Latest news with #FrancoisGodfrey
Yahoo
21-05-2025
- Business
- Yahoo
MiT Stock Up 6% as Q3 Loss Narrows Y/Y, Eyes Growth From Tech Refresh
Shares of Moving iMage Technologies, Inc. MITQ have gained 6.4% since the company reported earnings for its fiscal third quarter ended March 31, 2025. Over the past month, the stock has advanced 8.2%, underperforming the S&P 500's 12.5% rise but outpacing the index's 1.1% gain since the earnings release. In the third quarter of fiscal 2025, MITQ incurred a net loss of 2 cents per share, narrower than a net loss of 6 cents per share in the prior-year quarter. (See the Zacks Earnings Calendar to stay ahead of market-making news.) The company posted revenues of $3.6 million, an 8.2% decline from $3.9 million in the year-ago period. The drop was attributed to delays in several customer projects now anticipated in the fourth quarter or fiscal 2026. Despite the revenue contraction, the company demonstrated a marked improvement in profitability metrics. Gross profit surged 57% to $1.1 million from $0.7 million a year earlier, driven by a favorable product mix and reduced sales of lower-margin cinema facilities equipment. Net loss narrowed substantially to $0.2 million compared to $0.6 million in the prior-year quarter. Operating loss narrowed to $0.3 million from $0.6 million, supported by steady operating expenses and higher gross margins. Moving iMage Technologies, Inc. price-consensus-eps-surprise-chart | Moving iMage Technologies, Inc. Quote Gross margin for the quarter rose significantly to 29.8%, up from 17.4% in the prior-year quarter. This improvement reflected a strategic focus on high-margin product categories, including Caddy products, and the absence of lower-margin cinema facility equipment sales. Operating expenses remained essentially flat at $1.3 million, aided by recent cost controls despite increased rent and bad debt expenses. Cash remained steady at $5.4 million, or approximately 54 cents per share, and MITQ ended the quarter with no long-term debt, highlighting a strong balance sheet. Executives highlighted operational discipline and project execution capabilities as pivotal to the improved financial performance despite macroeconomic headwinds. CEO Phil Rafnson emphasized confidence in long-term growth opportunities driven by the cinema technology refresh cycle, notably the replacement of aging projectors and sound systems with laser-based solutions. COO Francois Godfrey reiterated that while customer spending decisions are delayed, MITQ's reputation and technical expertise continue to win new and complex projects, such as the Cannon Beach seven-screen theater complex in Arizona, scheduled to begin installation in early fiscal 2026. Management also pointed to broader industry optimism, with analysts projecting a 9% increase in the 2025 domestic box office to $9.7 billion. This favorable backdrop, combined with MITQ's growing base of recurring revenue and proprietary products, underpins the company's positioning as a premier partner in the entertainment technology ecosystem. The revenue decline in the quarter was largely due to delays in project start times and final approvals, rather than lost business. Management noted that several contracts were already secured but postponed as customers reassess budgets and government policy impacts. Nonetheless, MITQ maintained its robust sales efforts, executing AV integration at the UCSB Pollock Theatre and building out Flix Brewhouse's Albuquerque location during the quarter. Contributing to the margin expansion was the strategic shift toward high-value offerings, such as dimmers, LED lighting and custom integration services, along with cost discipline across payroll and public company expenses. These initiatives cushioned the impact of softer top-line performance and helped reduce net loss both sequentially and year over year. Looking ahead, MITQ expects fiscal fourth-quarter revenues of approximately $5.2 million. This guidance reflects some project slippage into fiscal 2026, yet also anticipates a further reduction in net loss. Management remains focused on maintaining its cash position and progressing toward positive cash flow and profitability. The team also hinted at continued investment in product development and potential M&A opportunities to supplement organic growth. During the quarter, MITQ secured a $9 million projector technology refresh contract with a long-term customer, to be executed over three years. The company also expanded into the professional sports market with a Caddy product installation at an NFL venue. These wins underscore MITQ's push into broader entertainment and sports infrastructure markets beyond traditional cinema. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Moving iMage Technologies, Inc. (MITQ): Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
15-05-2025
- Business
- Associated Press
Moving iMage Technologies Reports Revenue of $3.57M, Improved Q3 Gross Profit and Reduced Net Loss; Net Cash Steady at $5.4M at Quarter End
