IMAX Corp. (NYSE:IMAX) reported second-quarter results Thursday that topped Wall Street expectations on both earnings and revenue, helped by strong box office performance, theater installations and continued network expansion.
The stock surged over 11%, with already high short interest — nearly 16% of the tradable float — likely amplifying buying pressure. The high short float of 15.89% likely contributed to the sharp upward move as short sellers were forced to cover positions following the positive news, often referred to as a short squeeze.
The company posted adjusted earnings of 43 cents per share, beating the analyst consensus estimate of 28 cents, according to Benzinga Pro. That was up from 26 cents per share a year earlier.
Revenue increased to $102.8 million from $91.7 million a year ago, exceeding analysts’ estimate of $93.7 million.
Margins, Cash Flow And Balance Sheet
IMAX reported a net income margin of 15.5% and an adjusted EBITDA margin of 46.6%. Net income per diluted share rose 35% year over year to 27 cents, while adjusted EPS climbed 65% to a record 43 cents.
For the first half of 2026, net cash provided by operating activities increased 19% to $36 million, driven by higher operating profit and improved working capital from stronger collections.
As of June 30, the company had available liquidity of $551 million, including $160 million in cash and cash equivalents, $334 million available under its revolving credit facility and $57 million under IMAX China revolving facilities. Total debt, excluding deferred financing costs, was $292 million.
Box Office Momentum Drives Growth
CEO Rich Gelfond highlighted the strong performance of Christopher Nolan’s The Odyssey, calling it a “transformational event” for the company. The film delivered the biggest IMAX opening weekend ever in comparable markets and the company’s highest international market share for a major release in those markets.
The Odyssey generated $52 million during its opening weekend, accounting for 20% of the global box office. IMAX also reported record Monday and Tuesday box office results, while presales for future screenings reached $60 million.
The company installed 38 IMAX systems during the quarter, marking its strongest second-quarter installation total in a decade. Its international network outside China expanded 9% from a year earlier.
Looking ahead, IMAX expects a strong second-half film slate, including Dune: Part Three, Spider-Man: Brand New Day in China, Japan and South Korea, Tom Cruise’s Digger, and the exclusive theatrical release of Netflix’s Cliff Booth project.
IMAX Stock Price Activity: IMAX shares were up 11.15% at $43.68 during premarket trading on Thursday, according to Benzinga Pro data.
Photo via Shutterstock
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