Moving iMage Technologies Reports Q1 Net Income of $181,000, or $0.02 per Share, on 9.2% Revenue Increase; Hosts Call Today at 11am ET

Rhea-AI Summary

Moving iMage Technologies (MITQ) reported fiscal first-quarter net income of $181,000 as revenue increased from the same period a year earlier. Revenue for the quarter ended September 30, 2026 rose 9.2% to $6.094 million, including $429,000 in DCS sales versus none a year earlier. A customer accelerated a project. Net income fell from $509,000, with basic and diluted earnings per share declining to $0.02 from $0.05.

Gross margin fell to 24.1% from 30.0%, reflecting the accessories sales mix, higher selected accessory costs and shipping costs. Gross profit declined to $1.472 million from $1.674 million. Cash reached $5.687 million versus $3.193 million at June 30, supported by customer deposits and accounts-payable timing. MiT expects approximately $5.4 million in fiscal second-quarter revenue, principally from a 16-screen theater upgrade and recurring equipment and services revenue.

8 points · 0 major

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0 major · 10 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQ1 fiscal 2027 revenue rose 9.2% to $6.094 million from $5.582 million a year earlier.
• Moderate pointQ1 operating cash flow improved to $2.494 million provided from $167,000 used a year earlier.
• Moderate point. Forward-looking: it has not happened yet and may not happen.MiT expects approximately $5.4 million revenue for Q2 fiscal 2027 ending December 31, 2026.
• Minor pointDCS product sales contributed $429,000 in Q1 fiscal 2027 versus none a year earlier.
• Minor pointQ1 general and administrative expenses fell to $691,000 from $890,000 a year earlier.

3 minor points

• Minor pointQ1 research and development expenses fell to $45,000 from $48,000 a year earlier.
• Minor pointCash increased to $5.687 million at September 30, 2026, from $3.193 million at June 30.
• Minor pointWorking capital improved to $4.24 million at September 30, 2026, from $4.0 million at June 30.

Negative

• Moderate pointQ1 net income fell to $181,000, or $0.02 per share, from $509,000, or $0.05, a year earlier.
• Moderate pointQ1 gross margin declined to 24.1% from 30.0% a year earlier amid accessories-mix and cost pressures.
• Moderate pointQ1 inventory changes used $1.348 million in cash versus providing $347,000 a year earlier.
• Minor pointQ1 gross profit fell to $1.472 million from $1.674 million a year earlier.
• Minor pointQ1 operating income declined to $217,000 from $350,000 a year earlier.

5 minor points

• Minor pointQ1 selling and marketing expenses rose to $569,000 from $386,000 a year earlier.
• Minor pointQ1 interest and other income, net, fell to $14,000 from $31,000 a year earlier.
• Minor pointPrior-year income from extinguishing payables of $128,000 did not recur in Q1 fiscal 2027.
• Minor pointAccounts payable increased to $3.778 million at September 30, 2026, from $1.329 million at June 30.
• Minor pointQ1 inventory reserve adjustment was $221,000 versus none a year earlier.

Key Figures

Revenue: $6.1M, up 9.2% from $5.6M Gross margin: 24.1% vs. 30.0% Net income: $181k vs. $509k +5 more

Revenue

$6.1M, up 9.2% from $5.6M

Q1'27 vs. Q1'26

Gross margin

24.1% vs. 30.0%

Q1'27 vs. Q1'26

Net income

$181k vs. $509k

Q1'27 vs. Q1'26

Earnings per share

$0.02 vs. $0.05

Q1'27 vs. Q1'26

DCS product sales

$429k vs. no contribution

Q1'27 vs. the year-ago period

Net cash

$5.7M vs. $3.2M

Q1'27 vs. June 30, 2026

Customer deposits collected

$1M

Against future work; contributed to the cash increase vs. Q4'26

Expected revenue

Approximately $5.4M

Q2'27 ending December 31

Previous Earnings Reports

1 past event · Latest: Nov 14

Same Type 1 event

1. Nov 14

   Q1 earnings

   24h Move

   -0.3%

   Q1 FY2026 revenue rose, gross profit and margin improved, and the company reported net income.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

working capital, operating leverage

2 terms

working capital financial

"working capital improved to $4.24M compared to $4.0M"

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

View in glossary

operating leverage financial

"a foundation for improved operating leverage"

Operating leverage measures how much a company's profits are affected by changes in sales volume. When a business has high operating leverage, small increases in sales can lead to much larger increases in profit, much like a lever amplifies force. It matters to investors because it indicates how sensitive a company's earnings are to fluctuations in sales, affecting risk and potential returns.

