Moving iMage Technologies Inc. (MITQ) shares soared 21.48% in after-hours on Thursday, November 11, 2021, and closed the daily trading at $3.28. However, in the regular trading session, MITQ’s stock lost 0.37%. The stock volume remained 2.94 million shares. MITQ shares have moved down 2.53% in the past week. Over the past three months, the stock has lost 18.18%. The company has a current market of $29.30 million and its outstanding shares stood at 10.85 million.
Let’s have a brief discussion about its recent developments
MITQ latest announcement
On November 11, 2021, Moving iMage Technologies, Inc. (MITQ), reported results for its first fiscal quarter ended September 30, 2021.
Q1 2022 financial highlights
- MITQ reported total revenue of $3.5 million in Q1 2022 compared to $1.8 million in Q1 2021.
- The cost of revenue was $2.75 million in Q1 2022 compared to $1.30 million in Q1 2021.
- Total operating expenses were $1.26 million in Q1 2022 compared to $760 million in Q1 2021.
- It suffered a net loss of $0.6 million and a diluted loss per share of $0.06 in Q1 2022 compared to a net loss of $0.4 million and a diluted loss per share of $0.07 in Q1 2021.
- As of September 30, 2021, the company had cash and cash equivalents of $11.0 million.
MITQ upcoming event
Moving iMage Technologies (MITQ) will be hosting a factory open house, including technology demonstrations on Thursday, January 20, 2022, following the International Cinema Technology Association (ICTA) Seminars in Los Angeles, CA January 17-19, 2022.
The company will demonstrate MITs’ cutting-edge, new multi-language translator that enables outreach to an untapped customer base of non-native language proficient customers.
Recognition for MITQ
On October 21, 2021, Moving iMage Technologies won an award to provide equipment and furnishings for the new Alamo Crystal City location in Crystal City, VA.
MITQ won a new contract
On October 14, 2021, Moving iMage Technologies was awarded the contract from Alamo Drafthouse Cinema to provide equipment and furnishings for the new Alamo Drafthouse – City Foundry in St. Louis, MO.
MITQ will provide, install and project manage all projection and sound equipment for a new ten-screen state-of-the-art cinema, which is currently scheduled to open in Summer 2022.
MITQ participation in the recent event
Moving iMage Technologies (MITQ) recently participated at the 14th annual LD Micro Main Event investor conference which was held on Thursday, October 14, 2021.
The company was presented by co-founder and Executive Vice President, Sales and Marketing Joe Delgado during the event.
MITQ paid its outstanding debt
On October 06, 2021, Moving iMage Technologies (MITQ) paid its approximately $3.1 million debt by using existing cash on hand during the first quarter of fiscal 2022, eliminating substantially all short and long-term debt liabilities on the Company’s balance sheet. The Company’s remaining debt is a second Payroll Protection Program loan, which it expects to be entirely forgiven.
Conclusion
MITQ stock went up after the strong Q1 2022 financial results announcement. We can expect it to close the weekly trading in a positive mode as well.
