Moving iMage Technologies 2026年度第4四半期決算説明会サマリー

要点

• 顧客がプロジェクトを将来の期間に延期したため、2026年度第4四半期の売上高は前年同期の588万ドルから455万ドルに減少しました。
• 第4四半期の売上総利益率は前年同期の20.4%から22.2%に向上し、営業費用は139万ドルから120万ドルに減少しました。
• 通期の売上高は1,850万ドルから1,732万ドルに減少したものの、売上総利益率は25.2%から29.1%に拡大しました。
• 2026年度の純損失は、2025年度の94万8,000ドル（1株当たり0.10ドル）から29万7,000ドル（1株当たり0.03ドル）に縮小しました。
• 買収したDCS Cinemaスピーカー事業は2026年度に82万2,000ドルの売上高を計上しました。DCS製品は22カ国以上に出荷されており、受注残高は約45万8,000ドルとなっています。
• 経営陣は2027年度第1四半期の売上高を約450万ドルと見込んでおり、国内の複数の大型プロジェクトは現在、同年度の後半に予定されています。

主要財務データ

Moving iMage Technologiesは、240万ドルの棚卸資産を含む約400万ドルの運転資本を保有し、長期負債ゼロで2026年度を終了しました。

事業および営業業績

DCSは同社の成長戦略の中心であり続けました。第4四半期のDCS売上高は39万9,600ドルとなり、2026年度第3四半期の46万ドル、第2四半期の1万7,000ドルと比較して減収となりました。経営陣は前四半期比での減少について、オンボーディング、生産、物流の構築に伴う製品供給の制約によるものとしています。

DCS製品は現在22カ国以上に出荷されています。経営陣は拡大する海外販売代理店ネットワークを活用し、MITの他の製品やソリューションのクロスセルを進める計画です。同社はまた、独自のオーディオプラットフォームを国内の大手興行会社との関係構築の手段と位置付けています。

米国において、MITはベイエリアでの多角的なプロジェクトをはじめとする複数のプロジェクトを推進しており、経営陣はこのベイエリアの案件について、近年に同社が完了した単一のプロジェクトの中で最大規模となる可能性があると説明しています。MITは既に顧客から頭金を受領しており、2026年暦年末までに作業が完了すると見込んでいます。

国内のパイプラインには、既存の映画興行顧客向けに2つの拠点の計16スクリーンに及ぶ改修作業も含まれています。経営陣によると、プレミアム・ラージ・フォーマットのシアターやイマーシブオーディオ（没入型音響）は、引き続き顧客投資の主要分野となっています。

経営陣は映画興行業界の環境改善に言及しました。説明会で引用されたバラエティ（Variety）のデータによると、5月1日からレイバー・デー（労働感謝の日）までの米国内のチケット売上高は総額47億6,000万ドルに達し、夏季として過去最高を記録しました。

MITは収益性とプラスのキャッシュフローを優先する一方、初期段階の取り組みに対する投資を引き続き抑制しています。翻訳プラットフォームおよびCineQCは追加のソフトウェア開発を必要としており、eCaddyについては技術、コスト、ビジネスモデルの再評価を行っています。MITは2026年度中に少数のeスポーツシステムを出荷したものの、同事業は依然として初期段階にあります。

業績予想

経営陣は、9月30日に終了する2027年度第1四半期の売上高を約450万ドルと見込んでいます。現在、複数の大型契約が同年度の後半に予定されています。

16スクリーンの改修作業とベイエリアのプロジェクトは、主に2027年度第2四半期および第3四半期に寄与する見通しです。経営陣は、2027年度の優先課題としてクロスセル、営業レバレッジ、持続可能な成長、ならびに黒字化およびプラスのキャッシュフローに向けた進展を挙げています。

