Moving iMage Technologies, Inc. - MITQ STOCK NEWS

Moving iMage Technologies (NYSE American: MITQ) announced the renewal of its share repurchase program, allowing the Company to buy back up to $1 million of its common stock over the next 12 months. The repurchases will occur at the Company’s discretion in the open market or through negotiated transactions, subject to various factors such as market conditions and stock prices. The program can be modified or suspended based on liquidity and other considerations. Moving iMage specializes in digital cinema technology and is also expanding into live entertainment and esports.

Moving iMage Technologies (NYSE American: MITQ) announced that it has no direct financial exposure to Silicon Valley Bank or Signature Bank, which were recently closed by regulators. MiT uses banking services from Bank of the West, a subsidiary of BMO Financial Group, the 8th largest bank in North America. The closures by the California Department of Financial Protection and Innovation on March 10 and by the New York State Department of Financial Services on March 12 have raised concerns in the market, but MiT remains unaffected. Moving iMage is a provider of technology and products for the Motion Picture Exhibition industry and is expanding into live entertainment and Esports.

Moving iMage Technologies (NYSE American: MITQ) has announced the completion of an international project for a luxury auditorium at a dine-in cinema in Reykjavik, Iceland. This expansion beyond North America aligns with their mid to long-term strategy, as stated by executive vice president of sales and marketing, Joe Delgado. The project involved close collaboration with Sambíó Cinemas' architect to design the auditorium featuring advanced projection and sound technology. The installation showcases the latest Barco SP4k RGB laser projection and Dolby Atmos sound system, alongside proprietary products from MIT, including ALF LED lighting and ALMS dimmers.

Moving iMage Technologies (NYSE American: MITQ) announced that Joe Delgado, executive vice president of sales and marketing, will present at the Third Annual Winter Wonderland - Best Ideas Investor Conference on February 21, 2023, at 2:30 p.m. ET.

Investors can register for the event and schedule one-on-one meetings on February 23-24, 2023. MiT is recognized for its innovation in digital cinema technology, focusing on motion picture exhibition and offering a range of products and services including custom engineering and A/V integration.

For more details, visit movingimagetech.com.

Moving iMage Technologies (MITQ) reported a 42% revenue growth to $4.8 million for the second fiscal quarter of 2023, up from $3.4 million in the same period last year. Gross profit increased by 46.4% to $1.3 million, with gross margin expanding to 27.1%. Operating loss decreased by 79%, reflecting a significant improvement in profitability. The company achieved a break-even EPS of $0.00, compared to a loss of ($0.06) per share last year. Fiscal 2023 guidance indicates revenue between $22.5 - $23.5 million, suggesting a growth of 23-28% year-over-year.

Moving iMage Technologies (MITQ) is set to report its financial and operational results for the second quarter of fiscal 2023 on February 14, 2023, at 11:00 a.m. ET. The earnings release will be available at 7:00 a.m. ET on the company’s investor relations website. A conference call will follow the release, providing details on the results and future expectations. Investors can access the call via dial-in or an audio webcast. Known for its innovative technology for the Motion Picture Exhibition industry, MITQ is focused on expanding its SaaS and subscription offerings.

Moving iMage Technologies (NYSE American: MITQ), a cinema technology leader, announced an order for five MovEsports systems from its Esports partner, SNDBX, for Malco Theaters. This order signifies growing interest in hosting local Esports leagues in theaters. The collaboration aims to enhance Esports offerings in Arkansas, Mississippi, and Tennessee. CEO Rick Starr emphasized the excitement surrounding the partnership and the successful response from Malco locations. The partnership is positioned to tap into the expanding Esports market, benefiting theater operators and enhancing the viewing experience for gaming enthusiasts.

Moving iMage Technologies (NYSE American: MITQ) has shipped its first two MovEsports systems for the SNDBX eight-cart gaming system to a movie theater in Wyoming. This initiative is part of a partnership announced in April to bring amateur esports leagues to cinemas, tapping into a growing community of gamers. The response from exhibitors has been positive, indicating a significant interest in alternative uses for cinema spaces. The company aims to leverage this trend as it expands into the esports market, while SNDBX envisions scaling local leagues across North America.

Moving iMage Technologies (NYSE American: MITQ) has appointed William “Bill” Greene as interim CFO, effective immediately. Greene has a robust background in public accounting, SEC reporting, and capital raising, having served as CFO and financial consultant for various public and private firms. Holding a B.S. in Business Administration from California State University, he brings significant expertise in M&A due diligence and internal controls. Moving iMage Technologies specializes in technology solutions for the cinema exhibition sector and is expanding into live entertainment and Esports, offering proprietary products designed in-house.