US Market News
1月前
Moving iMage Technologies Names Bart Bedard as CFOApril 30, 2026 2:42 PM
NewsfileFountain Valley, California--(Newsfile Corp. - April 30, 2026) - Moving iMage Technologies, Inc. (NYSE American: MITQ) ("MiT"), a leading provider of advanced out-of-home entertainment technology and services for cinemas, stadiums, arenas, esports, and immersive venues worldwide, today announced the appointment of Bart Bedard as Chief Financial Officer. Mr. Bedard fills the role held by Bill Greene who has retired from the company. Mr. Greene has agreed to serve in a consulting role to support the transition as needed.Mr. Bedard brings over 30 years of US and international financial and accounting leadership experience in CFO and senior finance positions He has a strong track record supporting strategic growth plans and identifying and implementing efficiency, cost reduction and financial controls improvement initiatives. Mr. Bedard has directed financial reporting, audits, budgeting, compliance and dozens of sourcing and other significant cost saving initiatives.Mr. Bedard earned his BA in Accounting at Brigham Young University and an MBA from California State University, Fullerton and a Certified Public Accounting license (inactive). He began his professional career in Corporate Controller and Director of Finance roles at subsidiaries of Goodrich and L-3 Harris Technologies. He recently has served as financial consultant supporting audits and financial reporting and efficiency improvements for several private equity-backed companies with revenues between $50M and $1B. Moving iMage President and COO, Francois Godfrey, commented, "We are excited to welcome Bart to the MiT team. We believe he brings great experience and energy to the CFO role that should benefit MiT as we work to scale our new DCS cinema loudspeaker business in tandem with our cinema technology solutions and systems integration offerings."He added, "Bill Greene has made substantial contributions to MiT's growth and transformation. Our Board and management team extends our sincere appreciation and thanks for his service, leadership, financial stewardship and commitment to supporting this transition. We wish him all the best in his well-deserved retirement."About Moving iMage Technologies (www.movingimagetech.com)
With a focus on innovation, service, and quality, Moving iMage Technologies ("MiT) is a trusted partner in delivering state-of-the-art out-of-home entertainment environments. Founded in 2003, MiT provides products, integrated systems design, custom engineering, proprietary products, software, and installation services for cinemas, screening rooms, postproduction facilities, high-end home theaters, Esports venues, arenas, stadiums, and other entertainment spaces.MiT manufactures a broad line of digital cinema peripherals in the U.S., including automation systems, projector pedestals/bases, projector lifts, hush boxes, direct-view LED frames, lighting fixtures and dimmers, power management devices, operations software, and Esports platforms. It also produces and markets on a global basis the DCS line of premium cinema loudspeakers which are widely recognized as an industry standard. MiT also distributes and integrates cinema equipment from Barco, Sharp (NEC) Digital Cinema, Christie Digital, LEA Professional, Dolby, GDC, JBL/Crown, LG, Meyer Sound, Trinnov, Q-SYS, QSC, Samsung and others. MiT's Caddy Products division designs and sells cupholders, concession trays, and venue accessories that enhance concession sales and improve the guest experience. Forward-Looking Statements
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate," "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements.Follow us on X: @movingimagenews
Follow us on LinkedIn: MiT on LinkedInMITQ Investor Relations Contacts
Chris Eddy or David Collins
Catalyst IR
US Market News
2月前
Moving iMage Showcases DCS Cinema Loudspeaker and LEA Amplifier PLF Lines at CinemaCon Booth 427J; Hosts Investor Open House April 15thApril 6, 2026 12:47 PM
