4 unchanged sentences
Moving iMage Technologies, LLC, commenced operations in September 2003, and its wholly owned subsidiary, MiT Acquisition Co., LLC, acquired all of the assets of Caddy Products in July 2019.
−Removed: The Company’s Annual Report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments thereto, are filed electronically with the Securities and Exchange Commission (“SEC”).
+Added: The Company’s annual reports on Form 10‑K, quarterly reports on Form 10‑Q and current reports on Form 8‑K, and amendments thereto, are filed electronically with the Securities and Exchange Commission (“SEC”).
The SEC maintains an internet site that contains these reports at:
2 unchanged sentences
The Company includes the website link solely as a textual reference.
−Removed: The information contained on our website is not incorporated by reference into this Report.
+Added: The information contained on our website is not incorporated by reference into this Annual Report.
Copies of these reports are also available, without charge, by contacting Moving iMage Technologies, Inc.
15 unchanged sentences
Industry and Revenue Drivers
−Removed: In 2023, movie releases increased to $9 billion.
−Removed: up from $7.4 billion in 2022 due to higher post- pandemic movie releases.
−Removed: The SAG/AFTRA strikes began in July 2023 and ended in November 2023.
+Added: In 2024, movie release revenues decreased slightly to $8.6 billion down from $9 billion in 2023 due to steady post- pandemic movie releases as well as the end of the SAG/AFTRA strikes in November 2023.
New movie production and related releases did not rebound until the summer of 2023.
5 unchanged sentences
Increased Importance and Growth of International Markets .
−Removed: According to the Motion Picture Association of America, international markets continue to be an increasingly important component of the overall box office revenues generated by Hollywood films, accounting for approximately 42% of 2023 total worldwide box office revenues.
+Added: According to Gower Street Analytics, 2025 Global box office revenues were about $30 billion in 2024.
+Added: The U.S./Canada market contributed approximately $8.8 billion.
+Added: The international market accounted for the remaining $21.2 billion, or roughly 70% of the worldwide total.
Introduction of New Platforms and Product Offerings that Enhance the Movie-Going Experience .
9 unchanged sentences
Existing Theaters — Upgrades and Refurbishing .
−Removed: Upgrade and refurbishing opportunities consist of three segments:
+Added: Upgrade and refurbishing opportunities consist of four segments:
Seating, equipment and operations upgrades.
3 unchanged sentences
Projection replacements and upgrades .
−Removed: According to the Motion Picture Association of America, at the end of 2023 there were 39,000 screens in the United States and more than 203,000 elsewhere around the globe, and 96% of the world’s cinema screens are digitized;
+Added: According to the Motion Picture Association of America, at the end of 2024 there were 40,000 cinema screens in the United States and approxima tely 203,000 e lsewhere around the globe, and 96% of the world’s cinema screens are digitized;
the conversion to digital cinema began in 2006.
−Removed: According to Film Journal International, (i) the first machines into the market were Series 1 projectors for Digital Light Processing (“DLP”) licensees, (ii) some 20,000 projectors of all brands were installed before Series 2 machines came on the market in mid-2010 and (iii) the assumption for a projector’s life span is 10 years.
−Removed: We estimate that approximately 1,500 Series 1 projectors will need replacement over the next three years as obsolescence sets in and upgrades become the new normal to stay competitive.
+Added: Laser projection continues to replace lamp-based systems across global exhibition.
+Added: Industry sources indicate that as of 2024, roughly the low-teens percentage of cinema screens worldwide were laser-equipped, with lamps representing less than one-fifth of new projector sales.
+Added: Multiple large circuits have announced estate-wide laser upgrades in recent years.
+Added: In North America, major exhibitors have also committed significant multi-year capex programs that include laser projection deployments.
Laser projectors.
31 unchanged sentences
Enterprise and Operations Software Solutions
−Removed: CineQC — Cinema Presence Management & Remote Control System .
−Removed: CineQC is MiT’s quality assurance and remote access software solution meant to enhance cinema operations.
−Removed: CineQC allows a check of movie presentations before or during features, making sure customers receive a premium movie-going experience.
−Removed: With CineQC, cinema operations staff can change auditorium conditions, such as lights, volume, masking, air conditioning temperatures, projection and audio settings, on a real-time basis.
