Imax Corp Stock Price, News & Analysis

IMAX Corporation (NYSE: IMAX) reported record-breaking results from the animated film "The Super Mario Bros. Movie," which achieved an all-time high opening weekend for an animated film with $21.6 million globally and $16.6 million in North America. This marks IMAX's best animated film debut and indicates strong box office performance as the summer blockbuster season approaches.

CEO Rich Gelfond highlighted how 2023 has yielded record openings across various genres, reflecting the strong demand for the IMAX experience. The film also set records in multiple international markets including the UK, Germany, and Latin America. Furthermore, it will continue to run on the IMAX network in the coming weeks.

IMAX Corporation (NYSE: IMAX) announced a record-breaking first quarter box office of $282.2 million for 2023, surpassing its previous record by over $10 million. The success stemmed from a diverse range of films, making it IMAX's highest grossing quarter for local language films. Highlights include $86.3 million from local language releases, with notable performances from titles like The Wandering Earth 2 in China and Pathaan in India. CEO Rich Gelfond expressed optimism for 2023, anticipating a return to pre-pandemic box office levels. IMAX plans to release 30 to 40 local language films this year.

On March 14, 2023, IMAX Corporation (NYSE: IMAX) announced a strategic partnership with EntTelligence. This agreement grants IMAX access to robust theatrical impression-based analytics derived from over 3,000 theaters. EntTelligence's advanced platform enables precise measurement of attendance and capacity at the seat level, providing valuable insights for IMAX's film slate. Steve Buck, Chief Strategy Officer at EntTelligence, highlighted the significance of this collaboration for enhancing audience engagement. Craig Dehmel from IMAX expressed enthusiasm about leveraging EntTelligence's technology to further enrich the IMAX Experience globally.

IMAX Corporation (NYSE: IMAX) announced the appointments of Gail Berman and Jen Wong to its Board of Directors on March 6, 2023. Berman is an accomplished executive with extensive experience in film, television, digital media, and Broadway, currently serving as CEO of The Jackal Group. Wong, currently the COO of Reddit, brings a wealth of knowledge in digital sales and strategy from positions at Time Inc. and AOL. CEO Rich Gelfond emphasized the importance of diversifying IMAX's expertise in a rapidly evolving entertainment landscape, with both leaders expected to enhance partnerships and the company's technology expansion.

IMAX Corporation (NYSE: IMAX) has expanded its partnership with Cineplexx Austria to introduce three new IMAX with Laser systems in Europe, including Kosovo, which will mark the first IMAX installation in that country. This agreement highlights IMAX's commitment to growth in Europe, particularly in markets like Austria and new territories. Cineplexx currently operates eight IMAX locations in Austria, Serbia, and Greece. IMAX continues to experience momentum in Europe, with recent successes like 'Avatar: The Way of Water' being the highest-grossing IMAX release. This expansion reflects IMAX's strategy to enhance audience experiences with advanced technology.

IMAX Corporation anticipates a return to pre-pandemic gross box office levels of $1.1 billion in 2023, buoyed by the strong opening of China and the success of 'Avatar: The Way of Water', which grossed around $250 million globally. The company achieved a record $61.3 million box office during the Chinese New Year, led by 'The Wandering Earth 2'. IMAX reported a 33% increase in gross global box office to $850 million in 2022, garnering a 4.8% share of the domestic box office. Despite a 10% decline in Q4 revenue year-over-year to $98 million, full-year revenue rose 18% to $300.8 million.

IMAX Corporation (NYSE: IMAX) reported a strong performance with the debut of Disney/Marvel's Ant-Man and the Wasp: Quantumania, which achieved a $24 million global opening in IMAX, outperforming the previous two films combined. The domestic opening grossed $12.2 million, representing 10% of the overall domestic box office. In China, IMAX garnered $4 million from the film, capturing 21% of the opening revenue on less than 1% of screens. Looking ahead, IMAX anticipates further success with upcoming films like Creed III and Guardians of the Galaxy Vol. 3.

IMAX Corporation reported record-breaking box office revenue of $61.3 million during the recent Chinese New Year holiday, a 72% increase compared to 2022. This performance marks the company's best-ever results for Chinese local language films during this peak period. The success was largely driven by 'The Wandering Earth 2', which generated $50.4 million on IMAX screens, constituting 9% of the film's total box office. IMAX has already earned $82 million in 2023 from the Chinese box office, significantly exceeding its revenue for all of 2022. CEO Rich Gelfond expressed optimism for the future as China rebounds as a leading moviegoing market.

IMAX Corporation (NYSE: IMAX) has announced a significant expansion of its partnership with Cinema XXI, Indonesia's largest cinema chain, by adding ten new IMAX with Laser systems. This deal will double the number of IMAX theatres in Indonesia from ten to twenty and is the largest agreement for new systems since 2020. Locations will include key cities such as Bandung and Jakarta, with a rollout expected through 2027. IMAX aims to strengthen its market presence in Indonesia, which showed promising growth with notable releases in local cinema. The new theatres will enhance the moviegoing experience with advanced technology.