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: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 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. 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 (www.movingimagetech.com)
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)
| March 31, | June 30, | |||||
| 2025 | 2024 | |||||
| (unaudited) | ||||||
| Assets | ||||||
| Current Assets: | ||||||
| Cash | $ | 5,369 | $ | 5,278 | ||
| Accounts receivable, net | 940 | 1,048 | ||||
| Inventories, net | 3,065 | 3,117 | ||||
| Prepaid expenses and other | 241 | 470 | ||||
| Total Current Assets | 9,615 | 9,913 | ||||
| Long-Term Assets: | ||||||
| Right-of-use asset | 1,142 | 144 | ||||
| Property and equipment, net | 18 | 28 | ||||
| Intangibles, net | 378 | 422 | ||||
| Other assets | 15 | 16 | ||||
| Total Long-Term Assets | 1,553 | 610 | ||||
| Total Assets | $ | 11,168 | $ | 10,523 | ||
| Liabilities And Stockholders' Equity | ||||||
| Current Liabilities: | ||||||
| Accounts payable | $ | 2,745 | $ | 2,261 | ||
| Accrued expenses | 351 | 320 | ||||
| Customer refunds | 288 | 399 | ||||
| Customer deposits | 1,534 | 1,651 | ||||
| Lease liability-current | 219 | 151 | ||||
| Unearned warranty revenue | 53 | 31 | ||||
| Total Current Liabilities | 5,190 | 4,813 | ||||
| Long-Term Liabilities: | ||||||
| Lease liability-non-current | 979 | - | ||||
| Total Long-Term Liabilities | 979 | - | ||||
| Total Liabilities | 6,169 | 4,813 | ||||
| Stockholders' 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 capital | 12,047 | 11,965 | ||||
| Accumulated deficit | (7,048 | ) | (6,255 | ) | ||
| Total Stockholders' Equity | 4,999 | 5,710 | ||||
| Total Liabilities and Stockholders' Equity | $ | 11,168 | $ | 10,523 | ||
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)
| Three Months Ended | Nine Months Ended | |||||||||||
| March 31, | March 31, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Net sales | $ | 3,571 | $ | 3,890 | $ | 12,264 | $ | 13,790 | ||||
| Cost of goods sold | 2,508 | 3,214 | 8,894 | 10,536 | ||||||||
| Gross profit | 1,063 | 676 | 3,370 | 3,254 | ||||||||
| Operating expenses: | ||||||||||||
| Research and development | 49 | 73 | 157 | 212 | ||||||||
| Selling and marketing | 429 | 547 | 1,421 | 1,717 | ||||||||
| General and administrative | 855 | 705 | 2,691 | 2,421 | ||||||||
| Total operating expenses | 1,333 | 1,325 | 4,269 | 4,350 | ||||||||
| Operating (loss) | (270 | ) | (649 | ) | (899 | ) | (1,096 | ) | ||||
| Other income (expense) | ||||||||||||
| Interest and other income, net | 30 | 48 | 107 | 140 | ||||||||
| Total other income | 30 | 48 | 107 | 140 | ||||||||
| Net (loss) | $ | (240 | ) | $ | (601 | ) | $ | (792 | ) | $ | (956 | ) |
| Weighted average shares outstanding: basic and diluted | 9,911,015 | 10,436,519 | 9,901,554 | 10,593,229 | ||||||||
| Net (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, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
| Nine Months Ended | ||||||
| March 31 | ||||||
| 2025 | 2024 | |||||
| Cash 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 losses | 59 | (52 | ) | |||
| Inventory reserve | 277 | 433 | ||||
| Depreciation expense | 10 | 9 | ||||
| Amortization expense | 44 | 43 | ||||
| Right-of-use amortization | 197 | 201 | ||||
| Stock option compensation expense | 59 | 15 | ||||
| Stock issued for director expenses | 23 | 13 | ||||
| Changes in operating assets and liabilities | ||||||
| Accounts receivable | 50 | 67 | ||||
| Inventories | (226 | ) | (234 | ) | ||
| Prepaid expenses and other | 230 | (487 | ) | |||
| Accounts payable | 484 | (50 | ) | |||
| Accrued expenses and customer refunds | (81 | ) | 129 | |||
| Unearned warranty revenue | 22 | 26 | ||||
| Customer deposits | (117 | ) | 726 | |||
| Lease liabilities | (148 | ) | (207 | ) | ||
| Net cash provided by (used in) operating activities | 91 | (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 cash | 91 | (670 | ) | |||
| Cash, beginning of the period | 5,278 | 6,616 | ||||
| Cash, end of the period | $ | 5,369 | $ | 5,946 | ||
| Non-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.
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