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 Third Quarter Fiscal 2024 Results By: Moving iMage Technologies, Inc. via Business Wire May 15, 2024 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 third quarter ended March 31, 2024. “As expected, the long tail of the actors and writers strike in late 2023 impacted our third quarter results,” said Phil Rafnson, chairman and chief executive officer of MiT. “The strikes impacted the industry year to date for several reasons, including the lower 2024 domestic box office, which analysts expect to be flat to down, and budgeting delays at many of our customers. Specifically, we have seen multiple projects and orders pushed out into future quarters. Additionally, our quarterly financial results were affected by a large order for seats, which have a significantly lower gross margin than the Company average, and the negative side to having strong operating leverage.” Fiscal 2024 Commentary “While we expect the industry hangover to continue into our fourth fiscal quarter, we have seen new recent activity that gives us reasons for optimism. First, we finished field testing for LEA’s smart power amps with a top-10 circuit, and the results were promising. We also began testing these products at another top-10 circuit and hope to start field testing at two other top-10 circuits over the next few quarters. While we have had some early success scoping LEA products into new cinema builds, keep in mind the attrition market for LEA smart power amplifiers represents a $30-60 million annual TAM in North America for us to penetrate over time. “Behind the scenes, we continue moving forward with our emerging product lines. Our E-caddy concept was well received by the handful of Major League Baseball and other sports stadium executives we met and is now expected to move into the early manufacturing and testing stage during our fourth quarter. Here, we also had some recent positive news on the hardware side related to power consumption, which could materially expand the range of services we can offer. “For CineQC, the SaaS quality control and management platform that we license and resell into cinema, the broader rollout has been delayed due to needing a more robust system. While we’ve been co-developing with our paying customer, at zero expense to us, after a thorough evaluation, we decided the underlying technology needs alterations to scale, and we plan to significantly upgrade the technology, which should take approximately two quarters to complete. When finished, we expect to have direct control of the technology and a path to finally market the offering more broadly. “For Esports, we’ve pivoted recently to take a parallel approach with certain larger potential customers while SNDBX is working to raise growth capital. If successful, we believe this could help scale our Esports business more quickly,” concluded Rafnson. Third Quarter Highlights (Fiscal 2024 versus Fiscal 2023) Revenue increased 4.0% to $3.9 million compared to $3.7 million; Gross Profit decreased to $0.7 million compared to $1.0 million; Gross Margin was 17.4%; GAAP Operating Loss of ($0.6) million compared to ($0.5) million; GAAP Net Loss and Loss per Share (EPS) of ($0.6) million and ($0.06) compared to ($0.4) million and $(0.04), respectively; Non-GAAP Net Loss and Loss per Share (EPS) of ($0.6) million and ($0.06) compared to ($0.4) million and $(0.04), respectively; As of March 31, 2024, the Company held cash of $5.9 million; During the quarter, the Company repurchased 310,000 shares. Select Financial Metrics: FY24 versus FY23* in millions, except for Income (loss) per Share and percentages 3Q24 3Q23 Change YTD FY24 YTD FY23 Change Total Revenue $3.9 $3.7 4.0% $13.8 $14.4 -4.5% Gross Profit $0.7 $1.0 -35.1% $3.3 $3.9 -16.8% Gross Margin 17.4% 27.9% 23.6% 27.1% Operating Income (Loss) ($0.6) ($0.5) -23.4% ($1.1) ($0.6) -78.5% Operating Margin -16.7% -14.1% -7.9% -4.3% GAAP Net