AMC somehow shifted itself from a meme stock to a financial-report stock by selling movie tickets and popcorn.

Second-quarter revenue was $1.597 billion, up 14.2% year over year; adjusted EBITDA reached $321.4 million, up nearly 70% year over year—both are the company’s highest records in 106 years. Operating cash flow also rose to $235.4 million; cash holdings increased 83.7% from last year to $778.4 million.
After the earnings release, AMC was up about 16% in pre-market trading, and the closing gain came closer to 27%. But this earnings report also hides the plot that meme-stock shareholders know best ↓
AMC’s adjusted net profit was $104.3 million, but under GAAP it still posted a loss of $11.4 million, and the loss was larger than in the same period last year.
What’s more troublesome is dilution. In the second quarter, the weighted average shares outstanding increased from 433 million shares in the prior-year period to 722 million shares, an increase of nearly 67%. This quarter, the company also raised about $285 million by issuing shares, with part of the proceeds used to deal with debt.
The good news is that people really did go to the movies. Second-quarter attendance rose 13.5%; U.S. box office notched its best quarterly performance in seven years. **Odyssey** earned about $124 million in its opening week, and next up there are **Spider-Man**, **Dune**, and **The Avengers** to keep the lineup going.
So this rally isn’t just Reddit hype—fundamentals have indeed improved. But for common shareholders, keeping the company alive and making money for yourself have never been the same thing.
The cinema has revived, but every share you hold has become thinner.
#Ourbit Not Just Meme, One-Stop Trading for Global Hot Assets.