Christopher Nolan’s «Odyssey» Pushes Imax Stock to Record High

Shares of the Imax cinema chain climbed this week to their highest level ever, driven by the success of the film «Odyssey» directed by Christopher Nolan.

«The guy is a genius. How do you thank a genius? You work with him again,» CNBC quoted CEO Rich Gelfond as saying.

According to Gelfond, «Odyssey» revenues are double those of Nolan’s previous film, «Oppenheimer» (2023). «It’s about my eighth film with him.» July marked the best month in Imax history, and Gelfond noted that several factors beyond Nolan’s involvement are driving this success. «We open more theaters, install more systems, our recurring cash flow is larger, and the cash conversion rate is higher,» he explained. «It is really based mostly on economic fundamentals.»

Imax shares rose 6% on Monday following a third consecutive weekend in which ticket sales generated over $50 million. To date, ticket sales for «Odyssey» have brought the company $221 million, representing 25% of Universal’s total worldwide revenue for the film, which stars Matt Damon and Anne Hathaway. Imax is expected to see further revenue growth this coming weekend as it begins screening the current hit, «Spider-Man: A New Day.» That film, which debuted in theaters last weekend, was not shown in Imax due to the chain’s commitment to an exclusivity period for «Odyssey.»

Year-to-date, Imax stock has risen 38%, and it has surged more than 100% over the last 12 months. The company is on track to record its fourth consecutive annual profit. For the first time in history, the stock closed at over $50 per share on Monday.

«The company is in the best shape it has ever been in,» Gelfond summarized, while remaining open to potential buyers. «If people reach out to us, then we’ll listen.» Reports earlier this year indicated that Imax held preliminary talks with several potential buyers.

The popularity of «Odyssey» has led to tickets for 70 mm screenings being offered on platforms like eBay at prices far above face value. In one instance, two tickets in New York were sold for $2,000.