that require integration of multiple complex displays showing real-time information, graphics, animation, and video. Daktronics designs, manufactures, markets and services display systems for customers around the world in four domestic business units: Live Events, Commercial, High School Park and Recreation, and Transportation; and one International business unit. For more information, visit the Company's website at: www.daktronics.com.

**Safe Harbor Statement**

All statements, other than historical facts, included or incorporated in this release could be deemed forward-looking statements, particularly statements that reflect our expectations or beliefs of Daktronics, Inc. (the "Company," "Daktronics," "we," or "us") concerning future events or our future financial performance. You are cautioned not to place undue reliance on forward-looking statements, which are often characterized by discussions of strategy, plans, or intentions or by the use of words such as "may," "would," "could," "should," "will," "expect," "estimate," "anticipate," "believe," "plan," "forecast," "project," "outlook," "focus," "goal," "target," "transform," "expand," "grow," "predict," "potential," "continue," or "intend," the negative or other variants of such terms, or other comparable terminology. The Company cautions that these forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations as a result of various factors, including, but not limited to, changes in economic and market conditions, management of growth, timing and magnitude of future contracts, orders, and capital investment projects, fluctuations in margins, the introduction of new products and technology, the impact of adverse weather conditions, increased regulation, the imposition of tariffs or other trade restrictions, the availability and costs of raw materials, components, and shipping services, geopolitical and governmental actions, expansion into new geographical markets, the Company's recent leadership transition, transformation initiatives, future strategy, and other risks, trends, and uncertainties described more fully in the Company's Annual Report on Form 10-K for its 2026 fiscal year (the "Form 10-K") and in other reports filed with or furnished to the U.S. Securities and Exchange Commission (the "SEC") by the Company. You should carefully consider the trends, risks, and uncertainties described in this press release, the Form 10-K, other reports filed with or furnished to the SEC by the Company, and other press releases and stockholders reports of the Company before making any investment decision with respect to our securities. If any of these trends, risks, or uncertainties continues or occurs, our business, financial condition, or operating results could be materially and adversely affected, the trading prices of our securities could decline, and you could lose part or all of your investment.

Forward-looking statements are made in the context of information available as of the date of this press release and are based on our current expectations, forecasts, estimates, and assumptions. The Company disclaims any obligation to update or revise any forward-looking statements to reflect actual results or circumstances or events occurring after this release affecting the forward-looking statements except as may be required by applicable law. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.

**For more information contact:**

INVESTOR RELATIONS:

Howard Atkins, Acting Chief Financial Officer

Tel (605) 692-0200

<u>Investor@daktronics.com</u>

Alliance Advisors IR

Carolyn Capaccio / Jody Burfening

<u>DAKTIRTeam@allianceadvisors.com</u>

MEDIA RELATIONS

<u>media@daktronics.com</u>

------

**Daktronics, Inc. and Subsidiaries**

**Consolidated Statements of Operations**

(in thousands, except per share amounts)

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **May 2, 2026** | **April 26, 2025** | **May 2, 2026** | **April 26, 2025** |
| Net sales | $208610  | $172551  | $838706  | $756477  |
| Cost of sales | 150130  | 129406  | 609700  | 560990  |
| &nbsp;&nbsp;&nbsp;**Gross profit** | 58480  | 43145  | 229006  | 195487  |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling | 16590  | 15200  | 64815  | 60011  |
| &nbsp;&nbsp;&nbsp;General and administrative | 15984  | 19727  | 59885  | 63498  |
| &nbsp;&nbsp;&nbsp;Product design and development | 11815  | 9958  | 43458  | 38860  |
|  | 44389  | 44885  | 168158  | 162369  |
| &nbsp;&nbsp;&nbsp;**Operating income (loss)** | 14091  | (1740) | 60848  | 33118  |
| Nonoperating income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income (expense), net | 1107  | 637  | 3630  | 1347  |
| &nbsp;&nbsp;&nbsp;Change in fair value of convertible note | —  | 2848  | —  | (22521) |
| &nbsp;&nbsp;&nbsp;Other expense, net | (4461) | (15183) | (6144) | (17795) |
| &nbsp;&nbsp;&nbsp;**Income (loss) before income taxes** | 10737  | (13438) | 58334  | (5851) |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit)  | 2322  | (4013) | 12958  | 4270  |
| &nbsp;&nbsp;&nbsp;**Net income (loss)** | $8415  | $(9425) | $45376  | $(10121) |
| Weighted average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 48258  | 49516  | 48564  | 47587  |
| &nbsp;&nbsp;&nbsp;Diluted | 49032  | 49516  | 49382  | 47587  |
| Earnings (loss) per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.17  | $(0.19) | $0.93  | $(0.21) |
| &nbsp;&nbsp;&nbsp;Diluted | $0.17  | $(0.19) | $0.92  | $(0.21) |

