by FIlmInk Staff

Australian highlights:

  • IMAX generated more than US$6 million (A$8.6 million) in Australia during Q2, making it the company’s highest-grossing quarter ever in the market.
  • The Odyssey delivered the biggest IMAX opening ever in Australia, earning more than US$1.1 million (A$1.6 million) from just 10 locations. Despite representing only a fraction of the country’s cinema screens, IMAX accounted for 12% of the national box office.
  • The Melbourne Museum IMAX 70mm cinema was the highest-grossing IMAX location in Australia for The Odyssey, generating more than US$250,000 (A$350,000+) during its opening weekend.

Underscoring the power of its global platform, IMAX exceeds consensus expectations and posts strong year-over-year growth for the second quarter across key metrics:

    • Revenue of $103 million, up 12% year-over-year
    • Strong operating profitability with Net Income margin of 15.5% and Adjusted EBITDA(3) margin of 46.6%
    • Net income per diluted share of 27 cents, up 35% year-over year and record Q2 Adjusted EPS(2,3) of 43 cents, up 65% year-over-year
    • Year-to-date Cash from Operating Activities of $36 million, up 19% year-over-year
  • Amidst worldwide fan frenzy for IMAX, the Company delivers 20% of the global box office in record-breaking $52 million(1) opening weekend of Christopher Nolan’s The Odyssey – the first full-length theatrical release ever shot entirely with IMAX film cameras
  • Record-breaking box office holds indicate historic IMAX run ahead for The Odyssey, with the Company achieving its highest grossing Monday and Tuesday ever and approximately $60 million in presales for future showtimes
  • Network growth momentum continues, with highest Q2 installations (38) in a decade, and International excluding China network expansion of 9% year-over-year
  • The Odyssey kicks off a stellar second half 2026 slate culminating with Denis Villeneuve’s Dune: Part Three and including Spider-man: Brand New Day (China, Japan and South Korea), Tom Cruise’s Digger, and the IMAX-exclusive theatrical release of Netflix’s Cliff Booth project, along with multiple local language blockbusters

IMAX Corporation (NYSE: IMAX) today reported strong financial results for the second quarter of 2026, demonstrating the value of its unique global entertainment platform and broad content portfolio.

“As we enter the second half of 2026, Christopher Nolan’s breathtaking The Odyssey — the first-ever full-length theatrical release filmed entirely with IMAX film cameras — is emerging as a transformational event for IMAX, as the purest and most complete expression yet of the power of our global platform,” said Rich Gelfond, CEO of IMAX. “In its debut, The Odyssey achieved the biggest IMAX opening weekend of all time in like-for-like markets(1) and delivered the highest IMAX international market share in like-for-like markets of any major release in our history.”

“The Odyssey has the potential to impact our business in many ways that are clear — and many ways we can’t yet predict, as its success on our platform reverberates across the creative community, and throughout the entertainment landscape. In the near-term, the film gives us excellent momentum as we enter the second half of the year, with a strong slate that culminates with Dune: Part Three, which was also shot with IMAX film cameras and will be presented in IMAX 70mm film.”

“We are very pleased with our strong results for the second quarter — in which we handily beat consensus estimates across key financial metrics — and look forward to building on our momentum to deliver global box office growth, network expansion worldwide, new opportunities for our brand and continued value for our shareholders.”

_______________

  • IMAX global box office for The Odyssey does not include box office in South.Korea, Mainland China and Japan which open The Odyssey on Aug 5, Aug 14 and Sep 11, respectively.
  • Attributable to common shareholders.
  • Non-GAAP Financial Measure. See the discussion at the end of this earnings release for a description of the non-GAAP financial measures used herein, as well as reconciliations to the most comparable GAAP amounts.

Second Quarter Financial Highlights

Three Months Ended June 30,

(Unaudited)