Income (Loss) ($0.6) ($0.4) -41.7% ($1.0) ($0.5) -102.5% GAAP Earnings (Loss) per Share (0.06) ($0.04) -48.8% ($0.09) ($0.04) -96.8% Non-GAAP Net Income (Loss) ($0.6) ($0.4) -40.6% ($1.0) ($0.5) -109.3% Non-GAAP Income (Loss) Per Share ($0.06) ($0.04) -47.6% ($0.09) ($0.04) -104.8% nm = not measurable/meaningful; *may not add up due to rounding Trended Financials* in millions, except for Income (loss) per Share and percentages 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 FY22 FY23 YTD FY24 Total Revenue $5.9 $4.8 $3.7 $5.8 $6.6 $3.3 $3.9 $18.4 $20.2 $13.8 Gross Profit $1.6 $1.3 $1.0 $1.4 $1.8 $0.8 $0.7 $4.5 $5.3 $3.3 Gross Margin 26.6% 27.1% 27.9% 24.2% 27.4% 23.2% 17.4% 24.3% 26.3% 23.6% Operating Income (Loss) $0.0 ($0.1) ($0.5) ($1.4) $0.4 ($0.8) ($0.6) ($1.8) ($2.0) ($1.1) Operating Margin 0.8% -2.8% -14.1% -23.5% 5.8% -25.4% -16.7% -9.6% -9.8% -7.9% GAAP Net Income (Loss) ($0.1) $0.0 ($0.4) ($1.3) $0.4 ($0.8) ($0.6) ($1.3) ($1.8) ($1.0) Diluted Income (Loss) per Share ($0.01) $0.00 ($0.04) ($0.12) $0.04 (0.07) ($0.06) ($0.13) ($0.17) ($0.09) Non-GAAP Net Income (Loss) ($0.1) $0.0 ($0.4) ($0.2) $0.4 ($0.8) ($0.6) ($1.5) ($0.7) ($1.0) Non-GAAP Diluted Income (Loss) per Share ($0.01) $0.00 ($0.04) ($0.02) $0.04 ($0.07) ($0.06) ($0.14) ($0.07) ($0.09) *may not add up due to rounding Dial-in and Webcast Information Date/Time: Wednesday, May 15, 2024, 12:00 p.m. ET Toll-Free: 1-877-407-4021 Toll/International: 1-201-689-8472 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=1671871&tp_key=cda72b6393 Telephone Replay Replay Dial-In: 1-844-512-2921 or 1-412-317-6671 Replay Expiration: Wednesday, May 29, 2024 at 11:59 p.m. ET Access ID: 13746715 Telephone Replays will be made available after the 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. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands except share and per share amounts) (unaudited) March 31, June 30, 2024 2023 (unauditied) Assets Current Assets: Cash $ 5,946 $ 6,616 Accounts receivable, net 890 905 Inventories, net 4,220 4,419 Prepaid expenses and other 938 451 Total Current Assets 11,994 12,391 Long-Term Assets: Right-of-use asset 214 415 Property and equipment, net 31 28 Intangibles, net 437 480 Other assets 16 16 Total Long-Term Assets 698 939 Total Assets $ 12,692 $ 13,330 Liabilities And Stockholders’ Equity Current Liabilities: Accounts payable $ 1,457 $ 1,507 Accrued expenses 747 618 Customer deposits 3,895 3,169 Lease liability–current 224 280 Unearned warranty revenue 52 26 Total Current Liabilities 6,375 5,600 Long-Term Liabilities: Lease liability–non-current — 151 Total Long-Term Liabilities — 151 Total Liabilities 6,375 5,751 Stockholders’ Equity Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,285,971 and 10,685,778 shares issued and outstanding at March 31, 2024 and June 30, 2023, respectively — — Additional paid-in capital 12,157 12,462 Accumulated deficit (5,840 ) (4,883 ) Total Stockholders’ Equity 6,317 7,579 Total Liabilities and Stockholders’ Equity $ 12,692 $ 13,330 MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands except share and per share amounts) (unaudited) Three Months Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Net sales $ 3,890 $ 3,741 $ 13,790 $ 14,435 Cost of goods sold 3,214 2,699 10,536 10,523 Gross profit 676 1,042 3,254 3,912 Operating expenses: Research and development 73 66 212 195 Selling and marketing 547 663 1,717 1,867 General and administrative 705 839 2,421 2,464 Total operating expenses 1,325 1,568 4,350 4,526 Operating loss (649 ) (526 ) (1,096 ) (614 ) Other income (expense) Unrealized loss on marketable securities — 81 — 243 Realized loss on marketable securities — — — (167 ) Interest and other income, net 48 21 140 66 Total other income (expense) 48 102 140 142 Net income/(loss) $ (601 ) $ (424 ) $ (956 ) $ (472 ) Net profit/(loss) per common share basic and diluted $ (0.06 ) $ (0.04 ) $ (0.09 ) $ (0.04 ) Weighted average shares outstanding: basic and diluted 10,436,519 10,956,413 10,593,229 10,947,790 MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Nine Months Ended December 31, 2024 2023 Cash flows from operating activities: Net income/(loss) $ (956 ) $ (472 ) Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities: Provision for credit losses (52 ) (5 ) Inventory reserve 433 80 Depreciation expense 9 6 Amortization expense 43 72 ROU amortization 201 — Stock option compensation expense 15 — Realized gain on investments — (76 ) Changes in operating assets and liabilities Accounts receivable 67 778 Inventories, net (234 ) (883 ) Prepaid expenses and other (487 ) 289 Accounts payable (50 ) 558 Accrued expenses 129 (6 ) Unearned warranty revenue 26 30 Customer deposits 726 (1,066 ) Lease liabilities (207 ) — Net cash used in operating activities (337 ) (685 ) Cash flows from investing activities Sales of marketable securities — 12,418 Purchases of marketable securities — (7,660 ) Purchases of property and equipment (12 ) (7 ) Net cash provided by used in investing activities (12 ) 4,751 Cash flows from financing activities Stock Buyback (334 ) (49 ) Stock issued for Director expense 13 — Net cash (used in) financing activities (321 ) (49 ) Net increase (decrease) in cash (670 ) 4,017 Cash, beginning of the year 6,616 2,340 Cash, end of the year $ 5,946 $ 6,357 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 eliminating one-time items and non-cash stock compensation expense is useful in evaluating our core operating results and 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. RECONCILIATION OF NON-GAAP ITEMS (in $millions except for per share numbers) in millions, except for Income (loss) per Share 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 FY22 FY23 YTD FY24 GAAP Net Income (Loss) ($0.1) $0.0 ($0.4) ($1.3) $0.4 ($0.8) ($0.6) ($1.3) ($1.8) ($1.0) Other Income (expense) $0.1 ($0.2) $0.0 $0.0 $0.0 $0.0 $0.0 $0.1 $0.0 $0.0 Impairments $0.0 $0.0 $0.0 $0.6 $0.0 $0.0 $0.0 $0.0 $0.6 $0.0 SNDBX Write-off $0.0 $0.0 $0.0 $0.4 $0.0 $0.0 $0.0 $0.0 $0.4 $0.0 Stock Compensation Expense $0.0 $0.0 $0.0 $0.1 $0.0 $0.0 $0.0 $0.4 $0.1 $0.0 PPP Adjustment $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 ($0.7) $0.0 $0.0 Non-GAAP Net Income (Loss) $0.0 ($0.1) ($0.4) ($0.2) $0.4 ($0.8) ($0.6) ($1.5) ($0.7) ($1.0) Non-GAAP Diluted Income (Loss) per Share $0.00 ($0.01) ($0.04) ($0.02) $0.04 ($0.07) ($0.06) ($0.15) ($0.07) ($0.09) View source version on businesswire.com: https://www.businesswire.com/news/home/20240515222987/en/Contacts Brian Siegel, IRC, MBA Vice President, Investor Relations and Strategic Communications for MiT 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. 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Moving iMage Technologies Announces Third Quarter Fiscal 2024 Results By: Moving iMage Technologies, Inc. via Business Wire May 15, 2024 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 third quarter ended March 31, 2024. “As expected, the long tail of the actors and writers strike in late 2023 impacted our third quarter results,” said Phil Rafnson, chairman and chief executive officer of MiT. “The strikes impacted the industry year to date for several reasons, including the lower 2024 domestic box office, which analysts expect to be flat to down, and budgeting delays at many of our customers. Specifically, we have seen multiple projects and orders pushed out into future quarters. Additionally, our quarterly financial results were affected by a large order for seats, which have a significantly lower gross margin than the Company average, and the negative side to having strong operating leverage.” Fiscal 2024 Commentary “While we expect the industry hangover to continue into our fourth fiscal quarter, we have seen new recent activity that gives us reasons for optimism. First, we finished field testing for LEA’s smart power amps with a top-10 circuit, and the results were promising. We