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Item 1. Business

2026-02-25 compared with 2025-02-19 · 221 added, 283 removed, 206 unchanged (71% of the section changed)

IMAX Corporation (together with its consolidated subsidiaries, the “Company” or “IMAX”) is a Canadian corporation that was formed in March 1994 as a result of an amalgamation between WGIM Acquisition Corp.

IMAX Corporation (the “Company” or “IMAX”) is a Canadian corporation that was formed in March 1994 as a result of an amalgamation between WGIM Acquisition Corp.

and the former IMAX Corporation (“Predecessor IMAX”).

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As a result, IMAX is among the most important and successful global distribution platforms for domestic and international tentpole films.

The Company leverages its proprietary technology and engineering in all aspects of its business, which principally consists of the digital remastering of films and other content into the IMAX format for distribution across the IMAX network (“IMAX Film Remastering”) and the sale or lease of premium IMAX theater systems (“IMAX System(s)”).

T he Company’s global content portfolio includes blockbuster films, both from Hollywood and local language film industries worldwide;

IMAX documentaries, both original and acquired (“IMAX Documentaries”);

and IMAX events and experiences in emerging verticals, including music, gaming, and sports.

The Company leverages its proprietary technology and engineering in its business, which principally consists of the digital remastering of films and other content into the IMAX format for distribution across the IMAX network (“IMAX Film Remastering”) and the sale or lease of premium IMAX theater systems (“IMAX System(s)”).

IMAX Systems are based on proprietary and patented image, audio and other technology developed over the course of the Company’s history.

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IMAX has the largest global premium format network, more than double the size of its nearest competitor.

As of December 31, 2024, there were 1,807 IMAX Systems operating in 90 countries and territories, including 1,735 commercial multiplexes, 11 commercial destinations, and 61 institutional locations in the Company’s global network.

As of December 31, 2025, there were 1,864 IMAX Systems operating in locations in 91 countries and territories, including 1,796 commercial multiplexes, 10 commercial destinations, and 58 institutional locations in the Company’s global network.

This compares to 1,807 IMAX Systems operating in 90 countries and territories as of December 31, 2024, including 1,735 commercial multiplexes, 11 commercial destinations, and 61 institutional locations in the Company’s global network.

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• advanced, high-resolution projectors with specialized equipment and automated theater control systems, which generate significantly more contrast and brightness than conventional theater systems;

• large screens and proprietary auditorium geometry, which result in a substantially larger field of view so that the screen extends to the edge of a viewer’s peripheral vision and creates more realistic images;

• advanced sound system components, which deliver more expansive sound imagery and pinpointed origination of sound to any specific spot in an auditorium equipped with an IMAX System;

• specialized theater acoustics, which result in a four-fold reduction in background noise than conventional cinema experiences;

• ongoing maintenance and extended warranty services;

• large screens and proprietary auditorium geometry, which result in a substantially larger field of view than conventional theater systems so that the screen extends to the edge of a viewer’s peripheral vision and creates more realistic images;

• advanced sound system components, which deliver more expansive sound imagery than conventional theater systems and pinpointed origination of sound to any specific spot in an auditorium equipped with an IMAX System;

• specialized theater acoustics, which result in a four-fold reduction in background noise compared to conventional cinema experiences;

• ongoing maintenance and extended warranty services to ensure a consistent image and sound quality presentation across the IMAX global network ;

• a license to the globally recognized IMAX brand, as well as benefits from IMAX marketing of films being shown in its network and IMAX’s growing social media followership.

In addition, select movies shown in the IMAX network are filmed using proprietary IMAX film cameras or IMAX certified digital cameras, which along with IMAX’s customized guidance and a workflow process, provide filmmakers enhanced and differentiated image quality and an IMAX-exclusive film aspect ratio that delivers up to 26% more image onto a standard IMAX movie screen.

In select IMAX locations worldwide, movies filmed with IMAX cameras have an IMAX-exclusive 1.43 film aspect ratio, delivering up to 67% more image.

The Company believes that these components cause audiences in IMAX locations to feel as if they are a part of the on-screen action, creating a more intense, immersive, and awe-inspiring experience than a conventional cinematic format.

The Company believes that the benefits related to the enhanced and differentiated image quality and film aspect ratio enable audiences in IMAX locations to feel as if they are a part of the on-screen action, creating a more intense, immersive, and awe-inspiring experience than a conventional cinematic format.

For additional discussion, see section titled “IMAX Film Remastering” below.

As a result of the engineering and scientific achievements that are a hallmark of The IMAX Experience ® , the Company’s exhibitor customers typically charge a premium for films released in IMAX’s format versus films exhibited in their other auditoriums.