---

------

**Daktronics, Inc. and Subsidiaries**

**Consolidated Balance Sheets**

(in thousands)

(unaudited)

---

| | | |
|:---|:---|:---|
| | **May 2, 2026** | **April 26, 2025** |
| **ASSETS** |  | |
| CURRENT ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $131639  | $127507  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 118590  | 92762  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 110471  | 105839  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract assets | 66552  | 41169  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term receivables | 3405  | 2437  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 11278  | 8520  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax receivables | 6047  | 3217  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 447982  | 381451  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 64263  | 73884  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term receivables, less current maturities | 1125  | 1030  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 3685  | 3188  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangibles, net | 3263  | 568  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs, net | —  | 1289  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right of use, investment in affiliates, and other assets | 11828  | 9378  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 22266  | 32104  |
| TOTAL ASSETS | $554412  | $502892  |

---

------

**Daktronics, Inc. and Subsidiaries**

**Consolidated Balance Sheets** (continued)

(in thousands)

(unaudited)

---

| | | |
|:---|:---|:---|
|  | **May 2, 2026** | **April 26, 2025** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** | | |
| CURRENT LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | $1150  | $1500  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 68617  | 46669  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | 65310  | 69050  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 44858  | 41705  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warranty obligations | 12398  | 12706  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 1375  | 375  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 193708  | 172005  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term warranty obligations | 24362  | 23124  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term contract liabilities | 20655  | 18421  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term obligations | 5289  | 6839  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net | 9629  | 10487  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 22  | 85  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term liabilities | 59957  | 58956  |
| STOCKHOLDERS' EQUITY: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Shares, $0.00001 par value, authorized 5,000 shares; no shares issued and outstanding | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.00001 par value, authorized 115,000 shares; 53,650 and 53,030 shares issued as of May 2, 2026 and April 26, 2025, respectively | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 196837  | 189940  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 173286  | 127910  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost, 5,406 and 3,979 shares as of May 2, 2026 and April 26, 2025, respectively | (65324) | (39759) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (4052) | (6160) |
| TOTAL STOCKHOLDERS' EQUITY | 300747  | 271931  |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $554412  | $502892  |

---

------

**Daktronics, Inc. and Subsidiaries**

**Consolidated Statements of Cash Flows**

(in thousands)

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Year Ended** | **Year Ended** |
| | **May 2, 2026** | **April 26, 2025** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $45376  | $(10121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 19339  | 19547  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of property, equipment and other assets | (209) | (156) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 4905  | 2944  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in loss of affiliates | 2008  | 3053  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses on affiliate loan | 3205  | 15480  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision (recovery) for doubtful accounts, net | 627  | (644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes, net | 9938  | (6300) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of convertible note | —  | 22521  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities | (35972) | 51389  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | 49217  | 97713  |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (14917) | (19494) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of property, equipment and other assets | 615  | 277  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition, net of cash acquired | 44  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to equity investees | (5383) | (4565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | (19641) | (23782) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings on notes payable | 1400  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on notes payable | (2883) | (2108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments on long-term obligations | (104) | (414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for common shares repurchased | (25565) | (29474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 1796  | 5153  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax payments related to RSU issuances | (882) | (606) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in financing activities** | (26238) | (27449) |
| EFFECT OF EXCHANGE RATE CHANGES ON CASH | 794  | (653) |
| NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 4132  | 45829  |
| CASH, CASH EQUIVALENTS AND RESTRICTED CASH: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 127507  | 81678  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period | $131639  | $127507  |

