IMAX stock, that little box of light and shadow, went up today. Sixteen percent, they said. So it goes. They had earnings, you see. Numbers danced on the screen. Revenue up 35%, adjusted earnings per share up 115%. Wall Street, predictably, was pleased. The full year wasn’t bad either. Sales grew, cash flowed. It’s all just shuffling money, really. But people like shuffling money.
Their gross box office was $1.28 billion. A lot of dollars. They think it will be $1.4 billion next year. More shuffling. The stock has tripled in two years. Which is… something. Most things triple eventually, if you wait long enough. Even sadness. The movie theater business isn’t exactly thriving, but IMAX is doing okay. People say they’re more likely to see a movie if it’s on IMAX. Seventy-six percent, they claim. A statistic. Probably true. Or not. It doesn’t really matter, does it?
They have 1,796 systems installed around the world. Little boxes showing moving pictures. They have a backlog of 403 more. More boxes. They plan to install 160 to 175 next year. The world needs more boxes, apparently. Management believes revenue will grow in the high single digits to low double digits annually. More shuffling. They’re even testing live events. Formula One races in 50 locations. Because why not? It’s a distraction. A temporary reprieve from the inevitable.
They expect profitability and cash generation to improve. Of course. That’s always the plan. The stock trades at 25 times free cash flow. Not cheap. It rebounded from the pandemic, like everything else. Everything eventually rebounds, or breaks. It depends on the force applied. If you believe there will always be certain movies worth seeing on a big screen, then maybe it’s worth a look. I do. Sometimes. It’s a small comfort. A flicker in the darkness. But so it goes.
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2026-02-26 22:44