NYSE: IMAX is 3.1% higher postmarket as it eked out a revenue beat in the second quarter thanks in big part to the largely baked-in high performance of the year's biggest film, blockbuster Top Gun: Maverick.
Total gross box office rose to $247.7M - up more than 128%, and revenues jumped 45% to $74M.
Gross margin rose to $44M from a year-ago $25.6M. Meanwhile, quarterly loss narrowed to $2.9M from a year-ago loss of $9.2M.
This second quarter saw an impact from a $3.2M charge IMAX has taken due to "COVID-related lockdowns and depressed box office levels in China." It also includes a $5.1M valuation allowance against deferred tax assets.
For the first time, the company strung together three straight $25M-plus global openings: Doctor Strange in the Multiverse of Madness; Jurassic World Dominion; and Top Gun: Maverick.
"IMAX is playing a leading role in the global resurgence in moviegoing, as demonstrated by our strong financial results, global box office growth, and market share gains we delivered in the second quarter," says CEO Richard Gelfond.
"In fact, our second quarter results in North America were on par with our record-breaking 2019, as consumers continue to seek out IMAX as a destination for fandom," he added.
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IMAX manages Q2 revenue beat after string of blockbusters