also began testing these products at another top-10 circuit and hope to start field testing at two other top-10 circuits over the next few quarters. While we have had some early success scoping LEA products into new cinema builds, keep in mind the attrition market for LEA smart power amplifiers represents a $30-60 million annual TAM in North America for us to penetrate over time. “Behind the scenes, we continue moving forward with our emerging product lines. Our E-caddy concept was well received by the handful of Major League Baseball and other sports stadium executives we met and is now expected to move into the early manufacturing and testing stage during our fourth quarter. Here, we also had some recent positive news on the hardware side related to power consumption, which could materially expand the range of services we can offer. “For CineQC, the SaaS quality control and management platform that we license and resell into cinema, the broader rollout has been delayed due to needing a more robust system. While we’ve been co-developing with our paying customer, at zero expense to us, after a thorough evaluation, we decided the underlying technology needs alterations to scale, and we plan to significantly upgrade the technology, which should take approximately two quarters to complete. When finished, we expect to have direct control of the technology and a path to finally market the offering more broadly. “For Esports, we’ve pivoted recently to take a parallel approach with certain larger potential customers while SNDBX is working to raise growth capital. If successful, we believe this could help scale our Esports business more quickly,” concluded Rafnson. Third Quarter Highlights (Fiscal 2024 versus Fiscal 2023) Revenue increased 4.0% to $3.9 million compared to $3.7 million; Gross Profit decreased to $0.7 million compared to $1.0 million; Gross Margin was 17.4%; GAAP Operating Loss of ($0.6) million compared to ($0.5) million; GAAP Net Loss and Loss per Share (EPS) of ($0.6) million and ($0.06) compared to ($0.4) million and $(0.04), respectively; Non-GAAP Net Loss and Loss per Share (EPS) of ($0.6) million and ($0.06) compared to ($0.4) million and $(0.04), respectively; As of March 31, 2024, the Company held cash of $5.9 million; During the quarter, the Company repurchased 310,000 shares. Select Financial Metrics: FY24 versus FY23* in millions, except for Income (loss) per Share and percentages 3Q24 3Q23 Change YTD FY24 YTD FY23 Change Total Revenue $3.9 $3.7 4.0% $13.8 $14.4 -4.5% Gross Profit $0.7 $1.0 -35.1% $3.3 $3.9 -16.8% Gross Margin 17.4% 27.9% 23.6% 27.1% Operating Income (Loss) ($0.6) ($0.5) -23.4% ($1.1) ($0.6) -78.5% Operating Margin -16.7% -14.1% -7.9% -4.3% GAAP Net Income (Loss) ($0.6) ($0.4) -41.7% ($1.0) ($0.5) -102.5% GAAP Earnings (Loss) per Share (0.06) ($0.04) -48.8% ($0.09) ($0.04) -96.8% Non-GAAP Net Income (Loss) ($0.6) ($0.4) -40.6% ($1.0) ($0.5) -109.3% Non-GAAP Income (Loss) Per Share ($0.06) ($0.04) -47.6% ($0.09) ($0.04) -104.8% nm = not measurable/meaningful; *may not add up due to rounding Trended Financials* in millions, except for Income (loss) per Share and percentages 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 FY22 FY23 YTD FY24 Total Revenue $5.9 $4.8 $3.7 $5.8 $6.6 $3.3 $3.9 $18.4 $20.2 $13.8 Gross Profit $1.6 $1.3 $1.0 $1.4 $1.8 $0.8 $0.7 $4.5 $5.3 $3.3 Gross Margin 26.6% 27.1% 27.9% 24.2% 27.4% 23.2% 17.4% 24.3% 26.3% 23.6% Operating Income (Loss) $0.0 ($0.1) ($0.5) ($1.4) $0.4 ($0.8) ($0.6) ($1.8) ($2.0) ($1.1) Operating Margin 0.8% -2.8% -14.1% -23.5% 5.8% -25.4% -16.7% -9.6% -9.8% -7.9% GAAP Net Income (Loss) ($0.1) $0.0 ($0.4) ($1.3) $0.4 ($0.8) ($0.6) ($1.3) ($1.8) ($1.0) Diluted Income (Loss) per Share ($0.01) $0.00 ($0.04) ($0.12) $0.04 (0.07) ($0.06) ($0.13) ($0.17) ($0.09) Non-GAAP Net Income (Loss) ($0.1) $0.0 ($0.4) ($0.2) $0.4 ($0.8) ($0.6) ($1.5) ($0.7) ($1.0) Non-GAAP Diluted Income (Loss) per Share ($0.01) $0.00 ($0.04) ($0.02) $0.04 ($0.07) ($0.06) ($0.14) ($0.07) ($0.09) *may not add up due to rounding Dial-in and Webcast Information Date/Time: Wednesday, May 15, 2024, 12:00 p.m. ET Toll-Free: 1-877-407-4021 Toll/International: 1-201-689-8472 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=1671871&tp_key=cda72b6393 Telephone Replay Replay Dial-In: 1-844-512-2921 or 1-412-317-6671 Replay Expiration: Wednesday, May 29, 2024 at 11:59 p.m. ET Access ID: 13746715 Telephone Replays will be made available after the 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. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands except share and per share amounts) (unaudited) March 31, June 30, 2024 2023 (unauditied) Assets Current Assets: Cash $ 5,946 $ 6,616 Accounts receivable, net 890 905 Inventories, net 4,220 4,419 Prepaid expenses and other 938 451 Total Current Assets 11,994 12,391 Long-Term Assets: Right-of-use asset 214 415 Property and equipment, net 31 28 Intangibles, net 437 480 Other assets 16 16 Total Long-Term Assets 698 939 Total Assets $ 12,692 $ 13,330 Liabilities And Stockholders’ Equity Current Liabilities: Accounts payable $ 1,457 $ 1,507 Accrued expenses 747 618 Customer deposits 3,895 3,169 Lease liability–current 224 280 Unearned warranty revenue 52 26 Total Current Liabilities 6,375 5,600 Long-Term Liabilities: Lease liability–non-current — 151 Total Long-Term Liabilities — 151 Total Liabilities 6,375 5,751 Stockholders’ Equity Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,285,971 and 10,685,778 shares issued and outstanding at March 31, 2024 and June 30, 2023, respectively — — Additional paid-in capital 12,157 12,462 Accumulated deficit (5,840 ) (4,883 ) Total Stockholders’ Equity 6,317 7,579 Total Liabilities and Stockholders’ Equity $ 12,692 $ 13,330 MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands except share and per share amounts) (unaudited) Three Months Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Net sales $ 3,890 $ 3,741 $ 13,790 $ 14,435 Cost of goods sold 3,214 2,699 10,536 10,523 Gross profit 676 1,042 3,254 3,912 Operating expenses: Research and development 73 66 212 195 Selling and marketing 547 663 1,717 1,867 General and administrative 705 839 2,421 2,464 Total operating expenses 1,325 1,568 4,350 4,526 Operating loss (649 ) (526 ) (1,096 ) (614 ) Other income (expense) Unrealized loss on marketable securities — 81 — 243 Realized loss on marketable securities — — — (167 ) Interest and other income, net 48 21 140 66 Total other income (expense) 48 102 140 142 Net income/(loss) $ (601 ) $ (424 ) $ (956 ) $ (472 ) Net profit/(loss) per common share basic and diluted $ (0.06 ) $ (0.04 ) $ (0.09 ) $ (0.04 ) Weighted average shares outstanding: basic and diluted 10,436,519 10,956,413 10,593,229 10,947,790 MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Nine Months Ended December 31, 2024 2023 Cash flows from operating activities: Net income/(loss) $ (956 ) $ (472 ) Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities: Provision for credit losses (52 ) (5 ) Inventory reserve 433 80 Depreciation expense 9 6 Amortization expense 43 72 ROU amortization 201 — Stock option compensation expense 15 — Realized gain on investments — (76 ) Changes in operating assets and liabilities Accounts receivable 67 778 Inventories, net (234 ) (883 ) Prepaid expenses and other (487 ) 289 Accounts payable (50 ) 558 Accrued expenses 129 (6 ) Unearned warranty revenue 26 30 Customer deposits 726 (1,066 ) Lease liabilities (207 ) — Net cash used in operating activities (337 ) (685 ) Cash flows from investing activities Sales of marketable securities — 12,418 Purchases of marketable securities — (7,660 ) Purchases of property and equipment (12 ) (7 ) Net cash provided by used in investing activities (12 ) 4,751 Cash flows from financing activities Stock Buyback (334 ) (49 ) Stock issued for Director expense 13 — Net cash (used in) financing activities (321 ) (49 ) Net increase (decrease) in cash (670 ) 4,017 Cash, beginning of the year 6,616 2,340 Cash, end of the year $ 5,946 $ 6,357 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 eliminating one-time items and non-cash stock compensation expense is useful in evaluating our core operating results and 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. RECONCILIATION OF NON-GAAP ITEMS (in $millions except for per share numbers) in millions, except for Income (loss) per Share 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 FY22 FY23 YTD FY24 GAAP Net Income (Loss) ($0.1) $0.0 ($0.4) ($1.3) $0.4 ($0.8) ($0.6) ($1.3) ($1.8) ($1.0) Other Income (expense) $0.1 ($0.2) $0.0 $0.0 $0.0 $0.0 $0.0 $0.1 $0.0 $0.0 Impairments $0.0 $0.0 $0.0 $0.6 $0.0 $0.0 $0.0 $0.0 $0.6 $0.0 SNDBX Write-off $0.0 $0.0 $0.0 $0.4 $0.0 $0.0 $0.0 $0.0 $0.4 $0.0 Stock Compensation Expense $0.0 $0.0 $0.0 $0.1 $0.0 $0.0 $0.0 $0.4 $0.1 $0.0 PPP Adjustment $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 ($0.7) $0.0 $0.0 Non-GAAP Net Income (Loss) $0.0 ($0.1) ($0.4) ($0.2) $0.4 ($0.8) ($0.6) ($1.5) ($0.7) ($1.0) Non-GAAP Diluted Income (Loss) per Share $0.00 ($0.01) ($0.04) ($0.02) $0.04 ($0.07) ($0.06) ($0.15) ($0.07) ($0.09) View source version on businesswire.com: https://www.businesswire.com/news/home/20240515222987/en/Contacts 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. (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 third quarter ended March 31, 2024. “As expected, the long tail of the actors and writers strike in late 2023 impacted our third quarter results,” said Phil Rafnson, chairman and chief executive officer of MiT. “The strikes impacted the industry year to date for several reasons, including the lower 2024 domestic box office, which analysts expect to be flat to down, and budgeting delays at many of our customers. Specifically, we have seen multiple projects and orders pushed out into future quarters. Additionally, our quarterly financial results were affected by a large order for seats, which have a significantly lower gross margin than the Company average, and the negative side to having strong operating leverage.” Fiscal 2024 Commentary “While we expect the industry hangover to continue into our fourth fiscal quarter, we have seen new recent activity that gives us reasons for optimism. First, we finished field testing for LEA’s smart power amps with a top-10 circuit, and the results were promising. We also began testing these products at another top-10 circuit and hope to start field testing at two other top-10 circuits over the next few quarters. While we have had some early success scoping LEA products into new cinema builds, keep in mind the attrition market for LEA smart power amplifiers represents a $30-60 million annual TAM in North America for us to penetrate over time. “Behind the scenes, we continue moving forward with our emerging product lines. Our E-caddy concept was well received by the handful of Major League Baseball and other sports stadium executives we met and is now expected to move into the early manufacturing and testing stage during our fourth quarter. Here, we also had some recent positive news on the hardware side related to power consumption, which could materially expand the range of services we can offer. “For CineQC, the SaaS quality control and management platform that we license and resell into cinema, the broader rollout has been delayed due to needing a more robust system. While we’ve been co-developing with our paying customer, at zero expense to us, after a thorough evaluation, we decided the underlying technology needs alterations to scale, and we plan to significantly upgrade the technology, which should take approximately two quarters to complete. When finished, we expect to have direct control of the technology and a path to finally market the offering more broadly. “For Esports, we’ve pivoted recently to take a parallel approach