Shares of Moving iMage Technologies Inc (NYSEAMERICAN: MITQ) jumped more than 40% in extended trading after the digital cinema company reported strong results for its fiscal first quarter.
Q1 financial performance
Moving iMage said it lost $0.6 million in the first quarter that translates to 6 cents per share. In the same quarter last year, it had posted $0.4 million in net loss or 7 cents per share. Shareholders, however, welcomed the news that its revenue nearly doubled to $3.5 million from last year’s $1.8 million.
Other notable figures in the earnings report include $7.7 million worth of backlog and $11 million in cash and cash equivalents. Q1 marked the first quarter for Moving iMage as a public company, as per the earnings press release.
CEO Rafnson’s remarks
The California-based company launched its ADA-compliant, multi-language translator in the recent quarter that, CEO Phil Rafnson is convinced, has disruptive potential. Commenting further on the quarterly results, he said:
MiT benefitted in the quarter from several tailwinds, including strong signs from consumers and theatre operators that we are in the very early stages of recovering from the effects of the pandemic; in addition to a nascent cinema technology upgrade cycle.
Moving iMage raised $12.3 million via its IPO earlier this year. For the full financial year, the U.S. firm forecasts up to $15 million in revenue that would represent a 108% increase from fiscal 2021. CEO Rafnson is also confident that MiT will turn cash-flow positive this year.
Last month, Moving iMage won a contract to provide equipment and furnishings for the new Alamo Drafthouse – City Foundry in St. Louis.
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