IMAX CORPIMAX
IMAX CORP Segments Disclosure
20. Segment Reporting
The Company’s Chief Executive Officer (“CEO”) is its Chief Operating Decision Maker (“CODM”), as such term is defined under U.S. GAAP. The CODM assesses segment performance based on segment revenues and segment gross margins. Selling, general and administrative expenses, research and development costs, the amortization of intangible assets, provision for (reversal of) current expected credit losses, certain write-downs, interest income, interest expense, and income tax (expense) benefit are not allocated to the Company’s segments.
The Company has two reportable segments:
(i)Content Solutions, consists of services provided to studios and other content creators, which principally includes the digital remastering of films and other content into IMAX formats for distribution to the IMAX network. To a lesser extent, the Content Solutions segment also earns revenue from the distribution of large-format documentary films and exclusive experiences ranging from live performances to interactive events with leading artists and creators, as well as film post-production services.
(ii)Technology Products and Services, which includes results from the sale or lease of IMAX Systems, as well as from the maintenance of IMAX Systems to exhibition customers. To a lesser extent, the Technology Product and Services segment also earns revenue from certain ancillary theater business activities, including after-market sales of IMAX System parts and 3D glasses.
During the fourth quarter of 2025, the Company reorganized its operating and reporting structure to align with the manner in which management evaluates performance for SSIMWAVE and IMAX Enhanced on a combined basis. As a result of this change, certain legacy operating segments were aggregated to form a new operating segment, “Streaming and Consumer Technology”. This operating segment is included in “All Other”, as it does not meet the quantitative criteria for being a reportable segment. Also included within “All Other” are other ancillary activities that do not meet the criteria to be considered a reportable segment.
The accounting policies of the reportable segments are the same as those described in Note 2 - Summary of Significant Accounting Policies. Intercompany profit or loss is not included in the evaluation of performance and allocation of resources.
The CODM uses segment revenues and segment gross margin to allocate resources for each segment predominantly in the annual budget and forecasting process.
Segment Financial Information
The following table presents the Company’s revenue and gross margin by reportable segment for the years ended December 31, 2025, 2024, and 2023:
Revenue(1) | Gross Margin | ||||||||||||||||||||||||||||||||||
(In thousands of U.S. Dollars) | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||
Content Solutions | $ | 151,258 | $ | 124,731 | $ | 126,698 | $ | 99,706 | $ | 66,523 | $ | 74,106 | |||||||||||||||||||||||
Technology Products and Services | 251,277 | 216,062 | 234,303 | 143,222 | 115,553 | 129,946 | |||||||||||||||||||||||||||||
Sub-total for reportable segments | 402,535 | 340,793 | 361,001 | 242,928 | 182,076 | 204,052 | |||||||||||||||||||||||||||||
All Other | 7,677 | 11,415 | 13,838 | 3,262 | 8,124 | 10,289 | |||||||||||||||||||||||||||||
| Total | $ | 410,212 | $ | 352,208 | $ | 374,839 | $ | 246,190 | $ | 190,200 | $ | 214,341 | |||||||||||||||||||||||
 (1)The Company’s largest customer represents 9% of total Revenues as of December 31, 2025 (2024 ― 11%; 2023 ― 10%). No single customer comprises more than 10% of the Company’s total Accounts Receivable as of December 31, 2025 and 2024. | |||||||||||||||||||||||||||||||||||
The following table presents the Costs and Expenses Applicable to Revenues for the Content Solutions segment that has been made available to the CODM as part of the Company’s annual and quarterly financial reporting requirements in accordance with U.S. GAAP:
Content Solutions Segment: | For the years ended December 31, | ||||||||||||||||
(In thousands of U.S. Dollars) | 2025 | 2024 | 2023 | ||||||||||||||
Revenue | $ | 151,258 | $ | 124,731 | $ | 126,698 | |||||||||||
Film asset amortization | 18,500 | 24,775 | 20,281 | ||||||||||||||
Marketing and other selling expenses | 17,867 | 15,030 | 15,200 | ||||||||||||||
Co-produced film participation expenses | 438 | 3,292 | 594 | ||||||||||||||
Write-down of film assets | 156 | 9 | 411 | ||||||||||||||
Other segment expenses(1) | 14,591 | 15,102 | 16,106 | ||||||||||||||
Total Costs and Expenses Applicable to Revenues | 51,552 | 58,208 | 52,592 | ||||||||||||||
