Fri, Sep 27, 6:03 PM (84 days ago)
**Summary of Moving iMage Technologies, Inc. 10-K Report for Fiscal Year Ended June 30, 2024** For the fiscal year ending June 30, 2024, Moving iMage Technologies, Inc. reported a slight decline in net revenues, totaling $20.14 million, down 0.3% from $20.21 million in the previous year. The company experienced a net loss of $1.37 million, an improvement from a loss of $1.80 million in 2023, primarily due to the absence of significant impairment charges incurred in the prior year. Gross profit decreased by 11.8% to $4.68 million, with gross margins declining to 23.3% due to a shift in product mix towards lower-margin items. Operating expenses were reduced by 14.3% to $6.24 million, reflecting cost control measures. The company’s backlog decreased significantly from $12.02 million to $5.93 million, attributed to delays from the SAG/AFTRA strikes impacting film production. Moving forward, the company aims to invest selectively in growth initiatives while managing operating expenses effectively. Key risks include reliance on major customers, supply chain disruptions, and competition from alternative entertainment. The company maintains a cash balance of $5.28 million, down from $6.62 million year-over-year, indicating a focus on liquidity amidst ongoing market challenges.