Moving Image Technologies has announced results for its first fiscal quarter ended September 30, 2022. “We started the year out on solid footing with strong revenue growth, roughly improving to break-even on a net income and EPS basis,” said Phil Rafnson, chairman and chief executive officer. “During the quarter, we signed a major movie theatre chain for our emerging CineQC quality control [software-as-a-service] platform and saw strong sales of our USL ADA compliance products as well. We have also been building our eSports product pipeline in conjunction with our partner SNDBX.”
Revenue increased 68.5 percent to $5.9 million compared to $3.5 million
Gross margin expanded by 580 basis points to 26.6 percent
Operating income of $0.0 million compared to an operating loss of ($0.5) million
Net loss and diluted loss per share of ($0.1) million and ($0.01) compared to ($0.6) million and ($0.06), respectively.
“We started [fiscal] 2023 on a high note and have a strong pipeline of opportunities for the remainder of the year,” he said. “In our second quarter, we expect to see a traditional drop-off in revenue relative to the first quarter due to seasonality over the holidays, where we see three potential blockbusters being released this calendar year leading into a strong lineup for calendar 2023.”
Rafnson concluded: “Additionally, we continue to move forward with the sales process for our newer, high-margin products like CineQC and our eSports offering. In fact, we have a strong pipeline of potential opportunities from theatre operators/owners that want to host SNDBX’s eSports leagues, which we are optimistic will turn into initial orders in the coming months. Given the early stages of both products, which will have a small impact on our financial results during the first half of the year, we are maintaining the guidance we provided last quarter until we report our second quarter earnings, at which time we’ll have better visibility.”