Large Multimodal Models (LMMs) have achieved remarkable success across various visual-language tasks. However, existing benchmarks predominantly focus on single-image understanding, leaving the analysis of image sequences largely unexplored. To address this limitation, we introduce StripCipher, a comprehensive benchmark designed to evaluate capabilities of LMMs to comprehend and reason over sequential images. StripCipher comprises a human-annotated dataset and three challenging subtasks: visual narrative comprehension, contextual frame prediction, and temporal narrative reordering. Our evaluation of 16 state-of-the-art LMMs, including GPT-4o and Qwen2.5VL, reveals a significant performance gap compared to human capabilities, particularly in tasks that require reordering shuffled sequential images. For instance, GPT-4o achieves only 23.93% accuracy in the reordering subtask, which is 56.07% lower than human performance. Further quantitative analysis discuss several factors, such as input format of images, affecting the performance of LLMs in sequential understanding, underscoring the fundamental challenges that remain in the development of LMMs.