What changed in this filing

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Item 1. Business

2026-06-24 compared with 2025-06-25 · 95 added, 91 removed, 180 unchanged (51% of the section changed)

Business Overview

Daktronics is an industry leader in designing and manufacturing electronic scoreboards, programmable display systems, large screen video displays for sporting, and commercial and transportation applications.

We serve our customers by providing high quality standard display products as well as custom-designed and integrated systems.

We offer a complete line of products, from small scoreboards and electronic displays to large multimillion-dollar video display systems as well as related control, timing, and sound systems.

We are recognized as a technical leader with the capabilities to design, market, manufacture, install, and service complete integrated systems displaying real-time data, graphics, animation, and video.

We engage in a full range of activities:

marketing and sales, engineering and product design and development, manufacturing, technical contracting, professional services, and customer service and support.

We were founded in 1968 by Dr.

Aelred Kurtenbach and Dr.

Duane Sander, professors of electrical engineering at South Dakota State University in Brookings, South Dakota.

The Company began with the design and manufacture of electronic voting systems for state legislatures.

In 1971, Daktronics developed the patented Matside® wrestling scoreboard, the first product in the Company’s growing and evolving line of scoreboard products.

In 1994, Daktronics became a publicly-traded company and invested in display technologies and new markets.

During fiscal 2025, we formed a Business Transformation Office (“BTO”), which has undertaken a comprehensive review of the Company’s business, strategy, and operations and is developing a set of strategic initiatives, enabled in part by the Company’s previously announced digital transformation, to provide even better outcomes for customers, deeper penetration of the Company’s current and adjacent market verticals, above-market growth, and more efficient delivery, fulfillment, and service.

We have continued these investments and have supported our long-term customer relationships to grow from a small company operating out of a garage to a world leader in the display industry.

Daktronics designs, manufactures, and sells electronic display systems and related solutions used in sports, commercial, and transportation applications.

The Company’s offerings include standard display products as well as custom-designed and integrated systems that incorporate display hardware, control systems, and software.

The Company’s product portfolio ranges from small scoreboards and electronic displays to large-scale video display systems deployed in stadiums, arenas, commercial facilities, and other public venues.

These systems are often integrated with related technologies, including control, timing, and audio systems, and are used to present real-time data, graphics, animation, and video.

Daktronics operates a vertically integrated business model that includes marketing and sales, engineering and product design and development, manufacturing, installation, and ongoing customer support.

This lifecycle approach allows the

Company to support customers from initial system design and installation through long-term maintenance, upgrades, and replacement cycles.

In addition to equipment sales and installation, the Company provides services that include technical support, professional services, and software-based solutions that enable customers to operate and manage their display systems.

Daktronics was founded in 1968 in Brookings, South Dakota and became a publicly traded company in 1994.

The Company operates globally, with manufacturing, sales, and service capabilities that support customers across multiple geographic regions and end markets.

We currently employ 2,693 people globally.

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Available Information

We file annual, quarterly and current reports, proxy statements, and other information with the SEC.

We file annual, quarterly, and current reports, proxy statements, and other information with the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act.

Daktronics makes available, free of charge on the “Investor Relations” section of our website at https://investor.daktronics.com/, our annual reports on Form 10-K;

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and any amendments to those reports filed or furnished pursuant to the Exchange Act.

Our reports and other information filed with the SEC are made available as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC.

Our reports and other information filed with the SEC are made available online as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC.

Information contained on our website is not deemed to be incorporated by reference into this Report or filed with the SEC.

Additionally, you may read all of the materials that we file with the SEC by visiting the SEC's website at www.sec.gov .

This site contains reports, proxy and information statements, and other information regarding the Company and other companies that file electronically with the SEC.

Reportable Segments

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Industry Background

Over the years, our products have evolved significantly from scoreboards and matrix displays with related software applications to complex, integrated visual display systems which include full color video with text and graphics displays located on a local or remote network that are tied together through sophisticated control systems.

In the mid-1990’s, as light emitting diodes (“LEDs”) became available in red, blue, and green colors with outdoor brightness, we pioneered the development of full color LED video displays capable of replicating trillions of colors, thereby producing large format video systems with excellent color, brightness, energy efficiency, and lifetime.

Due to our foundation of developing scoring and graphics display systems, we were able to add video capabilities so we could meet all our customers’ large format display needs in a complete, integrated system.

