Exhibit 99.1

Moving iMage Technologies Announces Third Quarter Fiscal 2024 Results

Fountain Valley, CA – May 15, 2024: Moving iMage Technologies, Inc. (NYSE AMERICAN: MITQ), (“MiT”), a leading technology and services company for cinema, Esports, stadiums, arenas and other out-of-home entertainment venues, today announced results for its third quarter ended March 31, 2024.

“As expected, our third quarter results were impacted by the long tail of the actors and writers strike in late 2023,” said Phil Rafnson, chairman and chief executive officer of MiT. “This has had an industry-wide impact year to date for several reasons, including the lower 2024 domestic box office, which analysts expect to be flat to down, and budgeting delays at many of our customers. Specifically, we have seen multiple projects and orders pushed out into future quarters. Additional impacts on our financial results specific to our third quarter included a large order for seats, which have a significantly lower gross margin than the Company average, and in general, the negative side to having strong operating leverage, which we expect will be a benefit to the Company’s bottom line when we achieve higher revenue levels.”

Third Quarter Highlights (Fiscal 2024 versus Fiscal 2023)

● Revenue increased 4.0% to $3.9 million compared to $3.7 million;

● Gross Profit decreased to $0.7 million compared to $1.0 million; Gross Margin was 17.4%;

● GAAP Operating Loss of ($0.6) million compared to ($0.5) million;

● GAAP Net Loss and Loss per Share (EPS) of ($0.6) million and ($0.06) compared to ($0.4) million and $(0.04), respectively;

● Non-GAAP Net Loss and Loss per Share (EPS) of ($0.6) million and ($0.06) compared to ($0.4) million and $(0.04), respectively;

● As of March 31, 2024, the Company held cash of $5.9 million;

● During the quarter, the Company repurchased 310,000 shares.

Select Financial Metrics: FY24 versus FY23 as of 3/31/2024*
in millions, except for Income (loss) per Share and percentages	3Q24	3Q23	Change	YTD FY24	YTD FY23	Change
Total Revenue	$3.9	$3.7	4.0%	$13.8	$14.4	-4.5%
Gross Profit	$0.7	$1.0	-35.1%	$3.3	$3.9	-16.8%
Gross Margin	17.4%	27.9%		23.6%	27.1%
Operating Income (Loss)	($0.6)	($0.5)	-23.4%	($1.1)	($0.6)	-77.8%
Operating Margin	-16.7%	-14.1%		-7.9%	-4.3%
GAAP Net Income (Loss)	($0.6)	($0.4)	-41.7%	($1.0)	($0.5)	-105.3%
GAAP Earnings (Loss) per Share	(0.06)	($0.04)	-48.8%	($0.09)	($0.04)	-96.8%
Non-GAAP Net Income (Loss)	($0.6)	($0.4)	-40.6%	($1.0)	($0.5)	-103.2%
Non-GAAP Income (Loss) Per Share	($0.06)	($0.04)	-47.6%	($0.09)	($0.04)	-104.8%
nm = not measurable/meaningful; *may not add up due to rounding

Fiscal 2024 Commentary

“While we expect the industry hangover to continue into our fourth fiscal quarter, we have seen activity that give us optimism that the impact of the strikes will lessen in the quarters to come. First, we finished field testing for LEA’s smart power amps with a top-10 circuit, and the results were promising. We also began testing these products at another top-10 circuit, and hope to start field testing at two other top-10 circuits over the next few quarters. While we have had some early success scoping LEA products into new builds, keep in mind the attrition market for LEA smart power amplifiers represents a $30-60 million annual TAM in North America for us to penetrate over time.

“Behind the scenes, we continue moving forward with our emerging product lines. Our E-caddy concept, which was well received by the handful of Major League Baseball and other sports stadium executives we met, is expected to move into the early manufacturing and testing stage during our fourth quarter. Here, we also had some recent positive news on power consumption, which could materially expand the type of services that we can offer.

“For CineQC, the SaaS quality control and management platform that we license and resell into cinema, the broader rollout has been delayed due to needing a more robust system. While we’ve been co-developing with our paying client, at zero expense to us, after a thorough evaluation, we’ve decided that the underlying technology needs some alterations to scale, and we plan to invest a low six-figure amount to significantly upgrade the technology that should take approximately two quarters to complete. When finished, we expect to have direct control of the technology and a path to finally market the offering more broadly.

“For Esports, we’ve pivoted recently to take a parallel approach with certain larger potential customers while SNDBX is working to raise growth capital. If successful, we believe this could help scale our Esports business more quickly,” concluded Rafnson.

Dial-in and Webcast Information

Date/Time: Wednesday, May 15, 2024, 12:00 a.m. ET

Toll-Free:1-877-407-4021Toll/International:1-201-689-8472

Call me™: Participants can use Guest dial-in #s above and be answered by an operator OR click the Call me™ Link for instant telephone access to the event. Call me™ link will be made active 15 minutes prior to scheduled start time.

Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1655735&tp_key=73206c05af

Telephone Replay
Replay Dial-In: 1-844-512-2921 or 1-412-317-6671
Replay Expiration: Wednesday, May 29, 2024 at 11:59 p.m. ET
Access ID: 13746715Telephone Replays will be made available after conference end time.

