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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-35066

IMAX Corporation

(Exact name of registrant as specified in its charter)


Canada			98-0140269
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification Number)

2525 Speakman Drive, Mississauga, Ontario, Canada L5K 1B1 (905) 403-6457			902 Broadway, Floor 20 New York, New York, USA 10010 (212) 821-0142

(Address of principal executive offices, zip code, telephone numbers)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares, no par value

IMAX

The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:


Class						Outstanding as of September 30, 2025
Common Shares, no par value						53,798,934

IMAX CORPORATION

Table of Contents


		Page
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	39
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	61
Item 4.	Controls and Procedures	62

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	63
Item 1A.	Risk Factors	63
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	63
Item 5.	Other Information	64
Item 6.	Exhibits	65
Signatures		66

Table of Contents

IMAX CORPORATION

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements


			Page
The following unaudited Condensed Consolidated Financial Statements are filed as part of this Report:

Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024			4
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024			5
Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024			6
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024			7
Condensed Consolidated Statements of Shareholders’ Equity for the three and nine months ended September 30, 2025 and 2024			8
Notes to Condensed Consolidated Financial Statements			9

Table of Contents

IMAX CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. Dollars, except share amounts)

(Unaudited)


	September 30,		December 31,
	2025		2024
Assets
Cash and cash equivalents	$	143,106	$	100,592
Accounts receivable, net of allowance for credit losses	108,418		107,669
Financing receivables, net of allowance for credit losses	118,944		119,885
Variable consideration receivables, net of allowance for credit losses	83,792		82,593
Inventories	41,435		32,840
Prepaid expenses	15,054		13,121
Film assets, net of accumulated amortization	11,976		8,686
Property, plant and equipment, net of accumulated depreciation	243,836		240,133
Other assets	24,002		22,441
Deferred income tax assets, net of valuation allowance	12,728		14,499
Goodwill	52,815		52,815
Other intangible assets, net of accumulated amortization	33,467		35,124
Total assets	$	889,573	$	830,398
Liabilities
Accounts payable	$	22,484	$	19,803
Accrued and other liabilities	96,136		100,916
Deferred revenue	64,505		52,686
Revolving credit facility borrowings, net of unamortized debt issuance costs	26,477		36,356
Convertible notes and other borrowings, net of unamortized discounts and debt issuance costs	230,743		229,901
Deferred income tax liabilities	12,521		12,521
Total liabilities	452,866		452,183
Commitments, contingencies and guarantees (see Note 7)
Non-controlling interests	721		680
Shareholders’ equity
Capital stock common shares — no par value. Authorized — unlimited number. 53,798,934 issued and outstanding (December 31, 2024 — 52,946,200 issued and outstanding)	415,617		401,420
Other equity	181,998		185,268
Statutory surplus reserve	4,219		4,051
Accumulated deficit	(240,604)		(274,675)
Accumulated other comprehensive loss	(11,696)		(16,598)
Total shareholders’ equity attributable to common shareholders	349,534		299,466
Non-controlling interests	86,452		78,069
Total shareholders’ equity	435,986		377,535
Total liabilities and shareholders’ equity	$	889,573	$	830,398

(See the accompanying notes, which are an integral part of these Condensed Consolidated Financial Statements.)

Table of Contents

IMAX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of U.S. Dollars, except per share amounts)

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Revenues
Technology sales	$	19,360	$	26,305	$	51,726	$	54,629
Image enhancement and maintenance services	61,029		46,891		162,636		149,428
Technology rentals	23,336		16,122		61,763		48,766
Finance income	2,929		2,134		8,880		6,713
	106,654		91,452		285,005		259,536
Costs and expenses applicable to revenues
Technology sales	9,454		10,605		26,029		24,594
Image enhancement and maintenance services	23,065		23,087		63,886		73,371
Technology rentals	6,864		6,741		21,041		19,736
	39,383		40,433		110,956		117,701
Gross margin	67,271		51,019		174,049		141,835
Selling, general and administrative expenses	34,219		31,466		102,983		100,287
Research and development	1,505		(265)		4,365		3,953
Amortization of intangible assets	1,906		1,544		5,446		4,208
Credit loss expense (reversal), net	596		(1,137)		287		(963)

Restructuring and other charges	—		—		843		—
Income from operations	29,045		19,411		60,125		34,350
Realized and unrealized investment gains	34		32		99		94
Retirement benefits non-service recovery (expense)	17		(109)		(186)		(323)
Interest income	557		625		2,211		1,720
Interest expense	(1,832)		(2,240)		(5,560)		(6,467)
Income before taxes	27,821		17,719		56,689		29,374
Income tax expense	(5,205)		(2,376)		(13,688)		(3,538)
Net income	22,616		15,343		43,001		25,836
Net income attributable to non-controlling interests	(1,959)		(1,447)		(8,762)		(5,083)
Net income attributable to common shareholders	$	20,657	$	13,896	$	34,239	$	20,753

Net income per share attributable to common shareholders:
Basic	$	0.38	$	0.26	$	0.64	$	0.39
Diluted	$	0.37	$	0.26	$	0.62	$	0.39

Weighted average shares outstanding (in thousands):
Basic	53,788		52,682		53,561		52,605
Diluted	55,565		54,089		55,242		53,628

(See the accompanying notes, which are an integral part of these Condensed Consolidated Financial Statements.)

Table of Contents

IMAX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands of U.S. Dollars)

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Net income	$	22,616	$	15,343	$	43,001	$	25,836
Other comprehensive income before tax

Unrealized net (loss) gain from cash flow hedging instruments	(1,223)		337		582		(944)
Realized net loss from cash flow hedging instruments	120		162		1,747		240
Foreign currency translation adjustments	1,637		3,775		2,658		2,779
Defined benefit and postretirement benefit plans	2,090		(149)		1,744		(547)
Total other comprehensive income before tax	2,624		4,125		6,731		1,528
Income tax (expense) benefit related to other comprehensive income	(268)		(92)		(1,076)		328
Other comprehensive income, net of tax	2,356		4,033		5,655		1,856
Comprehensive income	24,972		19,376		48,656		27,692
Comprehensive income attributable to non-controlling interests	(2,422)		(2,521)		(9,515)		(5,872)
Comprehensive income attributable to common shareholders	$	22,550	$	16,855	$	39,141	$	21,820

(See the accompanying notes, which are an integral part of these Condensed Consolidated Financial Statements.)

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IMAX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. Dollars)

(Unaudited)


	Nine Months Ended
	September 30,
	2025		2024
Operating Activities
Net income	$	43,001	$	25,836
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	46,415		48,902
Amortization of deferred financing costs	1,492		1,478
Credit loss expense (reversal), net	287		(963)
Write-downs, including asset impairments	1,303		3,034
Deferred income tax expense (recovery)	734		(7,339)
Share-based and other non-cash compensation	19,050		17,261
Unrealized foreign currency exchange gain	(170)		(527)
Realized and unrealized investment gain	(99)		(94)
Changes in assets and liabilities:
Accounts receivable	(1,131)		23,001
Inventories	(8,587)		(6,181)
Film assets	(16,435)		(17,892)
Deferred revenue	11,724		(13,393)
Changes in other operating assets and liabilities	110		(13,771)
Net cash provided by operating activities	97,694		59,352
Investing Activities
Purchase of property, plant and equipment	(6,750)		(3,816)
Investment in equipment for joint revenue sharing arrangements	(24,114)		(21,728)
Acquisition of other intangible assets	(3,915)		(4,802)
Net cash used in investing activities	(34,779)		(30,346)
Financing Activities
Revolving credit facility borrowings	85,000		55,000
Repayments of revolving credit facility borrowings	(93,000)		(32,000)
Credit facility amendment fees paid	(2,041)		—
Repayments of other borrowings	(538)		(489)

Repurchase of common shares	—		(18,102)
Repurchase of common shares - IMAX China	(1,454)		—
Taxes withheld and paid on employee stock awards vested	(9,742)		(4,978)
Common shares issued - stock options exercised	1,394		98
Principal payment under finance lease obligations	—		(480)

Net cash used in financing activities	(20,381)		(951)
Effects of exchange rate changes on cash	(20)		249
Increase in cash and cash equivalents during period	42,514		28,304
Cash and cash equivalents, beginning of period	100,592		76,200
Cash and cash equivalents, end of period	$	143,106	$	104,504

(See the accompanying notes, which are an integral part of these Condensed Consolidated Financial Statements.)

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IMAX CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(In thousands of U.S. Dollars)

(Unaudited)


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Adjustments to capital stock:
Balance, beginning of period	$	415,142	$	394,493	$	401,420	$	389,048
Restricted share units vested, net of shares withheld for employee tax obligations	20		12		12,370		14,032
Employee stock options exercised, net of shares withheld for employee tax obligations	346		98		1,394		98
Grant date fair value of stock options exercised	109		—		433		—
Average carrying value of repurchased and retired common shares	—		—		—		(8,575)
Balance, end of period	415,617		394,603		415,617		394,603
Adjustments to other equity:
Balance, beginning of period	175,901		176,632		185,268		185,087

Amortization of share-based payment expense - restricted share units	4,118		3,318		13,681		10,864
Amortization of share-based payment expense - performance stock units	2,108		1,985		6,103		5,864
Restricted share units vested	(129)		(24)		(22,645)		(19,815)
Grant date fair value of stock options exercised	—		—		(324)		—
Change in ownership interest related to IMAX China	—		—		(85)		(89)
Balance, end of period	181,998		181,911		181,998		181,911
Adjustments to statutory surplus reserve:
Balance, beginning of period	4,219		3,932		4,051		3,932
Change in statutory surplus reserve, IMAX China	—		—		168		—
Balance, end of period	4,219		3,932		4,219		3,932
Adjustments to accumulated deficit:
Balance, beginning of period	(261,261)		(293,889)		(274,675)		(292,845)
Net income attributable to common shareholders	20,657		13,896		34,239		20,753
Statutory surplus reserve deducted from retained earnings, IMAX China	—		—		(168)		—
Common shares repurchased and retired	—		—		—		(7,901)
Balance, end of period	(240,604)		(279,993)		(240,604)		(279,993)
Adjustments to accumulated other comprehensive loss:
Balance, beginning of period	(13,589)		(13,974)		(16,598)		(12,081)
Other comprehensive income, net of tax	1,893		2,959		4,902		1,066
Balance, end of period	(11,696)		(11,015)		(11,696)		(11,015)
Adjustments to non-controlling interests:
Balance, beginning of period	83,970		75,111		78,069		71,790
Net income attributable to non-controlling interests	1,929		1,431		8,721		5,067
Other comprehensive income, net of tax	463		1,073		753		789
Share-based compensation attributable to non-controlling interests	90		58		278		52

Change in ownership interest related to IMAX China common share repurchases	—		—		(1,369)		(25)
Balance, end of period	86,452		77,673		86,452		77,673
Total Shareholders’ Equity	$	435,986	$	367,111	$	435,986	$	367,111

(See the accompanying notes, which are an integral part of these Condensed Consolidated Financial Statements.)

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IMAX CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in thousands of U.S. Dollars, unless otherwise stated)

1. Basis of Presentation

Accounting Principles

IMAX Corporation (together with its subsidiaries, unless the context requires otherwise, the “Company” or “IMAX”), prepares financial statements in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures have been condensed or omitted as permitted by such rules and regulations. In the opinion of the Company’s management, the unaudited Condensed Consolidated Financial Statements reflect all necessary adjustments for a fair statement of interim results. The Condensed Consolidated Balance Sheet at December 31, 2024 was derived from the Company’s audited annual Consolidated Financial Statements in the Company’s 2024 Annual Report on Form 10-K (the “2024 Form 10-K”). The interim results presented in the Company’s Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows are not necessarily indicative of results for a full year.

These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements in the 2024 Form 10-K, which includes significant accounting policies adopted by the Company.

Principles of Consolidation

These unaudited Condensed Consolidated Financial Statements include the accounts of IMAX Corporation together with its consolidated subsidiaries, except for subsidiaries which have been identified as variable interest entities (“VIEs”) where the Company is not the primary beneficiary. All intercompany accounts and transactions have been eliminated. The Company has evaluated its various variable interests to determine whether they are VIEs as required by U.S. GAAP.

The Company has interests in ten film production companies, which have been identified as VIEs. The Company is the primary beneficiary of and consolidates five of these entities as it has the power to direct the activities that most significantly impact the economic performance of the VIE, and it has the obligation to absorb losses or the right to receive benefits from the respective VIE that could potentially be significant. The majority of the assets relating to these production companies are held by the IMAX Original Film Fund (the “Original Film Fund”). The Company does not consolidate the other five film production companies because it does not have the power to direct their activities and it does not have the obligation to absorb the majority of the expected losses or the right to receive expected residual returns. The Company uses the equity method of accounting for these entities, which continues to not be material to the Company’s Condensed Consolidated Financial Statements. A change in the value of an equity method investment that is other than temporary is recognized in the Condensed Consolidated Statements of Operations.

