Moving iMage Technologies, Inc. provides out-of-home entertainment technology and services for cinemas, screening rooms, postproduction facilities, high-end home theaters, esports venues, arenas, stadiums and other entertainment spaces. News about MITQ commonly covers cinema system design, custom engineering, integration and installation work, along with product lines such as DCS Cinema Loudspeakers, digital cinema peripherals, operations software and Caddy Products venue accessories.
Company updates also include quarterly results and conference calls, customer and exhibitor agreements, auditorium upgrades involving projection and sound systems, product showcases for premium large format venues, and leadership or governance changes. Its operating coverage connects equipment manufacturing, third-party cinema technology distribution and venue-specific project execution.
Moving iMage Technologies (MITQ) reported a remarkable 241% increase in revenue, reaching $5.8 million for the third fiscal quarter ended March 31, 2022. The company achieved a GAAP net income of $0.6 million and diluted EPS of $0.06, compared to a net loss of ($0.2 million) last year. The non-GAAP net loss decreased to ($0.1 million) with an improved loss per share of $0.00. Additionally, MITQ raised its fiscal 2022 revenue guidance to $17.5 to $18.5 million, indicating significant growth potential.
Moving iMage Technologies (NYSE American: MITQ) will announce its Third Quarter Fiscal 2022 financial results on May 16, 2022 at approximately 4:10 p.m. ET. The earnings release will be accessible via their investor relations site. A webcast to discuss the results is scheduled for May 17, 2022, at 11:00 a.m. ET. Investors can submit questions ahead of time to brian@haydenir.com. Replay information will be available starting May 17, 2022, at 2:00 p.m. ET.
Moving iMage Technologies (NYSE: MITQ) will present at the Sidoti May Virtual MicroCap Conference on May 11, 2022, at 2:30 p.m. ET. Joe Delgado, executive vice president, will lead the presentation and hold one-on-one investor meetings on May 11-12, 2022. Interested parties can sign up for the meetings via the Sidoti conference portal or by contacting Brian Siegel at brian@haydenir.com. Moving iMage Technologies specializes in digital cinema technology and offers various products and services for entertainment applications.
Moving iMage Technologies (NYSE: MITQ), a leader in digital cinema technology, will present at the Planet MicroCap Showcase Investor Conference from May 3-5, 2022. Joe Delgado, executive vice president, is scheduled to speak on May 4, 2022, at 2:30 p.m. PT. Investors can access the presentation live via this link. One-on-one meetings will be held on May 5, 2022, with registration available through the conference portal or by contacting Brian Siegel at brian@haydenir.com.
Moving iMage Technologies (MITQ) has acquired QSC LLC's USL accessibility products, taking on sales, distribution, manufacturing, and servicing of these items. This acquisition supports MITQ's mission to enhance the cinematic experience for underserved communities, particularly the hearing and visually impaired. The USL product line, compliant with the Americans with Disabilities Act (ADA), aims to improve accessibility in movie theaters. Additionally, MITQ plans to introduce the MiTranslator service to assist non-English speakers in enjoying films. Terms of the acquisition were not disclosed.
Moving iMage Technologies (NYSE American: MITQ) has formed a strategic partnership with SNDBX to enhance the cinema experience through e-Sports. This collaboration enables MiT to expand into the gaming sector by offering portable gaming carts for cinema operators, optimizing their auditorium capacity and boosting concession sales. The companies will showcase the gaming technology at CinemaCon Las Vegas from April 25-28. SNDBX manages amateur gaming leagues utilizing cinema auditoriums, promoting a unique experience for local gamers.
Moving iMage Technologies (NYSE American: MITQ) congratulates Metropolitan Theatres on the grand opening of its new MetroLux 10 with IMAX in San Clemente, California. The theater features advanced technology, including 4K RGB laser projectors and proprietary MiT products, ensuring a premium viewing experience. MiT provided a complete turnkey solution for this project, highlighting their strong partnership with Metropolitan. This collaboration marks the second successful project between the two companies, reinforcing MiT's reputation in the motion picture exhibition industry.
Moving iMage Technologies (NYSE American: MITQ) announced that it received a notice from NYSE Regulation on February 23, 2022, indicating non-compliance with listing standards due to a delayed filing of its Quarterly Report on Form 10-Q for the period ending December 31, 2021. This delay is linked to the need for a restatement of financial statements for Q3 of 2020 and 2021, stemming from a material misstatement identified by auditors. The company has until August 23, 2022, to file the report, with its stock continuing to be listed under a late filer indicator during this period.
Moving iMage Technologies (NYSE: MITQ) has appointed Francois Godfrey as Vice President of Business Development – Sales. Godfrey, with over 20 years of industry experience, previously held key roles at Christie Digital Systems and Barco Inc. His responsibilities will focus on enhancing the go-to-market strategy for MiT's CineQC SaaS platform and expanding the company's reach beyond North America. This leadership change aims to leverage Godfrey's expertise to drive revenue growth for MiT's innovative technology initiatives.
Moving iMage Technologies (MITQ) reported a strong year-over-year revenue growth of 113%, reaching $3.4 million for its fiscal second quarter ending December 31, 2021. The company also noted an impressive 44% sequential increase in backlog, totaling $11.1 million. Management has raised its fiscal 2022 revenue guidance to $14-$16 million, indicating a growth rate of 93%-121%. Despite operational losses, cash and cash equivalents stood at $9.0 million, reflecting a solid liquidity position.