NewsfileLas Vegas, Nevada and Fountain Valley, California--(Newsfile Corp. - April 6, 2026) - Moving iMage Technologies, Inc. (NYSE American: MITQ) ("MiT"), a leading provider of advanced out-of-home entertainment technology and services for cinemas, stadiums, arenas, esports, and immersive venues worldwide, announced it will showcase its proprietary DCS Cinema Loudspeakers and feature LEA Amplifier solutions for premium large format (PLF) venues at CinemaCon 2026 at the Caesar's Palace Convention Center in Las Vegas, Tuesday, April 14th and Wednesday, April 15th at Booth 427J in the Julius Ballroom 11am-5pm PT each day. MiT's President & COO, Francois Godrey will also host an investor open house at the booth on the afternoon of April 15th. Please RSVP to MiT's investor relations team (contact info below) for details if you would like to attend.Since purchasing the DCS Cinema Loudspeaker line, assets and inventory in November 2025, MiT has successfully transitioned manufacturing, fulfillment, warehousing and customer support functions, while also engaging with key global exhibitors and distributors. On the sales front, MiT has secured a three-year commitment from a longstanding US exhibitor that recently completed DCS installations at two facilities and is very pleased with the reception and nature of client conversations so far to DCS offerings. The DCS product line is an ideal complement's to MiT's representation of LEA cinema amplifiers and is expected to support cross-selling of MiT's entire portfolio of cinema technology solutions while also providing entry into international markets historically outside of MiT's focus. Moving iMage President and COO, Francois Godfrey, commented, "We are excited to bring MiT's compelling PLF audio offering to CinemaCon for the first time. Our solution, built on proven DCS loudspeaker technology, powered by LEA amplifiers, delivers ultra-high quality, immersive sound and reliability that is essential to cinema operators. About Moving iMage Technologies (www.movingimagetech.com)With a focus on innovation, service, and quality, Moving iMage Technologies ("MiT) is a trusted partner in delivering state-of-the-art out-of-home entertainment environments. Founded in 2003, MiT provides products, integrated systems design, custom engineering, proprietary products, software, and installation services for cinemas, screening rooms, postproduction facilities, high-end home theaters, Esports venues, arenas, stadiums, and other entertainment spaces.MiT manufactures a broad line of digital cinema peripherals in the U.S., including automation systems, projector pedestals/bases, projector lifts, hush boxes, direct-view LED frames, lighting fixtures and dimmers, power management devices, operations software, and Esports platforms. It also produces and markets on a global basis the DCS line of premium cinema loudspeakers which are widely recognized as an industry standard. MiT also distributes and integrates cinema equipment from Barco, Sharp (NEC) Digital Cinema, Christie Digital, LEA Professional, Dolby, GDC, JBL/Crown, LG, Meyer Sound, Trinnov, Q-SYS, QSC, Samsung and others. MiT's Caddy Products division designs and sells cupholders, concession trays, and venue accessories that enhance concession sales and improve the guest experience. Forward-Looking StatementsAll statements above that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate," "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements.Follow us on X: @movingimagenews
Follow us on LinkedIn: MiT on LinkedInMITQ Investor Relations ContactsChris Eddy or David Collins
Catalyst IR
bobkubecka
3年前
Moving iMage Technologies Announces First Quarter Fiscal 2024 Results
Revenue increased 13%; gross profit increased 17%; record quarterly gross margin of 27.4%; GAAP and Non-GAAP EPS of $0.04
Fountain Valley, CA – November 14, 2023: Moving iMage Technologies, Inc. (NYSE AMERICAN: MITQ), (“MiT”), a leading technology and services company for cinema, Esports, stadiums, arenas and other out-of-home entertainment venues, today announced results for its first quarter ended September 30, 2023.
“We started the new fiscal year on a strong note with double-digit growth in revenue, gross margin expansion and profits,” said Phil Rafnson, chairman and chief executive officer, MiT. “We’ve been talking about a technology refresh cycle for several quarters now, and this quarter’s results were encouraging, as projector replacements and our ADA compliance products were a key driver. We also made progress on several of the newer initiatives that we expect to drive revenue growth and profits over the next several years, including receiving our first orders for LEA Professional’s smart power amplifiers.
“From a capital allocation perspective, we put in place a 10b5-1 trading program for our previously approved share buyback at the end of the quarter. This meant that beginning November 1, the number of trading days that we could repurchase shares increased to approximately 250 days per year versus 90 days previously.”
