Here are 1-2 brief analogies to describe Imax:

• Dolby Laboratories for the entire cinema experience: Like Dolby licenses its premium audio and visual technologies to enhance entertainment, Imax provides a complete, high-end system and brand for an immersive movie-going experience within theaters.
• Starbucks for movie-watching: Similar to how Starbucks offers a premium, differentiated coffee experience compared to standard coffee shops, Imax elevates the traditional movie experience into a high-quality, immersive event.

• IMAX Theater Systems: Provides proprietary projection, sound, and theater design technologies to exhibitors for an immersive cinematic experience.
• Film Remastering (DMR): A specialized service that digitally enhances and reformats existing films to meet IMAX's high-resolution and aspect ratio standards.
• IMAX Cameras: Designs and manufactures specialized high-resolution film and digital cameras used by filmmakers for large-format productions.
• Content Licensing & Distribution: Curates, licenses, and distributes a slate of Hollywood blockbusters, documentaries, and other films optimized for its global network of theaters.

Imax (symbol: IMAX) primarily sells its technology, systems, and brand licensing to other companies, specifically cinema exhibitors and entertainment venues, rather than directly to individuals. Its business model is largely B2B (business-to-business), where it partners with existing theater chains to integrate the IMAX experience into their complexes.

Its major customers are large cinema chains around the world that license IMAX's projection systems, sound technology, and brand for their premium screens. Here are some of its major customer companies:

• AMC Entertainment Holdings, Inc. (NYSE: AMC)
• Cinemark Holdings, Inc. (NYSE: CNK)
• Regal Cinemas (a subsidiary of Cineworld Group plc, LSE: CINE - Note: Cineworld Group has undergone significant financial restructuring, but Regal remains a major exhibitor and IMAX partner, particularly in the U.S.)
• Wanda Film Holding Co., Ltd. (SZSE: 002739) - One of the largest cinema operators in China and a long-standing, significant partner for IMAX in that region.
• Cineplex Inc. (TSX: CGX) - A leading entertainment company and cinema operator in Canada.
• CJ CGV Co., Ltd. (KRX: 079160) - A major multiplex cinema chain headquartered in South Korea, with extensive operations across Asia and beyond.

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Richard Gelfond, Chief Executive Officer

Richard Gelfond co-founded Clean Street USA in 1986, a dry cleaning store chain, which he later sold to a subsidiary of Colgate-Palmolive. He also co-founded Cheviot Capital Advisors, a financial advisory and merchant banking firm. In 1994, an investment company he co-founded and was a principal of, Cheviot Capital Advisors, acquired IMAX in a leveraged buyout, and he became its vice chairman. He served as co-CEO starting in 1996 and became the sole CEO in 2009.

Natasha Fernandes, Chief Financial Officer

Natasha Fernandes joined IMAX in 2007 and has held various finance leadership roles within the company, including Assistant Controller, Director of Financial Reporting, Corporate Treasurer, and Deputy Chief Financial Officer. She was promoted to Chief Financial Officer in May 2022. Before joining IMAX, she worked as an Audit Manager of Manufacturing & Service Industries at Deloitte. Fernandes has been credited with leading the company's $200 million convertible debt offering in 2021 and a new credit agreement in 2022.

Robert Lister, Senior Executive Vice President & Global Chief Legal Officer

Robert Lister joined IMAX Corporation in May 1999. He has served in various capacities, including Chief Business Development Officer and Chief Legal Officer, and as Senior Executive Vice President. Prior to IMAX, he was Vice President, General Counsel and Secretary of Clearview Cinemas from March 1998 to May 1999. He also held positions as Associate General Counsel at Merit Behavioral Care Corporation and as a Legal Associate at Kelley Drye & Warren LLP. At IMAX, his responsibilities have included overseeing numerous theatre and content deals, major capital markets transactions, and the initial public offering of IMAX China.

Jennifer Horsley, Senior Vice President of Investor Relations

Jennifer Horsley was appointed Senior Vice President of Investor Relations in August 2022. Before joining IMAX, she was a key executive at Taboola and was part of the team that took the company public in June 2021. Her experience also includes serving as Vice President of Investor Relations for QuEST Global, where she prepared the company for a planned IPO and supported mergers and acquisitions. Earlier in her career, she spent two decades at Xerox Corporation, holding various roles in financial operations, FP&A, accounting, and ultimately as Vice President of Investor Relations.

Jason Brenek, Executive Vice President and President of IMAX Home Entertainment (former)

Jason Brenek joined IMAX in February 2015 as Executive Vice President and President of the newly-formed Home Entertainment division. Before his tenure at IMAX, Brenek spent a decade at The Walt Disney Studios, where his roles included Senior Vice President of International In-Home Distribution and Head of Global Business Development and Strategic Partnerships. He also played a key role in the exhibition industry's conversion to digital cinema and the launch of digital 3D films as Senior Vice President of Worldwide Digital Cinema and Cinema Programming at Disney. Prior to Disney, he worked at 20th Century Fox and as a consultant at Bain & Company. After leaving IMAX, he founded MetaMedia in 2018, a company that was later successfully integrated with Qube Cinema.