with certain larger potential customers while SNDBX is working to raise growth capital. If successful, we believe this could help scale our Esports business more quickly,” concluded Rafnson. Third Quarter Highlights (Fiscal 2024 versus Fiscal 2023) Revenue increased 4.0% to $3.9 million compared to $3.7 million; Gross Profit decreased to $0.7 million compared to $1.0 million; Gross Margin was 17.4%; GAAP Operating Loss of ($0.6) million compared to ($0.5) million; GAAP Net Loss and Loss per Share (EPS) of ($0.6) million and ($0.06) compared to ($0.4) million and $(0.04), respectively; Non-GAAP Net Loss and Loss per Share (EPS) of ($0.6) million and ($0.06) compared to ($0.4) million and $(0.04), respectively; As of March 31, 2024, the Company held cash of $5.9 million; During the quarter, the Company repurchased 310,000 shares. Select Financial Metrics: FY24 versus FY23* in millions, except for Income (loss) per Share and percentages 3Q24 3Q23 Change YTD FY24 YTD FY23 Change Total Revenue $3.9 $3.7 4.0% $13.8 $14.4 -4.5% Gross Profit $0.7 $1.0 -35.1% $3.3 $3.9 -16.8% Gross Margin 17.4% 27.9% 23.6% 27.1% Operating Income (Loss) ($0.6) ($0.5) -23.4% ($1.1) ($0.6) -78.5% Operating Margin -16.7% -14.1% -7.9% -4.3% GAAP Net Income (Loss) ($0.6) ($0.4) -41.7% ($1.0) ($0.5) -102.5% GAAP Earnings (Loss) per Share (0.06) ($0.04) -48.8% ($0.09) ($0.04) -96.8% Non-GAAP Net Income (Loss) ($0.6) ($0.4) -40.6% ($1.0) ($0.5) -109.3% Non-GAAP Income (Loss) Per Share ($0.06) ($0.04) -47.6% ($0.09) ($0.04) -104.8% nm = not measurable/meaningful; *may not add up due to rounding Trended Financials* in millions, except for Income (loss) per Share and percentages 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 FY22 FY23 YTD FY24 Total Revenue $5.9 $4.8 $3.7 $5.8 $6.6 $3.3 $3.9 $18.4 $20.2 $13.8 Gross Profit $1.6 $1.3 $1.0 $1.4 $1.8 $0.8 $0.7 $4.5 $5.3 $3.3 Gross Margin 26.6% 27.1% 27.9% 24.2% 27.4% 23.2% 17.4% 24.3% 26.3% 23.6% Operating Income (Loss) $0.0 ($0.1) ($0.5) ($1.4) $0.4 ($0.8) ($0.6) ($1.8) ($2.0) ($1.1) Operating Margin 0.8% -2.8% -14.1% -23.5% 5.8% -25.4% -16.7% -9.6% -9.8% -7.9% GAAP Net Income (Loss) ($0.1) $0.0 ($0.4) ($1.3) $0.4 ($0.8) ($0.6) ($1.3) ($1.8) ($1.0) Diluted Income (Loss) per Share ($0.01) $0.00 ($0.04) ($0.12) $0.04 (0.07) ($0.06) ($0.13) ($0.17) ($0.09) Non-GAAP Net Income (Loss) ($0.1) $0.0 ($0.4) ($0.2) $0.4 ($0.8) ($0.6) ($1.5) ($0.7) ($1.0) Non-GAAP Diluted Income (Loss) per Share ($0.01) $0.00 ($0.04) ($0.02) $0.04 ($0.07) ($0.06) ($0.14) ($0.07) ($0.09) *may not add up due to rounding Dial-in and Webcast Information Date/Time: Wednesday, May 15, 2024, 12:00 p.m. ET Toll-Free: 1-877-407-4021 Toll/International: 1-201-689-8472 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=1671871&tp_key=cda72b6393 Telephone Replay Replay Dial-In: 1-844-512-2921 or 1-412-317-6671 Replay Expiration: Wednesday, May 29, 2024 at 11:59 p.m. ET Access ID: 13746715 Telephone Replays will be made available after the 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. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands except share and per share amounts) (unaudited) March 31, June 30, 2024 2023 (unauditied) Assets Current Assets: Cash $ 5,946 $ 6,616 Accounts receivable, net 890 905 Inventories, net 4,220 4,419 Prepaid expenses and other 938 451 Total Current Assets 11,994 12,391 Long-Term Assets: Right-of-use asset 214 415 Property and equipment, net 31 28 Intangibles, net 437 480 Other assets 16 16 Total Long-Term Assets 698 939 Total Assets $ 12,692 $ 13,330 Liabilities And Stockholders’ Equity Current Liabilities: Accounts payable $ 1,457 $ 1,507 Accrued expenses 747 618 Customer deposits 3,895 3,169 Lease liability–current 224 280 Unearned warranty revenue 52 26 Total Current Liabilities 6,375 5,600 Long-Term Liabilities: Lease liability–non-current — 151 Total Long-Term Liabilities — 151 Total Liabilities 6,375 5,751 Stockholders’ Equity Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,285,971 