As of September 30, 2025 and December 31, 2024, total assets and liabilities of the Company’s consolidated VIEs were as follows:


	September 30,		December 31,
(In thousands of U.S. Dollars)	2025		2024
Total assets	$	1,828	$	1,459
Total liabilities	$	360	$	246

Estimates and Assumptions

In preparing the Company’s Condensed Consolidated Financial Statements, management makes judgments in applying various accounting policies. The areas of policy judgment are consistent with those reported in Note 2 of the Company’s audited Consolidated Financial Statements included in its 2024 Form 10-K. The significant estimates made by management include, but are not limited to: (i) the allocation of the transaction price in an IMAX System arrangement to distinct performance obligations; (ii) the amount of variable consideration to be earned on sales of IMAX Systems based on projections of future box office performance and inflation; (iii) expected credit losses on accounts receivable, financing receivables, and variable consideration receivables; (iv) provisions for the write-down of excess and obsolete inventory; (v) the fair values of the reporting units used in assessing the recoverability of goodwill; (vi) the cash flow projections used in testing the recoverability of long-lived assets such as the system equipment supporting joint revenue sharing arrangements; (vii) the economic lives of the system equipment supporting joint revenue sharing arrangements; (viii) the useful lives of intangible assets; (ix) the ultimate revenue forecasts used to test the recoverability of film assets; (x) the discount rates used to determine the present value of financing receivables, variable consideration and lease liabilities, as well as to determine

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the fair values of the Company’s reporting units for the purpose of assessing the recoverability of goodwill; (xi) pension plan assumptions; (xii) estimates related to the fair value and projected vesting of share-based payment awards; (xiii) the valuation of deferred income tax assets; and (xiv) reserves related to uncertain tax positions.

2. New Accounting Standards and Accounting Changes

Issued FASB Accounting Standard Codification Updates Not Yet Adopted

Improvements to Income Tax Disclosures

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). The amendments in ASU 2023-09 improve the transparency of income tax disclosures by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation, and (ii) income taxes to be paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual periods beginning on or after December 31, 2024. The Company is in the process of evaluating the impact of this ASU on its Consolidated Financial Statements disclosures related to tax.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued Accounting Standard Update No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures” (“ASU 2024-03”). The amendments in ASU 2024-03 expand disclosures about specific expense categories presented on the face of the income statement and addresses requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation and amortization) in commonly presented expense captions (such as cost of sales, selling, general and administrative expenses). ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods thereafter with early adoption permitted. The Company is in the process of evaluating the impact of this ASU on its Consolidated Financial Statements.

Measurement of Credit Losses for Accounts Receivable and Contract Assets

In July 2025, the FASB issued Accounting Standard Update No. 2025-05, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). The amendments in ASU 2025-05 provide a practical expedient that allows entities to assume current economic conditions as of the balance sheet date will remain unchanged throughout the reasonable and supportable forecast period when estimating expected credit losses for eligible financial assets, including trade receivables and contract assets. ASU 2025-05 is effective for fiscal periods beginning after December 15, 2025, including interim periods within those fiscal years. The Company is in the process of evaluating the impact of this ASU on its Consolidated Financial Statements.

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the FASB issued Accounting Standard Update No. 2025-06, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). The amendments in ASU 2025-06 clarify and refine the criteria for capitalizing costs related to internal-use software. Under the new guidance, capitalization is permitted when both of the following conditions are met: (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 is effective for fiscal periods beginning after December 15, 2027, and interim periods thereafter. The Company is in the process of evaluating the impact of this ASU on its Consolidated Financial Statements.

The Company considers the applicability and impact of all recently issued FASB accounting standard codification updates. ASUs that are not noted above were assessed and determined to be not applicable or not significant to the Company’s Condensed Consolidated Financial Statements for the period ended September 30, 2025.

3. Receivables

The ability of the Company to collect its receivables is principally dependent on the viability and solvency of individual theater operators which is significantly influenced by consumer behavior and general economic conditions. Theater operators, or other customers, may experience financial difficulties that could result in them being unable to fulfill their payment obligations to the Company.

In order to mitigate the credit risk associated with the Company’s receivables, management performs an initial credit evaluation prior to entering into an arrangement with a customer and then regularly monitors the credit quality of each customer through an

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analysis of collections history and aging. This monitoring process includes meetings on at least a monthly basis to identify credit concerns and potential changes in credit quality classification. A customer may improve their credit quality classification once a substantial payment is made on an overdue balance or when the customer has agreed to a payment plan and payments have commenced in accordance with that plan. Changes in credit quality classification are dependent upon management approval. The Company’s internal credit quality classifications are reported in Note 4 of the Company’s audited Consolidated Financial Statements included in its 2024 Form 10-K.

During the period when the accretion of Finance Income is suspended for Financing Receivables, any payments received from a customer are applied against the outstanding balance owed. If payments are sufficient to cover any unreserved receivables, a reversal of the provision is recorded to the extent of the residual cash received. Once the collectability issues are resolved and the customer has returned to being in good standing, the Company will resume recognition of Finance Income.

When a customer’s aging exceeds 90 days, the Company’s policy is to perform an enhanced review to assess collectability of the theater’s past due accounts. The over 90 days past due category may be an indicator of potential impairment as up to 90 days outstanding is considered to be a reasonable time to resolve any issues.

The Company develops an estimate of expected credit losses by class of receivable and customer type through a calculation that utilizes historical loss rates, which are then adjusted for specific receivables that are judged to have a higher-than-normal risk profile after considering management’s internal credit quality classifications. Additional credit loss provisions are also recorded taking into account macro-economic and industry risk factors. The write-off of any billed receivable balance requires the approval of management.

Management’s judgments regarding expected credit losses are based on the facts available to management and involve estimates about the future. As a result, the Company’s judgments and associated estimates of credit losses may ultimately prove, with the benefit of hindsight, to be incorrect. The impacts of inflation, and rising interest rates may impact future credit losses. The Company will continue to monitor economic trends and conditions and portfolio performance and adjust its allowance for credit loss accordingly.

Accounts Receivable

Accounts receivable principally includes amounts currently due to the Company under IMAX System sale and sales-type lease arrangements, contingent fees owed by theater operators as a result of box office performance, and fees for maintenance services. Accounts receivable also includes amounts due to the Company from movie studios and other content creators principally for digitally remastering films into IMAX formats, as well as for film distribution and post-production services.

The following tables summarize the activity in the allowance for credit losses related to Accounts Receivable for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended								Nine Months Ended
	September 30, 2025								September 30, 2025
(In thousands of U.S. Dollars)	Theater Operators		Studios		Other		Total		Theater Operators		Studios		Other		Total
Beginning balance	$	11,568	$	1,277	$	429	$	13,274	$	11,678	$	1,017	$	583	$	13,278
Current period provision (reversal), net	545		(186)		54		413		512		336		(100)		748
Write-offs, net of recoveries	(65)		(62)		—		(127)		(79)		(324)		—		(403)
Foreign exchange	(23)		—		—		(23)		(86)		—		—		(86)
Ending balance	$	12,025	$	1,029	$	483	$	13,537	$	12,025	$	1,029	$	483	$	13,537

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	Three Months Ended								Nine Months Ended
	September 30, 2024								September 30, 2024
(In thousands of U.S. Dollars)	Theater Operators		Studios		Other		Total		Theater Operators		Studios		Other		Total
Beginning balance	$	14,095	$	651	$	1,080	$	15,826	$	14,355	$	616	$	1,006	$	15,977
Current period (reversal) provision, net	(2,079)		600		(13)		(1,492)		(2,120)		638		61		(1,421)
Write-offs, net of recoveries	—		—		—		—		(178)		(3)		—		(181)
Foreign exchange	118		—		—		118		77		—		—		77
Ending balance	$	12,134	$	1,251	$	1,067	$	14,452	$	12,134	$	1,251	$	1,067	$	14,452

For the three and nine months ended September 30, 2025, the Company’s allowance for current expected credit losses related to Accounts Receivable increased by $0.3 million and $0.3 million, respectively (2024 — decreased by $1.4 million and $1.5 million, respectively).

Financing Receivables

Financing receivables are due from theater operators and consist of the Company’s net investment in sales-type leases and receivables associated with financed sales of IMAX Systems. As of September 30, 2025 and December 31, 2024, financing receivables consisted of the following:


	September 30,		December 31,
(In thousands of U.S. Dollars)	2025		2024
Net investment in leases:
Gross minimum payments due under sales-type leases	$	30,931	$	30,890
Unearned finance income	(1,057)		(887)
Present value of minimum payments due under sales-type leases	29,874		30,003
Allowance for credit losses	(456)		(664)
Net investment in leases	29,418		29,339
Financed sales receivables:
Gross minimum payments due under financed sales	124,797		127,906
Unearned finance income	(25,378)		(27,199)
Present value of minimum payments due under financed sales	99,419		100,707
Allowance for credit losses	(9,893)		(10,161)
Net financed sales receivables	89,526		90,546
Total financing receivables	$	118,944	$	119,885

Net financed sales receivables due within one year	$	28,459	$	30,136
Net financed sales receivables due after one year	61,067		60,410
Total financed sales receivables	$	89,526	$	90,546

As of September 30, 2025 and December 31, 2024, the weighted-average remaining lease term and weighted-average interest rate associated with the Company’s sales-type lease arrangements and financed sales receivables, as applicable, were as follows:


	September 30,		December 31,
(In thousands of U.S. Dollars)	2025		2024
Weighted-average remaining lease term (in years):
Sales-type lease arrangements	8.3		8.5
Weighted-average interest rate
Sales-type lease arrangements	7.24	%	7.24	%
Financed sales receivables	8.85	%	8.95	%

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The tables below provide information on the Company’s net investment in leases by credit quality indicator as of September 30, 2025 and December 31, 2024. The amounts disclosed for each credit quality classification are determined on a theater-by-theater basis as per the origination year of the relationship, and include both billed and unbilled amounts.


(In thousands of U.S. Dollars)	By Origination Year
As of September 30, 2025	2025		2024		2023		2022		2021		Prior		Total
Net investment in leases:
Credit quality classification:
In good standing	$	1,819	$	3,383	$	2,968	$	2,906	$	8,565	$	9,832	$	29,473
Credit Watch	—		—		—		—		—		—		—
Pre-approved transactions	—		—		—		—		—		—		—
Transactions suspended	—		—		—		—		—		401		401
Total net investment in leases	$	1,819	$	3,383	$	2,968	$	2,906	$	8,565	$	10,233	$	29,874


(In thousands of U.S. Dollars)	By Origination Year
As of December 31, 2024	2024		2023		2022		2021		2020		Prior		Total
Net investment in leases:
Credit quality classification:
In good standing	$	3,469	$	3,190	$	3,057	$	6,625	$	1,963	$	1,931	$	20,235
Credit Watch	—		—		—		—		—		—		—
Pre-approved transactions	—		—		—		2,800		1,477		4,664		8,941
Transactions suspended	—		—		426		—		—		401		827
Total net investment in leases	$	3,469	$	3,190	$	3,483	$	9,425	$	3,440	$	6,996	$	30,003

The tables below provide information on the Company’s financed sales receivables by credit quality indicator as of September 30, 2025 and December 31, 2024. The amounts disclosed for each credit quality classification are determined on a theater-by-theater basis as per the origination year of the relationship, and include both billed and unbilled amounts.


