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Moving iMage Technologies Announces Fourth Quarter and Full-Year Fiscal 2022 Results

·10 min read

Annual revenue growth of 152% to $18.4 Million

Initiates fiscal 2023 revenue guidance of $22.0 to $23.5 million (+20 to 28% growth) and non-GAAP EPS of $0.04 to $0.08

FOUNTAIN VALLEY, Calif., September 23, 2022--(BUSINESS WIRE)--Moving iMage Technologies, Inc. (NYSE AMERICAN: MITQ), ("MiT"), a leading digital cinema technology company, today announced results for its fourth fiscal quarter and full-year ended June 30, 2022.

"We completed our first year as a public company on a high-note, reporting 167% revenue growth for the fourth fiscal quarter and 152% for fiscal 2022," said Phil Rafnson, chairman and chief executive officer. "The positive tailwinds in the industry remained intact, as movies such as Top Gun: Maverick, dominated the domestic box office and already putting its performance during the first half of calendar 2022 ahead of full-year calendar 2021. Additionally, the technology and theater upgrade cycle still remains in the early innings, and, when combined with our industry leadership, allowed us to finish the year from a position of strength."

Fiscal Fourth Quarter 2022 Highlights (versus fiscal 2021)

  • Revenue increased 166.7% to $5.6 million versus $2.1 million;

  • GAAP and Non-GAAP operating loss were ($0.5) million and ($0.1) million versus ($0.6) million and ($0.6) million, respectively;

  • GAAP Net loss and diluted loss per share of ($0.7) million and ($0.07) versus net income and earnings per share (EPS) of $0.1 million and $0.01, respectively;

  • Non-GAAP net loss and diluted loss per share of ($0.4) million and ($0.04) versus ($0.6) million and ($0.11), respectively.

Fiscal 2022 Highlights (versus fiscal 2021)

  • Revenue increased 152.1% to $18.4 million versus $7.3 million;

  • GAAP and Non-GAAP operating loss of ($1.8) million and ($1.0) million versus ($1.6) million and ($1.6) million, respectively;

  • GAAP net loss and diluted loss per share of ($1.4) million and ($0.13) versus ($0.7) million and ($0.11), respectively;

  • Non-GAAP net loss and diluted loss per share of ($1.3) million and ($0.12) versus ($0.7) million and ($0.24), respectively;

  • Cash, cash equivalents and marketable securities of $7.0 million.

Select Financial Metrics: Fiscal 2022 versus Fiscal 2021 as of 6/30/2022*

(in millions, except for Loss per Share and percentages)

4Q22

4Q21

Change

FY
2022

FY
2021

Change

Total Revenue

$5.6

$2.1

166.7%

$18.4

$7.3

152.1%

Gross Profit

$1.5

$0.4

256.3%

$4.5

$1.7

164.7%

Gross Margin

26.8%

20.0%

24.5%

23.3%

GAAP Operating Loss

($0.5)

($0.6)

16.7%

($1.8)

($1.6)

-12.5%

Non-GAAP Operating Loss

($0.1)

($0.6)

80.5%

($1.0)

($1.6)

38.7%

GAAP Net Income (Loss)

($0.7)

$0.1

nm

($1.4)

($0.7)

-100.0%

Non-GAAP Net Loss

($0.4)

($0.6)

40.7%

($1.3)

($0.7)

81.3%

GAAP Diluted Income (Loss) Per Share

($0.07)

$0.01

nm

($0.13)

($0.11)

-18.2%

Non-GAAP Diluted Loss Per Share

($0.04)

($0.11)

68.9%

($0.12)

($0.24)

49.4%

nm = not measurable/meaningful; *may not add up due to rounding

Fiscal 2023 Commentary and Guidance

"As we look to fiscal 2023, we expect to benefit from our existing backlog of projects, sales of our proprietary manufactured projects and the ramping of our emerging products, specifically our CineQC SaaS platform and our eSports mobile carts. Given the early stages of the latter, which will have a small impact on our financial results during the first half of the year, we are targeting full-year revenue to be in the range of $22 to $23.5 million (20% to 28% growth). Within this range, we would expect to report non-GAAP EPS of between $0.04 and $0.08," concluded Rafnson.

