IMAX shares hit record as "The Odyssey" drives highest-grossing month

IMAX shares hit an all-time high Monday after the company logged a third straight weekend of more than $50 million in global ticket sales, powered by Christopher Nolan’s "The Odyssey." CEO Rich Gelfond said the film is tracking at nearly twice the pace of Nolan’s 2023 "Oppenheimer" and described IMAX’s performance as a broader flywheel driven by new theater openings, higher recurring cash flow and stronger cash conversion. The stock is up 37% year to date, has gained 100% over the past 12 months and is on pace for a fourth straight annual rise. IMAX has already generated $221 million in global box office from "The Odyssey," or nearly 25% of the Universal film’s worldwide total, and extended 70mm screenings through mid-September as many showings sold out globally. Gelfond said the company’s best July on record and the film’s momentum have eased investor concern that the delayed release of Netflix and Greta Gerwig’s "Narnia: The Magician's Nephew" could hurt annual guidance. He also left open the possibility of a sale, saying IMAX will listen if approached by potential buyers. The company now turns to Sony and Marvel’s "Spider-Man: Brand New Day," followed later this year by "Resident Evil," Tom Cruise’s "Digger," "Godzilla Minus Zero," "The Adventures of Cliff Booth," "Street Fighter" and Warner Bros.' "Dune: Part Three."