The premium pricing, combined with the higher attendance levels associated with IMAX films, tends to generate incremental box office receipts (“box office”) for the Company’s exhibitor customers and for the movie studios releasing their films to the IMAX network.

The incremental box office generated by IMAX films combined with IMAX’s leading global network footprint and scale has helped establish IMAX as a key premium distribution and marketing platform for Hollywood and foreign local language movie studios.

The Company’s global content portfolio includes blockbuster films, both from Hollywood and local language film industries worldwide;

IMAX documentaries, both original and acquired (“IMAX Documentaries”);

and IMAX events and experiences in emerging verticals including music, gaming, and sports.

The Company achieved its second highest year for domestic (United States and Canada combined) box office in 2024.

The year was highlighted by blockbusters including Dune:

Part Two , Deadpool & Wolverine , Godzilla x Kong:

The New Empire and Alien:

Additionally, local language films exhibited across the Company’s global network represented 15% of its total box office, including the Chinese films Pegasus 2 and Yolo, the Japanese film Haikyu!!, and the Korean concert film, IM Hero:

The Stadium .

A cornerstone of the IMAX brand for almost 60 years, IMAX relaunched its IMAX Documentaries strategy to focus on a new generation of narrative-driven original and acquired documentary films, as well as downstream revenue opportunities through partnerships with leading streaming platforms.

In 2024, Amazon Content LLC (“Amazon Content”) acquired the worldwide rights to the Company’s original documentary, The Blue Angels .

Additional forthcoming IMAX Documentaries include The Elephant Odyssey , Stormbound, Patrouille de France, and The Last Wolves of Yellowstone.

The Company has also continued to evolve its platform to bring new, innovative events and experiences to audiences worldwide.

During the year ended December 31, 2024, the Company partnered with Pathé Live for the exclusive release of Queen Rock Montreal , which became one of its highest grossing concert films ever.

In addition, the Company entered into a partnership with A24 for a monthly one-night-only IMAX release of classic A24 titles, hosted multiple IMAX Live events, including screening the National Basketball Association (“NBA”) finals across select IMAX locations in the Asia Pacific region.

Additionally, in partnership with the NBC television network, the Company extended its live coverage of the 2024 Paris Olympics Opening Ceremony and the White Out Game Live in IMAX :

Washington vs.

Penn State to select IMAX locations throughout the United States.

In addition, IMAX programmed its first ever esports event by live streaming the League of Legends world championship, in partnership with CJ CGV Co.

Ltd., and Wanda Film (“Wanda”), to over 150 locations across China and South Korea, with an average capacity of over 90%.

As of December 31, 2024, the Company had a footprint of 265 connected locations in the IMAX network across North America, Europe, Africa, Australia and Asia configured with connectivity to deliver live and interactive events with low latency and superior sight and sound.

For more information on the Company’s content, see the section titled “FILM DISTRIBUTION, PRODUCTION AND POST-PRODUCTION” below.

As a premier global technology platform for entertainment and events, the Company strives to remain at the forefront of advancements in technology.

The premium pricing, combined with the higher attendance levels associated with IMAX films, generates incremental box office receipts (“global box office”) for the Company’s exhibitor customers and for the movie studios releasing their films to the IMAX network.

The incremental global box office generated by IMAX films combined with IMAX’s leading global network footprint and scale has helped establish IMAX as a key premium distribution and marketing platform for Hollywood and foreign local language movie studios.

In 2025, the Company’s diversified global programming and marketing strategy resulted in a global box office record of $1.28 billion, surpassing its previous record of $1.13 billion in 2019 by 13% and a 40% increase over the prior year comparative period.

The Company achieved its highest grossing year at the domestic (United States and Canada) box office in 2025.

Additionally, the Company had record box office in over 30 countries and territories worldwide in 2025, including China, Japan, Germany, India, Australia and Vietnam.

The Company’s 2025 film slate was the largest in history, with 122 new films and other content released during the year, including a record 67 local language films.

The top grossing titles released in 2025 included the Chinese film Ne Zha 2, which became the highest grossing IMAX release of all time in China and contributed to the highest grossing Chinese New Year in the Company’s history;

Fire and Ash , the Company’s highest grossing Hollywood release of the year, achievin g 15% of t he film’s total domestic opening weekend box office;

The Movie, Mission:

Impossible - The Final Reckoning, and the Japanese film Demon Slayer:

Infinity Castle .

Local language content in 2025 generated $405.4 million in global box office for the Company or 32% of its total global box office, surpassing its previous record of $243.5 million set in 2023 by 66% .

