Story Stocks^®

IMAX is ticking modestly lower despite impressive ticket sales tied to the highly anticipated release of Disney/20th Century Studios' Avatar 3: Fire and Ash. IMAX generated $43.6 mln in global ticket sales during the film's opening weekend, marking IMAX's largest opening weekend of 2025 and the fifth-largest debut in IMAX history. The prior installment in the Avatar franchise debuted in December 2022, following a three-year buildup in anticipation.

• IMAX captured 12.6% of the film's global opening, despite operating less than 1% of total screens worldwide, underscoring the brand's premium positioning.
• In North America, IMAX delivered $13.0 mln, representing 14.8% of the domestic opening, the fourth-highest IMAX indexing ever for a domestic debut above $85 mln.
• International IMAX box office reached $30.6 mln, the third-highest international opening in IMAX history. Several countries recorded their largest IMAX opening weekends ever.
• In China, IMAX generated $13.5 mln, accounting for a robust 23% of the film's total debut in the market.
• These results follow a record IMAX box office for the Thanksgiving holiday period, driven by the strong pairing of Disney's Zootopia 2 and Universal's Wicked: For Good.

Briefing.com Analyst Insight:

While IMAX's performance on a screen-for-screen basis was exceptional, the stock is trading lower as investors focus on the broader box office context. Avatar: Fire and Ash generated approximately $88 mln domestically in its opening weekend, below Street expectations of $100+ mln and well under Avatar: The Way of Water's $134 mln domestic debut. Globally, the film earned about $345 mln, compared to $435 mln for the prior installment. That comparison, however, is somewhat skewed, as Avatar 2 benefited from significant pent-up post-pandemic demand. Overall, IMAX continues to demonstrate its ability to deliver an outsized share of blockbuster releases, but near-term sentiment may remain tethered to headline box office comparisons rather than IMAX's structurally strong premium economics.