IMAX‘s first-quarter revenues were boosted by “The Batman,” a gloomy reinterpretation of the Bruce Wayne tale that became a box office triumph this spring.
IMAX‘s revenue increased by 55% to $60 million in the three months ending in April, which the firm credited to the success of the comic book revival, as well as the attractiveness of some special events, such as the re-release of “Get Back,” a Beatles documentary that first aired on Disney+. The superhero sequel “Spider-Man: No Way Home,” which dominated the Christmas movie office, continues to fare well in 2022.
Losses were also reduced to $13.6 million, or 23 cents per share, compared to $14.8 million, or 25 cents per share, in the previous quarter. The news comes as Imax and the wider theater industry strive to recover from the box office slump that defined the COVID period when studios drastically reduced the number of significant releases.
That should change soon, according to IMAX, with blockbuster aspirations like “Doctor Strange in the Multiverse of Madness,” “Jurassic World Dominion” and “Top Gun: Maverick,” all set to debut in the coming months. Wide-screen technology is available from the corporation, which is ideal for big-budget action movies.
However, the firm is being impacted by geopolitical concerns. The invasion of Ukraine by Russia, as well as sanctions imposed by the US and its allies, were reflected in Imax’s financial statements. Because of the unpredictability of collecting debts in Russia, the business declared a net non-cash provision of $6.9 million due to an increase in reserves. In addition, COVID-related closures in China have reduced Imax’s sales and caused the company to close several facilities until the spike subsides.
Because of the unpredictability of collecting debts in Russia, the business declared a net non-cash provision of $6.9 million due to an increase in reserves. In addition, COVID-related closures in China have reduced IMAX‘s sales and caused the company to close several facilities until the spike subsides.
Overall, IMAX recorded $173.2 million in global box office revenue for the quarter, up 57 percent over the previous quarter.
However, Wall Street was not fully pleased with the improving financial situation. In the after-hours trade, IMAX stock was down 6.5 percent.