Imax edged Wall Street analysts’ estimates for the first quarter, saying Project Hail Mary helped it contend with difficult comparisons with the Ne Zha 2 bonanza of last year’s period.
Total revenue slipped 6% from the year-ago period, coming it at $81.4 million. Earnings per share climbed to 17 cents a share from 13 cents a year ago. Both top- and bottom-line metrics beat Wall Street analysts’ consensus expectation.
The company reaffirmed guidance that it expects to deliver a record $1.4 billion in global box office revenue from its sites in 2026.
Amazon MGM Studios’ Project Hail Mary, a sci-fi drama with Ryan Gosling, more than doubled Imax’s internal projections, the company said. The film has pulled in more than $600 million globally to date, easily ranking as the studio’s top-grossing title to date.
Ne Zha 2 was a phenomenon, especially placed during the often lucrative Chinese New Year period during last year’s first quarter. With more than $2.2 billion in box office, the film is the biggest animated film of all time, and the No. 4 title of any genre on the all-time list.
Project Hail Mary and Avatar: Fire and Ash paced the company’s $260 million in global box office during the quarter. Results in China lagged the year-ago period, of course, but North America grew 75% and the rest of the world excluding China was up 60%.
Imax CEO Rich Gelfond has been gradually resuming his duties after taking temporary medical leave earlier this spring. Normally a fixture at events like last week’s CinemaCon, the exec has been on the sidelines.
“My recovery from pneumonia is progressing well. I have been discharged from the hospital and will continue to focus on my health in the coming weeks,” Gelfond said in the earnings release. “I want to thank my doctors, my family, the team at IMAX, and everyone for their support.
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