watch now
Imax is on a winning streak, and it has Christopher Nolan to thank.
Shares of the entertainment technology company hit an all-time high Monday as it continues to haul in box office receipts from Nolan's "The Odyssey." Imax CEO Rich Gelfond said Monday the film is tracking almost double what Nolan's "Oppenheimer" raked in in 2023.
"The guy's a genius. How do you thank a genius? You work with him again," Gelfond told CNBC's "Squawk on the Street." This is like the eighth film we've done with Chris."
But Gelfond said the company's success — including its best month of July on record — is about more than the box office: "It's a flywheel."
"We're opening more theaters, we're installing more theaters, our recurring cash flow is greater, our cash conversion rate is higher," he said. "So, it's really based on the fundamentals."
Gelfond noted that Monday's nearly 6% stock jump was partially a response to another big box office weekend for the company. Imax posted its third weekend in a row of more than $50 million in global ticket sales, and sustained demand could extend the streak.
In total, the company has generated $221 million in global box office from "The Odyssey," representing nearly 25% of the total global tally for the Universal flick.
Stock Chart IconStock chart icon
IMAX stock hits all-time high.
Imax has already extended the run of Nolan's epic, particularly the coveted 70 mm screenings, through mid-September. Many of those showings are already sold out globally, Gelfond said.
While Imax offers a variety of screen options, including digital versions of the 70 mm aspect ratio, these viewings are often cropped to fit the auditorium in which they are being shown. There are only 25 screens in the U.S. that can play physical film reels and only 41 locations in total around the world. Those screens are limited in number because the majority of movies are filmed and screened digitally.
"I just found out this morning in Montpellier, France ... the tourist bureau found out there's a 30% increase in ridership on their metro since [the opening of 'The Odyssey']," Gelfond said. "People are flying to different countries. You know, like here in New York, you can't get a ticket until September. It's really become like a luxury brand, almost."
The box office success of "The Odyssey" has seemed to reverse Wall Street's worries that the delayed release of Netflix's and Greta Gerwig's "Narnia: The Magician's Nephew" would prevent Imax from reaching its annual guidance.
The stock is up 37% year to date, on pace for its fourth straight annual gain and has risen 100% over the past 12 months. Shares are set to close above $50 apiece for the first time in Imax history.
Earlier this year, Imax held "preliminary talks" with potential buyers, CNBC previously reported.
On Monday, Gelfond once again left the door open to a possible sale.
"The company's doing great, it's never been better," he said. "If people approach us, you know, we'll listen."
Imax will look to add to its box office gains this weekend when it begins showing screenings of Sony and Marvel's "Spider-Man: Brand New Day," which had been boxed out of Imax because of a deal to show "The Odyssey" for a period of exclusivity.
Still to come to global Imax screens this year is Zach Cregger's take on "Resident Evil;" Tom Cruise's newest feature, "Digger"; "Godzilla Minus Zero"; David Fincher's "The Adventures of Cliff Booth," which stars Brad Pitt and is based on Quentin Tarantino's "Once Upon a Time in Hollywood"; and Paramount's "Street Fighter."
Warner Bros.' and Denis Villeneuve's "Dune: Part Three" will cap off the year.
>> Home