Exhibit 99.1 | | 3Q24 | 3Q23 | Change | YTD | YTD | Change | | --- | --- | --- | --- | --- | --- | --- | | in millions, except for Income (loss) per Share and percentages | | | | FY24 | FY23 | | | Total Revenue | $3.9 | $3.7 | 4.0% | $13.8 | $14.4 | -4.5% | | Gross Profit | $0.7 | $1.0 | -35.1% | $3.3 | $3.9 | -16.8% | | Gross Margin | 17.4% | 27.9% | | 23.6% | 27.1% | | | Operating Income (Loss) | ($0.6) | ($0.5) | -23.4% | ($1.1) | ($0.6) | -77.8% | | Operating Margin | -16.7% | -14.1% | | -7.9% | -4.3% | ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-40511 Moving iMage Technologies, Inc. (Exact name of Registrant as specified in its charter) Delaware 85-1836381 (State ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-40511 Moving iMage Technologies, Inc. (Exact name of Registrant as specified in its charter) (State or other jurisdic ...

Moving iMage Technologies Inc (NYSE:MITQ) Q1 2024 Results Conference Call November 14, 2023 12:00 PM ET Company Participants Brian Siegel - Managing Director Phil Rafnson - President, CEO & Chairman of the Board Jose Delgado - Executive Vice President of Sales & Marketing Operator Greetings, and welcome to the Moving iMage Technologies First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-40511 Moving iMage Technologies, Inc. (Exact name of Registrant as specified in its charter) (State or other jurisdi ...

PART I [Business](index=3&type=section&id=Item%201.%20Business) MiT offers project management, proprietary products, third-party equipment, and new solutions for the motion picture exhibition industry - The company offers project management, proprietary product manufacturing, third-party equipment resale, and new solution development like multi-language translators and eSports gaming carts[17](index=17&type=chunk)[23](index=23&type=chunk) - Industry recovery, with the domestic box office reaching **$7.4 billion** in 2022, drives company growth, capitalizing on trends like luxury seating and laser projector upgrades[18](index=18&type=chunk)[22](index=22&type=chunk)[27](index=27&type=chunk) - New initiatives include the MiTranslator system for multi-language captioning and installations of the three leading Direct View LED cinema systems[41](index=41&type=chunk)[42](index=42&type=chunk) - Sales backlog increased to **$12.02 million** at June 30, 2023, from **$10.03 million** in 2022, with substantial shipment expected by January 31, 2024[52](index=52&type=chunk) - Top ten customers accounted for **37% of net revenues** in fiscal 2023, a decrease from **48%** in fiscal 2022, reducing customer concentration[47](index=47&type=chunk) [Risk Factors](index=13&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from the recovering movie exhibition industry, supply chain dependencies, internal control weaknesses, and concentrated insider ownership - Business sensitivity to movie exhibition industry recovery, evolving theatrical release windows, and streaming competition poses significant risks[60](index=60&type=chunk)[61](index=61&type=chunk) - Revenue dependence on third-party OEMs like NEC, Barco, and Dolby creates risks from relationship failures or supply chain disruptions[65](index=65&type=chunk)[66](index=66&type=chunk) - Material weaknesses in internal control over financial reporting include issues with the financial closing process, formal policies, segregation of duties, and journal entry review[122](index=122&type=chunk)[124](index=124&type=chunk) - Sales backlog of **$12.02 million** at June 30, 2023, carries conversion risk due to potential customer delays or cancellations[83](index=83&type=chunk) - Directors and executive officers beneficially owned approximately **31.6%** of the company's stock as of September 22, 2023, indicating concentrated influence[117](index=117&type=chunk) [Unresolved Staff Comments](index=36&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - No unresolved staff comments were reported[134](index=134&type=chunk) [Properties](index=36&type=section&id=Item%202.%20Properties) The company leases all its facilities, including corporate headquarters and a warehouse in Fountain Valley, California, with leases expiring in 2024 - The company leases its **28,000 sq. ft.** corporate headquarters and a **13,000 sq. ft.** warehouse in Fountain Valley, CA, with both operating leases expiring in 2024[135](index=135&type=chunk) [Legal Proceedings](index=36&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently a party to any material pending legal proceedings - No material pending legal proceedings were reported by the company[137](index=137&type=chunk) [Mine Safety Disclosures](index=36&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - This item is not applicable to the company[138](index=138&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=36&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on NYSE American, has never paid dividends, and re-authorized a stock repurchase program in March 2023 - Common Stock is listed on the NYSE American under the symbol **MITQ**[140](index=140&type=chunk) - The company has never paid cash dividends and does not intend to in the foreseeable future[141](index=141&type=chunk) - A stock repurchase program of up to **$1 million** was re-authorized on March 23, 2023, resulting in **272,620 shares** repurchased at an average price of **$1.111 per share** in fiscal 2023[142](index=142&type=chunk) [Reserved](index=37&type=section&id=Item%206.