First Quarter Fiscal 2024 Highlights (versus Fiscal 1Q23)
? Revenue increased 13.4% to $6.6 million compared to $5.9 million;
? Gross Profit increased of $1.8 million compared to $1.6 million; Gross Margin of 27.4%;
? GAAP Operating Income of $0.4 million compared to $0.0 million;
? GAAP Net Income and Earnings per Share (EPS) of $0.4 million and $0.04 compared to a GAAP Net Loss and Loss per Share of ($0.1) million and ($0.01), respectively;
? Non-GAAP Income and EPS of $0.4 million and $0.04 compared to Non-GAAP Net Income and Income per Share of $0.1 million and $0.01, respectively.
Select Financial Metrics: FY24 versus FY23 as of 9/30/2023*
(in millions, except for Loss per Share and percentages)
1Q24
1Q23
Change
Total Revenue
$6.6
$5.9
13.4%
Gross Profit
$1.8
$1.6
16.7%
Gross Margin
27.4%
26.6%
Operating Loss
$0.4
$0.0
700.0%
Operating Margin
5.8%
0.8%
GAAP Net Loss
$0.4
($0.1)
nm
GAAP Loss Per Share
$0.04
($0.01)
nm
Non-GAAP Net Loss
$0.4
$0.1
nm
Non-GAAP Loss Per Share
$0.04
$0.01
nm
nm = not measurable/meaningful; *may not add up due to rounding
Fiscal 2024 Commentary
“With the Hollywood strikes now behind us, the industry can jump start the production and release schedules and our customers, the cinema owners, which were not able to budget their expenditures with any confidence during the strike, can now start planning as well. Our initial fiscal 2024 guidance, which only included our legacy business and not our newer and emerging businesses, of low double-digit revenue growth with continuing to move towards break-even on a non-GAAP basis, took these delays into account with a down second quarter and a stronger second half of the year.
“That said, we continue to see multiple upside opportunities from our newer initiatives, which aren’t included in our current guidance. For instance, our guidance doesn’t include any sales of LEA Professional smart power amplifiers, but, in the second fiscal quarter, we’ve already announced two orders for these products, and there is ongoing evaluation and testing occurring at more theaters as we speak. Additional areas of potential upside include: an ADA compliance product refresh at a large national circuit that we are working to lock down; order growth in Esports shipments above the modest fiscal 2023 levels; National Amusements rolling out CineQC to its international locations; initial sales of MiTranslator and other international sales. Given these significant opportunities to accelerate growth, we plan to provide updates throughout the year as our growth initiatives hit milestones,” concluded Rafnson.
Trended Financials *
(in millions, except for Loss per
YTD
Share and percentages)
1Q23
2Q23
3Q23
4Q23
1Q24
FY22
FY23
FY24
Total Revenue
$5.9
$4.8
$3.7
$5.8
$6.6
$18.4
$20.2
$6.6
Gross Profit
1.6
1.3
1.0
1.4
1.8
4.5
5.3
1.8
Gross Margin
26.6%
27.1%
27.9%
24.2%
27.4%
24.3%
26.3%
27.4%
Operating Income (Loss)
0.0
(0.1)
(0.5)
(1.4)
0.4
1.8
2.0
0.4
Operating Margin
0.8%
-2.8%
-14.1%
-23.5%
5.8%
-9.6%
-9.8%
5.8%
GAAP Net Income (Loss)
$ (0.1)
$ 0.0
$ (0.4)
$ (1.3)
$ 0.4
$ (1.3)
$ (1.8)
$ 0.4
Diluted Income (Loss) Per Share
$ (0.01)
$ 0.00
$ (0.04)
$ (0.12)
$ 0.04
$ (0.13)
$ (0.16)
$ (0.04)
Non-GAAP Net Income (Loss)
$ 0.1
$ 0.00
$ (0.4)
$ (0.2)
$ 0.4
$ (1.5)
$ (0.7)
$ 0.4
Non-GAAP Diluted Income (Loss) Per Share
$ 0.01
$ 0.00
$ (0.04)
$ (0.02)
$ 0.04
$ (0.14)
$ (0.07)
$ 0.04
nm = not measurable/meaningful;
* may not add up due to rounding
Dial-in and Webcast Information
Date/Time: Tuesday, November 14, 2023, 12:00 p.m. ET
Toll-Free: 1-877-407-4018
Toll/International: 1-201-689-8471
Call me™: Participants can use Guest dial-in #s above and be answered by an operator OR click the Call me™ Link for instant telephone access to the event. Call me™ link will be made active 15 minutes prior to scheduled start time.