リスクと注目点

• 顧客のプロジェクトの時期は、特に大型契約が報告期間をまたぐ場合、四半期売上高に重大な影響を与える可能性があります。
• DCSの成長は、製品の供給制約、オンボーディングの問題、ならびに生産およびグローバル物流の継続的な体制構築によって制約を受けています。
• DCS事業の統合および海外販売代理店ネットワークの拡大には、継続的な実行力が必要です。
• 翻訳プラットフォーム、CineQC、およびeCaddyは、より大規模な事業展開を行う前に追加の技術投資を必要とします。
• MITの国内プロジェクトの見通しは、2027年度後半に集中している複数の大型プロジェクトの時期および完了状況に一部依存しています。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Greetings, and welcome to Moving iMage Technologies Fourth Quarter 2026 Earnings Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Mr. Chris Eddy. Thank you. You may begin.

Christopher Eddy

Thank you, operator, and thank you all for joining todays call. MIT President, Francois Godfrey, will provide a business overview and CFO, Bart Bedard, who will conclude with some financial highlights, after which we will open the call to investor questions. Today's conference is being recorded and an audio replay and written transcript will be posted in the Investors section of the Moving iMage website in the next few days.

As a reminder, except for historical information, matters discussed on this call are forward-looking statements that involve several risks and uncertainties. Words like believe, expect and anticipate, mean that these are our best estimates as of this writing, but that there can be no assurances that expected or anticipated results or events will take place. Actual future results could differ materially from those statements. Further information on the company's risk factors is contained in the company's quarterly and annual reports filed with the SEC. I will now turn the call over to MIT President, Francois Godfrey.

Francois Godfrey

Thanks, Chris, and thank you all for your interest in Moving iMage Technologies. I'd like to begin with the broader exhibition environment because we believe it provides an important backdrop for future opportunities. The summer box office was exceptionally strong. According to Variety, domestic ticket sales totaled $4.76 billion from May 1 through Labor Day, making it the highest grossing summer on record. This trend has also benefited individual theater operators, which are reporting their strongest ever summer season, including record attendance and particularly strong performance for premium large format or PLF auditoriums.

Importantly, this improvement is not simply about higher ticket prices. Attendance has also been increasing, and the film slate has demonstrated that audiences will come to theaters when there is compelling content across a range of genres and formats. Echoing this trend, Bank of America's CEO recently commented that the discretionary consumer spending remains broad-based, including cruise bookings, restaurants and out-of-home entertainment. As he put it, the movies have come back because they've had some good movies. To that, I would add that there is another important driver. Movies offer a far more affordable entertainment experience compared to other out-of-home options such as concerts, professional sports, theme parks or even dining.

In addition to compelling content, the relative value of the movie-going experience is an important driver for the exhibition industry and is a key factor in supporting investments in new, enhanced or upgraded facilities. So as audiences return to their theaters, exhibitors have an opportunity and increasingly a reason to invest in the physical environment and technology that make the theatrical experience distinctive. This is where we believe Moving iMage deep experience and decades long track record, allows us to play a highly differentiated role we help cinema operators create the highest quality guest experiences, utilizing our unique design, engineering, technology and product and service capabilities.

We work with customers every step of the way from facility and system design through product selection, installation and commissioning. Whether the project involves a large-format auditorium, a multiscreen refurbishment, a new theater build or a single auditorium upgrade, we deliver solutions tailored to each customer's needs. In fiscal 2026, we made meaningful progress enhancing our capabilities and long-term growth potential, most notably through the acquisition of the DCS Cinema loudspeaker business.

DCS is far more than an additional product line for MIT to sell. It enhances our competitive position and market reach, we have a highly respected proprietary Cinema Audio Platform with a global customer base established with over 20 years of success DCS provides entree into an expanded base of customers and prospects, both domestically and abroad, including new customer relationships that have already generated initial revenues.

Given MIT's historical focus on domestic opportunities, the DCS line provides a compelling platform to expand into international markets, where we are building out our dealer network to support that growth. DCS also provides us a proven proprietary solution that enhances our potential to build relationships with larger domestic exhibitors. Bottom line, DCS strengthens our offering, expands our customer reach and value proposition and is already benefiting our results. While there have been some challenges in integrating the business and building out production and global logistics, we are making solid progress managing the business we expect to support future improvements.

