Moving Image Technologies Inc (MITQ) 2026 Q3 法說會逐字稿

Good morning, everyone, and welcome to the Moving iMage Technologies fiscal 2026 third quarter conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位早安，歡迎參加 Moving iMage Technologies 2026 會計年度第三季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

I will now turn the call over to Chris Eddy, Investor Relations, to begin.

現在我將把電話交給投資人關係 Chris Eddy 開始。

Thank you, operator, and thank you all for joining today's call. MiT's CEO, Phil Rafnson, will make some opening remarks, followed by a business update from President and COO, Francois Godfrey; and then our recently appointed CFO, Bart Bedard, 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 to the Investors section of the Moving iMage website in the next few days. As a reminder, except for historical information, the matters discussed in this presentation 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.

謝謝接線員，也感謝各位參加今天的電話會議。MiT 執行長 Phil Rafnson 將先發表開場談話，接著由總裁兼營運長 Francois Godfrey 提供業務更新；然後由我們新近任命的財務長 Bart Bedard 以一些財務重點作結，之後我們將開放投資人提問。今天的會議將被錄音，音訊重播與書面逐字稿將於未來幾天公布在 Moving iMage 網站的投資人專區。提醒各位，除歷史資訊外，本簡報所討論事項均屬前瞻性陳述，涉及若干風險與不確定性。例如 believe、expect、anticipate 等字眼表示這些是我們截至本文撰寫時的最佳估計，但無法保證預期或預估的結果或事件一定會發生。

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.

實際未來結果可能與上述陳述有重大差異。有關公司風險因素的進一步資訊，載於公司向美國證券交易委員會（SEC）提交的季度與年度報告中。

I will now turn the call over to MiT's CEO, Phil Rafnson.

現在我將把電話交給 MiT 執行長 Phil Rafnson。

Thanks, Chris, and thank you all for your interest in Moving iMage. Overall, our third quarter performance reflected a relatively stable revenue profile compared to the prior year. We experienced slower-than-usual customer project activity during what is typically a seasonally slower period for MiT. However, we made good headway in advancing our new DCS Cinema Loudspeaker business, as Francois will touch on in more detail.

謝謝你，Chris，也感謝各位對 Moving iMage 的關注。整體而言，我們第三季表現相較去年呈現相對穩定的營收輪廓。在通常屬於 MiT 季節性較淡的期間，我們的客戶專案活動較以往偏慢。不過，我們在推進新的 DCS Cinema Loudspeaker（DCS 影院揚聲器）業務方面取得良好進展，Francois 稍後會更詳細說明。

DCS generated approximately $290,000 (sic) [$460,000] of revenue in its first full quarter under MiT. We view this as a strong early indicator of both the market opportunity and the durability of the business going forward, particularly considering the $1.5 million we spent to purchase the DCS assets. Additionally, customer reception has been highly positive, reinforcing our confidence in the strategic value of this acquisition that closed at the end of October 2025. Last month, we had the opportunity to showcase our expanded solutions portfolio at CinemaCon 2026, with a particular focus on our cutting-edge cinema audio product and engineering capabilities. Customer and partner feedback was very constructive, with enthusiasm around our enhanced product and solutions offering and a favorable outlook for the feature film pipeline and expectations for it to support renewed exhibition industry upgrade activity.

DCS 在併入 MiT 後的第一個完整季度，創造約 290,000 美元（原文如此）[$460,000] 的營收。我們將此視為市場機會與該業務未來持續性的強勁早期指標，尤其考量我們為收購 DCS 資產所支付的 150 萬美元。此外，客戶反應非常正面，進一步強化我們對這項於 2025 年 10 月底完成交割之收購策略價值的信心。上個月，我們有機會在 CinemaCon 2026 展示擴充後的解決方案產品組合，特別聚焦於我們最先進的影院音訊產品與工程能力。客戶與合作夥伴的回饋相當具建設性，對我們強化後的產品與解決方案供給充滿期待，並對劇情長片片單（feature film pipeline）的前景持正面看法，預期其將支持放映產業再度啟動升級活動。

Given the actions we have taken to both expand our capabilities and to fine-tune our cost structure, we feel MiT is well positioned to deliver improving results as we navigate the exhibition industry's audio needs for premium large-format PLF enhancements as well as their projection technology refresh needs.

鑑於我們已採取的行動，一方面擴充能力、另一方面精準調整成本結構，我們認為 MiT 已具備良好定位，可在因應放映產業對高階大型格式（PLF）升級的音訊需求，以及投影技術汰換更新需求的過程中，交出持續改善的成果。

Now I'll turn the call over to Francois Godfrey, our President and COO.

