AMC Theaters, the world’s largest theater chain, expects it has lost between $2.1 billion and $2.4 billion in the first quarter and has “substantial doubts” it can remain in business, the company said.

The company closed theaters earlier this year in response to the COVID-19 pandemic.

“During this period, we are generating effectively no revenue,” the company said in a regulatory filing. “Even if governmental operating restrictions are lifted in certain jurisdictions, distributors may delay the release of new films until such time that operating restrictions are eased more broadly domestically and internationally, which may further limit our operations.”

AMC said it had revenue of $941.5 million for the three months ended March 31, a drop of roughly 22% from the same period last year. It expects an adjusted net loss for the first quarter of $224.5 million, compared with $101.8 million for the same period last year.

It had a cash balance of $718.3 million as of April.

“We believe we have the cash resources to reopen our theaters and resume our operations this summer or later,” AMC said. “Our liquidity needs thereafter will depend, among other things, on the timing of a full resumption of operations, the timing of movie releases, and our ability to generate revenues.”

In April, AMC said it could issue new debt that would allow it to survive the crisis until theaters could be reopened at least partially, but in this filing it said it financing may not be available at favorable terms, if at all.

“We cannot assure you that our assumptions used to estimate our liquidity requirements will be correct because we have never previously experienced a complete cessation of our operations, and as a consequence, our ability to be predictive is uncertain,” the company said.

The company’s share price fell 8% in early morning trading. It was down about 2% by early afternoon.

It expects to report final results after the market closes on June 9.

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