Moving iMage Technologies, Inc. (MITQ) is an important producer and integrator of purpose-built tech solutions and tools to support motion picture exhibitions. The company offers custom engineering, integration, and installation, digital cinema, along with tailored solutions for evolving entertainment technology.
The price of MITQ stock during the early trading on February 9, 2022, was last checked to be $1.59 with a 32.50% gain.
MITQ: Key Financials
On February 9, 2022, MITQ released its financial results for the second fiscal quarter 2022 ended December 31, 2021. Some of the main highlights are as follows.
Revenue
Revenue in Q2 2022 was recorded to be $3.4 million compared to $1.6 million in the same quarter of 2021. The company observed an increase of 113% in revenue over the period of the year.
EPS
Basic and diluted net loss per share in Q2 2022 was $0.6 million or $0.06 against $0.4 million or $0.07 in the same quarter of 2021.
MITQ: Events and Happenings
On December 7, 2021, MITQ updated about the receipt of three procurement agreements for upgradation. These acquisition orders are the portion of a promising up-gradation series for aging online cinema technology and tools and are powered by the Shuttered Venue Operators Grant supplied under the Cares Act.
On November 30, 2021, MITQ informed about the participation of the Company’s Executive management at the Virtual Sidoti Microcap Investor Conference on December 8-9, 2021. On November 9, 2021, MITQ announced that it hosted a factory open house on January 20, 2022, which included the tech demonstrations. The event took place after the International Cinema Technology Association Seminars. Demos included the company’s novel multi-language translator, which enabled its reach to an untapped client base of non-local language proficient clients.
Conclusion
MITQ stock down-performed in the last six months tenure by 55%. The company’s stock is bouncing back as the company reported its optimistic financial outcomes. The current market scenario is favoring the company’s stock as visible in the rise of price.
