Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Moving iMage Technologies Announces Fourth Quarter and Full-Year Fiscal 2023 Results By: Moving iMage Technologies, Inc. via Business Wire September 26, 2023 at 07:00 AM EDT 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 fourth quarter and full-year ended June 30, 2023. “We completed a solid year with double-digit revenue growth, higher gross margin and reduced non-GAAP losses,” said Phil Rafnson, chairman and chief executive officer. “Fiscal 2023 was a transition year for MiT. As the box office increased sharply, we saw the beginning of a new, multi-year technology upgrade cycle, and cinema owners continued investing in new FF&E projects. Additionally, we made meaningful progress in our strategy to transform our business with higher margin, recurring revenue technology offerings that have the potential to meaningfully accelerate revenue growth and profits over the medium to longer term. “Additionally, our fiscal 2023 results would have been even better had we not seen approximately $3.4 million of pushouts in our legacy FF&E projects business during the second half of fiscal 2023. Pushouts are not uncommon in this part of our business, and this lumpiness is a big reason we are developing new technology offerings with recurring revenue streams. We also had roughly $1 million, or $0.09 per share, in non-recurring, non-cash year-end accounting write-downs in the fourth quarter that negatively impacted our GAAP operating and net losses.” Fourth Quarter Fiscal 2023 Highlights (versus Fiscal 2Q22) Revenue of $5.8 million compared to $5.6 million; Gross Profit of $1.4 million compared to $1.5 million; Gross Margin of 24.2%; GAAP Operating Loss of ($1.4) million compared to ($0.5) million; GAAP Operating loss in fiscal 2023 included ($1.0 million) in non-cash accounting write-downs; GAAP Net Loss and Loss per Share of ($1.3) million and ($0.12) compared to ($0.7) million and ($0.07), respectively; Non-GAAP Net Loss and Loss per Share of ($0.2) million and ($0.02) compared to ($0.7) million and ($0.06), respectively. Fiscal Year 2023 Highlights (versus Fiscal 2Q22) Revenue of $20.2 million compared to $18.4 million; Gross Profit of $5.3 million compared to $4.5 million, Gross Margin expanded by 200 basis points to 26.3%; GAAP Operating Loss of ($2.0) million compared to ($1.8) million; GAAP Operating loss in fiscal 2023 included ($1.0 million) in non-cash accounting write-downs; GAAP Net Loss and Loss per Share of ($1.8) million and ($0.17) compared to ($1.3) million and ($0.13), respectively; Non-GAAP Net Loss and Loss per Share of ($0.7) million and ($0.07) compared to Non-GAAP Net Loss and Loss per Share of ($1.5) million and ($0.14), respectively. Select Financial Metrics: FY23 versus FY22 as of 6/30/2023* (in millions, except for Loss per Share and percentages) 4Q23 4Q22 Change FY23 FY22 Change Total Revenue $ 5.8 $ 5.6 2.6 % $ 20.2 $ 18.4 10.1 % Gross Profit $ 1.4 $ 1.5 -5.4 % $ 5.3 $ 4.5 19.0 % Gross Margin 24.2 % 26.2 % 26.3 % 24.3 % Operating Loss ($ 1.4 ) ($ 0.5 ) 200.7 % ($ 2.0 ) ($ 1.8 ) -12.1 % Operating Margin -23.5 % -8.0 % -9.8 % -9.6 % GAAP Net Loss ($ 1.3 ) ($ 0.7 ) nm ($ 1.8 ) ($ 1.3 ) -33.7 % GAAP Loss Per Share ($ 0.12 ) ($ 0.07 ) nm ($ 0.17 ) ($ 0.13 ) -30.4 % Non-GAAP Net Loss ($ 0.2 ) ($ 0.7 ) 65.4 % ($ 0.7 ) ($ 1.5 ) 53.6 % Non-GAAP Loss Per Share ($ 0.02 ) ($ 0.06 ) 65.9 % ($ 0.07 ) ($ 0.14 ) 54.2 % nm = not measurable/meaningful; *may not add up