MOVING iMAGE TECHNOLOGIES INC.
For the period ended Jun 30, 2026. Filed Sep 28, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2026 · Filed Sep 28, 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-K
Period ended 2025-06-30; filed 2025-09-26.
0001437749-25-029934
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2026-06-30; filed 2026-09-28.
0001437749-26-031299
Item 7. 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 74 previous paragraphs and 78 current paragraphs.
48 unchanged; 18 reworded; 11 added; 8 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 23 previous and 19 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 (11)
Current report
ITEM** 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Current report
Moving iMage Technologies ("the Company) provides cinema and entertainment operators with the latest technology of products, and services. The Company designs, manufactures, and distributes proprietary cinema products, peripherals, and cinema loudspeaker systems. These products are sold independently and as part of our broader solutions offerings. The Company combines industry expertise with engineering, design, integration, procurement, installation, and project management capabilities to support new construction, renovations, and technology upgrades for commercial cinemas, screening rooms, post-production facilities, universities, museums, and other entertainment venues.
Current report
*Cinema Products.*The Company designs and manufactures a range of proprietary products that support cinema operations, technology infrastructure, and the guest experience. Our product portfolio includes projector pedestals, lighting control solutions, LED lighting products, direct view LED (DVLED) support systems, power management, cinema automation systems, ADA accessibility solutions, bespoke fabrication and other specialty products used throughout cinema facilities.
Current report
Cinema Loudspeaker Solutions. In October 2025, The Company acquired the assets and exclusive rights to the Digital Cinema Speaker (DCS) loudspeaker product line from QSC and commenced sales of these products in December 2025. DCS loudspeaker products have been used in cinema applications for more than twenty years delivering audio solutions for applications ranging from large-format (PLF) auditoriums and multiplexes to boutique cinemas, studios, post-production facilities, and private screening rooms. The DCS product family expands The Company's proprietary product portfolio and our range of cinema technology offerings.
Current report
Other Products. The Company designs and manufactures a proprietary line of cup holders, trays, and related products used in cinemas, sports stadiums, and other entertainment venues. These products help venue operators improve guest comfort, convenience, and overall facility functionality.
Current report
Third-Party Technology Solutions. The Company provides leading projection, audio, display, and cinema technology solutions from third-party manufacturers as part of its comprehensive services offering. Products include laser projection systems, immersive audio technologies, direct-view LED displays, cinema screens, digital cinema content servers, and other FF&E used throughout modern cinema environments.
Current report
Growth Strategy. The Company continues to evaluate opportunities to expand its capabilities, product portfolio, and customer value proposition through the development of new offerings, strategic partnerships, acquisitions, and joint ventures. While our primary focus remains the motion picture exhibition industry, The Company evaluates complementary markets where our expertise and technology solutions can create value for customers.
Current report
Results of Operations
Current report
Net cash used by operating activities was $2.467 million for year ended June 30, 2026, due largely to the increased DCS inventory and payables. DCS inventory was a newly acquired product line during the year ended 2026. As a result inventory levels increased with a corresponding decrease in cash.
Current report
Reve****nue Recognition
Current report
For billings from construction-related projects, Management establishes terms based on its history with the Company. A select few long-established customers will have a 20 to 50% deposit required with the balance due on delivery. For all other project related customers, the Company obtains 90% of up-front deposits reducing MIT’s risk to only 10% of the contract value. For all other non-construction customers, Management carefully reviews the customer’s credit and has successfully established appropriate terms and credit limits to minimize risk.
Removed paragraphs (8)
Previous report
We are a key provider of technology, products, and services to movie theater operators and sports and entertainment venues.
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 theaters reopened as soon as local restrictions, and the status of the COVID-19 pandemic would allow. As of June 30, 2025, a large majority of domestic and international theaters 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 also continues to adjust to 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
Based on our current estimates of recovery, we believe we have, and will generate, sufficient cash to sustain operations.
Previous report
Research and Development
Previous report
As of June 30, 2025, and following the COVID-19 pandemic, a large majority of domestic and international theaters 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 also continues to adjust to 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
Based on the Company’s current estimates of recovery, it believes it has, and will generate, sufficient cash to sustain operations.
Previous report
Revenue Recognition
Reworded paragraphs (18)
Previous wording
Investment in growth. Based on 2025 losses, we will selectively invest in expanding our operations. We expect our total operating expenses to decrease in the foreseeable future to meet our revenue and cost control objectives. We plan to invest in our sales and support operations to support our new product initiatives and budget goals.
Current wording
Investment in growth. Based on 2026 losses, we will selectively invest in,or seek financing, to expand our operations. We plan to invest in our sales and support operations to support our new product initiatives and budget goals.
Previous wording
Cost of goods sold includes the cost of products or components that we purchase from third party manufacturers plus assembly and packaging labor costs for these third parties or in-house designed products. Cost of goods sold is also affected by inventory obsolescence if our inventory management is not effective or efficient. We mitigate the risk of inventory obsolescence by stocking relatively small amounts of inventory at any given time, and relying instead on a strategy of manufacturing or acquiring products based on orders placed by our customers.
