Reading International (RDI) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue rose 29% year-over-year to $58.6 million, the best Q4 since 2019, with operating income of $1.5 million versus a $7 million loss in Q4 2023.

• Adjusted EBITDA for Q4 2024 was $6.8 million, up over 400% from negative $2.2 million in Q4 2023, the highest since Q4 2019.

• Net loss for Q4 2024 narrowed to $2.2 million from $12.4 million in Q4 2023; full year net loss increased to $35.3 million from $30.7 million in 2023, impacted by Hollywood strike-related delays.

• Full year 2024 revenue was $210.5 million, down 5.5% from 2023, with a global operating loss of $14 million, up 17% year-over-year.

• Real estate division delivered strong Q4 2024 results, with revenues up 14% and operating income up 148% year-over-year.

Financial highlights

• Q4 2024 global cinema revenue was $54.6 million, up 30% year-over-year, reaching 84% of pre-pandemic Q4 2019 levels.

• Q4 2024 global real estate revenue was $5.2 million, up 14% year-over-year, with operating income up 148% to $1.4 million.

• Full year 2024 global cinema revenue was $195.1 million, down 6% from 2023, and 74% of 2019 levels.

• Full year global real estate revenue was $20 million, up 1% from 2023, with operating income up 23% to $4.7 million.

• Q4 2024 basic loss per share improved to $0.10 from $0.56 in Q4 2023; full year loss per share increased to $1.58 from $1.38.

Outlook and guidance

• Q1 2025 is expected to be weaker than Q1 2024 due to a softer film slate, but the remainder of 2025 is anticipated to benefit from a strong and diverse movie lineup, including major franchise releases.

• Focus remains on reducing debt, monetizing real estate assets, and upgrading select theaters, with execution dependent on box office performance and asset sales.

• No immediate plans for further theater closures beyond those already announced, but management remains open to further streamlining if opportunities arise.

• Real estate assets will continue to support liquidity as the cinema industry recovers.

• Ongoing review of asset portfolio to identify further monetization opportunities for debt reduction and operational support.