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Moving iMage Technologies Inc

Moving iMage Technologies Inc (MITQ)

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Closed July 13 3:00PM
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Invest-in-America Invest-in-America 1 month ago
MITQ: WHO was bragging early today that they had just grabbed 10K shares of this puppy at $0.94 average price???
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MITQ: Yep!! (But see below, as to in WHICH direction.)

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Up up and away
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MITQ new 52 lo
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MITQ new 52 week low
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Ok cool got shares today thankyou
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bobkubecka bobkubecka 7 months ago
Moving iMage Technologies Announces First Quarter Fiscal 2024 Results

Revenue increased 13%; gross profit increased 17%; record quarterly gross margin of 27.4%; GAAP and Non-GAAP EPS of $0.04

Fountain Valley, CA – November 14, 2023: Moving iMage Technologies, Inc. (NYSE AMERICAN: MITQ), (“MiT”), a leading technology and services company for cinema, Esports, stadiums, arenas and other out-of-home entertainment venues, today announced results for its first quarter ended September 30, 2023.

“We started the new fiscal year on a strong note with double-digit growth in revenue, gross margin expansion and profits,” said Phil Rafnson, chairman and chief executive officer, MiT. “We’ve been talking about a technology refresh cycle for several quarters now, and this quarter’s results were encouraging, as projector replacements and our ADA compliance products were a key driver. We also made progress on several of the newer initiatives that we expect to drive revenue growth and profits over the next several years, including receiving our first orders for LEA Professional’s smart power amplifiers.

“From a capital allocation perspective, we put in place a 10b5-1 trading program for our previously approved share buyback at the end of the quarter. This meant that beginning November 1, the number of trading days that we could repurchase shares increased to approximately 250 days per year versus 90 days previously.”




First Quarter Fiscal 2024 Highlights (versus Fiscal 1Q23)

? Revenue increased 13.4% to $6.6 million compared to $5.9 million;
? Gross Profit increased of $1.8 million compared to $1.6 million; Gross Margin of 27.4%;
? GAAP Operating Income of $0.4 million compared to $0.0 million;
? GAAP Net Income and Earnings per Share (EPS) of $0.4 million and $0.04 compared to a GAAP Net Loss and Loss per Share of ($0.1) million and ($0.01), respectively;
? Non-GAAP Income and EPS of $0.4 million and $0.04 compared to Non-GAAP Net Income and Income per Share of $0.1 million and $0.01, respectively.
Select Financial Metrics: FY24 versus FY23 as of 9/30/2023*

(in millions, except for Loss per Share and percentages)

1Q24

1Q23

Change

Total Revenue

$6.6

$5.9

13.4%

Gross Profit

$1.8

$1.6

16.7%

Gross Margin

27.4%

26.6%



Operating Loss

$0.4

$0.0

700.0%

Operating Margin

5.8%

0.8%



GAAP Net Loss

$0.4

($0.1)

nm

GAAP Loss Per Share

$0.04

($0.01)

nm

Non-GAAP Net Loss

$0.4

$0.1

nm

Non-GAAP Loss Per Share

$0.04

$0.01

nm

nm = not measurable/meaningful; *may not add up due to rounding



Fiscal 2024 Commentary

“With the Hollywood strikes now behind us, the industry can jump start the production and release schedules and our customers, the cinema owners, which were not able to budget their expenditures with any confidence during the strike, can now start planning as well. Our initial fiscal 2024 guidance, which only included our legacy business and not our newer and emerging businesses, of low double-digit revenue growth with continuing to move towards break-even on a non-GAAP basis, took these delays into account with a down second quarter and a stronger second half of the year.

“That said, we continue to see multiple upside opportunities from our newer initiatives, which aren’t included in our current guidance. For instance, our guidance doesn’t include any sales of LEA Professional smart power amplifiers, but, in the second fiscal quarter, we’ve already announced two orders for these products, and there is ongoing evaluation and testing occurring at more theaters as we speak. Additional areas of potential upside include: an ADA compliance product refresh at a large national circuit that we are working to lock down; order growth in Esports shipments above the modest fiscal 2023 levels; National Amusements rolling out CineQC to its international locations; initial sales of MiTranslator and other international sales. Given these significant opportunities to accelerate growth, we plan to provide updates throughout the year as our growth initiatives hit milestones,” concluded Rafnson.


Trended Financials *

(in millions, except for Loss per































YTD

Share and percentages)



1Q23



2Q23



3Q23



4Q23



1Q24



FY22



FY23



FY24

Total Revenue



$5.9



$4.8



$3.7



$5.8



$6.6



$18.4



$20.2



$6.6

Gross Profit



1.6



1.3



1.0



1.4



1.8



4.5



5.3



1.8

Gross Margin



26.6%



27.1%



27.9%



24.2%



27.4%



24.3%



26.3%



27.4%

Operating Income (Loss)



0.0



(0.1)



(0.5)



(1.4)



0.4



1.8



2.0



0.4

Operating Margin



0.8%



-2.8%



-14.1%



-23.5%



5.8%



-9.6%



-9.8%



5.8%

GAAP Net Income (Loss)



$ (0.1)



$ 0.0



$ (0.4)



$ (1.3)



$ 0.4



$ (1.3)



$ (1.8)