due to rounding Fiscal 2024 Commentary “Given the lumpy nature of our projects, we are approaching fiscal 2024 guidance cautiously by targeting low double-digit revenue growth from our legacy businesses while continuing to move towards break-even on a non-GAAP basis. That said, we do see multiple upside opportunities from our newer initiatives, which aren’t included in our current guidance. These include an ADA compliance product refresh at a large national circuit, recording any sales of LEA Professional products, order growth in Esports 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, we have significant opportunities to accelerate growth, and we plan to provide updates throughout the year as our growth initiatives hit milestones,” concluded Rafnson. Earnings Conference Call and Webcast Information Management will host a conference call and audio webcast to review the Company’s results and forward expectations at 10:00 a.m Eastern Time. Dial-in and Webcast Information Date/Time: Tuesday, September 26, 2023, 10:00 a.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=1635216&tp_key=7431f4e981 Telephone Replay Replay Dial-In: 1-844-512-2921 or 1-412-317-6671 Replay Expiration: Thursday, November 9, 2023 at 11:59 p.m. ET Access ID: 13741344 Telephone Replays will be made available approximately 3 hours 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. MOVING IMAGE TECHNOLOGIES, INC. CONSOLIDATED BALANCE SHEETS (in thousands) June 30, 2023 2022 Assets Current Assets: Cash $ 6,616 $ 2,340 Marketable securities - current — 4,363 Accounts receivable, net 905 1,762 Inventories, net 4,419 4,033 Prepaid expenses and other 451 864 Total Current Assets 12,391 13,362 Long-Term Assets: Marketable securities – long-term — 325 Right-of-use asset 415 — Property and equipment, net 28 22 Intangibles, net 480 839 Goodwill — 287 Other assets 16 16 Total Long-Term Assets 939 1,489 Total Assets $ 13,330 $ 14,851 Liabilities And Stockholders’ Equity Current Liabilities: Accounts payable $ 1,507 $ 1,583 Accrued expenses 618 655 Customer deposits 3,169 3,158 Lease liability–current 280 — Unearned warranty revenue 26 18 Total Current Liabilities 5,600 5,414 Long-Term Liabilities: Lease liability–non-current 151 — Deferred rent — 22 Total Long-Term Liabilities 151 22 Total Liabilities 5,751 5,436 Stockholders’ Equity Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,685,778 and 10,828,398 shares issued and outstanding at June 30, 2023 and 2022, respectively — — Additional paid-in capital 12,462 12,500 Accumulated deficit (4,883 ) (3,085 ) Total Stockholders’ Equity 7,579 9,415 Total Liabilities and Stockholders’ Equity $ 13,330 $ 14,851 MOVING IMAGE TECHNOLOGIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands except share and per share amounts) Year Ended Year Ended June 30, June 30, 2023 2022 Net sales $ 20,207 $ 18,351 Cost of goods sold 14,897 13,890 Gross profit 5,310 4,461 Operating expenses: Research and development 261 238 Selling and marketing 2,630 2,389 General and administrative 3,440 3,596 Impairment of long-term assets 954 — Total operating expenses 7,285 6,223 Operating loss (1,975 ) (1,762 ) Other expenses (income) Unrealized loss on marketable securities — 242 Realized (gain)/loss on marketable securities (38 ) 6 PPP loan forgiveness — (705 ) Interest expense and other income, net (139 ) 40 Total other expense (income) (177 ) (417 ) Net loss $ (1,798 ) $ (1,345 ) Weighted average shares outstanding: basic and