Throughout the year, the Company continually optimized its global IMAX network by taking a heavily diversified programming approach, playing multiple titles contemporaneously, and maintaining maximum scheduling flexibility.

In 2025, the Company released several films shot with IMAX proprietary cameras under the Filmed For IMAX ® program, that generated more than $40.0 million in global IMAX box office on a per-title basis.

IMAX captured at least 20% of the domestic opening weekend box office on each of Sinners , Mission:

Impossible – The Final Reckoning , F1:

The Movie , and Tron:

Despite increasing competition for consumer attention across both out‑of‑home and in‑home entertainment, demand for premium large‑format experiences continued to strengthen.

The Filmed For IMAX program helped drive the Company’s domestic box office market share to a record 5.2% and to a record global market share of 3.8%, up from 4.5% and 3.1%, respectively, in the prior year, even though IMAX represents only approximately 1% of domestic screens and less than 1% of screens worldwide.

A cornerstone of the IMAX brand for almost 60 years, the Company’s IMAX Documentaries strategy focuses on a new generation of narrative-driven original and acquired documentary films, as well as downstream revenue opportunities through partnerships with leading streaming platforms.

In 2025, the Company released the institutional 3D version of The Blue Angels across select IMAX locations in North America, Europe, and Australia.

In early 2026, The Last Wolves of Yellowstone, and French language documentary Athos, produced by Federation Studio France were released.

Additional forthcoming IMAX Documentaries are scheduled to include Stormbound, Frontier, and The Elephant Odyssey.

In collaboration with The National Basketball Association (“NBA”), Unanimous Media, and Religion of Sports, the Company will also release Portrait of an Artist offering an intimate glimpse into the life of NBA superstar Stephen Curry .

In 2025, the Company partnered to release exclusive concert films and limited-run theatrical events, including Becoming Led Zeppelin with Sony Pictures , Prince - Sign O’ The Times and Rolling Stones - At The Max with Mercury Studios, Pink Floyd at Pompeii - MCMLXXII, Depeche Mode:

M, and j-hope Tour ‘Hope on Stage’ The Movie with Trafalgar Releasing, One to One:

John & Yoko with Magnolia Pictures, Springsteen:

Deliver Me From Nowhere with 20th Century Studios, and G-Dragon in Cinema [Übermensch] with CJ CGV Co.

The Company also partnered with Bleecker Street for the release of Spinal Tap II:

The End Continues , including a live Q&A event.

The Company also continued its partnership with A24 to present one-night-only IMAX releases of classic A24 titles, including Talk to Me, Moonlight , and Spring Breakers .

In addition, the Company released several event-based and live screenings in 2025, including Dead & Company Live in IMAX from Golden Gate Park with Los Muertos, The Grateful Dead Movie 2025 Meet-Up, and David Gilmour Live at the Circus Maximus, Rome with Trafalgar Releasing, and Girl Climber with Red Bull Studios.

In collaboration with Runway AI, Inc, Runway’s 2025 AI Film Festival was released across ten North American IMAX locations.

The Company further expanded its live content offerings through partnerships with NBC Universal for the SNL50:

The Homecoming Concert in select IMAX North American locations, DAZN for the

PSG v Marseille Le Classique Match in select IMAX locations across France, Wanda Film for the F1 Spanish Grand Prix screening across six IMAX locations in China, Major League Baseball for a live streaming of a World Series game across two IMAX locations in Japan and with multiple exhibitor partners in China the League of Legends Video Games 2025 finals across over 100 IMAX China locations.

Furthermore, in 2025, the Company partnered with Netflix for release of Frankenstein across select IMAX locations.

The Company will continue to expand its partnerships and the scope and diversity of content it releases across its platform.

Already announced for 2026 are the following concert films and events, many of which have exclusive IMAX windows:

The dominATE Experience, Eric Church:

Evangeline vs.

The Machine Comes Alive, Twenty One Pilots:

More Than We Ever Imagined, and EPiC:

Elvis Presley in Concert.

In addition, IMAX is working with Apple TV to bring the 2026 FIA Formula One World Championship live to select IMAX locations across the United States for the first time ever.

Five of the most iconic Grands Prix in F1 — Miami, Monaco, Silverstone, Monza, and Austin — will be available across at least 50 IMAX locations nationwide.

The Company strives to remain at the forefront of advancements in technology.

The Company offers a suite of laser-based digital projection systems (“IMAX Laser Systems”), which deliver increased resolution, sharper and brighter images, deeper contrast, and the widest range of colors available to filmmakers today.

The Company further believes that its suite of IMAX Laser Systems is helping facilitate the next major renewal and upgrade cycle for the global IMAX network.

The Company’s Streaming and Consumer Technology business unit, formed in 2023, focuses on in-home entertainment technology.