The key risks to IMAX's business are:

1. Dependence on Blockbuster Films and Competition from At-Home Entertainment: A significant portion of IMAX's revenue is tied to the release of major films, making it vulnerable to fluctuations in the film industry. A slowdown in blockbuster or local language tentpoles could quickly pressure IMAX’s box office leverage and expansion plans. Additionally, the continued rise of streaming services and at-home entertainment options presents a challenge to the company.
2. High Operational Costs and System Installation Delays: The installation and maintenance of IMAX systems can be expensive, which may deter some theater owners from adopting the technology. Delays in system renewal timelines or new installations, especially in high-growth markets, can slow the expansion of IMAX's high-margin Technology Products and Services revenue.
3. Convertible Senior Notes Maturity: IMAX faces an immediate financial risk with $230 million of 0.500% Convertible Senior Notes due in April 2026. While the company has strong liquidity, managing this refinancing is crucial and could impact cash flow or interest expense.

The emergence of highly advanced personal immersive viewing devices, such as the Apple Vision Pro, presents a clear emerging threat. These devices offer a high-fidelity, large-screen, and deeply immersive viewing experience within a personal setting, which directly competes with IMAX's core value proposition of a premium, large-format cinematic experience. While lacking the communal aspect, they provide an alternative for premium content consumption that could draw away a segment of the audience seeking the ultimate viewing quality with added convenience and privacy.

Main Products and Addressable Markets:

• IMAX Theater Systems and Content Solutions (Theatrical Exhibition): This includes the sale and lease of IMAX theater projection systems, cameras, sound systems, specialty screens, and proprietary film remastering (DMR) for distribution to its network of commercial multiplexes, museums, and other entertainment venues.
  • Addressable Market (Global Cinema Market): The global movie theater market was valued at USD 62.86 billion in 2024 and is projected to grow to USD 95.66 billion by 2032. Another estimate places the global cinema market size at USD 72.7 billion in 2024, expected to reach USD 109.89 billion by 2032. More specifically for IMAX's segment within this, the global IMAX Theatre market is projected to expand from USD 925 million in 2025 to USD 1.92 billion by 2033.
  • Addressable Market (IMAX Theater Network Potential): IMAX estimates its total addressable market in "ideal conditions" could support approximately 3,600 screens globally, which would nearly double its current network of 1,759 theaters across 90 countries as of November 2025. In the U.S., the IMAX theater network represented about 57% of the addressable market as of June 30, 2024, while international markets (excluding Greater China) had a penetration rate of 34% at the end of the first half of 2024, indicating significant growth potential.
• IMAX Enhanced (Home Entertainment Technology): This program provides end-to-end technology for streaming content and entertainment devices for in-home use.
  • Addressable Market (Global): The IMAX Enhanced Display market size globally reached USD 3.2 billion in 2024 and is projected to grow to an estimated value of USD 10.1 billion by 2033. IMAX also aims to tap into the broader global home cinema market, which is estimated at USD 30 billion.

1. Continued Global Network Expansion and System Installations: Imax is actively focused on expanding its network of theaters worldwide by installing new and upgraded systems. This strategy is considered a crucial driver of future revenue and market presence, allowing the company to reach a larger audience and generate more consistent revenue streams. Management has raised its full-year 2025 expectation for system installations to 150-160 systems worldwide, and the company has a robust backlog, providing visibility into future growth.
2. Diversification of Content Strategy: Imax is broadening its content offerings beyond traditional Hollywood blockbusters to include a wider range of content, such as local-language films, Japanese anime, documentaries, concert films, and live events. This diversified content slate is proving to be a significant contributor to box office performance and market share, with international films accounting for an increasing percentage of global box office. Local-language content, in particular, has achieved record-breaking performance.
3. Strong Film Slate and Recovery in Movie Theater Attendance: The anticipated recovery in movie theater attendance in 2025 and 2026, combined with a strong pipeline of upcoming Hollywood blockbusters and "film for IMAX" titles, is projected to drive improved monetization and profitability. The company emphasizes that its visibility into future film slates, including a standout 2026, has never been better, which supports confidence in sustained global box office and installation growth.
4. Leveraging Premium Positioning and Operating Efficiencies: Imax's premium brand positioning enables it to command higher ticket prices, leading to enhanced per-customer monetization as attendance grows. Furthermore, the company benefits from significant operating leverage, characterized by stable costs and high incremental profit flow-through from strong box office performance, which contributes to margin expansion. While ticket pricing is ultimately determined by exhibitors, rising demand may encourage higher ticket prices in the future.

Share Repurchases

• IMAX increased its share repurchase program by $100 million and extended it through June 30, 2027.
• The total share repurchase authorization is $500 million, with approximately $250 million remaining available as of June 12, 2025.
• Since July 1, 2017, IMAX has repurchased 15.1 million common shares for an aggregate purchase price of $249.3 million, resulting in an approximately 23% net reduction in shares outstanding.

Share Issuance

• IMAX closed a private offering of $250 million aggregate principal amount of 0.75% convertible senior notes due 2030 on November 7, 2025.
• The net proceeds of approximately $241.1 million from this offering were primarily used to repurchase $229.7 million of existing 0.500% Convertible Senior Notes due 2026.
• The company used approximately $21.9 million of the proceeds for capped call transactions to mitigate potential share dilution from the convertible notes.

Capital Expenditures

• Capital expenditures for IMAX were $8.43 million in 2024, $6.49 million in 2023, $8.42 million in 2022, $3.59 million in 2021, and $0.70 million in 2020.
• IMAX plans to install between 150 and 160 systems in 2025, with a focus on joint revenue-sharing agreements in high-performing markets globally and new sales arrangements.
• The company is investing in innovation, including a $45 million R&D investment aimed at maintaining technology leadership.