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1642336&tp_key=f7b20dddac
Telephone Replay
Replay Dial-In: 1-844-512-2921 or 1-412-317-6671
Replay Expiration: Tuesday, November 28, 2023 at 11:59 p.m. ET
Access ID: 13742538
Telephone Replays will be made available after conference end time.
About Moving iMage Technologies
Moving iMage Technologies is a leading manufacturer and integrator of purpose-built technology solutions and equipment to support a wide variety of entertainment applications, with a focus on motion picture exhibitions, sports venues and eSports. MiT offers a wide range of products and services, including custom engineering, systems design, integration and installation, enterprise software solution, digital cinema, A/V integration, as well as customized solutions for emerging entertainment technology. MiT’s Caddy Products division designs and sells proprietary cup-holder and other seating-based products and lighting systems for theaters and stadiums. For more information, visit www.movingimagetech.com.
Forward-Looking Statements
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and
risks and should be consulted along with this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements.
Contact:
Brian Siegel, IRC, MBA
Senior Managing Director, Hayden IR
(346) 396-8696
Brian@haydenir.com
About Moving iMage Technologies
Moving iMage Technologies is a leading manufacturer and integrator of purpose-built technology solutions and equipment to support a wide variety of entertainment applications, with a focus on motion picture exhibitions, sports venues and eSports. MiT offers a wide range of products and services, including custom engineering, systems design, integration and installation, enterprise software solution, digital cinema, A/V integration, as well as customized solutions for emerging entertainment technology. MiT’s Caddy Products division designs and sells proprietary cup-holder and other seating- based products and lighting systems for theaters and stadiums. For more information, visit www.movingimagetech.com.
MOVING IMAGE TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands except share and per share amounts)
September 30,
June 30,
2023
2023
(unaudited)
Assets
Current Assets:
Cash
$
6,408
$
6,616
Accounts receivable, net
2,042
905
Inventories, net
4,752
4,419
Prepaid expenses and other
248
451
Total Current Assets
13,450
12,391
Long-Term Assets:
Right-of-use asset
349
415
Property and equipment, net
26
28
Intangibles, net
466
480
Other assets
16
16
Total Long-Term Assets
857
939
Total Assets
$
14,307
$
13,330
Liabilities And Stockholders’ Equity
Current Liabilities:
Accounts payable
$
2,912
$
1,507
Accrued expenses
843
618
Customer deposits
2,153
3,169
Lease liability–current
288
280
Unearned warranty revenue
12
26
Total Current Liabilities
6,208
5,600
Long-Term Liabilities:
Lease liability–non-current
76
151
Total Long-Term Liabilities
76
151
Total Liabilities
6,284
5,751
Stockholders’ Equity
Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,685,778 and 10,685,778 shares issued and outstanding at September 30, 2023 and June 30, 2023, respectively
—
—
Additional paid-in capital
12,467
12,462
Accumulated deficit
(4,444)
(4,883)
Total Stockholders’ Equity
8,023
7,579
Total Liabilities and Stockholders’ Equity
$
14,307
$
13,330
The accompanying notes are an integral part of these condensed consolidated financial statements.
