Amc theaters is warning investors about its incredibly uncertain future as financial fallout from the pandemic continues.’substantial doubt exists about our ability to continue as a going concern for a reasonable period of time’.

A new 8-K filing arrived ahead of AMC theaters’ upcoming earnings call next week. The company already carried a massive debt load of approximately $ 5 billion by the end of 2019. Amc theaters expects a loss of somewhere between $ 2.1 and $ 2.4 billion in the first quarter.

Amc theaters has effectively generated no revenue over the last few months. Government-Imposed restrictions and theatrical delays have stopped the company’s primary revenue generator: movie tickets and concessions.

If AMC is n’t able to begin operations by then,’substantial doubt exists about our ability to continue as a going concern for a reasonable period of time’. The company is unable to make any predictions because everything is up in the air and changing all the time.

Nbcuniversal decided to release trolls world tour in April through digital marketplaces, bypassing a theatrical release entirely. The film generated close to $ 100 million, according to NBCUniversal chief Jeff shell.

Amc theaters CEO Adam Aron issued a letter to universal chairman Donna Langley declaring that, effective immediately,’AMC will no longer play any universal movies in any of our theaters in the United States, Europe or the Middle East’. Aron added that his decision was’not some hollow or ill-considered threat’.

Executives from Disney, Warner Bros. Sony, and universal have all said as much over the last few months. Delays include mulan, black widow, wonder woman 1984, and F9.

Studios like Disney, Warner Bros. and universal now have streaming services that can act as a first-option distribution path. Theaters reportedly take up to 50 percent of the revenue, but studios get up to 80 percent on rental or on-demand platforms. Blockbusters like black widow or wonder woman 1984 will continue to go to theaters for now, but the theatrical model is changing.

Amc ca n’t promise investors that everything is smooth sailing. Even if theaters are able to open, the movie ca n’t open.