Hollywood’s box office recovery continues to underpin Imax, judging by the second-quarter financial results from the film technologies company released on Thursday.
Imax had revenue of $91.7 million in the latest quarter, up 3 percent from $89 million in the year-ago period, while net income rose 139 percent to $12 million, compared to a year-earlier $5.1 million. The adjusted earnings per-share hit 26 cents, against a year-earlier 18 cents.
The Q2 quarter in 2024 included the sale of the Imax original documentary The Blue Angels. Imax succeeded at the box office during the latest quarter with movies like F1: The Movie, Ryan Coogler’s Sinners and Mission: Impossible – The Final Reckoning on its screens. All three tentpoles were shot using Imax cameras with an eye to leveraging the company’s big screen experience.
“Imax delivered outstanding financial results in the second quarter as the key drivers of our business worked in concert, with strong network growth worldwide, record box office in North America and impressive market share gains driven by more releases filmed with our technology than ever,” Imax CEO Rich Gelfond said in a statement ahead of an analyst call to discuss his latest financial results.
Gelfond added that the current third quarter for the company was off to a “very strong start.”
During the latest quarter, Imax posted its highest-grossing quarter ever at the North American box office at $143 million. The global box office during the second quarter came to $281 million.
Imax expects to deliver a record $1.2 billion in global box office in 2025.