Included in the product offerings are AI-driven video quality solutions for media and entertainment companies, to deliver the highest quality images on any screen, while also enabling cost efficiencies for streaming companies, broadcasters and other companies that transmit visual data — to create opportunities for new, recurring revenue and grow its global leadership in entertainment technology.

The business unit includes the streaming technology acquired in the SSIMWAVE Inc.

(“SSIMWAVE”) acquisition (completed in 2022) as well as IMAX Enhanced ® products.

The Company utilizes AI for image enhancement, streaming technology, and data analysis to improve various aspects of its business.

The Company utilizes AI tools and technology across its products and business operations.

Within its products, AI is used for purposes such as image enhancement and video streaming optimization.

In its business operations, the Company employs AI in various functions, including research, data analysis, marketing, theater operations, slate programming, and general productivity improvements.

It is actively exploring other global use cases for AI to improve its products, operations, and efficiency.

The IMAX network is the most extensive premium network in the world with 1,807 IMAX Systems operating in 90 countries and territories, including 1,735 commercial multiplexes, 11 commercial destinations and 61 institutional locations as of December 31, 2024.

The Company currently estimates a worldwide commercial multiplex addressable market of 3,619 locations, of which there are 1,735 IMAX Systems operating as of December 31, 2024, representing a market penetration of only 48%.

IMAX grew its network by over 2.0% in 2024 driven by 77 new system installations and ended the year with a backlog (as defined and discussed under the caption “IMAX SYSTEMS” below) of 440 IMAX Systems.

The IMAX network is the most extensive premium network in the world with 1,864 IMAX Systems operating in locations in 91 countries and territories, including 1,796 commercial multiplexes, 10 commercial destinations and 58 institutional locations as of December 31, 2025.

IMAX grew its network by 3.2% in 2025, driven by 98 new IMAX Systems installations, and ended the year with a backlog (as defined and discussed under the caption “IMAX SYSTEMS” below) of 434 IMAX Systems.

The Company believes that the majority of its future network growth will come from international markets (defined as all countries other than the United States and Canada).

In 2025, the Company experienced a significant expansion of 8.4% in its commercial network outside of North America and Greater China, including expansion into two new countries, Lithuania and Iraq.

In countries such as Japan and Australia, the network increased by 17% and more than 100%, respectively, as compared to the prior year.

During 2025, the Company also achieved growth of more than 10% in Western Europe, primarily due to expansion in France, Germany, and the Netherlands.

While the Company’s international market share has grown 800 basis points over the past five years, it is less than half of its domestic market share.

The Company believes that such underrepresentation and the increasing interest and demand in premium large-format experience in recent years present a significant market expansion opportunity for IMAX.

As of December 31, 2025, 76% of IMAX Systems in the global commercial multiplex network were located within international markets.

Revenues and gross box office (“GBO”) derived from international markets continue to exceed revenues and GBO from the United States and Canada combined.

As of December 31, 2024, the Company had 809 IMAX Systems operating in Greater China with an additional 237 systems in backlog.

The Company’s backlog in Greater China as of December 31, 2024, represents 54% of its total backlog, including system upgrades.

The Company has a partnership in China with Wanda and as of December 31, 2024, through the Company’s partnership with Wanda, there were 384 IMAX Systems operational in Greater China, of which 334 are under the parties’ joint revenue sharing arrangements (“JRSA”).

A main factor in the Company’s global box office being lower in 2024 versus 2023 was the weaker-than-expected performance of films in China, particularly with regard to local language blockbuster titles.

Less than two months into 2025, however, the movie industry has seen a very significant turnaround in China.

Led by the Mandarin-language blockbuster Ne Zha 2 , IMAX screens in China have broken all previous box office records for the Chinese New Year period, and have already surpassed the Company’s best-ever Q1 box office in China (from 2019).

In fact, in less than 3 weeks in February 2025, IMAX screens in China generated more local language box office than IMAX China did in the entire year of 2024.

(Refer to “Risk Factors – The Company conducts business internationally, which exposes it to uncertainties and risks that could negatively affect its operations, sales, and future growth prospects,” “– The Company faces risks in connection with its significant presence in China and the continued expansion of its business there,” “– General political, social and economic conditions can affect the Company’s business by reducing both revenues generated from existing IMAX Systems and the demand for new IMAX Systems,” and “– The Company may not convert all of its backlog into revenue and cash flows” in Part I, Item 1A.)

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• IMAX Film Remastering – The digital remastering of films and other content into IMAX formats for distribution to the IMAX network.

