Christopher Nolan's 'The Odyssey' Pushes IMAX Stock to Record High

IMAX shares hit an all-time high thanks to the success of Nolan's 'The Odyssey'. CEO Rich Gelfond told CNBC that revenue from the film is double that of 'Oppenheimer'. July was the best month in the chain's history, and the stock rose 6% on Monday. Market cap stands at $2.8 billion, and ticket sales for 'The Odyssey' reached $221 million. The company expects further gains with the release of 'Spider-Man: New Day'.

IMAX's stock climbed this week to its highest level ever, thanks to the success of Christopher Nolan's 'The Odyssey'. CEO Rich Gelfond told CNBC, 'The guy is a genius. How do you thank a genius? You work with him again,' and emphasized that revenue from the film is double that of 'Oppenheimer' from 2023. He said July was the best month in IMAX's history, attributing the success to economic factors: opening new theaters, installing additional systems, higher recurring cash flow, and a higher cash conversion rate. The stock rose 6% on Monday after a third consecutive weekend with over $50 million in ticket sales. Market cap stands at $2.8 billion. So far, 'The Odyssey' has generated $221 million in ticket sales, which is 25% of Universal's total global revenue from the film starring Matt Damon and Anne Hathaway. IMAX is expected to benefit further this coming weekend with the release of 'Spider-Man: New Day', which hasn't been shown in the chain due to an exclusivity period for 'The Odyssey'. Since the start of the year, the stock is up 38%, and over the past 12 months it has surged more than 100%. The company is on track for a fourth consecutive annual profit, and for the first time the stock closed above $50. Gelfond concluded, 'The company is in the best shape it's ever been,' and left the door open for a possible acquisition: 'If people approach us, then we'll listen.' The film's popularity has led to 70mm format tickets selling at prices far above face value, with one deal in New York selling two tickets for $2,000.