Imax Corp Stock Price, News & Analysis

IMAX Corporation reported a remarkable achievement with the global opening of "Avatar: The Way of Water," which amassed $48.8 million in its opening weekend. This marks the second-largest IMAX global opening ever and the biggest December opening for IMAX. The film accounted for 11.2% of the film's worldwide gross, with notable contributions from both North America ($16.5 million) and China ($15.8 million). IMAX's share of the Chinese box office reached a record 27%, solidifying its strong market presence.

IMAX China has appointed Daniel Manwaring as its new CEO, effective January 9, 2023. He succeeds interim CEO Jiande Chen, who returns as Vice Chairman. Manwaring brings extensive experience from CAA, where he led efforts in building relationships within the Chinese film industry and helping drive local and Hollywood films to theaters in China. His expertise positions IMAX to strengthen its leadership in the Chinese cinema market. CEO Rich Gelfond highlighted Manwaring’s experience and ties with filmmakers and financial partners as crucial assets for IMAX's growth.

IMAX Corporation (NYSE: IMAX) celebrated the success of the concert film CENTRAL TOUR by French band INDOCHINE, attracting 128,296 viewers and grossing $2.08 million in France. Released on November 24, it became the largest event cinema release for a French film, surpassing Black Panther: Wakanda Forever on its opening day. The film was shown across 477 cinemas, including 16 IMAX screens. IMAX's exclusive encores contributed $482,000, totalled 22% of overall gross. The event emphasizes the enduring appeal of cinemas post-pandemic.

IMAX Corporation (NYSE: IMAX) will participate in the 6th Annual Wells Fargo TMT Summit on November 29, 2022, in Las Vegas. The event will feature a virtual fireside chat at 10:40 AM PT, led by CEO Rich Gelfond. Additionally, one-on-one investor meetings will take place during the conference with other key executives, including Natasha Fernandes, CFO, and Jennifer Horsley, Senior VP of IR. A live webcast will be accessible on the IMAX Investor Relations website.

IMAX Corporation achieved a record-breaking weekend with the $14.2 million domestic opening of Disney/Marvel's Black Panther: Wakanda Forever, marking the largest IMAX November opening in 26 markets globally. The film garnered a total worldwide debut of $22.6 million. IMAX also reported $8.4 million from international box offices, setting records in countries such as France, Germany, and Nigeria. CEO Rich Gelfond anticipates a robust performance through the Thanksgiving period, with further IMAX exclusives planned for the coming months.

IMAX Corporation reported significant financial growth in Q3 2022, with total revenue increasing by 21% year-over-year to $68.8 million. Gross margin improved by 15%, totaling $31.7 million. Although there was a net loss of $9 million, adjusted net loss shrank to $3 million, outperforming last year. Notably, the total IMAX gross box office rose 25% to $177.1 million, driven by local language blockbusters. The acquisition of SSIMWAVE aims to enhance IMAX's streaming technology capabilities.

IMAX Corporation announced a partnership with Saudi Cinema Company, expanding their collaboration with six new IMAX with Laser systems in Saudi Arabia. This expansion will increase the number of IMAX screens in the kingdom from 12 to 18 across major cities. In 2021, Saudi Arabia's box office reached nearly $240 million, ranking it among IMAX's top ten global markets. IMAX's network also captures over 15% market share for major Hollywood releases despite having less than 6% of overall screens.

IMAX Corporation (NYSE: IMAX) is set to hold a quarterly conference call on October 31, 2022, at 4:30 p.m. Eastern Time to discuss its third-quarter 2022 financial results. The call will be accessible via webcast and telephone, with a pre-registration process in place for dial-in participants. As of June 30, 2022, IMAX operates 1,694 theater systems globally. The upcoming call is anticipated to provide insights into the company’s performance and future outlook.

IMAX Corporation has announced a significant nine-theatre deal with Wanda Film, China's largest exhibitor, marking the installation of six new IMAX systems in key markets. This agreement is the first of its kind since February 2021, highlighting a renewed momentum in the Chinese market. Additional upgrades will be made to three existing IMAX systems. The partnership, which spans over a decade, now includes locations in major cities such as Shanghai and Shenzhen, further solidifying IMAX's position in the global box office landscape.