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: https://viavid.webcasts.com/starthere.jsp?ei=1708040&tp_key=3d874d63b9
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 www.movingimagetech.com.
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.
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MOVING IMAGE TECHNOLOGIES, INC.
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If you call to request an estimate for a claim, they will count it as a $0 claim on your file when they deem the damage not enough to repair. That means when another company pulls your information, it will not only impact your future rates, but might make you ineligible for future policies. Don't ever call insurance for an estimate first. Get a third party inspector to tell you whether you should file with insurance." "Always wash your new clothing before you wear it, even if it looks fresh and new. It's been thrown on the floor, moved around a dusty warehouse, tried on by a sweaty post-gym person, and probably sat in a stinky, humid shipping container for two months. Plus, you want to wash off all the starching/finishing products which make it look so 'new.'" "People cleaning their underwear in kettles is a huge problem in hotels. We find so many forgotten underpants in the kettles, and I can't even assume how many we didn't catch. Don't use them. If you want a nicer room in a hotel, book with Dr. or Prof. before your name. That makes you way more likely to be bumped up. When you're traveling privately, take a card from any hotel testing company with you and give it to the reception when you arrive to enter as the 'address for your bill.' Staff will be extra nice to you." "Engagement ring business here! Oh, so many. Most natural diamonds have been in, like, two or three rings before they end up in yours. Rings are made with more fragile designs than they used to be, because after you get tired of it breaking/needing repairs all the time, you will buy a new ring, thus giving us more $$$. This is also why the trends nowadays lean toward dainty and minimalistic with a massive stone, because it's a ticking time bomb. This is also why a lot of jewelry stores won't stop you from getting stones that are too soft for daily wear (looking at you, opal). The largest diamond distributor is Walmart. Diamonds that jewelry suppliers discard for being 'ugly' end up on James Allen and Brilliant Earth." "Leaving online shopping items in your cart while logged in will likely put you into an automated discount offer stream! So, if you intend to buy anyway, leave it in your cart for a few days and see if you get a marketing email with a discount code." "How dirty the fruits you put in drinks are. I quit getting oranges in my Blue Moons because I figured that orange drove up from Florida, got to North Dakota, was never washed, got cut up, and was put in my drink. Grosses me out." "There isn't a 'larger than normal call volume.' We just don't have enough staff. Also, your call is not important to us. We actually want you to go away." "I used to work in radio, and we totally didn't take caller number 10. We maybe counted one through six, and then sorted through the callers until we found an excited sounding voice that fit the target demographic." "Before I would go on stage as a male dancer, we would inject our penises with solution and/or take Viagra because we were supposed to be, at minimum, half hard all night. We were not allowed to be fully flaccid unless we were dressed. Same goes in amateur porn. Because of this, it's very hard to feel pleasure and finish from basic sex, and it takes a lot to get it up for women, even if you want to." "Casino boss here. If a shooting or death happens at a casino (all the time), it's almost never reported or shown in the news because local newspapers work together with casinos to avoid hurting the tourism in their city. You'll only hear whispers about it from coworkers, and that's it." Blurred Image of Gaming machines in a Casino. "Military-grade is a misnomer for high quality. While companies may sell high quality goods, deeming it military-grade would actually mean it's the cheapest, crappiest material that saves money right now and doesn't worry about 5–10 years from now because a new budget will be passed and the government will continue to be terrible with money." "I worked in grocery stores for about 40 years. Notice how most ice cream brands have lids that aren't sealed? When you're working stock, whenever a container falls on the floor, sometimes the lids fly off. Most workers just put the lids back on and put it on the shelf. It happens all the time. Always, always buy the handful of brands that actually seal the lids on, or you're just asking to get sick." "Maybe not a 'dirty' secret, but I work in the VFX industry and was shocked when I first learned how much 'beauty' work is done on actresses. All those famous middle-aged (and older) women that have aged so well? 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Nurse holding hands with patient in empathy, trust and support of help, advice and healthcare consulting. Kindness, counseling and medical therapy with doctor for hope, consultation and depression "Video editor here. We often leave obvious mistakes in early versions of the cuts so that the client will note them, making them feel smart and involved, likely leading to them not making extraneous notes elsewhere. People in non-creative positions (the majority of committee clients) absolutely love feeling like they've contributed in clever and meaningful ways to a creative project when we, the trained creatives, know better. It can save a very solid edit from the people who want to make notes for the sake of making notes." "I worked at a company with a third party 24-hour call center. They literally had times with no one working, and if you called, the automated system would just pick up and say, 'Someone would be with you shortly.' 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I worked at a massive bread bakery of a well-known national brand, and the bread was all the same. When they finished a lot of their brand-name bread, they paused the packaging line and loaded on a new wheel of bags and kept bagging bread from the same batch in whatever store brand was up next. I saw the same thing at an orange juice packaging plant. There was only one set of production lines, and they turned out a dozen different brands of OJ. It all came from the same oranges and from the same lines. It just got packaged in different cartons." What are some other industry secrets more people need to know? Tell us in the comments!