Earnings release
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Moving iMage Technologies Reports Q1 Revenue of $5.6M and Continued Improvement in Gross Margin and Operating Expense Profile; Hosts Call Today at 11am ET Fountain Valley, California--(Newsfile Corp. - November 14, 2025) - Moving iMage Technologies, Inc. (NYSE American: MITQ) "MiT", a leading provider of cutting-edge out-of- home entertainment technology and services for cinema, Esports, stadiums, arenas and other venues, announced results for its fiscal 2026 first quarter ended September 30, 2025 (Q1'26) and will hold an investor call today at 11am ET (see call details below). Highlights Q1'26 revenue increased 6.2% to $5.6M vs. $5.3M in Q1'25 primarily driven by delivery of a custom cinema project. Q1'26 gross profit increased 22.0% to $1.7M vs. $1.4M in Q1'25 reflecting a focus on higher margin opportunities. Q1'26 gross margin percentage increased to 30.0% vs. 26.1% in Q1'25, primarily driven by model mix and timing of a custom cinema project completed in Q1'26. MITQ reported operating income of $350k in Q1'26 vs. a year-ago operating loss of ($68k), principally reflecting the gross profit improvement and an 8% decrease in operating expenses driven in part by a decrease in headcount, compensation and travel costs. Net income improved to $509k, or $0.05 per share, in Q1'26 vs. a net loss of ($25k) or ($0.00) per share, in Q1'25, reflecting the operating income improvement and a $128k non-cash gain from debt extinguishment that more than offset a decrease in interest income. Working capital rose 12.4% to $4.8M at the close of Q1'26 vs. the FY 2025 year end, including cash of $5.5M (approximately $0.54 per common share) at the close of Q1'26. After the close of Q1'26, MiT acquired the assets of the globally recognized, Digital Cinema Speaker Series (DCS) loudspeaker product line for $1.5M in cash. DCS is a premium cinema loudspeaker line, purpose-built for a wide range of cinema use cases, from premium large format (PLF) auditoriums to smaller venues, boutique cinemas, studios, postproduction facilities and private screening rooms. The acquired assets include loudspeaker inventory, designs, trademarks, customer lists and other intellectual property necessary to continue to manufacture and service the line. Moving Image Chairman and CEO, Phil Rafnson, commented, "We remain cautiously optimistic regarding our pipeline of cinema technology projects and product sales opportunities over the balance of this fiscal year. Customers recognize our value in guiding their cinema build-outs or the replacement of legacy equipment, making the decision to proceed on projects primarily a matter of capital allocation priorities and timing. Our recent purchase of the DCS cinema loudspeaker line is an important initiative in building a line of premium products and service capabilities, while bolstering our competitive position and growth potential. Additionally, we believe the DCS line, in conjunction with LEA amplifiers and our cinema and audio expertise, will support our pursuit of untapped sales opportunities in international markets." President and COO, Francois Godfrey, added, "The DCS loudspeaker line is an ideal complement to our existing customer dialogues and strengthens MiT's position as a leading source of best in-class cinema technology solutions. Immersive audio capabilities are at the forefront of the cinema experience and high on the list of customer priorities. Given DCS loudspeakers' market footprint and over 20 year reputation for high performance and reliability, we expect a solid reception in both domestic and markets overseas, as we develop plans to build traction, particularly in Europe and the Middle East. "Our team continues to engage in a variety of upgrade and new build project discussions with U.S. exhibitors. While the scope and timing of these opportunities remains fluid, we are encouraged by the steady level of industry dialogue and interest in MiT, including our capabilities in the premium large format (PLF) ecosystem. MiT's long-term track record, strong reputation and unrivaled ability to design and execute state of the art projects on time and on budget remains a key differentiator for our organization. "Q1'26 featured delivery of a unique project to create a state-of-the-art 166 seat cinema screening room and performing arts venue at New York City's historic Cherry Lane Theatre. MiT also completed substantial refresh initiatives for Alamo Drafthouse incorporating cutting edge laser projection by Barco and Doby Atmos immersive audio at four Texas locations. These projects showcase our ability to fulfill a diverse range of cinema technology needs in the most professional and timely manner. "While our Q1'26 revenue exceeded our prior outlook, the upside was largely due to the accelerated delivery of some projects previously expected later in the year. Our fiscal second quarter ending in December is a seasonally slower period as exhibition customers typically refrain from projects that could interfere with their important holiday film release season in November and December. Reflecting this seasonality and the pull through of some revenue into Q1'26, we currently expect Q2'26 revenue of approximately $3.4M with gross margin percentage returning to prior year's lower levels. As industry analysts continue to expect solid box office attendance this winter, we are optimistic higher traffic could translate into increased capital spending on cinema auditorium upgrades. In the interim, we remain