Imax Ups Q3 Revenue 21%, Net Loss Grows to $9 Million - Media Play News

Erik Gruenwedel

October 31, 2022

Theatrical exhibitor Imax Oct. 31 reported a 3rd 4th (ended Sept. 30) nett nonaccomplishment of $9 million, up astir 7% from a nett nonaccomplishment of $8.4 cardinal successful the previous-year period. Imax saw gross summation 21% to $68.8 cardinal from $56.6 cardinal successful the prior-year quarter.

Through 9 months of the fiscal year, Imax has narrowed its nett nonaccomplishment 22% to $25.4 cardinal from $32.4 cardinal past year. Revenue has accrued 39% to $202.8 cardinal from $146.3 million.

CEO Richard Gelfond

CEO Richard Gelfond attributed the gross summation to the company’s diversified gross model, including local-language movies, and acquisition of streaming exertion institution SSIMWAVE, enhancing its quality its branded surface images successful the home.

“[We] demonstrated the spot of [our] differentiated exemplary successful the 4th to turn revenue, container office, and [pre-tax earnings] contempt a impermanent slowdown successful the Hollywood pipeline,” Gelfond said successful a statement.

The enforcement is eying “significant imaginable tailwinds” this 4th with the merchandise of Black Panther: Wakanda Forever and Avatar: The Way of Water, the second the long-awaited sequel to the highest grossing Imax movie ($270 million) of each time.

“In the short-term, SSIMWAVE is expected to make incremental gross and beryllium accretive successful 2023, and successful the semipermanent unfastened a caller satellite of anticipation for our representation enhancement capabilities — crossed not lone streaming and theatrical, but gaming, virtual world (VR) and augmented world (AR),” Gelfond said.