- CEO Adam Aron blamed a “terrible” macro backdrop, including war and oil over $100, for prolonged weakness.
- The stock remains on track for a second straight weekly loss, with gains in just 3 of 11 weeks this year.
- The company continues to bet on a 2026 box office recovery to “significantly” boost EBITDA, driven by a stronger film slate.
Shares of AMC Entertainment Holdings (AMC) stayed pinned near record lows on Thursday as CEO Adam Aron blamed a “terrible” macro backdrop, including war in the Middle East and oil prices above $100, for the stock’s prolonged decline.
AMC stock rose 1% on Thursday to close at $1.03, but remained on track for a second consecutive weekly decline, with the stock posting gains in just three of the year’s 11 weeks so far.
AMC CEO Sees Macro Pressure, 2026 Growth
Aron acknowledged investor frustration on X, saying, “I know from my own losses and in reading your comments… how distraught many of you are with falling share prices.” He added that the broader environment has weighed heavily on markets, calling the external backdrop “terrible” as war and rising oil prices pressure risk sentiment.
“At the same time, the external macro backdrop around us is terrible,” he said, citing conflict in the Middle East and oil prices “soaring above $100 per barrel” as factors weighing on markets.
Despite the macro headwinds, Aron struck a cautiously optimistic tone on the company’s near-term outlook. “As for AMC, I am optimistic about our power to increase our earnings this year over last year,” he said.
Even as near-term sentiment remains weak, Aron reiterated that AMC’s longer-term outlook hinges on a recovery in the global box office. “In looking at the likely 2026 industry-wide box office, we still expect it to grow materially over 2025 and if so that inexorably would significantly increase AMC’s EBITDA.”
The company has consistently pointed to a stronger slate of film releases over the next two years as a key driver of industry recovery, following several years of subdued attendance.
AMC Reworks Model Amid Market Challenges
AMC has been actively reshaping its business as it navigates a challenging operating environment. Last month, CFO Sean Goodman said on its latest earnings call that the company sees “a significant opportunity” to close underperforming theaters, with roughly 10% of leases up for renewal or termination annually. The move is part of a broader effort to stabilize operations while selectively investing in new locations.
The company has also taken steps to manage its balance sheet, including plans to raise nearly $2.5 billion from credit investors to refinance existing debt. The effort is aimed at pushing out maturities and maintaining liquidity as it works through weak industry demand.
That follows a January agreement with creditors to amend terms on certain notes, giving AMC greater flexibility to refinance obligations. The company has also carried out multiple restructuring measures in recent years to manage its debt load.
AMC’s Fall From Meme Stock Peak
AMC’s current position marks a sharp reversal from 2021, when its shares surged to a record high of $339 during a retail-driven meme stock rally, briefly pushing its market value above several large-cap companies.
The stock at one point nearly doubled in a single session, fueled by heavy retail participation and options-driven momentum. At the time, the company itself cautioned that the surge was driven by “market and trading dynamics unrelated to our underlying business,” and took advantage of the rally to raise capital through multiple share offerings.
Since then, the stock has lost nearly all of its value as fundamentals reasserted themselves amid bleak theatre attendance following the pandemic and Hollywood strikes, while the company continued to carry a significant debt burden.
How Did Stocktwits Users React?
On Stocktwits, retail sentiment for AMC has remained in the ‘bearish’ and ‘neutral’ zones over the past year amid ‘normal’ message volumes over the past day.
One user said, “Lmao opening night of one of the biggest movies of the year Project Hail Mary and this AMC theater is EMPTY. No wonder the share price is 99% down.”
Another user mocked the CEO’s latest X post and said, “with cost of oil going up, people can't afford to drive to the movie theaters anymore- and thats why the share price is down. It all make sense, thanks adam for letting us know the reason why amc stock price is down. ”
AMC stock has declined 66% over the past year.
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