MOVING IMAGE TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except share and per share amounts)
Three Months Ended
Three Months Ended
September 30,
September 30,
2023
2022
(unaudited)
Net sales
$
6,635
$
5,852
Cost of goods sold
4,816
4,293
Gross profit
1,819
1,559
Operating expenses:
Research and development
67
66
Selling and marketing
542
610
General and administrative
826
835
Total operating expenses
1,435
1,511
Operating profit
384
48
Other income (expense)
Unrealized loss on marketable securities
—
(140)
Realized loss on marketable securities
—
(23)
Interest and other income, net
55
20
Total other expense (income)
55
(143)
Net profit/(loss)
$
439
$
(95)
Weighted average shares outstanding: basic and diluted
10,685,778
10,928,724
Net profit/(loss) per common share basic and diluted
$
0.04
$
(0.01)
The accompanying notes are an integral part of these condensed consolidated financial statements.
MOVING IMAGE TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended
Three Months Ended
September 30,
September 30,
2023
2022
Cash flows from operating activities:
Net profit/(loss)
$
439
$
(95)
Adjustments to reconcile net profit/(loss) to net cash provided by (used in) operating activities:
Provision for doubtful accounts
1
3
Depreciation expense
3
2
Amortization expense
14
24
ROU amortization
66
(5)
Stock option compensation expense
5
—
Unrealized loss on investments
—
140
Realized loss on investments
—
23
Changes in operating assets and liabilities
Accounts receivable
(1,138)
9
Inventories, net
(333)
(887)
Prepaid expenses and other
203
425
Accounts payable
1,405
1,597
Accrued expenses
225
28
Unearned warranty revenue
(14)
28
Customer deposits
(1,016)
(1,312)
Lease liabilities
(67)
—
Net cash used in operating activities
(207)
(20)
Cash flows from investing activities
Sales of marketable securities
—
493
Purchases of marketable securities
—
(517)
Purchases of property and equipment
(1)
(2)
Net cash used in investing activities
(1)
(26)
Net decrease in cash
(208)
(46)
Cash, beginning of the year
6,616
2,340
Cash, end of the year
$
6,408
$
2,294
The accompanying notes are an integral part of these condensed consolidated financial statements.
Use of Non-GAAP Measures
The Company uses non-GAAP net income/loss and earnings/loss per share as a measure customarily used by investors and analysts to evaluate the financial performance of companies in addition to the GAAP measures that we present. Our management also believes that that the elimination of one-time items and non-cash stock compensation expense is useful in evaluating our core operating results and when comparing results to prior periods. However, non-GAAP metrics are not a measure of financial performance under GAAP in the United States of America and should not be considered an alternative to net income as an indicator of our operating performance.
(in millions, except for Loss per Share and percentages)
1Q24
1Q23
Change
Total Revenue
$
6.6
$
5.9
13.4
%
Gross Profit
$
1.8
$
1.6
16.7
%
Gross Margin
27.4
%
26.6
%
Operating Loss
$
0.4
$
(0.0
)
700.0
%
Operating Margin
5.8
%
0.8
%
GAAP Net Income (Loss)
$
0.4
$
(0.1
)
nm
GAAP Income (Loss) Per Share
$
0.04
$
(0.01
)
nm
Non-GAAP Income (Loss)
$
0.4
$
0.1
nm
%
Non-GAAP Income (Loss) Per Share
$
0.04
$
0.01
nm
%
Exhibit 99.2
Brian Siegel
Thank you, Operator.
Good morning and welcome to Moving iMage Technologies' earnings conference call and webcast.
With me today is Chairman and CEO, Phil Rafnson, who will provide an industry overview; Co-Founder and Executive VP of Sales and Marketing, Joe Delgado, who will provide a strategy and business overview; and our CFO, Bill Greene. For those of you that have not seen today's release, it is available in the Investors section of our website.
Before beginning, I would like to remind everyone that, except for historical information, the matters discussed in this presentation are forward-looking statements that involve several risks and uncertainties. Words like believe, expect, anticipates, mean that these are our best estimates as of this writing, but that there can be no assurances that expected or anticipated results or events will actually take place. Actual future results could differ materially from those statements. Further information on the Company's risk factors is contained in the Company's quarterly and annual reports filed with the SEC.
Now, I'd like to turn the call over to Phil. Phil, take it away.
