0001411579-25-000062
SEC filingRevenue rebounded 35.6% QoQ driven by attendance, but net loss narrowed to $4.7M on higher interest expense.
For the three months ended June 30, 2025, total revenue increased 35.6% year-over-year to $1.398B, driven by a 25.6% attendance surge (to 62.8M patrons) and a 7.5% increase in average ticket price. The prior-year period was severely impacted by the 2023 Hollywood strikes, which reduced film product availability. Admission revenue grew 35.1% to $762.6M, food & beverage increased 36.1% to $499.6M (with per-patron F&B spend up 8.3% to $7.95), and other theatre revenue rose 36.9% to $135.7M.
Operating income swung to $92.6M from a loss of $47.4M. Film exhibition costs increased 44.0% to $392.1M (51.4% of admissions vs. 48.2% prior year) due to a higher concentration of blockbuster revenues. Operating expense grew 17.7% but improved as a percentage of revenue (32.8% vs. 37.8%), reflecting operating leverage. Interest expense rose $30.6M to $129.6M, driven largely by $19.0M on new term loans and $9.4M on amended ESA discounts. Net loss narrowed to $4.7M from $32.8M, with an $85.7% improvement.
For the six-month period, total revenue increased 14.0% to $2.260B; operating loss narrowed to $53.3M from $155.8M; net loss was $206.8M vs. $196.3M.
U.S. Markets revenue rose 36.6% to $1.114B, with operating income of $115.9M (vs. -$12.5M prior). Attendance increased 28.5% (46.9M patrons) and average ticket price rose 6.3%. Food & beverage per patron increased 5.2% to $8.77. Film exhibition costs as a % of admissions increased to 54.4% (51.2% prior) due to blockbuster concentration. Adjusted EBITDA for the segment soared to $181.0M from $55.4M.
International Markets revenue increased 32.1% to $283.7M, but remained unprofitable with an operating loss of $23.3M (vs. -$34.9M prior). Attendance climbed 17.7% to 15.9M, with average ticket price +10.5% (aided by FX). Food & beverage per patron rose 19.1% to $5.54. Adjusted EBITDA improved to $8.2M from -$16.9M.
Management states existing cash ($423.7M at June 30, 2025) plus operating cash flows are sufficient for the next twelve months, but notes that current cash burn rates are not sustainable long-term. Revenues must reach at least pre-COVID levels (2019) to achieve sustainable positive cash flow. The company expects capital expenditures of $175M-$225M (net of lease incentives) for FY25. Key risks include studio release schedules, changing consumer behavior (e.g., streaming), and ability to refinance debt. On July 24, 2025, Muvico issued $857.0M of New 2029 Notes to refinance existing notes and extend maturities.
For the six months ended June 30, 2025, AMC reported a net loss of $206.8 million, while net cash used in operating activities was $231.6 million, indicating a cash burn that exceeds the net loss. The primary non-cash add-backs were depreciation and amortization ($153.9M), gain on derivative liability ($41.2M), and PIK interest ($17.1M), offset by working capital outflows including accounts payable ($87.5M) and accrued expenses ($50.4M).
Capital expenditures remained high at $96.5 million (41.7% of CFO negative), reflecting ongoing investment in theatres. The company relied heavily on financing activities, particularly $169.6 million in net equity proceeds, to cover the cash shortfall. Debt repayments included $42.8 million on senior subordinated notes and $10.0 million in term loan payments.
Free cash flow is not explicitly stated, but CFO minus capex would imply a deficit of approximately $328 million. The company’s cash balance decreased by $205.7 million to $475.1 million. Supplemental disclosures show cash interest payments of $190.3 million and income tax payments of $2.8 million, with $38.6 million in construction payables at period-end. The high cash burn rate and reliance on equity issuance underscore ongoing liquidity challenges.