Fiscal 2023 Guidance

Fiscal 2022 Actuals

Change

Revenue

$22.0 - $23.5 Million

$18.4 Million

+20 - 28%

Non-GAAP EPS

$0.04 - $0.08

($0.13)

+$0.17 - 0.21

Diluted Shares Outstanding

10.9 million

10.6 million

+0.3 million

Earnings Conference Call and Webcast Information

Management will host a webcast to review the Company’s results and forward expectations. Investors can submit questions ahead of time to brian@haydenir.com or ask questions through the webcast portal in real-time.

Toll Free: 1-877-407-4018
Toll/International: 1-201-689-8471
Webcast Date/Time: Friday September 23, 2022, 11:00 AM ET
Webcast Location: https://investors.movingimagetech.com/

Replay
Toll Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Pin Number: 13732931
Replay Start: Friday September 23, 2022, 2:00 PM ET
Replay Expiry: Friday October 7, 2022, 11:59 PM ET

About Moving iMage Technologies

Moving iMage Technologies is a leading manufacturer and integrator of purpose-built technology solutions and equipment to support a wide variety of entertainment applications, with a focus on motion picture exhibitions, sports venues and eSports. MiT offers a wide range of products and services, including custom engineering, systems design, integration and installation, enterprise software solution, digital cinema, A/V integration, as well as customized solutions for emerging entertainment technology. MiT’s Caddy Products division designs and sells proprietary cup-holder and other seating-based products and lighting systems for theaters and stadiums. 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.

MOVING IMAGE TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands except share and per share amounts)

June 30,

2022

2021

Assets

Current Assets:

Cash

$

2,340

$

1,270

Marketable securities

4,363

Accounts receivable, net

1,762

454

Inventories, net

4,033

1,534

Prepaid expenses and other

864

95

Total Current Assets

13,362

3,353

Long-Term Assets:

Marketable securities

325

Property, plant and equipment, net

22

21

Intangibles, net

839

935

Goodwill

287

287

Other assets

16

1,133

Total Long-Term Assets

1,489

2,376

Total Assets

$

14,851

$

5,729

Liabilities And Stockholders’ Equity (Deficit)

Current Liabilities:

Accounts payable

$

1,583

$

1,911

Accrued expenses

655

620

Customer deposits

3,158

1,339

Line of credit

590

Notes payable – current

237

Unearned warranty revenue

18

34

Total Current Liabilities

5,414

4,731

Long-Term Liabilities:

Notes payable, net of current portion

1,702

Deferred rent

22

25

Total Long-Term Liabilities

22

1,727

Total Liabilities

5,436

6,458

Stockholders’ Equity/(Deficit)

Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,828,398 and 5,666,667 shares issued and outstanding
at June 30, 2022 and 2021, respectively

Additional paid-in capital

12,500

1,011

Accumulated deficit

(3,085

)

(1,740

)

Total Stockholders’ Equity (Deficit)

9,415

(729

)

Total Liabilities and Stockholders’ Equity (Deficit)

$

14,851

$

5,729

MOVING IMAGE TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands except share and per share amounts)

Three Months

Three Months

Ended

Ended

Year Ended

Year Ended

June 30,

June 30,

June 30,

June 30,

2022

2021

2022

2021

Net sales

$

5,623

$

2,171

$

18,351

$

7,247

Cost of goods sold

4,147

1,772

13,890

5,558

Gross profit

1,476

399

4,461

1,689

Operating expenses:

Research and development

66

49

238

152

Selling and marketing

736

524

2,389

1,458

General and administrative

1,126

431

3,596

1,640

Total operating expenses

1,928

1,004

6,223

3,250

Operating loss

(452

)

(605

)

(1,762

)

(1,561

)

Other (income) expense:

Unrealized gain on marketable securities

259

242

Realized gain on marketable securities

6

6

(459

)

PPP loan and interest forgiveness

(694

)

(705

)

(694

)

Interest and other income

2

Interest expense

43

40

237

Total other (income) expense

267

(651

)

(417

)

(916

)

Net income (loss)

