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Moving iMage Technologies Inc. (MITQ-1.65%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $3.441 million from $3.265 million in the same quarter the previous year. The increase is attributed to higher one-time sales during the period.
Gross profit for the quarter was $0.936 million, up from $0.759 million in the previous year, with the increase attributed to higher margin revenues.
Research and development expenses decreased to $47,000 from $72,000, reflecting a reduction in headcount.
Selling, general, and administrative expenses decreased to $1.450 million from $1.517 million, primarily due to lower compensation expenses.
Net loss for the quarter was $527,000, compared to a net loss of $794,000 in the previous year. The reduction in loss was due to higher gross profit and lower operating expenses.
For the six months ended December 31, 2024, net sales decreased to $8.693 million from $9.900 million in the previous year, attributed to higher one-time sales in the prior year.
Gross profit for the six-month period was $2.307 million, down from $2.578 million, with gross profit percentage increasing due to higher margin revenues.
Net loss for the six-month period was $552,000, compared to $355,000 in the previous year. The increase in loss was due to lower gross profit, despite lower operating expenses.
The company reported cash provided by operating activities of $38,000 for the six-month period, compared to cash used in operating activities of $1.364 million in the previous year.
The filing also discusses the impact of the COVID-19 pandemic on the company's operations, noting that most theaters have reopened and the industry is recovering.
The company identified material weaknesses in its internal controls over financial reporting and is taking steps to address these issues.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Moving iMage Technologies Inc. quarterly 10-Q report dated February 13, 2025. To report an error, please email earnings@qz.com.