$ 0.4

Diluted Income (Loss) Per Share



$ (0.01)



$ 0.00



$ (0.04)



$ (0.12)



$ 0.04



$ (0.13)



$ (0.16)



$ (0.04)

Non-GAAP Net Income (Loss)



$ 0.1

$ 0.00

$ (0.4)

$ (0.2)

$ 0.4



$ (1.5)



$ (0.7)



$ 0.4

Non-GAAP Diluted Income (Loss) Per Share



$ 0.01



$ 0.00



$ (0.04)



$ (0.02)



$ 0.04



$ (0.14)



$ (0.07)



$ 0.04

nm = not measurable/meaningful;

* may not add up due to rounding


Dial-in and Webcast Information

Date/Time: Tuesday, November 14, 2023, 12:00 p.m. ET

Toll-Free: 1-877-407-4018
Toll/International: 1-201-689-8471

Call me™: Participants can use Guest dial-in #s above and be answered by an operator OR click the Call me™ Link for instant telephone access to the event. Call me™ link will be made active 15 minutes prior to scheduled start time.

Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1642336&tp_key=f7b20dddac

Telephone Replay
Replay Dial-In: 1-844-512-2921 or 1-412-317-6671
Replay Expiration: Tuesday, November 28, 2023 at 11:59 p.m. ET
Access ID: 13742538
Telephone Replays will be made available after conference end time.

About Moving iMage Technologies

Moving iMage Technologies is a leading manufacturer and integrator of purpose-built technology solutions and equipment to support a wide variety of entertainment applications, with a focus on motion picture exhibitions, sports venues and eSports. MiT offers a wide range of products and services, including custom engineering, systems design, integration and installation, enterprise software solution, digital cinema, A/V integration, as well as customized solutions for emerging entertainment technology. MiT’s Caddy Products division designs and sells proprietary cup-holder and other seating-based products and lighting systems for theaters and stadiums. 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

Senior Managing Director, Hayden IR

(346) 396-8696

Brian@haydenir.com


About Moving iMage Technologies


Moving iMage Technologies is a leading manufacturer and integrator of purpose-built technology solutions and equipment to support a wide variety of entertainment applications, with a focus on motion picture exhibitions, sports venues and eSports. MiT offers a wide range of products and services, including custom engineering, systems design, integration and installation, enterprise software solution, digital cinema, A/V integration, as well as customized solutions for emerging entertainment technology. MiT’s Caddy Products division designs and sells proprietary cup-holder and other seating- based products and lighting systems for theaters and stadiums. For more information, visit www.movingimagetech.com.


MOVING IMAGE TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands except share and per share amounts)













September 30,


June 30,





2023



2023




(unaudited)





Assets













Current Assets:













Cash


$

6,408


$

6,616


Accounts receivable, net




2,042




905


Inventories, net




4,752




4,419


Prepaid expenses and other




248




451


Total Current Assets




13,450




12,391


Long-Term Assets:












Right-of-use asset



349



415


Property and equipment, net




26




28


Intangibles, net




466




480


Other assets




16




16


Total Long-Term Assets




857




939


Total Assets


$

14,307


$

13,330













Liabilities And Stockholders’ Equity












Current Liabilities:












Accounts payable


$

2,912


$

1,507


Accrued expenses




843




618


Customer deposits




2,153




3,169


Lease liability–current




288




280


Unearned warranty revenue




12




26


Total Current Liabilities




6,208




5,600














Long-Term Liabilities:












Lease liability–non-current




76




151


Total Long-Term Liabilities




76




151


Total Liabilities




6,284




5,751


Stockholders’ Equity










Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,685,778 and 10,685,778 shares issued and outstanding at September 30, 2023 and June 30, 2023, respectively










Additional paid-in capital



12,467



12,462


Accumulated deficit



(4,444)



(4,883)


Total Stockholders’ Equity



8,023



7,579


Total Liabilities and Stockholders’ Equity


$

14,307


$

13,330



The accompanying notes are an integral part of these condensed consolidated financial statements.

















MOVING IMAGE TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands except share and per share amounts)












Three Months Ended



Three Months Ended





September 30,


September 30,




2023


2022





(unaudited)





Net sales


$

6,635


$

5,852


Cost of goods sold




4,816




4,293


Gross profit




1,819




1,559














Operating expenses:












Research and development




67




66


Selling and marketing




542




610


General and administrative




826




835


Total operating expenses




1,435




1,511


Operating profit




384




48


Other income (expense)












Unrealized loss on marketable securities







(140)


Realized loss on marketable securities







(23)


Interest and other income, net




55




20


Total other expense (income)




55




(143)










Net profit/(loss)


$

439


$

(95)










Weighted average shares outstanding: basic and diluted



10,685,778



10,928,724


Net profit/(loss) per common share basic and diluted


$

0.04


$

(0.01)



The accompanying notes are an integral part of these condensed consolidated financial statements.
































