Daktronics delivered a Q3 fiscal 2025 (quarter ended January 25, 2025) revenue of $149.5 million and a gross margin of 24.6%, with the quarter resulting in an operating loss of $3.6 million and a net loss of $17.2 million. The results reflect typical seasonality (Q3 is historically softer) and ongoing investment in the company’s digital transformation, which contributed to non-cash and one-time costs that pressured near-term profitability. Management emphasized that the business remains in a multi-year growth and margin-expansion trajectory driven by a transformation program designed to lift ROIC to the top quartile (17-20%) by 2028 and to achieve 10-12% operating margins with high-single-digit to low-double-digit revenue growth (7-9% CAGR over three fiscal years). The company also highlighted a solid backlog of $273 million and robust operating cash flow generation (Q3 OCF of $12.0 million; YTD $75.0 million), providing a solid liquidity runway as transformation initiatives mature.