Moving Image Technologies Inc (NYSEAMERICAN: MITQ) stock price rose 40.7% after releasing upbeat results for the first quarter of its 2022 financial year.
The company reported revenues of $3.5 million, a 98% jump compared to the $1.8 million generated in a similar period last year.
However, the firm reported a more considerable operating loss of $0.5 million than last year’s operating loss of $0.3 million.
The latest results marked the engineering services company’s first reporting of its full quarterly results as a public company.
Moving Image Technologies told investors that its excellent results were driven by several tailwinds, including clear signals from theatre operators and consumers that the movie industry was finally emerging from the impact of the coronavirus pandemic.
The company also reminded investors that it had completed its IPO during the quarter, which was oversubscribed and upsized to raise $12.3 million.
Moving Image also witnessed string bookings during the quarter, evidenced by its $7.7 million order backlog.
The firm also introduced a new ADA-compliant, multi-language translator product, generating revenues as a standalone product or as a recurring billed service.
Phil Rafnson, Moving Image Technologies CEO and Chairman, said:
“We believe that fiscal 2021 was a trough year. We used this period to lean out our operations and expand our proprietary product offerings in preparation for the industry’s recovery from the pandemic, and I am encouraged to see industry optimism gaining momentum in recent months. When combined with the billions of dollars in government grants to venue operators, a nascent technology upgrade cycle, new theater construction, theatre upgrades and refurbishment of existing theaters to enhance the overall movie-going experience, I believe we are well-positioned to capitalize on the opportunity ahead.”
He added:
“Our relationships within the industry are strong, and we are well-positioned with both the growing small and mid-size theater operators as well as the major circuits, and we believe the first quarter of fiscal 2022 was reflective of this and a sign of even better things to come from both the industry and MiT.”
Moving Image Tech stock price.
Moving Image stock price rose 40.74% to trade at $3.80, rising from Thursday’s closing price of $2.70.
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