Phil Rafnson
Thank you, Brian, and thank you all for joining us today. I'm Phil Rafnson, CEO of Moving iMage Technologies, or MiT. As you look at MiT as an investment, industry and company-specific factors will contribute to our future performance. First, I'll address the cinema industry tailwinds and then Joe will discuss why we’re so excited about the future where we are introducing potentially disruptive technologies into cinema, Esports, stadiums, arenas and other live entertainment venues.
Historically, our business has been cyclical, driven by new technology and technology upgrade cycles. We are currently in the early days of one right now, where cinema owners are starting to upgrade their technology that is coming to the end of its useful life, with newer technologies such as laser projectors with upgraded servers, new screens and smart sound systems being purchased to replace these. Additionally, we are seeing cinema owners build new theaters, and upgrade or refurbish older ones. These new theaters often include new amenities such as dine-in, bars and more, all with the idea of making going to the movies a destination experience.
From an industry growth standpoint, as I’ve discussed previously on these calls, COVID took its toll on the industry. Over the past two years, we have returned to a more normalized environment, with the box office originally expected to approach pre-pandemic levels this year. Unfortunately, the Hollywood strikes have negatively impacted the box office over the near-term, but theater owners are pivoting to non-movie content, whether it be sports, Esports, or concerts, to offset some of the lost revenue. An example is AMC partnering with Taylor Swift to show her concerts in its theaters. Additionally, now that the actor's strike is over, we expect the studios to move ahead aggressively with marketing releasing new movies.
Before turning the call over to Joe, I'd like to thank our dedicated employees. Without them, we would not be in what I believe is the strongest position we've ever been in as a Company from an operational, financial product, and competitive perspective.
Thank you. Joe?
Joe Delgado
Thank you, Phil, and good morning, everyone.
I'll start by briefly reviewing our business and providing updates on each area. Today, cinema is our core legacy business, which consists of FF&E projects and selling our proprietary US-manufactured goods and third-party technologies. As Phil mentioned, this part of our business has historically been more cyclical and lumpy, with project start dates often being pushed out. Additionally, FF&E projects tend to be at the low end of our gross margin profile, although there is strong operating leverage in this part of the business.
Today, FF&E is the largest part of our business. However, given the lower margin profile, lumpiness, and timing factors I just mentioned, a major part of our strategy going forward is to shift our mix towards higher margin products, as well as smooth out the lumpiness and cyclicality.
For Cinema, this includes expanding our existing lineup of over 50 proprietary manufactured products, including our ADA products and Caddy lines, which were key contributors to our strong first quarter results. By manufacturing these products, we can significantly increase our margins on FF&E projects and our overall company gross margin when sold à la carte.
Additionally, our partnership with LEA Professional for smart power amps is another potential source of growth and margin expansion for FF&E projects and a la carte sales. Each theater needs 5 or 6 power amps, and the competitors' products tend to fail. LEA’s warranty is two times the industry's, demonstrating their confidence in product quality. After the end of the quarter, we announced our first two orders for these projects, and we currently have several large circuits testing these products. Between the quality at LEA and supply chain and quality challenges at their competitors, which are de-emphasizing the cinema market, I feel optimistic that we will see a nice sales ramp in FY24.
Next for Cinema, which truly excites me about our future, we are in the latter stages of going to market with a set of potentially disruptive, high-margin technology offerings that will also bring recurring services revenue. First, I'll discuss our MiTranslator offering. The MiTranslator is a multi-language technology solution with a recurring revenue stream that forms the high end of our accessibility strategy. The market in North America alone is tremendous, with over 70 million non-English proficient speakers who may not have previously attended the movies. With this product and service, those who did attend previously can now have a significantly enhanced moviegoing experience. This is a new product class for the industry, and adoption has yet to occur. That said, I believe there are now catalysts that play into adopting the MiTranslator solution.