Fountain Valley, California--(Newsfile Corp. - May 15, 2025) - Moving iMage Technologies, Inc. (NYSE American: MITQ), a leading provider of cutting-edge out-of-home entertainment technology and services for cinema, Esports, stadiums and arenas, announced results for its third quarter ended March 31, 2025 (Q3'25) and will hold an investor call today at 11am ET (see call details below). Q3'25 Highlights Moving Image Chairman and CEO, Phil Rafnson, commented, 'In the face of business and economic uncertainties impacting our customers' near-term spending decisions, we remain focused on building our project pipeline with new and existing customers while also working to reduce expenses, focus on higher margin opportunities and preserving our cash position. Despite these transitory impacts, we remain confident in the substantial longer term business potential of the cinema technology refresh cycle involving the replacement of thousands of legacy cinema projectors and sound systems with state-of-the-art laser projectors and updated sound systems over the next few years.' President and COO, Francois Godfrey, added, 'Ongoing customer dialogues confirm the need, customer experience and operating cost benefits of new laser projection systems. Further, our team's long-term experience, strong reputation and unrivaled ability to design and execute projects in any entertainment environment positions us well to earn a significant share of this activity. A perfect example was the decision to select Moving iMage to design and implement a state-of-the-art, seven-screen theater complex at Cannon Beach in Arizona. We expect installation work to commence early in fiscal 2026 and are very proud to play a defining role in this unique, complex and high-profile project with outstanding business partners.' 'We came away from CinemaCon in late April with new relationships, opportunities and ideas to maximize efficiencies and are proud to repeatedly overdeliver on client needs from coast to coast. Recent new business wins include a $9M projector technology refresh contract spread over three years for an important long-term exhibition customer, the Cannon Beach project mentioned by Phil, and several other pending turnkey cinema deployments. 'While current economic uncertainties are slowing the pace of projects and customer decision making, we have built a base of $8M to $9M in largely recurring annual revenue, a solid pipeline of contracted projects and a significant number of opportunities in development, most of which we expect in fiscal 2026 or future years. We are focused on the things that we can control, principally our overhead, product and service margins and pace of investment, to ensure that we remain well positioned to pursue growth opportunities and make progress on our goal to move the business to positive cash flow and profitability. 'We currently expect Q4'25 revenue of approximately $5.2M, as a result of some larger FY 2025 projects getting pushed into FY 2026, and solid progress in the reduction of our net loss on a sequential and year-over-year basis. Looking into FY 2026, while we are encouraged by the recent box office gains, we look forward to our customers updating their auditoriums with higher image quality and lower total cost of ownership of new cinema systems.' Conference Call Details Dial-in Number: 1-877-407-4018 Toll/International Number: 1-201-689-8471 Call me™: Participants can use Guest dial-in numbers 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. Transcript: Posted online here 48 hours after the event Questions can be submitted in advance via Email to: [email protected] Telephone Replay Access ID: 13753795 Replay Dial-In: 1-844-512-2921 or 1-412-317-6671 Replay Expiration: Thursday May 29, 2025 at 11:59 p.m. ET 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. Ourfilings with the SECprovide 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. About Moving iMage Technologies ( ) With a focus on innovation, service, and quality, Moving iMage Technologies ('MiT') is a trusted partner in delivering state-of-the-art out-of-home entertainment environments. Founded in 2003, MiT provides products, integrated systems design, custom engineering, proprietary products, software, and installation services for cinemas, screening rooms, postproduction facilities, high-end home theaters, Esports venues, arenas, stadiums, and other entertainment spaces. MiT manufactures a broad line of digital cinema peripherals in the U.S., including automation systems, projector pedestals/bases, projector lifts, hush boxes, direct-view LED frames, lighting fixtures and dimmers, power management devices, operations software, and Esports platforms. It also distributes and integrates cinema equipment from Barco, Sharp (NEC) Digital Cinema, Christie Digital, LEA Professional, Dolby, GDC, JBL/Crown, LG, Meyer Sound, Q-SYS, QSC, Samsung and others. MiT's Caddy Products division designs and sells cupholders, concession trays, and venue accessories that enhance concession sales and improve the guest experience. Follow us on X: @movingimagenews Follow us on LinkedIn: MiT on LinkedIn MITQ Investor Relations Contacts Chris Eddy or David Collins Catalyst IR [email protected] or 212-924-9800 MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands except share and per share amounts) [This table cannot be displayed. Please visit the source.] 