About Moving iMage Technologies

Moving iMage Technologies is a leading manufacturer and integrator of purpose-built technology solutions and equipment to support a wide variety of entertainment applications, with a focus on motion picture exhibitions, sports venues and eSports. MiT offers a wide range of products and services, including custom engineering, systems design, integration and installation, enterprise software solution, digital cinema, A/V integration, as well as customized solutions for emerging entertainment technology. MiT’s Caddy Products division designs and sells proprietary cup-holder and other seating-based products and lighting systems for theaters and stadiums.  For more information, visit www.movingimagetech.com.

Forward-Looking Statements

All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks and should be consulted along with

this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements.

Contact:

Brian Siegel, IRC, MBA

Vice President, Investor Relations and Strategic Communications for MiT

Senior Managing Director, Hayden IR

(346) 396-8696

Brian@haydenir.com

MOVING IMAGE TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands except share and per share amounts)

	March 31,		June 30,
	2024		2023
	(unauditied)
Assets
Current Assets:
Cash	$	5,946	$	6,616
Accounts receivable, net		890		905
Inventories, net		4,220		4,419
Prepaid expenses and other		938		451
Total Current Assets		11,994		12,391
Long-Term Assets:
Right-of-use asset		214		415
Property and equipment, net		31		28
Intangibles, net		437		480
Other assets		16		16
Total Long-Term Assets		698		939
Total Assets	$	12,692	$	13,330
Liabilities And Stockholders’ Equity
Current Liabilities:
Accounts payable	$	1,457	$	1,507
Accrued expenses		747		618
Customer deposits		3,895		3,169
Lease liability–current		224		280
Unearned warranty revenue		52		26
Total Current Liabilities		6,375		5,600
Long-Term Liabilities:
Lease liability–non-current		—		151
Total Long-Term Liabilities		—		151
Total Liabilities		6,375		5,751
Stockholders’ Equity
Common stock, $0.00001 par value, 100,000,000 shares authorized, 10,285,971 and 10,685,778 shares issued and outstanding at March 31, 2024 and June 30, 2023, respectively		—		—
Additional paid-in capital		12,157		12,462
Accumulated deficit		(5,840)		(4,883)
Total Stockholders’ Equity		6,317		7,579
Total Liabilities and Stockholders’ Equity	$	12,692	$	13,330

MOVING IMAGE TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands except share and per share amounts)

(unaudited)

	Three Months Ended				Nine Months Ended
	March 31,				March 31,
	2024		2023		2024		2023
Net sales	$	3,890	$	3,741	$	13,790	$	14,435
Cost of goods sold		3,214		2,699		10,536		10,523
Gross profit		676		1,042		3,254		3,912
Operating expenses:
Research and development		73		66		212		195
Selling and marketing		547		663		1,717		1,867
General and administrative		705		839		2,421		2,464
Total operating expenses		1,325		1,568		4,350		4,526
Operating loss		(649)		(526)		(1,096)		(614)
Other income (expense)
Unrealized loss on marketable securities		—		81		—		243
Realized loss on marketable securities		—		—		—		(167)
Interest and other income, net		48		21		140		66
Total other income (expense)		48		102		140		142
Net income/(loss)	$	(601)	$	(424)	$	(956)	$	(472)
Net profit/(loss) per common share basic and diluted	$	(0.06)	$	(0.04)	$	(0.09)	$	(0.04)
Weighted average shares outstanding: basic and diluted		10,436,519		10,956,413		10,593,229		10,947,790

MOVING IMAGE TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

	Nine Months Ended
	December 31,
	2024		2023
Cash flows from operating activities:
Net income/(loss)	$	(956)	$	(472)
Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities:
Provision for credit lossses		(52)		(5)
Inventory reserve		433		80
Depreciation expense		9		6
Amortization expense		43		72
ROU amortization		201		—
Stock option compensation expense		15		—
Realized gain on investments		—		(76)
Changes in operating assets and liabilities
Accounts receivable		67		778
Inventories, net		(234)		(883)
Prepaid expenses and other		(487)		289
Accounts payable		(50)		558
Accrued expenses		129		(6)
Unearned warranty revenue		26		30
Customer deposits		726		(1,066)
Lease liabilities		(207)		—
Net cash used in operating activities		(337)		(685)
Cash flows from investing activities
Sales of marketable securities		—		12,418
Purchases of marketable securities		—		(7,660)
Purchases of property and equipment		(12)		(7)
Net cash provided by used in investing activities		(12)		4,751
Cash flows from financing activities
Stock Buyback		(334)		(49)
Stock issued for Director expense		13		—
Net cash (used in) financing activities		(321)		(49)
Net increase (decrease) in cash		(670)		4,017
Cash, beginning of the year		6,616		2,340
Cash, end of the year	$	5,946	$	6,357

Use of Non-GAAP Measures

The Company uses non-GAAP net income/loss and earnings/loss per share as a measure customarily used by investors and analysts to evaluate the financial performance of companies in addition to the GAAP measures that we present. Our management also believes that eliminating one-time items and non-cash stock compensation expense is useful in evaluating our core operating results and comparing results to prior periods. However, non-GAAP metrics are not a measure of financial performance under GAAP in the United States of America and should not be considered an alternative to Net Income as an indicator of our operating performance.

RECONCILIATION OF NON-GAAP ITEMS

(in $millions except for per share numbers)