This has proven to be a key factor in Daktronics becoming a leader in large electronic displays.

LED technologies continue to evolve and advance, creating new high-resolution and micro-LED display options of all shapes and sizes.

Today, the industry continues development in both the construct of the micro-LED and production methods of micro-LED display panels using mass-transfer technology.

Integrated visual display systems are increasingly used across a variety of vertical markets including:

media/advertising, stadiums/venues, hospitality/leisure, transportation, military and government, broadcast, control room, corporate and education, and retail.

Generally, these vertical markets use systems to collaboratively communicate, inform, entertain, and advertise to various sized audiences.

Advances in technologies and the decrease in costs of systems have opened up and increased the market’s size.

The market for large-format digital display systems has evolved from the use of traditional scoreboards and basic electronic displays to integrated visual communication systems that combine hardware, software, and services.

Advancements in light emitting diode (“LED”) technology have enabled the development of high-resolution, energy-efficient displays capable of delivering dynamic video, graphics, and data in a wide range of environments.

Today, digital display systems are used across multiple vertical markets, including sports and live events, commercial and advertising, transportation, and other public and private infrastructure applications.

These systems are used to inform, entertain, and engage audiences, and increasingly serve as platforms for advertising, real-time information delivery, and enhanced user experience.

Industry demand is supported by continued adoption of digital display technologies, including the ongoing transition from static to digital signage, increasing display resolution and size, and the use of integrated software and control systems to manage content and operations.

In addition, the declining cost of display technologies and advancements in manufacturing processes have expanded the accessibility and application of these systems across a broader set of customers and use cases.

Description of Business

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Our sales force is comprised of direct sales staff and resellers, including AV integrators, located throughout the world supporting all customer types in both sales and service.

We primarily use a direct sales force for large integrated display system sales in professional sports, colleges and universities, and commercial spectacular projects.

We also use our direct sales force to sell to out-of-home advertising companies, to transportation system operators, and to certain high school park and recreation customers.

We primarily use our direct sales force for large integrated display system sales in professional sports, colleges and universities, and commercial spectacular projects.

We also use our direct sales force to sell to out-of-home advertising companies, transportation system operators, and certain high school, park and recreation customers.

The majority of our products sold by resellers are standard catalog products such as video boards and dynamic message systems and increasingly include indoor micro-LED configurable display systems.

We also utilize resellers outside North America for large integrated system sales where we do not have a direct sales presence.

We support our resellers through direct mail/email advertising, social media campaigns, trade journal advertising, product and installation training, trade show exhibitions, and accessibility to our regional sales or service teams and demonstration equipment.

We support our resellers through direct mail, email advertising, social media campaigns, trade journal advertising, product and installation training, trade show exhibitions, and accessibility to our regional sales and service teams and demonstration equipment.

Engineering and Product Design and Development.

The large format electronic display industry is characterized by ongoing product innovations and developments in technology and complementary services.

To remain competitive, we have a tradition of applying engineering resources throughout our business to anticipate and respond rapidly to the system needs in the marketplace.

To remain competitive, we have a tradition of applying engineering resources throughout our business to anticipate and respond rapidly to system needs in the marketplace.

We employ and contract with engineers and technicians in the areas of mechanical and electrical design;

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and customer and product support.

Product managers assigned to each product family assist our sales staff in training and implementing product improvements which ensures each product is designed for maximum reliability and serviceability.

Product managers assigned to each product family assist our sales staff in training and implementing product improvements ensuring each product maintains maximum reliability and serviceability.

We employ and contract with process engineers to assist in quality and reliability processing in our product design testing and manufacturing areas.

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The majority of our products are manufactured in the United States, specifically in South Dakota and Minnesota.

We also have manufacturing facilities in China and Ireland.

We also have manufacturing facilities in China and Ireland, and plan to open a facility in Mexico in fiscal 2027.

We perform component manufacturing, system manufacturing (metal fabrication, electronic assembly, sub-assembly, and final assembly), and testing in-house for most of our products to control quality, improve response time, and maximize cost-effectiveness.

Given the cyclical nature of some parts of our business and dispersed sales geography, we balance and maintain our ability to manufacture the same products across our plants so we can efficiently utilize our capacity and reduce costs.

A key strategy of ours is to increase standardization and commonality of parts and manufacturing processes across product lines through the use of product platforms to increase efficiencies.

