such as MiTranslator, CineQC, and E-caddy, which have gross margins over 50%. These products are focused on enhancing the cinema experience and improving operational efficiency for theater owners.
In addition to our cinema business, we are also focusing on expanding into new markets such as live entertainment venues and Esports. These emerging markets offer exciting growth opportunities for MIT, and we are developing new technologies to cater to the needs of these industries.
Overall, despite the challenges we have faced due to the Hollywood strikes and the impact on our financials, we are optimistic about the future of MIT. We are committed to driving growth through innovation, focusing on higher-margin products, and reducing business cyclicality. We believe that our strategic initiatives will position us for long-term success and create value for our shareholders.
Now I will turn the call over to Bill to discuss our financial results in more detail.
Bill Greene: Thank you, Joe. Good morning, everyone. I will provide an overview of our financial results for the third quarter of 2024. As mentioned earlier, our revenue for the quarter increased by 4% year-over-year to $3.9 million. However, our gross profit decreased to $0.7 million, leading to a gross margin of 17.4%. This decline in gross margin was primarily due to the lower margin FF&E projects in our cinema business.
Our cash and cash equivalents stood at $5.9 million at the end of the quarter, reflecting our strong financial position. We continue to focus on cost management and are working on improving project margins and expanding our lineup of higher-margin proprietary products.
Looking ahead, we expect a decline in revenue and gross margin in the fourth quarter due to the ongoing impact of the Hollywood strikes. However, we are confident in our ability to navigate these challenges and drive future growth through our strategic initiatives.
In conclusion, we remain committed to delivering value to our shareholders and are excited about the opportunities ahead for MIT. Thank you for joining us today. We will now open the call for any questions.
Operator: Thank you. As a reminder, if you would like to ask a question, please press *1 on your telephone keypad. We will pause for a moment to compile the Q&A roster.
[Silence]
Operator: Our first question comes from the line of [Analyst Name] with [Analyst Firm]. Please proceed with your question.
[No questions were asked during the Q&A session]
Operator: As there are no further questions, I will now turn the call back over to Mr. Brian Siegel for any closing remarks.
Brian Siegel: Thank you, Operator. This concludes our earnings call for the third quarter of 2024. Thank you for joining us today. If you have any further questions, please feel free to reach out to our Investor Relations team. Have a great day.
[End of Call]