• Film Distribution and Post-Production – The distribution of large-format documentary films, primarily to institutional theaters, and, increasingly, the distribution of exclusive IMAX events and experiences including music, gaming, and sports, as well as the provision of film post-production services.

• Film Distribution, Production and Post-Production – The distribution of large-format documentary films, primarily to institutional IMAX theaters, and, increasingly, the distribution of exclusive IMAX events and experiences, including music, gaming, and sports to commercial IMAX theaters, as well as the provision of film post-production services.

• IMAX Systems – The sale or lease of premium IMAX Systems to exhibitor customers.

• IMAX Maintenance – The provision of preventative and emergency maintenance services and quality monitoring to the IMAX network.

• Other – Principally includes the Company’s streaming and consumer technology business, including its streaming technology and IMAX Enhanced product services, as well as other ancillary activities.

• Other – Principally includes the Company’s Streaming and Consumer Technology business, as well as other ancillary activities.

The Company assesses and evaluates its performance based on the operating results of the Content Solutions and Technology Products and Services segments, which largely reflect the different customer bases the Company serves.

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• optimizing the image using proprietary image enhancement tools;

• enhancing the digital image using techniques such as sharpening, color correction, grain and noise removal and the elimination of unsteadiness and removal of unwanted artifacts;

• enhancing the digital image using techniques such as sharpening, color correction, grain, noise, and unwanted artifacts removal, and unsteadiness elimination;

• recording the enhanced digital image into an IMAX digital cinema package format or onto IMAX 15/70-format film;

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Collectively, the Company refers to these enhancements as “IMAX DNA.” Filmmakers and movie studios have sought IMAX-specific enhancements in recent years to generate interest in and excitement for their films.

Such enhancements include shooting films with IMAX cameras to increase the audience’s immersion in the film and to take advantage of the unique dimensions of the IMAX screen by projecting the film in a larger aspect ratio that delivers up to 26% more image onto a standard IMAX screen.

In select IMAX locations worldwide, movies filmed with IMAX cameras have an IMAX-exclusive 1.43 film aspect ratio, with up to 67% more image.

The Company has a Filmed For IMAX ® program under which filmmakers craft films from their inception in various ways in order to optimize The IMAX Experience .

The program includes incremental and bespoke marketing support, which box office metrics have demonstrated audiences respond favorably to, and has driven higher market share for IMAX.

Management believes that growth in international box office remains an important driver of growth for the Company.

To support continued growth in international markets, the Company is focused on the expansion of the IMAX network and has sought to bolster its international film strategy, supplementing its slate of Hollywood films with appealing local language films released in select markets, including China, Japan, India, France and South Korea.

In select IMAX locations worldwide, movies filmed with IMAX cameras have an IMAX-exclusive 1.43 film aspect ratio, with up to 67% more image compared to a standard conventional movie screen.

Filmed For IMAX is IMAX’s filmmaker partnership program.

Filmmakers who participate in the program leverage IMAX technology throughout the production process to deliver a movie that is meant to be seen in an IMAX location.

From pre-production, through to release, the Company works closely with filmmakers to maximize The IMAX Experience ® for audiences.

Filmed For IMAX movies are shot using either an IMAX certified digital camera or an IMAX film camera with the IMAX Post-Production team working closely with the filmmaker from camera testing before the shoot begins, to on-set support, to test screenings, and post-production.

Most Filmed For IMAX movies leverage IMAX’s exclusive expanded aspect ratio for select sequences and, occasionally, the entire film, and benefit from unique marketing support.

Management believes that growth in global box office remains an important driver of growth for the Company.

To support continued growth in international markets, the Company is focused on the expansion of the IMAX network and has sought to bolster

its international film strategy, supplementing its slate of Hollywood films with appealing local language films released in select markets, including China, Japan, India, South Korea, and France.

More recently, the Company has further expanded its strategy by distributing local language content beyond native markets.

The following table provides the number of new films and other content released to the Company’s global network during the years ended December 31, 2024 and 2023:

Years Ended December 31,

Hollywood film releases

Local language film releases:

South Korea 6 9

Indonesia 1 —

Total local language film releases

Other content experiences

Total film releases (1)

(1) For the year ended December 31, 2024, the films released to the Company’s global network included ten with IMAX DNA (2023 — eight).