%20Reserved) This item is reserved [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net sales increased by **10.1%** to **$20.21 million** in fiscal 2023, with improved gross profit and margin, despite a **$0.95 million** impairment charge leading to a **$1.80 million** net loss, while liquidity improved to **$6.62 million** cash [Results of Operations](index=44&type=section&id=Results%20of%20Operations) Fiscal 2023 saw **10.1%** net revenue growth to **$20.21 million** and **19.0%** gross profit increase to **$5.31 million**, but a **$0.95 million** impairment charge widened the net loss to **$1.80 million** Fiscal Year 2023 vs. 2022 Financial Performance (in thousands) | Metric | FY 2023 | FY 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Net Sales | $20,207 | $18,351 | 10.1% | | Gross Profit | $5,310 | $4,461 | 19.0% | | Gross Margin | 26.3% | 24.3% | +2.0 p.p. | | Operating Expenses | $7,285 | $6,223 | 17.1% | | Net Loss | $(1,798) | $(1,345) | 33.7% | - Gross margin improvement was primarily driven by a favorable product mix, with higher-margin parts and services contributing a larger percentage of total revenues[165](index=165&type=chunk) - A **$954,000** impairment charge on Goodwill, Intangible, and Note Receivable assets was recorded in fiscal 2023 due to declining Caddy revenues, with no comparable charge in 2022[171](index=171&type=chunk) - The net loss increase was largely due to the **$0.95 million** impairment charge and **$0.27 million** in stock option expense, partially offset by an **$0.85 million** increase in gross margin[173](index=173&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity significantly improved in fiscal 2023, with cash increasing to **$6.62 million** from **$2.34 million**, driven by positive cash flow from operations and marketable securities liquidation Cash and Liquidity (in millions) | Metric | June 30, 2023 | June 30, 2022 | | :--- | :--- | :--- | | Cash | $6.62 | $2.34 | | Short-term Investments | $0.00 | $4.36 | Cash Flow Summary (in millions) | Cash Flow Source | FY 2023 | FY 2022 | | :--- | :--- | :--- | | From Operating Activities | $0.27 | $(3.39) | | From Investing Activities | $4.31 | $(4.96) | | From Financing Activities | $(0.30) | $9.41 | - The company liquidated its marketable securities portfolio in March 2023 to reduce volatility and ensure stable returns, transferring proceeds to a savings account[172](index=172&type=chunk)[174](index=174&type=chunk) [Critical Accounting Policies and Estimates](index=47&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Critical accounting policies involve significant judgment, including Revenue Recognition (ASC 606), Inventory Valuation (lower of cost or net realizable value), and Income Taxes (deferred tax asset realizability) - Revenue Recognition follows ASC 606, recognizing revenue upon transfer of control, with allocation for multiple obligations based on standalone selling prices[188](index=188&type=chunk)[189](index=189&type=chunk) - Inventory Valuation is at the lower of cost (FIFO) or net realizable value, with management estimates for obsolescence and write-downs[195](index=195&type=chunk) - Income Taxes use an asset and liability approach, with a valuation allowance recorded against deferred tax assets if realization is unlikely[196](index=196&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=50&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This item is not applicable to the company - This item is not applicable to the company[197](index=197&type=chunk) [Financial Statements and Supplementary Data](index=50&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for fiscal years 2023 and 2022, showing **$13.33 million** in total assets and a **$1.80 million** net loss for 2023 - Haskell & White LLP, the independent registered public accounting firm, provided an unqualified opinion on the consolidated financial statements[284](index=284&type=chunk) Consolidated Balance Sheet Highlights (in thousands) | | June 30, 2023 | June 30, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $12,391 | $13,362 | | **Total Assets** | $13,330 | $14,851 | | **Total Current Liabilities** | $5,600 | $5,414 | | **Total Liabilities** | $5,751 | $5,436 | | **Total Stockholders' Equity** | $7,579 | $9,415 | Consolidated Statement of Operations Highlights (in thousands) | | Year Ended June 30, 2023 | Year Ended June 30, 2022 | | :--- | :--- | :--- | | Net Sales | $20,207 | $18,351 | | Gross Profit | $5,310 | $4,461 | | Operating Loss | $(1,975) | $(1,762) | | Net Loss | $(1,798) | $(1,345) | | Net Loss Per Share | $(0.16) | $(0.13) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=50&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no disagreements with its accountants on accounting and financial disclosure - No disagreements with accountants on accounting and financial disclosure were reported[199](index=199&type=chunk) [Controls and Procedures](index=50&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were ineffective as of June 30, 2023, due