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IMAX

IMAX Corporation

IMAX

IMAX Corporation • NYSE
$37.10 ▲ 0.60% (+0.22)
Market Cap $2.00 B
52w High $37.57
52w Low $20.48
Dividend Yield 0%
P/E 52.25
Volume 505.56K
Outstanding Shares 53.80M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $106.154M ▲ $37.726M ▼ $20.657M ▲ 19.459% ▲ $0.38 ▲ $31.559M ▲
Q2-2025 $91.684M ▲ $39.256M ▲ $11.255M ▲ 12.276% ▲ $0.21 ▲ $31.256M ▲
Q1-2025 $86.667M ▼ $36.442M ▼ $2.327M ▼ 2.685% ▼ $0.044 ▼ $16.734M ▼
Q4-2024 $92.672M ▲ $38.853M ▲ $5.306M ▼ 5.726% ▼ $0.1 ▼ $26.542M ▼
Q3-2024 $91.452M $31.608M $13.896M 15.195% $0.26 $34.859M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $143.106M ▲ $889.573M ▲ $452.866M ▼ $349.534M ▲
Q2-2025 $109.251M ▲ $868.582M ▲ $463.509M ▼ $320.412M ▲
Q1-2025 $97.069M ▼ $848.304M ▲ $464.015M ▲ $299.503M ▲
Q4-2024 $100.592M ▼ $830.398M ▼ $452.183M ▼ $299.466M ▲
Q3-2024 $104.504M $847.56M $479.775M $289.438M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $22.616M ▲ $67.513M ▲ $-12.731M ▼ $-20.861M ▼ $33.855M ▲ $64.769M ▲
Q2-2025 $12.235M ▲ $23.23M ▲ $-7.424M ▲ $-3.754M ▼ $12.182M ▲ $20.869M ▲
Q1-2025 $8.15M ▲ $6.951M ▼ $-14.624M ▼ $4.234M ▲ $-3.523M ▲ $5.306M ▲
Q4-2024 $6.866M ▼ $11.485M ▼ $-10.87M ▲ $-5.09M ▲ $-3.912M ▼ $615K ▼
Q3-2024 $15.343M $35.282M $-14.708M $-7.56M $12.952M $20.574M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Image Enhancement And Maintenance Services
Image Enhancement And Maintenance Services
 $0 ▲$0 ▲$0 ▲$60.00M ▲
Technology Rentals
Technology Rentals
 $10.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Technology Sales
Technology Sales
 $30.00M ▲$10.00M ▼$20.00M ▲$20.00M ▲
Service
Service
 $40.00M ▲$50.00M ▲$50.00M ▲$0 ▼
Finance Income
Finance Income
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement IMAX’s income statement shows a business that has moved from heavy pandemic losses to steady, modest profitability. Revenue has climbed meaningfully from 2020 lows as theaters reopened and blockbuster releases returned, though the most recent year shows revenue flattening and slightly below the prior year rather than strongly accelerating. Profitability has improved even more sharply: gross margins are healthy, operating profit is solidly positive, and net income has shifted from sizable losses to consistent, if still not large, profits. Overall, the company looks back to being structurally profitable, but it still depends on a strong global box office and a steady pipeline of major releases to keep that momentum.

Balance Sheet

Balance Sheet The balance sheet reflects an asset‑light, technology‑focused company with moderate leverage and adequate liquidity. Total assets have gradually edged down from the pandemic peak, which is not unusual given prior high cash balances and a lean operating model. Cash has normalized from very elevated crisis levels to a more typical, smaller cushion, but it hasn’t been drained aggressively in the last few years. Debt sits at a manageable level and has trended slightly downward from earlier highs, though it ticked up a bit most recently. Equity dipped during the loss‑making years but has been rebuilding as the company returns to profitability. In simple terms, IMAX does not look overextended financially, but it also no longer carries the very large cash buffer it held during the pandemic shock.