MOVING IMAGE TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)












Three Months Ended



Three Months Ended



September 30,


September 30,



2023


2022

Cash flows from operating activities:














Net profit/(loss)


$

439


$

(95)

Adjustments to reconcile net profit/(loss) to net cash provided by (used in) operating activities:







Provision for doubtful accounts




1



3

Depreciation expense




3



2

Amortization expense




14



24

ROU amortization




66



(5)

Stock option compensation expense



5





Unrealized loss on investments







140

Realized loss on investments







23

Changes in operating assets and liabilities







Accounts receivable




(1,138)



9

Inventories, net




(333)



(887)

Prepaid expenses and other




203



425

Accounts payable




1,405



1,597

Accrued expenses




225



28

Unearned warranty revenue




(14)



28

Customer deposits




(1,016)



(1,312)

Lease liabilities



(67)





Net cash used in operating activities




(207)



(20)

Cash flows from investing activities







Sales of marketable securities







493

Purchases of marketable securities







(517)

Purchases of property and equipment



(1)



(2)

Net cash used in investing activities




(1)



(26)








Net decrease in cash




(208)



(46)

Cash, beginning of the year




6,616



2,340

Cash, end of the year


$

6,408


$

2,294


The accompanying notes are an integral part of these condensed consolidated financial statements.





















Use of Non-GAAP Measures

The Company uses non-GAAP net income/loss and earnings/loss per share as a measure customarily used by investors and analysts to evaluate the financial performance of companies in addition to the GAAP measures that we present. Our management also believes that that the elimination of one-time items and non-cash stock compensation expense is useful in evaluating our core operating results and when comparing results to prior periods. However, non-GAAP metrics are not a measure of financial performance under GAAP in the United States of America and should not be considered an alternative to net income as an indicator of our operating performance.

(in millions, except for Loss per Share and percentages)

1Q24



1Q23



Change



Total Revenue

$

6.6



$

5.9



13.4

%

Gross Profit

$

1.8



$

1.6



16.7

%

Gross Margin



27.4

%

26.6

%



Operating Loss

$

0.4



$

(0.0

)

700.0

%

Operating Margin



5.8

%

0.8

%



GAAP Net Income (Loss)

$

0.4



$

(0.1

)

nm



GAAP Income (Loss) Per Share

$

0.04



$

(0.01

)

nm



Non-GAAP Income (Loss)

$

0.4



$

0.1



nm

%

Non-GAAP Income (Loss) Per Share

$

0.04



$

0.01



nm

%


Exhibit 99.2

Brian Siegel


Thank you, Operator.


Good morning and welcome to Moving iMage Technologies' earnings conference call and webcast.


With me today is Chairman and CEO, Phil Rafnson, who will provide an industry overview; Co-Founder and Executive VP of Sales and Marketing, Joe Delgado, who will provide a strategy and business overview; and our CFO, Bill Greene. For those of you that have not seen today's release, it is available in the Investors section of our website.


Before beginning, I would like to remind everyone that, except for historical information, the matters discussed in this presentation are forward-looking statements that involve several risks and uncertainties. Words like believe, expect, anticipates, mean that these are our best estimates as of this writing, but that there can be no assurances that expected or anticipated results or events will actually take place. Actual future results could differ materially from those statements. Further information on the Company's risk factors is contained in the Company's quarterly and annual reports filed with the SEC.


Now, I'd like to turn the call over to Phil. Phil, take it away.


Phil Rafnson


Thank you, Brian, and thank you all for joining us today. I'm Phil Rafnson, CEO of Moving iMage Technologies, or MiT. As you look at MiT as an investment, industry and company-specific factors will contribute to our future performance. First, I'll address the cinema industry tailwinds and then Joe will discuss why we’re so excited about the future where we are introducing potentially disruptive technologies into cinema, Esports, stadiums, arenas and other live entertainment venues.


Historically, our business has been cyclical, driven by new technology and technology upgrade cycles. We are currently in the early days of one right now, where cinema owners are starting to upgrade their technology that is coming to the end of its useful life, with newer technologies such as laser projectors with upgraded servers, new screens and smart sound systems being purchased to replace these. Additionally, we are seeing cinema owners build new theaters, and upgrade or refurbish older ones. These new theaters often include new amenities such as dine-in, bars and more, all with the idea of making going to the movies a destination experience.


From an industry growth standpoint, as I’ve discussed previously on these calls, COVID took its toll on the industry. Over the past two years, we have returned to a more normalized environment, with the box office originally expected to approach pre-pandemic levels this year. Unfortunately, the Hollywood strikes have negatively impacted the box office over the near-term, but theater owners are pivoting to non-movie content, whether it be sports, Esports, or concerts, to offset some of the lost revenue. An example is AMC partnering with Taylor Swift to show her concerts in its theaters. Additionally, now that the actor's strike is over, we expect the studios to move ahead aggressively with marketing releasing new movies.


Before turning the call over to Joe, I'd like to thank our dedicated employees. Without them, we would not be in what I believe is the strongest position we've ever been in as a Company from an operational, financial product, and competitive perspective.


Thank you. Joe?


Joe Delgado


Thank you, Phil, and good morning, everyone.


I'll start by briefly reviewing our business and providing updates on each area. Today, cinema is our core legacy business, which consists of FF&E projects and selling our proprietary US-manufactured goods and third-party technologies. As Phil mentioned, this part of our business has historically been more cyclical and lumpy, with project start dates often being pushed out. Additionally, FF&E projects tend to be at the low end of our gross margin profile, although there is strong operating leverage in this part of the business.


