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1. Grainger for cinema equipment and services.

2. Cisco for cinema technology and automation.

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Major Products and Services of Moving iMage Technologies (MITQ)

• Cinema Automation Systems: Proprietary automation systems designed for various digital cinema applications.
• Theatre Infrastructure Equipment: Includes proprietary rack mount pedestals, specialized products for boothless theatre designs, and in-house designed lighting products and dimmers.
• Distributed Cinema Hardware: The company distributes digital cinema projectors, servers, and premium sound systems with their enclosures.
• Demand Controlled Ventilation Systems: Systems that automatically shut down projector exhaust fans, enhancing efficiency.
• Theatre Seating and Furnishings: A variety of seating options, armrests, concession tables, trays, tablet arms, cup holders, and step and aisle lighting for auditoriums.
• CineQC Software: A proprietary software solution for comprehensive cinema presence management and remote-control capabilities.
• Custom Engineering and Systems Integration: Services for custom engineering, systems design, integration, and installation for digital cinema and audio-visual needs.
• Project Management and FF&E Services: Comprehensive project management for theatre upgrades and new builds, including furniture, fixture, and equipment (FF&E) services for commercial exhibitors.
• Equipment Installation and Maintenance: Professional installation services for cinema equipment and after-sale maintenance support.

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Major Customers of Moving iMage Technologies (MITQ)

• Commercial cinema exhibitors and motion picture exhibition theatres (for digital cinema equipment, integration, modernization, and various services).
• Other public venues (for furniture, fixtures, and equipment such as seating, lighting, and ventilation systems).

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Phil Rafnson – Chairman and Chief Executive Officer

Phil Rafnson is a co-founder of Moving iMage Technologies, having served as Chairman of the Board since the company's inception in 2003, and was appointed Chief Executive Officer in January 2021. He previously held the role of President from January 2021 until October 2024. With over 30 years of experience in the cinema equipment industry, Mr. Rafnson was previously the owner and President of Media Technology Source, one of the largest global cinema equipment distribution companies, prior to its sale in 1999.

William F. Greene – Chief Financial Officer and Principal Accounting Officer

William F. Greene has served as Chief Financial Officer of Moving iMage Technologies since April 2023, after joining as interim CFO in January 2023. He is the founder of William Greene Consulting, established in 2001, which offers financial consulting services to both private and public companies, including financial reporting, forecasting, and SEC compliance. His prior experience includes serving as Chief Financial Officer for AscentX Medical Inc. from 2015 to 2017, as a consultant to the CFO of Pepperball Technologies, Inc. from 2009 to 2010, and as Chief Financial Officer for Surge Global Energy from 2006 to 2008.

Francois Godfrey – President and Chief Operating Officer

Francois Godfrey was appointed President, Chief Operating Officer, and a member of the Board of Directors on October 30, 2024. He initially joined Moving iMage Technologies in 2022 as Vice President of Business Development. Mr. Godfrey brings over three decades of experience in business development, sales, and marketing within the cinema and professional services industries. His previous roles include leadership positions at Christie Digital Systems, Barco, Ballantyne Strong, and QSC Audio, where he played a key role in product launches, market share growth, and transitions from manufacturing to distribution. At Christie Digital Systems, he spearheaded the acquisition and launch of the Cinergy SaaS platform.

Joe Delgado – Executive Vice President, Sales and Marketing

Joe Delgado leads the commercial efforts for Moving iMage Technologies. He previously spent fifteen years at Christie Digital Systems, holding increasingly responsible positions including National Sales Manager, Director of Sales, and Vice President of Sales, where he significantly increased cinema presentation product sales. Mr. Delgado also held various sales positions at JVC.

Bevan Wright – Executive Vice President Operations

Bevan Wright has been in the industry since 1985. Prior to joining Moving iMage Technologies, he spent ten years at Christie Digital Systems as Cinema Systems Product and Engineering Manager, overseeing product development and engineering support for cinema product lines. His background also includes engineering and operations roles at Christie, United Artists, and other cinema exhibitors.

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1. Cyclical Nature of the Cinema Industry and Declining Revenue: Moving iMage Technologies, Inc. (MITQ) remains highly susceptible to the cyclical nature of the cinema industry, with its revenue base currently contracting. The company has experienced economic industry headwinds, impacting revenue and leading to customer project delays. For example, in fiscal year 2025, revenue declined by 9.9%. The business model is directly tied to the health of the cinema exhibition market, making it vulnerable to fluctuations in movie theater attendance and investment in new equipment or modernizations.

2. Negative Operating Profitability and Volatile Cash Flow: MITQ has historically faced negative operating profitability and volatile cash flow, making consistent profitability a challenge. While the company has shown efforts in cost control and improving gross margins, and has narrowed its net losses, it still reports negative earnings, which can make traditional valuation metrics unreliable. Its financial durability is considered still developing.

3. Intense Competition and Tariff Uncertainty: The company operates in an environment with intense competition. Additionally, elevated inventory levels and uncertainty surrounding tariffs pose execution and margin risks to the business.

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The continued and intensifying shift in film distribution models by major studios, particularly the shortening of exclusive theatrical release windows and the growing prominence of direct-to-consumer streaming platforms as primary or simultaneous release avenues for new films. This trend directly threatens the unique value proposition of physical cinema exhibition, potentially leading to reduced attendance, fewer new cinema builds, and decreased demand for the equipment, integration, and maintenance services that Moving iMage Technologies provides.