Gross Margin | $ | 99,706 | $ | 66,523 | $ | 74,106 | |||||||||||
(1)Included within the Other segment expenses are costs related to film distribution, post production costs, production costs, and network connectivity fees. | |||||||||||||||||
The following table presents the Costs and Expenses Applicable to Revenues for the Technology Products and Services reportable segment that is made available to the CODM as part of the Company’s annual and quarterly financial reporting requirements in accordance with U.S. GAAP:
Technology Products and Services Segment: | For the years ended December 31, | ||||||||||||||||
(In thousands of U.S. Dollars) | 2025 | 2024 | 2023 | ||||||||||||||
Revenue | $ | 251,277 | $ | 216,062 | $ | 234,303 | |||||||||||
Depreciation of equipment supporting JRSAs | 23,166 | 22,723 | 22,857 | ||||||||||||||
Marketing and other selling expenses | 4,661 | 2,411 | 2,053 | ||||||||||||||
Write-down of equipment supporting JRSAs | 630 | 3,397 | 756 | ||||||||||||||
Write-down of inventories | 261 | 359 | 542 | ||||||||||||||
Other segment expenses(1) | 79,337 | 71,619 | 78,149 | ||||||||||||||
Total Costs and Expenses Applicable to Revenues | 108,055 | 100,509 | 104,357 | ||||||||||||||
Gross Margin | $ | 143,222 | $ | 115,553 | $ | 129,946 | |||||||||||
(1)Included within the Other segment expenses are costs related to the manufacturing and build of IMAX Systems recognized in the period, maintenance and warranty costs, and other product related costs. Also included is a recovery of $0.5 million for insurance proceeds received during the year ended December 31, 2025, associated with inventory costs that were previously written off. The total proceeds received were $0.7 million, and the incremental gain of $0.2 million was recognized in selling, general and administrative expenses. | |||||||||||||||||
The following table presents the Company’s assets by category and reportable segment, reconciled to consolidated assets, as of December 31, 2025 and 2024:
| As of December 31, | |||||||||||
| (In thousands of U.S. Dollars) | 2025 | 2024 | |||||||||
| Content Solutions | $ | 104,603 | $ | 89,383 | |||||||
| Technology Products and Services | 554,866 | 544,444 | |||||||||
| Sub-total for reportable segments | 659,469 | 633,827 | |||||||||
| All Other | 30,471 | 37,808 | |||||||||
| Corporate and other non-segment specific assets | 204,091 | 158,763 | |||||||||
| Total | $ | 894,031 | $ | 830,398 | |||||||
Geographic Information
Revenue by geographic area is based on the location of the customer. Revenue related to IMAX Film Remastering process is presented based upon the geographic location of the IMAX System that exhibits the remastered films. IMAX Film Remastering and distribution revenue is generated through contractual relationships with studios and other third parties that may not be in the same geographical location as the IMAX Systems that exhibit the remastered films.
The following table summarizes the Company’s revenues by geographic area for the years ended December 31, 2025, 2024, and 2023:
| Years Ended December 31, | |||||||||||||||||
(In thousands of U.S. Dollars) | 2025 | 2024 | 2023 | ||||||||||||||
United States | $ | 144,854 | $ | 137,761 | $ | 117,925 | |||||||||||
Greater China | 102,343 | 80,997 | 91,901 | ||||||||||||||
Asia (excluding China) | 66,626 | 57,691 | 59,690 | ||||||||||||||
Western Europe | 51,755 | 40,812 | 54,908 | ||||||||||||||
Canada | 11,515 | 9,344 | 18,746 | ||||||||||||||
Latin America | 8,970 | 8,994 | 13,788 | ||||||||||||||
Rest of the World | 24,149 | 16,609 | 17,881 | ||||||||||||||
| Total | $ | 410,212 | $ | 352,208 | $ | 374,839 | |||||||||||
No single country in the Rest of the World, Western Europe, Latin America, and Asia (excluding Greater China) classifications comprises more than 10% of total revenue.
The following table presents the breakdown of Property, Plant and Equipment by geography as of December 31, 2025 and 2024:
| As of December 31, | |||||||||||
(In thousands of U.S. Dollars) | 2025 | 2024 | |||||||||
United States | $ | 106,455 | $ | 100,422 | |||||||
Greater China | 63,821 | 66,022 | |||||||||
| Canada | 35,095 | 40,116 | |||||||||
Western Europe | 14,493 | 12,917 | |||||||||
Asia (excluding Greater China) | 18,097 | 15,134 | |||||||||
Rest of the World | 4,949 | 5,522 | |||||||||
| Total | $ | 242,910 | $ | 240,133 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Mar 4, 2021 | |
| 2019 | Feb 19, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 24, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.