The North American Theater Owners organization, known as NATO within the industry, established the Cinema Foundation, an all-industry non-profit charged with promoting and expanding the industry and the overall moviegoing experience. Our own Frank Tees serves on its Board of Directors. One of the foundation's top marketing priorities is to expand outreach and bring more ADA and non-English proficient patrons to the movies. These initiatives fall right into the wheelhouse of MiTranslator, and there was tremendous enthusiasm and interest in the product at CinemaCon and subsequent tradeshows. We believe that this industry effort bodes well for the success of MiTranslator, and we will keep you apprised of any developments.
CineQC, our SaaS-based quality control platform, is another example. We have been working with National Amusements, a large international movie circuit, on upgrading and improving this product. Unfortunately, the additional development we have been doing has delayed our plans to roll out the product more broadly. However, once complete, we will have a much more robust, tested offering to bring to other clients.
The next opportunity for us is to move beyond Cinema. Here, we are targeting two areas – other live entertainment venues and Esports.
I believe eSports has the potential to be a significant incremental growth driver for us in fiscal 2024. In May, we did an investor presentation, which is available on our IR website, with Rick Starr, founder of our Esports partner, SNDBX. He laid out his vision for creating the Little League of Esports by setting up local, amateur leagues in movie theaters hosted on the big screen. Not only is this a very attractive activity for parents and kids, but for theater owners as well. With a Sandbox league, a theater can fill excess capacity of over 6,000 empty seats per year and get a return on its investment in as little as eight months. That is a compelling return in general, but especially to the theater owners who are used to getting a return on their investments in 18 to 24 months. Rick then said, he already had an active pipeline in North America of over 2,500 locations and another 500 internationally. Right now, he is out doing a funding round, which will enable him to start to ramp up locations more quickly so stay tuned.
Finally, the growth opportunity I’m most excited about is what we currently call eCaddy. We have infused our Caddy product line of cupholders with technology and will develop applications and services for use in stadiums and arenas. We introduced the eCaddy concept to our first major league stadium executives in September and October. We got great feedback on the type of applications that would excite them and identified other potential partners. This month, we'll perform additional market research with other stadium and arena executives to further solidify the picture for the apps and services that drive demand for this product.
The TAM here is huge, with millions of existing seats becoming retrofit candidates in addition to new stadium and arena builds. The potential here on its own is tremendous, but in combination with eSports, MiTranslator, and CineQC, it can reshape our business and financial models in the future. We'll keep you appraised as we hit milestones.
As I mentioned on our previous call, we have accelerated our strategy to expand outside North America. We had established relationships overseas before the pandemic and have been reconnecting over the past few quarters. The opportunities here encompass many products that we believe can smoothly transition to international markets, including new product lines. Additionally, the cinema market in Europe is just starting to recover from the pandemic, roughly two years after we did, so the timing for us to explore these opportunities couldn’t be better. Initially, we see the opportunity for LEA smart power amps, MiTranslator, and CineQC to move to international markets in the years to come, and SNDBX already has a pipeline established outside North America.
Finally, we have an active corporate development program that includes business development deals we made with SNDBX and LEA, acquisitions such as the ADA product line, and other ongoing activities.
In conclusion, we are still in the early innings of our growth opportunity for our emerging technologies while our legacy business continues to improve.
With that, I thank you, and I'll turn it over to Brian.
Brian Siegel
Thanks Joe, and thank you, everyone, for attending our earnings call. I'm going to spend a little time reviewing your model, and then I'll take you through the quarter, followed by a Q&A.
Currently, FF&E projects are the key driver for our business, making up roughly 60% to 65% of revenue. We serve as a project manager, procuring and reselling FF&E and services for refurbishing and upgrading or building new theaters. Since much of the makeup of our projects are pass-through costs with a small margin added in, project margins are in the mid-teens. We have several routes to improve these margins, as demonstrated by our early FY24 results. Some ways that we improve project margins are to upsell installation services, including our proprietary manufactured products, and through the resale of higher margin technology products, including projectors and servers, and more recently, sound system products, through our relationship with LEA Professional.