(In thousands of U.S. Dollars)	By Origination Year
As of September 30, 2025	2025		2024		2023		2022		2021		Prior		Total
Financed sales receivables:
Credit quality classification:
In good standing	$	6,130	$	6,476	$	7,570	$	5,018	$	5,172	$	39,351	$	69,717
Credit Watch	—		—		—		—		—		368		368
Pre-approved transactions	—		612		1,063		—		3,313		9,206		14,194
Transactions suspended	—		—		—		525		503		14,112		15,140
Total financed sales receivables	$	6,130	$	7,088	$	8,633	$	5,543	$	8,988	$	63,037	$	99,419


(In thousands of U.S. Dollars)	By Origination Year
As of December 31, 2024	2024		2023		2022		2021		2020		Prior		Total
Financed sales receivables:
Credit quality classification:
In good standing	$	6,217	$	7,249	$	5,980	$	6,152	$	4,974	$	41,570	$	72,142
Credit Watch	—		—		—		—		—		567		567
Pre-approved transactions	411		779		298		3,468		1,899		8,132		14,987
Transactions suspended	—		—		—		114		143		12,754		13,011
Total financed sales receivables	$	6,628	$	8,028	$	6,278	$	9,734	$	7,016	$	63,023	$	100,707

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The following tables provide an aging analysis for the Company’s net investment in leases and financed sales receivables as of September 30, 2025 and December 31, 2024:


	As of September 30, 2025
(In thousands of U.S. Dollars)	Accrued and Current		30-89 Days		90+ Days		Billed		Unbilled		Recorded Receivable		Allowance for Credit Losses		Net
Net investment in leases	$	242	$	183	$	2,613	$	3,038	$	26,836	$	29,874	$	(456)	$	29,418
Financed sales receivables	1,341		1,425		11,429		14,195		85,224		99,419		(9,893)		89,526
Total	$	1,583	$	1,608	$	14,042	$	17,233	$	112,060	$	129,293	$	(10,349)	$	118,944


	As of December 31, 2024
(In thousands of U.S. Dollars)	Accrued and Current		30-89 Days		90+ Days		Billed		Unbilled		Recorded Receivable		Allowance for Credit Losses		Net
Net investment in leases	$	222	$	218	$	3,185	$	3,625	$	26,378	$	30,003	$	(664)	$	29,339
Financed sales receivables	895		1,019		12,462		14,376		86,331		100,707		(10,161)		90,546
Total	$	1,117	$	1,237	$	15,647	$	18,001	$	112,709	$	130,710	$	(10,825)	$	119,885

The following tables provide information about the Company’s net investment in leases and financed sales receivables with billed amounts past due for which it continues to accrue finance income as of September 30, 2025 and December 31, 2024. The amounts disclosed for each credit quality classification are determined on a theater-by-theater basis and include both billed and unbilled amounts.


	As of September 30, 2025
(In thousands of U.S. Dollars)	Accrued and Current		30-89 Days		90+ Days		Billed		Unbilled		Allowance for Credit Losses		Net
Net investment in leases	$	223	$	183	$	2,613	$	3,019	$	17,929	$	(6)	$	20,942
Financed sales receivables	744		1,035		8,606		10,385		31,886		(1,176)		41,095
Total	$	967	$	1,218	$	11,219	$	13,404	$	49,815	$	(1,182)	$	62,037


	As of December 31, 2024
(In thousands of U.S. Dollars)	Accrued and Current		30-89 Days		90+ Days		Billed		Unbilled		Allowance for Credit Losses		Net
Net investment in leases	$	222	$	218	$	3,185	$	3,625	$	20,176	$	(6)	$	23,795
Financed sales receivables	727		610		10,143		11,480		42,208		(1,086)		52,602
Total	$	949	$	828	$	13,328	$	15,105	$	62,384	$	(1,092)	$	76,397

The following table provides information about the Company’s net investment in leases and financed sale receivables that were on nonaccrual status as of September 30, 2025 and December 31, 2024:


	As of September 30, 2025						As of December 31, 2024
(In thousands of U.S. Dollars)	Recorded Receivable		Allowance for Credit Losses		Net		Recorded Receivable		Allowance for Credit Losses		Net
Net investment in leases	$	401	$	(401)	$	—	$	827	$	(614)	$	213
Net financed sales receivables	29,702		(9,242)		20,460		28,565		(8,317)		20,248
Total	$	30,103	$	(9,643)	$	20,460	$	29,392	$	(8,931)	$	20,461

For the three and nine months ended September 30, 2025 and 2024, the Company did not recognize Finance Income related to the net investment in leases on non-accrual status. For the three and nine months ended September 30, 2025, the Company recognized $0.1 million and $0.2 million, respectively (2024 — $0.4 million and $1.0 million) in Finance Income related to the financed sales receivables in nonaccrual status.

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The following tables summarize the activity in the allowance for credit losses related to the Company’s net investment in leases and financed sale receivables for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended				Nine Months Ended
	September 30, 2025				September 30, 2025
(In thousands of U.S. Dollars)	Net Investment in Leases		Net Financed Sales Receivables		Net Investment in Leases		Net Financed Sales Receivables
Beginning balance	$	454	$	9,819	$	664	$	10,161
Current period provision (reversal), net	2		83		(208)		(263)
Foreign exchange	—		(9)		—		(5)
Ending balance	$	456	$	9,893	$	456	$	9,893


	Three Months Ended				Nine Months Ended
	September 30, 2024				September 30, 2024
(In thousands of U.S. Dollars)	Net Investment in Leases		Net Financed Sales Receivables		Net Investment in Leases		Net Financed Sales Receivables
Beginning balance	$	450	$	9,625	$	453	$	9,617
Current period provision (reversal), net	67		(148)		70		(135)
Foreign exchange	—		27		(6)		22
Ending balance	$	517	$	9,504	$	517	$	9,504

For the three and nine months ended September 30, 2025, the Company’s allowance for current expected credit losses related to its net investment in leases increased by less than $0.1 million and decreased by $0.2 million, respectively, and net financed sale receivables increased by $0.1 million and decreased by $0.3 million, respectively.

For the three and nine months ended September 30, 2024, the Company’s allowance for current expected credit losses related to its net investment in leases increased by $0.1 million, respectively, and net financed sale receivables decreased by $0.1 million, respectively.

Variable Consideration Receivables

In sale arrangements, variable consideration may become due to the Company from theater operators if certain annual minimum box office receipt thresholds are exceeded. Such variable consideration is recorded as revenue in the period when the sale is recognized and adjusted in future periods based on actual results and changes in estimates. Variable consideration is only recognized to the extent the Company believes there is not a risk of significant revenue reversal.

The following table summarizes the activity in the Allowance for Credit Losses related to Variable Consideration Receivables for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
(In thousands of U.S. Dollars)	Theater Operators		Theater Operators		Theater Operators		Theater Operators
Beginning balance	$	120	$	677	$	116	$	633
Current period provision, net	—		116		4		160
Foreign exchange	—		3		—		3
Ending balance	$	120	$	796	$	120	$	796

For the three and nine months ended September 30, 2025, the Company’s allowance for current expected credit losses related to Variable Consideration Receivables did not change and increased by less than $0.1 million, respectively (2024 — increased by $0.1 million and $0.2 million respectively).

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4. Lease Arrangements

IMAX Corporation as a Lessor

The Company provides IMAX Systems to customers through long-term lease arrangements that for accounting purposes are classified as sales-type leases. Under these arrangements, in exchange for providing the IMAX System, the Company earns fixed upfront and ongoing consideration. Certain arrangements that are legal sales are also classified as sales-type leases as certain clauses within the arrangements limit transfer of title or provide the Company with conditional rights to the system. The customer’s rights under the Company’s sales-type lease arrangements are described in Note 2 of the Company’s audited Consolidated Financial Statements included in its 2024 Form 10-K. Under the Company’s sales-type lease arrangements, the customer has the ability and the right to operate the hardware components or direct others to operate them in a manner determined by the customer. The Company’s lease portfolio terms are typically non-cancellable for 10 to 20 years with renewal provisions from inception. The Company’s sales-type lease arrangements do not contain a guarantee of residual value at the end of the lease term. The customer is required to pay for executory costs such as insurance and taxes and is required to pay the Company for maintenance and an extended warranty generally after the first year of the lease until the end of the lease term. The customer is responsible for obtaining insurance coverage for the IMAX System commencing on the date specified in the arrangement’s shipping terms and ending on the date the IMAX System is returned to the Company.

The Company also provides IMAX Systems to customers through joint revenue sharing arrangements (“JRSAs”). Under the traditional form of these arrangements, in exchange for providing the IMAX System under a long-term lease, the Company earns rent based on a percentage of contingent box office receipts and, in some cases, concession revenues, rather than a fixed upfront fee or annual minimum payments.

Under certain other JRSAs, known as hybrid arrangements, the customer is responsible for making fixed upfront payments prior to the delivery and installation of the IMAX System.

Under JRSAs, the customer has the ability and the right to operate the hardware components or direct others to operate them in a manner determined by the customer. The Company’s JRSAs are typically non-cancellable for ten years or longer with renewal provisions. Title to the IMAX System under a JRSA generally does not transfer to the customer. The Company’s JRSAs do not contain a guarantee of residual value at the end of the lease term. The customer is required to pay for executory costs such as insurance and taxes and is required to pay the Company for maintenance and an extended warranty throughout the term. The customer is responsible for obtaining insurance coverage for the IMAX System commencing on the date specified in the arrangement’s shipping terms and ending on the date the IMAX System is returned to the Company.

The following lease payments are expected to be received by the Company for its sales-type leases and JRSAs in each of the remainder of 2025, next four years and thereafter following the September 30, 2025 balance sheet date:


(In thousands of U.S. Dollars)	Sales-Type Leases
2025 (three months remaining)	$	825
2026	3,322
2027	3,267
2028	3,121
2029	3,121
Thereafter	17,275
Total	$	30,931

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5. Inventories

As of September 30, 2025 and December 31, 2024, Inventories consisted of the following:


	September 30,		December 31,
(In thousands of U.S. Dollars)	2025		2024
Raw materials	$	30,482	$	29,162
Work-in-process	2,324		1,611
Finished goods	8,629		2,067
Total	$	41,435	$	32,840

As of September 30, 2025, Inventories included finished goods of $4.1 million (December 31, 2024 — $1.8 million) for which title had passed to the customers, but the criteria for revenue recognition were not met as of the balance sheet date.

During the three and nine months ended September 30, 2025, the Company recorded write-downs of less than $0.1 million and $0.2 million, respectively (2024 — write-downs of $0.1 million and $0.3 million during each such period) in Costs and Expenses Applicable to Revenues ― Technology Sales.

6. Borrowings

Revolving Credit Facility Borrowings, Net

As of September 30, 2025 and December 31, 2024, Revolving Credit Facility Borrowings, Net included the following:


	September 30,		December 31,
(In thousands of U.S. Dollars)	2025		2024
Wells Fargo Credit Facility borrowings	$	29,000	$	37,000
Unamortized debt issuance costs	(2,523)		(644)
Revolving Credit Facility Borrowings, net	$	26,477	$	36,356

Credit Agreement

The Company was a party to a Sixth Amended and Restated Credit Agreement, dated as of March 25, 2022 (the “Credit Agreement”), that provided for a credit facility (the “Credit Facility”). On July 14, 2025, the Company entered into a Seventh Amended and Restated Credit Agreement (the “New Credit Agreement”) with Wells Fargo Bank, National Association, as agent, and a syndicate of lenders party thereto. The facility under the New Credit Agreement (the “New Credit Facility”) matures on July 14, 2030; provided that if certain convertible debt that is permitted to be incurred under the New Credit Agreement, and is so incurred after the date of the New Credit Agreement, has a maturity date that is earlier than 91 days after the maturity date of the New Credit Facility and the aggregate amount of any such convertible debt that remains outstanding on the date that is 91 days prior to the earliest maturity date of any such convertible debt (the “Springing Maturity Date”) exceeds $100.0 million, then the maturity date for the New Credit Facility shall automatically be modified to be the Springing Maturity Date. The Company’s obligations under the New Credit Agreement are guaranteed by certain of the Company’s subsidiaries (the “Guarantors”), and are secured by first-priority security interests in substantially all of the assets of the Company and the Guarantors.

The New Credit Agreement provides for a revolving borrowing capacity of $375.0 million, and contains an uncommitted accordion feature that allows the Company to further increase its borrowing capacity by the greater of $140.0 million or by the Company’s EBITDA (as defined in the Credit Agreement) (“Adjusted EBITDA per Credit Facility”) for the sum of the four most recently ended fiscal quarters, subject to certain conditions, depending on the mix of revolving loans and/or term loans under the incremental facility and subject to conditions set forth in the Credit Agreement.

The New Credit Agreement requires that the Company does not exceed a maximum Senior Secured Net Leverage Ratio (as defined therein) of 3.25:1.00, which may be increased under certain circumstances and is tested on the last day of each fiscal quarter. In addition, the New Credit Agreement contains customary affirmative and negative covenants for a transaction of this type, including covenants that limit indebtedness, liens, asset sales, investments and restricted payments, in each case, subject to negotiated exceptions and baskets. The New Credit Agreement also contains representations, warranties and event of default provisions customary for a transaction of this type. The Company was in compliance with this requirement as of September 30, 2025 as the Senior Secured Net Leverage Ratio was 0.00:1.00.

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Loans under the New Credit Facility will bear interest, at the Company’s option, at (i) Term SOFR, Eurocurrency Rate or Term CORRA plus a margin ranging from 1.00% to 1.75% per annum or (ii) the U.S. base rate or the Canadian prime rate plus a margin ranging from 0.25% to 1.00% per annum, in each case depending on the Company’s total leverage ratio. In no event will Term SOFR, Eurocurrency Rate or Term CORRA be less than 0.00% per annum.

