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Moving Image Technologies Inc. Reports Net Loss of $1.8 million for the Year
Annual Revenue Totals $20.2 million
MOVING iMAGE TECHNOLOGIES INC. [MITQ], a leading technology company specializing in innovative imaging solutions, has announced its financial results for the year ended June 30, 2023. The company reported a net loss of $1.8 million for the year, compared to a net loss of $1.3 million in the previous year. Despite the challenging market conditions, Moving Image Technologies Inc. achieved annual revenue of $20.2 million, a significant increase from $18.4 million in the prior year.
The company's gross profit margin improved to $5.3 million, up from $4.5 million in the previous year. However, operating expenses also increased to $7.3 million, primarily driven by higher selling and marketing expenses. As a result, Moving Image Technologies Inc. recorded an operating loss of $2 million, slightly higher than the operating loss of $1.8 million in the previous year.