View in glossary

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Fountain Valley, California--(Newsfile Corp. - November 13, 2026) - Moving iMage Technologies, Inc. (NYSE American: MITQ) ("MiT"), a provider of technology, products, and services that help cinema operators create reliable and memorable guest experiences, announced results for its fiscal 2027 first quarter ended September 30, 2026 (Q1'27) and will hold an investor call today at 11am ET (call details below).

Highlights

• Q1'27 revenue rose 9.2% to $6.1M compared to $5.6M in Q1'26, reflecting increased project activity and revenue from customers that accelerated their delivery timeline.

• Q1'27 results included $429k of DCS product sales versus no contribution in the year ago period. The DCS acquisition closed early in Q2'26.

• Q1'27 gross margin percentage decreased to 24.1% vs. 30.0% in Q1'26, reflecting lower sales of high margin cinema accessories products and higher costs on selected other accessories, as well as the impact of higher shipping costs particularly in international markets.

• Q1'27 gross profit dollars were $1.47k vs. $1.67M in Q1'26, reflecting the lower Q1'27 gross margin percentage.

• Q1'27 net income decreased to $181k, or $0.02 per share, vs. $509k, or $0.05 per share, in Q1'26, reflecting the decrease in gross profit dollars as well as $128k of income from the extinguishment of payables that was recorded in Q1'26.

• MiT 's Q1'27 working capital improved to $4.24M compared to $4.0M at June 30, 2026 (Q4'26), with Q1'27 net cash of $5.7M compared to $3.2M at June 30, 2026. The $2.5 million increase in cash compared to Q4'26 reflects $1 million in customer deposits collected against future work, and the management of the timing of accounts payable payments.

Moving Image Chairman and CEO, Phil Rafnson, commented, "We are encouraged by our first-quarter revenue and net income performance and the continued confidence theater operators are demonstrating in our business. The exhibition industry continues to benefit from a strong film slate and box office performance that reaffirms consumer demand for compelling theatrical experiences. We believe this is a constructive backdrop for meaningful opportunities for MiT.

While net income of $181,000 is modest in absolute terms, it is an important reflection of the efforts we are making to drive top- and bottom-line improvements. We remain committed to building a stronger, more efficient business platform that can deliver consistent profitability and long-term shareholder value creation."

President and COO, Francois Godfrey, added, "Our Q1 revenue of $6.1 million was ahead of our expectations as one customer advanced a project on accelerated timeframes, as they sought to get facilities ready for the important holiday film window during our Q2 ending in December. This performance is rooted in our long-standing customer relationships, technical expertise and ability to deliver across a widening range of cinema technology requirements, all of which differentiate MiT in the marketplace.

"We have made substantial progress with operating expense initiatives designed to align our cost structure with the business and establish a foundation for improved operating leverage. Much of that work is now in place, and we now look to leverage this disciplined foundation with revenue growth initiatives.

"The addition of the DCS loudspeaker line is an important example of this next phase. The DCS line is opening doors and establishing new conversations with domestic and international customers, providing a gateway to a broader range of potential business opportunities beyond the initial loudspeaker sale. MiT has a long track record of serving theater operators with immersive audio systems, premium large-format (PLF) solutions and the associated products, services and technical support needed to deliver high-quality theatrical experiences. Through DCS and our LEA amplifier relationships, MiT is developing a growing base of future opportunities with the potential to drive growth and greater stability in our business.

"Though a single profitable quarter is not a trend, it does demonstrate the culmination of a lot of hard work across or organization - for which I am very grateful. Our objective remains clear: to build a durable, consistently profitable business that delivers value to our customers and creates long-term shareholder value."

Business Outlook

Our fiscal second quarter is traditionally a period of lower cinema industry activity as exhibitors refrain from capital investments to optimize their revenue potential during the important holiday film season. Despite that seasonality, MiT currently expects revenue of approximately $5.4M for Q2'27 ending December 31^st, principally related to the delivery of a turnkey upgrade of a 16-screen theater complex and typically recuring equipment and services revenue.

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:	mitq@catalyst-ir.com
Telephone Replay
Access ID: 13763640 Replay Dial-In: 1-844-512-2921 or 1-412-317-6671 Replay Expiration: November 27, 2026 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)

Moving iMage Technologies ("MiT") helps cinema operators create reliable and memorable guest experiences through technology, products, and services. MiT designs, manufactures, and distributes proprietary cinema products, peripherals, and cinema loudspeaker systems. These products are sold independently and as part of our broader solutions offerings, enabling customers to improve performance, reliability, and the overall moviegoing experience.

