Imax Falls Short of Wall Street Expectations With $9 Million Loss in Q3

Though Imax’s efforts to expand beyond movie theaters are still ongoing, it couldn’t completely dodge the box office drought seen this past quarter as it reported a drop in revenue in its Q3 2022 report compared to the lucrative early summer months. Imax reported quarterly revenue of $68 million, which is down approximately 9% from Q2 2022. That figure is still a year-over-year increase of 20% from the $56.6 million revenue reported in Q3 2021, when theaters were still in the midst of the pandemic reopening process. But the company is still reporting a quarterly loss of $9 million, slightly worse than the $8.4 million loss a year ago. That comes to an adjusted net loss of 3 cents per share, up from a 5 cents per share loss a year ago but short of Wall Street analyst projections of earnings of 2-4 cents per share.Total box office gross followed the same trend with $177.1 million grossed worldwide, down approximately 28% from the $244 million reported last quarter when “Top Gun: Maverick” and “Jurassic World: Dominion” were in theaters but up 25% from the $144 million reported in Q3 2021. Imax got some boost early this quarter from July releases like “Thor: Love and Thunder” and “Nope,” but a lack of major event releases in August and September took their toll. More to come…

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