Current wording
Cost of goods sold includes the cost of products or components that we purchase from third party manufacturers plus assembly and packaging labor costs for these third parties or in-house designed products. Cost of goods sold is also affected by inventory obsolescence if our inventory management is not effective or efficient.
Previous wording
Research and development expenses consist of compensation and associated costs of employees engaged in research and development projects, as well as materials and equipment used for these projects, and third-party compensation for research and development services. We do not engage in any long-term research and development contracts, and all research and development costs are expensed as incurred.
Current wording
Research and development expenses consist of compensation and associated costs of employees engaged in research and development projects, as well as materials and equipment used for these projects, and third-party payments for research and development services. We do not engage in any long-term research and development contracts, and all research and development costs are expensed as incurred.
Previous wording
Net revenues decreased 9.9% to $18.147 million for the year ended June 30, 2025 from $20.139 million for the prior fiscal year primarily due to the protracted SAG/AFTRA strike. Backlog at June 30, 2025 was approximately $7.52 million, which represent orders currently planned for April 30, 2026 shipment. Backlog at June 30, 2024 was $5.93 million.
Current wording
Net revenues decreased 4.6% to $17.32 million forthe year ended June 30, 2026 from $18.15 million for the prior fiscal year primarily due to lower project revenues despite first-time DCS revenue additions. Backlog at June 30, 2026 was approximately $6.96 million, which represent orders currently planned for shipment in fiscal 2027. Backlog at June 30, 2025 was $7.52 million and was fulfilled in fiscal 2026.
Previous wording
Along with the revenue decline for the year ended June 30, 2025, gross profit dollars decreased 2.3% to $4.573 million or by $0.110 million for the year ended June 30, 2025 from $4.683 million for the prior fiscal year. As a percentage of total revenues, gross margin increased to 25.2% for the year ended June 30, 2025 from 23.3% for the prior year. Compared to the prior year, the increase in gross margin as a percentage of revenues was driven primarily by product mix, as lower margin seat revenues made up a larger percentage of total revenues in the year ended June 30, 2024.
Current wording
Despite the revenue decline for the year ended June 30, 2026, gross profit dollars increased 10.0% to $5.032 million or by $0.459 million for the year ended June 30, 2026 from $4.573 million for the prior fiscal year. As a percentage of total revenues, gross margin increased to 29.1% for the year ended June 30, 2026 from 25.2% for the prior year. Compared to the prior year, the increase in gross margin as a percentage of revenues was driven primarily by product mix from selling higher margin products.
Previous wording
The $74,000 decrease in research and development expense was largely due to decreased compensation expense related to headcount reduction compared to the year ended June 30, 2024.
Current wording
The $17,000 decrease in research and development expense for the year ended June 30, 2026 was largely due todecreased compensation expense related to headcount reduction compared to the year ended June 30, 2025.
Previous wording
2025 Selling, General and Administrative expense decreased by $507,000 or 8% compared to 2024 primarily due to higher facility rent offset by lower compensation costs related to headcount reduction, lower marketing expense and lower public company compliance costsin 2025.
Current wording
2026 Selling, General and Administrative expense decreased by $112,000 or 2.1% compared to 2025 primarily due to lower credit losses, compensation costs, marketing and facility costs offset by higher legal fees.
Previous wording
Interest and Other Income(Expense) was $0.138 million for the year ended June 30, 2025 compared to Other Income(Expense) of $0.185 million for the year ended June 30, 2024 or a decline of $(0.047) million. The decline was due to a lower interest income on cash savings accounts for the year ended June 30, 2025 compared to the year ended June 30, 2024.
Current wording
Interest and Other Income (Expense) was $0.201 million for the year ended June 30, 2026 compared to $0.138 million for the year ended June 30, 2025 or an increase of $0.063 million. The improvement was due to an extinguishment of debt in 2026.
Previous wording
Net loss of $(0.948) million for the year ended June 30, 2025 compared to a net loss of $(1.372) million for the prior year and improved by $0.424 million. This net loss decrease was largely due to the staff reductions related to headcount reduction in 2025.
Current wording
Net loss of $(0.297) million for the year ended June 30, 2026 compared to a net loss of $(0.948) million for the prior year and improved by $0.651 million. This net loss decrease was largely due to selling a mix of products with higher gross margins and reduced marketing and G&A expenses in 2026.
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 meet our projected capital needs for the foreseeable future. Our cash balance at June 30, 2025 was approximately $5.715 million, as compared to $5.278 million at June 30, 2024.
Current wording
We believe that our existing sources of liquidity, including cash and operating cash flow, will be sufficient to meet our projected capital needs for the foreseeable future. Our cash balance at June 30, 2026 was approximately $3.193 million, as compared to $5.715 million at June 30, 2025.
