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 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/
Brian Siegel, IRC, MBA Senior Managing Director, Hayden IR (346)
396-8696 Brian@haydenir.com
Moving iMage Technologies (AMEX:MITQ)
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