Moving iMage Technologies, Inc. - MITQ STOCK NEWS

Moving iMage Technologies (NYSE American: MITQ) has partnered with LEA Professional to distribute LEA's 'smart' power amplifiers to the global cinema market. This collaboration aims to provide innovative audio technology during a technology refresh cycle in the industry. MiT gains global distribution rights for various cinema applications, backed by LEA's 6-year warranty and technical support. The partnership seeks to enhance market penetration beyond North America, leveraging LEA's advanced amplifier systems for improved audio performance.

Moving iMage Technologies (NYSE American: MITQ) announced with deep regret the passing of CFO Michael Sherman on November 30, 2022. Sherman, who joined as CFO in July 2018, significantly contributed to the company’s IPO preparation in July 2021. His finance and accounting expertise was vital to the company's public strategy. CEO Phil Rafnson expressed profound sadness over Sherman's loss, emphasizing the strong familial bonds within the organization and extending condolences to Sherman's family.

Moving iMage Technologies (MITQ) reported a strong first fiscal quarter for 2023, with revenue increasing by 68.5% to $5.9 million from $3.5 million in the previous year. Operating income improved significantly, reaching break-even, while gross margin expanded by 580 basis points to 26.6%. The company also reduced its net loss significantly, from ($0.6 million) to ($0.1 million). Looking ahead, MITQ expects a revenue range of $22.0 - $23.5 million for the fiscal year, reflecting a 20 - 31% growth compared to last year's $18.4 million.

Moving iMage Technologies (MITQ) will release its financial results for the first quarter of fiscal 2022, concluding on September 30, 2022. The results will be available on November 15, 2022, at 7:00 a.m. ET, with a management conference call scheduled for 11:00 a.m. ET to discuss the findings and provide future expectations. Key details including dial-in and replay information are provided. The company is recognized for its innovative technology and products in the Motion Picture Exhibition sector, notably through its Caddy brand.

Moving iMage Technologies (NYSE American: MITQ) announced the granting of a patent for a proprietary design related to Direct View LED screen frames in cinemas by the United States Patent Office. Designed by co-founder David Richards, this frame addresses the specific requirements of permanent LED installations in theaters, which have gained traction since 2019. With only four premium screens installed in North America, the technology is projected to revolutionize cinema displays, providing superior visual and auditory experiences. MiT is positioned for growth as the market for Direct View LED technology matures.

Moving iMage Technologies (AMEX: MITQ) announced that Joe Delgado, Executive Vice President of Sales and Marketing, will present at the MicroCap Rodeo's Windy City Roundup Conference 2022.

Presentation Date: Thursday, October 13, 2022 at 10:30 a.m. ET.

One-on-one meetings will take place on October 12 and 13, 2022. Interested parties can sign up through the conference portal or contact Brian Siegel at Hayden IR.

Moving iMage is a leading provider of technology for entertainment applications, focusing on motion picture exhibition and offering various products and services.

Moving iMage Technologies (MITQ) reported a 152% revenue growth for fiscal 2022, totaling $18.4 million, with a 166.7% increase in the fourth quarter. Despite this growth, the company faced a GAAP net loss of $1.4 million. For fiscal 2023, it anticipates a revenue target of $22.0 to $23.5 million, reflecting a 20% to 28% growth and aims for a non-GAAP EPS of $0.04 to $0.08. The company continues to leverage its backlog of projects and new product launches, including the CineQC SaaS platform.

Moving iMage Technologies (MITQ) will release its financial and operational results for the Fourth Quarter and Full-Year Fiscal 2022 on September 23, 2022, at 7:00 AM ET. The results will be available on their investor relations website. A conference call will take place at 11:00 AM ET the same day, allowing investors to submit questions in advance or during the webcast. Replay details for the call will be available following the event. MITQ specializes in technology solutions for entertainment applications, focusing on motion picture exhibitions.