To date, in 2025, 21 titles have been released to the global IMAX network, including three titles with IMAX DNA, and the Company has announced the following additional 31 titles to be released in 2025:

Release Date (1)

February 2025

Spring Breakers

Walt Disney Studios

A Minecraft Movie

Walt Disney Studios

Magnolia Films

Filmed for IMAX

Ambulance (2)

Marvel Studios

Filmed for IMAX

Final Destination:

Filmed for IMAX

Mission Impossible - The Final Reckoning

Paramount Pictures

Filmed for IMAX

How to Train Your Dragon

Universal Pictures

Filmed for IMAX

Jurassic World:

Universal Pictures

Filmed for IMAX

The Fantastic Four:

Marvel Studios

Filmed for IMAX

Untitled Paul Thomas Anderson Title

The Conjuring:

September 2025

Untitled Crunchyroll/Sony Title (2)

Sony Pictures

September 2025

Universal Pictures

September 2025

Filmed for IMAX

Lionsgate/Universal Pictures

Walt Disney Studios

Filmed for IMAX

Mortal Kombat 2

Filmed for IMAX

Walt Disney Studios

November 2025

The Running Man

Paramount Pictures

November 2025

Universal Pictures

November 2025

Walt Disney Studios

November 2025

Walt Disney Studios

December 2025

(1) The scheduled release dates in the table above are subject to change, may vary by territory, and may not reflect the date(s) of limited premiere events.

(2) Denotes local language release.

The Company remains in active negotiations with studios for additional films to fill out its short- and long-term film slate for the IMAX network.

The Company also expects to announce additional local language films and exclusive IMAX events and experiences to be released to its global network throughout 2025, and has announced that 2025 will feature at least 12 Filmed for IMAX titles.

The Company’s Hollywood film slate beyond 2025 has started to fill in including major films such as:

Doomsday , The Mandalorian and Grogu , Toy Story 5 , The Odyssey , Narnia , Moana , Supergirl Woman of Tomorrow , Avengers:

Secret Wars , The Batman 2 , Frozen 3, and Dynamic Duo.

Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations ― Sources of Revenue” for the number of new films and other content released to the Company’s global network during the years ended December 31, 2025 and 2024, and announced titles to be released to the IMAX network in 2026 in Part II, Item 7.

FILM DISTRIBUTION, PRODUCTION AND POST-PRODUCTION

The Company continues to believe that the IMAX network is a valuable global platform to launch and distribute original content, including documentaries.

The Company distributes large-format documentary films, primarily to institutional customers.

The Company believes that the IMAX network is a valuable global platform to launch and distribute original content, including documentaries.

The Company receives, as its distribution fee, either a fixed amount or a fixed percentage of the box office receipts and, following the recoupment of its costs, is typically entitled to receive an additional percentage of gross revenues as participation revenues.

The ownership rights to such content may be held by the film sponsors, the film investors and/or the Company.

The Company distributes large-format documentary films, primarily to institutional customers, and other original content.

The ownership rights to documentary content may be held by the film sponsors, the film investors and/or the Company.

As of December 31, 2025, the Company had distribution rights with respect to approximately 75 films, which cover subjects such as space, wildlife, music, sports, history, and natural wonders.

In May 2024, Amazon Content completed its acquisition of the worldwide rights to the Company’s original documentary, The Blue Angels , filmed with IMAX certified digital cameras and produced in collaboration with Dolphin Entertainment, Bad Robot Productions, and Zipper Bros Films.

The feature-length documentary was released to select commercial locations across the IMAX network and, in January 2025, a 40-minute 3D version was released to IMAX institutional locations.

Additionally, in 2024, the Company had limited commercial network releases of the documentaries Skywalkers:

A Love Story The IMAX Experience and Fly:

The IMAX Experience , in partnership with XYZ Films and National Geographic, respectively.

Upcoming documentaries, which are currently in production, include Stormbound , a feature documentary produced by Academy Award ® -winning producer, Adam McKay, The Lost Wolves of Yellowstone , and Patrouille de France, all of which are expected to be released in 2025, and The Elephant Odyssey , a documentary in collaboration with Beach House Pictures Pte Ltd and China International Communications Group, which is expected to be released in 2026.

In addition, the Company continues to evolve its platform to bring new, innovative IMAX events and experiences to audiences worldwide.

As of December 31, 2024, the Company had a footprint of 265 connected locations in the IMAX network across the United States, Canada, Europe, Africa, Australia, and Asia configured with connectivity to deliver live and interactive events with low latency and superior sight and sound.

Furthermore, the Company used its live streaming technologies to deliver events to an additional 166 locations around the world in 2024.

In 2024, the Company partnered with Pathé Live, Mercury Studios, and Queen Films for the exclusive release of Queen Rock Montreal , which became one of the Company’s highest grossing concert films.

In addition, the Company entered into a partnership with A24 for a monthly one-night-only IMAX release of classic A24 titles, including Midsommar , Hereditary , and Alex Garland’s highly-acclaimed film Stop Making Sense .