The Company incurred fees of approximately $2.2 million in connection with the New Credit Agreement, which are being amortized on a straight-basis over the term of the New Credit Agreement.

As of September 30, 2025, borrowings under the New Credit Facility were $29.0 million (December 31, 2024 — $37.0 million under the previous Credit Facility) and bore interest at Term SOFR, plus a margin of 1.75% per annum based on the Company’s total leverage ratio. The effective interest rate for the three and nine months ended September 30, 2025 were 6.09% and 6.15%, respectively.

As of September 30, 2025 and December 31, 2024, the Company had no letters of credit or advance payment guarantees outstanding under the Credit Facility. As of September 30, 2025, the amount available for future borrowings under the New Credit Facility was $346.0 million (December 31, 2024 — $263.0 million under the previous Credit Facility).

Foreign Exchange Facility

Within the New Credit Facility, the Company is able to purchase foreign currency forward contracts and/or other swap arrangements. As of September 30, 2025, the net unrealized gain on the Company’s outstanding foreign currency forward contracts was $0.3 million, representing the amount by which the notional value of these forward contracts exceeded their fair value (December 31, 2024 — net unrealized loss of $2.0 million). As of September 30, 2025, the notional value of the Company’s outstanding foreign currency forward contracts was $48.7 million (December 31, 2024 — $48.4 million).

Bank of China Facility

As of September 30, 2025, and December 31, 2024, there were no borrowings outstanding under the Bank of China Facility (as defined and described in Note 13 to the Company’s audited Consolidated Financial Statements in its 2024 Form 10-K) and outstanding letters of guarantee were RMB 1.0 million (less than $0.1 million).

As of September 30, 2025, the amount available for future borrowings under the Bank of China Facility was RMB 190.0 million ($26.7 million) and the amount available for letters of guarantee was RMB 9.0 million ($1.3 million). The amount available for future borrowings under the Bank of China Facility is not subject to a standby fee. The effective interest rate for the three and nine months ended September 30, 2025 was 0% for each such period (2024 — 0% for each such period). There were no amounts drawn under the Bank of China Facility for the three and nine months ended September 30, 2025.

HSBC China Facility

In June 2022, IMAX (Shanghai) Multimedia Technology Co., Ltd. (“IMAX Shanghai”) entered into an unsecured revolving facility for up to RMB 200.0 million ($28.1 million) with HSBC Bank (China) Company Limited, Shanghai Branch to fund ongoing working capital requirements (the “HSBC China Facility”). As of September 30, 2025 and December 31, 2024, no borrowings were outstanding under the HSBC China Facility. As of September 30, 2025, the amount available for future borrowings under the HSBC China Facility was RMB 200.0 million ($28.1 million). The effective interest rate for the three and nine months ended September 30, 2025 was 0% for each such period (2024 — 0%).

NBC Facility

The NBC Facility (as defined and described in Note 13 to the Company’s audited Consolidated Financial Statements in its 2024 Form 10-K) has been renewed to October 8, 2026. The Company did not have any letters of credit or advance payment guarantees outstanding as of September 30, 2025 and December 31, 2024 under the NBC Facility.

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Convertible Notes and Other Borrowings, Net

As of September 30, 2025 and December 31, 2024, Convertible Notes and Other Borrowings, Net included the following:


	September 30,		December 31,
(In thousands of U.S. Dollars)	2025		2024
Convertible Notes	$	230,000	$	230,000
Unamortized discounts and debt issuance costs	(737)		(1,864)
Convertible Notes, net	229,263		228,136

Federal Economic Development Loan	1,636		2,056
Unaccreted interest benefit	(156)		(291)
Federal Economic Development Loan, net	1,480		1,765

Convertible Notes and Other Borrowings, net	$	230,743	$	229,901

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Convertible Notes

On March 19, 2021, the Company issued $230.0 million of 0.500% Convertible Senior Notes due 2026 (the “Convertible Notes”).

The Convertible Notes are senior unsecured obligations of the Company and bear interest at a rate of 0.500% per annum on the principal of $230.0 million, payable semi-annually in arrears on April 1 and October 1 of each year. The Convertible Notes will mature on April 1, 2026, unless they are redeemed or repurchased by the Company or converted on an earlier date.

The Company continues to record the Convertible Notes entirely as a liability on the Condensed Consolidated Balance Sheets, net of initial purchasers’ discounts and commissions and other debt issuance costs, with interest expense reflecting the cash coupon plus the amortization of the discounts and capitalized costs.

Federal Economic Development Loan

As of September 30, 2025, the Federal Economic Development Loan (as defined and described in Note 13 to the Company’s audited Consolidated Financial Statements in its 2024 Form 10-K) had a carrying value of $1.5 million, net of unaccreted interest benefit and is recorded within Convertible Notes and Other Borrowings, Net on the Company’s Condensed Consolidated Balance Sheets.

7. Commitments, Contingencies and Guarantees

Commitments

In the ordinary course of its business, the Company enters into contractual agreements with third parties that include non-cancelable payment obligations, for which it is liable in future periods. These arrangements can include terms binding the Company to minimum payments and/or penalties if it terminates the agreement for any reason other than an event of default as described by the agreement.

Contingencies and guarantees

The Company is involved in lawsuits, claims, and proceedings, including those identified below, which arise in the ordinary course of business. Management is required to assess the likelihood of any adverse judgments or outcomes related to these legal contingencies, as well as potential ranges of probable or reasonably possible losses. The Company records a provision for a liability when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The determination of the amount of any liability recorded or disclosed is reviewed at least quarterly based on a careful analysis of each individual exposure with, in some cases, the assistance of outside legal counsel, taking into account the impact of negotiations, settlements, rulings, and other pertinent information related to the case. The amount of liabilities recorded or disclosed for these contingencies may change in the future due to changes in management’s judgments resulting from new developments or changes in settlement strategy. Any resulting adjustment to the liabilities recorded by the Company could have a material adverse effect on its results of operations, cash flows, and financial position in the period or periods in which such changes in judgment occur. The Company believes it has adequate provisions for any such matters. The Company expenses legal costs relating to its lawsuits, claims, and proceedings as incurred.

In January 2004, the Company and IMAX Theatre Services Ltd., a subsidiary of the Company, commenced an arbitration seeking damages before the International Court of Arbitration of the International Chamber of Commerce (the “ICC”) with respect to the breach by Electronic Media Limited (“EML”) of its December 2000 agreement with the Company. In June 2004, the Company commenced a related arbitration before the ICC against EML’s affiliate, E-City Entertainment (I) PVT Limited (“E-City”). On March 27, 2008, the arbitration panel issued a final award in favor of the Company in the amount of $11.3 million, as well as an additional $2,512 each day in interest from October 1, 2007 until the date the award is paid. In July 2008, E-City commenced a proceeding in Mumbai, India seeking to prevent recognition of the ICC award in India. On March 10, 2017, the Supreme Court of India dismissed E-City’s petition. On March 29, 2017, the Company filed an Execution Application in the Bombay High Court seeking to enforce the ICC award against E-City and several related parties. In an order dated November 14, 2024, the Bombay High Court dismissed the Company’s application. On December 13, 2024, the Company filed an appeal of this order, on April 23, 2025, the Bombay High Court ruled that the Company’s appeal was maintainable, and on September 16, 2025, the Supreme Court of India dismissed E-City’s petition challenging that ruling. The Company fully intends to continue pursuing its rights and seeking to enforce the arbitration award. No amounts have been recognized in connection with this matter.

Financial Guarantees

Certain subsidiaries of the Company have provided significant financial guarantees to third parties under the Credit Agreement.

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Product Warranties

The Company’s accrual for product warranties, which is recorded within Accrued and Other Liabilities on the Condensed Consolidated Balance Sheets, was $nil as of September 30, 2025 and $0.1 million as of December 31, 2024.

Director and Officer Indemnifications

The Company’s by-laws contain an indemnification of its directors/officers, former directors/officers, and persons who have acted at its request to be a director/officer of an entity in which the Company is a shareholder or creditor, to indemnify them, to the extent permitted by the Canada Business Corporations Act, against expenses (including legal fees), judgments, fines and any amounts actually and reasonably incurred by them in connection with any action, suit or proceeding in which the directors and/or officers are sued as a result of their service, if they acted honestly and in good faith with a view to the best interests of the Company. In addition, the Company has entered into indemnification agreements with each of its directors in order to effectuate the foregoing. The nature of the indemnification prevents the Company from making a reasonable estimate of the maximum potential amount it could be required to pay to counterparties. The Company has purchased directors’ and officers’ liability insurance. No amount has been accrued on the Company’s Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, with respect to this indemnity.

Other Indemnification Agreements

In the normal course of its operations, the Company provides indemnifications to counterparties in transactions such as: IMAX System lease and sale agreements and the supervision of installation or servicing of IMAX Systems; film production, exhibition and distribution agreements; real property lease agreements; and employment agreements. These indemnification agreements require the Company to compensate the counterparties for costs incurred as a result of litigation claims that may be suffered by the counterparty as a consequence of the transaction or the Company’s breach or non-performance under these agreements. While the terms of these indemnification agreements vary based upon the contract, they normally extend for the life of the agreements. A small number of agreements do not provide for any limit on the maximum potential amount of indemnification; however, virtually all of the IMAX System lease and sale agreements limit such maximum potential liability to the purchase price of the system. The fact that the maximum potential amount of indemnification required by the Company is not specified in some cases prevents the Company from making a reasonable estimate of the maximum potential amount it could be required to pay to counterparties. Historically, the Company has not made any significant payments under such indemnifications and no amounts have been accrued in the Condensed Consolidated Financial Statements with respect to the contingent aspect of these indemnities.

8. Condensed Consolidated Statements of Operations – Supplemental Information

Selling Expenses

The following table summarizes the Company’s selling expenses, including sales commissions and marketing and other, which are recognized within Costs and Expenses Applicable to Revenues in the Condensed Consolidated Statements of Operations, for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,
	2025				2024
(In thousands of U.S. Dollars)	Sales Commissions		Marketing and Other		Sales Commissions		Marketing and Other
Technology sales(1)	$	364	$	234	$	258	$	139
Image enhancement and maintenance services(2)	—		4,218		—		5,172
Technology rentals(3)	233		276		128		811
Total	$	597	$	4,728	$	386	$	6,122
(1)Sales commissions paid prior to the recognition of the related revenue are deferred and recognized upon the client acceptance of the IMAX System. Direct advertising and marketing costs for each IMAX System are expensed as incurred. (2)Film exploitation costs, including advertising and marketing costs, are expensed as incurred. (3)Sales commissions related to joint revenue sharing arrangements accounted for as operating leases are recognized in the month they are earned by the salesperson, which is typically the month in which the IMAX System is installed, and are subject to subsequent performance-based adjustments. Direct advertising and marketing costs for each IMAX System are expensed as incurred.

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	Nine Months Ended September 30,
	2025				2024
(In thousands of U.S. Dollars)	Sales Commissions		Marketing and Other		Sales Commissions		Marketing and Other
Technology sales(1)	$	762	$	361	$	684	$	485
Image enhancement and maintenance services(2)	—		10,068		—		11,848
Technology rentals(3)	490		1,276		378		1,811
Total	$	1,252	$	11,705	$	1,062	$	14,144
(1)Sales commissions paid prior to the recognition of the related revenue are deferred and recognized upon the client acceptance of the IMAX System. Direct advertising and marketing costs for each IMAX System are expensed as incurred. (2)Film exploitation costs, including advertising and marketing costs, are expensed as incurred. (3)Sales commissions related to joint revenue sharing arrangements accounted for as operating leases are recognized in the month they are earned by the salesperson, which is typically the month in which the IMAX System is installed, and are subject to subsequent performance-based adjustments. Direct advertising and marketing costs for each IMAX System are expensed as incurred.

Foreign Exchange

Included in Selling, General and Administrative Expenses for the three and nine months ended September 30, 2025 is a foreign currency net loss of $0.2 million and loss of $0.4 million, respectively (2024 — net losses of $0.3 million and $0.8 million, respectively) resulting from changes in exchange rates related to foreign currency denominated monetary assets and liabilities. See Note 15 for additional information.

Government Assistance

For the three and nine months ended September 30, 2025, the Company recognized $0.1 million and $4.0 million in benefits received from the Internal Revenue Service under the Employee Retention Credit (“ERC”) program which provides for a refundable tax credit for eligible businesses that had employees and were affected during the COVID-19 pandemic. During the nine months ended September 30, 2025, the ERC was recognized as a reduction to Selling, General and Administrative Expenses ($2.7 million) and Costs and Expenses Applicable to Revenues ($1.3 million).

Collaborative Arrangements

Joint Revenue Sharing Arrangements

The accounting policy for the Company’s JRSAs is disclosed in Note 2 of the Company’s audited Consolidated Financial Statements in its 2024 Form 10-K.

