MOVING iMAGE TECHNOLOGIES INC.
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2025 · Filed Feb 12, 2026
MITQ$0.49+2.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0001437749-25-035100
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-12-31; filed 2026-02-12.
0001437749-26-003868
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 55 previous paragraphs and 66 current paragraphs.
40 unchanged; 12 reworded; 12 added; 3 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 22 previous and 28 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
Net sales increased by 10.2% to $3.793 million for the three months ended December 31, 2025 from $3.441 million for the three months ended December 31, 2024 due to higher one-time sales. Estimated quarterly recurring sales revenues are 2 million.
Current report
Research and development expenses remained the same for both the three months ended December 31, 2025 and the three months ended December 31, 2024.
Current report
The increase in selling, general and administrative expense of $0.076 million or 5.2% was due to higher legal expense related the October 2025 DCS inventory purchase in the three months ended December 31, 2025 compared to the three months ended December 31, 2024.
Current report
Six months ended December 31, 2025 compared to the six months ended December 31, 2024
Current report
Sales
Current report
Gross Profit
Current report
Research and Development
Current report
Selling, General and Administrative Expense
Current report
In the six months ended December 31, 2025, selling, general and administrative expense decreased by $(0.026) million or 0.9% due largely to cost reductions enacted in August 2024 compared to the six months ended December 31, 2024.
Current report
Other Income
Current report
Other Income was $0.051 million for the six months ended December 31, 2025 compared to Other Income of $0.077 million for the six months ended December 31, 2024 or a decrease of $0.026 million. The decrease was due to lower interest income on cash savings accounts in the six months ended December 31, 2025 compared to the six months ended December 31, 2024.
Current report
Net Income (Loss)
Removed paragraphs (3)
Previous report
Effect of COVID-19 global pandemic. The COVID-19 pandemic has had an unprecedented impact on the world and the movie exhibition industry. The social and economic effects have been widespread. At various points during the pandemic, authorities around the world-imposed measures intended to control the spread of COVID-19, including stay-at-home orders and restrictions on large public gatherings, which caused movie theaters in countries around the world to temporarily close. The repercussions of the COVID-19 global pandemic resulted in a significant impact on our customers, specifically those in the entertainment and cinema industries. As a result, the Company implemented various cash preservation strategies, including, but not limited to, temporary personnel and salary reductions, halting non-essential operating and capital expenditures, and negotiating modified timing and/or abatement of contractual payments with landlords and other major suppliers.
Previous report
Throughout 2020 and 2021 the theatres reopened as soon as local restrictions and the status of the COVID-19 pandemic would allow. As of September 30, 2025, a large majority of domestic and international theatres were open. The industry’s recovery to historical levels of new film content, both in terms of the number of new films and box office performance, is still underway, as the industry recovers from the 2023 SAG-AFTRA strike, evolving theatrical release windows, competition from streaming and other delivery platforms, supply chain delays, inflationary pressures, labor shortages, wage rate pressures and other economic factors.
Previous report
The decrease in selling, general and administrative expense of $0.103 million or 7.5% was due to lower compensation expense, lower rent and lower travel and related costs in the three months ended September 30, 2025 compared to the three months ended September 30, 2024.
Reworded paragraphs (12)
Previous wording
Based on our current estimates of recovery, we believe we have, and will generate, sufficient cash to sustain operations.
Current wording
After overcoming the prior year Covid-19 impacts, based on our current estimates of recovery, we believe we have, and will generate, sufficient cash to sustain operations.
Previous wording
Gross profit dollars increased by $0.302 million or 22.0% to $1.674 million for the three months ended September 30, 2025 from $1.372 million for the three months ended September 30, 2024. As a percentage of total revenues, gross profit percentage increased to 30.0% from 26.1% due to higher margin product revenues.
Current wording
Gross profit dollars increased by $0.229 million or 24.5% to $1.165 million for the three months ended December 31, 2025 from $0.936 million for the three months ended December 31, 2024. As a percentage of total revenues, gross profit percentage increased to 30.7% from 27.2% due to higher margin product revenues.
Previous wording
Other Income was $0.159 million for the three months ended September 30, 2025 compared to Other Income of $0.048 million for the three months ended September 30, 2024 or an increase of $0.116 million. The increase was due largely to a one-time payables extinguishment of $0.128 million income in the three months ended September 30, 2025 compared to only interest income for the three months ended September 30, 2024.
Current wording
Other Income was $0.020 million for the three months ended December 31, 2025 compared to Other Income of $0.034 million for the three months ended December 31, 2024 or an increase of $0.014 million. The decrease was due to lower interest income on cash savings accounts in the three months ended December 31, 2025 compared to the three months ended December 31, 2024.
Previous wording
Net sales increased 6.3% to $5.582 million for the three months ended September 30, 2025 from $5.252 million for the three months ended September 30, 2024 due to higher one-time sales.
Current wording
Net sales increased 7.8% to $9.375 million for the six months ended December 31, 2025 from $8.693 million for the six months ended December 31, 2024 due to higher one-time sales.
Previous wording
Research and development expenses decreased by $(0.013) million or 21.3% for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 due to headcount reduction.
Current wording
Research and development expenses decreased by $(0.014) million or 12.8% for the six months ended December 31, 2025 compared to the six months ended December 31, 2024 due to headcount reduction.
Previous wording
Net income was $0.509 million for the three months ended September 30, 2025 compared to a net loss of $(0.025) million for the three months ended September 30, 2024 or an improvement in loss reduction of $0.534 million. The improvement was due to a combination of higher gross margin of $0.302 million, lower operating expenses of $0.116 million and higher other income of $0.116 million.
