Moving Image Technologies, Inc. Reports Net Loss of $1.8 Million for Fiscal Year 2023
Company Records $20.2 Million in Revenue Despite Challenging Year
Moving Image Technologies, Inc. (MTQ), a leading provider of innovative solu tions for the cinema exhibition industry, has released its consolidated financial results for the fiscal year ending June 30, 2023. The company reported a net loss of $1.8 million for the year, while achieving total revenue of $20.2 million. MIT's financial performance reflects the challenges faced by the industry during the year, marked by the ongoing effects of the global pandemic. Let's delve deeper into the company's financial situation.
Consolidated Balance Sheets
Current Assets
MIT's current assets as of June 30, 2023, amounted to $12.4 million, showing a decrease compared to the previous year's $13.4 million. Cash reserves increased significantly, standing at $6.6 million, compared to $2.3 million in 2022. However, marketable securities, accounts receivable, inventories, and prepaid expenses and other current assets showed slight declines.