Given the cyclical nature of some parts of our business and our dispersed sales geography, we balance and maintain our ability to manufacture the same products across our plants so we can efficiently utilize our capacity and reduce costs.

A key strategy of ours is to increase standardization and commonality of parts and manufacturing processes across product lines using product platforms to increase efficiencies.

Other strategies include supplier management programs, reduction in complexity focus, and lean manufacturing techniques.

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In these cases, we serve as a contractor and may retain subcontractors for electrical, steel, and installation labor.

We have developed relationships with many subcontractors throughout the United States and the world, which is an advantage for us in bidding and delivering on these projects.

We have developed relationships with many subcontractors throughout the United States and internationally, producing an advantage in bidding and delivering on these projects.

We are licensed as a general contractor in many jurisdictions.

Professional Services.

To assist our clients’ ability to engage, inform, and entertain their audiences, we provide professional services including event support, event production curriculum, content creation, product maintenance, marketing assistance, training on hardware and software, control room design, and continuing technical support training for operators.

To assist our clients’ ability to engage, inform, and entertain their audiences, we provide professional services including event support, event production curriculum, content creation, product maintenance, marketing assistance, initial and ongoing hardware and software training, control room design, and continuing technical support for operators.

Customer Service and Support.

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Our field service personnel and third-party service partners are trained to provide on-site support.

We use third-party service partners to allow us to respond to the changes in volume of service requests during our seasonal peaks.

We use third-party service partners to allow us to respond to changes in volume of service requests we experience during our seasonal peaks.

Products and Technologies

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We customize our products according to the design specifications of the customer and the conditions of the environment in which our products function.

Our products are comprised of the following product families:

Our product offerings fall into two broad categories:

(1) various families of digital display hardware systems and (2) the control systems and software that manage and drive those displays.

The following product families reflect this structure:

Audio/Visual Hardware and Digital Media Players

• Video displays/video walls

• Scoreboards and timing systems

• Sport scoreboard solutions

• LED Message displays and signs

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• Indoor dynamic messaging systems

• Software and controllers including Venus® Control Suite (“VCS”), Show Control Studio, and Show Control Live

Software and Controllers

• Venus® Control Suite (“VCS”)

• All Sport Scoring Control

• Show Control

Each of these product families is described below:

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Examples of offerings include centerhung displays, landmark displays, video walls, ribbon board displays, hanging banners, roadside displays, digital billboards, corporate office entrance displays, conference room displays, control room displays, and video displays designed for arenas, stadiums, retail stores, restaurants, malls, transportation hubs, and other similar indoor facilities.

Video displays provide content to serve as a revenue generation source through advertising or as an information and communication medium (such as scoring, statistics, wayfinding, advertising, and control center information), or to provide interior design elements to create luxurious space to feature digital art.

The control components for video displays in live event applications include our Show Control Software Suite, proprietary digital media players, and video processors.

These control components provide advanced capabilities for the display of live video and real-time content on our displays.

Video displays deliver content that serves as a revenue generation source for our customers through advertising or as an information and entertainment communication medium (such as scoring, statistics, live video, video replays, wayfinding, advertising, and control center information), or provide interior design elements to create luxurious space to feature digital art.

These displays are supported by control software, video processing hardware, and proprietary digital media players that enable playback, routing, and management of live video, graphics, and scheduled content.

The control components for video displays in live event applications include our Show Control Software Suite, which can integrate newer features like our Camino graphics engine, as well as proprietary digital media players, and video processors.

These control components provide capabilities for the display of live video and real-time content on our displays.

The Show Control Software Suite can operate an entire network of displays within a venue from a single, intuitive control interface.

Its features allow users to instantly deliver media clips, camera feeds, and streaming information to any display in a venue.

Scoreboards and Timing Systems.

Our line of scoreboards and timing products include indoor and outdoor scoreboards for many different sports, digit displays, scoring and timing controllers, statistics software, and other related products.

Indoor and outdoor systems range in complexity from small scoreboards to larger systems incorporating scoring, timing, video, message centers, advertising panels, and control software.

We offer a variety of controllers complementing our scoreboards and displays.

These controllers vary in complexity from the All Sport® 100, a handheld controller for portable scoreboards, to the All Sport® Pro, designed for more sophisticated scoring systems and allowing for more user-defined options.

As a key component of an integrated system, we market sports statistics and results software under the DakStats® trademark.

The software allows the entry and display of sports statistics and other information.