The response from the international customers and distributors has been particularly encouraging. DCS products have now shipped to more than 22 countries and order interest continues to build. As these relationships develop, our objective is not simply to sell more loudspeakers and audio solutions we intend to leverage our expanding international network to offer other MIT products and capabilities.

Turning to the domestic market. We are very encouraged by the breadth of project discussions and our confirmed project pipeline. We are advancing several significant opportunities across the United States, including a substantial multifaceted project in the Bay Area that is currently contemplating to be far larger than any single project we have undertaken in the last several years. We have received a meaningful initial deposit from the customer and expect work to conclude by the end of calendar year 2026. Throughout our customer discussions, there are several themes that reoccur premium large-format auditoriums remain an important area of investment and immersive audio continues to be a key component of how exhibitors differentiate the in-theater experience.

Moviegoers expect the theater to deliver something memorable, better picture, better sound and a more integrated environment to create an experience they cannot replicate at home. While I focus my comments on the key initiatives, I also wanted to update you on our thinking about initiatives we have discussed in the past but have not been addressing in recent investor communications. The overarching theme for these initiatives continues to be our capital allocation discipline as we work to move our business to profitability and positive cash flow. Once we achieve that, we will be able to revisit other growth initiatives and the investment required to execute them.

First is our translator platform, which is designed to provide cinemas with a common technology platform to support accessibility and language translation, descriptive narrative and sign language capabilities. Our wholly owned ADA-compliant MIT accessibility products are an important component of that offering, and we continue to see sales activity in that area. However, the underlying translator platform requires additional software investment before we can pursue the opportunity at greater scale. We are evaluating the appropriate development path and required resources as part of our broader capital allocation priorities. But at this point, I have no additional clarity on next steps or timing.

In eSports, MIT developed a gaming hardware solution several years ago. That was to be marketed to theater owners in conjunction with an eSports league. We continue our efforts to sell hardware directly to our existing cinema customer base as our partner continues to develop their lead program. We see good potential to bring esports into the cinema environment. And during fiscal 2026, we did ship a few systems to exhibitor clients. This remains an emerging opportunity and is not currently a scaled business. CineQC is another initiative with potential but requires continued development and related investment. CineQC is a SaaS platform utilizing secure near-field communication NFC area tags filling places, people, connected equipment and time with roles, responsibility and tasks with a third-party developed platform. We completed an initial customer deployment in 2022 and 2023, but due to internal changes at the customer, the program was suspended to restart the program, we believe additional software development and a new technology partner would be required to create a platform capable of scaling effectively.

Finally, with respect to eCaddy, an electronic advertising concept for stadiums, we are reassessing our investment strategy and development road map. As part of this process, we are evaluating the technology requirements, development costs and potential business model before committing additional resources. We continue to evaluate each of these initiatives based on the investment required. Customer demand and our ability to achieve meaningful scale while maintaining our focus on the core cinema products projects and international opportunities that are driving the business today.

While fiscal 2026 included periods of slower project activity and customer timing delays, we are entering fiscal 2027 with broader capabilities, a stronger international presence and a growing pipeline of domestic projects all complemented with the disciplined view on margin and expense management aimed at improving our bottom line. Industry trends provide us increased confidence in the business prospects ahead, which we are well positioned to pursue given our track record, helping our customers deliver reliable, memorable experiences to their audiences.

Now I'll turn the call over to CFO, Bart Bedard, to address some financial highlights.

Bart Bedard

We published our financial statement in this morning's press release and expect to file our Form 10-K later today. Now I'll walk through our financial results, including our progress further trimming our full year net loss. Starting with Q4 '26. Our revenue was $4.55 million compared with $5.88 million in Q4 of '25 and below our prior expectations. The decrease was principally attributable to customers who shifted the timing of projects into future periods, which resulted in lower-than-expected revenue and we forecast this past May, as we have mentioned in the past, the timing of customer projects, particularly larger ones, can have a meaningful impact on our quarterly results and comparisons to other periods as was the case in our fourth quarter.

