Imax Corp - IMAX STOCK NEWS

IMAX Corporation (NYSE: IMAX) announced on January 3, 2023, that "Avatar: The Way of Water" became its highest-grossing film of 2022, generating $160 million at the global IMAX box office. The film ranks as the fourth highest-grossing IMAX release ever and has topped the box office in 18 markets. IMAX's total global box office for 2022 reached $848.5 million, a 33% increase from 2021, aided by the installation of 92 systems worldwide. IMAX enjoys significant market share in both domestic and international markets for this title, particularly in China.

IMAX Corporation reported that "Avatar: The Way of Water" has achieved $105.5 million in global box office receipts, marking the fastest film to surpass $100 million in IMAX since April 2019. The film accounts for 11.4% of its global gross, making it one of the top ten all-time IMAX releases. In China, it brought in $26.5 million, representing 25.5% of total grosses on just 1% of screens. The film is performing exceptionally well internationally, with a gross of $67.5 million outside North America, solidifying its position as the highest-grossing IMAX title in several countries.

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.