focused on margin and cost mitigation initiatives designed to improve our performance in any environment." Conference Call Details Dial-in Number: 1-877-407-4018 Toll/International Number: 1-201-689-8471 Call me™: Participants can use Guest dial-in numbers 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. Transcript: Posted online here 48 hours after the event Questions can be submitted in advance via Email to: mitq@catalyst-ir.com Telephone Replay Access ID: 13757170 Replay Dial-In: 1-844-512-2921 or 1-412-317-6671 Replay Expiration: November 28, 2025 at 11:59 p.m. ET 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. About Moving iMage Technologies (www.movingimagetech.com) With a focus on innovation, service, and quality, Moving iMage Technologies ("MiT) is a trusted partner in delivering state-of-the-art out-of-home entertainment environments. Founded in 2003, MiT provides products, integrated systems design, custom engineering, proprietary products, software, and installation services for cinemas, screening rooms, postproduction facilities, high-end home theaters, Esports venues, arenas, stadiums, and other entertainment spaces. MiT manufactures a broad line of digital cinema peripherals in the U.S., including automation systems, projector pedestals/bases, projector lifts, hush boxes, direct-view LED frames, lighting fixtures and dimmers, power management devices, operations software, and Esports platforms. It also distributes and integrates cinema equipment from Barco, Sharp (NEC) Digital Cinema, Christie Digital, LEA Professional, Dolby, GDC, JBL/Crown, LG, Meyer Sound, Q-SYS, QSC, Samsung and others. MiT's Caddy Products division designs and sells cupholders, concession trays, and venue accessories that enhance concession sales and improve the guest experience. Follow us on X: @movingimagenews Follow us on LinkedIn: MiT on LinkedIn 11/14/25, 2:06 PM News powered by QuoteMedia about:blank 1/3
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MITQ Investor Relations Contacts Chris Eddy or David Collins Catalyst IR mitq@catalyst-ir.com or 212-924-9800 MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands except share and per share amounts) September 30, June 30, 2025 2025 (unaudited) Assets Current Assets: Cash $ 5,548 $ 5,715 Accounts receivable, net 1,839 1,464 Inventories, net 1,719 2,066 Prepaid expenses and other 763 162 Total Current Assets 9,869 9,407 Long-Term Assets: Right-of-use asset 1,031 1,087 Property and equipment, net 12 15 Intangibles, net 349 364 Other assets 15 15 Total Long-Term Assets 1,407 1,481 Total Assets $ 11,276 $ 10,888 Liabilities And Stockholders' Equity Current Liabilities: Accounts payable $ 2,900 $ 3,009 Accrued expenses 444 362 Customer refunds 460 379 Customer deposits 933 1,101 Lease liability-current 235 227 Unearned warranty revenue 72 35 Total Current Liabilities 5,044 5,113 Long-Term Liabilities: Lease liability-non-current 857 918 Total Long-Term Liabilities 857 918 Total Liabilities 5,901 6,031 Stockholders' Equity Common stock, $0.00001 par value, 100,000,000 shares authorized, 9,939,732 and 9,896,850 shares issued and outstanding at Sep. 30, 2025 and June 30, 2025, respectively— — Additional paid-in capital 12,070 12,061 Accumulated deficit (6,695) (7,204) Total Stockholders' Equity 5,375 4,857 Total Liabilities and Stockholders' Equity $ 11,276 $ 10,888 MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands except share and per share amounts) (unaudited) Three Months Ended September 30, 2025 2024 Net sales $ 5,582 $ 5,252 Cost of goods sold 3,908 3,880 Gross profit 1,674 1,372 Operating expenses: Research and development 48 61 Selling and marketing 386 529 General and administrative 890 850 Total operating expenses 1,324 1,440 Operating income (loss) 350 (68) Other income (expense) Extinguishment of payables 128 — Interest and other income, net 31 43 Total other income 159 43 Net income (loss) $ 509 $ (25) Earnings per share: Basic $ 0.05 $ (0.00) Diluted $ 0.05 $ (0.00) Shares used in computing earnings per share: Basic 9,939,123 9,896,850 Diluted 10,232,873 9,896,850 The accompanying notes are an integral part of these condensed consolidated financial statements. MOVING IMAGE TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Three Months Ended September 30, 2025 2024 Cash flows from operating activities: Net income (loss) $ 509 $ (25) Adjustments to reconcile net income (loss) to net cash used in operating activities: Provision for credit losses 45 11 Inventory reserve — 80 Depreciation expense 3 4 Amortization expense 15 15 Right-of-use amortization 56 58 Stock compensation expense 9 5 Changes in operating assets and liabilities 11/14/25, 2:06 PM News powered by QuoteMedia about:blank 2/3
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Accounts receivable (420) 10 Inventories 347 421 Prepaid expenses and other (601) 158 Accounts payable (109) (429) Accrued expenses and customer refunds 163 26 Unearned warranty revenue 37 23 Customer deposits (168) (342) Lease liabilities (53) (47) Net cash used in operating activities (167) (32) Net decrease in cash (167) (32) Cash, beginning of the period 5,715 5,278 Cash, end of the period $ 5,548 $ 5,246 Non-cash investing and financing activities: Right-of-use assets from new lease $ — $ (988) The accompanying notes are an integral part of these condensed consolidated financial statements. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274506 News Provided by Newsfile via QuoteMedia 11/14/25, 2:06 PM News powered by QuoteMedia about:blank 3/3