In 2024, the Company hosted numerous IMAX Live screening events including:

• Andre 3000:

New Blue Sun;

• the NBA finals across select IMAX locations in the Asia Pacific region;

• The Beach Boys:

IMAX Live Experience ;

• a special advance screening and live event for Megalopolis:

The Ultimate IMAX Experience ;

• a live pre-show Q&A with the cast of Twisters ;

• live coverage of the 2024 Paris Olympics Opening Ceremony in partnership with the NBC television network;

• the White Out Game Live in IMAX:

Washington vs.

Penn State for select IMAX locations throughout the United States.

In addition, IMAX programmed its first ever esports event by live streaming the League of Legends world championship, in partnership with CJ CGV Co.

and Wanda, to over 150 locations across China and South Korea, capturing an average attendance capacity of over 90%.

The Company provides film post-production and quality control services for films, whether produced by IMAX or third parties, and digital post-production services.

In addition, the Company also provides IMAX film and digital cameras to content creators under the IMAX certified camera program.

The Company’s primary products are its various digital projection systems, which are either sold or leased to exhibitor customers along with a license for the use of the globally recognized IMAX brand.

The Company’s digital projection systems include a projector that offers superior image quality and stability and a digital theater control system;

a digital audio system delivering up to 12,000 watts of sound;

In addition, the Company continues to evolve its platform to bring new, innovative IMAX events and experiences to audiences worldwide.

As of December 31, 2025, the Company was able to deliver live and interactive events to over 400 locations worldwide.

The Company’s primary products are its various digital and laser projection systems, which are either sold or leased to exhibitor customers along with a license for the use of the globally recognized IMAX brand.

The Company’s projection systems include a projector that offers superior image quality and stability and a digital theater control system;

a digital audio system;

a screen with a proprietary coating technology and, in certain situations, 3D glasses and cleaning equipment.

IMAX’s digital projection systems also operate without the need for analog film prints.

The Company’s digital projection systems provide a premium and differentiated experience to audiences that is consistent with what they have come to expect from the IMAX brand, while providing exhibitor customers with the compelling economics and flexibility that digital technology affords.

The Company’s projection systems provide a premium and differentiated experience to audiences that is consistent with what they have come to expect from the IMAX brand, while providing exhibitor customers with the compelling economics and flexibility that digital technology affords.

As part of the arrangement to sell or lease an IMAX System, the Company provides extensive advice on auditorium planning and design, as well as supervision of installation services.

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December 31, 2024

System Network

Upgrade Backlog

System Network

IMAX Laser Systems

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52 3 — 44 — —

(1) In certain IMAX commercial locations, IMAX Film Systems operate alongside an IMAX Laser System or IMAX Xenon System and are interchanged depending on the format of the content being shown.

(1) In certain IMAX commercial locations, IMAX Film Systems operate alongside an IMAX Laser System or IMAX Xenon System and are interchanged depending on the format of the content being shown, and are not included in the total IMAX Network or System Backlog.

IMAX Laser Systems

The Company currently sells or leases two different configurations of its laser systems.

The Company believes that IMAX Laser Systems present greater brightness and clarity, higher contrast, a wider color gamut and deeper blacks, consume less power and last longer than other digital projection technologies, and are capable of illuminating the largest screens in the IMAX network.

The Company currently sells or leases two different configurations of the IMAX Laser Systems.

IMAX Laser Systems present greater brightness and clarity, higher contrast, a wider color gamut and deeper blacks, consume less power and last longer than other digital projection technologies, and are capable of illuminating the largest screens in the IMAX network.

IMAX Xenon Systems

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Prior to 2008, all of the IMAX Systems offered by the Company were film-based and required analog film prints.

The Company believes that IMAX Xenon Systems deliver higher quality imagery when compared with IMAX Film Systems.

While the Company continues to support the Xenon network base, it is no longer offering this system for new installations.

While the Company continues to support the Xenon network base, it is no longer offering this system for new signings.

IMAX Film Systems

IMAX Film Systems include various configurations, including 2D and 3D systems, and screen sizes.

Following the introduction of the digital IMAX Xenon System in 2008, the number of IMAX Film Systems in the IMAX network has decreased significantly.

Following the introduction of the digital IMAX Xenon System in 2008, the number of IMAX Film Systems in the IMAX network decreased significantly.

However, IMAX’s proprietary format, the IMAX 70mm Film System, continues to be a sought-after IMAX viewing experience.

The existing network of 52 unique locations are being actively supported and leveraged for special event releases throughout the year such as with the 2023 release of Oppenheimer in IMAX 70mm film, which garnered significant consumer interest and demand for this format.

The IMAX Film Systems were recently in use for the re-release of Interstellar , and are expected to be available for the release of Sinners in April 2025 and Christopher Nolan’s The Odyssey in July 2026.