Today, FF&E is the largest part of our business. However, given the lower margin profile, lumpiness, and timing factors I just mentioned, a major part of our strategy going forward is to shift our mix towards higher margin products, as well as smooth out the lumpiness and cyclicality.


For Cinema, this includes expanding our existing lineup of over 50 proprietary manufactured products, including our ADA products and Caddy lines, which were key contributors to our strong first quarter results. By manufacturing these products, we can significantly increase our margins on FF&E projects and our overall company gross margin when sold à la carte.


Additionally, our partnership with LEA Professional for smart power amps is another potential source of growth and margin expansion for FF&E projects and a la carte sales. Each theater needs 5 or 6 power amps, and the competitors' products tend to fail. LEA’s warranty is two times the industry's, demonstrating their confidence in product quality. After the end of the quarter, we announced our first two orders for these projects, and we currently have several large circuits testing these products. Between the quality at LEA and supply chain and quality challenges at their competitors, which are de-emphasizing the cinema market, I feel optimistic that we will see a nice sales ramp in FY24.


Next for Cinema, which truly excites me about our future, we are in the latter stages of going to market with a set of potentially disruptive, high-margin technology offerings that will also bring recurring services revenue. First, I'll discuss our MiTranslator offering. The MiTranslator is a multi-language technology solution with a recurring revenue stream that forms the high end of our accessibility strategy. The market in North America alone is tremendous, with over 70 million non-English proficient speakers who may not have previously attended the movies. With this product and service, those who did attend previously can now have a significantly enhanced moviegoing experience. This is a new product class for the industry, and adoption has yet to occur. That said, I believe there are now catalysts that play into adopting the MiTranslator solution.


The North American Theater Owners organization, known as NATO within the industry, established the Cinema Foundation, an all-industry non-profit charged with promoting and expanding the industry and the overall moviegoing experience. Our own Frank Tees serves on its Board of Directors. One of the foundation's top marketing priorities is to expand outreach and bring more ADA and non-English proficient patrons to the movies. These initiatives fall right into the wheelhouse of MiTranslator, and there was tremendous enthusiasm and interest in the product at CinemaCon and subsequent tradeshows. We believe that this industry effort bodes well for the success of MiTranslator, and we will keep you apprised of any developments.


CineQC, our SaaS-based quality control platform, is another example. We have been working with National Amusements, a large international movie circuit, on upgrading and improving this product. Unfortunately, the additional development we have been doing has delayed our plans to roll out the product more broadly. However, once complete, we will have a much more robust, tested offering to bring to other clients.


The next opportunity for us is to move beyond Cinema. Here, we are targeting two areas – other live entertainment venues and Esports.


I believe eSports has the potential to be a significant incremental growth driver for us in fiscal 2024. In May, we did an investor presentation, which is available on our IR website, with Rick Starr, founder of our Esports partner, SNDBX. He laid out his vision for creating the Little League of Esports by setting up local, amateur leagues in movie theaters hosted on the big screen. Not only is this a very attractive activity for parents and kids, but for theater owners as well. With a Sandbox league, a theater can fill excess capacity of over 6,000 empty seats per year and get a return on its investment in as little as eight months. That is a compelling return in general, but especially to the theater owners who are used to getting a return on their investments in 18 to 24 months. Rick then said, he already had an active pipeline in North America of over 2,500 locations and another 500 internationally. Right now, he is out doing a funding round, which will enable him to start to ramp up locations more quickly so stay tuned.


Finally, the growth opportunity I’m most excited about is what we currently call eCaddy. We have infused our Caddy product line of cupholders with technology and will develop applications and services for use in stadiums and arenas. We introduced the eCaddy concept to our first major league stadium executives in September and October. We got great feedback on the type of applications that would excite them and identified other potential partners. This month, we'll perform additional market research with other stadium and arena executives to further solidify the picture for the apps and services that drive demand for this product.


The TAM here is huge, with millions of existing seats becoming retrofit candidates in addition to new stadium and arena builds. The potential here on its own is tremendous, but in combination with eSports, MiTranslator, and CineQC, it can reshape our business and financial models in the future. We'll keep you appraised as we hit milestones.


As I mentioned on our previous call, we have accelerated our strategy to expand outside North America. We had established relationships overseas before the pandemic and have been reconnecting over the past few quarters. The opportunities here encompass many products that we believe can smoothly transition to international markets, including new product lines. Additionally, the cinema market in Europe is just starting to recover from the pandemic, roughly two years after we did, so the timing for us to explore these opportunities couldn’t be better. Initially, we see the opportunity for LEA smart power amps, MiTranslator, and CineQC to move to international markets in the years to come, and SNDBX already has a pipeline established outside North America.


Finally, we have an active corporate development program that includes business development deals we made with SNDBX and LEA, acquisitions such as the ADA product line, and other ongoing activities.


In conclusion, we are still in the early innings of our growth opportunity for our emerging technologies while our legacy business continues to improve.


With that, I thank you, and I'll turn it over to Brian.


Brian Siegel


Thanks Joe, and thank you, everyone, for attending our earnings call. I'm going to spend a little time reviewing your model, and then I'll take you through the quarter, followed by a Q&A.


