Moving iMage Tech Q3 revenue falls 36% YoY to $3.7M; GAAP net loss $0.4M

MOVING iMAGE TECHNOLOGIES INC.

2023-Q3 EPS reported -$0.04 revenue$14,435,000

GAAP net loss of $0.4M (loss per share $0.04) vs prior-year net income of $0.6M which included $0.7M PPP gain.
Revenue fell to $3.7M from $5.8M, down 36% YoY, on project timing pushouts; gross margin expanded 440bps to 27.9%.
Non-GAAP net loss of $0.4M ($0.04 per share) vs non-GAAP net loss of $0.1M in prior year.
Updated FY23 guidance: revenue +~10% over $18.4M, diluted EPS ($0.07)-($0.06) vs FY22 loss of ($0.13); expects Q4 to build momentum for FY24.
CEO cites project pushes as normal timing; sees strong Esports and MiTranslator pipeline; new partnership with LEA Professional.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MOVING iMAGE TECHNOLOGIES INC. reported financial results for third fiscal quarter ended March 31, 2023.

Period: third fiscal quarter ended March 31, 2023
Result: reported results

Exact text from the filing

On May 15, 2023, Moving iMage Technologies, Inc. (the “Company”) issued a press release and conducted a conference call, both of which reported certain financial results for the fiscal quarter ended March 31, 2023.

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Source: SEC EDGAR

accession 0001104659-23-062569

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