What made Moving iMage shares jump 40% in extended trading?

Shares of Moving iMage Technologies Inc (NYSEAMERICAN: MITQ) jumped more than 40% in extended trading after the digital cinema company reported strong results for its fiscal first quarter.

Q1 financial performance

Moving iMage said it lost $0.6 million in the first quarter that translates to 6 cents per share. In the same quarter last year, it had posted $0.4 million in net loss or 7 cents per share. Shareholders, however, welcomed the news that its revenue nearly doubled to $3.5 million from last year’s $1.8 million.

Other notable figures in the earnings report include $7.7 million worth of backlog and $11 million in cash and cash equivalents. Q1 marked the first quarter for Moving iMage as a public company, as per the earnings press release.

CEO Rafnson's remarks

The California-based company launched its ADA-compliant, multi-language translator in the recent quarter that, CEO Phil Rafnson is convinced, has disruptive potential. Commenting further on the quarterly results, he said:

Future guidance

Moving iMage raised $12.3 million via its IPO earlier this year. For the full financial year, the U.S. firm forecasts up to $15 million in revenue that would represent a 108% increase from fiscal 2021. CEO Rafnson is also confident that MiT will turn cash-flow positive this year.

Last month, Moving iMage won a contract to provide equipment and furnishings for the new Alamo Drafthouse – City Foundry in St. Louis.