IMAX CORP

Listed Company

IMAXCIK 0000921582NYSELarge AcceleratedPhotographic Equipment & SuppliesA6CAFY ends Dec 31

Period

FY 2025

Revenue

$410.21M

Net Income

$34.88M

Total Assets

$894.03M

Equity

$337.89M

Shares Out

54.86M

Op. Cash Flow

$127.07M

Business

IMAX CORP is a global entertainment technology company that provides an end-to-end platform for immersive cinematic and live event experiences. It remasters films into IMAX formats and sells or leases premium theater systems featuring proprietary projection, sound, screen and auditorium architecture. The company operates through Content Solutions, focusing on content enhancement and distribution, and Technology Products and Services, which covers IMAX Systems sales, leases and maintenance, plus a Streaming and Consumer Technology unit. IMAX distributes content and systems worldwide via a direct sales force, exhibitors, institutional partners and streaming/device partnerships.

Summary from filing dated 2025-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	410	352	375	301	255
Total Costs and Expenses Applicable to Revenues	164	162	160	144	120
Gross margin	246	190	214	156	134
Selling, general and administrative expenses	138	133	144	138	117
Research and development	6	5	10	5	7
Amortization of intangible assets	8	6	5	5	5
Credit loss expense (reversal), net	696,000	−973,000	2	9	—
Asset impairments	0	0	144,000	—	—
Goodwill impairment	7	0	0	—	—
Restructuring charges and other impairments	3	4	3	0	—
Income from operations	84	44	50	−5	11
Realized and unrealized investment (losses) gains	−867,000	127,000	465,000	70,000	5
Retirement benefits non-service expense	−243,000	−387,000	−411,000	−556,000	−463,000
Interest income	3	2	2	1	—
Interest expense	−7	−8	−7	−6	—
Induced conversion expense on settlement on convertible notes	−15	0	0	—	—
Income before taxes	63	38	46	−10	11
Income tax expense	−18	−5	−13	−10	−21
Net income	46	33	33	−20	−10
Net income attributable to non-controlling interests	−11	−7	−8	−3	−13
Net income attributable to common shareholders	35	26	25	−23	−22
Basic (in dollars per share)	0.65	0.49	0.47	−0.4	−0.38
Diluted (in dollars per share)	0.63	0.48	0.46	−0.4	−0.38
Basic (in shares)	54	53	54	57	59
Diluted (in shares)	56	54	55	57	59

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	151	101	76	97	190
Accounts receivable, net of allowance for credit losses	108	108	136	136	110
Financing receivables, net of allowance for credit losses	122	120	127	—	—
Variable consideration receivables, net of allowance for credit losses	91	83	64	44	44
Inventories	33	33	32	32	27
Prepaid expenses	15	13	12	12	12
Film assets, net of accumulated amortization	16	9	7	5	4
Property, plant and equipment, net of accumulated depreciation	243	240	243	253	260
Other assets	25	22	21	16	18
Deferred income tax assets, net of valuation allowance	13	14	8	10	14
Goodwill	46	53	53	53	39
Other intangible assets, net of accumulated amortization	32	35	35	33	23
Total assets	894	830	815	821	883
Accounts payable	19	20	26	25	16
Accrued and other liabilities	105	101	111	117	112
Deferred revenue	50	53	67	71	81
Revolving credit facility borrowings, net of unamortized debt issuance costs	35	36	23	36	2
Convertible notes and other borrowings, net of unamortized discounts and debt issuance costs	244	230	229	227	224
Deferred income tax liabilities	13	13	13	15	18
Total liabilities	466	452	469	491	453
Commitments, contingencies and guarantees (see Notes 14 and 15)	—	—	—	—	—
Non-controlling interests	666,000	680,000	658,000	722,000	758,000
Capital stock common shares no par value. Authorized Unlimited number. 53,921,676 issued and outstanding (December 31, 2024 52,946,200 issued and outstanding)	419	401	389	377	410
Other equity	165	185	185	186	175
Statutory surplus reserve	4	4	4	4	4
Accumulated deficit	−240	−275	−293	−293	−235
Accumulated other comprehensive loss	−10	−17	−12	−10	3
Total shareholders equity attributable to common shareholders	338	299	273	263	356
Non-controlling interests	89	78	72	66	74
Total shareholders equity	427	378	345	329	430
Total liabilities and shareholders equity	894	830	815	821	883

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	62	66	60	57	56
Amortization of deferred financing costs	2	2	2	3	3
Write-downs, including goodwill and asset impairments	9	4	2	7	2
Deferred income tax expense (benefit)	772,000	−6	−1	−2	3
Share-based and other non-cash compensation	27	23	24	28	26
Unrealized foreign currency exchange gain	−134,000	−3	−212,000	1	256,000
Accounts receivable	−1	29	−2	−29	−52
Inventories	−76,000	−2	−285,000	−6	11
Film assets	−25	−25	−20	−20	−15
Deferred revenue	−2	−14	−4	−12	−7
Changes in other operating assets and liabilities	−7	−35	−36	801,000	−2
Net cash provided by operating activities	127	71	59	17	6
Purchase of property, plant and equipment	−8	−8	−6	−8	−4
Investment in equipment for joint revenue sharing arrangements	−28	−24	−18	−20	−10
Acquisition of other intangible assets	−5	−8	−8	−4	−4
Proceeds from sale of equity securities	0	0	1	0	18
Net cash used in investing activities	−42	−41	−32	−53	−7,000
Proceeds from issuance of convertible notes, net	243	0	0	—	224
Redemption of capped calls related to convertible notes	31	0	0	—	—
Debt issuance costs related to convertible notes	−24,000	0	0	—	−1
Cash paid related to repurchase of convertible notes	−275	0	0	—	—
Purchase of capped calls related to convertible notes	−22	0	0	—	−19
Proceeds from revolving credit facility borrowings	109	55	40	38	4
Repayments of revolving credit facility borrowings	−109	−42	−53	−4	−308
Proceeds from other borrowings	0	0	322,000	0	—
Repayment of other borrowings	−1	−874,000	−53,000	0	—
Credit facility amendment fees paid	−2	0	−46,000	−2	−527,000
Taxes withheld and paid on employee stock awards vested	−10	−5	−6	−4	−4
Common shares issued - stock options exercised	4	5	0	0	883,000
Principal payment under finance lease obligations	0	−509,000	−480,000	−948,000	—
Dividends paid to non-controlling interests	0	0	−1	−3	−5
Net cash used in financing activities	−34	−6	−49	−59	−133
Effects of exchange rate changes on cash	−497,000	812,000	504,000	2	−1
Increase (decrease) in cash and cash equivalents during year	51	24	−21	−92	−128

Filings

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