and 10,685,778 shares issued and outstanding at March 31, 2024 and June 30, 2023, respectively — — Additional paid-in capital 12,157 12,462 Accumulated deficit (5,840 ) (4,883 ) Total Stockholders’ Equity 6,317 7,579 Total Liabilities and Stockholders’ Equity $ 12,692 $ 13,330 MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands except share and per share amounts) (unaudited) Three Months Ended Nine Months Ended March 31, March 31, 2024 2023 2024 2023 Net sales $ 3,890 $ 3,741 $ 13,790 $ 14,435 Cost of goods sold 3,214 2,699 10,536 10,523 Gross profit 676 1,042 3,254 3,912 Operating expenses: Research and development 73 66 212 195 Selling and marketing 547 663 1,717 1,867 General and administrative 705 839 2,421 2,464 Total operating expenses 1,325 1,568 4,350 4,526 Operating loss (649 ) (526 ) (1,096 ) (614 ) Other income (expense) Unrealized loss on marketable securities — 81 — 243 Realized loss on marketable securities — — — (167 ) Interest and other income, net 48 21 140 66 Total other income (expense) 48 102 140 142 Net income/(loss) $ (601 ) $ (424 ) $ (956 ) $ (472 ) Net profit/(loss) per common share basic and diluted $ (0.06 ) $ (0.04 ) $ (0.09 ) $ (0.04 ) Weighted average shares outstanding: basic and diluted 10,436,519 10,956,413 10,593,229 10,947,790 MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Nine Months Ended December 31, 2024 2023 Cash flows from operating activities: Net income/(loss) $ (956 ) $ (472 ) Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities: Provision for credit losses (52 ) (5 ) Inventory reserve 433 80 Depreciation expense 9 6 Amortization expense 43 72 ROU amortization 201 — Stock option compensation expense 15 — Realized gain on investments — (76 ) Changes in operating assets and liabilities Accounts receivable 67 778 Inventories, net (234 ) (883 ) Prepaid expenses and other (487 ) 289 Accounts payable (50 ) 558 Accrued expenses 129 (6 ) Unearned warranty revenue 26 30 Customer deposits 726 (1,066 ) Lease liabilities (207 ) — Net cash used in operating activities (337 ) (685 ) Cash flows from investing activities Sales of marketable securities — 12,418 Purchases of marketable securities — (7,660 ) Purchases of property and equipment (12 ) (7 ) Net cash provided by used in investing activities (12 ) 4,751 Cash flows from financing activities Stock Buyback (334 ) (49 ) Stock issued for Director expense 13 — Net cash (used in) financing activities (321 ) (49 ) Net increase (decrease) in cash (670 ) 4,017 Cash, beginning of the year 6,616 2,340 Cash, end of the year $ 5,946 $ 6,357 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 eliminating one-time items and non-cash stock compensation expense is useful in evaluating our core operating results and 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. RECONCILIATION OF NON-GAAP ITEMS (in $millions except for per share numbers) in millions, except for Income (loss) per Share 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 FY22 FY23 YTD FY24 GAAP Net Income (Loss) ($0.1) $0.0 ($0.4) ($1.3) $0.4 ($0.8) ($0.6) ($1.3) ($1.8) ($1.0) Other Income (expense) $0.1 ($0.2) $0.0 $0.0 $0.0 $0.0 $0.0 $0.1 $0.0 $0.0 Impairments $0.0 $0.0 $0.0 $0.6 $0.0 $0.0 $0.0 $0.0 $0.6 $0.0 SNDBX Write-off $0.0 $0.0 $0.0 $0.4 $0.0 $0.0 $0.0 $0.0 $0.4 $0.0 Stock Compensation Expense $0.0 $0.0 $0.0 $0.1 $0.0 $0.0 $0.0 $0.4 $0.1 $0.0 PPP Adjustment $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 ($0.7) $0.0 $0.0 Non-GAAP Net Income (Loss) $0.0 ($0.1) ($0.4) ($0.2) $0.4 ($0.8) ($0.6) ($1.5) ($0.7) ($1.0) Non-GAAP Diluted Income (Loss) per Share $0.00 ($0.01) ($0.04) ($0.02) $0.04 ($0.07) ($0.06) ($0.15) ($0.07) ($0.09) View source version on businesswire.com: https://www.businesswire.com/news/home/20240515222987/en/
Brian Siegel, IRC, MBA Vice President, Investor Relations and Strategic Communications for MiT Senior Managing Director, Hayden IR (346) 396-8696 Brian@haydenir.com