IMAX Corporation (NYSE: IMAX) today reported solid financial results for the fourth quarter and full-year of 2024, demonstrating the value of its unique global entertainment platform and broad content portfolio.

“IMAX’s record-breaking Chinese New Year demonstrates the unique advantages of our model – a richly diversified content portfolio featuring the biggest Hollywood and local language blockbusters, and a global network that allows us to capitalize on box office momentum anywhere in the world,” said Rich Gelfond, CEO of IMAX.

“2025 is already living up to its significant promise and yet the bigger opportunity is still in front of us, with more Filmed for IMAX releases than ever in 2025 and arguably an even stronger slate ahead in 2026. In China, the turnaround we’re witnessing this year has been dramatic; in less than two months, our Chinese local language box office has already exceeded the entirety of 2024.”

“In 2024, IMAX further strengthened its position at the center of global entertainment – expanding the roster of filmmakers working with our technology, strengthening our studio marketing, hitting the high-end of our installation guidance, and innovating to expand our programming – including our deal with Netflix for the release of Greta Gerwig’s ‘Narnia’ across the IMAX global network in advance of its debut on the service.”

“With the headwinds we faced in China in 2024 beginning to lift, we’re poised to build on the Fourth Quarter’s significant double-digit growth in adjusted EBITDA and earnings per share. We look forward to capitalizing on the promising opportunity ahead to achieve a record year at the global box office and strong returns for our shareholders.”

Content Solutions Segment

Fourth quarter Content Solutions revenues and gross margin increased 34% year-over-year to $26 million, and increased 22% year-over-year to $12 million, respectively, driven by higher box office, and highlighted by record Thanksgiving weekend box office of $24 million.

Fourth quarter box office of $204 million increased 20% year-over-year and helped propel IMAX to near-record annual domestic box office. Top grossing fourth quarter titles included “Gladiator 2” ($31 million), “Venom: The Last Dance” ($31 million), “Mufasa: The Lion King” ($26 million) and “Interstellar” ($20 million)

Technology Products and Services Segment

Fourth quarter Technology Products and Services revenues and gross margin increased 2% to $64 million and increased 15% to $34 million year-over-year, respectively, driven by higher box office related rental revenue that more than offset a lower level of sales type system installations year-over-year.

During the fourth quarter of 2024, the Company installed 58 systems, compared to 69 systems in the fourth quarter of 2023, resulting in 146 system installations in the full year versus 128 system installations in the prior year. Of those, 28 systems in the fourth quarter and 63 in the full year were under sales arrangements, compared to 35 and 70 systems in the prior year, respectively.

Commercial network growth continues with the number of IMAX locations increasing 2.5% year-over-year to 1,735 systems. The Company ended 2024 with a backlog of 440 IMAX systems.

Operating Cash Flow and Liquidity

Net cash provided by operating activities for full year 2024 was $71 million, compared to $59 million in the prior year period, reflecting improvements in working capital driven by higher collections.

As of December 31, 2024, the Company’s available liquidity was $418 million. The Company’s liquidity includes cash and cash equivalents of $101 million, $263 million in available borrowing capacity under the Credit Facility, and $54 million in available borrowing capacity under IMAX China’s revolving facilities. Total debt, excluding deferred financing costs, was $269 million as of December 31, 2024.

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 fourth quarter of 2024 were 52.8 million and 54.7 million, respectively, compared to 54.0 million and 55.0 million in the fourth quarter of 2023, a decrease of 2.2% and 0.5%, respectively.

For the year ended December 31, 2024, the Company repurchased 1,166,370 common shares at an average price of $13.99 for a total of $16 million, excluding commissions.

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 remains available.

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, SEC 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 Securities and Exchange Commission’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.

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, IMAX Enhanced and IMAX StreamSmart are trademarks and trade names of the Company or its subsidiaries that are registered or otherwise protected under laws of various jurisdictions. For more information, visit www.imax.com. You can also connect with IMAX on Instagram (www.instagram.com/company/imax), Facebook (www.facebook.com/imax), LinkedIn (www.linkedin.com/company/imax), X (www.twitter.com/imax), and YouTube (www.youtube.com/imaxmovies).