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

“IMAX delivered outstanding financial results in the Second Quarter as the key drivers of our business worked in concert, with strong network growth worldwide, record box office in North America, and impressive market share gains driven by more releases filmed with our technology than ever,” said Rich Gelfond, CEO of IMAX.

“Our results are driven in part by strong network growth, with 57 IMAX locations opened worldwide and system sales pacing well ahead of 2024 through the first six months of the year. The strength of our system installations this early in the year is a strong indicator of our momentum, as our exhibition partners worldwide are clearly looking to capitalize on our surging share of the global box office.”

“With the Third Quarter off to a very strong start, IMAX is taking its performance to the next level year to date. We remain on track to deliver a record $1.2 billion in global box office in 2025. Our market share on this summer slate has reached all-time highs thanks to an unprecedented run of eight Filmed for IMAX releases shot with our cameras, for our screens. And we are pacing well ahead of our projections for IMAX system sales and installations around the world.”

“The fundamentals of our business are strong, the strength and impact of our brand across the entertainment landscape has reached new highs, and we have tremendous runway with a strong slate and network growth prospects ahead.”

Content Solutions Segment

Content Solutions revenue of $34.0 million decreased 3% year-over-year. Second quarter 2025 IMAX gross box office increased 41% year-over-year to $281.1 million, which was offset by the sale of streaming rights for “The Blue Angels” documentary in the prior year comparative period.

Box office growth was driven by a record number of Filmed for IMAX releases including three titles (“Sinners,” “Mission: Impossible – The Final Reckoning” and “F1 The Movie”) where IMAX delivered approximately 20% or more of the opening weekend domestic box office contributing to a growth of 19% in global box office market share to 3.6% (on less than 1% of screens).

Gross margin for Content Solutions of $22.4 million increased 39% year-over-year. The Company saw significant Content Solutions margin expansion going from 46% in Q2 2024 to 66% in Q2 2025, driven by the operating leverage in our business that accompanies box office growth along with the mix of revenues toward higher margin streams.

Technology Products and Services Segment

Technology Products and Services revenues and gross margin increased 9% year-over-year to $55.6 million and 17% year-over-year to $30.2 million, respectively.

Demand for IMAX systems is growing, during the second quarter of 2025, the Company installed 36 systems, up 50% compared to 24 systems in the second quarter of 2024. Of the 2025 installations, 13 systems were under sales arrangements, compared to 10 in the prior year.

Commercial network growth continues with the number of IMAX locations increasing to 1,750 from 1,705 in the prior year period. The Company ended the second quarter with a backlog of 501 IMAX systems.

Operating Cash Flow and Liquidity

Net cash provided by operating activities for first half 2025 increased 25% year-over-year to $30 million, reflecting improvements in working capital driven by higher collections.

On July 14, 2025, the Company renewed and expanded its senior secured revolving credit facility, increasing the Company’s borrowing capacity from $300 million to $375 million. The renewed facility includes a reduction in borrowing costs, reflecting improved market conditions and the Company’s strong financial position. The facility is designed to provide IMAX with increased financial flexibility to support ongoing operational needs, network expansion, the refinancing of existing debt and other general corporate purposes.

As of June 30, 2025, the Company’s available liquidity was $416 million (with the expanded credit facility referenced above the Company’s liquidity is approximately $490 million as of the date of this press release). The Company’s liquidity included cash and cash equivalents of $109 million, $252 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 $280 million as of June 30, 2025.

In 2021, the Company issued $230 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 second quarter of 2025 were 53.8 million and 55.2 million, respectively, compared to 52.6 million and 53.4 million in the second quarter of 2024.

For the first half of 2025, IMAX China repurchased 1,495,900 common shares at an average price of HKD 7.56 per share ($0.96 per share) for a total of HKD 11.3 million ($1 million), excluding commissions.

In June 2025, the Company’s Board of Directors approved an extension of its share repurchase program through June 30, 2027 and an increase of approximately $100 million in the Company’s share repurchase program. As of June 30, 2025, The Company’s total share repurchase authority is $500 million with approximately $251 million available under the program.

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 8:30 AM ET to discuss its second 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/BI78025cca567349fd9d1791a59fb53ec9 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 March 31, 2025, there were 1,810 IMAX systems (1,738 commercial multiplexes, 11 commercial destinations, 61 institutional) operating in 89 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).