AMC · AMC ENTERTAINMENT HOLDINGS, INC.
10-Q filed 2026-05-05 period 2026-03-31
34 Distress
confidence high · source filing on SEC.gov ↗
- Significant share dilution continues, with outstanding Common Stock increasing to 605,223,095 shares as of March 31, 2026, driven by at-the-market offerings and debt exchanges.
- Revenues grew 21.2% to $1,045.4 million due to a 13.6% increase in attendance and higher average ticket prices, helping narrow the net loss to $117.1 million.
- Liquidity remains highly constrained with negative operating cash flow of $(128.5) million and a current ratio of 0.35, despite management's assertion of sufficient cash for the next 12 months.
Filing Health Score pillars
Profitability 25%
55
Total revenues grew 21.2% to $1,045.4 million and operating loss decreased by 68.7% to $(45.7) million due to positive operating leverage from increased attendance, though the company remains unprofitable with a net loss of $117.1 million (MD&A - Operating Results).
Balance sheet 20%
15
The balance sheet is highly leveraged with $3.96 billion in corporate borrowings against only $339.2 million in cash, a critical current ratio of 0.35, negative interest coverage, and ongoing massive dilution with shares outstanding rising to 605.2 million (Balance Sheet, Risk Factors).
Cash generation 20%
20
Operating cash flow remains negative at $(128.5) million, which is worse than the net loss of $(117.1) million, resulting in negative free cash flow of $(174.7) million after $46.2 million in capital expenditures (Statement of Cash Flows).
Risk flags 20%
30
While the company asserts sufficient liquidity for the next twelve months, it highlights that cash burn rates are unsustainable long-term, and warns of severe ongoing dilution risks and extreme stock price volatility (Note 1 - Liquidity, Item 1A - Risk Factors).
Mgmt signal 15%
45
Management reports strong attendance-driven revenue growth across both U.S. and International segments, but continues to rely heavily on dilutive equity programs and debt restructurings to manage liquidity (MD&A - Segment Operating Results, Note 1 - Liquidity).
Key metrics (Three Months Ended March 31, 2026)
net income: $(117.1) million
cash and equivalents: $339.2 million
total debt: $3,963.9 million
shares outstanding: 605,223,095
revenue: $1,045.4 million
period: Three Months Ended March 31, 2026
operating cash flow: $(128.5) million
Gemma triage notes (pre-analysis, second opinion)
None for this filing.Automated research summaries derived from SEC filings. Not investment advice.