−Removed: Not only does this reduce problem-resolving time, but also ensures the guest a better movie watching experience.
−Removed: CineQC provides real-time and after-action reporting, not only in the auditoriums but also throughout the building, maintaining high standards of customer comfort and efficiency.
−Removed: CineQC benefits allow (i) an immediate response to solve minor auditorium problems (volume, lights, masking, audio and video channels as well as air condition temperature), (ii) tasks to be redistributed, lowering operational costs and increasing productivity in different areas while improving presentation and supervision, (iii) staff the ability to turn off the projector lamp if no guests are in the auditorium, generating substantial savings on energy and lamp life, and (iv) a system for management to monitor, in real time, that staff is performing necessary checks on theater operations.
+Added: CineQC — Cinema Quality Control Platform
+Added: CineQC is MiT’s quality assurance and remote access software designed to support cinema operations.
+Added: The system provides monitoring and control functions that allow operators to oversee and adjust auditorium conditions, such as lights, volume, masking, air conditioning, projection, and audio settings.
+Added: These functions are available in real time, enabling theaters to identify and address operational issues efficiently and maintain consistent service standards.
+Added: In addition, CineQC provides reporting functions for both real-time and after-action reviews, supporting management oversight of auditorium checks and overall facility performance.
+Added: The system is intended to (i) assist in resolving routine auditorium issues (e.g., volume, lighting, or air conditioning adjustments), (ii) facilitate task redistribution to improve staff efficiency, (iii) enable cost-saving measures, such as reducing projector lamp usage when auditoriums are unoccupied, and (iv) provide management with visibility into whether operational checks are being completed.
+Added: While CineQC is part of our ongoing efforts to maintain operational quality and efficiency in cinema environments, we view it as a platform that positions us to respond as the exhibition industry evolves.
+Added: We are monitoring market adoption trends and operational changes across the sector and believe CineQC provides the flexibility to align with these developments.
+Added: The pace and scale of any broader deployment will depend on customer acceptance and industry dynamics, which remain subject to change.
Technical Services
8 unchanged sentences
We continue to explore new lines of business complementary with our core business, focusing on entertainment technologies and related products and services.
−Removed: MiTranslator — beginning in 2016, the Americans with Disabilities Act (ADA) required theaters to have provisions for seeing- and hearing-impaired patrons.
−Removed: In 2022, we acquired the ADA compliance product line from USL, giving MiT ownership of the leading product for theater ADA compliance.
−Removed: However, in partnership with Hana Media and Epson America, we recently productized and began marketing a new system targeting a much larger audience that is not proficient in English.
−Removed: The MiTranslator, which combines full ADA compliance with a multi-language capability, is a unique offering accessible through a mobile application on a user’s mobile device or through AR (Augmented Reality) glasses to allow any language captioning to be displayed on the glasses, permitting non-native English-speaking patrons the ability to enjoy the cinematic experience more fully.
−Removed: This system also allows cinemas to reach out to what we believe is an underserved audience base in their communities.
−Removed: Sign language will also be supported through the same system.
+Added: MiTra nslator — Beginning in 2016, the Americans with Disabilities Act (ADA) required theaters to have provisions for seeing- and hearing-impaired patrons.
+Added: In 2022, we acquired the ADA compliance product line from QSC, giving MiT ownership of the leading and easiest-to-operate products for theater ADA compliance.
+Added: Since that acquisition, we have continued to see steady growth in this category as exhibitors adopt our solutions for accessibility.
+Added: In parallel, we are actively gauging market demand between two important factors:
+Added: (i) affordable ADA-compliant solutions that meet theaters’ baseline compliance requirements, and (ii) enhanced systems that expand access through multi-language capabilities.
+Added: In partnership with Hana Media, we continue to productize and market the MiTranslator system, combining ADA compliance with multi-language functionality.
+Added: cinemas remain obligated under ADA regulations to provide accessibility devices, we recognize that many cinemas and patrons increasingly prefer the convenience of using their own personal devices.
+Added: MiTranslator’s development path is to address both needs by offering a mobile application for a user’s personal device, while also supporting AR (Augmented Reality) glasses when required.
+Added: This flexibility enables captions in any language to be displayed through either option, allowing non-native English-speaking patrons as well as those requiring accessibility features to enjoy the cinematic experience more fully.
+Added: Sign language support will also be supported within the same platform.