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) (unaudited) [This table cannot be displayed. Please visit the source.] 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) [This table cannot be displayed. Please visit the source.] The accompanying notes are an integral part of these condensed consolidated financial statements. To view the source version of this press release, please visit
Yahoo
15-05-2025
- Business
- Yahoo
Moving iMage Technologies Reports Revenue of $3.57M, Improved Q3 Gross Profit and Reduced Net Loss; Net Cash Steady at $5.4M at Quarter End
Fountain Valley, California--(Newsfile Corp. - May 15, 2025) - Moving iMage Technologies, Inc. (NYSE American: MITQ), a leading provider of cutting-edge out-of-home entertainment technology and services for cinema, Esports, stadiums and arenas, announced results for its third quarter ended March 31, 2025 (Q3'25) and will hold an investor call today at 11am ET (see call details below). Q3'25 Highlights Q3'25 revenue declined 8.2% to $3.571M vs. $3.890M in Q3'24, principally due to customer delays in the commencement of several projects that are now expected later in Q4'25 or FY 2026. Q3'25 gross profit dollars increased $387K to $1.063M vs. $676K in Q3'24, reflecting the benefit of a focus on higher margin project and product opportunities as well as the impact of lower margin cinema facilities equipment sales and certain inventory reserves in Q3'24. Q3'25 gross margin percentage increased to 29.8% vs. 17.4% in Q3'24 due to the absence of lower margin cinema facilities equipment revenue in Q3'24. Q3'25 operating loss improved to ($270K) vs. ($649K) in Q3'24, principally reflecting the gross margin improvement. Q3'25 net loss improved to ($240K), or ($0.02) per share, vs. ($601K) or ($0.06) per share, in Q3'24. Net cash steady at $5.4M, or approximately $0.54 per common share, and there was no long-term debt as of 3/31/25. Moving Image Chairman and CEO, Phil Rafnson, commented, "In the face of business and economic uncertainties impacting our customers' near-term spending decisions, we remain focused on building our project pipeline with new and existing customers while also working to reduce expenses, focus on higher margin opportunities and preserving our cash position. Despite these transitory impacts, we remain confident in the substantial longer term business potential of the cinema technology refresh cycle involving the replacement of thousands of legacy cinema projectors and sound systems with state-of-the-art laser projectors and updated sound systems over the next few years." President and COO, Francois Godfrey, added, "Ongoing customer dialogues confirm the need, customer experience and operating cost benefits of new laser projection systems. Further, our team's long-term experience, strong reputation and unrivaled ability to design and execute projects in any entertainment environment positions us well to earn a significant share of this activity. A perfect example was the decision to select Moving iMage to design and implement a state-of-the-art, seven-screen theater complex at Cannon Beach in Arizona. We expect installation work to commence early in fiscal 2026 and are very proud to play a defining role in this unique, complex and high-profile project with outstanding business partners." "We came away from CinemaCon in late April with new relationships, opportunities and ideas to maximize efficiencies and are proud to repeatedly overdeliver on client needs from coast to coast. Recent new business wins include a $9M projector technology refresh contract spread over three years for an important long-term exhibition customer, the Cannon Beach project mentioned by Phil, and several other pending turnkey cinema deployments. "While current economic uncertainties are slowing the pace of projects and customer decision making, we have built a base of $8M to $9M in largely recurring annual revenue, a solid pipeline of contracted projects and a significant number of opportunities in development, most of which we expect in fiscal 2026 or future years. We are focused on the things that we can control, principally our overhead, product and service margins and pace of investment, to ensure that we remain well positioned to pursue growth opportunities and make progress on our goal to move the business to positive cash flow and profitability. "We currently expect Q4'25 revenue of approximately $5.2M, as a result of some larger FY 2025 projects getting pushed into FY 2026, and solid progress in the