Previous wording
For the year ended June 30, 2024, net cash used in operating activities was $(0.80) million for year ended June 30, 2024, primarily due to $(0.60) million in working capital decreases along with the $(1.37) million in net losses and offset by $1.17 million in other non-cash expenses. Within the $(0.60) million working capital decrease, cash used by operations included accounts receivable, prepaid expenses, customer deposits, lease liabilities and offset primarily by changes in inventory, accounts payable, accrued expenses.
Current wording
Working capital decreased by $(2.686) million along with the $(0.297) million in net losses and offset by $0.516 million in other non-cash expenses. Additionally, accounts receivable decreased predominantly because of a decrease in sales in the fourth quarter of 2026 compared to the fourth quarter of 2025. Within the $2.686 million working capital decrease, cash used by operations included inventory, prepaid expenses, accounts payable, accrued expense, customer deposits and lease liabilities and offset primarily by changes in accounts receivable.
Previous wording
Net cash provided by operating activities was $0.411 million for year ended June 30, 2025, primarily due to $0.801 million in working capital increases along with the $(0.948) million in net losses and offset by $0.558 million in other non-cash expenses. Within the $0.801 million working capital increase, cash used by operations included inventory, prepaid expenses, accounts payable, accrued expense and unearned warranty revenue and offset primarily by changes in accounts receivable, customer deposits and lease liabilities.
Current wording
For the year ended June 30, 2025, net cash provided by operating activities was $0.437 million for year ended June 30, 2025, primarily due to $0.801 million in working capital increases along with the $(0.948) million in net losses and offset by $0.584 million in other non-cash expenses. Within the $0.801 million working capital increase, cash used by operations included inventory, prepaid expenses, accounts payable, accrued expense and unearned warranty revenue and offset primarily by changes in accounts receivable, customer deposits and lease liabilities.
Previous wording
For the year ended June 30, 2025, net cash used by investing activities was zero. For the year ended June 30, 2024, net cash provided by investing activities was $(0.012) for equipment purchases.
Current wording
For the year ended June 30, 2026, net cash used by investing activities was $(0.049) million for equipment purchases. For the year ended June 30, 2025, net cash provided by investing activities was zero.
Previous wording
For the year ended June 30, 2025 net cash used by financing activities was zero. For the year ended June 30, 2024, net cash used by financing activities was $(0.530) million due to the stock buyback program.
Current wording
For the year ended June 30, 2026, net cash used in financing activities was $0.006 million for repurchase of shares and the year ended June 30, 2025, net cash used by financing activities was zero.
Previous wording
Our top ten customers accounted for approximately 44% and 45% of net revenues for the years ended June 30, 2025 and 2024, respectively. Trade accounts receivable from these customers represented approximately 41% and 62% of net receivables at June 30, 2025 and 2024, respectively. While we believe our relationships with such customers are stable, most arrangements are made by purchase order and are terminable at will by either party. We could also be adversely affected by such factors as changes in foreign currency rates and weak economic and political conditions in each of the countries in which we sell our products.
Current wording
While we believe our relationships with such customers are stable, most arrangements are made by purchase order and are terminable at will by either party. We could also be adversely affected by such factors as changes in foreign currency rates and weak economic and political conditions in each of the countries in which we sell our products.
Previous wording
The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. An accounting policy is deemed to be critical if it requires an accounting estimate to be made based on assumptions about matters that are uncertain at the time the estimate is made, and if different estimates that reasonably could have been used, or changes in the accounting estimates that are reasonably likely to occur periodically, could materially impact the financial statements.
Current wording
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. An accounting policy is deemed to be critical if it requires an accounting estimate to be made based on assumptions about matters that are uncertain at the time the estimate is made, and if different estimates that reasonably could have been used, or changes in the accounting estimates that are reasonably likely to occur periodically, could materially impact the financial statements.
Previous wording
Contract assets consist of conditional or unconditional rights to consideration. Accounts receivable represent amounts billed to customers where the Company has an enforceable right to payment for performance completed to date (i.e., unconditional rights to consideration).
Current wording
Contract assets consist of conditional or unconditional rights to consideration. Accounts receivable represents amounts billed to customers where the Company has an enforceable right to payment for performance completed to date (i.e., unconditional rights to consideration).
Previous wording
Due the Management’s continuing ability to obtain 90% of contract value in up-front customer deposits, MIT’s risk is only the remaining 10% of the customer’s contract value. The combined effect of up-front customer deposits, prompt collection of trade receivables and application of historical aging criteria has resulted in minimal bad debts and allowances for credit losses.
Current wording
The combined effect of up-front customer deposits, prompt collection of trade receivables and application of historical aging criteria has resulted in minimal bad debts and allowances for credit losses.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
During the past several years, we have primarily met our working capital and capital resource needs from our operating cash flows and financing activities. The cash decrease of$2.522 million in the year ended June 30, 2026 compared to the year ended June 30, 2025 was largely due to the DCS inventory purchase of $1.5 million in October 2025 and subsequent DCS inventory purchases during the year ended June 30, 2026.