Moving iMage Technologies, Inc. (MITQ) experiences an incline of 21.48% in the aftermarket following the announcement of first-quarter fiscal 2022 results. However, the last trading session concluded at $2.7 with a decline of 0.37%.
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First Quarter Fiscal 2022 Results – What happened?
MITQ announced first-quarter fiscal 2022 results on 11th November 2021. The company reported a revenue of $3.5 million with a 98% increase and an adjusted operating loss of $0.4 million. Moreover, cash and cash equivalents were nearly $11.0 million.
Were quarter results strong enough?
The CEO of MITQ happily reported that in the first full quarter as a public business, they increased sales by 98 percent year over year. In addition, MITQ benefited from a number of tailwinds, including solid indications from customers and theatre operators that they are still healing from the effects of the epidemic, as well as a nascent cinema technology upgrade cycle.
Future Plans & First Quarter Fiscal 2022
In anticipation of the industry’s recovery from the pandemic, MITQ used this time to streamline its processes and enhance its exclusive product offerings. Now, the company believes that they are in a good position to take advantage of the opportunities ahead.
MITQ feels that the first quarter of fiscal 2022 was indicative of this and a harbinger of even better things to come from both the industry. The company is now well-positioned with both the increasingly small and mid-size theatre owners as well as the big circuits. Therefore, the company has announced its early revenue projection for fiscal 2022, which is $12 to $15 million, or 67 percent to 108 percent growth over fiscal 2021, and it plans to generate positive cash flow from operations in the future.
Open House and New Technology Demonstration Event – Good enough?
MITQ reported on 9th November 2021 that it will host a factory open house and new technology demonstration event. The event will take place on 20th January 2022.
Now, what’s next?
The cutting-edge, new multi-language translator from MIT will be demonstrated at the event. It is basically a groundbreaking device that allows businesses to reach out to a hitherto untapped client pool of non-native language-capable customers.
For example, there are an estimated 70 million individuals in the United States who speak a language other than English as their native language. This game-changing new technology is a user-friendly and inconspicuous outreach tool that will provide theatre owners access to a hitherto untapped consumer base, allowing them to provide a better movie experience to a far larger audience.