Currently, FF&E projects are the key driver for our business, making up roughly 60% to 65% of revenue. We serve as a project manager, procuring and reselling FF&E and services for refurbishing and upgrading or building new theaters. Since much of the makeup of our projects are pass-through costs with a small margin added in, project margins are in the mid-teens. We have several routes to improve these margins, as demonstrated by our early FY24 results. Some ways that we improve project margins are to upsell installation services, including our proprietary manufactured products, and through the resale of higher margin technology products, including projectors and servers, and more recently, sound system products, through our relationship with LEA Professional.


As Joe and Phil mentioned, FF&E projects are more cyclical and can often see start dates pushed out, as we saw in FY23. Q124 saw some benefit from this, but we expect the majority to hit during the second half of the year.


Next, we sell our higher margin proprietary manufactured offerings à la carte, which have margins ranging from 35% to 55% and include our Caddy and ADA products. These products had strong quarters and contributed to the robust gross margin we reported in Q1.


In the future, as our emerging products like MiTranslator, CineQC, and eCaddy start to ramp and scale, we expect our mix to shift even more significantly away from FF&E, as we expect these products to have 50%+ gross margins.


Now, moving to the results. First quarter revenue of $6.6 million was up 13% versus $5.9 million last year.


Q1 Gross profit increased 17% to $1.8 million. Gross margin was up 80 basis points to 27.4% in the quarter, resulting from the favorable product mix.


Q1 GAAP Operating expenses were $1.4, down 5% versus last year, mainly due to lower corporate governance costs.


Q1 GAAP Operating income was $0.4 million versus a loss of $0.1 million last year.


Q1 GAAP net income and EPS were $0.4 million and $0.04 per share, versus a loss of $0.1 million and $0.01 per share last year.


Q1 Non-GAAP net income and EPS were $0.2 million and $0.02 compared to a loss of $0.1 million and $0.01 per share last year.


Reconciling this to GAAP, this year we added back $0.1 million in stock compensation.


Moving to the balance sheet, our cash and cash equivalents were $6.4 million at the end of the first quarter, down $200 thousand from the fourth quarter, mainly reflecting changes in working capital.


Now I’ll provide an update on our current FY24 expectations. I said last quarter that, only taking into account our legacy business, we expected to see low double-digit topline growth while paring losses and approaching break-even. To build on this, we expect the second quarter to be down year over year, reflecting traditional seasonal weakness. Our full year guidance already considered this, as we expected a stronger second half of the year.


Next, I provided upside opportunities not included in our guidance. I will now update these items.


? There is an ADA product refresh at a top 5 cinema circuit that would begin in the second half of fiscal 2024. We recently held conversations with this circuit and feel we are well-positioned to get this order.
? For Esports, last quarter, I said that our guidance included flat sales of our MovEsports systems to FY23, roughly 15-20 systems. I apologize, but I misspoke. In FY23, we only recognized revenue for 8 systems but received orders for 16 systems. Therefore, anything over eight systems sold in FY24 would be upside to our guidance. Additionally, once SNDBX closes its funding round, we expect them to quickly roll out leagues at the circuit that ordered the 8 systems not shipped in FY23.
? As I discussed in our recent investor presentations, our incremental market opportunity for selling LEA smart power amplifiers is very significant. Still, we included $0 for sales of these products in our FY24 guidance, so any orders, like the two orders we announced in the second quarter, would be upside. With a total market of about $630 million in North America and about 5-10% annual attrition rates, the replacement market is $30 to $60 million annually. Capturing just 10% of this could add $3 to $6 million in revenue, which is material, considering we only reported $20 million in fiscal 2023. And this doesn’t even take into consideration new projects or international sales.
? We continue to work with National Amusements and are awaiting their plans to roll out CineQC to their 500 international locations, which were not included in our guidance.
? Any sales of the MiTranslator and any International sales would also be upside.

Regarding catalysts, you should be looking for announcements on the key initiatives mentioned during this call and the upside opportunities I mentioned just now. We plan to provide milestone updates for our emerging products and announce whatever orders we can through press releases and earnings calls this year.


Overall, I continue to believe we’ve never been in a stronger position within cinema, and we are excited that our new initiatives are moving forward. We prudently want to ensure that we have the right offerings and that they are ready for prime time before we start marketing more aggressively.


Just to let everybody know, Joe and I will be at the Sidoti Microcap Conference this week, so please tune in to the webcast at 315 ET on Wednesday. The link is available on our website. If you're interested in a 1:1 meeting, please reach out to me or request one through the Sidoti portal.


I want to thank everyone for attending today's call and look forward to speaking with you again on our next call in mid February.
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hweb2 hweb2 7 months ago
Hopefully we see a few more PRs ahead of the Q2 report. Their investor presentation at Sidoti a couple weeks ago is worth checking out. Lots of exciting stuff for a sub-$1 low float stock trading not far above cash value. One interesting tidbit I hadn't heard before, mentioned around the 24:00 mark. A top 5 chain needs to do a refresh in 2024, and it sounds like MITQ could win the multi-million dollar order soon. No guarantees they get it obviously, but if that PR hit...this low floater could spike up 50-100% in this bubbly market.

