Cineplex is slowly rebounding from pandemic losses with its Q2 2021 revenue hitting $64.9 million, a 195% increase from the $22 million earned in Q2 2020.

The company remains in the red, reporting operating losses of $103.7 million, but president and CEO Ellis Jacob told investors the company has “set the stage for a dramatic comeback,” noting that it has welcomed more than two million guests since cinemas opened nationwide on July 17.

“Looking ahead, the recent box office results are very encouraging, as is the upcoming film release schedule,” said Jacob, referring to upcoming films such as Marvel’s Shang-Chi and the Legend of the Ten Rings and the Denis Villeneuve-directed Dune. “Based on what we’re seeing, we expect guests will continue to return to theatres largely due to vaccination rates, months of pent-up demand and a robust release schedule that continues to unfold in the back half of the year.”

Cineplex launched its subscription program CineClub on Wednesday (Aug. 11), which gives SCENE rewards program members a monthly ticket and additional discounts for $9.99 per month. Jacob said the program is a “unique, risk free subscription program” and was created through research on what consumers are looking for in a theatrical subscription program, as well as what other chains have done with the subscription model.

It should be noted that the second quarter ended on June 30, weeks before theatres in Ontario were able to open. Of the 160 theatres and 1,651 screens that Cineplex operates across the country, 68 theatres and 731 screens are located in Ontario. Only two provinces – Alberta and Saskatchewan – currently do not have capacity restrictions.

Jacob also gave an update on the current litigation process with Cineworld, which called off its acquisition of Cineplex last year. The discovery process is nearing completion with a three to four week trial process expected to begin on Sept. 13.

Cineworld reported an operating loss of US$209 million in its second quarter. CEO Mooky Greidinger told investors the company is considering listing itself or its U.S.-based subsidiary Regal Cinemas on the New York Stock Exchange to increase its liquidity.

The company’s box office revenues in Q2 hit $12.5 million, with an average revenue per patron at $10.89, and food service revenue hit $13.3 million, with $3.7 million from food delivery. Theatre attendance hit 1.15 million during Q2. Adjusted EBIDTA hit a loss of 16.9 million.

F9: The Fast Saga accounted for 17.3% of the Cineplex box office, followed by A Quiet Place Part II (16%) and The Conjuring: The Devil Made Me Do It (10.2%). Cineplex’s stock price closed at $13.06 per share in the Toronto Stock Exchange yesterday (Aug. 12).