Shares of IMAX hit a record high

Shares hit an all-time high on Monday after the large-format theater company announced that «The Odyssey» led its highest-grossing month ever. With CEO Rich Gelfond stating that demand for Christopher Nolan’s film «continues to defy gravity.»

IMAX shares rose 4.9% to just over $50 on Monday afternoon after hitting an all-time high of $50.72 at the start of trading. Extending a gain of more than 30% since «The Odyssey» opened in the U.S. on July 17.

IMAX reported $257 million in global box office revenue for July, its highest-grossing month in its 50-year history. With $221 million generated by «The Odyssey,» which the company said became the fastest film to surpass $200 million in global IMAX revenue.

Gelfond, in a statement, praised “The Odyssey” as a “singular achievement in cinema” whose “box office trajectory is no less revolutionary” and “seems destined to break every IMAX box office record in its path.”

“We are all witnessing history with Christopher Nolan’s ‘The Odyssey,’ which seems destined to break every IMAX box office record in its path as it continues its run at the box office and around the world,” Gelfond said. “[The film] is a singular achievement in the world of cinema, and its box office trajectory is no less revolutionary. It continues to defy gravity in a way that few films have done, making it virtually impossible to predict how far it will go.”

“The Odyssey” has not yet debuted in the major markets of China, Japan, and South Korea, which could further accelerate IMAX sales.