Imax just released numbers for the second quarter ended in June, but eyes are on July – specifically, the massive debut of The Odyssey that just provided the big screen exhibitor with its most muscular opening weekend ever.
The film also delivered the highest Imax international market share of any major release in the company’s history, said an exultant CEO Rich Gelfond. Imax accounted for 20% of the film’s global opening weekend grosses on less than 1% of total screens.
He called the Christopher Nolan film from Universal, which was shot with an Imax film camera, “a transformational event” and “the purest and most complete expression yet of the power of our global platform.”
“The Odyssey has the potential to impact our business in many ways that are clear — and many ways we can’t yet predict, as its success on our platform reverberates across the creative community, and throughout the entertainment landscape,” he said in a statement. In the near-term, it provides terrific momentum into the second half, he said.
Meanwhile, the company’s second quarter saw revenue jump 12% to about $103 million. Its second quarter global box office of $285 million marked Imax’s highest for a Q2 since 2019, driven by strong 24% box office growth in international markets excluding Mainland China.
Top grossing second quarter titles included Michael ($69 million), The Mandalorian & Grogu ($42 million), and The Super Mario Galaxy Movie ($39 million).
Imax has two divisions, Content Solutions (big screen ticket sales) and Technology Products & Services led by sales, rentals and installations of Imax equipment and systems inside theaters. Imax had 1,809 locations as of June 30.
Net cash stood at $36 million. Available liquidity was $551 million.
In May, it was revealed that the company was exploring a possible sale.
Gelfond will host a post-earnings call with analysts at 8:30 ET.