AMC 8-K: Smart Summary

AMC Entertainment Holdings, Inc. reported Q1 2026 results for the three months ended March 31, 2026, showing total revenues of $1B (up 21.2% YoY) and Adjusted EBITDA of $38.3M versus negative ($57.7M) in Q1 2025, the best first quarter Adjusted EBITDA result since 2019. The filing also reports several capital markets actions including a debt refinancing, equity raises, and conversion of approximately $155.8M of exchangeable notes into common stock.

• Total revenues: $1B vs. $862.5M in Q1 2025, +21.2% YoY
• Admissions revenue: $578.4M vs. $473.5M in Q1 2025
• Food and beverage revenue: $347.3M vs. $283.4M in Q1 2025
• Other theatre revenue: $119.7M vs. $105.6M in Q1 2025
• Operating loss: ($45.7M) vs. ($145.9M) in Q1 2025, improvement of $100.2M
• Net loss: ($117.1M) vs. ($202.1M) in Q1 2025, improvement of $85M
• Diluted loss per share: $(0.22) vs. $(0.47) in Q1 2025, improvement of $0.25
• Adjusted diluted loss per share (non-GAAP): $(0.36) vs. $(0.58) in Q1 2025, improvement of $0.22
• Adjusted EBITDA (non-GAAP): $38.3M vs. ($57.7M) in Q1 2025, improvement of $96M
• Net cash used in operating activities: ($128.5M) vs. ($370M) in Q1 2025, improvement of $241.5M
• Free cash flow (non-GAAP): ($174.7M) vs. ($417M) in Q1 2025, improvement of $242.3M
• GAAP gross profit: $23.9M vs. ($78.9M) in Q1 2025
• Consolidated contribution margin: $723.4M vs. $600.5M in Q1 2025; contribution margin per patron: $15.19 vs. $14.33
• Attendance: 47,622 thousand vs. 41,903 thousand in Q1 2025, +13.6% YoY
• Average ticket price (consolidated): $12.15 vs. $11.30 in Q1 2025

• U.S. Markets revenue: $740.8M vs. $617M in Q1 2025 (implied +20.1% YoY)
• International Markets revenue: $304.6M vs. $245.5M in Q1 2025 (implied +24.1% YoY); constant currency revenue not separately broken out but consolidated constant currency total revenues were $1B vs. $862.5M (+17.8%)
• U.S. Markets Adjusted EBITDA: $21.9M vs. ($57.1M) in Q1 2025
• International Markets Adjusted EBITDA: $16.4M vs. ($600,000) in Q1 2025
• U.S. Markets attendance: 30,733 thousand vs. 26,907 thousand (+14.2% YoY); average ticket price $12.90 vs. $12.31
• International Markets attendance: 16,889 thousand vs. 14,996 thousand (+12.6% YoY); average ticket price $10.76 vs. $9.50
• U.S. Markets food & beverage revenue per patron: $8.43 vs. $8.07; International: $5.23 vs. $4.41
• Average screens: 9,310 vs. 9,430 in Q1 2025 (-1.3% YoY); screens operated at quarter end: 9,607 across 852 theatres

• Cash and cash equivalents at March 31, 2026: $339.2M (excluding restricted cash of $41.7M); vs. $428.5M at December 31, 2025
• Corporate borrowings at March 31, 2026: $4B vs. $4B at December 31, 2025
• Total stockholders' deficit at March 31, 2026: ($1.9B) vs. ($1.9B) at December 31, 2025
• At-the-market equity program: AMC entered into an agreement to sell up to $150M of Class A common stock; as of May 5, 2026 raised gross proceeds of approximately $71.7M from the sale of approximately 62.1 million shares
• Hycroft Mining: AMC exercised warrants (cashless) receiving 765,440 shares at $10.68, sold 700,000 shares at average price of $42.40 generating $29.7M cash proceeds; total proceeds to date $53.8M vs. initial investment of $27.9M in March 2022; retained 129,478 Hycroft shares as of March 31, 2026
• Debt refinancing (Q2 2026 event): AMC subsidiary Odeon Finco PLC refinanced $400M 12.75% Senior Secured Notes due 2027 with a new $425M 10.50% first lien term loan due 2031 via Deutsche Bank AG New York Branch
• Debt-to-equity conversion (Q2 2026 event): On May 4, 2026, holders of AMC's 1.5% exchangeable notes due 2030 chose to convert all approximately $155.8M of notes into AMC common stock; the Company expects to complete most of this exchange on May 5, 2026
• Capital expenditures: ($46.2M) in Q1 2026 vs. ($47M) in Q1 2025; net capex (after lease incentives of $17.8M): $28.4M vs. $42.8M
• No dividends mentioned in the filing

• AMC Chairman and CEO Adam Aron stated: "I am so very pleased to report that AMC achieved our best Adjusted EBITDA first quarter result since 2019 pre-pandemic, an Adjusted EBITDA improvement of $96M year over. It was driven not only by strong domestic performance but also by vastly improved international results across our European footprint. These results are a clear testament to our disciplined operating execution in maximizing AMC's revenue growth while simultaneously containing our costs, combined with an unwavering commitment to elevating the moviegoing experience."
• Aron continued: "Significantly rising revenues is our continued expectation for full year 2026. Finally, after repeated flat years, primarily due to the crippling industry strikes of 2023, the box office is back, and in a big and powerful way. In the first quarter of 2026, the North American box office surged an impressive 22% compared to the prior year."

• Management expects significantly rising revenues for full year 2026
• North American box office surged 22% in Q1 2026 vs. prior year; Q1 2026 was the strongest box office quarter since the pandemic closed theatres in Q1 2020
• Management believes the second half of 2026 will see continued robust growth, adding up to a record post-pandemic box office for full year 2026
• No specific quantitative revenue, EPS, or EBITDA guidance for Q2 2026 or full year 2026 was provided