Financial Performance - Total revenue for Q1 FY25 decreased by 20.8% to $5.3 million compared to $6.6 million in Q1 FY24[5] - Gross profit fell by 24.6% to $1.4 million, resulting in a gross margin of 26.1%[5] - Operating loss for Q1 FY25 was ($0.1) million, a decline from operating income of $0.4 million in Q1 FY24[5] - Net income for Q1 FY25 was ($0.0) million, compared to $0.4 million in Q1 FY24, with diluted earnings per share at ($0.00) versus $0.04[5] - Net loss for the three months ended September 30, 2024, was $(25,000) compared to a net income of $439,000 in the same period of 2023[13] - Cash used in operating activities was $(32,000), a decrease from $(207,000) in the prior year[13] - Cash at the end of the period was $5,246,000, down from $6,408,000 year-over-year[13] Industry Outlook - The cinema industry is experiencing a resurgence, with major players reporting increased attendance and solid gains[2] - The company anticipates that the strong box office momentum will continue through the holiday season and into 2025[3] Growth Initiatives - Internal growth initiatives are being advanced to drive revenue growth and margin expansion, focusing on recurring revenue streams[4] - The company is committed to supporting the industry's growth with innovative high-quality solutions, particularly in immersive sound systems and laser projection upgrades[3] Balance Sheet Highlights - The company held cash of $5.2 million as of September 30, 2024[5] - Total assets increased to $10.7 million as of September 30, 2024, compared to $10.5 million at the end of June 2024[11] - Provision for credit losses increased to $11,000 from $1,000 year-over-year[13] - Accounts receivable improved by $10,000 compared to a decrease of $(1,138,000) in the prior year[13] - Inventories increased by $421,000 compared to a decrease of $(413,000) in the same period last year[13] - Non-cash investing activities included right-of-use assets from lease modification totaling $(988,000)[13]
Moving iMage Technologies(MITQ) - 2025 Q1 - Quarterly Results