reduction of our net loss on a sequential and year-over-year basis. Looking into FY 2026, while we are encouraged by the recent box office gains, we look forward to our customers updating their auditoriums with higher image quality and lower total cost of ownership of new cinema systems." Conference Call DetailsDial-in Number: 1-877-407-4018Toll/International Number: 1-201-689-8471 Call me™: Participants can use Guest dial-in numbers 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. Transcript: Posted online here 48 hours after the event Questions can be submitted in advance via Email to: mitq@ Telephone Replay Access ID: 13753795Replay Dial-In: 1-844-512-2921 or 1-412-317-6671Replay Expiration: Thursday May 29, 2025 at 11:59 p.m. ET Forward-Looking StatementsAll 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. About Moving iMage Technologies ( a focus on innovation, service, and quality, Moving iMage Technologies ("MiT") is a trusted partner in delivering state-of-the-art out-of-home entertainment environments. Founded in 2003, MiT provides products, integrated systems design, custom engineering, proprietary products, software, and installation services for cinemas, screening rooms, postproduction facilities, high-end home theaters, Esports venues, arenas, stadiums, and other entertainment spaces. MiT manufactures a broad line of digital cinema peripherals in the U.S., including automation systems, projector pedestals/bases, projector lifts, hush boxes, direct-view LED frames, lighting fixtures and dimmers, power management devices, operations software, and Esports platforms. It also distributes and integrates cinema equipment from Barco, Sharp (NEC) Digital Cinema, Christie Digital, LEA Professional, Dolby, GDC, JBL/Crown, LG, Meyer Sound, Q-SYS, QSC, Samsung and others. MiT's Caddy Products division designs and sells cupholders, concession trays, and venue accessories that enhance concession sales and improve the guest experience. Follow us on X: @movingimagenewsFollow us on LinkedIn: MiT on LinkedIn MITQ Investor Relations ContactsChris Eddy or David CollinsCatalyst IRmitq@ or 212-924-9800 MOVING IMAGE TECHNOLOGIES, CONSOLIDATED BALANCE SHEETS(in thousands except share and per share amounts) March 31,June 30, 20252024(unaudited) Assets Current Assets: Cash $ 5,369$ 5,278Accounts receivable, net940 1,048Inventories, net3,065 3,117Prepaid expenses and other241 470Total Current Assets9,615 9,913Long-Term Assets: Right-of-use asset1,142 144Property and equipment, net18 28Intangibles, net378 422Other assets15 16Total Long-Term Assets1,553 610Total Assets $ 11,168$ 10,523 Liabilities And Stockholders' Equity Current Liabilities: Accounts payable $ 2,745$ 2,261Accrued expenses351 320Customer refunds288 399Customer deposits1,534 1,651Lease liability-current219 151Unearned warranty revenue53 31Total Current Liabilities5,190 4,813 Long-Term Liabilities: Lease liability-non-current979 -Total Long-Term Liabilities979 -Total Liabilities6,169 4,813Stockholders' Equity Common stock, $0.00001 par value, 100,000,000 shares authorized, 9,933,679 and 9,896,850 shares issued and outstanding at March 31, 2025 and June 30, 2024, respectively- -Additional paid-in capital12,047 11,965Accumulated deficit(7,048 )(6,255 ) Total Stockholders' Equity4,999 5,710Total Liabilities and Stockholders' Equity $ 11,168$ 10,523 The accompanying notes are an integral part of these condensed consolidated financial statements. MOVING IMAGE TECHNOLOGIES, CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands except share and per share amounts)(unaudited)Three Months EndedNine Months Ended March 31,March 31, 2025202420252024 Net sales $ 3,571$ 3,890$ 12,264$ 13,790Cost of goods sold2,508 3,214 8,894 10,536Gross profit1,063 676 3,370 3,254 Operating expenses: Research and development49 73 157 212Selling and marketing429 547 1,421 1,717General and administrative855 705 2,691 2,421Total operating expenses1,333 1,325 4,269 4,350Operating (loss)(270 )(649 )(899 )(1,096 ) Other income (expense) Interest and other income, net30 48 107 140Total other income30 48 107 140 Net (loss) $ (240 ) $ (601 ) $ (792 ) $ (956 ) Weighted average shares outstanding: basic and diluted9,911,015 10,436,519 9,901,554 10,593,229Net (loss) income per common share basic and diluted $ (0.02 ) $ (0.06 ) $ (0.08 ) $ (0.09 ) The accompanying notes are an integral part of these condensed consolidated financial statements. MOVING IMAGE TECHNOLOGIES, CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)(unaudited)Nine Months Ended March 31 20252024Cash flows from operating activities:Net (loss) $ (792 ) $ (956 ) Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities: Provision for credit losses59 (52 ) Inventory reserve277 433Depreciation expense10 9Amortization expense44 43Right-of-use amortization197 201Stock option compensation expense59 15Stock issued for director expenses23 13Changes in operating assets and liabilities Accounts receivable50 67Inventories(226 )(234 ) Prepaid expenses and other230 (487 ) Accounts payable484 (50 ) Accrued expenses and customer refunds(81 )129Unearned warranty revenue22 26Customer deposits(117 )726Lease liabilities(148 )(207 ) Net cash provided by (used in) operating activities91 (324 ) Cash flows from investing activities Purchases of property and equipment- (12 ) Net cash (used in) investing activities- (12 ) Cash flows from financing activities Stock Buyback- (334 ) Net cash (used in) financing activities- (334 ) Net increase (decrease) in cash91 (670 ) Cash, beginning of the period5,278 6,616Cash, end of the period $ 5,369$ 5,946Non-cash investing and financing activities: Right-of-use assets from new lease $ (207 ) $ -Right-of-use assets from lease modification $ (988 ) $ - The accompanying notes are an integral part of these condensed consolidated financial statements. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
17-04-2025
- Entertainment
- Associated Press
Moving iMage Technologies Partners with Samsung in U.S. Debut of the Samsung Onyx Cinema LED Screen at Cannon Beach in Arizona
Mesa, Arizona and Fountain Valley, California--(Newsfile Corp. - April 17, 2025) - Moving iMage Technologies, Inc. (NYSE American: MITQ), a leading provider of cutting-edge out-of-home entertainment technology and services for cinema, Esports, stadiums and arenas, today announced its integral role in the design, development and project management for a state-of-the-art, seven-screen theater complex at Cannon Beach in Mesa, Arizona, a 37 acre premier destination intersecting lifestyle and adrenaline envisioned by LVL 11 Entertainment. Slated to open by year-end 2025, the complex will redefine cinematic and Esports experiences with advanced digital technologies and unparalleled design. [ This image cannot be displayed. Please visit the source: ] To view an enhanced version of this graphic, please visit: Francois Godfrey, President and COO of Moving iMage Technologies, commented: 'We are thrilled to bring groundbreaking cinematic and Esports experiences to Cannon Beach. This next-generation theater complex combines the best in display technology, sound innovation and multi-facet involvement includes installation of the United States' first Samsung 14-meter OnyxDirect-View DCI Compliant Cinema LED screen, advanced Dolby Atmos sound system, Barco SP2K/4K laser projectors, LEA Professional smart power amplifiers and our MovEsports production cart. 'Additionally, our proprietary Architectural Lighting Fixtures (ALF) lighting systems, cinema automationand energy management solutions will help create a truly state-of-the-art environment. Our multidisciplinary team is committed to delivering cutting-edge solutions integrated and optimized to transform the out-of-home-entertainment experience.' United States Debut of Samsung's 14 meter (46 foot) DCI Compliant Direct View LED (DVLED) Screen The complex will feature the United States' first Samsung 14 meter Onyx LED screen in an auditorium with a balcony, creating a unique viewing experience built around DVLED's unparalleled image quality and vibrant visuals. The Onyx screen's DVLED technology delivers an unparalleled cinematic experience with true black levels, infinite contrast ratio and exceptional color accuracy without the use of traditional projection systems. The Onyx LED enables a more immersive and lifelike viewing experience with enhanced durability and the industry's first and longest 10-year warranty for cinema LED. MiT collaborated closely with Samsung to provide the custom DVLED Screen Frame and comprehensive integration services, ensuring seamless installation and optimal performance of this groundbreaking display. 'As the entertainment industry looks ahead to the future of cinema, innovation is more important than ever,' said David Phelps, Head of Display Division, Samsung Electronics America. 'By delivering truly immersive experiences in theaters, we can ensure that the magic of the big screen not only endures, but thrives. The new generation of Onyx Cinema LED screens enables theater owners and operators to engage, thrill and remind moviegoers why the theater remains the ultimate place to experience visual storytelling at its finest.' 'We chose to partner with Samsung because of their commitment to innovation and cutting-edge technology aligns perfectly with our vision for LVL 11 Entertainment. By premiering the first install of the newest, state of the art Samsung Onyx Direct View LED Screen in Arizona, we will be offering an entirely new experience, not just a movie,' said Adam Saks, Chief Operating Officer, LVL 11 Entertainment. 