Revenue attributable to transactions arising between the Company and its customers under JRSAs is recorded within Revenues — Technology Sales (for hybrid JRSAs) and Revenues — Technology Rentals (for traditional JRSAs). For the three and nine months ended September 30, 2025, such revenues totaled $23.0 million and $60.9 million, respectively (2024 — $15.9 million and $48.4 million, respectively).

IMAX Film Remastering and Distribution

The Company earns revenue through the digital remastering of films and other content into IMAX formats for distribution to the IMAX network (“IMAX Film Remastering”). The accounting policy for IMAX Film Remastering and distribution arrangements is disclosed in Note 2 of the Company’s audited Consolidated Financial Statements in its 2024 Form 10-K.

Revenue attributable to transactions arising between the Company and its customers under IMAX Film Remastering and distribution arrangements is included in Revenues – Image Enhancement and Maintenance Services. For the three and nine months ended September 30, 2025, such revenues totaled $41.9 million and $105.7 million, respectively (2024 — $26.7 million and $77.7 million, respectively). See Note 12 for a disaggregated presentation of the Company’s revenues.

Co-Produced Film Arrangements

The accounting policies relating to co-produced film arrangements are disclosed in Notes 2 and 3 of the Company’s audited Consolidated Financial Statements in its 2024 Form 10-K.

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As of September 30, 2025, the Company is party to one co-produced film arrangement, which represented the VIE total assets balance of $1.8 million and liabilities balance of $0.4 million, and four other co-produced film arrangements, the terms of which are similar.

For the three and nine months ended September 30, 2025, expenses of $0.2 million and $0.3 million, respectively (2024 — $0.2 million and $3.2 million, respectively) attributable to transactions between the Company and other parties involved in the production of the films have been included in Costs and Expenses Applicable to Revenues ― Image Enhancement and Maintenance Services.

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9. Condensed Consolidated Statements of Cash Flows – Supplemental Information

Changes in other operating assets and liabilities


	Nine Months Ended
	September 30,
(In thousands of U.S. Dollars)	2025		2024
Decrease (increase) in:
Financing receivables	$	1,441	$	4,197
Prepaid expenses	(1,932)		(2,185)
Variable consideration receivables	(1,233)		(10,308)
Other assets	(2,843)		(2,026)
Increase (decrease) in:
Accounts payable	2,585		(318)
Accrued and other liabilities	2,092		(3,131)
Total	$	110	$	(13,771)

Depreciation and amortization


	Nine Months Ended
	September 30,
(In thousands of U.S. Dollars)	2025		2024
Film assets	$	14,100	$	18,659
Property, plant and equipment:
Equipment supporting JRSAs	17,219		17,011
Other property, plant and equipment	6,768		6,440
Other intangible assets	6,394		5,164
Other assets	1,934		1,628
Total	$	46,415	$	48,902

Write-downs


	Nine Months Ended
	September 30,
(In thousands of U.S. Dollars)	2025		2024
Other assets	$	381	$	—
Inventories	201		266
Property, plant and equipment:
Equipment supporting JRSAs	566		2,660
Other property, plant and equipment	5		55
Other intangible assets	47		44
Film assets	103		9
Total	$	1,303	$	3,034

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Significant non-cash investing activities


	Nine Months Ended
	September 30,
(In thousands of U.S. Dollars)	2025		2024
Net (decrease) increase in accruals related to:
Investment in equipment supporting JRSAs	$	(121)	$	560
Acquisition of other intangible assets	(120)		5
Purchases of property, plant and equipment	67		(28)
Net amount	$	(174)	$	537

10. Income Taxes

Income Tax Expense

For the three months ended September 30, 2025, the Company recorded an income tax expense of $5.2 million (2024 — $2.4 million). The Company’s effective tax rate of 18.7% for the three months ended September 30, 2025 reflects the geographic allocation of income earned in taxing jurisdictions and reflects a decrease in the valuation allowance.

For the nine months ended September 30, 2025, the Company recorded an income tax expense of $13.7 million (2024 — tax expense of $3.5 million). The Company’s effective tax rate of 24.1% for the nine months ended September 30, 2025, reflects the geographic allocation of income earned in taxing jurisdictions and also reflects a decrease in the valuation allowance, withholding taxes and a tax benefit related to share-based compensation.

On July 4, 2025, the One Big Beautiful Bill Act (the “Act”) was enacted, introducing substantial changes to U.S. tax law that will take effect for the Company beginning in fiscal year 2026. Key provisions of the Act include revisions to Interest Deductibility (IRC §163(j)), Bonus Depreciation, and Section §179. The Company is currently evaluating the Act’s potential impact on its Consolidated Financial Statements and will update its assessment as further guidance becomes available.

As of September 30, 2025, the Company’s Condensed Consolidated Balance Sheets included net deferred income tax assets of $12.7 million (December 31, 2024 — $14.5 million). Realization of net deferred tax assets is dependent upon generation of sufficient taxable income in future years to obtain benefit from the reversal of temporary differences, net operating loss carryforwards and tax credit carryforwards. The amount of net deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change.

As of September 30, 2025, the Company’s Condensed Consolidated Balance Sheets also included deferred tax liabilities of $12.5 million (December 31, 2024 — $12.5 million) primarily related to foreign withholding taxes associated with the remaining balance of non-repatriated historical earnings that will not be indefinitely reinvested outside of Canada.

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11. Capital Stock and Reserves

Share-Based Compensation

For the three and nine months ended September 30, 2025, share-based compensation expense totaled $6.3 million and $18.9 million, respectively (2024 — $5.4 million and $16.9 million, respectively) and is reflected in the following accounts in the Condensed Consolidated Statements of Operations:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands of U.S. Dollars)	2025		2024		2025		2024
Costs and expenses applicable to revenues	$	348	$	251	$	944	$	726
Selling, general and administrative expenses	5,763		5,036		17,345		15,879
Research and development	190		112		574		333

Total	$	6,301	$	5,399	$	18,863	$	16,938

The following table summarizes the Company’s share-based compensation expense by each award type:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands of U.S. Dollars)	2025		2024		2025		2024

Restricted Share Units	$	3,812	$	3,111	$	11,198	$	9,986
Performance Stock Units	2,057		2,048		5,958		5,866

IMAX China Long Term Incentive Plan Restricted Share Units	299		297		1,346		1,019
IMAX China Long Term Incentive Plan Performance Stock Units	133		(57)		361		67
	$	6,301	$	5,399	$	18,863	$	16,938

For the three and nine months ended September 30, 2025, the Company’s share-based compensation expense included restricted share units to non-employees of less than $0.1 million and $1.7 million respectively, of which $1.7 million granted during the nine month period vested immediately (2024 — $0.1 million and $1.8 million respectively).

Stock Option Summary

The following table summarizes the activity under the Company’s Stock Option Plan (“SOP”) for the nine months ended September 30, 2025 and 2024:


	Number of Shares		Weighted Average Exercise Price Per Share
	2025	2024	2025		2024
Stock options outstanding, beginning of period	2,469,238	3,329,422	$	26.27	$	26.23
Exercised	(63,863)	(4,687)	21.83		20.85
Expired	(470,582)	(607,114)	29.53		28.15

Cancelled	—	(1,768)	—		24.38
Stock options outstanding, end of period	1,934,793	2,715,853	25.62		25.81
Stock options exercisable, end of period	1,934,793	2,715,853	25.62		25.81

Stock options are no longer granted under the SOP.

IMAX LTIP Restricted Share Units (“RSU”) Summary

The following table summarizes the activity in respect of RSUs issued under the IMAX Corporation Second Amended and Restated Long-Term Incentive Plan (as may be amended, “IMAX LTIP”) for the nine months ended September 30, 2025 and 2024:

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	Number of Shares		Weighted Average Grant Date Fair Value Per Share
	2025	2024	2025		2024
RSUs outstanding, beginning of period	1,465,977	1,286,830	$	17.16	$	18.53
Granted	555,819	948,261	25.22		16.44
Vested and settled	(713,130)	(698,187)	18.18		18.67
Forfeited	(40,513)	(47,474)	20.27		18.08
RSUs outstanding, end of period	1,268,153	1,489,430	20.02		17.15

IMAX LTIP Performance Stock Units (“PSU”) Summary

The Company grants two types of PSU award, one which vests based on a combination of employee service and the achievement of certain Adjusted EBITDA targets and one which vests based on a combination of employee service and the achievement of total shareholder return (“TSR”) targets. The achievement of these targets is assessed over a three-year performance period, with vesting ranging from 0% to 175% of the initial Adjusted EBITDA PSU award or 150% of the initial TSR PSU award, depending upon actual performance.

The grant date fair value for Adjusted EBITDA PSUs is equal to the closing price of the Company’s common shares on the date of grant or the average closing price of the Company’s common shares for five days prior to the date of grant. The grant date fair value for TSR PSUs is determined using a Monte Carlo Model, influenced by share price and various assumptions, such as market conditions and expected share price volatility over the term of the awards.

The compensation expense attributable for each type of PSU is recognized on a straight-line basis over the requisite service period. If, as a result of management’s assessment, it is projected that a greater or lesser number of PSUs will vest than previously anticipated, a life-to-date adjustment to increase or decrease compensation expense is recorded in the period that such determination is made. The expense recognized in the nine months ended September 30, 2025 and 2024 includes adjustments reflecting management’s estimate of the number of Adjusted EBITDA PSUs expected to vest.

The following table summarizes the activity in respect of PSUs issued under the IMAX LTIP for the nine months ended September 30, 2025 and 2024:


	Number of Awards		Weighted Average Grant Date Fair Value Per Share
	2025	2024	2025		2024
PSUs outstanding, beginning of period	1,097,634	922,621	$	17.99	$	19.16
Granted(1)	555,247	580,336	24.19		17.97
Vested and settled(1)	(463,212)	(316,226)	19.88		19.71
Forfeited	(34,301)	(85,764)	20.77		21.00
PSUs outstanding, end of period	1,155,368	1,100,967	20.13		18.32
(1) For the nine months ended September 30, 2025, the balance of shares granted includes 176,751 additional shares, at a weighted average grant date fair value per share of $19.53, as PSUs granted in 2022 with Adjusted EBITDA targets vested at 175% on account of full achievement of the targets and TSR targets vested at 123.5%, which reflects actual performance.

As of September 30, 2025, the maximum number of common shares that may be issued with respect to PSUs outstanding was 1,940,472, assuming full achievement of the Adjusted EBITDA and TSR targets.

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Issuer Purchases of Equity Securities

On June 12, 2017, the Company announced that its Board of Directors approved a $200.0 million share repurchase program for its common shares that would have expired on June 30, 2020, which was subsequently extended through June 30, 2026 and increased to a total share repurchase authority of $400.0 million. In June 2025, the Company’s Board of Directors approved a 12-month extension to its share repurchase program through June 30, 2027 and an increase of $100.0 million in the Company’s share repurchase program authorization. With the increase of $100 million, the Company’s total share repurchase authority is $500.0 million under the current share repurchase program. As of September 30, 2025, the Company had $250.7 million available under the program. The repurchases may be made either in the open market or through private transactions, including repurchases made pursuant to a plan intended to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, subject to market conditions, applicable legal requirements, and other relevant factors. The Company has no obligation to repurchase shares and the share repurchase program may be suspended or discontinued by the Company at any time.

During the three and nine months ended September 30, 2025, the Company did not have any repurchases of common shares. During the three months ended September 30, 2024, the Company did not have any repurchases of common shares. During the nine months ended September 30, 2024, the Company repurchased 1,166,370 common shares, at an average price of $13.99 per share, for a total of $16.3 million, excluding commissions. During the nine months ended September 30, 2025 and 2024, there were no shares purchased in the administration of employee share-based plans.

As of September 30, 2025 and December 31, 2024, the IMAX LTIP trustee did not hold any shares. Any shares held with the trustee are recorded at cost and are reported as a reduction against Capital Stock on the Company’s Condensed Consolidated Balance Sheets.

In 2024, IMAX China’s shareholders granted its Board of Directors a general mandate authorizing IMAX China’s Board of Directors, subject to applicable laws, to repurchase shares of IMAX China not to exceed 10% of the total number of issued shares as of June 7, 2024 (34,000,845 shares). This program expired on the date of the 2025 Annual General Meeting of IMAX China on June 12, 2025. During the 2025 Annual General Meeting, shareholders granted its Board of Directors a general mandate authorizing the Board of Directors of IMAX China, subject to applicable laws, to repurchase shares of IMAX China not to exceed 10% of the total number of shares as of June 12, 2025 (33,919,122 shares). This program will be valid until the 2026 Annual General Meeting of IMAX China. The repurchases may be made in the open market or through other means permitted by applicable laws. IMAX China has no obligation to repurchase its shares and the share repurchase program may be suspended or discontinued by IMAX China at any time.

