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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): February 13, 2024

MOVING iMAGE TECHNOLOGIES, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

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001-40511

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85-1836381

(Commission File Number)

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(IRS Employer Identification No.)

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17760 Newhope Street, Fountain Valley, CA

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92708

(Address of Principal Executive Offices)

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(Zip Code)

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(714) 751-7998

(Registrant’s Telephone Number, Including Area Code)

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(Former Name or Former Address, if Changed Since Last Report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Securities registered pursuant to Section 12(b) of the Act:

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Title of each class

Trading Symbols

Name of each exchange on which registered

Common Stock, $0.00001 par value

MITQ

NYSE American LLC

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02 Results of Operations and Financial Condition

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On February 13, 2025, Moving iMage Technologies, Inc. (the “Company”) issued a press release and conducted a conference call, both of which reported certain financial results for the three months ended December 31, 2024. Copies of the press release and the transcript of the conference call are attached hereto as Exhibits 99.1, and the information therein is incorporated herein by reference.

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Item 7.01 Regulation FD Disclosure

The information under Item 2.02 above is incorporated herein by reference.

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The information reported under this Item 7.01 in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 attached herein, shall not be deemed filed for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the securities Act of the Exchange Act, regardless of any general incorporation language in such filing

Item 9.01Financial Statements and Exhibits.

Exhibit
No.

    

Exhibit

99.1

Press Release dated February 13, 2025

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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Moving iMage Technologies, Inc.

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Date: February 13, 2025

By:

/s/ William Greene

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Name:

William Greene

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Title:

Chief Financial Officer

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Exhibit 99.1

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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, CA – 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

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Francois Godfrey, President and Chief Operating Officer of MiT commented:

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"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."

Second Quarter Highlights – in $1,000s except for EPS (Fiscal 2025 versus Fiscal 2024)

●Revenue increased to $3,441 compared to $3,265;

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●Gross Profit increased to $936 compared to $759; Gross Margin increased to 27.2%;
●Operating Loss improved to ($561) compared to ($830);
●Net loss and Loss per Share (EPS) improved to ($527) and ($0.05) compared to ($794) and ($0.07), respectively;
●As of December 31, 2024, the Company held cash of $5,316.

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

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Brian@haydenir.com

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MOVING IMAGE TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands except share and per share amounts)

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December 31, 2024

    

June 30, 2024

(unaudited)

Assets

 

  

 

  

Current Assets:

  

  

Cash

 

$ 5,316

 

$ 5,278

Accounts receivable, net

749

1,048

Inventories, net

 

2,121

 

3,117

Prepaid expenses and other 

202

470

Total Current Assets

 

8,388

 

9,913

Long-Term Assets:

  

  

Right-of-use asset

 

1,206

 

144

Property and equipment, net

21

28

Intangibles, net

 

393

 

422

Other assets

23

16

Total Long-Term Assets

 

1,643

 

610

Total Assets

$ 10,031

$ 10,523

 

 

 

 

  

Liabilities And Stockholders’ Equity

  

  

Current Liabilities:

 

  

 

  

Accounts payable

$ 1,642

$ 2,261

Accrued expenses

 

406

 

320

Customer refunds

423

399

Customer deposits

 

1,057

 

1,651

Lease liability–current

206

151

Unearned warranty revenue 

 

65

 

31

Total Current Liabilities

3,799

4,813

 

 

  

 

  

Long-Term Liabilities:

  

  

Lease liability–non-current

 

1,037

 

—

Total Long-Term Liabilities

1,037

—

Total Liabilities

 

4,836

 

4,813

Stockholders’ Equity

Common stock, $0.00001 par value, 100,000,000 shares authorized, 9,896,850 and 9,896,850 shares issued and outstanding at December 31, 2024 and June 30, 2024, respectively

 

—

 

—

Additional paid-in capital

12,003

11,965

Accumulated deficit

 

(6,808)

 

(6,255)

Total Stockholders’ Equity

5,195

5,710

Total Liabilities and Stockholders’ Equity

 

$ 10,031

 

$ 10,523

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MOVING IMAGE TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands except share and per share amounts)

(unaudited)

3 Months Ended

December 31,

6 Months Ended December 31,

2024

2023

2024

2023

Net sales

$ 3,441

$ 3,265

 

$ 8,693

$ 9,900

Cost of goods sold

2,505

2,506

6,386

7,322

Gross profit

936

759

 

2,307

2,578

  

  

  

  

Operating expenses:

  

  

 

  

  

Research and development

47

72

109

139

Selling and marketing

462

628

 

991

1,170

General and administrative

988

889

1,836

1,716

Total operating expenses

1,497

1,589

 

2,936

3,025

Operating (loss)

(561)

(830)

(629)

(447)

Other income (expense)

  

  

 

  

  

Interest and other income, net

34

36

77

92

Total other income

34

36

 

77

92

Net (loss)

$ (527)

$ (794)

 

$ (552)

$ (355)

Weighted average shares outstanding: basic and diluted

9,896,850

10,655,686

 

9,896,850

10,670,732

Net (loss) income per common share basic and diluted

$ (0.05)

$ (0.07)

$ (0.06)

$ (0.03)

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MOVING IMAGE TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

    

Six Months Ended December 31,

2024

2023

Cash flows from operating activities:

 

 

 

 

Net (loss)

 

($552)

 

($355)

Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities:

Provision for credit losses

 

19

 

4

Inventory reserve

163

384

Depreciation expense

 

7

 

5

Amortization expense

29

29

Right-of-use amortization

 

133

 

133

Stock option compensation expense

37

10

Changes in operating assets and liabilities

 

 

 

 

Accounts receivable

280

(237)

Inventories

 

833

 

(424)

Prepaid expenses and other

260

(503)

Accounts payable

 

(619)

 

(315)

Accrued expenses and customer refunds

111

64

Unearned warranty revenue

 

34

 

14

Customer deposits

(594)

(38)

Lease liabilities

 

(103)

 

(135)

Net cash provided by (used in) operating activities

38

(1,364)

Cash flows from investing activities

 

 

 

 

Purchases of property and equipment

—

(12)

Net cash (used in) financing activities

 

—

 

(12)

Cash flows from financing activities

 

 

 

 

Stock Buyback

—

(101)

Net cash (used in) investing activities

 

—

 

(101)

Net increase (decrease) in cash

 

38

 

(1,477)

Cash, beginning of the period

5,278

6,616

Cash, end of the period

 

$5,316

 

$5,139

Non-cash investing and financing activities:

Right-of-use assets from new lease

 

($207)

 

—

Right-of-use assets from lease modification

($988)

—

​

v3.25.0.1
Document and Entity Information
Nov. 14, 2024
Document and Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Feb. 13, 2024
Entity File Number 001-40511
Entity Registrant Name MOVING iMAGE TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 85-1836381
Entity Address State Or Province CA
Entity Address, Address Line One 17760 Newhope Street
Entity Address, City or Town Fountain Valley
Entity Address, Postal Zip Code 92708
City Area Code 714
Local Phone Number 751-7998
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.00001 par value
Trading Symbol MITQ
Security Exchange Name NYSEAMER
Entity Emerging Growth Company true
Entity Ex Transition Period false
Entity Central Index Key 0001770236
Amendment Flag false
v3.25.0.1
Document Information
Nov. 14, 2024
Document and Entity Information [Abstract]  
Document Type 8-K
Amendment false
CIK 0001770236
Registrant Name MOVING iMAGE TECHNOLOGIES, INC.
Period End Date Feb. 13, 2024
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