to material weaknesses in internal control over financial reporting, with a remediation plan underway - Management concluded that disclosure controls and procedures were not effective as of June 30, 2023[200](index=200&type=chunk) - Identified material weaknesses in internal controls include the financial reporting process, lack of formal accounting policies, segregation of duties, and journal entry review[205](index=205&type=chunk) - A remediation plan has been initiated, including hiring a new CFO and engaging external consultants to address identified weaknesses[207](index=207&type=chunk) - As an emerging growth company, an attestation report on internal control effectiveness from the independent registered public accounting firm is not required[209](index=209&type=chunk) [Other Information](index=52&type=section&id=Item%209B.%20Other%20Information) The company reports no other information - No other information was reported by the company[210](index=210&type=chunk) [Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](index=52&type=section&id=Item%209C%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20That%20Prevent%20Inspections) This item is not applicable to the company - This item is not applicable to the company[211](index=211&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=52&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) This section details biographical information for directors and executive officers, board committee structure, audit committee financial expert designation, and notes delinquent Section 16(a) filings - Executive officers and directors include Phil Rafnson (President, CEO, Chairman), Jose Delgado (EVP, Sales), Bevan Wright (EVP, Operations), and William Greene (CFO)[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk) - The board has Audit, Compensation, and Nominating committees, with independent directors John C. Stiska, Katherine D. Crothall, and Scott Lloyd Anderson serving on all three[231](index=231&type=chunk)[232](index=232&type=chunk)[235](index=235&type=chunk)[237](index=237&type=chunk) - John C. Stiska is designated as the **audit committee financial expert**[232](index=232&type=chunk) - Delinquent Section 16(a) filings were noted for CFO William Greene and directors John C. Stiska, Katherine D. Crothall, and Scott Lloyd Anderson during fiscal year 2023[239](index=239&type=chunk) [Executive Compensation](index=63&type=section&id=Item%2011.%20Executive%20Compensation) This section details Named Executive Officer and non-employee director compensation, including CEO Phil Rafnson's **$176,600** total compensation in fiscal 2023 and the reissuance of director stock options at a lower exercise price Named Executive Officer Compensation (Fiscal Year 2023) | Name and Principal Position | Salary ($) | Bonus ($) | Total ($) | | :--- | :--- | :--- | :--- | | Philip Rafnson, President and CEO | 176,600 | — | 176,600 | | Jose Delgado, EVP, Sales and Marketing | 233,730 | 23,373 | 257,103 | | Bevan Wright, EVP, Operations | 233,730 | 23,373 | 257,103 | Non-Employee Director Compensation (Fiscal Year 2023) | Name | Fees Paid in Cash ($) | Option Awards ($) | Stock Awards ($) | Total ($) | | :--- | :--- | :--- | :--- | :--- | | Katherine D. Crothall, Ph.D. | 8,400 | 55,000 | 11,000 | 74,400 | | John C. Stiska | 30,800 | 55,000 | 11,000 | 96,800 | | Scott Anderson | 79,376 | 55,000 | 11,000 | 145,376 | - On May 26, 2023, the Board cancelled **150,000** director options with a **$3.00** exercise price and granted **150,000** new options with a **$1.10** exercise price, vesting immediately[259](index=259&type=chunk)[389](index=389&type=chunk) - The company does not have employment, severance, or change-in-control agreements with its named executive officers[244](index=244&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=67&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) As of September 22, 2023, executive officers and directors as a group beneficially owned **31.6%** of common stock, with CEO Phil Rafnson holding **19.4%** Beneficial Ownership of Executive Officers and Directors | Name of Beneficial Owner | Shares Beneficially Owned | Percentage (%) | | :--- | :--- | :--- | | Phil Rafnson | 2,074,828 | 19.4% | | Bevan Wright | 600,630 | 5.6% | | Jose Delgado | 511,503 | 4.8% | | All executive officers, directors as a group (7 persons) | 3,453,628 | 31.6% | [Certain Relationships and Related Transactions, and Director Independence](index=68&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Related party transactions include a **$50,000** payment to CEO Phil Rafnson for debt guarantees, while the Board determined three directors are independent - In July 2021, the company made a discretionary **$50,000** payment to CEO Phil Rafnson for his personal guarantees on debt financing[265](index=265&type=chunk) - The company has entered into indemnification agreements with each of its directors and executive officers[267](index=267&type=chunk) - The Board of Directors determined that Katherine D. Crothall, Ph.D., John C. Stiska, and Scott Lloyd Anderson are independent directors under NYSE American listing standards[272](index=272&type=chunk) [Principal Accounting Fees and