IMAX Corporation Reports First Quarter 2025 Results

IMAX posted strong Q1 2025 results, highlighting the strength of its global platform and diverse content slate

Global entertainment platform delivers strong start to 2025 including Q1 Revenues of $87 million (+10% YoY), Net Income of $8 million (+52% YoY) at a 9% margin and Total Adjusted EBITDA of $37 million (+15% YoY) at a 43% margin

NEW YORK, NEW YORK ( April 23, 2025 ) -

IMAX Corporation (NYSE: IMAX) today reported strong financial results for the first quarter of 2025, demonstrating the value of its unique global entertainment platform and broad content portfolio.

“IMAX is off to an excellent start in 2025 — the fundamentals of our business have never been stronger, with record global box office and strong system sales and installations growth in the First Quarter,” said Rich Gelfond, CEO of IMAX. “With a remarkable global slate scheduled over the next several years and surging demand among exhibitors, we believe we are entering a new era of growth for the Company.”

“Our results for the First Quarter demonstrate growth across key strategic areas of our business — including local language and alternative content, and system sales and installations — and underscore the strength of our diversified content portfolio, with a record-breaking Chinese New Year and strong alternative content lineup more than offsetting a slow start to the Hollywood slate.”

“As we look ahead, IMAX is uniquely positioned to benefit from a confluence of positive trends in global content — the highly promising Hollywood slate and the rapid rise in big budget, high production value local language blockbusters.”

“As a result of our strong content portfolio and continued consumer demand, exhibitors worldwide are investing in The IMAX Experience. IMAX invented premium cinema, we have been the global leader of premium cinema for decades, and exhibitors are increasingly turning to IMAX as the future of cinema as well.”

Content Solutions Segment

  • First quarter Content Solutions revenues and gross margin increased 1% year-over-year to $34 million and increased 7% year-over-year to $24 million, respectively, driven by higher box office, and highlighted by the record Chinese New Year performance.
  • Record first quarter global box office of $298 million increased 12% year-over-year. Top grossing first quarter titles included “Ne Zha 2” ($161 million), “Captain America: Brave New World” ($27 million), “Mickey 17” ($11 million) and “Interstellar” re-release ($10 million).

    • Technology Products and Services Segment

  • First quarter Technology Products and Services revenues and gross margin increased 17% to $51 million and 23% to $29 million year-over-year, respectively, driven by higher box office related rental revenues and a higher level of sales type system installations year-over-year.
  • During the first quarter of 2025, the Company installed 21 systems compared to 15 systems in the first quarter of 2024. Of the 2025 installs, 13 systems were under sales arrangements, compared to 5 in the prior year.
  • Commercial network growth continued with the number of IMAX locations reaching 1,738 systems as of March 31, 2025. The Company ended Q1 2025 with a backlog of 516 IMAX systems.

    • Operating Cash Flow and Liquidity

    Net cash provided by operating activities was $7 million for the first quarter of 2025 compared to net cash used of $11 million in the prior year period.

    As of March 31, 2025, the Company’s available liquidity was $401 million. The Company’s liquidity included cash and cash equivalents of $97 million, $250 million in available borrowing capacity under the Company’s credit facility, and $54 million in available borrowing capacity under IMAX China’s revolving facilities. Total debt, excluding deferred financing costs, was $282 million as of March 31, 2025.

    In 2021, the Company issued $230.0 million of 0.500% Convertible Senior Notes due 2026 (“Convertible Notes”). In connection with the pricing of the Convertible Notes, the Company entered into privately negotiated capped call transactions with an initial cap price of $37.2750 per share of the Company’s common shares.

    Share Count and Capital Return

    The weighted average basic and diluted shares outstanding in the first quarter of 2025 were 53.1 million and 55.0 million, respectively, compared to 52.5 million and 53.4 million in the first quarter of 2024.

    The Company is authorized under its share-repurchase program, expiring June 30, 2026 to repurchase up to $400 million of its common shares, of which approximately $151 million remained available as of March 31, 2025.

    Supplemental Materials

    For more information about the Company’s results, please refer to the IMAX Investor Relations website located at investors.imax.com.

    Investor Relations Website and Social Media

    On a monthly basis, the Company posts quarter-to-date box office results on the IMAX Investor Relations website located at investors.imax.com. The Company expects to provide such updates within five business days of month-end, although the Company may change this timing without notice.

    The Company may post additional information on the Company’s corporate and Investor Relations websites which may be material to investors. Accordingly, investors, media and others interested in the Company should monitor the Company’s website in addition to the Company’s press releases, United States Securities and Exchange Commission (the “SEC”) or in Canada, the System for Electronic Data Analysis and Retrieval (“SEDAR+”); filings and public conference calls and webcasts, for additional information about the Company. References to our website address and domain names throughout this release are for informational purposes only, or to fulfill specific disclosure requirements of the SEC’s rules or The New York Stock Exchange Listing Standards. These references are not intended to, and do not, incorporate the contents of our websites by reference into this release.

    Conference Call

    The Company will host a conference call today at 4:30 PM ET to discuss its first quarter 2025 financial results. This call is being webcast and can be accessed at investors.imax.com. To access the call via telephone, interested parties please pre-register at: https://register-conf.media-server.com/register/BI43dd895abf704357b6034035945ef206 and you will be provided with a dial-in number and unique pin. To avoid delays, we encourage participants to dial into the conference call ten minutes ahead of the scheduled start time. A replay of the call will be available via webcast at investors.imax.com.

    About IMAX Corporation
    IMAX, an innovator in entertainment technology, combines proprietary software, architecture, and equipment to create experiences that take you beyond the edge of your seat to a world you’ve never imagined. Top filmmakers and studios are utilizing IMAX systems to connect with audiences in extraordinary ways, making IMAX’s network among the most important and successful theatrical distribution platforms for major event films around the globe.

    IMAX is headquartered in New York, Toronto, and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of December 31, 2024, there were 1,807 IMAX systems (1,735 commercial multiplexes, 11 commercial destinations, 61 institutional) operating in 90 countries and territories. Shares of IMAX China Holding, Inc., a subsidiary of IMAX Corporation, trade on the Hong Kong Stock Exchange under the stock code “1970”.

    IMAX, IMAX 3D, Experience It In IMAX, The IMAX Experience, DMR, Filmed For IMAX, IMAX LIVE, and IMAX Enhanced are trademarks and trade names of IMAX Corporation or its subsidiaries that are registered or otherwise protected under laws of various jurisdictions. For more information, visit www.imax.com. You may also connect with IMAX on Instagram (www.instagram.com/imax), Facebook (www.facebook.com/imax), LinkedIn (www.linkedin.com/company/imax), X (www.twitter.com/imax), and YouTube (www.youtube.com/imaxmovies).