Moving iMage Technologies, Inc., a digital cinema company, designs, manufactures, integrates, installs, and distributes proprietary and custom designed equipment, and other off the shelf cinema products for cinema requirements in the United States and internationally. Its products and services focus on the integration needs associated with the building, modernization, and equipping of motion picture exhibition theatres. The company provides automation systems for digital cinema applications; proprietary rack mount pedestals; in-house designed and assembled suite of products to support boothless theatre designs and alternative auditorium configurations; and in-house designed and assembled lighting products and dimmers, as well as distributes digital cinema projectors and servers. It also offers premium sound systems and enclosures; demand controlled ventilation systems that automatically shuts down projector exhaust fans; and reclining seats and armrests, concession tables and trays, tablet arms, cup holders, and step and aisle lighting products for theaters and other public venues. In addition, the company provides software solutions, such as CineQC, a cinema presence management and remote-control system. Further, it offers custom engineering, systems design, integration and installation, and digital technology services, as well as software solutions for 3D, digital cinema, and audio visual integration; project management and systems design services for theatre upgrades and new theatre builds; furniture, fixture, and equipment services to commercial cinema exhibitors for new construction and remodels; and cinema equipment installations and after-sale maintenance services. The company was founded in 2003 and is based in Fountain Valley, California.
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Here are 1-2 brief analogies for Moving iMage Technologies (MITQ):
Sysco for movie theaters: MITQ supplies a comprehensive range of equipment, parts, and services needed for a cinema's operations, from projection and sound systems to concessions equipment and seating.
Johnson Controls for movie theaters: MITQ designs, integrates, installs, and provides ongoing service for the complex technical and environmental systems within movie theaters, ensuring the venue's core functions run smoothly.
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Digital Cinema Equipment: Sells and installs projectors, servers, sound systems, and other hardware essential for digital movie exhibition.
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Cinema Seating: Provides a range of seating solutions, from standard options to luxury recliners, designed for movie theaters.
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Concession Equipment: Supplies and installs various equipment for cinema concession stands, including popcorn machines, beverage dispensers, and food warmers.
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System Integration and Design: Offers consulting, design, and project management services for new cinema construction and renovation projects. (Category: Cinema Development & Installation Services)
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Technical Support and Managed Services: Provides remote monitoring, on-site maintenance, and comprehensive operational support for cinema equipment and systems. (Category: Cinema Operations & Maintenance Services)
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Moving iMage Technologies (symbol: MITQ) primarily sells its products, services, and solutions to other companies within the cinema exhibition industry, making it a Business-to-Business (B2B) operation. Its customer base includes large cinema chains, independent theaters, and other entertainment venues that require cinema-related technology and support.
Based on their public filings, MITQ has long-standing relationships with many of the largest cinema exhibitors globally. Examples of these major customer companies include:
- AMC Entertainment Holdings, Inc. (Symbol: AMC)
- Cinemark Holdings, Inc. (Symbol: CNK)
- Cineplex Inc. (Symbol: CGX)
- Regal Entertainment Group (a subsidiary of Cineworld Group plc, which underwent restructuring)
- Marcus Theatres (a subsidiary of The Marcus Corporation, Symbol: MCS)
- National Amusements (Private company)
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- Barco N.V. (BAR.BR)
- Ushio Inc. (6925.T) (parent company of Christie Digital Systems)
- NEC Corporation (6701.T) (parent company of NEC Display Solutions)
- Dolby Laboratories, Inc. (DLB)
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Phil Rafnson, Chairman and Chief Executive Officer
Phil Rafnson has served as Chairman of the Board of Moving iMage Technologies since its founding in 2003 and was appointed President and Chief Executive Officer in January 2021. He previously owned and was President of Media Technology Source, one of the largest global cinema equipment distribution companies, which was later sold. He has over 30 years of experience in the cinema equipment industry and spent 12 years on the board of the International Theatre Equipment Association, serving over four years as its President.
William Greene, Chief Financial Officer
William Greene has been the Chief Financial Officer since April 20, 2023, joining as interim CFO in January 2023. He founded William Greene Consulting in 2001, offering financial consulting services to private and public companies, including financial reporting, forecasting, CFO-level strategy, SEC compliance, and investor relations management. His prior experience includes serving as CFO for AscentX Medical Inc. from 2015 to 2017 and Surge Global Energy from 2006 to 2008, and as a consultant to the CFO of Pepperball Technologies, Inc.
Francois Godfrey, President | Chief Operational Officer
Francois Godfrey joined Moving iMage Technologies in 2022 as Vice President of Business Development and was appointed President, Chief Operating Officer, and to the Board of Directors on October 30, 2024. With over three decades of experience in business development, sales, and marketing within the cinema and professional services industries, he has held leadership roles at Christie Digital Systems, Barco, Ballantyne Strong, and QSC Audio Products. His accomplishments include leading the global launch of QSC Audio's cinema loudspeaker and processor lines and guiding Ballantyne Strong's transition from a manufacturer to a distributor.
Joe Delgado, Executive VP Sales & Marketing
Joe Delgado spent fifteen years at Christie, where he held increasing positions of responsibility including National Sales Manager, Director of Sales, and Vice President of Sales. During his tenure, he significantly increased Christie's cinema presentation product sales. He also previously held various positions at JVC, including Sales Representative for video products.