https://finance.yahoo.com/news/sidoti-events-llc-virtual-november-135500632.html
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buccaneer1961 buccaneer1961 7 months ago
Is there any further filings comming out?
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hweb2 hweb2 7 months ago
I thought the earnings report this month was pretty darn encouraging. Fiscal Q1 earnings of .04/share. Plus .60/share in cash on the balance sheet and a low float. Main negative is the current Q2 (which is seasonally weaker anyway) is going to be ugly because of the actor's strike. But I'd view that as a 1-time hit. Even with the lousy Q2, they're still looking for breakeven or so for the year. And that's excluding possible contributions from additional, higher margin revenue.
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buccaneer1961 buccaneer1961 7 months ago
Oh rats..when was the PR? I never saw it
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Monksdream Monksdream 7 months ago
The company issued a press release that said it has doubt about it remaining a going concern
I think the insiders made a deal with a quant for a negotiated fee that engineered a wash trade rally so they sell all their stock
For as much as they can get
MINM as were hundreds of other money losing third tier NASDAQ companies were beneficiaries of the Covid/Cathie Wood/Robinhood/Pandemic trillion or so dollars of relief money rally
Third tier money losing NASDAQ stocks either get delisted or go bankrupt at about two a day
Times 250 trading sessions a year or 500 companies
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buccaneer1961 buccaneer1961 7 months ago
AnY catalysts?
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Monksdream Monksdream 10 months ago
MITQ new 52 week low
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Monksdream Monksdream 10 months ago
MITQ new 52 week low
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Monksdream Monksdream 11 months ago
MITQ new 52 week low
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TheFinalCD TheFinalCD 1 year ago
MITQ SNDX ORDER NEWS https://finance.yahoo.com/news/moving-image-technologies-announces-first-120000961.html


MSGM GAMING MOMO
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urge2surge urge2surge 2 years ago
Dead dog here. Eom
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hisikli1 hisikli1 2 years ago
Very good volume...Aug 15th is the earning...it could go up to $5 to 7 depends on earning
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Tom turtles Tom turtles 2 years ago
Running to $7.....
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BottomBounce BottomBounce 2 years ago
$MITQ Careful Book value is only $0.95
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Tom turtles Tom turtles 2 years ago
Could've got $1.22....oh well...Don't see it going back to $1.10....
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Tom turtles Tom turtles 2 years ago
I picked up 5000 also ....after hours at $1.28...Hopefully this gets a Squeeze on Monday.
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hisikli1 hisikli1 2 years ago
I just got 5000 shares ...let's see what's the market bring next couple of days...
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subslover subslover 2 years ago
Less than 11 mil shares are outstanding. Maybe this was shorted?
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Tom turtles Tom turtles 2 years ago
Share buy back ? seems to me they're just dumping shares ????
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subslover subslover 2 years ago
Moving iMage Technologies (MiT) Board of Directors Authorizes $1 Million Share Repurchase Program
FOUNTAIN VALLEY, Calif.--(BUSINESS WIRE)-- Moving iMage Technologies (NYSE: MITQ) (“MiT”), a leading digital cinema technology company, today announced that its Board of Directors authorized a share repurchase program permitting the Company to purchase up to an aggregate of $1 million of common stock over the next 12 months.

“Since coming public last July, our financial performance and fundamentals have steadily improved, while our stock price has not reflected this performance,” said Phil Rafnson, chief executive officer. “With a strong, debt-free balance sheet that had nearly $1 per share in cash as of our most recent earnings report and revenue guidance of 155-169% growth for fiscal 2022, we believe the stock is significantly undervalued. Given this gap in perception, our board of directors has approved a $1 million buyback over the next 12 months.”

Purchases made under the program will be made from time to time, at the Company’s discretion, in the open market, through privately negotiated transactions or through other manners as permitted by federal securities laws. The timing, manner, price and amount of any repurchases will be determined by the Company and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors.
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urge2surge urge2surge 2 years ago
Company needs to get off the Amex and list on the NASDAQ.
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stockdawg44 stockdawg44 2 years ago
$$$$ Nice swing!
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cjstocksup cjstocksup 2 years ago
The earnings were great. The $1.50 hits were nice just wondering if it will break ad hold it today.
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crudeoil24 crudeoil24 2 years ago
We got it CJ > going gangbusters!

MITQ
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crudeoil24 crudeoil24 2 years ago
Moving iMage Technologies Raises FY22 Sales Guidance To $17.5M-$18.5M
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crudeoil24 crudeoil24 2 years ago
Hey dawg! > 1.44

MITQ
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crudeoil24 crudeoil24 2 years ago
Management will host a webcast to review the Company's results and forward expectations. Investors can submit questions ahead of time to brian@haydenir.com or ask questions through the webcast portal in real time.

Webcast Date/Time: Tuesday, May 17, 2022, 11:00 a.m. Eastern Time

Webcast Location: https://investors.movingimagetech.com/

Replay

Toll Free: 1-844-512-2921

Toll/International: 1-412-317-6671

Replay PIN Number: 13730078

Replay Start: Tuesday, May 17, 2022, 2:00 p.m. ET

Replay Expiry: Tuesday, May 31, 2022, 11:59 p.m. ET
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stockdawg44 stockdawg44 2 years ago
.85 to $1.20, not bad for MITQ, something's brewing, mini squeeze!
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urge2surge urge2surge 2 years ago
Classic case of criminal naked shorting. 91 million shares transactions on a sub 10 million outstanding. That's not reasonable supply demand or liquidity by the MMS. Control and naked shorting. Permitted by the sec, but they'll cry a river when their fat cats get hurt as seen on AMC GME. Rigged and dirty.. Stock should have been several dollars up but nope. Caught short plain and simple..
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crudeoil24 crudeoil24 2 years ago
SNDBX promotes, creates and manages exciting gaming and e-Sports leagues for amateur gamers of all ages by partnering with local movie theater operators to use auditoriums to host weekly events. The 10-week leagues include two weeks of playoffs, live coaching and skills sessions conducted by experts, exclusive content and training, theater discounts and prize pack giveaways.
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TheFinalCD TheFinalCD 2 years ago
new came out yesterday 4:14PM

