Shares of Daktronics Inc. (DAKT) plummeted over 25% in pre-market trading on Wednesday, following the release of the company's disappointing fiscal Q3 2025 financial results. The electronic display manufacturer reported a net loss of $17.156 million for the quarter ended January 25th, a sharp decline from a profit of $10.742 million in the prior year period.
The hefty Q3 net loss came as revenue fell 12.2% year-over-year to $149.507 million, while gross profit margins were largely flat. The company also swung to an operating loss of $3.628 million from operating income of $8.036 million a year ago, weighed down by higher expenses related to business transformation initiatives and corporate governance matters.
Separately, Daktronics announced that Chairman, President and CEO Reece Kurtenbach is stepping down from his roles, effective March 5th. Kurtenbach will remain involved in an advisory capacity to support the company's digital transformation plan. The Board has initiated a search for a new permanent CEO, appointing executive Brad Wiemann as interim CEO while the process continues.
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