Moving Image Technologies Inc - MITQ STOCK NEWS

Moving iMage Technologies (MITQ) reported a remarkable 98% year-over-year revenue growth to $3.5 million for the first fiscal quarter ended September 30, 2021. The company successfully extinguished $3.1 million in debt and reported a backlog of $7.7 million. For fiscal 2022, MITQ forecasts revenue between $12 million and $15 million, indicating a projected growth of 67% to 108% year-over-year. The IPO raised $12.3 million and the company introduced a new ADA-compliant translator product.

Moving iMage Technologies (MITQ) will announce its financial results for Fiscal Q1 2022, concluding on September 30, 2021. The earnings release, which will be filed on Form 8-K, is scheduled for November 11, 2021, at approximately 4:10 p.m. ET. An earnings webcast will follow at 4:30 p.m., offering insights into the results, future outlook, and Q&A for investors. MiT specializes in custom technology solutions for entertainment, focusing on cinema and has a notable division for proprietary seating products.

Moving iMage Technologies (NYSE American: MITQ), a digital cinema technology leader, announced a factory open house on January 20, 2022, featuring technology demonstrations after the ICTA Seminars in Los Angeles from January 17-19, 2022. The highlight is their innovative multi-language translator system, which targets the 70 million non-native English speakers in the U.S., enhancing accessibility and audience engagement. The system includes AR glasses and a subscription service, facilitating multi-language screenings and ADA compliance for a broader cinema experience.

Moving iMage Technologies (NYSE: MITQ) will present at the 14th annual LD Micro Main Event on October 14, 2021, at 6:00 AM PST. Co-founder Joe Delgado will discuss the company's technological role in cinema and live events, and the anticipated market recovery in 2022 and beyond. The conference, held virtually from October 12-14, features around 150 companies, each presenting for 25 minutes. For registration and event details, visit here.

Moving iMage Technologies (MITQ) has successfully reduced approximately $3.1 million in debt, significantly improving its balance sheet by eliminating nearly all liabilities. This strategic move is expected to yield annual interest expense savings of around $0.3 million. The company used its existing cash reserves for this debt repayment, without relying on funds from its July 12, 2021 IPO. Remaining debt consists of a PPP loan, which is anticipated to be forgiven, further enhancing MITQ's financial position.

Moving iMage Technologies (NYSE: MITQ) is showcasing its innovative products at CinemaCon 2021, held August 23-26 in Las Vegas. Key offerings include:

• CineQC management application for auditorium checks and quality control.
• ALMS/ALF LED lighting solutions for energy-efficient lighting.
• IS-20/30 power management products for protecting equipment.
• iMage Translator system for multi-language accessibility.
• FLEX AV solutions for scalable events.

Visit MiT at booth 2101A.

Moving iMage Technologies (NYSE: MITQ) has secured a contract with Alamo Drafthouse Cinema to furnish their new Staten Island location with state-of-the-art projection and sound equipment, following a previous contract for a Washington, D.C. theater. This project will feature MiT's proprietary equipment, along with products from Barco, QSC, and GDC. The new nine-screen cinema marks a significant step in performance and energy efficiency, utilizing advanced Barco SP4k RGB laser projectors. Delays due to the pandemic have postponed the project by over a year.