Imax Q1 Beats Street With Highest Ever North American Market Share Thanks To ‘Dune: Part 2’ In Period With Few Big Releases

deadline.com:

Imax more than hit its Q1 numbers with $79 million in revenue last quarter (down 9%) and a solid earnings bump thanks in large part to its run with Dune: Part 2, a blockbuster amid a slow quarter for big releases.

The box office was offset in part by a dip in new Imax systems sales. The large format exhibitor’s global box office of $261 million marked its third highest grossing Q1 ever, driven by Dune, Godzilla x Kong: New Empire, Imax-exclusive Queen Rock Montreal and local language releases (21% of the total) in a quarter hit by a soft release slate due to the Hollywood strikes.

Adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) of $32 million was about flat from the year before, beating Wall Street consensus.

Net income of $3.3 million was up from $2.5 million. The shares have been on a roll recently, including this week, as Wall Street increasingly considers Imax the best way to find upside in the ongoing consumer shift toward premium screens.