It is one of the leading applications of its type in collegiate and high school sports.

Sports Scoreboard Solutions.

We provide integrated display systems for indoor and outdoor scoring applications, including fixed-digit scoreboards, video displays, sound systems, advertising panels, and accents.

These systems are used in venues ranging from youth facilities and schools to college and professional venues.

Our systems are typically controlled using Daktronics All Sport® scoring controllers and Show Control display control solutions, which are described below in the software and controller section.

LED Message Displays and Signs.

The Galaxy® product line is a family of full-matrix displays, available in both indoor and outdoor models and controlled with the VCS.

The Galaxy® product line is a family of full-matrix displays, available in both indoor and outdoor models and controlled with VCS.

Galaxy® displays are full color or monochrome with varying pixel spacing depending on color, size, and viewing distance.

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They are used primarily to convey information and on-premise advertising to consumers.

The VCS software is used to control the creation of messages and graphic sequences for uploading to the Galaxy® displays.

This software is designed to be user friendly and applicable to all general advertising or message applications.

It can be used to control a single message display or can scale up to provide a secure, cloud-based control center for large networks of message displays.

ITS Dynamic Message Signs (“DMS”).

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Mass Transit Displays.

Our Mass Transit products include a wide range of LCD and LED display solutions for public transportation applications.

Our Mass Transit products include a wide range of liquid crystal display (“LCD”) and LED display solutions for public transportation applications.

Installations often involve a network of displays located on railway platforms, at bus stations, or on concourses within a transportation hub to guide travelers to their intended destination.

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Digital Street Furniture.

Our LED street furniture features some of the brightest imagery in the industry and is built to withstand full-sun conditions.

Our line of digital street furniture engages people with advertising content at eye level as they walk through campuses, cityscapes, and malls.

This design enhances the message and complements surrounding architecture.

These street furniture displays are our most flexible solution for digital OOH campaigns.

Our digital street furniture displays are pedestrian-level outdoor LED signage solutions used in OOH advertising and information applications.

They are typically integrated into urban streetscapes – for example, mounted in bus shelters, sidewalk kiosks, campuses, or transit hubs – to present dynamic advertising or messaging at eye level to people passing by.

These displays share robust design features with our other outdoor products:

high-brightness LED imaging for clear visibility even in direct sunlight and durable, weather-resistant enclosures to withstand full outdoor conditions.

Digital street furniture allows OOH advertisers and other customers to deploy engaging digital content in locations where traditional large billboards may not be practical (such as downtown pedestrian corridors or shopping centers), extending the reach of digital advertising into closer-viewing environments.

Digit and Price Displays.

This product line includes our DataTime® and Fuelight™ displays.

The DataTime® product line consists of outdoor time and temperature displays which use a remote sensor for temperature data.

Fuelight™ digit displays are specifically designed for the petroleum industry, offering high visibility and quick fuel price updates using the Fuelink™ control software.

We provide digit-based electronic displays for numeric information such as fuel prices, time, and temperature.

Our primary offering in this category is Fuelight™ digital price displays for fuel stations, which use high-brightness LED digits to ensure clear visibility of fuel prices and allow rapid price adjustments via our Fuelink™ control systems.

The latest Fuelight™ displays incorporate flexible numeric display features, including a full-matrix digit design that enables multiple fonts and price formats for different branding or regulatory needs.

The Fuelink™ control platform supports both handheld and in-store controllers, offering wired or wireless connections and integration with point-of-sale systems to update fuel prices quickly and consistently across one or many signs.

We also continue to offer DataTime® time-and-temperature displays, which use electronic digits and sensors to show current time and ambient temperature, typically installed in venues like bank signs or building façades.

Indoor Dynamic Messaging Systems.

Our Indoor Dynamic Messaging Solutions, including our legacy ADFLOW DMS™ systems, are designed for retailers and convenience stores to effectively deliver advertising campaigns and information through LED or LCD technologies.

We are now transitioning these clients to our advanced VCS system.

VCS builds on the foundation of DMS by offering enhanced features, improved scalability, and more integrated software capabilities, ensuring that customers continue to receive cutting-edge support as we evolve beyond DMS.

This strategic shift reflects our commitment to innovation and customer satisfaction in delivering dynamic messaging solutions tailored for modern business environments.

Software and Controllers including VCS.

The VCS is our platform for scheduled control capability.