現在我將把電話交給我們的總裁兼營運長 Francois Godfrey。

Thanks, Phil, and good morning, everyone. As Phil noted, our second and third quarters are typically slower periods for customer project activity, and that dynamic was reflected in our Q3 performance, offset somewhat by ramping revenue from our purchase of the DCS Cinema Loudspeaker business, which we believe has the potential to meaningfully benefit our long-term growth prospects in a few ways.

謝謝你，Phil，各位早安。如 Phil 所提，我們第二季與第三季通常是客戶專案活動較慢的期間，這樣的動態也反映在我們第三季表現上；部分則由我們收購 DCS 影院揚聲器業務所帶來的營收爬升所抵銷。我們相信，DCS 有潛力在幾個面向上對我們的長期成長前景帶來實質助益。

DCS is far more than a product line addition for MiT. It is a new strategic revenue opportunity built on a highly respected premium line of cinema loudspeakers deployed in thousands of auditoriums around the world. We believe DCS is an ideal complement to our existing product and services offerings, one that can open new customer relationships for MiT, both in North America and in international markets, the latter of which, until now, were not an area of focus for our company. We believe DCS' reputation for cinema audio excellence is an ideal complement to our engineering, design and system integration expertise that should help us expand our commercial reach.

對 MiT 而言，DCS 遠不只是新增一條產品線。它是一項新的策略性營收機會，建立在備受尊敬的高階影院揚聲器產品線之上，該產品已部署於全球數千個影廳。我們相信 DCS 與我們既有的產品與服務供給高度互補，能為 MiT 開啟新的客戶關係，涵蓋北美以及國際市場；而後者在此之前並非我們公司的重點領域。我們認為 DCS 在影院音訊卓越表現上的聲譽，與我們的工程、設計與系統整合專長相得益彰，將有助於我們擴大商業觸及。

The early results are encouraging. As Phil mentioned, we generated $460,000 in revenue from DCS during the quarter, which reflects solid initial engagement from exhibitors as well as over 25 international distributors with whom we have partnered. The opportunity to expand our reach into international markets through DCS is a key element of the opportunity ahead. Our international distributors have deep established local market relationships and view DCS as a differentiated high-performance offering, delivering a cutting-edge audience experience. Our intention is to leverage our growing global reach to expand DCS adoption and to introduce other MiT products and capabilities to create a broader, more integrated solutions presence in these new markets.

初步成果令人鼓舞。如 Phil 所提，本季我們自 DCS 取得 460,000 美元營收，反映放映業者的良好初期投入，以及我們已合作的 25 家以上國際經銷商所帶來的動能。透過 DCS 擴大我們在國際市場的觸及，是未來機會的重要要素。我們的國際經銷商在當地市場擁有深厚且既有的關係，並將 DCS 視為具差異化的高效能產品，能帶來最先進的觀影體驗。我們的目標是運用日益擴大的全球觸及來提升 DCS 的採用，同時導入其他 MiT 產品與能力，在這些新市場建立更廣泛、更整合的解決方案布局。

Across the industry, exhibitors continue to build out their offerings of premium large format or PLF auditoriums with immersive audio, reflecting the ways exhibitors compete for audiences. Consumers are looking for a theatrical experience that meaningfully exceeds the one they have at home. That means better picture, better sound and more fully integrated immersive environment.

就整體產業而言，放映業者持續擴建其高階大型格式（PLF）影廳與沉浸式音效配置，反映放映業者爭取觀眾的競爭方式。消費者尋求的是一種在家中無法比擬、明顯更勝一籌的戲院體驗。這意味著更好的畫面、更好的聲音，以及更完整整合的沉浸式環境。

We believe MiT is particularly well positioned to support exhibitors in creating such experiences. With DCS, we are not simply selling speakers, we help cinemas rethink sound as a core component of the overall experience. That includes how audio integrates with projection systems, screen technologies and full auditorium design. Our approach is consultative and system orientated. We're not just replacing equipment. We are working with customers to improve what the audience sees, hears and ultimately feels.

我們相信 MiT 特別具備良好定位，可協助放映業者打造這類體驗。有了 DCS，我們不只是銷售揚聲器，而是協助戲院將聲音重新思考為整體體驗的核心要素。這包括音訊如何與投影系統、銀幕技術以及整體影廳設計整合。我們採取的是顧問式、以系統為導向的方法。我們不只是更換設備。我們與客戶合作，改善觀眾所見、所聽，並最終所感受到的一切。

At the same time, the industry-wide xenon to laser projection upgrade cycle continues to represent a promising long-term opportunity. We expect a measured pace that should continue to provide a meaningful base of technology refresh activity. As exhibitors invest in brighter, more efficient projection, it creates a natural opportunity to revisit the entire auditorium experience, and we are actively positioning ourselves to participate in those conversations.