'Samsung's ability to push the boundaries of entertainment technology ensures that LVL 11 at Cannon Beach remains at the forefront of the industry.' DVLED screens are poised to redefine audience experiences with unparalleled clarity and dynamic range. DVLED technology is also a perfect match for MiT's MovEsports gaming system, as its improved brightness and contrast creates stunning images even with the lights on for alternative content and dining. To complement the stunning visuals of the DVLED in Cannon Beach's balcony auditorium, customers will be immersed in Auditorium #7 with 4K projection by Barco and Dolby Atmos audio, configured with LEA Professional Cinema Digital Series smart power amplifiers featuring direct connection to the Dolby Atmos audio bitstream and Dolby loudspeakers to complete the experience, enveloping audiences in a rich, immersive high-fidelity audio landscape. The remaining five screens will utilize state-of-the-art Barco SPK laser projectors, renowned for their superior brightness and color accuracy, paired with Dolby servers, CP950 processors, LEA Professional amplifiers and Dolby speakers to create an exceptional cinematic experience. Proprietary MiT Solutions MiT's LED Architectural Lighting Fixtures and Advanced Lighting Management System solutions will be incorporated to create dynamic and energy-efficient illumination throughout the venue. To support and ensure ADA compliance for hearing and visually impaired patrons, the complex will utilize MiT's ALD Assistive Listening Devices. The complex will also integrate MiT's IMC25 automation systems with cinema projectors, DVLED screens, servers, audio processors and pre-feature entertainment systems to provide centralized control of each auditorium. MiT's IS-30 and IS-20 energy management systems will be utilized to deliver eco-friendly remote AC control, reducing energy costs and protecting equipment investments. The complex will also feature an MiT MovEsports production cart tying in the action for two gaming suites in one auditorium, underscoring the complex's versatility and commitment to cutting-edge entertainment options. Expert Design and Project Management From initial concept to final installation, MiT is also providing comprehensive design project management and integration services. Its expertise ensures that each component works harmoniously, delivering a seamless buildout and captivating experience for all visitors. 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. Ourfilings with the SECprovide 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. About Moving iMage Technologies ( ) With a focus on innovation, service, and quality, Moving iMage Technologies ('MiT) is a trusted partner in delivering state-of-the-art out-of-home entertainment environments. Founded in 2003, MiT provides products, integrated systems design, custom engineering, proprietary products, software, and installation services for cinemas, screening rooms, postproduction facilities, high-end home theaters, Esports venues, arenas, stadiums, and other entertainment spaces. MiT manufactures a broad line of digital cinema peripherals in the U.S., including automation systems, projector pedestals/bases, projector lifts, hush boxes, direct-view LED frames, lighting fixtures and dimmers, power management devices, operations software, and Esports platforms. It also distributes and integrates cinema equipment from Barco, Sharp (NEC) Digital Cinema, Christie Digital, LEA Professional, Dolby, GDC, JBL/Crown, LG, Meyer Sound, Q-SYS, QSC, Samsung and others. MiT's Caddy Products division designs and sells cupholders, concession trays, and venue accessories that enhance concession sales and improve the guest experience. Follow us on X: @movingimagenews Follow us on LinkedIn: MiT on LinkedIn MITQ Investor Relations Contacts Chris Eddy or David Collins Catalyst IR [email protected] or 212-924-9800 About Samsung Electronics Co., Ltd. Samsung inspires the world and shapes the future with transformative ideas and technologies. The company is redefining the worlds of TVs, smartphones, wearable devices, tablets, home appliances, network systems, and memory, system LSI, foundry and LED solutions, and delivering a seamless connected experience through its SmartThings ecosystem and open collaboration with partners. For the latest news, please visit the Samsung Newsroom at LVL 11 Entertainment LVL 11 Entertainment, located at Cannon Beach in Mesa, AZ, will offer an exciting mix of movies, go-kart racing, bowling, arcade games, and more. Featuring innovative movie theaters which include the first U.S. deployment of the Gen 2 Samsung Onyx LED Screen, Dolby Atmos sound, and a Living Room Cinema, LVL 11 is set to redefine the way movies are experienced. Guests will also be able to race on a world first, 3-story 360 Karting designed and built track that runs above the 12 bowling lanes featuring QuibicaAMF Hyperbowling and the Neoverse digital experience. LVL 11 further innovates on the customer experience by introducing Zippin Walk-Out Concessions! LVL 11walk out cafe will offer both theater snacks and hearty meals with lightning-fast convenience. Additionally, you can find fun in the karaoke room, full arcade featuring the latest games, adult social lounge, and private event spaces, LVL 11 is perfect for any occasion. LVL 11 Entertainment is expected to open in Fall 2025. Located at 4551 S Power Rd, Suite 101, Mesa, AZ 85212. For more details, contact [email protected] About Cannon Beach The Cannon Development Group is currently delivering a 40-acre multi-use real estate development in Mesa, AZ. Their focus is on creating experiential environments that bring together water-focused adventures centered around a surf lagoon with family entertainment, restaurants, retail, office, and resort-style hospitality. To learn more about the Mesa location, visit: To view the source version of this press release, please visit
