IMAX (IMAX) Q4 2024 earnings summary

Executive summary

• Achieved record-breaking performance in 2024, with strong profitability, a 24% increase in global box office market share since 2018, and a dramatic China rebound, entering 2025 with momentum and expanded content and partnerships, including exclusive deals with Netflix and Apple.

• Operates a global network of 1,735 commercial multiplex locations across 90 countries, with a robust system backlog of 440 contracted systems and significant untapped market potential.

• Overcame challenges from a strike-impacted Hollywood slate and prior softness in China, with a dramatic turnaround in Chinese box office performance in early 2025.

Financial highlights

• Full-year 2024 revenues were $352.2M, Adjusted EBITDA was $138.9M (39.4% margin), operating cash flow was $70.8M (+21% YoY), and free cash flow was $29.6M.

• Q4 2024 revenues were $92.7M (+8% YoY), Adjusted EBITDA was $37.2M (+48% YoY, 40% margin), and adjusted EPS was $0.27 (+59% YoY).

• System installations totaled 146 for 2024, with 57% under joint revenue-sharing arrangements.

• Cash at year-end was $101M, with debt at $269M and available liquidity exceeding $418M.

• Gross profit margin was 54% in 2024, with GAAP net income of $26.1M and adjusted net income of $51.0M.

Outlook and guidance

• 2025 guidance targets record global box office of $1.2B+, 145-160 system installations (skewed toward joint revenue-sharing), and adjusted EBITDA margin above 40%.

• The company expects a 40%/60% sale/JRSA mix and a 60%/40% new/upgrade mix for 2025 installations.

• Confident in long-term growth and margin expansion, with less than 50% penetration in IMAX location zones and a strong future film slate.