 Six Months Ended June 30,

(Unaudited)
In millions of U.S. Dollars, except per share data 2026 2025 YoY %
Change		 2026 2025 YoY %
Change
Total Revenue $ 102.8 $   91.7 12% $ 184.2 $ 178.4 3%
Gross Margin $   62.9 $   53.6 17% $ 108.7 $ 106.8 2%
Gross Margin (%) 61.2 % 58.5 % 270bps 59.0 % 59.9 % (90bps)
Net Income $   15.9 $   12.2 30% $   22.0 $   20.4 8%
   Net Income Margin (%) 15.5 % 13.3 % 220bps 11.9  % 11.4  % 50bps
Net Income Attributable to Common Shareholders $   15.4 $   11.3 36% $   19.6 $   13.6 44%
Net Income Per Share – Diluted(1) $   0.27 $   0.20 35% $   0.35 $   0.25 40%
Total Adjusted EBITDA(2)(3) $   48.0 $   39.1 23% $   78.5 $   76.0 3%
Total Adjusted EBITDA Margin (%)(2)(3) 46.6 % 42.6 % 400bps 42.6 % 42.6 % —bps
Adjusted Net Income(1)(2) $   24.2 $   14.6 66% $   33.8 $   21.8 55%
Adjusted Earnings Per Share – Diluted(1)(2) $   0.43 $   0.26 65% $   0.60 $   0.40 50%
Weighted average shares outstanding (in millions):
Basic      55.0      53.8 2%      54.5      53.4 2%
Diluted      56.6      55.2 3%      56.5      55.1 3%
(1)     Attributable to common shareholders.

(2)     Non-GAAP Financial Measure. See the discussion at the end of this earnings release for a description of the non-GAAP financial measures used herein, as well as reconciliations to the most comparable GAAP amounts.

(3)     Total Adjusted EBITDA is before adjustments for non-controlling interests. Total Adjusted EBITDA per Credit Facility attributable to common shareholders, excluding non-controlling interests, was $45.6 million and $72.4 million for the three and six months ended June 30, 2026, respectively (2025 – $36.7 million and $65.7 million, respectively). The Company’s Credit Facility covenant is calculated on a trailing twelve-month basis.

Second Quarter Segment Results(1)

Content Solutions Technology Products and Services
  Revenue             Gross Margin Gross

  Margin %

  Revenue           Gross Margin Gross

  Margin %

2Q26 $           34.7 $           21.9 63% $           64.8 $           39.0 60%
2Q25              34.0              22.4 66%              55.6              30.2 54%
% change 2% (2%) 16% 29%
YTD26 $           66.1 $           40.2 61% $         113.1 $           65.9 58%
YTD25              68.2              46.0 67%            106.2              59.3 56%
% change (3%) (13%) 7% 11%
(1)     Please refer to the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2026 for additional segment information.

Content Solutions Segment

  • Second quarter Content Solutions revenues and gross margin increased 2% to $35 million and decreased 2% to $22 million year-over-year, respectively, reflecting IMAX’s diversified global model delivering a 63% gross margin.
  • Second quarter global box office of $285 million marked IMAX’s highest Q2 box office since 2019 and increased 1% year-over-year driven by strong 24% box office growth in International markets excluding Mainland China. Top grossing second quarter titles included Michael ($69 million), The Mandalorian & Grogu ($42 million), and The Super Mario Galaxy Movie ($39 million).

Technology Products and Services Segment

  • Second quarter Technology Products and Services revenues and gross margin increased 16% to $65 million and 29% to $39 million year-over-year, respectively, driven by higher systems sales, rental revenues and amendments and renewals of existing agreements.
  • During the second quarter of 2026, the Company installed 38 systems compared to 36 systems in the second quarter of 2025. Of the 2026 installs, 18 systems were under sales arrangements, compared to 13 in the prior year.
  • Commercial network growth continued with the number of IMAX locations reaching 1,809 systems as of June 30, 2026 compared to 1,750 systems as of June 30, 2025 which includes 9% expansion of the IMAX rest of world footprint. The Company ended Q2 2026 with a backlog of 421 IMAX systems.

Operating Cash Flow and Liquidity

Net cash provided by operating activities for first half 2026 increased 19% year-over-year to $36 million, reflecting higher operating profits and improvements in working capital driven by higher collections.

As of June 30, 2026, the Company’s available liquidity was $551 million. The Company’s liquidity included cash and cash equivalents of $160 million, $334 million in available borrowing capacity under the Company’s revolving credit facility, and $57 million in available borrowing capacity under IMAX China’s revolving facilities. Total debt, excluding deferred financing costs, was $292 million as of June 30, 2026.

In 2025, the Company issued $250 million of 0.750% Convertible Senior Notes due 2030 (“2030 Convertible Notes”). In connection with the pricing of the 2030 Convertible Notes, the Company entered into privately negotiated capped call transactions with an initial cap price of $57.10 per share of the Company’s common shares.

 
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