IMAX Corporation (NYSE: IMAX) has reported strong top and bottom-line financial results for the first quarter of 2023, demonstrating the value of its unique global entertainment technology platform and content portfolio.
Global entertainment technology platform drives strong year-over-year growth across all key metrics, including Revenue (+45 percent), Gross Margin (+58 percent) and Adjusted EBITDA (+84 percent).
System sales climb to 63 signings year-to-date through April — significantly more than the Company delivered in all of 2022.
Strong global box office performance of $273 million highlighted by multiple IMAX records, including:
- Highest grossing Q1 ever.
- Greatest Q1 global market share ever.
- Highest grossing quarter ever for local language films.
- Highest grossing local language release ever.
- Promising upcoming blockbuster slate includes Guardians of the Galaxy Vol. 3, Fast X, The Flash, Indiana Jones and the Dial of Destiny, and Mission Impossible – Dead Reckoning Part One.
- Dramatic improvement in Q1 cash flow, with cash from operations of $21.2 million versus ($3.8) million use of cash in Q1 2022.
“IMAX is off to an extremely strong start in 2023, with extraordinary growth in system sales and global box office soaring to an all-time record in the first quarter,” said Richard L. Gelfond, Chief Executive Officer of IMAX. “IMAX has already struck more deals for new and upgraded systems around the world in 2023 than it did in all of 2022, setting the stage for accelerating network expansion. With a very strong summer slate, robust sales activity, and our busiest period of the year for installations ahead, we believe we have a substantial opportunity to drive further growth in our business and results for our shareholders this year and beyond.”
“What’s clear in our results is that IMAX is more global than ever. Many of our signings came in high-value, strong box office international markets where we see significant potential to grow our footprint and drive revenue. Furthermore, nearly a third of our record-breaking global box office in the quarter came from non-Hollywood films — a strong validation of our strategy to diversify our content portfolio and become a leading platform for local language blockbusters around the world.”
“We remain confident we will drive significant growth in 2023 across global box office, system signings, installations, and adjusted EBITDA. And the rapid acceleration of sales activity is a very positive indicator for long-term growth across our global network, box office, and financial results.”