Moving iMage Technologies (MITQ) Announces 1Q Results: Revenue Grows Nearly 100%

Moving iMage is a technology company that designs and manufactures equipment, builds and improves cinemas and theaters. It offers products such as indoor and step lights, armchairs and tablet stands, and more. It was founded 18 years ago and its shares were listed on the NYSE in early July this year. At the time, the stock price was $ 24. Over the next 3 weeks, the worth dropped to $ 4. It has been trading below that level since August. Over the past month, the highest was $ 3.2 and the lowest was $ 2.63. The last trading session was closed at $ 2.7.
The company completed the first quarter of its fiscal year 2022 by presenting results. Its revenue soared $ 1.7 million to $ 3.5 million from last year, according to the report. GAAP operating loss was $ 500,000, up $ 200,000 from a year ago. It received orders worth $ 7.7 million. In addition, Moving iMage presented a product, a multilingual translator, that is likely to be an overwhelming success. Fiscal 2022 is expected to generate revenues of $ 12 million to $ 15 million, which equates to 67-100% growth, as the reopening of cinemas and the desire to improve the overall movie-watching experience is prompting owners to renovate cinemas and upgrade equipment in them. Moreover, the expansion of the range of goods will affect the growth of revenue.