Imax Says Strongest Quarter Since Pandemic Reflects “Significant Turning Point In Global Box Office”

Movies

Imax sales surged last quarter as it delivered $142 million in global box office sales — up 100% year-over-year.

It’s since broke records for the high-grossing month of October, with Dune being the latest hit Stateside, and said it expects an accelerating pipeline of blockbusters set for exclusive theatrical release to further build consumer momentum worldwide in the current quarter and next year.

Revenue attributable to the big screen theater chain, which includes Imax technology network and sales, jumped 52% to about $57 million for the three months ended in September. Black Widow, Free Guy and Shang Chi and The Legend of the Tend Rings, along with Dune, in international markets, drew audiences back to theaters in record numbers.

Imax’ net loss narrowed dramatically to $8.4 million from $47.2 million, reported a loss per share of 14 cents to 8 cents. The company cited “a significant turning point in the global box office with pent up consumer demand for The Imax Experience continuing to gain momentum as theaters reopen around the world.”

“The power of the Imax theatrical window for blockbuster films is clear as we continue to draw moviegoers to the theaters, gain market share, and grow our relationships with local exhibitors, studios, and filmmakers,” said CEO Rich Gelfond.

Total cash and cash equivalents as of September were $19 million. Total debt, excluding deferred financing costs, was $241 million. Imax said it repurchased $4.6 million worth of shares in the quarter. IMAX China repurchased $5 million in stock.

Dune, which was filmed in Imax, was a milestone, scoring the exhibitors biggest global October opening weekend ever — earning $17.8 million globally across the network for the weekend, an unprecedented 20% of the film’s weekend total.

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