AMC, the largest movie theater chain in the world, disclosed concerns about its liquidity and its ability to generate revenue in the wake of the coronavirus outbreak.
AMC shared preliminary earnings results that projected the company had lost between $2.1 billion and $2.4 billion in the first quarter ended March 31, while theaters were shuttered due to social distancing regulations. Expectations are that losses will be even steeper in the second quarter.
“We are generating effectively no revenue,” the company said in its filing.
AMC also said it worried that distributors would continue to push back new film releases, either due to coronavirus restrictions on public gatherings or because of production delays, and that some studios will begin offering audiences more movies on-demand or through streaming.