Current wording
Net income was $0.122 million for the six months ended December 31, 2025 compared to a net loss of $(0.552) million for the six months ended December 31, 2024 or an improvement in loss reduction of $0.674 million. The improvement was due to a combination of higher gross margin of $0.532 million, and lower operating expenses of $0.040 million and lower other income of $0.026 million.
Previous wording
During the past several years, we have primarily met our working capital and capital resource needs from our operating cash flows and financing activities. We believe that our existing sources of liquidity, including cash and operating cash flow, will be sufficient to fund our operations and to meet our projected capital needs for a period of at least 12 months from the date the condensed consolidated financial statements are available to be issued. The cash balance at September 30, 2025 was approximately $5.548 million, as compared to $5.715 million at June 30, 2025.
Current wording
During the past several years, we have primarily met our working capital and capital resource needs from our operating cash flows and financing activities. We believe that our existing sources of liquidity, including cash and operating cash flow, will be sufficient to fund our operations and to meet our projected capital needs for a period of at least 12 months from the date the condensed consolidated financial statements are available to be issued. The cash balance at December 31, 2025 was approximately $3.913 million, as compared to $5.715 million at June 30, 2025. The $1.802 million decrease was largely due to the DCS inventory purchase of $1.5 million in October 2025. On October 31, 2025, the Company entered into an Asset Purchase Agreement (the “APA”) with QSC, LLC (“QSC”) pursuant to which the Company purchased certain assets comprising QSC’s Digital Cinema Speaker Series (“DCS”) loudspeaker product line including, the DCS loudspeaker product line, including the SC, SR, SB, and RSM product families; intellectual property, including trademarks, designs, and trade secrets; inventory and raw materials; OEM supplier agreements; product technical documentation; and rights to service and support existing DCS customers, for a purchase price of $1.5 million.
Previous wording
Compared to September 30, 2024, net cash used in operating activities increased by $0.135 million in September 30, 2025 due to increased accounts receivable and prepaids. Net cash used in operating activities was $(0.167) million for thethree months ended September 30, 2025, primarily due to $(0.804) million in working capital decreases which were offset by $0.509 million in net losses and $0.128 million in other non-cash expenses. Within the working capital change, net cash provided included $0.547 million in inventory, accrued expenses and unearned warranty revenue offset by ($(1.351) million in accounts receivable, prepaids, accounts payable, customer deposit declines and lease liabilities.
Current wording
Compared to December 31, 2024, net cash used in operating activities decreased by $1.845 million in December 31, 2025 due largely to the DCS inventory purchase of $1.500 million in October 2025. Net cash used in operating activities was $(1.802) million for thesix months ended December 31, 2025, primarily due to $(2.687) million in working capital decreases which were offset by $0.122 million in net income and $0.324 million in other non-cash expenses. Within the working capital change, cash used in operating activities included $(2.687) million in inventory, accounts payable, customer deposits, lease liabilities and accrued expenses and offset by $0.434 million in accounts receivable and unearned warranty revenue.
Previous wording
For thethree months ended September 30, 2024, net cash used by operating activities incr eased by $0.175 million in September 30, 2024 due to cost reductions and lower inventory levels. Net cash used by operating activities was $(0.032) million for the three months ended September 30, 2024, primarily due to $(0.180) million in working capital decreases along with $(0.025) million in net losses and offset by $0.173 million in other non-cash expenses. Within working capital change, the cash used of $(0.818) million included declines in payables, customer deposits and lease liabilities offset by $0.638M in provision for receivables, inventory, prepaids, accrued expense and unearned warranty revenue.
Current wording
For thesix months ended December 31, 2024, net cash provided by operating activities was $0.038 million for the six months ended December 31, 2024, primarily due to 0.202 million in working capital increases along with $(0.552) million in net losses and 0.388 million in other non-cash expenses. Within the working capital change, net cash provided included $1.518M in accounts receivable, inventory, prepaids, accrued expense, unearned warranty revenue offset by $(1.316) million in payables, customer deposit declines and lease liabilities.
Previous wording
Net cash from investing activities was zero for the three months ended September 30, 2025 and zero for the three months ended September30, 2024.
Current wording
Net cash from investing activities was zero for the six months ended December 31, 2025 and 2024.
Previous wording
Net cash from financing activities was zero for the three months ended September 30, 2025 and zero for the three months ended September 30, 2024.
Current wording
Net cash from financing activities was zero for the six months ended December 31, 2025 and 2024.
Previous wording
For a discussion of the critical accounting policies and estimates, refer to the “Critical Accounting Policies and Estimates” section in Part II, Item 7 of our 2024 Form 10-K. There have been no material changes during the three months ended September 30, 2025 to the judgments, assumptions and estimates upon which our critical accounting estimates are based.
Current wording
For a discussion of the critical accounting policies and estimates, refer to the “Critical Accounting Policies and Estimates” section in Part II, Item 7 of our 2024 Form 10-K. There have been no material changes during the six months ended December 31, 2025 to the judgments, assumptions and estimates upon which our critical accounting estimates are based.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Net loss was $(0.388) million for the three months ended December 31, 2025 compared to a net loss of $(0.527) million for the three months ended December 31, 2024 or an improvement in loss reduction of $0.139 million. The improvement was due to a combination of higher gross margin of $0.229 million offset by higher selling, general and administrative expenses of $0.076 million and lower other income of $0.014 million.
Current report — wording carried from elsewhere
Gross profit dollars increased by $0.532 million or 23.1% to $2.839 million for the six months ended December 31, 2025 from $2.307 million for the six months ended December 31, 2024. As a percentage of total revenues, gross profit percentage increased to 30.3% from 26.5% due to higher margin product revenues.