During the three months ended September 30, 2025, IMAX China did not repurchase any common shares. During the nine months ended September 30, 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 ($1.4 million), excluding commissions. During the three months ended September 30, 2024, IMAX China did not have any repurchases of common shares. During the nine months ended September 30, 2024, IMAX China repurchased 119,900 common shares, at an average price of HKD 7.43 per share ($0.95 per share) for a total of HKD 0.9 million ($0.1 million). The change in the non-controlling interest attributable to IMAX China as a result of common shares repurchased is recorded as a reduction to Non-Controlling Interests in the Condensed Consolidated Balance Sheets and the Condensed Consolidated Statements of Shareholders’ Equity. The difference between the consideration paid and the ownership interest obtained as a result of IMAX China share repurchases is recorded within Other Equity in the Condensed Consolidated Balance Sheets and the Condensed Consolidated Statements of Shareholders’ Equity.

Basic and Diluted Weighted Average Shares Outstanding

The following table reconciles the denominator of the basic and diluted weighted average share computations:


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(In thousands)	2025	2024	2025	2024
Issued and outstanding, beginning of period	53,783	52,677	52,946	53,260
Weighted average number of shares issued (repurchased), net	5	5	615	(655)
Weighted average number of shares outstanding - basic	53,788	52,682	53,561	52,605

Weighted average effect of potential common shares, if dilutive	1,777	1,407	1,681	1,023
Weighted average number of shares outstanding - diluted	55,565	54,089	55,242	53,628

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For the three and nine months ended September 30, 2025, the calculation of diluted weighted average shares outstanding excludes 844,551 and 928,945 shares, respectively (2024 — 2,192,874 and 2,769,499 shares, respectively) that are issuable upon the vesting or exercise of share-based compensation including: (i) nil RSUs, respectively, (2024 — nil and 10,798 RSUs, respectively), (ii) 1,510 and 85,904 PSUs, respectively (2024 — nil and 42,848 PSUs, respectively) and (iii) 843,041 stock options, respectively (2024 — 2,192,874 and 2,715,853 stock options, respectively), as the effect would be anti-dilutive.

The calculation of diluted weighted average shares outstanding for the three and nine months ended September 30, 2025 and 2024 also excludes any shares potentially issuable upon the conversion of the Convertible Notes as the average market price of the Company’s common shares during the period of time they were outstanding was less than the conversion price of the Convertible Notes.

Statutory Surplus Reserve

Pursuant to the corporate law of the People’s Republic of China (“PRC”), entities registered in the PRC are required to maintain certain statutory reserves, which are appropriated from after-tax profits (after offsetting accumulated losses from prior years), as reported in their respective statutory financial statements, before the declaration or payment of dividends to equity holders. All statutory reserves are created for specific purposes.

The statutory surplus reserve of RMB 37.7 million ($4.2 million) has reached 50% of the Company’s PRC subsidiaries’ registered capital, and as such, no further contributions to the reserve are required.

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12. Revenue from Contracts with Customers

Disaggregated Information About Revenue

The following tables summarize the Company’s Revenues by reportable segment and revenue stream type for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025
(In thousands of U.S. Dollars)	Technology Sales		Image Enhancement and Maintenance Services		Technology Rentals		Finance Income		Total
Content Solutions Segment:
Film Remastering and Distribution	$	—	$	41,913	$	—	$	—	$	41,913
Other Content Solutions	—		2,630		289		—		2,919
	—		44,543		289		—		44,832
Technology Products and Services Segment:
System Sales	18,660		—		—		—		18,660
System Rentals	—		—		23,047		—		23,047
Maintenance	—		15,784		—		—		15,784
Finance Income	—		—		—		2,929		2,929
	18,660		15,784		23,047		2,929		60,420
Sub-total for reportable segments	18,660		60,327		23,336		2,929		105,252
All Other	700		702		—		—		1,402
Total	$	19,360	$	61,029	$	23,336	$	2,929	$	106,654

	Nine Months Ended September 30, 2025
(In thousands of U.S. Dollars)	Technology Sales		Image Enhancement and Maintenance Services		Technology Rentals		Finance Income		Total
Content Solutions Segment
Film Remastering and Distribution	$	—	$	105,720	$	—	$	—	$	105,720
Other Content Solutions	—		6,454		872		—		7,326
	—		112,174		872		—		113,046
Technology Products and Services Segment
System Sales	49,380		—		—		—		49,380
System Rentals	—		—		60,891		—		60,891
Maintenance	—		47,501		—		—		47,501
Finance Income	—		—		—		8,880		8,880
	49,380		47,501		60,891		8,880		166,652
Sub-total for reportable segments	49,380		159,675		61,763		8,880		279,698
All Other	2,346		2,961		—		—		5,307
Total	$	51,726	$	162,636	$	61,763	$	8,880	$	285,005

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	Three Months Ended September 30, 2024
(In thousands of U.S. Dollars)	Technology Sales		Image Enhancement and Maintenance Services		Technology Rentals		Finance Income		Total
Content Solutions Segment
Film Remastering and Distribution	$	—	$	26,687	$	—	$	—	$	26,687
Other Content Solutions	—		3,356		86		—		3,442
	—		30,043		86		—		30,129
Technology Products and Services Segment
System Sales	24,365		—		—		—		24,365
System Rentals	—		—		16,029		—		16,029
Maintenance	—		15,443		—		—		15,443
Finance Income	—		—		—		2,134		2,134
	24,365		15,443		16,029		2,134		57,971
Sub-total for reportable segments	24,365		45,486		16,115		2,134		88,100
All Other	1,940		1,405		7		—		3,352
Total	$	26,305	$	46,891	$	16,122	$	2,134	$	91,452

	Nine Months Ended September 30, 2024
(In thousands of U.S. Dollars)	Technology Sales		Image Enhancement and Maintenance Services		Technology Rentals		Finance Income		Total
Content Solutions Segment
Film Remastering and Distribution	$	—	$	77,712	$	—	$	—	$	77,712
Other Content Solutions	—		21,292		214		—		21,506
	—		99,004		214		—		99,218
Technology Products and Services Segment
System Sales	50,926		—		—		—		50,926
System Rentals	—		—		48,545		—		48,545
Maintenance	—		45,835		—		—		45,835
Finance Income	—		—		—		6,713		6,713
	50,926		45,835		48,545		6,713		152,019
Sub-total for reportable segments	50,926		144,839		48,759		6,713		251,237
All Other	3,703		4,589		7		—		8,299
Total	$	54,629	$	149,428	$	48,766	$	6,713	$	259,536

For the three and nine months ended September 30, 2025, revenues earned from Technology Sales include variable consideration of $5.1 million and $11.4 million, respectively (2024 — $8.2 million and $17.6 million, respectively).

For the three and nine months ended September 30, 2025, revenues earned from leasing arrangements total $23.3 million and $61.8 million, respectively (2024 — $15.9 million and $48.4 million, respectively), including $23.3 million and $61.8 million, respectively, in Revenues ― Technology Rentals (2024 — $16.0 million and $48.5 million, respectively), and $nil and $0.1 million in the three and nine months ended September 30, 2025, respectively, in Revenues ― Technology Sales (2024 — a reversal of $0.1 million).

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Deferred Revenue

IMAX System sale and lease arrangements include a requirement for the Company to provide maintenance services over the life of the arrangement, some of which maintenance services are subject to a consumer price index adjustment each year. In circumstances where customers prepay the entire term’s maintenance fee based on the original arrangement, additional payments are due to the Company for the years after its extended warranty and maintenance obligations expire. Payments, upon renewal each year, are either prepaid or made in arrears and can vary in frequency from monthly to annually. As of September 30, 2025, $21.3 million of consideration has been deferred in relation to outstanding maintenance services to be provided on existing maintenance contracts (December 31, 2024 — $26.5 million).

During the three and nine months ended September 30, 2025, $9.6 million and $29.4 million of revenue, respectively, was recognized from the $52.7 million balance of deferred revenue as of December 31, 2024. During the three and nine months ended September 30, 2024, $11.5 million and $35.7 million of revenue, respectively, was recognized from the $67.1 million balance of deferred revenue as of December 31, 2023.

13. 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 accounting policies of the reportable segments are the same as those described in Note 2 - Summary of Significant Accounting Policies of the 2024 Form 10-K. Intercompany profit or loss is not included in the evaluation of performance and allocation of resources.

Segment Financial Information

The following table presents the Company’s revenue and gross margin by reportable segment for the three months ended September 30, 2025 and 2024:


	Revenue(1)				Gross Margin
(In thousands of U.S. Dollars)	2025		2024		2025		2024
Content Solutions	$	44,832	$	30,129	$	31,923	$	16,449
Technology Products and Services	60,420		57,971		34,820		31,964
Sub-total for reportable segments	105,252		88,100		66,743		48,413
All Other	1,402		3,352		528		2,606
Total	$	106,654	$	91,452	$	67,271	$	51,019
(1)The Company’s largest customer represents 10% of total Revenues for the three months ended September 30, 2025 (2024 — 13%). No single customer comprised more than 10% of the Company’s total Accounts Receivable balance as of September 30, 2025. No single customer accounted for more than 10% of the Company’s total Accounts Receivable balance as of December 31, 2024.

The following table presents the Company’s revenue and gross margin by reportable segment for the nine months ended September 30, 2025 and 2024:


	Revenue(1)				Gross Margin
(In thousands of U.S. Dollars)	2025		2024		2025		2024
Content Solutions	$	113,046	$	99,218	$	77,908	$	54,686
Technology Products and Services	166,652		152,019		94,084		81,331
Sub-total for reportable segments	279,698		251,237		171,992		136,017
All Other	5,307		8,299		2,057		5,818
Total	$	285,005	$	259,536	$	174,049	$	141,835
(1)The Company’s largest customer represented 9% of total Revenues for the nine months ended September 30, 2025 (2024 — 11%). No single customer comprised more than 10% of the Company’s total Accounts Receivable as of September 30, 2025. No single customer comprised more than 10% of the Company’s total Accounts Receivable as of December 31, 2024.

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The following table presents the Costs and Expenses Applicable to Revenues for the Content Solutions 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:


Content Solutions Segment:	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands of U.S. Dollars)	2025		2024		2025		2024
Revenue	$	44,832	$	30,129	$	113,046	$	99,218
Film asset amortization	4,571		4,792		14,100		18,659
Marketing and other selling expenses	4,218		5,172		10,068		11,848
Co-produced film participation expenses	164		166		343		3,151
Other segment expenses(1)	3,956		3,550		10,627		10,874
Total Costs and Expenses Applicable to Revenues	12,909		13,680		35,138		44,532
Gross Margin	$	31,923	$	16,449	$	77,908	$	54,686
(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:	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands of U.S. Dollars)	2025		2024		2025		2024
Revenue	$	60,420	$	57,971	$	166,652	$	152,019
Depreciation of equipment supporting JRSAs	5,841		5,516		17,219		17,011
Marketing and other selling expenses	597		386		1,252		1,062
Write-down of equipment supporting JRSAs	478		523		566		2,660
Write-down of inventory	98		150		201		266
Other segment expenses(1)	18,586		19,432		53,330		49,689
Total Costs and Expenses Applicable to Revenues	25,600		26,007		72,568		70,688
Gross Margin	$	34,820	$	31,964	$	94,084	$	81,331
(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 nine months ended September 30, 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.

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 three and nine months ended September 30, 2025 and 2024:

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	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands of U.S. Dollars)	2025		2024		2025		2024
United States	$	39,507	$	38,363	$	104,469	$	103,263
Greater China	20,270		21,324		78,072		65,527
Asia (excluding Greater China)	23,235		16,930		41,838		35,643
Western Europe	14,050		3,741		35,715		28,440

Latin America	3,034		2,954		7,141		6,672
Canada	3,041		1,687		6,937		7,254
Rest of the World	3,517		6,453		10,833		12,737
Total	$	106,654	$	91,452	$	285,005	$	259,536

The United States, Greater China (which includes the mainland of the People’s Republic of China, Hong Kong, Macau, and Taiwan), Western Europe, and Asia (excluding Greater China) each comprise greater than 10% of the Company’s total revenues for the three and nine months ended September 30, 2025 and 2024.

14. Employee’s Pension and Postretirement Benefits

Defined Benefit Plan

The Company has an unfunded defined benefit pension plan, the Supplemental Executive Retirement Plan (the “SERP”), covering its CEO, Richard L. Gelfond. Under the terms of his employment agreement, as amended, the total benefit payable to Mr. Gelfond under the SERP is fixed at $20.3 million.