As Joe and Phil mentioned, FF&E projects are more cyclical and can often see start dates pushed out, as we saw in FY23. Q124 saw some benefit from this, but we expect the majority to hit during the second half of the year.
Next, we sell our higher margin proprietary manufactured offerings à la carte, which have margins ranging from 35% to 55% and include our Caddy and ADA products. These products had strong quarters and contributed to the robust gross margin we reported in Q1.
In the future, as our emerging products like MiTranslator, CineQC, and eCaddy start to ramp and scale, we expect our mix to shift even more significantly away from FF&E, as we expect these products to have 50%+ gross margins.
Now, moving to the results. First quarter revenue of $6.6 million was up 13% versus $5.9 million last year.
Q1 Gross profit increased 17% to $1.8 million. Gross margin was up 80 basis points to 27.4% in the quarter, resulting from the favorable product mix.
Q1 GAAP Operating expenses were $1.4, down 5% versus last year, mainly due to lower corporate governance costs.
Q1 GAAP Operating income was $0.4 million versus a loss of $0.1 million last year.
Q1 GAAP net income and EPS were $0.4 million and $0.04 per share, versus a loss of $0.1 million and $0.01 per share last year.
Q1 Non-GAAP net income and EPS were $0.2 million and $0.02 compared to a loss of $0.1 million and $0.01 per share last year.
Reconciling this to GAAP, this year we added back $0.1 million in stock compensation.
Moving to the balance sheet, our cash and cash equivalents were $6.4 million at the end of the first quarter, down $200 thousand from the fourth quarter, mainly reflecting changes in working capital.
Now I’ll provide an update on our current FY24 expectations. I said last quarter that, only taking into account our legacy business, we expected to see low double-digit topline growth while paring losses and approaching break-even. To build on this, we expect the second quarter to be down year over year, reflecting traditional seasonal weakness. Our full year guidance already considered this, as we expected a stronger second half of the year.
Next, I provided upside opportunities not included in our guidance. I will now update these items.
? There is an ADA product refresh at a top 5 cinema circuit that would begin in the second half of fiscal 2024. We recently held conversations with this circuit and feel we are well-positioned to get this order.
? For Esports, last quarter, I said that our guidance included flat sales of our MovEsports systems to FY23, roughly 15-20 systems. I apologize, but I misspoke. In FY23, we only recognized revenue for 8 systems but received orders for 16 systems. Therefore, anything over eight systems sold in FY24 would be upside to our guidance. Additionally, once SNDBX closes its funding round, we expect them to quickly roll out leagues at the circuit that ordered the 8 systems not shipped in FY23.
? As I discussed in our recent investor presentations, our incremental market opportunity for selling LEA smart power amplifiers is very significant. Still, we included $0 for sales of these products in our FY24 guidance, so any orders, like the two orders we announced in the second quarter, would be upside. With a total market of about $630 million in North America and about 5-10% annual attrition rates, the replacement market is $30 to $60 million annually. Capturing just 10% of this could add $3 to $6 million in revenue, which is material, considering we only reported $20 million in fiscal 2023. And this doesn’t even take into consideration new projects or international sales.
? We continue to work with National Amusements and are awaiting their plans to roll out CineQC to their 500 international locations, which were not included in our guidance.
? Any sales of the MiTranslator and any International sales would also be upside.
Regarding catalysts, you should be looking for announcements on the key initiatives mentioned during this call and the upside opportunities I mentioned just now. We plan to provide milestone updates for our emerging products and announce whatever orders we can through press releases and earnings calls this year.
Overall, I continue to believe we’ve never been in a stronger position within cinema, and we are excited that our new initiatives are moving forward. We prudently want to ensure that we have the right offerings and that they are ready for prime time before we start marketing more aggressively.
Just to let everybody know, Joe and I will be at the Sidoti Microcap Conference this week, so please tune in to the webcast at 315 ET on Wednesday. The link is available on our website. If you're interested in a 1:1 meeting, please reach out to me or request one through the Sidoti portal.
I want to thank everyone for attending today's call and look forward to speaking with you again on our next call in mid February.
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