diluted (Note 5) 10,922,710 10,577,994 Net loss per common share basic and diluted $ (0.16 ) $ (0.13 ) MOVING IMAGE TECHNOLOGIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Year Ended Year Ended June 30, June 30, 2023 2022 Cash flows from operating activities: Net loss $ (1,798 ) $ (1,345 ) Adjustments to reconcile net loss to net cash used in operating activities: PPP loan forgiveness — (705 ) Provision for doubtful accounts 389 (218 ) Depreciation expense 9 19 Amortization expense 96 96 Impairment expense 550 — ROU amortization 244 (3 ) Stock option compensation expense 146 245 Unrealized loss on investments — 242 Realized (gain) loss on investments (38 ) 6 Changes in operating assets and liabilities Accounts receivable 868 (1,090 ) Inventories, net (386 ) (2,499 ) Prepaid expenses and other 413 348 Accounts payable (76 ) (328 ) Accrued expenses 83 42 Unearned warranty revenue 8 (16 ) Customer deposits 11 1,819 Advances on notes receivable (250 ) — Net cash used in operating activities 269 (3,387 ) Cash flows from investing activities Sales of marketable securities 12,395 641 Purchases of marketable securities (7,669 ) (5,577 ) Purchases of property and equipment (15 ) (20 ) (400 ) — Net cash provided by (used in) investing activities 4,311 (4,956 ) Cash flows from financing activities Net proceeds from initial public offering — 11,244 Payments on notes payable — (1,241 ) Payments on line of credit — (590 ) Stock Buyback (304 ) — Net cash provided by (used in) financing activities (304 ) 9,413 Net increase in cash 4,276 1,070 Cash, beginning of the year 2,340 1,270 Cash, end of the year $ 6,616 $ 2,340 MOVING IMAGE TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP ITEMS (in millions except for per share numbers) 4Q23 4Q22 FY23 FY22 GAAP Net Loss $ (1.3 ) $ (0.7 ) $ (1.8 ) $ (1.3 ) Add back: Impairments of Goodwill and Intangibles $ 0.6 $ - $ 0.6 $ - SNDBX Note Write-off $ 0.4 $ - $ 0.4 $ - Other Income/Expense $ - $ (0.2 ) $ - $ 0.1 PPP Loan Forgiveness Gain $ - $ - $ - $ (0.7 ) Stock Compensation Expense $ 0.1 $ 0.2 $ 0.1 $ 0.4 Non-GAAP Net Loss $ (0.2 ) $ (0.7 ) $ (0.7 ) $ (1.5 ) Non-GAAP Loss Per Share $ (0.02 ) $ (0.06 ) $ (0.07 ) $ (0.14 ) Shares Outstanding 10.9 10.8 10.6 10.9 View source version on businesswire.com: https://www.businesswire.com/news/home/20230926038747/en/Contacts Brian Siegel, IRC, MBA Senior Managing Director, Hayden IR (346) 396-8696 Brian@haydenir.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Moving iMage Technologies Announces Fourth Quarter and Full-Year Fiscal 2023 Results By: Moving iMage Technologies, Inc. via Business Wire September 26, 2023 at 07:00 AM EDT 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 fourth quarter and full-year ended June 30, 2023. “We completed a solid year with double-digit revenue growth, higher gross margin and reduced non-GAAP losses,” said Phil Rafnson, chairman and chief executive officer. “Fiscal 2023 was a transition year for MiT. As the box office increased sharply, we saw the beginning of a new, multi-year technology upgrade cycle, and cinema owners continued investing in new FF&E projects. Additionally, we made meaningful progress in our strategy to transform our business with higher margin, recurring revenue technology offerings that have the potential to meaningfully accelerate revenue growth and profits over the medium to longer term. “Additionally, our fiscal 2023 results would have been even better had we not seen approximately $3.4 million of pushouts in our legacy FF&E projects business during the second half of fiscal 2023. Pushouts are not uncommon in this part of our business, and this lumpiness is a big reason we are developing new technology offerings with recurring revenue streams. We also had roughly $1 million, or $0.09 per share, in non-recurring, non-cash year-end accounting write-downs in the fourth quarter that negatively impacted our GAAP operating and net losses.” Fourth Quarter Fiscal 2023 Highlights (versus Fiscal 2Q22) Revenue of $5.8 million compared to $5.6 million; Gross Profit of $1.4 million compared to $1.5 million; Gross Margin of 24.2%; GAAP Operating Loss of ($1.4) million compared to ($0.5) million; GAAP Operating loss in fiscal 2023 included ($1.0 million) in non-cash accounting write-downs; GAAP Net Loss and Loss per Share of ($1.3) million and ($0.12) compared to ($0.7) million and ($0.07), respectively; Non-GAAP Net Loss and Loss per Share of ($0.2) million and ($0.02) compared to ($0.7) million and ($0.06), respectively. Fiscal Year 2023 Highlights (versus Fiscal 2Q22) Revenue of $20.2 million compared to $18.4 million; Gross Profit of $5.3 million compared to $4.5 million, Gross Margin expanded by 200 basis points to 26.3%; GAAP Operating Loss of ($2.0) million compared to ($1.8) million; GAAP Operating loss in fiscal 2023 included ($1.0 million) in non-cash accounting write-downs; GAAP Net Loss and Loss per Share of ($1.8) million and ($0.17) compared to ($1.3) million and ($0.13), respectively; Non-GAAP Net Loss and Loss per Share of ($0.7) million and ($0.07) compared to Non-GAAP Net Loss and Loss per Share of ($1.5) million and ($0.14), respectively. Select Financial Metrics: FY23 versus FY22 as of 6/30/2023* (in millions, except for Loss per Share and percentages) 4Q23 4Q22 Change FY23 FY22 Change Total Revenue $ 5.8 $ 5.6 2.6 % $ 20.2 $ 18.4 10.1 % Gross Profit $ 1.4 $ 1.5 -5.4 % $ 5.3 $ 4.5 19.0 % Gross Margin 24.2 % 26.2 % 26.3 % 24.3 % Operating Loss ($ 1.4 ) ($ 0.5 ) 200.7 % ($ 2.0 ) ($ 1.8 ) -12.1 % Operating Margin -23.5 % -8.0 % -9.8 % -9.6 % GAAP Net Loss ($ 1.3 ) ($ 0.7 ) nm ($ 1.8 ) ($ 1.3 ) -33.7 % GAAP Loss Per Share ($ 0.12 ) ($ 0.07 ) nm ($ 0.17 ) ($ 0.13 ) -30.4 % Non-GAAP Net Loss ($ 0.2 ) ($ 0.7 ) 65.4 % ($ 0.7 ) ($ 1.5 ) 53.6 % Non-GAAP Loss Per Share ($ 0.02 ) ($ 0.06 ) 65.9 % ($ 0.07 ) ($ 0.14 ) 54.2 % nm = not measurable/meaningful; *may not add up due to rounding Fiscal 2024 Commentary “Given the lumpy nature of our projects, we are approaching fiscal 2024 guidance cautiously by targeting low double-digit revenue growth from our legacy businesses while continuing to move towards break-even on a non-GAAP basis. That said, we do see multiple upside opportunities from our newer initiatives, which aren’t included in our current guidance. These include an ADA compliance product refresh at a large national circuit, recording any sales of LEA Professional products, order growth in Esports 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, we have significant opportunities to accelerate growth, and we plan to provide updates throughout the year as our growth initiatives hit milestones,” concluded Rafnson. Earnings Conference Call and Webcast Information Management will host a conference call and audio webcast to review the Company’s results and forward expectations at 10:00 a.m Eastern Time. Dial-in and Webcast Information Date/Time: Tuesday, September 26, 2023, 10:00 a.