$IMAX

IMAX CORP

CIK:0000921582|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Revenue	$ 102,842	$ 91,684	$ 184,221	$ 178,351
Costs and expenses applicable to revenues
Total Costs and Expenses Applicable to Revenues	39,946	38,082	75,514	71,573
Gross margin	62,896	53,602	108,707	106,778
Selling, general and administrative expenses	34,528	35,302	67,016	68,764
Research and development	1,655	1,542	3,459	2,860
Amortization of intangible assets	2,164	1,809	4,192	3,540
Credit loss expense (reversal), net	1,481	(183)	1,021	(309)
Restructuring charges and other impairments	2,294	786	2,294	843
Income from operations	20,774	14,346	30,725	31,080
Realized and unrealized investment gains	18	33	54	65
Retirement benefits non-service expense	(67)	(133)	(134)	(203)
Interest income	651	1,114	1,119	1,654
Interest expense	(1,961)	(1,927)	(3,857)	(3,728)
Income before taxes	19,415	13,433	27,907	28,868
Income tax expense	(3,507)	(1,198)	(5,928)	(8,483)
Net income	15,908	12,235	21,979	20,385
Net income attributable to non-controlling interests	(506)	(980)	(2,351)	(6,803)
Net income attributable to common shareholders	$ 15,402	$ 11,255	$ 19,628	$ 13,582
Net income per share attributable to common shareholders:
Basic (in dollars per share)	$ 0.28	$ 0.21	$ 0.36	$ 0.25
Diluted (in dollars per share)	$ 0.27	$ 0.20	$ 0.35	$ 0.25
Weighted average shares outstanding (in thousands):
Basic (in shares)	54,951	53,751	54,537	53,448
Diluted (in shares)	56,569	55,161	56,475	55,064
Technology sales
Revenues
Revenue	$ 26,654	$ 18,842	$ 40,068	$ 32,366
Costs and expenses applicable to revenues
Total Costs and Expenses Applicable to Revenues	9,606	9,352	15,162	16,575
Image enhancement and maintenance services
Revenues
Revenue	53,160	50,854	101,744	101,607
Costs and expenses applicable to revenues
Total Costs and Expenses Applicable to Revenues	22,558	21,376	45,494	40,821
Technology rentals
Revenues
Revenue	20,000	19,116	36,624	38,427
Costs and expenses applicable to revenues
Total Costs and Expenses Applicable to Revenues	7,782	7,354	14,858	14,177
Finance income
Revenues
Revenue	$ 3,028	$ 2,872	$ 5,785	$ 5,951

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net income	$ 21,979	$ 20,385
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	30,911	30,809
Amortization of deferred financing costs	1,056	984
Credit loss expense (reversal), net	1,021	(309)
Write-downs, including asset impairments	2,299	1,047
Deferred income tax recovery	238	72
Share-based and other non-cash compensation	13,174	12,767
Unrealized foreign currency exchange loss (gain)	104	(278)
Realized and unrealized investment gain	(54)	(65)
Changes in assets and liabilities:
Accounts receivable	(8,563)	(18,702)
Inventories	(6,850)	(4,027)
Film assets	(13,031)	(11,318)
Lease incentives provided to exhibitor customers	(9,882)	(2,143)
Deferred revenue	2,914	3,116
Changes in other operating assets and liabilities	698	(2,157)
Net cash provided by operating activities	36,014	30,181
Investing Activities
Purchase of property, plant and equipment	(2,153)	(4,006)
Investment in equipment for joint revenue sharing arrangements	(8,723)	(14,666)
Acquisition of other intangible assets	(2,152)	(3,376)
Net cash used in investing activities	(13,028)	(22,048)
Financing Activities
Revolving credit facility borrowings	38,000	29,000
Repayments of revolving credit facility borrowings	(34,000)	(18,000)
Redemption of capped calls related to convertible notes	96	0
Settlement of convertible notes	(743)	0
Debt issuance costs related to convertible notes	(946)	0
Credit facility amendment fees paid	(9)	0
Repayments of other borrowings	(326)	(372)
Taxes withheld and paid on employee stock awards vested	(17,879)	(9,742)
Common shares issued - stock options exercised	15,269	1,048
Net cash (used in) provided by financing activities	(14,275)	480
Effects of exchange rate changes on cash	38	46
Increase in cash and cash equivalents during period	8,749	8,659
Cash and cash equivalents, beginning of period	151,168	100,592
Cash and cash equivalents, end of period	159,917	109,251
IMAX Corporation
Financing Activities
Payments for Repurchase of Common Stock	(13,737)	0
IMAX China
Financing Activities
Payments for Repurchase of Common Stock	$ 0	$ (1,454)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 159,917	$ 151,168
Accounts receivable, net of allowance for credit losses	114,561	108,079
Financing receivables, net of allowance for credit losses	118,396	121,954
Variable consideration receivables, net of allowance for credit losses	97,461	91,402
Inventories	39,245	32,505
Prepaid expenses	14,333	14,881
Film assets, net of accumulated amortization	18,401	15,529
Property, plant and equipment, net of accumulated depreciation	238,950	242,910
Lease incentives and other assets	28,613	24,820
Deferred income tax assets, net of valuation allowance	12,465	12,577
Goodwill	45,815	45,815
Other intangible assets, net of accumulated amortization	29,740	32,391
Total assets	917,897	894,031
Liabilities
Accounts payable	22,511	19,478
Accrued and other liabilities	96,554	105,293
Deferred revenue	53,242	50,395
Revolving credit facility borrowings, net of unamortized debt issuance costs	38,837	34,577
Convertible notes and other borrowings, net of unamortized discounts and debt issuance costs	243,800	244,034
Deferred income tax liabilities	12,521	12,521
Total liabilities	467,465	466,298
Commitments, contingencies and guarantees (see Note 7)
Non-controlling interests	715	666
Shareholders’ equity
Capital stock common shares — no par value. Authorized — Unlimited number. 54,842,114 issued and outstanding (December 31, 2025 — 53,921,676 issued and outstanding)	441,338	419,162
Other equity	148,201	164,782
Statutory surplus reserve	4,219	4,219
Accumulated deficit	(230,817)	(239,967)
Accumulated other comprehensive loss	(7,052)	(10,305)
Total shareholders’ equity attributable to common shareholders	355,889	337,891
Non-controlling interests	93,828	89,176
Total shareholders’ equity	449,717	427,067
Total liabilities and shareholders’ equity	$ 917,897	$ 894,031