---

------

**Daktronics, Inc. and Subsidiaries**

**Net Sales and Orders by Business Unit**

(in thousands)

(unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **May 2,<br>2026** | **April 26,<br>2025** | **Dollar**<br>**Change** | **Percent**<br>**Change** | **May 2,<br>2026** | **April 26,<br>2025** | **Dollar**<br>**Change** | **Percent**<br>**Change** |
| **Net Sales:** |  |  |  |  | |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial | $40347  | $40589  | $(242) | (0.6)% | $180772  | $156203  | $24569  | 15.7% |
| &nbsp;&nbsp;&nbsp;Live Events | 84861  | 59597  | 25264  | 42.4  | 321053  | 291484  | 29569  | 10.1  |
| &nbsp;&nbsp;&nbsp;High School Park and Recreation | 46287  | 40477  | 5810  | 14.4  | 183250  | 165921  | 17329  | 10.4  |
| &nbsp;&nbsp;&nbsp;Transportation | 23578  | 18304  | 5274  | 28.8  | 76700  | 81061  | (4361) | (5.4) |
| &nbsp;&nbsp;&nbsp;International | 13537  | 13584  | (47) | (0.3) | 76931  | 61808  | 15123  | 24.5  |
|  | $208610  | $172551  | $36059  | 20.9% | $838706  | $756477  | $82229  | 10.9% |
| **Orders:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial | $44131  | $48930  | $(4799) | (9.8)% | $172089  | $176583  | $(4494) | (2.5)% |
| &nbsp;&nbsp;&nbsp;Live Events | 81195  | 84225  | (3030) | (3.6) | 336012  | 283780  | 52232  | 18.4  |
| &nbsp;&nbsp;&nbsp;High School Park and Recreation | 50136  | 59263  | (9127) | (15.4) | 188245  | 176097  | 12148  | 6.9  |
| &nbsp;&nbsp;&nbsp;Transportation | 21692  | 23496  | (1804) | (7.7) | 89467  | 72315  | 17152  | 23.7  |
| &nbsp;&nbsp;&nbsp;International | 24892  | 24769  | 123  | 0.5  | 75022  | 72572  | 2450  | 3.4  |
|  | $222046  | $240683  | $(18637) | (7.7)% | $860835  | $781347  | $79488  | 10.2% |

---

**Reconciliation of Free Cash Flow**<sup>\*</sup>

(in thousands)

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Twelve Months Ended** | **Twelve Months Ended** |
| | **May 2,<br>2026** | **April 26, 2025** |
| Net cash provided by operating activities | $49217  | $97713  |
| Purchases of property and equipment | (14917) | (19494) |
| Proceeds from sales of property and equipment | 615  | 277  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Free cash flow | $34915  | $78496  |

---

\*The table above reconciles free cash flow to the most directly comparable GAAP financial measure. In evaluating its business, Daktronics considers and uses free cash flow as a key measure of its operating performance. The term free cash flow is not defined under accounting principles generally accepted in the United States of America ("GAAP"). It is not a measure of operating income, cash flows from operating activities or other GAAP figures and should not be considered alternatives to those computations. We define free cash flow as net cash provided by operating activities less payments for property, plant and equipment, plus proceeds from the sale of, insurance recovery for and grants for property, plant and equipment, if applicable. Our definition of free cash flow may not be comparable to similarly titled definitions used by other companies. Free cash flow is intended to provide information that may be useful for investors when assessing period to period results because it provides them with additional information in assessing our liquidity, capital resources and financial operating results.