Services](index=71&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) The company engaged Haskell & White LLP as its new independent accounting firm in April 2022, with total auditor fees of **$240,020** in fiscal 2023 and **$336,943** in fiscal 2022 Auditor Fees (in USD) | | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Audit Fees - CohnReznick | $39,375 | $301,943 | | Audit Fees - H&W | $200,645 | $35,000 | | **Total Fees** | **$240,020** | **$336,943** | - The company engaged Haskell & White LLP as its independent registered public accounting firm on April 21, 2022[274](index=274&type=chunk) PART IV [Exhibits, Financial Statement Schedules](index=71&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) Financial statements are included in Item 8, schedules are omitted, and exhibits are incorporated by reference from the Exhibit Index - Financial statements are included in Item 8 of this report[277](index=277&type=chunk) - Financial statement schedules are omitted as not applicable, immaterial, or included in consolidated financial statements or notes[278](index=278&type=chunk) - Exhibits are incorporated by reference from the Exhibit Index[279](index=279&type=chunk) [Form 10-K Summary](index=71&type=section&id=Item%2016%20Form%2010-K%20Summary) No summary is provided under this item - No summary is provided under this item[280](index=280&type=chunk)

Financial Data and Key Metrics Changes - Gross profit decreased 24% to $1 million from $1.3 million last year, but gross margin expanded by 440 basis points to 27.9% [1] - Operating loss in Q3 was $0.5 million compared to $0.1 million last year, reflecting lower revenue [2] - GAAP net loss was approximately $0.4 million, with a loss per share of $0.04, compared to net income of $0.6 million or $0.06 per share last year [18] - Third quarter revenue of $3.7 million was down 36% from $5.8 million last year, with $1.7 million of anticipated revenue pushed into fiscal 2024 [50] Business Line Data and Key Metrics Changes - The company’s core business consists of FF&E projects, which make up roughly 60% to 65% of revenue, but these projects can be lumpy and challenging to forecast [45] - Proprietary manufactured products have margins ranging from 35% to 55%, and the company expects to shift its mix towards these higher-margin products [48] Market Data and Key Metrics Changes - The North American market has over 70 million non-English proficient speakers, presenting a significant opportunity for the MiTranslator product [3] - The box office recovered to over $7.5 billion in 2022, with expectations for continued growth in 2023 as box office releases are projected to increase nearly 50% [26] Company Strategy and Development Direction - The company aims to drive revenue growth from higher-margin products and is focusing on technology products with disruptive potential, such as MiTranslator and CineQC [31] - The company is expanding beyond traditional cinema and sees eSports as a significant growth driver for fiscal 2024 [9] - The company is also looking to expand internationally and has established relationships overseas, aiming to accelerate this expansion [39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the industry’s recovery and the potential for growth driven by technology upgrades and new theater builds [25] - The company expects approximately 10% revenue growth for fiscal 2023 compared to fiscal 2022, with gross margin projected to be in the 26% to 27% range [21] Other Important Information - The company has repositioned its cash into money market funds to reduce risk and volatility [19] - The new CFO is working on improving forecasting, which has been challenging due to project timing [20] Q&A Session Summary Question: What are the expectations for revenue growth? - The company expects approximately 10% revenue growth for fiscal 2023 compared to fiscal 2022, with a focus on higher-margin products and technology offerings [21] Question: How is the company addressing the challenges in project timing? - The company acknowledges that project timing can be challenging and is focusing on adding new technology offerings with recurring revenue streams to mitigate this issue [50] Question: What is the outlook for the eSports initiative? - The company sees eSports as a significant growth driver and has expanded its strategic relationship with Sandbox to capitalize on this opportunity [10]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-40511 Moving iMage Technologies, Inc. (Exact name of Registrant as specified in its charter) (State or other jurisdictio ...

Moving iMage Technologies, Inc. (NYSE:MITQ) Q2 2023 Earnings Conference Call February 14, 2023 11:00 AM ET Company Participants Brian Siegel - Hayden IR Phil Rafnson - Chairman & Chief Executive Officer Joe Delgado - Co-Founder & Executive VP, Sales & Marketing Conference Call Participants Kurt Caramanidis - Carl M. Hennig Inc Operator Greetings, and welcome to the Moving iMage Technologies Second Quarter Fiscal 2023 Earnings Results Conference Call. At this time, all participants are in a listen-only mode. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-40511 Moving iMage Technologies, Inc. (Exact name of Registrant as specified in its charter) (State or other jurisdic ...