As of September 30, 2025, the Company’s projected benefit obligation under the SERP was $17.4 million (December 31, 2024 — $19.0 million). For the three and nine months ended September 30, 2025, the Company recorded interest costs of $0.1 million and $0.5 million, respectively, (2024 — $0.2 million and $0.6 million, respectively) related to the SERP. Pursuant to an amendment to his employment agreement dated July 17, 2025, the term of Mr. Gelfond’s employment was extended through December 31, 2028. As a result, during the three months ended September 30, 2025, the Company recorded an actuarial gain of $2.3 million as a component of Other Comprehensive (Loss) Income. The Company expects to recognize additional interest costs of $0.2 million related to the SERP during the remainder of 2025. No contributions are expected to be made to the SERP in 2025.

Postretirement Benefits – Executives

The Company has an unfunded postretirement plan for Mr. Gelfond and Bradley J. Wechsler, former Chairman of the Company’s Board of Directors (the “Executive Postretirement Benefit Plan”).

As of September 30, 2025, the Company’s postretirement benefits obligation under this plan was $0.5 million (December 31, 2024 — $0.5 million). For the three and nine months ended September 30, 2025, the Company has recorded an expense of less than $0.1 million, respectively (2024 — less than $0.1 million, respectively) related to this plan.

Postretirement Benefits – Canadian Employees

The Company has an unfunded postretirement plan for its Canadian employees meeting specific eligibility requirements. The Company will provide eligible participants, upon retirement, with health and welfare benefits. As of September 30, 2025, the Company’s postretirement benefits obligation under this plan was $0.8 million (December 31, 2024 — $0.8 million). For the three and nine months ended September 30, 2025, the Company has recorded expense of less than $0.1 million, respectively, (2024 — less than $0.1 million, respectively) related to this plan.

Deferred Compensation Benefit Plan

The Company maintained a nonqualified deferred compensation benefit plan (the “Retirement Plan”) covering the former CEO of IMAX Entertainment and Senior Executive Vice President of the Company. Under the terms of the Retirement Plan, the benefits were due to vest in full if the executive incurred a separation from service from the Company (as defined therein).

As of September 30, 2025, the benefit obligation related to the Retirement Plan was $4.4 million (December 31, 2024 — $4.2 million) and is recorded on the Company’s Condensed Consolidated Balance Sheets within Accrued and Other Liabilities. As the Retirement Plan is fully vested, the benefit obligation is measured at the present value of the benefits expected to be paid in the future

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with the accretion of interest recognized in the Condensed Consolidated Statements of Operations within Retirement Benefits Non-Service Expense.

The Retirement Plan is funded by an investment in company-owned life insurance (“COLI”), which is recorded at its fair value on the Company’s Condensed Consolidated Balance Sheets within Prepaid Expenses. As of September 30, 2025, fair value of the COLI asset was $3.7 million (December 31, 2024 — $3.6 million). Gains and losses resulting from changes in the cash surrender value of the COLI asset are recognized in the Condensed Consolidated Statements of Operations within Realized and Unrealized Investment Gains.

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15. Financial Instruments

Financial Instruments

The Company’s cash is invested with various major financial institutions. The Company’s $143.1 million balance of cash and cash equivalents as of September 30, 2025 (December 31, 2024 — $100.6 million) included $129.8 million in cash held outside of Canada (December 31, 2024 — $85.4 million), of which $85.8 million was held in the PRC (December 31, 2024 — $47.5 million).

Fair Value Measurements

The carrying values of the Company’s Cash and Cash Equivalents, Accounts Receivable, Variable Consideration, Accounts Payable and Accrued Liabilities due within one year approximate their fair values due to the short-term maturity of these instruments. Including these instruments, the Company’s financial instruments consisted of the following:


	As of September 30, 2025				As of December 31, 2024
(In thousands of U.S. Dollars)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value


Level 2
Net financed sales receivables(1)	$	89,526	$	85,181	$	90,546	$	81,876
Net investment in sales-type leases(1)	29,418		26,201		29,339		25,322





Convertible Notes(2)	(230,000)		(267,920)		(230,000)		(234,009)
(1)Fair value is determined using quoted prices in active markets. (2)Fair value is determined using quoted market prices that are observable in the market or that could be derived from observable market data.

Foreign Exchange Risk Management

The Company is exposed to market risk from changes in foreign currency rates.

A majority of the Company’s revenues are denominated in U.S. Dollars while a significant portion of its costs and expenses are denominated in Canadian Dollars. A portion of the Company’s net U.S. Dollar cash is converted to Canadian Dollars to fund Canadian Dollar expenses through the spot market. In China and Japan, the Company has ongoing operating expenses related to its operations in RMB, HKD and Japanese Yen, respectively. Net cash flows are converted to and from U.S. Dollars through the spot market. The Company also has cash receipts under leases denominated in RMB, Japanese Yen, Canadian Dollars and Euros which are converted to U.S. Dollars through the spot market. In addition, because IMAX films generate box office receipts in 89 different countries, unfavorable exchange rates between applicable local currencies and the U.S. Dollar could have an impact on box-office receipts and the Company’s revenues and results of operations. The Company’s policy is to not use any financial instruments for trading or other speculative purposes.

The Company has entered into a series of foreign currency forward contracts to manage the risks associated with the volatility of foreign currencies. Certain of these foreign currency forward contracts met the criteria required for hedge accounting under the Derivatives and Hedging Topic of the FASB ASC at inception, and continued to meet hedge effectiveness tests as of September 30, 2025 (the “Foreign Currency Hedges”), with settlement dates throughout 2025 and 2026. Foreign currency derivatives are recognized and measured on the Condensed Consolidated Balance Sheets at fair value. Changes in the fair value (i.e., gains or losses) are recognized in the Condensed Consolidated Statements of Operations except for derivatives designated and qualifying as foreign currency cash flow hedging instruments. The Company currently has cash flow hedging instruments associated with Selling, General and Administrative Expenses. For foreign currency cash flow hedging instruments related to Selling, General and Administrative Expenses, the effective portion of the gain or loss in a hedge of a forecasted transaction is reported in Accumulated Other Comprehensive Loss (“AOCI”) and reclassified to the Condensed Consolidated Statements of Operations when the forecasted transaction occurs. Any ineffective portion is recognized immediately in the Condensed Consolidated Statements of Operations.

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The following tabular disclosures reflect the impact that derivative instruments and hedging activities have on the Company’s Condensed Consolidated Financial Statements:

Notional value of derivatives in foreign exchange contracts:


	September 30,		December 31,
(In thousands of U.S. Dollars)	2025		2024
Derivatives designated as hedging instruments:
Foreign exchange contracts — Forwards	$	48,713	$	48,376

Fair value of derivatives in foreign exchange contracts:


		September 30,		December 31,
(In thousands of U.S. Dollars)	Balance Sheet Location	2025		2024
Derivatives designated as hedging instruments:
Foreign exchange contracts — Forwards	Other assets	$	563	$	—
	Accrued and other liabilities	(263)		(2,029)
		$	300	$	(2,029)

Derivatives in foreign currency hedging relationships are as follows:


		Three Months Ended				Nine Months Ended
		September 30,				September 30,
(In thousands of U.S. Dollars)		2025		2024		2025		2024
Foreign exchange contracts — Forwards	Derivative (Loss) Gain Recognized in OCI (Effective Portion)	$	(1,223)	$	337	$	582	$	(944)


		Three Months Ended				Nine Months Ended
		September 30,				September 30,
(In thousands of U.S. Dollars)	Location of Derivative Loss Reclassified from AOCI (Effective Portion)	2025		2024		2025		2024
Foreign exchange contracts — Forwards	Selling, general and administrative expenses	$	(120)	$	(162)	$	(1,747)	$	(240)

The Company’s estimated net amount of the existing gain as of September 30, 2025 is $0.3 million, which is expected to be reclassified to the Condensed Consolidated Statements of Operations within the next twelve months.

16. Non-Controlling Interests

IMAX China Non-Controlling Interest

As of September 30, 2025, the Company indirectly owned 71.72% of the outstanding equity interest in IMAX China, whose shares trade on the Hong Kong Stock Exchange (December 31, 2024 — 71.40%). IMAX China remains a consolidated subsidiary of the Company. As of September 30, 2025, the balance of the Company’s non-controlling interest in IMAX China was $86.5 million (December 31, 2024 — $78.1 million). For the three and nine months ended September 30, 2025, the net income attributable to the non-controlling interest in IMAX China was $1.9 million and $8.7 million, respectively (2024 — $1.4 million and $5.1 million, respectively).

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17. Restructuring and Other Charges

In the three and nine months ended September 30, 2025, the Company incurred $nil and $0.8 million, respectively (2024 — $nil, respectively) in Restructuring and other charges in the Condensed Consolidated Statements of Operations. These charges reflect the Company’s ongoing strategic initiatives to streamline operations, reduce costs, and enhance organizational efficiency. Specifically, in the nine months ended September 30, 2025, the Company incurred $0.5 million in connection with the implementation of its plan to optimize its organizational structure, including the elimination of redundant roles, addressing spans and layers to capture efficiencies and centralize certain operational roles and $0.3 million of non-recurring fees relating to the 2024 internal asset sale as described in the 2024 Form 10-K.

As of September 30, 2025, the Company’s liability was $0.8 million (December 31, 2024 — $1.4 million) on the Consolidated Balance Sheets within Accrued and other liabilities related to Restructuring and other charges.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Presented below is Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) for IMAX Corporation (together with its consolidated subsidiaries, unless the context requires otherwise, “IMAX” or the “Company”) for the three and nine months ended September 30, 2025 and 2024. This MD&A should be read in conjunction with Note 13, “Segment Reporting,” in the accompanying Condensed Consolidated Financial Statements in Item 1 as well as the Company’s audited consolidated financial statements and related notes and the discussion under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for the fiscal year ended December 31, 2024 included in the Company’s 2024 Annual Report on Form 10-K (the “2024 Form 10-K”).

As of September 30, 2025, the Company indirectly owned 71.72% of the outstanding equity interest in IMAX China Holding, Inc. (“IMAX China”), whose shares trade on the Hong Kong Stock Exchange. IMAX China is a consolidated subsidiary of the Company. For the nine months ended September 30, 2025, net income attributable to IMAX China was $30.5 million, of which $21.9 million was attributable to the shareholders of the Company (2024 — $17.7 million and $12.7 million, respectively).

SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION

Certain statements included in this quarterly report may constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 or “forward-looking information” within the meaning of Canadian securities laws. These forward-looking statements include, but are not limited to, statements regarding business and technology strategies and measures to implement strategies, statements about the Company’s belief and expectations, competitive strengths, goals, market opportunity and penetration, including opportunities in and expected growth from international markets, momentum and runway for, expansion and growth of business, network, operations and technology, future capital expenditures (including the amount and nature thereof), the Company’s technological capabilities and the differentiation thereof, brand equity and brand awareness and the benefits thereof, industry prospects and consumer behavior, future industry developments, including expected releases and the timing and effects thereof, plans and references to the future success of the Company and expectations regarding its future operating, financial and technological results. These forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform with the expectations and predictions of the Company is subject to a number of risks and uncertainties, including, but not limited to, risks associated with investments and operations in foreign jurisdictions and any future international expansion, including those related to economic, political and regulatory policies of local governments and laws and policies of the United States, Canada, and China, including with respect to escalating and uncertain tariffs and other trade regulations, as well as economic and trade tensions, trade wars, and geopolitical conflicts and the effects thereof; risks related to the Company’s growth and operations in China; industry conditions in China affecting both the Company and its partners; risks related to the failure of the Company’s exhibitors being able to fulfill their contractual payment obligations; risks related to the Company’s failure to attract and retain its employee population; the performance of IMAX remastered films and other films released to the IMAX network; the signing of IMAX theater system agreements; conditions, changes and developments in the commercial exhibition industry; risks related to the Company’s inability to enter into new sales and lease agreements adversely affecting revenue; risks related to the Company’s operating results and cash flow increasing the volatility of the Company’s share price; risks related to currency fluctuations and foreign exchange controls; the potential impact of increased competition in the markets within which the Company operates, including competitive actions by other companies; the failure to respond to change and advancements in technology; risks relating to consolidation among commercial exhibitors and studios; risks related to brand extensions and new business initiatives; conditions in the in-home and out-of-home entertainment industries; the opportunities (or lack thereof) that may be presented to and pursued by the Company; risks related to cybersecurity and data privacy; risks related to the Company’s inability to protect its intellectual property and to avoid infringing, misappropriating, or violating the intellectual property rights of others; risks associated with the Company’s use of artificial intelligence (“AI”) and exploration of additional use cases of AI; risks related to climate change; risks related to weather conditions and natural disasters that may disrupt or harm the Company’s business; risks related to the Company’s indebtedness and compliance with its debt agreements; general economic, market or business conditions; risks related to sustained inflationary pressure; risks related to political, economic and social instability; the failure to convert system backlog into revenue and cash flows; changes in laws or regulations; any statements of belief and any statements of assumptions underlying any of the foregoing; other factors and risks outlined in the Company’s periodic filings with the United States Securities and Exchange Commission (the “SEC”) or in Canada, the System for Electronic Data Analysis and Retrieval (“SEDAR+”); and other factors, many of which are beyond the control of the Company. Consequently, all of the forward-looking statements made in this quarterly report are qualified by these cautionary statements, and actual results or anticipated developments by the Company may not be realized, and even if substantially realized, may not have the expected consequences to, or effects on, the Company. The forward-looking statements herein are made only as of the date hereof and the Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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IMAX®, IMAX® 3D, Experience It In IMAX®, The IMAX Experience®, DMR®, Filmed For IMAX®, IMAX Live®, IMAX Enhanced® and IMAX StreamSmart® are trademarks and trade names of the Company or its subsidiaries that are registered or otherwise protected under laws of various jurisdictions.