同時，產業全面由氙燈（xenon）升級至雷射投影的循環，仍代表一項具吸引力的長期機會。我們預期升級步調將較為穩健，並可持續提供具意義的技術汰換更新活動基礎。當放映業者投資於更明亮、更高效率的投影設備時，也自然帶來重新檢視整體影廳體驗的機會，而我們正積極定位自己，以參與這些對話。

Our confidence in a return to modest growth in our core cinema technology solutions and systems integration business is bolstered by recent domestic box office, which grew more than 20% year-over-year during the quarter ending in March 31, 2026. We believe that such improving demand from audiences should give exhibitors and specialty screen operators the confidence to continue modernizing aging infrastructure while also prioritizing greater operational efficiency. In that environment, MiT remains well positioned to deliver flexible, practical solutions tailored to the real-world constraints exhibitors face.

我們對核心影院技術解決方案與系統整合業務回到溫和成長的信心，受到近期國內票房表現的支撐；截至2026年3月31日止季度，國內票房年增逾20%。我們認為，觀眾需求的改善應能讓院線業者與專業影廳營運商更有信心，在優先提升營運效率的同時，持續推動老舊基礎設施的現代化。在此環境下，MiT 仍具備良好優勢，能提供具彈性且務實的解決方案，並依據放映業者所面臨的實際限制量身打造。

In summary, while recent activity reflects typical seasonal patterns, we are building momentum in areas that will define the next phase of growth for our company. The DCS platform, our expanding international reach and our alignment with key industry trends like PLF and immersive audio all reinforce our confidence in the path ahead.

總結而言，儘管近期活動反映典型的季節性型態，我們正在於將定義公司下一階段成長的領域累積動能。DCS 平台、我們持續擴大的國際觸及，以及我們與 PLF（高規格大型影廳）與沉浸式音訊等關鍵產業趨勢的契合，皆進一步強化我們對未來發展路徑的信心。

Now I'll turn the call over to Bart Bedard, our CFO appointed in April 2026, to address some financial highlights.

接下來我將把電話會議交給於2026年4月上任的財務長 Bart Bedard，請他說明一些財務重點。

Thanks, Francois. We included our financial statements in the press release this morning and expect to file Form 10-Q by the close of business today. I will now comment on some of the financial results.

謝謝你，Francois。我們已在今天早上的新聞稿中納入財務報表，並預計在今日營業結束前提交 Form 10-Q。接下來我將就部分財務結果進行說明。

MiT's Q3 2026 revenue dropped 4.9% to $3.4 million, while our Q3 2026 gross profit rose 11% to $1.2 million, reflecting slower customer project activity during the seasonally slower third quarter, offset by revenue from MiT's new DCS Cinema Loudspeaker line.

MiT 2026 年第三季營收下滑 4.9% 至 340 萬美元；同時，2026 年第三季毛利成長 11% 至 120 萬美元，反映在季節性較淡的第三季客戶專案活動放緩，但部分被 MiT 新推出的 DCS Cinema Loudspeaker（影院揚聲器）產品線所帶來的營收所抵銷。

Gross margin percentage grew to 34.8% compared with 29.8% in Q3 2025, primarily due to higher margin product revenues from the sale of DCS inventory recently acquired at the beginning of Q2 2026. The sale of the remaining DCS inventory acquired during the period is expected to continue to benefit gross margin percentages above a customary range associated with our current base business. As Phil noted earlier, Q3 2026 results included $460,000 of DCS sales, up from $17,000 in Q2 2026. Current DCS backlog stands at approximately $375,000, the majority of which is expected to ship to customers before June 30, 2026.

毛利率提升至 34.8%，相較 2025 年第三季的 29.8%，主要係因 2026 年第二季初近期取得的 DCS 存貨銷售帶來較高毛利產品收入。預期本期間取得之其餘 DCS 存貨的銷售，將持續使毛利率受益，並高於我們目前基礎業務通常的毛利率區間。如 Phil 先前所提，2026 年第三季結果包含 46 萬美元的 DCS 銷售額，高於 2026 年第二季的 1.7 萬美元。目前 DCS 在手訂單約為 37.5 萬美元，其中大部分預計將於 2026 年 6 月 30 日前出貨給客戶。

Total operating expense remained relatively flat, decreasing by 1.2% to $1.32 million in Q3 2026 compared to $1.333 million during Q3 of 2025. Q3 2026 operating loss improved to $134,000 versus an operating loss of $270,000 in the same period last year. The improvement reflects the benefit from higher margin sales opportunities. Similarly, Q3 2026 net loss improved to $122,000 or $0.01 per share compared with a net loss of $240,000 or $0.02 per share in Q3 of last year.

