IMAX Corp · Q2 2021 earnings

Briefing

IMAX reported strong year-over-year growth in total revenue and global box office, driven by the initial return of Hollywood blockbuster releases and a significant rebound in the domestic box office.

IMAX reported second quarter 2021 revenues of $51.0 million, gross margin of $25.6 million, and a net loss attributable to common shareholders of ($9.2) million, or ($0.16) per diluted share. The Company delivered its best quarterly gross margin and Adjusted EPS of the pandemic era, as well as its third consecutive quarter of positive EBITDA, as Hollywood blockbuster releases returned and drove a significant rebound of the domestic box office.

• IMAX delivered strong year-over-year growth in Total Revenue and Global Box Office, driven by the initial return of Hollywood blockbuster releases and a significant rebound in the domestic box office
• The Company continued to improve its operating results, reporting its best Gross Margin of the pandemic era, and third consecutive quarter of positive EBITDA as the recovery of the global film industry gains momentum
• The IMAX Global Network is now 90% open – the highest level since the onset of the pandemic – with capacity limitations continuing to ease in many key markets worldwide
• IMAX expects to benefit from the robust Hollywood film slate, with major tentpole releases scheduled to arrive in theaters at least every two weeks beginning early September

Headline financials

Revenue & EPS history

We believe the table is set for a dramatic rebound for blockbuster moviegoing beginning this fall and throughout 2022, as a powerful slate of Hollywood tentpoles representing many of the biggest global franchises in entertainment arrives in theaters worldwide.