https://sndbx.gg/
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cjstocksup cjstocksup 2 years ago
$MITQ news all we need now is volume.
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Thunderstruck Thunderstruck 3 years ago
MITQ........I sold for a loss. Happy New year to all!
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Thunderstruck Thunderstruck 3 years ago
https://ih.advfn.com/stock-market/AMEX/moving-image-technologies-MITQ/stock-news/86744617/moving-image-surges-on-multiple-purchase-orders-fo
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Thunderstruck Thunderstruck 3 years ago
MITQ……Moving iMage Technologies Receives Multiple Purchase Orders for Equipment Upgrades

Source: Business Wire
Moving iMage Technologies (NYSE American: MITQ) (“MiT”), a leading digital cinema technology company, today announced it recently received three procurement contracts for upgrades.

These purchase orders are part of a nascent upgrade cycle for aging digital cinema technology and equipment and are fueled by the Shuttered Venue Operators Grant (SVOG) distributed under the Cares Act. The SVOG is an SBA grant assisting eligible venues affected by COVID-19, including motion picture theatre operators. As of November 29, 2021, motion picture operators have received over $1.9 billion in initial funding and $0.6 billion in supplemental funding to help them recover from the impact of COVID-19.

”The SVOG grants are helping facilitate a much-needed upgrade cycle for theatre technologies and amenities that was delayed due to the onset of COVID-19,” said Joe Delgado, executive vice president, sales and marketing for MiT. “We look forward to helping our customer base emerge even stronger from this pandemic by improving the customer experience through technology and comfort upgrades.”

Flix Brewhouse

Flix Brewhouse, a growing regional circuit known for its amenities, including in-theatre craft brewing, has given a circuit-wide purchase order to MiT to upgrade its digital cinema media servers from GDC Technologies. The new generation of GDC’s digital cinema media servers are purpose-built servers for secure movie playback and offer higher frame rate capabilities and even streaming support.

Celebration Cinemas

Celebration Cinemas, a Michigan regional exhibitor, has given a circuit-wide purchase order for Dolby CP950 audio processors that support Dolby 5.1 and Dolby 7.1 surround sound and include an expansion slot to upgrade to Dolby Atmos sound.

Elvis Cinemas

Elvis Cinemas has issued a purchase order for the acquisition and installation of VIP recliners for their Denver, Littleton and Arvada Colorado locations.

About Moving iMage Technologies

Moving iMage Technologies is a leading manufacturer and integrator of purpose-built technology solutions and equipment to support a wide variety of entertainment applications, with a focus on motion picture exhibition. MiT offers a wide range of products and services, including custom engineering, systems design, integration and installation, enterprise software solution, digital cinema, A/V integration, as well as customized solutions for emerging entertainment technology. MiT’s Caddy Products division designs and sells proprietary cup-holder and other seating-based products and lighting systems for theaters and stadiums. For more information, visit www.movingimagetech.com.
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Thunderstruck Thunderstruck 3 years ago
MITQ NEWS!!!

Moving iMage Technologies (MiT) to Present at Sidoti Virtual Microcap Investor Conference

Source: Business Wire
Moving iMage Technologies (NYSE AMERICAN: MITQ) (“MiT”), a leading digital cinema technology company, today announced Joe Delgado, executive vice president will present and host one-on-one meetings with investors at the Sidoti Virtual Microcap Investor Conference, taking place on December 8-9, 2021.

Presentation Date: December 8, 2021

Presentation Time: 9:45 a.m. ET

Free Registration: www.sidoti.com/events

Live Access: https://sidoti.zoom.us/webinar/register/WN_f5hy-nHmT_WbmYrbtSxpAA

1:1 Meetings: Please sign up for one-on-ones through the Sidoti conference portal or by contacting Brian Siegel from Hayden IR at brian@haydenir.com

About Moving iMage Technologies

Moving iMage Technologies is a leading manufacturer and integrator of purpose-built technology and equipment to support a wide variety of entertainment applications, with a focus on motion picture exhibition. MiT offers a wide range of products and services, including custom engineering, systems design, integration and installation, enterprise software solution, digital cinema, A/V integration, as well as customized solutions for emerging entertainment technology. MiT’s Caddy Products division designs and sells proprietary cup-holder and other seating-based products and lighting systems for theaters and stadiums. For more information, visit www.movingimagetech.com.

About Sidoti & Company

For over two decades, Sidoti & Company (http://www.sidoti.com) has been a premier provider of independent securities research focused specifically on small and microcap companies and the institutions that invest in their securities, with most of its coverage in the $100 million-$5 billion market cap range. The firm’s approach affords companies and institutional clients a combination of high-quality research, a small- and microcap-focused nationwide sales effort, broad access to corporate management teams, and extensive trading support. Sidoti serves 500+ institutional clients in North America.