------

**Reconciliation of Adjusted Operating Income\***

(in thousands)

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **May 2,<br>2026** | **April 26,<br>2025** | **May 2,<br>2026** | **April 26,<br>2025** |
| Operating income (loss) (GAAP measure) | $14091  | $(1740) | $60848  | $33118  |
| Management transition expenses | 100  | 2614  | 2145  | 2614  |
| XDC acquisition, advisory, and legal costs | 126  | —  | 575  | —  |
| Consultant related expenses associated with business transformation initiatives | 1062  | 1031  | 1062  | 7085  |
| Corporate governance expenses | —  | 3881  | —  | 6825  |
| Adjusted operating income (non-GAAP measure) | $15379  | $5786  | $64630  | $49642  |

---

\*In evaluating its business, Daktronics considers and uses adjusted operating income as a key measure of its operating performance. The term adjusted operating income is not defined under GAAP and is not a measure of operating income, cash flows from operating activities, or other GAAP figures and should not be considered alternatives to those computations. We define adjusted operating income as operating income (loss) plus management transition expenses, acquisition related expenses, consulting related expenses related to our business transformation initiatives, and corporate governance expenses related to legal and advisory costs of reincorporation and shareholder relations. Management transition and acquisition related expenses incurred during the first and second quarters of fiscal 2026 were immaterial and, accordingly, were not previously disclosed as adjustments. These expenses became more significant during the third quarter of fiscal 2026 and are therefore reflected in the twelve-month adjusted operating income calculation. Management believes adjusted operating income is a useful indicator of our financial performance and our ability to generate cash flows from operations. Our definition of adjusted operating income may not be comparable to similarly titled definitions used by other companies. The table above reconciles adjusted operating income to comparable GAAP financial measures.

**Reconciliation of Adjusted Net Income and Adjusted Earnings per Share\***

(in thousands, except per share data)

(unaudited)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **May 2, 2026** | **April 26, 2025** | **May 2, 2026** | **April 26, 2025** |
| Net income (loss) (GAAP measure) | $8415  | $(9425) | $45376  | $(10121) |
| Management transition, net of taxes | 74  | 1934  | 1587  | 1934  |
| XDC acquisition, advisory, and legal costs | 93  | —  | 426  | —  |
| Consultant related expenses associated with business transformation initiatives, net of taxes | 786  | 763  | 786  | 5243  |
| Allowance for credit losses on affiliate loan | 3750  | 15480  | 3750  | 15480  |
| Corporate governance expenses, net of taxes | —  | 2872  | —  | 5050  |
| Change in fair value of convertible note | —  | (2848) | —  | 22521  |
| Adjusted net income (non-GAAP measure) | $13118  | $8776  | $51925  | $40107  |
| Diluted weighted-average number of common shares outstanding | 49032  | 49516  | 49382  | 47587  |
| Diluted earnings (loss) per share (GAAP measure) | $0.17  | $(0.19) | $0.92  | $(0.21) |
| Adjusted diluted earnings per share (non-GAAP measure) | $0.27  | $0.18  | $1.05  | $0.84  |

---

\*Adjusted net income using 26% tax rate. The table above reconciles adjusted net income and adjusted EPS to the most directly comparable GAAP financial measure. In evaluating its business, Daktronics considers and uses adjusted net income and adjusted EPS as key measures of its operating performance. The terms adjusted net income and adjusted EPS are not defined under GAAP. They are not measures of net income or other GAAP figures and should not be considered alternatives to those computations. We disclose adjusted net income and adjusted EPS as non-GAAP financial measures in order to report our results exclusive of items that are non-recurring, unique, or not core to our operating business. Our definition of adjusted net income and adjusted EPS may not be comparable to similarly titled definitions used by other companies. Management believes presenting this non-GAAP financial measurement provides investors with a consistent way to analyze our performance.

**Reconciliation of Long-term Debt**

(in thousands)

(unaudited)

Long-term debt consists of the following:

---

| | | |
|:---|:---|:---|
|  | **May 2,<br>2026** | **April 26,<br>2025** |
| Mortgage | 10925  | 12375  |
| **Long-term debt, gross** | 10925  | 12375  |
| Debt issuance costs, net | (146) | (388) |
| Current portion | (1150) | (1500) |
| **Long-term debt, net** | $9629  | $10487  |

---

<br>