Daktronics (DAKT) reported a first-quarter net loss of $4.95 million, a significant swing from the net income of $19.20 million recorded in the previous year. This reflects a loss per share of $0.11, contrasting last year's profit of $0.42 per share. The quarterly results, ending July 27, 2024, included a non-cash charge of $21.6 million for changes in the fair value of a convertible note payable. Adjusted net income fell to $16.64 million from $28.75 million in the same period.
Net sales for the first quarter declined by 2.8%, reaching $226.09 million compared to the corresponding period in fiscal 2024. The company attributed this decrease to lower volumes in the Commercial, High School Park and Recreation, and International business units.
In pre-market trading on Wednesday, Daktronics shares have fallen by 4%.