Associated Press
13-02-2025
- Business
- Associated Press
Moving iMage Technologies (MiT) Returns to Revenue Growth and Narrows Losses
Improved industry environment and technology refresh cycle drove year-over-year revenue growth for MiT Higher gross margin and cost reductions led to improvement in net loss Customer spending expected to continue to improve throughout 2025 Fountain Valley, California--(Newsfile Corp. - February 13, 2025) - Moving iMage Technologies, Inc. (NYSE American: MITQ), ('MiT'), $MITQ, a leading technology and services company for cinema, Esports, stadiums, arenas and other out-of-home entertainment venues, today announced results for its second quarter ended December 31, 2024. Phil Rafnson, Chairman and Chief Executive Officer of MiT commented: 'Industry trends indicate a strengthening cinema industry spending environment, which we believe is still in the early stages of a broader recovery. Theaters are not only rebounding but starting to invest in the future, and our solutions continue to play a key role in their modernization efforts. While fiscal Q2 is traditionally our seasonally weakest quarter, we benefited from a return to revenue growth, expanded gross margins and, combined with the cost reductions we implemented at the beginning of the fiscal year, we improved our net loss year-over-year. Notably, we secured multiple orders tied to the ongoing technology refresh cycle, particularly for laser projectors and advanced sound solutions like Dolby Atmos immersive audio for premium large format (PLF) auditoriums. These investments signal growing confidence among theater owners who are prioritizing premium technology upgrades to enhance the moviegoing experience and drive long-term audience engagement.' Fiscal 2025 Commentary Francois Godfrey, President and Chief Operating Officer of MiT commented: 'The 2024 holiday box office was encouraging with a more than 40% surge over the previous year, and we look forward to the possibility of improved demand for our offerings beginning as early as the end of our fiscal year. To ensure we are positioned to capture as much as this spend as possible when the time comes, we are increasing our marketing activities to ensure the industry fully understands the breadth of our capabilities, while keeping our costs in check. Our near-term priority remains driving to higher, more consistent revenue growth and attaining profitability in our core business, creating a strong foundation for investing in our planned growth initiatives that we believe have the potential to drive higher levels of future growth.' Dial-in and Webcast Information Date/Time: Thursday, February 13, 2025 at 11:00 a.m. Eastern Time 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: Telephone Replay Replay Dial-In: 1-844-512-2921 or 1-412-317-6671 Replay Expiration: February 27, 2025 at 11:59 p.m. ET Access ID: 13751755 Telephone Replays will be made available after conference end time. About Moving iMage Technologies Moving iMage Technologies (NYSE American: MITQ) is a leading provider of technology, products, and services for the Motion Picture Exhibition industry, with expanding ventures into live entertainment venues and Esports. We design and manufacture a wide range of proprietary products in-house, including developing potentially disruptive SaaS and subscription-based solutions. Committed to excellence and innovation, Moving iMage Technologies aims to revolutionize the out of home entertainment experience with cutting-edge technology and superior service. For more information, visit Forward-Looking Statements All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words 'believe,' 'anticipate,' 'expect,' 'plan,' 'intend,' 'estimate,' 'target' and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements. Contact: Brian Siegel, IRC, MBA Vice President, Investor Relations and Strategic Communications for MiT Senior Managing Director, Hayden IR (346) 396-8696 [email protected] MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands except share and per share amounts) [This table cannot be displayed. Please visit the source.] MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands except share and per share amounts) (unaudited) [This table cannot be displayed. Please visit the source.] MOVING IMAGE TECHNOLOGIES, INC. (in thousands) (unaudited) [This table cannot be displayed. Please visit the source.]
