Moving iMage Technologies (MiT) Returns to Revenue Growth and Narrows Losses
Improved industry environment and technology refresh cycle drove year-over-year revenue growth for MiT
Higher gross margin and cost reductions led to improvement in net loss
Customer spending expected to continue to improve throughout 2025
Fountain Valley, California–(Newsfile Corp. – February 13, 2025) – Moving iMage Technologies, Inc. (NYSE American: MITQ), (“MiT”), $MITQ, a leading technology and services company for cinema, Esports, stadiums, arenas and other out-of-home entertainment venues, today announced results for its second quarter ended December 31, 2024.
Phil Rafnson, Chairman and Chief Executive Officer of MiT commented:
“Industry trends indicate a strengthening cinema industry spending environment, which we believe is still in the early stages of a broader recovery. Theaters are not only rebounding but starting to invest in the future, and our solutions continue to play a key role in their modernization efforts. While fiscal Q2 is traditionally our seasonally weakest quarter, we benefited from a return to revenue growth, expanded gross margins and, combined with the cost reductions we implemented at the beginning of the fiscal year, we improved our net loss year-over-year. Notably, we secured multiple orders tied to the ongoing technology refresh cycle, particularly for laser projectors and advanced sound solutions like Dolby Atmos immersive audio for premium large format (PLF) auditoriums. These investments signal growing confidence among theater owners who are prioritizing premium technology upgrades to enhance the moviegoing experience and drive long-term audience engagement.”
Fiscal 2025 Commentary
Francois Godfrey, President and Chief Operating Officer of MiT commented:
“The 2024 holiday box office was encouraging with a more than 40% surge over the previous year, and we look forward to the possibility of improved demand for our offerings beginning as early as the end of our fiscal year. To ensure we are positioned to capture as much as this spend as possible when the time comes, we are increasing our marketing activities to ensure the industry fully understands the breadth of our capabilities, while keeping our costs in check. Our near-term priority remains driving to higher, more consistent revenue growth and attaining profitability in our core business, creating a strong foundation for investing in our planned growth initiatives that we believe have the potential to drive higher levels of future growth.”
Second Quarter Highlights – in $1,000s except for EPS (Fiscal 2025 versus Fiscal 2024)
Revenue increased to $3,441 compared to $3,265;
Gross Profit increased to $936 compared to $759; Gross Margin increased to 27.2%;
Operating Loss improved to ($561) compared to ($830);
Net loss and Loss per Share (EPS) improved to ($527) and ($0.05) compared to ($794) and ($0.07), respectively;
As of December 31, 2024, the Company held cash of $5,316.
Dial-in and Webcast Information
Date/Time: Thursday, February 13, 2025 at 11:00 a.m. Eastern Time
Toll-Free: 1-877-407-4018
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About Moving iMage Technologies
Moving iMage Technologies (NYSE American: MITQ) is a leading provider of technology, products, and services for the Motion Picture Exhibition industry, with expanding ventures into live entertainment venues and Esports. We design and manufacture a wide range of proprietary products in-house, including developing potentially disruptive SaaS and subscription-based solutions. Committed to excellence and innovation, Moving iMage Technologies aims to revolutionize the out of home entertainment experience with cutting-edge technology and superior service. For more information, visit www.movingimagetech.com.
Forward-Looking Statements
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements.