It can be used in any application, including Content and Advertising Software as a Service (“SaaS”), where the intended message is created in advance and scheduled to play at a predetermined time.

It is available in an on-premise or hosted cloud-based configuration and is capable of supporting a single display or scaling to support many displays.

For applications that require both scheduled content and live video or real-time content, a control solution can combine the capabilities of VCS with the capabilities of the Show Control Software Suite to create a powerful solution that enables customers to easily manage content on their displays.

Content includes media, scoring, statistics, timing, advertising, way-finding information, playback loops, and entertainment-type visualizations.

Our Show Control Suite is an easy-to-use and a powerful integrated solution to achieve a dynamic, seamless, and fully immersive game-day production.

Show Control Studio offers products designed for display control, while Show Control Live is designed for video production.

Our indoor dynamic messaging solutions consist of networked digital signage systems deployed within interior environments.

These solutions utilize either fine‑pitch LED displays or commercial LCD screens to present scheduled digital content, advertising, and informational messaging.

The systems are managed and scheduled through our Venus® Control Suite (VCS) software platform, which enables customers to efficiently distribute and update content across single or multiple displays.

Our indoor solutions are used across a range of markets, including retail (such as convenience stores), education, corporate environments, transportation and operations centers, and sports and live‑entertainment venues, enabling organizations to deliver targeted messaging to audiences within their facilities.

Venus® Control Suite (VCS) Software Platform.

VCS is a cloud-capable enterprise software platform for digital display management.

It provides centralized control of content scheduling and device operation across single displays or large networks of displays, deployed on customer premises or via a hosted cloud service.

The platform includes scheduling tools that support both playlist-based content playback (configured as ordered loops) and slot-based scheduling models that allocate specific time intervals or percentages of display time across multiple content items or advertisers.

These scheduling approaches are used across both OOH and on-premise display applications, depending on customer requirements.

VCS provides secure, web-based remote access for configuring displays, scheduling and distributing content, and managing system settings.

The platform also supports data integration and network management, enabling customers to incorporate real-time data (such as scores, statistics, and point-of-sale data) into content and to monitor and manage displays across multiple locations through a centralized interface.

In applications requiring both scheduled and live content control, VCS can operate in conjunction with the Company’s Show Control system to support both pre-scheduled playback and real-time display updates.

Content managed within the platform includes media, scoring, statistics, timing, advertising, wayfinding information, playback loops, and other visualizations.

All Sport Scoring Solutions.

We offer scoring control solutions for a range of sports and levels of play through our All Sport family of controllers.

The All Sport product line includes console-based controllers and software-based solutions, including All Sport Pro.

Show Control.

Show Control is an integrated software and hardware platform that centralizes control of video displays in sports and entertainment venues.

It enables synchronized, real-time and pre-programmed presentation of multimedia content and event data across multiple display assets to achieve a dynamic, seamless and immersive game-day production.

Camino is a real-time graphics and content compositing software platform that enables the creation, rendering, and automated playback of 2D and 3D data-driven content for live event production and broadcast applications.

It integrates with Show Control systems to support synchronized, event-triggered, real-time data visualizations, and multi-display distribution across venues and broadcast environments.

Raw Materials

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Our sourcing group is responsible for maintaining and implementing strategies to mitigate these evolving risks.

Periodically, we enter into pricing agreements or

purchasing contracts under which we agree to purchase a minimum amount of product in exchange for guaranteed price terms over the length of the contract, which generally does not exceed one year.

Periodically, we enter into pricing agreements or purchasing contracts under which we agree to purchase a minimum amount of product in exchange for guaranteed price terms over the length of the contract, which generally does not exceed one year.

We sometimes prepay for future supply.

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Uniquely configured orders can include several displays, controllers, and subcontracted structure builds, each of which can occur on varied schedules per the customer’s needs.

Our third fiscal quarter sales and profit levels are lower than in other quarters because the seasonality of our sports business, construction cycles, and the reduced number of production days due to holidays in the quarter.

Our third fiscal

quarter sales and profit levels are generally lower than in other quarters because of the seasonality of our sports business, construction cycles, and the reduced number of production days due to holidays occurring in such quarter.

Our gross margins tend to fluctuate more on uniquely configured orders than on limited configured orders.

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Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources” in this Form 10-K.

We have a large and diverse worldwide customer base, ranging from local main street business owners, out-of-home companies, governmental agencies, and schools, colleges, and universities, to the owners and operators of premier professional sports arenas.

