📈 Price History

Ratio Health

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📊 Sector Averages

About

IMAX Corporation, together with its subsidiaries, operates as a technology platform for entertainment and events in the United States, Canada, Greater China, rest of Asia, Western Europe, Latin America, and internationally. It operates through Content Solutions; and Technology Products and Services segments. The company offers IMAX film remastering, a proprietary technology that digitally remasters films and other content into IMAX formats for distribution to the IMAX network; IMAX Enhanced, which provides end-to-end technology across streaming content and entertainment devices at home; AI-driven video quality solutions for media and entertainment companies; and streaming technology software products. It also provides preventative and emergency maintenance services, and quality monitoring to the IMAX network; film post-production services; and IMAX film and digital cameras for content creators. In addition, the company engages in the distribution of format documentary films to institutional theaters, as well as live performances and interactive events with artists and creators; after-market sales of IMAX System parts and 3D glasses; sale or lease of IMAX theater systems; provision of management services to theaters; and rental of company's proprietary 2D and 3D large-format film cameras. The company markets its theater systems through a direct sales force and marketing staff to science and natural history museums, zoos, aquariums, and other educational and cultural centers, as well as theme parks, private home theaters, tourist destination sites, fairs, and expositions. It offers its services under the IMAX, IMAX 3D, Experience It In IMAX, The IMAX Experience, DMR, Filmed For IMAX, IMAX Live, IMAX Enhanced, and IMAX StreamSmart. IMAX Corporation was founded in 1967 and is headquartered in Mississauga, Canada.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding IMAX

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	74.1K	$2.8M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 3 quarters analysed

Q2 2025

Confident Specific

Management repeatedly used superlatives ('outstanding quarter', 'fantastic time', 'strongest evidence'), cited precise metrics (installations +50%, box office +40%, EBITDA margin 43%) and specific film performance data (e.g., 15-20% market share on select titles). Language is assertive and data-rich, not vague.

Q4 2025

Confident Specific

Management repeatedly uses phrases like 'record-breaking', 'transformational year', 'unqualified winner', 'beat projections', and provides specific numbers: $1.28B global box office, 45% EBITDA margin, 160 system installations, etc.

Q1 2026 latest

Confident Specific

Management repeatedly affirms 'record $1.4 billion global box office' guidance, 'at least 45%' EBITDA margin, and 160-175 installations, while providing concrete examples of growth (67% box office growth outside China, 75% in North America). Language is bullish ('never been a better time', 'best is yet to come') but grounded in specific numbers.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is strengthened after this call. Management provided concrete reaffirmation of full-year guidance, delivered a 67% box office growth outside China, and signed 40+ systems year-to-date. The platform is diversifying beyond Hollywood blockbusters into local language and alternative content, reducing reliance on any single market. Key watch items: China box office recovery trajectory through the year, operating margin progression toward the long-term 50%+ target, and continued installation cadence (especially 70mm film upgrades for The Odyssey). The strong balance sheet and asset-light model provide downside cushion. Overall, the call supports a bullish near-term thesis with clear catalysts from the upcoming film slate.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific → Stable 3 quarters Full tone analysis in Intelligence →

📊 MIXED IMAX targets record $1.4B global box office in 2026; Q1 adjusted net income $10M.

Revenue & Profitability

Q1 2026 total revenue was $81.4 million, down $5 million year-over-year. Adjusted net income grew 33% to $10 million, with adjusted EPS of $0.17 (up $0.04). Adjusted EBITDA was $31 million (38% margin), down from $37 million (43% margin) in the prior year. Gross margin declined to $46 million from $53 million. Cash from operations was $4 million. Cash balance $146 million, debt $300 million, net leverage 0.86x.

Outlook

Management is confident in a record 2026 global box office of $1.4 billion. They see strong demand for IMAX across genres and geographies, with Hollywood blockbusters, local-language titles, and alternative content (e.g., Formula 1, music events) driving growth. The U.S.-Iran conflict has not caused disruptions; only 35 locations in the Middle East, with most continuing to operate. No other macro headwinds were discussed.

Growth Drivers

Key growth levers include expanding the network (less than 50% penetrated globally), with year-to-date signings of over 40 systems across 10 countries, including a 10-system deal with HOYTS in Australia. Strong momentum in Japan (7 systems signed in Q1) and EMEA. Local-language content (India's Ramayana, Japan's Godzilla Minus Zero) and alternative content (F1, music projects) are expanding the addressable market. Hollywood slate (The Odyssey, Dune: Part Three) drives box office.

Balance Sheet & CapEx

CapEx guidance for 2026 is $30-$35 million, with potential upside of $10-$15 million to help exhibitors accelerate system rollouts. The company invested $8 million in higher lease incentives in Q1 to support new locations. Cash flow from operations was $4 million, reflecting this investment. No AI or specific infrastructure investments were mentioned; investments are focused on network expansion and joint revenue-sharing arrangements.

Margins

Q1 2026 adjusted EBITDA margin was 38%, down from 43% in Q1 2025 due to lower box office and higher marketing investments. Management reaffirmed guidance for full-year 2026 adjusted EBITDA margin of at least 45% (mid-40s%) and expects margins to exceed 50% in coming years as scale increases. Gross margin was 56% for Technology Products and 58% for Content Solutions. Operating expenses (excluding stock-based compensation) were $28 million, down from $30 million, reflecting cost discipline.

Key Risks

Management flagged no specific risks. Analysts asked about potential disruption from the U.S.-Iran conflict, but management stated no significant impact, with 35 locations in the region mostly operating. Timing of installations and backlog conversion (especially in India) was noted as an ongoing challenge. No other risks were explicitly discussed.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (4 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (4)

Q2 2026 Q2 2026 2026-07-23

Q2 2026 saw record revenue and profit growth, fueled by The Odyssey's historic box office and strong demand for IMAX experiences. System installations and signings hit multi-year highs, margins expanded, and the company remains on track for a record $1.4B global box office in 2026.

Q1 2026 Q1 2026 2026-04-30

Q1 2026 saw strong global box office growth outside China, offsetting a tough comp in Greater China, with adjusted net income up 33% and robust network expansion. Management reaffirmed 2026 guidance for record box office and installations, supported by a strong content slate and capital investments.

Q4 2025 Q4 2025 2026-02-25

Record 2025 results included $1.28B global box office, 16% revenue growth, and a 45% Adjusted EBITDA margin. Strong network expansion, diversified content, and robust cash flow position the company for continued growth, with 2026 guidance targeting $1.4B box office and high EBITDA margins.

Q2 2025 Q2 2025 2025-07-24

Record Q2 results featured 41% box office growth, 50% installation growth, and a 42.6% adjusted EBITDA margin. Strong demand, a robust film slate, and expanded credit facilities support continued network and revenue growth, with guidance raised for installations and margins.

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