Moving iMage Technologies CEO Pens Annual Shareholder Letter
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Dear Fellow Shareholders,
As we head towards reporting our first quarter of fiscal 2025 in November, I want to take a moment to reflect on the past year and look ahead with excitement and optimism for MiT. Despite some unexpected industry challenges, our company has made significant progress across several strategic fronts, positioning us for sustained growth in the evolving cinema and entertainment industry.
Fiscal 2024 was truly a year of contrasts. We kicked off the year with strong revenue growth and profitability in the first quarter. However, the momentum we had built came to a pause due to the impact of the
Adapting to Industry Challenges
While the strikes certainly tested our resilience, we took proactive steps to mitigate their effects and prepare for a robust recovery. One of our key achievements was the repurchase of 758,000 shares of stock during fiscal 2024, reinforcing our commitment to delivering long-term value to shareholders. We also focused on moving forward our initiatives to introduce emerging higher-margin recurring revenue products, including MiTranslator, E-caddy, and CineQC. These innovative technology offerings are designed to capture new opportunities in the outside-the-home entertainment sector, and they will play a critical role in our future growth strategy.
Heading into the end of calendar 2024, the cinema industry is now regaining its footing, driven by the resurgence of blockbuster films and an increased demand for premium cinema experiences. Theaters are investing in cutting-edge technologies, immersive audio, and enhanced amenities, aligning perfectly with MiT’s strengths. Over the next three years, the eight largest cinema chains in
The industry is also entering a new technology refresh and upgrade cycle, with projectors and servers reaching the end of their lifespan. This cycle represents a significant opportunity for MiT, with one medium-sized customer alone planning to upgrade over 200 projectors, a potential
Expanding Beyond Cinema
Our strategy goes beyond cinema, as we’ve also made strong strides in new markets like Esports and smart venue technology. Our MovEsports platform has gained momentum, offering theaters the opportunity to expand into live events and gaming. Meanwhile, our innovative E-caddy solution for stadiums and arenas is attracting attention from major sports stadium executives for its potential to revolutionize fan experiences with technology-enhanced seating. We are especially excited about the latter and believe it has the potential to transform the Company in the coming years.
Looking Forward to Fiscal 2025
As we move into fiscal 2025, I’m more confident than ever in our future. We have emerged from the challenges of fiscal 2024 stronger, more focused, and poised to benefit from the recovery of the cinema industry and the growing demand for premium entertainment experiences. We also expect to see meaningful progress from our strategic initiatives, which we will update publicly as appropriate throughout the year.
Finally, to ensure we are operating at peak efficiency, management proactively implemented
In closing, I want to extend my sincere thanks to our shareholders for your unwavering support and confidence in MiT. We are energized by the opportunities ahead and committed to driving sustained growth, profitability, and innovation. Together, we will continue to build on the legacy of MiT and shape the future of entertainment.
Warm regards,
CEO,
About
For more information, visit www.movingimagetech.com.
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Forward-Looking Statements
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the
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Moving iMage Technologies Investor Relations and Media Contacts:
Vice President,
Senior Managing Director, Hayden IR
(346) 396-8696
brian@haydenir.com
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