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Moving iMage Technologies (MITQ) operates within several addressable markets related to equipping, modernizing, and maintaining motion picture exhibition theatres and other entertainment venues. Based on available market research, the addressable markets for its main products and services are as follows:

• Digital Cinema Market (Global): The global digital cinema market is predicted to reach USD 15.69 billion by 2035, growing at a CAGR of 6.66%. North America constitutes the largest share, approximately 45% of the global market, while the Asia-Pacific region is experiencing rapid growth with about a 20% share.
• Digital Cinema Screen Market (Global): This market was valued at USD 35.24 billion in 2024 and is projected to expand at a compound annual growth rate (CAGR) of 8.90% from 2024 to 2031. North America held the major market share with over 40% of the global revenue (USD 14.1 billion) in 2024, and Europe accounted for over 30% (USD 10.57 billion).
• Theatre Management Systems (TMS) / Cinema Management Software (Global): The global theatre management systems market was valued at approximately USD 2 billion in 2025 and is projected to grow to over USD 3.5 billion by 2033, with a CAGR of around 7%. Another estimate places the global cinema management software market at USD 3.34 billion by 2025, with an expected CAGR of 7.8% from 2025 to 2033. North America currently dominates this market.
• Cinema Seating Market (Global): The global cinema seating market size was valued at USD 3.16 billion in 2024 and is expected to grow to USD 4.5 billion by 2035, with a CAGR of approximately 3.2% from 2025 to 2035. In 2024, North America held the majority share, valued at USD 1.1 billion, with projections to reach USD 1.5 billion in 2035.
• Auditorium Seating Market (Global): A broader category that includes cinema seating, the global auditorium seating market size was valued at USD 4.2 billion in 2023 and is projected to reach USD 6.8 billion by 2032, growing at a CAGR of 5.4% during the forecast period.
• Cinema Loudspeaker Market (Global): The global cinema loudspeaker market size was valued at USD 11.52 billion in 2023 and is anticipated to exceed USD 29.98 billion by 2033, growing at a CAGR of 10.04% from 2023 to 2033. North America is expected to experience the fastest growth in this sector.
• E-Caddy Platform (Global): Moving iMage Technologies' proprietary E-Caddy platform, which includes smart cup holder concepts, has a global addressable market of tens of millions of seats.

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Moving iMage Technologies (MITQ) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Cinema Industry Upgrade Cycle and Premiumization: The cinema industry is entering a significant upgrade cycle as older projectors and servers reach their end-of-life. This, coupled with strong consumer demand for immersive and premium large-format moviegoing experiences, is leading theaters to invest heavily in next-generation projection, audio systems, and enhanced amenities. Moving iMage Technologies' offerings are central to this premiumization trend, positioning the company for substantial growth opportunities.
2. International Expansion and Diversification into New Venues: The recent acquisition of the Digital Cinema Speaker (DCS) loudspeaker line is a strategic move that expands Moving iMage Technologies' proprietary product portfolio and provides a meaningful entry point into international markets where DCS already has a significant install base. Beyond traditional cinema, the company is also actively expanding its reach into other out-of-home entertainment venues such as live entertainment venues, stadiums, arenas, and the growing eSports market.
3. Growth in Higher-Margin Proprietary Products and Recurring Revenue: Moving iMage Technologies is strategically focusing on developing and selling higher-margin proprietary products. This includes existing offerings like pedestals, dimmers, and LED lighting, as well as new, soon-to-be-commercialized products such as MiTranslator and E-Caddy. The acquisition of the DCS loudspeaker line further contributes to this shift towards a more robust portfolio of proprietary products and is aimed at growing the company's recurring revenue base.
4. Rebound in Domestic Box Office and Customer Project Activity: Following impacts from past industry disruptions, there is cautious optimism for a rebound in domestic box office receipts in calendar 2026. This resurgence in audience attendance is a primary driver for increased customer project activity, as stronger box office performance typically precedes cinema operators' investments in critical system upgrades and new business opportunities.
5. Leveraging Existing Customer Relationships for Cross-Selling: Moving iMage Technologies plans to drive revenue growth by selling additional, complementary products to its existing customer base. By leveraging its deep understanding of customer needs, the company is well-positioned to recommend and provide products beyond sound systems and projectors that align with exhibitors' operational goals, thereby increasing its share of customer spending.

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Share Repurchases

• Moving iMage Technologies had an active $1.0 million share repurchase program, under which approximately $637,000 worth of shares were repurchased, representing about 6.3% of total shares outstanding, through March 22, 2024.
• By June 30, 2024, $303,000 of the $1.0 million program had been deployed.
• A new share repurchase program was authorized on April 1, 2024, allowing for the repurchase of up to $363,000 worth of shares, replacing the expired $1.0 million program.

Share Issuance

• In fiscal year 2025, $70,000 of stock-based compensation was recognized due to option grants and repricing.

Outbound Investments

• Moving iMage Technologies made a strategic loan of $300,000 to The Five Agency to support the formation of SNDBX.
• This loan provides MITQ with a 5% equity stake in SNDBX, along with a secured note offering 10% interest and conversion rights.
• SNDBX is focused on becoming operational and funding its amateur eSports league rollout in movie theaters through sponsorships and promotions.

Capital Expenditures

• Moving iMage Technologies reported $0 in capital expenditures in Q2 2024.
• The company's free cash flow margin in Q2 2024 was impacted by capital expenditures absorbing a large portion of operating cash flow, even though the reported capital expenditures were $0 for that specific quarter.
• For the fiscal year ended June 30, 2025, the company's profitability continued to be affected by the lingering impact of industry headwinds on capital expenditure by cinema operators.