+Added: We believe this product category positions MiT to serve both the immediate compliance needs of cinemas and the broader objective of expanding access to underserved audiences, supporting both exhibitors and patrons as the market evolves.
Direct View LED screens .
4 unchanged sentences
Direct View LED screens utilize a technology that is an alternative to the century-old streaming of projector light thrown onto screens;
−Removed: the LED screen is more akin to a giant television screen, and its use renders the projection booth unnecessary.
+Added: the LED screen is more akin to a giant television screen, and its use renders the projection booth and mezzanine unnecessary reducing construction costs.
These emissive displays can deliver dramatically improved contrast for a dynamic image range substantially in excess of projection capabilities.
2 unchanged sentences
LED panels can also last up to 100,000 hours or 15 years, whereas projectors have a lifespan of barely half that.
−Removed: Strategic acquisitions of complementary products and technologies.
−Removed: Our first acquisition was the acquisition of Caddy Products LLC (“Caddy”) which closed effective January 1, 2019.
−Removed: Their markets include cinema, sports, grocery, performing arts, worship and retail industries.
−Removed: Products include patented cup holders and trays built into luxury cinema seats, cinema step and aisle lighting, cups, trays, and advertising displays used in large sports arenas.
−Removed: Caddy products are protected by 21 active and 6 pending patents.
We will continue to evaluate our targeted acquisition strategy based on several factors, including profitability, enhancement of the overall customer experience, pricing models, throughput, types of content featured and differences in geographic areas.
5 unchanged sentences
Our sales and marketing professionals have extensive experience with our product and service offerings and have long-term relationships throughout the industry.
−Removed: Our top ten customers accounted for approximately 45% and 37% of net revenues for the years ended June 30, 2024 and 2023, respectively.
−Removed: Trade accounts receivable from these customers represented approximately 62% and 19% of net receivables at June 30, 2024 and 2023, respectively.
−Removed: No customer accounted for more than 10% of the Company’s revenue for the years ended June 30, 2024 and 2023.
+Added: Our top ten customers accounted for approximatel y 44% and 45% of net revenues for the years ended June 30, 2025 and 2024, respectively.
+Added: Trade accounts receivable from these customers represented approximate ly 41% and 62% of net receivables at June 30, 2025 and 2024, respectively.
+Added: No customer accounted for more tha n 10% of the Company’s revenue for the years ended June 30, 2025 and 2024.
While we believe our relationships with such customers are stable, most arrangements are made by purchase order and are terminable at will by either party.
1 unchanged sentence
Manufacturing and Assembly
−Removed: MiT has 28,000 square feet of office, warehouse and in-house manufacturing/assembly space in Southern California, which is home to our corporate offices, engineering, distribution, integration as well as service and support divisions.
+Added: The Company has 21,000 square feet of office, warehouse and in-house manufacturing/assembly space in Southern California, which is home to our corporate offices, engineering, distribution, integration as well as service and support divisions.
A global network of service partners and OEM manufacturers augments our primary location.
9 unchanged sentences
We believe our success will not be dependent upon trademark protection, but rather upon our engineering capabilities and research and production techniques.
−Removed: Our sales backlog at June 30, 2024 was approximately $5.93 million, which represents orders currently planned for March 31, 2025 shipment.
+Added: Our sales backlog at June 30, 2025 was approximately $7.52 million, which represents orders currently planned for April 30, 2026 shipment.
Backlog at June 30, 2024 was $5.93 million.
7 unchanged sentences
Once the determination is made that the customer will not proceed with installation or upgrade, the agreement with the customer is terminated or amended.
−Removed: If the agreement is terminated, once MiT and the customer are released from all their future obligations under the agreement, all or a portion of the initial fees that the customer previously made to us are recognized as revenue.
+Added: If the agreement is terminated, once the Company and the customer are released from all their future obligations under the agreement, all or a portion of the initial fees that the customer previously made to us are recognized as revenue.
The markets for our products are highly competitive.
11 unchanged sentences
There can be no assurance that in all instances a substitute for a prohibited raw material or process would be available or be available at reasonable cost.
−Removed: We employed 32 full-time personnel as of June 30, 2024.
+Added: We employe d 25 full-time equivalent personnel as of June 30, 2025 .
We are not a party to any collective bargaining agreement.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.