Contact:
Brian Siegel, IRC, MBA
Vice President, Investor Relations and Strategic Communications for MiT
Senior Managing Director, Hayden IR
(346) 396-8696
Brian@haydenir.com
MOVING IMAGE TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands except share and per share amounts)
| December 31, 2024 | June 30, 2024 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash | $ | 5,316 | $ | 5,278 | ||||
| Accounts receivable, net | 749 | 1,048 | ||||||
| Inventories, net | 2,121 | 3,117 | ||||||
| Prepaid expenses and other | 202 | 470 | ||||||
| Total Current Assets | 8,388 | 9,913 | ||||||
| Long-Term Assets: | ||||||||
| Right-of-use asset | 1,206 | 144 | ||||||
| Property and equipment, net | 21 | 28 | ||||||
| Intangibles, net | 393 | 422 | ||||||
| Other assets | 23 | 16 | ||||||
| Total Long-Term Assets | 1,643 | 610 | ||||||
| Total Assets | $ | 10,031 | $ | 10,523 | ||||
| Liabilities And Stockholders’ Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 1,642 | $ | 2,261 | ||||
| Accrued expenses | 406 | 320 | ||||||
| Customer refunds | 423 | 399 | ||||||
| Customer deposits | 1,057 | 1,651 | ||||||
| Lease liability-current | 206 | 151 | ||||||
| Unearned warranty revenue | 65 | 31 | ||||||
| Total Current Liabilities | 3,799 | 4,813 | ||||||
| Long-Term Liabilities: | ||||||||
| Lease liability-non-current | 1,037 | – | ||||||
| Total Long-Term Liabilities | 1,037 | – | ||||||
| Total Liabilities | 4,836 | 4,813 | ||||||
| Stockholders’ Equity | ||||||||
| Common stock, $0.00001 par value, 100,000,000 shares authorized, 9,896,850 and 9,896,850 shares issued and outstanding at December 31, 2024 and June 30, 2024, respectively | – | – | ||||||
| Additional paid-in capital | 12,003 | 11,965 | ||||||
| Accumulated deficit | (6,808 | ) | (6,255 | ) | ||||
| Total Stockholders’ Equity | 5,195 | 5,710 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 10,031 | $ | 10,523 |
MOVING IMAGE TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except share and per share amounts)
(unaudited)
| 3 Months Ended December 31, | 6 Months Ended December 31, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net sales | $ | 3,441 | $ | 3,265 | $ | 8,693 | $ | 9,900 | ||||||
| Cost of goods sold | 2,505 | 2,506 | 6,386 | 7,322 | ||||||||||
| Gross profit | 936 | 759 | 2,307 | 2,578 | ||||||||||
| Operating expenses: | ||||||||||||||
| Research and development | 47 | 72 | 109 | 139 | ||||||||||
| Selling and marketing | 462 | 628 | 991 | 1,170 | ||||||||||
| General and administrative | 988 | 889 | 1,836 | 1,716 | ||||||||||
| Total operating expenses | 1,497 | 1,589 | 2,936 | 3,025 | ||||||||||
| Operating (loss) | (561 | ) | (830 | ) | (629 | ) | (447 | ) | ||||||
| Other income (expense) | ||||||||||||||
| Interest and other income, net | 34 | 36 | 77 | 92 | ||||||||||
| Total other income | 34 | 36 | 77 | 92 | ||||||||||
| Net (loss) | $ | (527 | ) | $ | (794 | ) | $ | (552 | ) | $ | (355 | ) | ||
| Weighted average shares outstanding: basic and diluted | 9,896,850 | 10,655,686 | 9,896,850 | 10,670,732 | ||||||||||
| Net (loss) income per common share basic and diluted | $ | (0.05 | ) | $ | (0.07 | ) | $ | (0.06 | ) | $ | (0.03 | ) | ||
MOVING IMAGE TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
| Six Months Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Cash flows from operating activities: | ||||||||
| Net (loss) | ($552 | ) | ($355 | ) | ||||
| Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities: | ||||||||
| Provision for credit losses | 19 | 4 | ||||||
| Inventory reserve | 163 | 384 | ||||||
| Depreciation expense | 7 | 5 | ||||||
| Amortization expense | 29 | 29 | ||||||
| Right-of-use amortization | 133 | 133 | ||||||
| Stock option compensation expense | 37 | 10 | ||||||
| Changes in operating assets and liabilities | ||||||||
| Accounts receivable | 280 | (237 | ) | |||||
| Inventories | 833 | (424 | ) | |||||
| Prepaid expenses and other | 260 | (503 | ) | |||||
| Accounts payable | (619 | ) | (315 | ) | ||||
| Accrued expenses and customer refunds | 111 | 64 | ||||||
| Unearned warranty revenue | 34 | 14 | ||||||
| Customer deposits | (594 | ) | (38 | ) | ||||
| Lease liabilities | (103 | ) | (135 | ) | ||||
| Net cash provided by (used in) operating activities | 38 | (1,364 | ) | |||||
| Cash flows from investing activities | ||||||||
| Purchases of property and equipment | – | (12 | ) | |||||
| Net cash (used in) financing activities | – | (12 | ) | |||||
| Cash flows from financing activities | ||||||||
| Stock Buyback | – | (101 | ) | |||||
| Net cash (used in) investing activities | – | (101 | ) | |||||
| Net increase (decrease) in cash | 38 | (1,477 | ) | |||||
| Cash, beginning of the period | 5,278 | 6,616 | ||||||
| Cash, end of the period | $ | 5,316 | $ | 5,139 | ||||
| Non-cash investing and financing activities: | ||||||||
| Right-of-use assets from new lease | ($207 | ) | – | |||||
| Right-of-use assets from lease modification | ($988 | ) | – | |||||
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