Latest news with #MITQ
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
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.]
Associated Press
11-02-2025
- Business
- Associated Press
Moving iMage Technologies Second Quarter Fiscal 2025 Results Conference Call and Webcast
Fountain Valley, California--(Newsfile Corp. - February 11, 2025) - Moving iMage Technologies (NYSE American: MITQ) will host a conference call discussing financial and operational results for its second quarter of 2025 ended December 31, 2024, on Thursday, February 13, 2025 at 11:00 a.m. Eastern Time. The earnings release will be posted at roughly 7:00 a.m. Eastern Time that morning and accessible through the Company's investor relations website at 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 Contact Brian Siegel, IRC, MBA
Yahoo
11-02-2025
- Business
- Yahoo
Moving iMage Technologies Second Quarter Fiscal 2025 Results Conference Call and Webcast
Fountain Valley, California--(Newsfile Corp. - February 11, 2025) - Moving iMage Technologies (NYSE American: MITQ) will host a conference call discussing financial and operational results for its second quarter of 2025 ended December 31, 2024, on Thursday, February 13, 2025 at 11:00 a.m. Eastern Time. The earnings release will be posted at roughly 7:00 a.m. Eastern Time that morning and accessible through the Company's investor relations website at Dial-in and Webcast InformationDate/Time: Thursday, February 13, 2025 at 11:00 a.m. Eastern Time Toll-Free: 1-877-407-4018Toll/International: 1-201-689-8471Call 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 Telephone ReplayReplay Dial-In: 1-844-512-2921 or 1-412-317-6671Replay Expiration: February 27, 2025 at 11:59 p.m. ETAccess ID: 13751755Telephone Replays will be made available after conference end time. About Moving iMage TechnologiesMoving 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 ContactBrian Siegel, IRC, MBAVice President, Strategic Communications and Investor Relations for Moving iMage TechnologiesSenior Managing Director, Hayden IR(346) 396-8696Brian@ To view the source version of this press release, please visit Sign in to access your portfolio