View source version on businesswire.com: https://www.businesswire.com/news/home/20211130006088/en/

Investor Relations and Media Contacts:
Brian Siegel, IRC®, M.B.A.
Managing Director
Hayden IR
(346) 396-8696
brian@haydenir.com
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Thunderstruck Thunderstruck 3 years ago
Moving iMage Technologies Announces Strong Results in First Quarter Fiscal 2022
November 11, 2021
Reports year-over-year revenue growth of 98% to $3.5 Million;
Extinguished $3.1 million in debt in the quarter
Backlog of $7.7 million at the end of the quarter
Initiates fiscal 2022 revenue guidance of $12 to $15 million (67% to 108% year-over-year growth)
Moving iMage Technologies, Inc. (NYSE AMERICAN: MITQ), (MiT) a leading digital cinema technology company, today announced results for its first fiscal quarter ended September 30, 2021.

“I’m excited to announce in our first full quarter as a public company we delivered strong year-over-year revenue growth of 98%,” said Phil Rafnson, chairman and chief executive officer. “MiT benefited in the quarter from several tailwinds, including strong signs from consumers and theater operators that we are in the very early stages of recovering from the effects of the pandemic; in addition to a nascent cinema technology upgrade cycle.

“We also successfully completed our IPO, which was upsized and oversubscribed, raising net proceeds of $12.3 million, while also seeing strong bookings in the quarter, which was reflected in our backlog of $7.7 million. Finally, we introduced our ADA-compliant, multi-language translator product, which we believe has disruptive potential from both a product and recurring services perspective and is expected to provide an enhanced cinematic experience to a much broader audience.”

Fiscal First Quarter Highlights (compared to fiscal 2021)

Revenue increased 98% to $3.5 million versus $1.8 million;
GAAP operating loss of ($0.5) million, versus an operating loss of ($0.3) million;
Adjusted operating loss of ($0.4) million versus ($0.3) million;
GAAP Net loss and diluted loss per share of ($0.6) million and ($0.06) versus a net loss and loss per share of ($0.4) million and ($0.07), respectively;
Adjusted net loss and adjusted diluted loss per share was ($0.4) million and ($0.04) versus ($0.4) million and ($0.07), respectively;
Backlog of $7.7 million;
Cash and cash equivalents of $11.0 million.
Fiscal 2022 Commentary

“We believe that fiscal 2021 was a trough year. We used this period to lean out our operations and expand our proprietary product offerings in preparation for the industry’s recovery from the pandemic, and I am encouraged to see industry optimism gaining momentum in recent months. When combined with the billions of dollars in government grants to venue operators, a nascent technology upgrade cycle, new theater construction, theatre upgrades and refurbishment of existing theaters to enhance the overall movie-going experience, I believe we are well-positioned to capitalize on the opportunity ahead. Our relationships within the industry are strong, and we are well-positioned with both the growing small and mid-size theater operators as well as the major circuits, and we believe the first quarter of fiscal 2022 was reflective of this and a sign of even better things to come from both the industry and MiT. As such, we are introducing our initial fiscal 2022 revenue guidance of $12 to $15 million, or 67% to 108% growth over fiscal 2021, and we expect to deliver positive cash flow from operations as well,” concluded Rafnson.

Earnings Announcement and Supplemental Information

MiT’s earnings release will be filed on Form 8-K and posted on the MiT investor relations website (https://investors.movingimagetech.com/) at approximately 4:10 p.m. Eastern on November 11, 2021.

Management will host an earnings webcast beginning at 4:30 p.m. Eastern. Management’s presentation of the results, outlook and strategy will be followed by webcast Q&A with investors.

The call will also be webcast through the investor relations portion of the Company’s website at https://investors.movingimagetech.com/
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Thunderstruck Thunderstruck 3 years ago
MITQ.....Check out their website and all the FACTS!!!
Going to explode one of these days in the near future!!!


http://www.movingimagetech.com/company/
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Thunderstruck Thunderstruck 3 years ago
I thought you said this was a 12.00 stock!!! I'm out! It's done nothing but go down.
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Thunderstruck Thunderstruck 3 years ago
I'm in!!!! @2.64!!
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Thunderstruck Thunderstruck 3 years ago
MITQ....Entered @ 2.64!!!! Looks great!!!
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HokieHead HokieHead 3 years ago
This is a $12-$15 stock. No debt, profitable next year, sales up 100% and a float only 7m. A small, only 5x sales is a $7.50 PPS.
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Thunderstruck Thunderstruck 3 years ago
MITQ.....No position yet, 10 q out...look at this....

Results of Operations

Three months ended September 30, 2021 compared to year ended September 30, 2020

Net Sales







Three Months Ended September 30,

(in 000’s)

2021



2020

$

3,474


$

1,757


Net sales increased 97.7% to $3.474 million for the three months ended September 30, 2021 from $1.757 million for the three months ended September 30, 2020 primarily due to the recovery from the impact of COVID-19 on the exhibition industry. Backlog at September 30, 2021 and 2020 was $7.7 million and $9.3 million, respectively. Backlog represents orders expected to be realized in the next 6 months.
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