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=1635216&tp_key=7431f4e981 Telephone Replay Replay Dial-In: 1-844-512-2921 or 1-412-317-6671 Replay Expiration: Thursday, November 9, 2023 at 11:59 p.m. ET Access ID: 13741344 Telephone Replays will be made available approximately 3 hours 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. MOVING IMAGE TECHNOLOGIES, INC. CONSOLIDATED BALANCE SHEETS (in thousands) June 30, 2023 2022 Assets Current Assets: Cash $ 6,616 $ 2,340 Marketable securities - current — 4,363 Accounts receivable, net 905 1,762 Inventories, net 4,419 4,033 Prepaid expenses and other 451 864 Total Current Assets 12,391 13,362 Long-Term Assets: Marketable securities – long-term — 325 Right-of-use asset 415 — Property and equipment, net 28 22 Intangibles, net 480 839 Goodwill — 287 Other assets 16 16 Total Long-Term Assets 939 1,489 Total Assets $ 13,330 $ 14,851 Liabilities And Stockholders’ Equity Current Liabilities: Accounts payable $ 1,507 $ 1,583 Accrued expenses 618 655 Customer deposits 3,169 3,158 Lease liability–current 280 — Unearned warranty revenue 26 18 Total Current Liabilities 5,600 5,414 Long-Term Liabilities: Lease liability–non-current 151 — Deferred rent — 22 Total Long-Term Liabilities 151 22 Total Liabilities 5,751 5,436 Stockholders’ Equity Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,685,778 and 10,828,398 shares issued and outstanding at June 30, 2023 and 2022, respectively — — Additional paid-in capital 12,462 12,500 Accumulated deficit (4,883 ) (3,085 ) Total Stockholders’ Equity 7,579 9,415 Total Liabilities and Stockholders’ Equity $ 13,330 $ 14,851 MOVING IMAGE TECHNOLOGIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands except share and per share amounts) Year Ended Year Ended June 30, June 30, 2023 2022 Net sales $ 20,207 $ 18,351 Cost of goods sold 14,897 13,890 Gross profit 5,310 4,461 Operating expenses: Research and development 261 238 Selling and marketing 2,630 2,389 General and administrative 3,440 3,596 Impairment of long-term assets 954 — Total operating expenses 7,285 6,223 Operating loss (1,975 ) (1,762 ) Other expenses (income) Unrealized loss on marketable securities — 242 Realized (gain)/loss on marketable securities (38 ) 6 PPP loan forgiveness — (705 ) Interest expense and other income, net (139 ) 40 Total other expense (income) (177 ) (417 ) Net loss $ (1,798 ) $ (1,345 ) Weighted average shares outstanding: basic and diluted (Note 5) 10,922,710 10,577,994 Net loss per common share basic and diluted $ (0.16 ) $ (0.13 ) MOVING IMAGE TECHNOLOGIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Year Ended Year Ended June 30, June 30, 2023 2022 Cash flows from operating activities: Net loss $ (1,798 ) $ (1,345 ) Adjustments to reconcile net loss to net cash used in operating activities: PPP loan forgiveness — (705 ) Provision for doubtful accounts 389 (218 ) Depreciation expense 9 19 Amortization expense 96 96 Impairment expense 550 — ROU amortization 244 (3 ) Stock option compensation expense 146 245 Unrealized loss on investments — 242 Realized (gain) loss on investments (38 ) 6 Changes in operating assets and liabilities Accounts receivable 868 (1,090 ) Inventories, net (386 ) (2,499 ) Prepaid expenses and other 413 348 Accounts payable (76 ) (328 ) Accrued expenses 83 42 Unearned warranty revenue 8 (16 ) Customer deposits 11 1,819 Advances on notes receivable (250 ) — Net cash used in operating activities 269 (3,387 ) Cash flows from investing activities