MITQ Amends 10-K for Auditor Date Correction; Core Business Unchanged

TL;DR

**MITQ's 10-K/A is a non-event, merely fixing an auditor date; don't expect any market-moving news here.**

AI Summary

MOVING iMAGE TECHNOLOGIES INC. (MITQ) filed a 10-K/A on September 29, 2025, solely to correct the date of its independent registered public accounting firm, Haskell & White LLP (H&W), report to September 25, 2025, and the corresponding consent. This amendment does not introduce any new financial data, business changes, or risk factors beyond those in the original 10-K filed on September 26, 2025. The company, a provider of technology, products, and services to movie theater operators and entertainment venues, reported an aggregate market value of common stock held by non-affiliates of approximately $4.1 million as of December 31, 2024, based on a $0.65 share price. As of September 26, 2025, there were 9,939,080 shares of common stock outstanding. The filing highlights a slight decrease in movie release revenues to $8.6 billion in 2024 from $9 billion in 2023, and a decline in U.S. movie screens from 44,000 in 2024 to 39,000 in 2025. MITQ continues to focus on proprietary products like CineQC and MiTranslator, and resells third-party technologies such as laser projectors, with approximately 99% of new projectors sold being laser-based.

Why It Matters

This 10-K/A filing is a technical correction, indicating no new material financial or operational changes for MOVING iMAGE TECHNOLOGIES INC. (MITQ). Investors should note that the underlying business performance, risks, and strategic outlook remain as disclosed in the original September 26, 2025 10-K. The correction of the auditor's report date is a minor administrative detail, but it underscores the importance of accurate regulatory filings. For employees and customers, the amendment has no direct impact, as the company's operations and service offerings, including its focus on cinema technology and new initiatives like CineQC and MiTranslator, are unaffected. In a competitive landscape, maintaining clean regulatory records is a baseline expectation.

Risk Assessment

Risk Level: low — The risk level is low because this 10-K/A is solely for a technical correction of the independent registered public accounting firm's report date and consent date, as explicitly stated in the 'EXPLANATORY NOTE.' No other changes are being made to the Original 10-K, meaning no new financial, operational, or strategic risks are introduced or altered by this amendment.

Analyst Insight

Investors should treat this 10-K/A as a non-material administrative update. No immediate investment action is warranted based on this filing alone, as it does not alter the company's financial position, operational performance, or future outlook. Refer to the original 10-K filed on September 26, 2025, for substantive information.

Financial Highlights

revenue

$8.6B

revenue Growth

-4.4%

Key Numbers

• $4.1M — Market Value of Non-Affiliate Common Stock (As of December 31, 2024, based on a $0.65 share price.)
• 9.94M — Common Shares Outstanding (As of September 26, 2025.)
• $8.6B — 2024 Movie Release Revenues (Decreased from $9 billion in 2023.)
• 39,000 — U.S. Movie Screens in 2025 (Declined from 44,000 in 2024.)
• 99% — New Projectors Sold with Laser Light Sources (Indicates a significant shift to laser technology.)

Key Players & Entities

• MOVING iMAGE TECHNOLOGIES INC. (company) — Registrant
• Haskell & White LLP (company) — Independent registered public accounting firm
• SEC (regulator) — Securities and Exchange Commission
• $4.1 million (dollar_amount) — Aggregate market value of common stock held by non-affiliates as of December 31, 2024
• $0.65 (dollar_amount) — Reported last sale price on the NYSE American on December 31, 2024
• 9,939,080 (dollar_amount) — Shares of common stock outstanding as of September 26, 2025
• $8.6 billion (dollar_amount) — Movie release revenues in 2024
• $9 billion (dollar_amount) — Movie release revenues in 2023
• 39,000 (dollar_amount) — Number of U.S. movie screens in 2025
• 44,000 (dollar_amount) — Number of U.S. movie screens in 2024