$

(719

)

$

46

$

(1,345

)

$

(645

)

Weighted average shares outstanding: basic and diluted

10,788,285

5,666,667

10,577,994

5,645,617

Net income (loss) per common share basic and diluted

$

(0.07

)

$

0.01

$

(0.13

)

$

(0.11

)

MOVING IMAGE TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

Year Ended

Year Ended

June 30,

June 30,

2022

2021

Cash flows from operating activities:

Net loss

$

(1,345

)

$

(645

)

Adjustments to reconcile net loss to net cash used in operating activities:

PPP loan forgiveness

(705

)

(694

)

Provision for doubtful accounts

(218

)

73

Depreciation expense

19

132

Amortization expense

96

95

Deferred rent

(3

)

5

Stock option compensation expense

245

Unrealized loss on investments

242

Realized (gain) loss on investments

6

(459

)

Changes in operating assets and liabilities

Accounts receivable

(1,090

)

282

Inventories

(2,499

)

60

Prepaid expenses and other

348

(444

)

Accounts payable

(328

)

(783

)

Accrued expenses

42

162

Unearned warranty revenue

(16

)

8

Customer deposits

1,819

511

Net cash used in operating activities

(3,387

)

(1,697

)

Cash flows from investing activities

Sales of marketable securities

641

550

Purchases of marketable securities

(5,577

)

Purchases of property, plant and equipment

(20

)

(2

)

Net cash provided by (used in) investing activities

(4,956

)

548

Cash flows from financing activities

Net proceeds from initial public offering

11,244

Payments on notes payable

(1,241

)

(62

)

Payments on line of credit

(590

)

(60

)

Paycheck Protection Program loan proceeds

698

Proceeds from private placement

784

Net cash provided by financing activities

9,413

1,360

Net increase in cash

1,070

211

Cash, beginning of the year

1,270

1,059

Cash, end of the year

$

2,340

$

1,270

Non-cash investing and financing activities:

Deferred IPO costs

$

$

246

Reclassification of IPO related costs from other assets to equity

$

1,116

$

Cash paid during the period:

Interest

$

40

$

237

Use of Non-GAAP Measures

The Company uses non-GAAP operating income, net income and loss per share as a measure that we believe is customarily used by investors and analysts to evaluate the financial performance of companies in addition to the GAAP measures that we present. Our management also believes that the elimination of one-time items is useful in evaluating our core operating results and when comparing results to prior periods. However, non-GAAP metrics are not a measure of financial performance under accounting principles generally accepted in the United States of America and should not be considered an alternative to net income or operating income as an indicator of our operating performance or to net cash provided by operating activities as a measure of our liquidity.

Reconciliation of loss from operations to adjusted net loss,
(in thousands except for Loss per Share and shares
outstanding)

4Q22

4Q21

FY22

FY21

Income (Loss) from Operations

($452)

($605)

($1,762)

($1,561)

Adjustments:

Stock-based Compensation Expense

($235)

-

($413)

-

Professional Services

($100)

($100)

Line of Credit Guarantee

-

-

($50)

-

S-8 Auditors Fees - Incentive Plan Shares (IPO)

-

-

($8)

-

Staff Retention Bonuses (COVID-19)

-

-

($210)

-

Total Adjustments

($335)

$0

($781)

$0

Non-GAAP Income (Loss) from Operations

($117)

($605)

($981)

($1,561)

Other (Income) Expense

$267

($694)

($457)

($1,153)

Interest Expense

$0

$43

$40

$237

Adjustments:

PPP Loan Foregiveness

$694

$705

$694

Non-GAAP Net Income (Loss)

($384)

($648)

($1,269)

($1,339)

Non-GAAP Income (Loss) per Share

($0.04)

($0.11)

($0.12)

($0.24)

Weighted Average Shares Outstanding, Basic and Diluted

10,788,285

5,666,667

10,577,994

5,645,617

View source version on businesswire.com: https://www.businesswire.com/news/home/20220923005074/en/

Contacts

Brian Siegel, IRC, MBA
Senior Managing Director, Hayden IR
(346) 396-8696
Brian@haydenir.com