IMAX China (1970) Q3 2025 earnings summary

Executive summary

• Achieved record third quarter box office of $367.6 million, up 50% year-over-year, driven by a diversified global film slate and strong local language content, especially in China and Japan.

• Revenues for Q3 2025 rose 17% to $106.7 million, with gross margin up 32% to $67.3 million, reflecting robust box office and higher margin content.

• Net income attributable to common shareholders for Q3 2025 was $20.7 million ($0.37 per diluted share), up from $13.9 million ($0.26 per share) in Q3 2024.

• Adjusted net income for Q3 2025 was $26.2 million ($0.47 per share), compared to $18.9 million ($0.35 per share) in Q3 2024.

Financial highlights

• Q3 2025 revenues: $106.7 million (+17% YoY); gross margin: $67.3 million (+32% YoY, 63% margin).

• Nine months ended September 30, 2025: revenues $285.0 million (+10% YoY), gross margin $174.0 million (+23% YoY, 61% margin).

• Net income for nine months: $34.2 million ($0.62 per share), up from $20.8 million ($0.39 per share) in 2024.

• Adjusted EBITDA for Q3 2025: $51.8 million; trailing twelve months: $165.0 million.

• Cash and cash equivalents at September 30, 2025: $143.1 million.

Outlook and guidance

• Management expects continued growth driven by a strong pipeline of Hollywood and local language releases, with over 14 Filmed for IMAX titles scheduled for 2025 and at least 15 for 2026.

• Majority of future growth anticipated from international markets, with 76% of IMAX systems located outside the US and Canada.

• Sufficient capital and liquidity expected to fund operations and capital requirements for the next twelve months.