IMAX Corporation (IMAX)
Recap: Q1 2026
Optically Softer Q1 ($81M Revenue, 38% EBITDA Margin) Masks Structural Strength Ex-China: Global Box Office +67% YoY Excluding China (NA +75%, RoW +60%); Project Hail Mary Delivered $90M+ in IMAX — 2x Management's Initial Projection at 18% Global Indexing (30% in China); Q2-to-Date Box Office Over $100M (+10% YoY); HOYTS Australia 10-System Deal Nearly Doubles Regional Footprint; FY26 Guide ($1.4B / 160-175 / 45% Margin Floor) Reiterated; The Odyssey July 2026 (40 Film Locations, 70mm Tickets Sold Out 9 Months Out) Remains the Central Catalyst — Maintaining Outperform
Recap: Q4 2025
FY25 Closed at $1.28B Global Box Office (vs $1.2B Original Guide), 45% EBITDA Margin (Above Low-40s Guide), Record $1.45 EPS (+53%), Record $127M Operating Cash Flow; FY26 Guide $1.4B Box Office / 160-175 Installs / 45% Margin Floor; Through-2028 Framework: High-Single-to-Low-Double-Digit Revenue CAGR, 50%+ EBITDA Margin, EPS Growth 2x Revenue, FCF Conversion ~50% Growing; $250M New Convert at 0.75% Refinanced With $46M Cash Outlay (Effectively a Share Buyback) and Capped-Call to $57 — Maintaining Outperform
Recap: Q3 2025
Record Q3 Crushes the "Soft Slate" Bear Narrative: $107M Revenue (+17%), $368M Global Box Office (+50%), 48.6% EBITDA Margin (+630bp YoY), EPS $0.47 (+34%); Q3 Earnings Alone Exceeded Q1+Q2 Combined; Record $67.5M Operating Cash Flow (+90%+); December 4 Investor Day Announced — First Since 2017; Backlog 470 Systems with Less Than 50% Global Zone Penetration — Maintaining Outperform
Recap: Q2 2025
Film-for-IMAX Strategy Delivers Step-Change Indexing (15% Opening Weekend on <1% of Screens, 20%+ on 3 of 7 FFI Titles This Summer); Q2 Box Office +41%, Installs +50%, EBITDA Margin 42.6% (Record); Revolver Expanded to $375M Through 2030 De-Risks the $230M April-2026 Convert; FY25 Install Guide Raised to 150-160 — Initiating Coverage at Outperform