MiT's proprietary products include its premium DCS Cinema Loudspeaker line and digital cinema peripheral suite, including automation systems; projector pedestals, bases & lifts; direct-view LED frames; and lighting and power management solutions. It also offers Barco, Sharp (NEC) Digital Cinema, and Christie Digital cinema projectors; LEA Professional, Dolby, GDC, JBL/Crown and Meyer Sound audio solutions and LG & Samsung LED displays for large scale installations.

Follow us on X: @movingimagenews

Follow us on LinkedIn: MiT on LinkedIn

MITQ Investor Relations Contacts
Chris Eddy or David Collins
Catalyst IR
mitq@catalyst-ir.com or 212-924-9800

MOVING IMAGE TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands except share and per share amounts)
(Unaudited)

		September 30,				June 30,
		2026				2026
Assets
Current Assets:
Cash		$	5,687			$	3,193
Accounts receivable, net			1,264				1,114
Inventories, net			3,539				2,411
Prepaid expenses and other			452				516
Total Current Assets			10,942				7,234
Long-Term Assets:
Right-of-use asset			794				855
Property and equipment, net			47				51
Intangibles, net			290				305
Other assets			15				15
Total Long-Term Assets			1,146				1,226
Total Assets		$	12,088			$	8,460
Liabilities And Stockholders' Equity
Current Liabilities:
Accounts payable		$	3,778			$	1,329
Accrued expenses			335				335
Customer refunds			257				289
Customer deposits			2,007				948
Lease liability-current			269				260
Unearned warranty revenue			54				31
Total Current Liabilities			6,700				3,192
Long-Term Liabilities:
Lease liability-non-current			588				658
Total Long-Term Liabilities			588				658
Total Liabilities			7,288				3,850
Stockholders' Equity
Common stock, $0.00001 par value, 100,000,000 shares authorized, 9,952,223 and 9,952,223 shares issued and outstanding at September 30, 2026 and June 30, 2026, respectively			-				-
Additional paid-in capital			12,120				12,111
Accumulated deficit			(7,320	)			(7,501		)
Total Stockholders' Equity			4,800				4,610
Total Liabilities and Stockholders' Equity		$	12,088			$	8,460

 

MOVING IMAGE TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands except share and per share amounts)
(unaudited)

		Three Months Ended
		September 30,
		2026			2025
Net sales		$	6,094		$	5,582
Cost of goods sold			4,622			3,908
Gross profit			1,472			1,674
Operating expenses:
Research and development			45			48
Selling and marketing			569			386
General and administrative			691			890
Total operating expenses			1,305			1,324
Operating income			217			350
Other income
Extinguishment of payables			-			128
Interest and other income, net			14			31
Total other income			14			159
Net income		$	181		$	509
Earnings per share:
Basic		$	0.02		$	0.05
Diluted		$	0.02		$	0.05
Shares used in computing earnings per share:
Basic			9,952,223			9,939,123
Diluted			10,367,848			10,232,873

 

MOVING IMAGE TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

		Three Months Ended
		September 30,
		2026			2025
Cash flows from operating activities:
Net income		$	181		$	509
Adjustments to reconcile net income to net cash used in operating activities:
Provision for credit losses			(84	)		45
Inventory reserve			221			-
Depreciation expense			4			3
Amortization expense			15			15
Right-of-use amortization			61			56
Stock compensation expense			8			8
Stock issued for director expense			-			1
Changes in operating assets and liabilities
Accounts receivable			(66	)		(420	)
Inventories			(1,348	)		347
Prepaid expenses and other			65			(601	)
Accounts payable			2,449			(109	)
Accrued expenses and customer refunds			(34	)		163
Unearned warranty revenue			24			37
Customer deposits			1,060			(168	)
Lease liabilities			(62	)		(53	)
Net cash provided by (used in) operating activities			2,494			(167	)
Net increase (decrease) in cash			2,494			(167	)
Cash, beginning of the year			3,193			5,715
Cash, end of the year		$	5,687		$	5,548

 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/323834

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Moving iMage Technologies' fiscal 2027 first-quarter earnings?

Moving iMage Technologies earned $181,000, or $0.02 per basic and diluted share, for the quarter ended September 30, 2026. A year earlier, net income was $509,000, or $0.05 per basic and diluted share. Revenue increased 9.2% to $6.094 million.

What is MITQ's revenue outlook for fiscal Q2 2027?

MiT expects approximately $5.4 million in revenue for the quarter ending December 31, 2026. The outlook principally reflects delivery of a turnkey upgrade of a 16-screen theater complex and recurring equipment and services revenue.