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
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
|
FY
|
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.
|
||||||||
|
||||||||
|
|
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
|
|
|
— |
|
|
|
— |
|
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.
|
||||||||
|
||||||||
|
|
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,
|
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
