The ongoing box office recovery effort has led to improvements in Imax’s finances, as the company’s Q2 2021 earnings report showed another increase in revenue thanks to studio blockbusters like Universal’s “F9,” Warner Bros.’ “Godzilla vs. Kong” and Paramount’s “A Quiet Place Part II.”
Imax reported Q2 revenues of $51 million, up 31.4% from the $38.8 million reported last quarter and well up from the $8.9 million reported in Q2 2020 when theaters worldwide were closed by the pandemic. The company also reported a gross margin of $25.6 million and a net loss of $9.2 million, or 16 cents per share. That net loss is down from the $14.8 million reported in Q1 and beats analyst projections of a per-share second quarter loss of 27 cents on revenue of $42.8 million.
Last quarter, the bright spots for IMAX mostly came from Asia, where theaters were reopening faster than their American counterparts. But now, with 90% of IMAX auditoriums now reopened, box office revenue from the premium format for recent films has been driven more by U.S. theaters. Since opening in late May, John Krasinksi’s “Quiet Place” sequel has grossed $139.3 million domestically.
CEO Rich Gelfond said that despite the spread of the COVID-19 Delta variant, he is optimistic that revenue will continue to increase as theaters head into a fall slate that includes films like Disney/Marvel’s “Shang-Chi” in September and MGM’s “No Time to Die” and Warner Bros.’ “Dune” in October.
“Imax is helping to lead the global recovery of the film industry and is uniquely positioned to benefit immediately
as cinemas reopen, the Hollywood blockbuster film slate restarts, and audiences return to theaters worldwide,” Gelfond said in a statement. “We continue to demonstrate that an Imax release is a window unto itself, proven to draw moviegoers to the theaters, drive premium revenue, and launch event films into the ecosystem.”
“Most encouragingly, the domestic box office is showing the same signs of pent-up demand for moviegoing we’ve
seen throughout Asia and other key markets — with each successive major tentpole release delivering an
incrementally stronger debut,” Gelfond added.