Cash Flow

Cash Flow Cash flow has improved from a stressed position during the pandemic to a more stable, self‑funding profile. Operating cash flow moved from negative to clearly positive, and it has been building gradually as earnings recovered. After several years of cash burn, free cash flow has been positive for three consecutive years, even after ongoing investment in technology and systems. Capital spending remains relatively modest compared with many hardware‑heavy businesses, but it has ticked up, suggesting renewed investment in the network and technology. Overall, IMAX is again generating cash rather than consuming it, with enough room to invest in growth while keeping spending under control.

Competitive Edge

Competitive Edge IMAX holds a distinctive niche in cinema: it is the go‑to brand for premium, large‑format movie experiences. Its strongest advantages are its brand, its proprietary technology, and deep relationships with top filmmakers. The IMAX name signals a premium outing, which supports higher ticket prices and strong demand around major releases. The company controls an end‑to‑end technology stack—cameras, projection, sound, theater design, and digital remastering—making the in‑theater experience hard to copy. Long‑standing partnerships with high‑profile directors draw fans who specifically seek out IMAX screenings of blockbuster films. The business model is largely asset‑light: IMAX supplies and supports the technology while theater operators own most of the physical locations. This allows a wide global footprint without owning a large estate of theaters. At the same time, IMAX remains exposed to industry risks: dependence on a healthy box office, competition from other premium formats and home entertainment, and sensitivity to macroeconomic slowdowns that can dampen discretionary spending.

Innovation and R&D

Innovation and R&D Innovation is central to IMAX’s strategy and is a key part of its moat. On the production side, IMAX continues to advance its proprietary cameras, including new generations of large‑format film cameras co‑developed with leading filmmakers. It also runs a “Filmed for IMAX” program that certifies and supports digital cameras from major manufacturers, ensuring that more movies can fully exploit the IMAX format. In theaters, the company’s laser projection systems, immersive multi‑channel sound, and distinctive theater geometry all differentiate the experience. Its digital remastering process, now increasingly enhanced with artificial intelligence, lets standard movies be upgraded for IMAX screens and sound. IMAX is also exploring AI‑driven video enhancement and localization for use beyond theaters, and testing new content categories such as live events and select collaborations with streaming platforms. The core question for the future is how effectively IMAX can extend its technical edge and premium brand into new formats and distribution channels without diluting what makes the experience special.

Summary

IMAX has emerged from the pandemic downturn with a healthier income statement, a cleaner balance sheet, and positive cash generation, though its profits are still modest and closely tied to the strength of global movie releases. Financially, the company looks stable and reasonably disciplined: it has returned to profitability, generates consistent operating and free cash flow, and carries manageable debt alongside a normal, but not oversized, cash reserve. Strategically, IMAX benefits from a powerful brand, distinctive technology, and strong filmmaker relationships that reinforce each other and support its premium positioning. Its asset‑light model and global network add scale without heavy capital burdens. At the same time, the business remains cyclical and exposed to box‑office volatility, competition from alternative entertainment options, and broader economic swings. The key variables to watch are the consistency of blockbuster content, the pace of network and technology upgrades, and IMAX’s ability to use its innovations—especially in cameras, projection, and AI—to keep the theatrical experience meaningfully ahead of what audiences can get at home.

NEWS

November 25, 2025 · 9:00 AM UTC

Reading Cinemas at Valley Plaza Mall Transformation Revealed

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November 18, 2025 · 4:05 PM UTC

IMAX to Host Investor Day on December 4, 2025

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November 6, 2025 · 4:49 PM UTC

IMAX Corporation Announces Closing of $250 Million Convertible Senior Notes Offering

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November 4, 2025 · 4:40 PM UTC

IMAX To Present at the 9th Annual Wells Fargo TMT Summit

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November 4, 2025 · 12:46 AM UTC

IMAX Corporation Prices $220 Million Convertible Senior Notes Offering

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