Bevan Wright, Executive VP Operations
Bevan Wright has been in the industry since 1985. He spent ten years at Christie as Cinema Systems Product and Engineering Manager, overseeing product development and engineering support for all cinema product lines. Prior to that, he held engineering and operations positions at Christie, United Artists, and other cinema exhibitors.
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The accelerated shift by major film studios towards shorter theatrical windows, hybrid releases (simultaneous theatrical and streaming), and direct-to-streaming distribution for what would historically have been exclusive cinema releases. This fundamentally changes the value proposition of movie theaters, reduces the incentive for audiences to visit cinemas, and consequently diminishes the demand for the cinema equipment, services, and software provided by Moving iMage Technologies. This mirrors how Netflix's streaming model disrupted Blockbuster's physical rental business by changing content distribution.
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Moving iMage Technologies (MITQ) operates in the global out-of-home entertainment technology market, with a primary focus on the cinema exhibition industry. The company also provides solutions for esports venues, stadiums, and arenas.
The main products and services offered by Moving iMage Technologies include:
* Design, integration, and installation services for cinema and other entertainment venues.
* Manufacturing and distribution of proprietary and custom-designed cinema equipment, such as laser projection systems, servers, audio systems (including the Digital Cinema Speaker Series (DCS) loudspeaker line), seating, pedestals, dimmers, LED lighting, automation systems, and ADA accessibility solutions.
* Software solutions, including CineQC, for cinema quality control and theatre management.
* Technical, design, and consulting services, as well as maintenance and support.
A significant addressable market for Moving iMage Technologies' products and services is the global cinema technology refresh cycle. This market is estimated to be a **$10 billion global opportunity** over the next five years. This cycle is driven by the replacement of over 10,000 outdated xenon projectors worldwide with newer, more efficient laser systems. Major theater chains are committing billions to upgrade their technology, indicating substantial demand within this global market.
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Moving iMage Technologies (MITQ) is positioned for future revenue growth over the next 2-3 years, driven by several key initiatives and market trends:
- Cinema Technology Upgrade Cycle: The company anticipates significant revenue from a mandatory technology upgrade cycle within the cinema industry. Major cinema chains in the U.S. and Canada plan to invest over $2.2 billion in upgrades over the next three years, with smaller chains expected to follow suit. This includes investments in advanced projection, such as laser projectors and Direct View LED screens, immersive audio systems, and other premium amenities.
- Expansion of Proprietary Products and High-Margin Offerings: Moving iMage Technologies is focusing on increasing sales of its proprietary products and higher-margin offerings. These include products like MiTranslator, CineQC, E-caddy, and other manufactured solutions which are expected to have higher gross margins. The recent acquisition of the Digital Cinema Speaker Series (DCS) loudspeaker product line from QSC further expands their proprietary offerings and global market reach for high-quality cinema sound.
- Growth in Out-of-Home Entertainment Markets: MITQ is actively pursuing growth initiatives beyond traditional cinema, expanding into other out-of-home entertainment venues such as esports, stadiums, and arenas. This diversification aims to capture new market opportunities and broaden their customer base.
- Development of Recurring Revenue Streams: A strategic focus for the company is the advancement of internal growth initiatives designed to introduce more recurring revenue streams. The company has already built a base of approximately $8 million to $9 million in largely recurring annual revenue and has a solid pipeline of contracted projects expected in fiscal 2026 and future years.
- Box Office Recovery and Increased Customer Investment: Despite previous headwinds from Hollywood strikes, there is cautious optimism for a sustained box office recovery. This resurgence, driven by strong domestic box office performance and an upbeat outlook for ticket sales in 2025, is expected to encourage customers to allocate more of their refreshed budgets towards critical system upgrades and technology investments, which typically follows periods of box office strength.
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Capital Allocation Decisions for Moving iMage Technologies (MITQ) (Last 3-5 Years)
Share Repurchases
- Moving iMage Technologies authorized a share repurchase program in June 2022, permitting the company to purchase up to an aggregate of $1 million of common stock over 12 months.
- On March 23, 2023, the Board re-authorized a stock repurchase program of up to $1 million of its outstanding common stock.
- Through March 22, 2024, the company repurchased approximately $637,000 worth of shares under the prior repurchase plan, and subsequently authorized a new program for up to $363,000, expiring on June 30, 2024.
Share Issuance
- The company completed its initial public offering (IPO) on July 7, 2021, issuing 4.2 million shares at $3.00 per share, which raised $12.6 million in gross proceeds.
- Moving iMage Technologies closed an upsized underwritten public offering of 4,830,000 shares of common stock, including the full exercise of the underwriter's option, at a price of $3.00 per share.
- As of February 13, 2025, there were 9,896,850 shares of common stock outstanding, reflecting a year-over-year decrease of 5.46% in shares outstanding.
Outbound Investments
- Moving iMage Technologies acquired the assets of the Digital Cinema Speaker Series (DCS) loudspeaker product line from QSC for $1.5 million.
- This acquisition was completed on October 31, 2025.
- The investment included access to designs, trademarks, other intellectual property necessary for continued manufacturing, inventory, and the assumption of responsibilities for sales, marketing, distribution, and warranty services for the DCS line.
Capital Expenditures
- Moving iMage Technologies reported zero capital expenditures for the latest twelve months ending March 31, 2025.
- From fiscal years ending June 2020 to 2024, capital expenditures averaged $10.2 thousand, with a peak of $20 thousand in June 2022.
- During the COVID-19 pandemic, the company implemented cash preservation strategies, including halting non-essential capital expenditures.