FAQ

Risk Factors

• Declining Movie Release Revenues and Screen Count [high — market]: The company faces a challenging market characterized by decreasing movie release revenues, which fell from $9 billion in 2023 to $8.6 billion in 2024. Furthermore, the number of U.S. movie screens has declined from 44,000 in 2024 to an estimated 39,000 in 2025, indicating a contraction in the core market for theater technology and services.
• Shift to Laser Projectors [medium — market]: While the company is adapting by selling approximately 99% of new projectors with laser light sources, this rapid technological shift necessitates continuous investment in new product development and inventory management. Failure to keep pace with laser technology advancements could impact competitiveness.
• Dependence on Third-Party Technologies [medium — operational]: MITQ resells third-party technologies, including screens, projectors, and servers. Disruptions in the supply chain or pricing changes from these third-party vendors could negatively impact the company's ability to fulfill orders and maintain its product offerings.
• Low Market Capitalization [medium — financial]: As of December 31, 2024, the aggregate market value of common stock held by non-affiliates was approximately $4.1 million, based on a $0.65 share price. This low valuation may limit the company's ability to raise capital through equity offerings and could be a concern for investors regarding liquidity and future growth prospects.

Industry Context

MOVING iMAGE TECHNOLOGIES INC. operates within the movie theater and entertainment venue technology sector. This industry is experiencing a significant technological shift towards laser projection systems, with 99% of new projectors sold by MITQ utilizing this technology. However, the broader market faces headwinds, evidenced by declining movie release revenues and a reduction in the number of U.S. movie screens.

Regulatory Implications

The primary regulatory aspect highlighted by this 10-K/A filing is the correction of the independent auditor's report date and consent. This indicates a focus on accurate and timely disclosure, as required by the SEC. While no new material risks are introduced, maintaining compliance with SEC reporting standards is crucial for investor confidence.

What Investors Should Do

1. Monitor Market Trends
2. Assess Competitive Positioning
3. Evaluate Financial Health

Key Dates

• 2023-09-26: Original 10-K Filing — This was the initial filing of the company's annual report for the fiscal year, containing the primary financial data and business overview.
• 2024-12-31: Valuation Date for Non-Affiliate Stock — This date was used to determine the market value of common stock held by non-affiliates, which was reported at $4.1 million.
• 2025-09-25: Corrected Date of Independent Auditor's Report — This is the corrected date for the independent registered public accounting firm's report, updated in the 10-K/A filing.
• 2025-09-26: Original 10-K Filing Date — This date marks the initial filing of the company's annual report, which was subsequently amended.
• 2025-09-29: 10-K/A Filing Date — This is the date the amended annual report (10-K/A) was filed, solely to correct the auditor's report date and consent.

Glossary

10-K/A

An amended annual report filed with the SEC to correct or supplement information previously submitted in a Form 10-K. (This filing is an amendment to the original 10-K, indicating a minor correction was made.)

Non-affiliates

Shareholders who are not officers, directors, or major controlling shareholders of the company. (The market value of stock held by non-affiliates is a key metric for assessing public float and investor sentiment.)

SaaS

Software as a Service, a software distribution model where a third-party provider hosts applications and makes them available to customers over the Internet. (MITQ is developing SaaS platforms for theater operations enhancement, indicating a move towards recurring revenue models.)

FF&E

Furniture, Fixtures, and Equipment, typically refers to movable assets used in a business operation. (MITQ resells FF&E as part of its services to entertainment venues.)

Laser Projectors

Projectors that use lasers as the light source, offering advantages like brighter images, longer lifespan, and better color accuracy compared to traditional lamp-based projectors. (The market is rapidly shifting to laser projectors, with MITQ reporting 99% of new sales being laser-based.)

Year-Over-Year Comparison

This 10-K/A filing is an amendment to the original 10-K filed on September 26, 2025, and does not introduce new financial data or business changes. The key information remains consistent with the prior filing, including the reported decrease in movie release revenues to $8.6 billion in 2024 from $9 billion in 2023, and the decline in U.S. movie screens. The amendment solely corrects the date of the independent auditor's report and consent, having no impact on the company's financial performance or risk profile compared to the original filing.

