'The Odyssey' fuels all-time high
Imax stock reached an all-time high driven by the box office success of Christopher Nolan's latest film, 'The Odyssey'. CEO Rich Gelfond attributes the company's growth to a combination of strong film performance and a recurring revenue model from theater expansion.
Why it matters
The success highlights the resilience of premium large-format cinema experiences despite the broader industry shift toward digital distribution.
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."
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