Imax experienced a decrease in revenue and profit in the last quarter, with sales falling by 9% to $89 million for the three months ended in June. This decline was accompanied by a drop in adjusted EBITDA by 14% to $31 million and adjusted earnings per share to 18 cents from 26 cents in the previous year.
Despite the financial setbacks, Imax managed to exceed Wall Street estimates due to a surge in global box office earnings in June. The company reported a global box office revenue of $196.4 million in Q2, driven by a strong performance of hit releases that continued into Q3.
Imax also attributed its positive results to the sale of the Imax original documentary, The Blue Angels, to Amazon. The film generated over $2.2 million in Imax sales and achieved the highest grossing theatrical documentary opening of the year. It also became the top original film on Prime Video during its debut weekend.
CEO Rich Gelfond expressed optimism about the company’s future, stating that Imax is well-positioned to capitalize on its strong business model. Despite challenges from the Hollywood strikes and the lingering effects of the pandemic, Imax is confident in its ability to leverage its assets and drive growth.
Overall, Imax’s performance in Q2 demonstrated resilience and potential for growth, with a strong box office showing and successful launches of original content. The company’s ability to adapt to market conditions and capitalize on emerging opportunities bodes well for its future prospects.