Imax Corp (IMAX) Reports Record Q3 2023 Results with 51% Revenue Growth
Imax Corp (NYSE:IMAX) reported a 51% increase in revenue, 98% increase in Gross Margin, and 174% increase in Adjusted EBITDA for Q3 2023.
System signings climbed to 120, more than double the number in 2022.
Q3 2023 marked the company's second highest grossing quarter of all time at the IMAX global box office.
Net income for the third quarter was $12 million, with an Adjusted EPS of $0.35.
Imax Corp (NYSE:IMAX) released its earnings report for the third quarter of 2023 on October 25, 2023. The company reported strong top and bottom-line financial results, demonstrating the value of its unique global entertainment technology platform and diversified content portfolio. The company's financial results for the third quarter were spectacular by any measure, according to Richard L. Gelfond, Chief Executive Officer of IMAX.
Financial Highlights
Imax Corp (NYSE:IMAX) reported a 51% increase in total revenue, from $68.8 million in Q3 2022 to $103.9 million in Q3 2023. Gross Margin increased by 98%, from $31.7 million in Q3 2022 to $62.7 million in Q3 2023. The company's Net Income was $12 million, compared to a loss of $9 million in Q3 2022. Adjusted Net Income was $19.4 million, compared to a loss of $3 million in Q3 2022.
Segment Results
The Content Solutions segment reported revenues of $44.2 million, a 101% increase year-over-year. The Technology Products and Services segment reported revenues of $56.2 million, a 23% increase year-over-year. The company installed 30 systems during the third quarter, compared to 17 systems in the third quarter of 2022.
Operating Cash Flow and Liquidity
Net cash provided by operating activities for the nine months through September was $54.6 million, compared to net cash provided by operating activities of $0.5 million in the prior year period. As of September 30, 2023, the company's available liquidity was $308.8 million.
Share Count and Capital Return
The weighted average basic and diluted shares outstanding in the third quarter of 2023 were 54.6 million and 55.5 million, respectively, compared to 56.0 million for both in the third quarter of 2022. The company repurchased 374,080 common shares at an average price of $16.93 per share, for a total of $6.3 million, year-to-date through October 24, 2023.
For more information about the companys results, please refer to the IMAX Investor Relations website located at investors.imax.com.
This article first appeared on GuruFocus.
