Daktronics reported a resilient Q4 2024, with revenue of approximately $215.9 million and continued margin expansion as the company benefits from a higher mix of profitable projects and manufacturing efficiencies. The firm closed fiscal 2024 with stronger profitability and cash flow generation, underscored by an 8.7% year-over-year increase in orders and an 8.5% rise in net sales. Management attributed the quarterly strength to demand in Live Events and International orders, as well as ongoing pricing actions that supported a gross margin of about 25.7% in Q4 and a full-year gross margin around 27.2%, with a corresponding operating margin of 9.0% in the quarter and about 10.6% for the full year (non-GAAP adjustments discussed in the call). Daktronics also highlighted a multi-year digital transformation strategy, emphasizing higher-margin, recurring revenue through services, control systems, and content management, powered by Venus Control Suite and related cloud-based offerings. The company’s balance sheet remains solid with roughly $81.7 million of cash and equivalents at year-end and a net cash position of about $19 million, alongside manageable debt and improving working capital. Management underscored the durability of its SAM (Serviceable Addressable Market) expansion, ongoing penetration in Live Events, Transportation, and High School markets, and the potential for recurring revenue to meaningfully contribute to profitability over time. While the outlook remains cautiously optimistic, Daktronics faces macro risks from project-based capex cycles, international macro volatility, and competitive pricing pressures across out-of-home and commercial markets. Currency USD is assumed for all figures.