The Company makes available, free of charge, its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and any amendments to such reports, as soon as reasonably practicable after such filings have been made with the SEC and Canadian securities regulators. Reports may be obtained free of charge through the SEC’s website at www.sec.gov or the SEDAR+ website at www.sedarplus.ca and through the Company’s website at www.imax.com or by calling the Company’s Investor Relations Department at 212-821-0154.

The Company announces material information to the public through a variety of means, including filings with the SEC and Canadian securities regulators, press releases, public conference calls, and its website at www.imax.com. The Company uses these channels to communicate with investors and the public about the Company, its products and services, and other matters. Therefore, investors are encouraged to review the information the Company makes public in these locations, as such information could be deemed to be material information. No information included on the Company’s website shall be deemed included or otherwise incorporated into this filing, except where expressly indicated. All references to the Company’s website are intended to be inactive textual references only.

OVERVIEW

IMAX is a premier global technology platform for entertainment and events. Through its proprietary software, auditorium architecture, patented intellectual property, and specialized equipment, IMAX offers a unique end-to-end solution to create superior, awe-inspiring immersive content experiences for which the IMAX® brand is globally renowned. Top filmmakers, movie studios, artists, and creators utilize the cutting-edge visual and sound technology of IMAX to connect with audiences in innovative ways. As a result, IMAX is among the most important and successful global distribution platforms for domestic and international tentpole films. The Company’s global content portfolio includes blockbuster films, both from Hollywood and local language film industries worldwide; IMAX documentaries, both original and acquired (“IMAX Documentaries”); and IMAX events and experiences in emerging verticals, including music, gaming, and sports.

The Company leverages its proprietary technology and engineering in its business, which principally consists of the digital remastering of films and other content into the IMAX format for distribution across the IMAX network (“IMAX Film Remastering”) and the sale or lease of premium IMAX theater systems (“IMAX System(s)”).

IMAX Systems are based on proprietary and patented image, audio and other technology developed over the course of the Company’s history. The customers for IMAX Systems are principally exhibitors that operate commercial multiplex theaters, and, to a much lesser extent, institutional locations, including museums and science centers, and destination entertainment sites. The Company does not own the locations in the IMAX network, except for one, and is not an exhibitor, but instead sells or leases the IMAX System to exhibitor customers along with licenses to use its trademarks and ongoing maintenance services for which there are annual payments by the exhibitors to IMAX.

IMAX has the largest global premium format network, more than double the size of its nearest competitor. As of September 30, 2025, there were 1,829 IMAX Systems in 89 countries and territories, including 1,759 commercial multiplexes, 10 commercial destinations, and 60 institutional locations in the Company’s global network. This compares to 1,788 IMAX Systems in 89 countries and territories as of September 30, 2024, including 1,714 commercial multiplexes, 12 commercial destinations, and 62 institutional locations in the Company’s global network. Refer to the table under “IMAX Network and Backlog” for additional information on the composition of the IMAX network.

IMAX Systems provide the Company’s exhibitor customers with a combination of the following benefits:

•the ability to exhibit content that has been enhanced through the IMAX Film Remastering process, which results in higher image and sound fidelity than conventional cinema experiences;

•advanced, high-resolution projectors with specialized equipment and automated theater control systems, which generate significantly more contrast and brightness than conventional theater systems;

•large screens and proprietary auditorium geometry, which result in a substantially larger field of view than conventional theatre systems so that the screen extends to the edge of a viewer’s peripheral vision and creates more realistic images;

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•advanced sound system components, which deliver more expansive sound imagery than conventional theatre systems and pinpointed origination of sound to any specific spot in an auditorium equipped with an IMAX System;

•specialized theater acoustics, which result in a four-fold reduction in background noise compared to conventional cinema experiences;

•ongoing maintenance and extended warranty services; and

•a license to the globally recognized IMAX brand, as well as benefits from IMAX marketing of films being shown in its network and IMAX’s growing social media followership.

In addition, select movies shown in the IMAX network are filmed using proprietary IMAX film cameras or IMAX certified digital cameras, which along with IMAX’s customized guidance and a workflow process, provide filmmakers enhanced and differentiated image quality and an IMAX-exclusive film aspect ratio that delivers up to 26% more image onto a standard IMAX movie screen. In select IMAX locations worldwide, movies filmed with IMAX cameras have an IMAX-exclusive 1.43 film aspect ratio, delivering up to 67% more image onto a standard IMAX movie screen.

The Company believes that these benefits enable audiences in IMAX locations to feel as if they are a part of the on-screen action, creating a more intense, immersive, and awe-inspiring experience than a conventional cinematic format.

As a result of the engineering and scientific achievements that are a hallmark of The IMAX Experience, the Company’s exhibitor customers typically charge a premium for films released in IMAX’s format versus films exhibited in their other auditoriums. The premium pricing, combined with the higher attendance levels associated with IMAX films, tends to generate incremental box office receipts (“box office”) for the Company’s exhibitor customers and for the movie studios releasing their films to the IMAX network. The incremental box office generated by IMAX films combined with IMAX’s leading global network footprint and scale has helped establish IMAX as a key premium distribution and marketing platform for Hollywood and foreign local language movie studios.

The Company achieved a box office record in the third quarter of 2025 of $367.6 million, a 50% increase over the prior year comparative period, from 37 new films and other content released during the period, highlighted by the performance of F1: The Movie, the Company’s highest grossing Hollywood release year-to-date, achieving 15% of the film’s total worldwide box office. The third quarter of 2025 included local language box office of $121 million (or 33% of total box office), led by Demon Slayer: Infinity Castle with IMAX box office of $72 million. The Company has generated over $343 million in local language box office year to date September 2025, surpassing its previous record of $243 million set in 2023.

The Company now has four releases on the year: Sinners, Mission: Impossible - The Final Reckoning, F1: The Movie, and One Battle After Another, for which IMAX has generated at least 20% of the domestic opening on just over 400 North American screens.

As a premier global technology platform for entertainment and events, the Company strives to remain at the forefront of advancements in technology. The Company offers a suite of laser-based digital projection systems (“IMAX Laser Systems”), which deliver increased resolution, sharper and brighter images, deeper contrast, and the widest range of colors available to filmmakers today. The Company further believes that its suite of IMAX Laser Systems is helping facilitate the next major renewal and upgrade cycle for the global IMAX network.

The Company utilizes AI for image enhancement, streaming technology, and data analysis with the goal of improving various aspects of its business. Furthermore, the Company is actively exploring other global use cases for AI to save costs and to improve its products, operations, and efficiency.

The U.S. government has implemented substantial and rapidly evolving changes to U.S. trade policies, including increased tariffs on imports. These actions have resulted in retaliatory measures and uncertainty in global trade relationships. For a description of these risks, see “Risk Factors —The Company’s business may be materially adversely affected by the imposition of tariffs and other trade barriers and retaliatory countermeasures implemented by the United States and other governments.” in Part II, Item 1A of this Form 10-Q.

SOURCES OF REVENUE

The Company has organized its operating segments into the following two reportable segments: (i) Content Solutions, which principally includes content enhancement and distribution services, and (ii) Technology Products and Services, which principally includes the sale, lease, and maintenance of IMAX Systems. The Company’s activities that do not meet the criteria to be considered a reportable segment are disclosed within All Other (See Note 13 of Notes to Condensed Consolidated Financial Statements in Part I, Item 1).

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Content Solutions

The Content Solutions segment earns revenue from Film Remastering, including the distribution of this content across the IMAX global network. To a lesser extent, the Content Solutions segment also earns revenue from the distribution of large-format documentary films and IMAX events and experiences, including music, gaming, and sports, as well as the provision of film post-production services.

Content Solutions segment results are influenced by the level of commercial success and box office performance of the films and other content released to the IMAX network, as well as other factors, including the timing of the releases, the timing of documentary downstream sales, the length of play across the IMAX network, the box office share take rates under the Company’s Film Remastering and distribution arrangements, the level of marketing spend associated with the releases in the year, and fluctuations in the value of foreign currencies versus the U.S. Dollar.

Film Remastering and Distribution

IMAX Film Remastering is a proprietary technology that digitally remasters films and other content into IMAX formats for distribution across the IMAX network. In a typical IMAX Film Remastering and distribution arrangement, the Company receives a percentage of the box office from a movie studio in exchange for converting a commercial film into the IMAX format and distributing it through the IMAX network. The fee earned by the Company in a typical IMAX Film Remastering and distribution arrangement averages approximately 12.5% of box office (i.e., gross box office (“GBO”) less applicable sales taxes), except for within Greater China, where the Company often receives a lower percentage of net box office due to tax. All box office results in this report are inclusive of China booking fees.

IMAX Film Remastering digitally enhances the image quality and/or resolution for projection on IMAX screens while maintaining or enhancing the visual clarity and sound quality to levels for which The IMAX Experience is known. IMAX Film Remastering is completed for the image of films released to the IMAX network, creating a unique IMAX version that is optimized for IMAX’s proprietary digital projection systems and format. In addition, the original soundtrack of a film to be exhibited across the IMAX locations is remastered into a unique IMAX digital audio format. IMAX sound systems use proprietary loudspeaker systems, designs and proprietary surround sound configurations to ensure every seat in an auditorium is an optimal listening position.

IMAX films also benefit from enhancements made by individual filmmakers exclusively for the IMAX release of the film. Collectively, the Company refers to these enhancements as “IMAX DNA.” Filmmakers and movie studios increasingly seek to infuse more IMAX DNA in theatrical releases to realize a filmmaker’s creative vision more fully, while generating interest and excitement among moviegoers. Such enhancements include shooting films with IMAX cameras to increase the audience’s immersion in the film and to take advantage of the unique dimensions of the IMAX screen by projecting the film in a larger aspect ratio that delivers up to 26% more image onto a standard IMAX movie screen. In select IMAX locations worldwide, movies filmed with IMAX cameras have an IMAX-exclusive 1.43 film aspect ratio, delivering up to 67% more image. The Company’s Filmed For IMAX® program enables filmmakers to craft films from their inception to optimize The IMAX Experience and provides incremental and bespoke marketing support. The box office metrics have demonstrated audiences respond extremely favorably to Filmed For IMAX® titles, resulting in a higher market share for IMAX. In 2025, Filmed for IMAX titles have indexed almost 20% higher than titles with no IMAX DNA.

Management believes that growth in international box office represents an important growth opportunity for the Company. The Company’s strategy to capitalize on this opportunity includes expanding the IMAX network into underpenetrated international markets and growing the number of local language films released, particularly in China, Japan, India, France, and South Korea. As the popularity of local language films has continued to increase, the Company has extended its content strategy to distribute local language content beyond native markets. For the three and nine months ended September 30, 2025, local language films exhibited across the Company’s global network generated $120 million and $343 million, respectively, in box office, representing 33% and 36%, respectively, of the Company’s global box office, including the Chinese local language film, Ne Zha 2, which became the highest grossing IMAX release of all time in China, and Japanese local language film, Demon Slayer: Infinity Castle, which became the highest grossing IMAX release of all time in Japan.

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The following table provides the number of new films and other content that were released to the Company’s global network during the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2025	2024	2025	2024
Hollywood film releases(1)	7	11	22	27
Local language film releases:
China	12	10	22	18
Japan	4	4	8	12
South Korea	2	2	6	5
India	1	3	7	7
Vietnam	1	—	2	—
Thailand	1	1	1	1
Germany	1	—	1	—
France	—	—	2	—
Indonesia	—	—	1	1
Egypt	—	—	1	—
Saudi Arabia	—	—	1	—
Malaysia	—	1	—	1
Total local language film releases	22	21	52	45
Other content experiences	8	5	17	11

IMAX CORP 10-Q