Key Financial Figures

• $0.00001 — ich registered Common Stock, par value $0.00001 per share MITQ NYSE American Securit
• $0.65 — e NYSE American on December 31, 2024 of $0.65) held by non–affiliates of the registra
• $4.1 million — tes of the registrant was approximately $4.1 million. As of September 26, 2025 , th ere we
• $8.6 billion — release revenues decreased slightly to $8.6 billion down from $9 billion in 2023 due to ste
• $9 billion — ased slightly to $8.6 billion down from $9 billion in 2023 due to steady post- pandemic mo
• $11.75 — ted average ticket price in the U.S. of $11.75 in 2024 . Movie theaters continue to dr
• $30 billion — 5 Global box office revenues were about $30 billion in 2024. The U.S./Canada market contrib
• $8.8 billion — Canada market contributed approximately $8.8 billion. The international market accounted for
• $21.2 b — onal market accounted for the remaining $21.2 billion, or roughly 70% of the worldwide

Filing Documents

• mitq20250927_10ka.htm (10-K/A) — 1247KB
• ex_864800.htm (EX-10.7) — 9KB
• ex_864801.htm (EX-19.1) — 54KB
• ex_864802.htm (EX-21.1) — 2KB
• ex_864803.htm (EX-23.1) — 4KB
• ex_864804.htm (EX-31.1) — 13KB
• ex_864805.htm (EX-31.2) — 13KB
• ex_864806.htm (EX-32.1) — 7KB
• 0001437749-25-029978.txt ( ) — 1349KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 18 Item 2.

Properties

Properties 19 Item 3.

Legal Proceedings

Legal Proceedings 19 Item 4. Mine Safety Disclosures 19 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 19 Item 6. Reserved 20 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 27 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 27 Item 9A.

Controls and Procedures

Controls and Procedures 27 Item 9B. Other Information 28 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 28 PART III Item 10. Directors, Executive Officers and Corporate Governance 29 Item 11.

Executive Compensation

Executive Compensation 33 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 36 Item 13. Certain Relationships and Related Transactions, and Director Independence 38 Item 14. Principal Accounting Fees and Services 39 PART IV Item 15. Exhibits, Financial Statement Schedules 40 Item 16. Form 10K Summary 40 i Table of Contents Unless the context otherwise requires, we use the terms " MiT " , " Company " , " we " , " us " and " our " in this Annual Report on Form 10 K ( " Report " ) refer to Moving iMage Technologies, Inc., a Delaware corporation, and its wholly-owned subsidiaries, Moving iMage Technologies LLC and MiT Acquisition Co, LLC dba Caddy Products. PART I CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10K ("Annual Report") contains forward-looking statements that are based on our beliefs and assumptions and on information currently available to us. The forward-looking statements are contained principally in "Business," "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Forward-looking statements include information concerning our possible or assumed future results of operations and expenses, business strategies and plans, competitive position, business environment, and potential growth opportunities. Forward-looking statements include all statements that are not historical facts. In some cases, forward-looking statements can be identified by terms such as "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "seeks," "should," "will," "would," or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or

BUSINESS

ITEM 1. BUSINESS Corporate Overview The Company was incorporated in June 2020 initially named MiT Acquisition Corporation, which was changed to Moving iMage Technologies, Inc. in September 2020. In connection with our initial public offering, in July 2021, the holders of Moving iMage Technologies, LLC exchanged their interests for shares of the Company resulting in Moving iMage Technologies, LLC to become the Company's wholly owned subsidiary. 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. The Company's annual reports on Form 10K, quarterly reports on Form 10Q and current reports on Form 8K, and amendments thereto, are filed electronically with the Securities and Exchange Commission ("SEC"). The SEC maintains an internet site that contains these reports at: www.sec.gov. You can also access these reports through links from our website at: www.movingimagetech.com. The Company includes the website link solely as a textual reference. 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. located at 17760 Newhope Street, Fountain Valley, CA 92708. Our telephone number is (714) 7517998. 2 Table of Contents Description of Business We are a key provider of technology, products, and services to movie theater operators and sports and entertainment venues. 1) We provide a set of valuable services to movie theater operators and other critical screening and viewing rooms. These services include overall project management, which can encompass a wide range of design, integration, installation, and procurement services for new auditorium builds, refurbishments, or upgrades to existing facilities. 2) We design and manufacture a set of proprietary products that are sold either as p

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