Sales of marketable securities 12,395 641 Purchases of marketable securities (7,669 ) (5,577 ) Purchases of property and equipment (15 ) (20 ) (400 ) — Net cash provided by (used in) investing activities 4,311 (4,956 ) Cash flows from financing activities Net proceeds from initial public offering — 11,244 Payments on notes payable — (1,241 ) Payments on line of credit — (590 ) Stock Buyback (304 ) — Net cash provided by (used in) financing activities (304 ) 9,413 Net increase in cash 4,276 1,070 Cash, beginning of the year 2,340 1,270 Cash, end of the year $ 6,616 $ 2,340 MOVING IMAGE TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP ITEMS (in millions except for per share numbers) 4Q23 4Q22 FY23 FY22 GAAP Net Loss $ (1.3 ) $ (0.7 ) $ (1.8 ) $ (1.3 ) Add back: Impairments of Goodwill and Intangibles $ 0.6 $ - $ 0.6 $ - SNDBX Note Write-off $ 0.4 $ - $ 0.4 $ - Other Income/Expense $ - $ (0.2 ) $ - $ 0.1 PPP Loan Forgiveness Gain $ - $ - $ - $ (0.7 ) Stock Compensation Expense $ 0.1 $ 0.2 $ 0.1 $ 0.4 Non-GAAP Net Loss $ (0.2 ) $ (0.7 ) $ (0.7 ) $ (1.5 ) Non-GAAP Loss Per Share $ (0.02 ) $ (0.06 ) $ (0.07 ) $ (0.14 ) Shares Outstanding 10.9 10.8 10.6 10.9 View source version on businesswire.com: https://www.businesswire.com/news/home/20230926038747/en/Contacts Brian Siegel, IRC, MBA Senior Managing Director, Hayden IR (346) 396-8696 Brian@haydenir.com
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 fourth quarter and full-year ended June 30, 2023. “We completed a solid year with double-digit revenue growth, higher gross margin and reduced non-GAAP losses,” said Phil Rafnson, chairman and chief executive officer. “Fiscal 2023 was a transition year for MiT. As the box office increased sharply, we saw the beginning of a new, multi-year technology upgrade cycle, and cinema owners continued investing in new FF&E projects. Additionally, we made meaningful progress in our strategy to transform our business with higher margin, recurring revenue technology offerings that have the potential to meaningfully accelerate revenue growth and profits over the medium to longer term. “Additionally, our fiscal 2023 results would have been even better had we not seen approximately $3.4 million of pushouts in our legacy FF&E projects business during the second half of fiscal 2023. Pushouts are not uncommon in this part of our business, and this lumpiness is a big reason we are developing new technology offerings with recurring revenue streams. We also had roughly $1 million, or $0.09 per share, in non-recurring, non-cash year-end accounting write-downs in the fourth quarter that negatively impacted our GAAP operating and net losses.” Fourth Quarter Fiscal 2023 Highlights (versus Fiscal 2Q22) Revenue of $5.8 million compared to $5.6 million; Gross Profit of $1.4 million compared to $1.5 million; Gross Margin of 24.2%; GAAP Operating Loss of ($1.4) million compared to ($0.5) million; GAAP Operating loss in fiscal 2023 included ($1.0 million) in non-cash accounting write-downs; GAAP Net Loss and Loss per Share of ($1.3) million and ($0.12) compared to ($0.7) million and ($0.07), respectively; Non-GAAP Net Loss and Loss per Share of ($0.2) million and ($0.02) compared to ($0.7) million and ($0.06), respectively. Fiscal Year 2023 Highlights (versus Fiscal 2Q22) Revenue of $20.2 million compared to $18.4 million; Gross Profit of $5.3 million compared to $4.5 million, Gross Margin expanded by 200 basis points to 26.3%; GAAP Operating Loss