Imax rides The Odyssey wave after $103 million quarter
Imax says Christopher Nolan’s The Odyssey delivered its biggest opening weekend ever after the company posted a stronger second quarter.
By Bianca Rossi · Entertainment Editor
2 min read
Imax had already posted a brighter second quarter before Christopher Nolan’s The Odyssey came crashing onto its screens in July.
The large-format cinema company said revenue for the quarter ended in June rose 12% to about $103 million. Global box office for Imax reached $285 million in the period, its best second quarter since 2019, according to the company.
Then came The Odyssey, the Universal release shot with an Imax film camera. Chief executive Rich Gelfond said the film gave Imax its biggest opening weekend in company history.
Gelfond also said the movie delivered the highest Imax international market share for any major release the company has had. Imax screens represented less than 1% of total screens worldwide for the debut, but accounted for 20% of global opening-weekend grosses, according to the company.
Gelfond hails a Nolan-sized boost
Gelfond called The Odyssey “a transformational event” for Imax and described it as “the purest and most complete expression yet of the power of our global platform.”
In a statement, he said the film could affect the company in ways that are already visible and in ways that are still hard to forecast, as its performance reaches filmmakers and the wider entertainment business. He added that the movie gives Imax strong momentum for the back half of the year.
The timing matters. Imax’s second-quarter results cover the period before the July release of The Odyssey, meaning the full financial lift from Nolan’s film will land after the quarter just reported.
International box office carries the quarter
Imax said its second-quarter box office was helped by a 24% rise in international markets outside Mainland China.
The company’s top-grossing Imax titles in the quarter included Michael with $69 million, The Mandalorian & Grogu with $42 million and The Super Mario Galaxy Movie with $39 million.
Imax operates through two main divisions. Content Solutions covers big-screen ticket sales, while Technology Products & Services includes the sale, rental and installation of Imax equipment and systems in theaters.
As of June 30, Imax said it had 1,809 locations. The company reported net cash of $36 million and available liquidity of $551 million.
The earnings update lands after Deadline reported in May that Imax was exploring a possible sale. Gelfond is scheduled to speak with analysts on a post-earnings call at 8:30 a.m. ET.
This story draws on original reporting from Deadline.