Q4 '26 results included $399,600 of DCS sales compared to $460,000 in Q3 of '26 and 17,000 in Q2 of '26. The sequential decrease in revenue was largely due to limited availability of some products related to some onboarding challenges and the build-out of our production and logistics efforts, which we are working to resolve. From backlog of DCS product orders stands at approximately $458,000 today following a recent significant shipment to a customer in Argentina, and our outlook remains very positive for growth in the DCS line.

Q4 '26 growth profit was $1,000,000,010 compared with $1.2 million in the prior year period was a decrease primarily attributed to lower revenue. Gross margin percentage and Q4 '26 however improved to 22.2% compared with 20.4% in Q4 of '25, primarily due to our focus on higher margin opportunities and related changes in our revenue mix. In the area of operating expense, we continue to find areas for improvement even with the new DCS business, enabling our Q4 '26 operating expense to decline to $1.2 million from $1.39 million in Q4 '25.

Our Q4 '26 net loss was $296,000 or $0.03 per share compared with a net loss of $156,000 or $0.02 per share in Q4 of '25. The increase in net loss was primarily due to a lower-than-expected project activity, offset somewhat by the gross margin and operating expense improvements. Turning to fiscal year 2026. Total revenue was $17.32 million compared with $18.5 million in fiscal 2025. The year-over-year decline was primarily related to reduced customer project activity, including the shift of some projects into the future periods. This was partially offset by $822,000 in initial revenue from the DCS Cinema loudspeaker business, which we acquired in the second quarter of fiscal year 2026.

Fiscal year 2026 gross profit increased 10% to $5.03 million from $4.7 million in fiscal year '25 with gross margin expanded to 29.1% from 25.2%, reflecting our ongoing efforts to focus on higher-margin opportunities and a particularly favorable revenue mix. Fiscal year operating expenses declined 2.3% from $5.53 million -- from $5.66 million in fiscal '25, primarily attributed to lower credit losses, compensation costs marketing expenses and facility rent though partially offset by approximately $200,000 in additional legal fees relating to ongoing M&A initiatives.

As a result of our improved gross profit and our disciplined expense structure, we were able to improve our fiscal year '26 net loss to $297,000 or approximately $0.03 per share compared with a net loss of $948,000 or $0.10 per share in fiscal '25. Our performance, which included costs related to DCS purchase. Integration shows meaningful progress toward our goal of reaching profitability and positive cash flow.

Turning to our balance sheet. It continues to have a solid financial position with no long-term debt. We ended fiscal 2026 with approximately $4 million of working capital, including $2.4 million of inventory compared to $4.3 million of working capital at June 30 '25. Our net cash stood at $13.19 million at year-end 2026 compared to net cash of $5.17 million at June 30 of '25. The decrease (sic) [ increase ] is attributable to our $1.5 million cash investment to acquire the DCS loudspeaker assets as well as nearly $1.7 million reduction in accounts payable versus a year ago.

We believe the company is in a strong financial position with an appropriate level of financial flexibility to achieve our business goals for fiscal year 2027. Turning to our revenue outlook. MIT currently anticipates revenue of approximately $4.5 million in our fiscal 2027 1st quarter ending September 30 as a few larger contracts are currently slated for later in the year. Some of the overall opportunities in our domestic project pipeline for fiscal '27 include refurbishments from existing Cinema Exhibit customer across 16 screens at 2 of their locations and a separate significant multifaceted project in the Bay Area. We expect these projects to contribute primarily to our Q2 and Q3 results.

In summary, we believe the foundational work undertaken over the past year, including revitalization business, developed efforts and strategic acquisition of DCS, position us to unlock cross-selling opportunities achieve greater operating leverage and pursue sustainable growth and profitability in fiscal 2027.

With that overview, operator, we are ready to begin our Q&A session.

Operator

[Operator Instructions]. There are no questions at this time. And this concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.