營業費用總額大致持平，2026 年第三季較 2025 年第三季的 133.3 萬美元下降 1.2% 至 132 萬美元。2026 年第三季營業損失改善至 13.4 萬美元，相較去年同期營業損失 27 萬美元。此改善反映較高毛利銷售機會所帶來的效益。同樣地，2026 年第三季淨損改善至 12.2 萬美元或每股 0.01 美元，相較去年第三季淨損 24 萬美元或每股 0.02 美元。

Turning to our balance sheet. We achieved working capital of $4.3 million at the close of Q3 2026, which includes DCS inventory of $1.39 million, keeping us in solid position to fund our business compared to Q3 2025 working capital of $4.6 million. MiT has no long-term debt.

接著看資產負債表。截至 2026 年第三季末，我們的營運資金為 430 萬美元，其中包含 139 萬美元的 DCS 存貨；相較 2025 年第三季營運資金 460 萬美元，我們仍處於穩健的資金狀況以支應業務運作。MiT 沒有長期負債。

We closed Q3 of 2026 with net cash of $2.3 million or approximately $0.24 per common share compared to a net cash of $5.4 million at Q3 2025, which predated the $1.5 million acquisition of DCS Loudspeakers from QSC. Net cash at Q3 '26 was also pressured by a custom installation for a customer completed in Q3 2026, but paid for in early Q4 2026.

我們在 2026 年第三季末的淨現金為 230 萬美元，或約每股普通股 0.24 美元；相較 2025 年第三季的淨現金 540 萬美元（該時點尚未發生以 150 萬美元自 QSC 收購 DCS Loudspeakers）。2026 年第三季的淨現金亦受到一項於 2026 年第三季完成、但於 2026 年第四季初才收款的客製化安裝案影響而承壓。

Inventory at the end of Q3 2026 stood at $3.18 million compared to $3.08 million at 12/31/25, which includes assets acquired under the DCS Loudspeaker acquisition and new DCS inventory purchased by MiT in the last few months to satisfy our current backlog. I will note that the recent decline in net cash by $3 million compared to Q2 2026 is offset in part by the inventory increase during this Q3 2026 period.

截至 2026 年第三季末，存貨為 318 萬美元，相較 2025/12/31 的 308 萬美元；其中包含 DCS Loudspeaker 收購所取得的資產，以及 MiT 於近幾個月為滿足目前在手訂單而新購的 DCS 存貨。我也要指出，與 2026 年第二季相比，淨現金近期減少 300 萬美元，部分被本 2026 年第三季期間存貨增加所抵銷。

Turning to our revenue outlook. MiT anticipates Q4 '26 revenue of approximately $5.3 million, reflecting the positive seasonality of customer activity in the spring months as is typical for our business and the growing strength of the DCS Loudspeaker business. We believe the foundational work undertaken in the past year, including revitalized business development tactics and culminating in the strategic acquisition of DCS, positions us to unlock operating leverage, support sustainable growth and deliver long-term value for our shareholders as global demand for immersive experiences, underpinned by our advanced cinema equipment solutions, continue to improve.

接著談我們的營收展望。MiT 預期 2026 年第四季營收約為 530 萬美元，反映春季月份客戶活動的正向季節性（這對我們的業務而言屬常態），以及 DCS Loudspeaker 業務日益增強的動能。我們相信，過去一年所完成的基礎性工作（包括重振的業務開發策略，並最終促成策略性收購 DCS）使我們得以釋放營運槓桿、支持可持續成長並為股東創造長期價值；同時，在我們先進的影院設備解決方案支撐下，全球對沉浸式體驗的需求也持續改善。

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

以上為概述。接線員，我們已準備好開始問答環節。

Before we begin the Q&A session, I'm going to turn the call over to the management for a brief comment.

在開始問答環節之前，我將把電話會議交給管理團隊做一段簡短說明。

Yes, this is Bart. I wanted to correct the comment made a few minutes ago on the level of the DCS sales in Q3 2026. The correct figure is $460,000, not $290,000. We misspoke.

是的，我是 Bart。我想更正幾分鐘前關於 2026 年第三季 DCS 銷售額水準的說法。正確數字是 46 萬美元，不是 29 萬美元。我們口誤了。

Thank you for participating in today's call. Operator, let's begin the Q&A session now.

感謝各位參與今天的電話會議。接線員，我們現在開始問答環節。

(Operator Instructions) Ladies and gentlemen, as there are no questions, that concludes the conference of Moving iMage Technologies Inc. Thank you for your participation. You may now disconnect your lines.

(接線員指示) 各位女士、先生，由於沒有提問，Moving iMage Technologies Inc. 的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話。