With The Odyssey continuing to draw huge audiences, IMAX (IMAX +6.60%) is having quite the blockbuster summer as a company. The big-screen operator and film exhibition tech specialist said the movie lifted it to the top-grossing month in its history. What's more, another hit release will swing across its large-format screens in the coming days.
With that one-two punch of encouraging news, IMAX's shares closed Monday almost 7% higher.
Epic performance
Thanks in no small part to the huge-budget Christopher Nolan epic, IMAX's box-office revenue hit $257 million in July, which was a meaty 47% higher than its previous monthly all-time high. The Odyssey's IMAX ticket sales totaled $221 million for the month.
Image source: Getty Images.
The film also holds the record for the fastest IMAX release to reach $200 million in ticket sales. This past weekend was only its third in wide release.
Management predicts that the film will continue to have "legs," to quote old Hollywood jargon. IMAX quoted CEO Rich Gelfond as saying that it's "a singular achievement in filmmaking and its box office trajectory is no less groundbreaking; it continues to defy gravity in a way few films ever have, making it virtually impossible to predict how high it will ultimately soar."
NYSE: IMAX
Key Data Points
Spidey senses are tingling
Compounding that, IMAX announced an upcoming run on its screens for another blockbuster currently in release, Spider-Man: Brand New Day. The run kicks off on Thursday, following what the company said was a strong opening in IMAX theaters located in major Asian markets China, South Korea, and Japan.
Summer is the crucial season for the film business, especially for exhibitors. IMAX's 2026 season to remember will boost the company's big-screen format, making its technology an even more important component of the entertainment industry -- and increasing the appeal of its stock.
