Moving iMage Technologies Announces Strong Results in First Quarter Fiscal 2022
November 11, 2021
Reports year-over-year revenue growth of 98% to $3.5 Million;
Extinguished $3.1 million in debt in the quarter
Backlog of $7.7 million at the end of the quarter
Initiates fiscal 2022 revenue guidance of $12 to $15 million (67% to 108% year-over-year growth)
Moving iMage Technologies, Inc. (NYSE AMERICAN: MITQ), (MiT) a leading digital cinema technology company, today announced results for its first fiscal quarter ended September 30, 2021.
“I’m excited to announce in our first full quarter as a public company we delivered strong year-over-year revenue growth of 98%,” said Phil Rafnson, chairman and chief executive officer. “MiT benefited in the quarter from several tailwinds, including strong signs from consumers and theater operators that we are in the very early stages of recovering from the effects of the pandemic; in addition to a nascent cinema technology upgrade cycle.
“We also successfully completed our IPO, which was upsized and oversubscribed, raising net proceeds of $12.3 million, while also seeing strong bookings in the quarter, which was reflected in our backlog of $7.7 million. Finally, we introduced our ADA-compliant, multi-language translator product, which we believe has disruptive potential from both a product and recurring services perspective and is expected to provide an enhanced cinematic experience to a much broader audience.”
Fiscal First Quarter Highlights (compared to fiscal 2021)
Revenue increased 98% to $3.5 million versus $1.8 million;
GAAP operating loss of ($0.5) million, versus an operating loss of ($0.3) million;
Adjusted operating loss of ($0.4) million versus ($0.3) million;
GAAP Net loss and diluted loss per share of ($0.6) million and ($0.06) versus a net loss and loss per share of ($0.4) million and ($0.07), respectively;
Adjusted net loss and adjusted diluted loss per share was ($0.4) million and ($0.04) versus ($0.4) million and ($0.07), respectively;
Backlog of $7.7 million;
Cash and cash equivalents of $11.0 million.
Fiscal 2022 Commentary
“We believe that fiscal 2021 was a trough year. We used this period to lean out our operations and expand our proprietary product offerings in preparation for the industry’s recovery from the pandemic, and I am encouraged to see industry optimism gaining momentum in recent months. When combined with the billions of dollars in government grants to venue operators, a nascent technology upgrade cycle, new theater construction, theatre upgrades and refurbishment of existing theaters to enhance the overall movie-going experience, I believe we are well-positioned to capitalize on the opportunity ahead. Our relationships within the industry are strong, and we are well-positioned with both the growing small and mid-size theater operators as well as the major circuits, and we believe the first quarter of fiscal 2022 was reflective of this and a sign of even better things to come from both the industry and MiT. As such, we are introducing our initial fiscal 2022 revenue guidance of $12 to $15 million, or 67% to 108% growth over fiscal 2021, and we expect to deliver positive cash flow from operations as well,” concluded Rafnson.
Earnings Announcement and Supplemental Information
MiT’s earnings release will be filed on Form 8-K and posted on the MiT investor relations website (https://investors.movingimagetech.com/) at approximately 4:10 p.m. Eastern on November 11, 2021.
Management will host an earnings webcast beginning at 4:30 p.m. Eastern. Management’s presentation of the results, outlook and strategy will be followed by webcast Q&A with investors.
The call will also be webcast through the investor relations portion of the Company’s website at https://investors.movingimagetech.com/
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