AMC · AMC ENTERTAINMENT HOLDINGS, INC.
10-Q filed 2026-07-23 period 2026-06-30
44 Caution
confidence high · source filing on SEC.gov ↗
- Massive share dilution continues, with outstanding Common Stock increasing to 892.6 million shares as of July 22, 2026, driven by ATM offerings, direct offerings, and debt exchanges.
- Debt refinancing activities included borrowing $425.0 million under a new Odeon Credit Agreement due 2031 to redeem 2027 notes, and exchanging all $155.8 million of New Exchangeable Notes for equity.
- Operating cash flow turned positive at $106.9 million for the six months ended June 30, 2026, compared to a cash usage of $231.6 million in the prior year period.
vs. prior filing (10-Q filed 2026-05-05) — ⚠ ALERT
FHS 34 → 44 (+10) · Distress -> Caution
Profitability +0Balance sheet +15Cash generation +25Risk flags +10Mgmt signal +5
Filing Health Score pillars
Profitability 25%
55
Revenue grew 14.2% in Q2 2026 to $1,596.7 million, and operating income improved to $238.1 million due to operating leverage from higher attendance, though net loss remained negative at $(11.4) million (Item 2, MD&A).
Balance sheet 20%
30
Total debt remains high at $3,851.6 million against $778.4 million in cash, with a weak current ratio of 0.55 and ongoing massive share dilution (Condensed Consolidated Balance Sheets, Item 1A).
Cash generation 20%
45
Operating cash flow turned positive at $106.9 million for the first six months of 2026, but free cash flow remains thin at $15.4 million after $91.5 million in capital expenditures (Condensed Consolidated Statements of Cash Flows).
Risk flags 20%
40
While no explicit going-concern doubt is declared for the next twelve months, the company highlights unsustainable long-term cash burn rates, massive ongoing equity dilution, and insufficient shares in its equity incentive plan (Note 1, Item 1A).
Mgmt signal 15%
50
Management is aggressively addressing liquidity through refinancing and equity offerings, while noting positive attendance momentum in both U.S. and International markets (Item 2, MD&A).
Key metrics (Six Months Ended June 30, 2026)
net income: $(128.5) million
cash and equivalents: $778.4 million
total debt: $3,851.6 million
shares outstanding: 892,604,638
revenue: $2,642.1 million
period: Six Months Ended June 30, 2026
operating cash flow: $106.9 million
Gemma triage notes (pre-analysis, second opinion)
None for this filing.Automated research summaries derived from SEC filings. Not investment advice.