of ($2.0) million compared to ($1.8) million; GAAP Operating loss in fiscal 2023 included ($1.0 million) in non-cash accounting write-downs; GAAP Net Loss and Loss per Share of ($1.8) million and ($0.17) compared to ($1.3) million and ($0.13), respectively; Non-GAAP Net Loss and Loss per Share of ($0.7) million and ($0.07) compared to Non-GAAP Net Loss and Loss per Share of ($1.5) million and ($0.14), respectively. Select Financial Metrics: FY23 versus FY22 as of 6/30/2023* (in millions, except for Loss per Share and percentages) 4Q23 4Q22 Change FY23 FY22 Change Total Revenue $ 5.8 $ 5.6 2.6 % $ 20.2 $ 18.4 10.1 % Gross Profit $ 1.4 $ 1.5 -5.4 % $ 5.3 $ 4.5 19.0 % Gross Margin 24.2 % 26.2 % 26.3 % 24.3 % Operating Loss ($ 1.4 ) ($ 0.5 ) 200.7 % ($ 2.0 ) ($ 1.8 ) -12.1 % Operating Margin -23.5 % -8.0 % -9.8 % -9.6 % GAAP Net Loss ($ 1.3 ) ($ 0.7 ) nm ($ 1.8 ) ($ 1.3 ) -33.7 % GAAP Loss Per Share ($ 0.12 ) ($ 0.07 ) nm ($ 0.17 ) ($ 0.13 ) -30.4 % Non-GAAP Net Loss ($ 0.2 ) ($ 0.7 ) 65.4 % ($ 0.7 ) ($ 1.5 ) 53.6 % Non-GAAP Loss Per Share ($ 0.02 ) ($ 0.06 ) 65.9 % ($ 0.07 ) ($ 0.14 ) 54.2 % nm = not measurable/meaningful; *may not add up due to rounding Fiscal 2024 Commentary “Given the lumpy nature of our projects, we are approaching fiscal 2024 guidance cautiously by targeting low double-digit revenue growth from our legacy businesses while continuing to move towards break-even on a non-GAAP basis. That said, we do see multiple upside opportunities from our newer initiatives, which aren’t included in our current guidance. These include an ADA compliance product refresh at a large national circuit, recording any sales of LEA Professional products, order growth in Esports 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, we have significant opportunities to accelerate growth, and we plan to provide updates throughout the year as our growth initiatives hit milestones,” concluded Rafnson. Earnings Conference Call and Webcast Information Management will host a conference call and audio webcast to review the Company’s results and forward expectations at 10:00 a.m Eastern Time. Dial-in and Webcast Information Date/Time: Tuesday, September 26, 2023, 10:00 a.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=1635216&tp_key=7431f4e981 Telephone Replay Replay Dial-In: 1-844-512-2921 or 1-412-317-6671 Replay Expiration: Thursday, November 9, 2023 at 11:59 p.m. ET Access ID: 13741344 Telephone Replays will be made available approximately 3 hours 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. MOVING IMAGE TECHNOLOGIES, INC. CONSOLIDATED BALANCE SHEETS (in thousands) June 30, 2023 2022 Assets Current Assets: Cash $ 6,616 $ 2,340 Marketable securities - current — 4,363 Accounts receivable, net 905 1,762 Inventories, net 4,419 4,033 Prepaid expenses and other 451 864 Total Current Assets 12,391 13,362 Long-Term Assets: Marketable securities – long-term — 325 Right-of-use asset 415 — Property and equipment, net 28 22 Intangibles, net 480 839 Goodwill — 287 Other assets 16 16 Total Long-Term Assets 939 1,489 Total Assets $ 13,330 $ 14,851 Liabilities And Stockholders’ Equity Current Liabilities: Accounts payable $ 1,507 $ 1,583 Accrued expenses 618 655 Customer deposits 3,169 3,158 Lease liability–current 280 — Unearned warranty revenue 26 18 Total Current Liabilities 5,600 5,414 Long-Term Liabilities: Lease liability–non-current 151 — Deferred rent — 22 Total Long-Term Liabilities 151 22 Total Liabilities 5,751 5,436 Stockholders’ Equity Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,685,778 and 10,828,398 shares issued and outstanding at June 30, 2023 and 2022, respectively — — Additional paid-in capital 12,462 12,500 Accumulated deficit (4,883 ) (3,085 ) Total Stockholders’ Equity 7,579 9,415 Total Liabilities and Stockholders’ Equity $ 13,330 $ 14,851 MOVING IMAGE TECHNOLOGIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands except share and per share amounts) Year Ended Year Ended June 30, June 30, 2023 2022 Net sales $ 20,207 $ 18,351 Cost of goods sold 14,897 13,890 Gross profit 5,310 4,461 Operating expenses: Research and development 261 238 Selling and marketing 2,630 2,389 General and administrative 3,440 3,596 Impairment of long-term assets 954 — Total operating expenses 7,285 6,223 Operating loss (1,975 ) (1,762 ) Other expenses (income) Unrealized loss on marketable securities — 242 Realized (gain)/loss on marketable securities (38 ) 6 PPP loan forgiveness — (705 ) Interest expense and other income, net (139 ) 40 Total other expense (income) (177 ) (417 ) Net loss $ (1,798 ) $ (1,345 ) Weighted average shares outstanding: basic and diluted (Note 5) 10,922,710 10,577,994 Net loss per common share basic and diluted $ (0.16 ) $ (0.13 ) MOVING IMAGE TECHNOLOGIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Year Ended Year Ended June 30, June 30, 2023 2022 Cash flows from operating activities: Net loss $ (1,798 ) $ (1,345 ) Adjustments to reconcile net loss to net cash used in operating activities: PPP loan forgiveness — (705 ) Provision for doubtful accounts 389 (218 ) Depreciation expense 9 19 Amortization expense 96 96 Impairment expense 550 — ROU amortization 244 (3 ) Stock option compensation expense 146 245 Unrealized loss on investments — 242 Realized (gain) loss on investments (38 ) 6 Changes in operating assets and liabilities Accounts receivable 868 (1,090 ) Inventories, net (386 ) (2,499 ) Prepaid expenses and other 413 348 Accounts payable (76 ) (328 ) Accrued expenses 83 42 Unearned warranty revenue 8 (16 ) Customer deposits 11 1,819 Advances on notes receivable (250 ) — Net cash used in operating activities 269 (3,387 ) Cash flows from investing activities Sales of marketable securities 12,395 641 Purchases of marketable securities (7,669 ) (5,577 ) Purchases of property and equipment (15 ) (20 ) (400 ) — Net cash provided by (used in) investing activities 4,311 (4,956 ) Cash flows from financing activities Net proceeds from initial public offering — 11,244 Payments on notes payable — (1,241 ) Payments on line of credit — (590 ) Stock Buyback (304 ) — Net cash provided by (used in) financing activities (304 ) 9,413 Net increase in cash 4,276 1,070 Cash, beginning of the year 2,340 1,270 Cash, end of the year $ 6,616 $ 2,340 MOVING IMAGE TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP ITEMS (in millions except for per share numbers) 4Q23 4Q22 FY23 FY22 GAAP Net Loss $ (1.3 ) $ (0.7 ) $ (1.8 ) $ (1.3 ) Add back: Impairments of Goodwill and Intangibles $ 0.6 $ - $ 0.6 $ - SNDBX Note Write-off $ 0.4 $ - $ 0.4 $ - Other Income/Expense $ - $ (0.2 ) $ - $ 0.1 PPP Loan Forgiveness Gain $ - $ - $ - $ (0.7 ) Stock Compensation Expense $ 0.1 $ 0.2 $ 0.1 $ 0.4 Non-GAAP Net Loss $ (0.2 ) $ (0.7 ) $ (0.7 ) $ (1.5 ) Non-GAAP Loss Per Share $ (0.02 ) $ (0.06 ) $ (0.07 ) $ (0.14 ) Shares Outstanding 10.9 10.8 10.6 10.9 View source version on businesswire.com: https://www.businesswire.com/news/home/20230926038747/en/