We have a large and diverse worldwide customer base, ranging from local main street business owners, OOH companies, governmental agencies, and schools, colleges, and universities, to the owners and operators of premier professional sports arenas.

Our customers are important to us, and we strive to serve them over the long-term to earn their future business.

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Order and backlog levels provide management and investors additional details surrounding the results of our business activities in the marketplace and highlight fluctuations caused by seasonality and multimillion-dollar projects.

uses orders to evaluate market share and performance in the competitive environment.

Management uses orders to evaluate market share and performance in the competitive environment.

Management uses backlog information for capacity and resource planning.

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We believe order information is useful to investors because it provides an indication of our market share and future revenues.

Our product order backlog as of April 26, 2025 was $341.6 million as compared to $316.9 million as of April 27, 2024.

Our product order backlog as of May 2, 2026 was $356.2 million as compared to $341.6 million as of April 26, 2025.

Historically, our backlog varies due to the seasonality of our business, the timing of large projects, and customer delivery schedules for these orders.

The increase in backlog is a result of more order bookings with the continued market adoption of digital display technology.

We expect to fulfill the backlog as of April 26, 2025 within the next 24 months .

We expect to fulfill the backlog as of May 2, 2026 within the next 24 months .

The timing of backlog fulfillment may be impacted by project delays resulting from factors outside of our control, including customer site conditions.

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Globally, our products are also subject to various regulations and standards including electromagnetic interference, electromagnetic compatibility, electrical safety, and flammability standards.

We design and have our products tested for these regulations;

We design and have our products tested for compliance with these regulations;

however, these factors may prevent or inhibit us from selling products to some prospective customers in certain geographies.

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Our global supply chain and sales distribution channels subject us to various trade compliance regulations.

These requirements can include certification of country of origin, classification within the various tariff codes and trade agreements;

compliance with other specific product or country import/export regulations;

These requirements can include certification of country of origin, classification within the various tariff codes and trade agreements, compliance with other specific product or country import and export regulations;

and payment of certain import or export tariffs, duties, or taxes.

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Countries and states and/or localities in the United States can issue lock down orders impacting the availability of employees, third parties, suppliers, customers, and other services we need to operate our business.

Although there is no assurance that existing or future government laws applicable to our operations, services or products will not have a material adverse effect on our capital expenditures, results of operations and competitive position, we do not currently anticipate material expenditures for compliance with government regulations.

Although there is no assurance that existing or future laws applicable to our operations, services or products will not have a material adverse effect on our capital expenditures, results of operations and competitive position, we do not currently anticipate material expenditures for compliance with government regulations.

We believe we are in material compliance with government and other regulatory requirements.

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Our competitors may develop lower-cost or lower-featured products, may be willing to charge lower prices to increase their market share, or include different service and controller offerings.

Some competitors have more capital, governmental funding, supply chain access,

and other resources, which may allow them to take advantage of acquisition opportunities or adapt more quickly to changes in customer requirements.

Some competitors have more capital, governmental funding, supply chain access, and other resources, which may allow them to take advantage of acquisition opportunities or adapt more quickly to changes in customer requirements.

Other competitors use sponsorships as a way to win business at a particular location or market.

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We invest in our development and our affiliates to increase differentiated product platforms, advance our software architecture and offerings, support customer requirements, advance new competitive narrow pixel and micro-electronic technologies, and advance sustainable technologies and related products.

During fiscal 2025, our design teams focused on advancing product features aligned with customer needs and reducing product costs.

We focused these efforts on both standard product and control offerings and in new emerging areas, including micro-LED products and new control capabilities.

During fiscal 2026, our development teams focused on advancing product features aligned with customer needs and reducing product costs.

We focused these efforts on both standard display and control software offerings and in new emerging areas, including micro-LED displays and new software capabilities.

Employees and Human Capital Resource Management

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We provide our employees and their families with access to a variety of health programs, including benefits that support their physical and mental health.

As of April 26, 2025, we employed approximately 2,422 full-time employees and 280 part-time and temporary employees.

As of May 2, 2026, we employed approximately 2,423 full-time employees and 270 part-time and temporary employees.

Of these employees, approximately 1,001 were in manufacturing, 478 were in sales and marketing, 542 were in customer service, 422 were in engineering, and 250 were in general and administrative.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business