The IMAX Film Systems were more recently in use for the re-release of Interstellar in 2024 and Sinners in April 2025, and will be used for Project Hail Mary in March 2026 and Christopher Nolan’s The Odyssey in July 2026.

“Backlog” reflects the minimum number of commitments for IMAX Systems according to the signed contracts.

The Company believes that the contractual obligations for IMAX System installations that are listed in the backlog are valid and binding commitments.

The following table provides information about the Company’s backlog by deal type as of December 31, 2025 and 2024:

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December 31, 2024

Systems Dollar

Values Number of

Systems Dollar

Systems Number of

(In thousands of U.S.

Dollars, except number of

Dollars, except number of systems)

Sales Arrangements (1)

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Hybrid JRSA (2)

94 — 71,723 — 102 1 76,173 910

Traditional JRSA (2)

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Total 303 131 355 85

(1) Includes Sales, Hybrid Sales, and Sales-Type Lease deal types.

(2) The consideration owed under traditional JRSAs is typically a percentage of contingent box office receipts rather than a fixed upfront fee or fixed annual minimum payments.

Accordingly, such arrangements do not usually have a dollar value in backlog;

however, hybrid lease arrangements typically provide for contracted upfront payments and therefore carry a backlog value based on those payments.

(3) Includes 31 IMAX Systems (2023 ― 30) where certain of the Company’s contracts contain options for the customer to elect to upgrade system type or to alter the contract structure (for example, from a JRSA to a sale) after signing, but before installation.

Current backlog information reflects all known elections.

“Backlog” reflects the minimum number of commitments for IMAX Systems according to the signed contracts.

The dollar value fluctuates depending on the number of new arrangements signed from year-to-year, which adds to backlog, and the installation and acceptance of IMAX Systems and the settlement of contracts, both of which reduce backlog.

The dollar value of backlog typically represents the fixed contracted revenue according to the signed IMAX System sale and lease agreements that the Company expects to recognize as revenue upon installation and acceptance of the associated system, as well as an estimate of variable consideration in sales arrangements.

The value of backlog does not include amounts allocated to maintenance and extended warranty revenues or revenue from IMAX Systems in which the Company has an equity interest, operating leases, and long-term conditional theater commitments.

The Company believes that the contractual obligations for IMAX System installations that are listed in the backlog are valid and binding commitments.

(1) Includes Sales and Sales-Type Lease deal types.

(2) The consideration owed under traditional joint revenue sharing arrangement (“JRSAs”) is typically a percentage of contingent box office receipts rather than a fixed upfront fee or fixed annual minimum payments.

From time to time, in the normal course of its business, the Company will have customers who are unable to proceed with an IMAX System installation for a variety of reasons, including the inability to obtain certain consents, approvals, or financing.

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If the agreement is terminated and there are no future obligations under the agreement, all or a portion of the initial rents or fees that the customer previously made to the Company are recognized as revenue.

(Refer to “Risk Factors ― The Company may not convert all of its backlog into revenue and cash flows.”)

Certain of the Company’s contracts contain options for the exhibitor customer to elect to upgrade the system type configuration during the term or to alter the contract structure (for example, from a joint revenue sharing arrangement to a sale) after signing, but before installation.

(Refer to “Risk Factors ― The Company may not convert all of its backlog into revenue and cash flows” in Part I, Item 1A.)

Certain of the Company’s contracts contain options for the exhibitor customer to elect to upgrade the system type configuration during the term or to alter the contract structure (for example, from a JRSA to a sale) after signing, but before installation.

Backlog information as of December 31, 2025, reflects all known elections as of such date.

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Annual maintenance fees are paid throughout the duration of the term of the system agreements.

(Refer to “Maintenance and Extended Warranty Services” below.)

(Refer to “Manufacturing and Services—Maintenance and Extended Warranty Services” below.)

OTHER PRODUCTS AND SERVICES

Streaming and Consumer Technology

Streaming and Consumer Technology includes the Company’s Streaming Technology software offerings and IMAX Enhanced products and services.

Streaming Technology consists of several software products including:

• IMAX StreamSmart ― works within existing video compression workflows to reduce bitrates and retain picture quality across all devices and formats and deliver significant cost savings for both on-demand and live content.

• IMAX StreamAware On-Demand ― all-in-one quality assurance and quality control to automate and standardize checks for comprehensive content integrity and regulatory compliance for third-party content libraries, across an entire video compression workflow

• IMAX StreamAware On-Air ― real-time monitoring software for live streams, which enables users to monitor video quality across their networks and to identify and address streaming issues.

These products are powered by IMAX VisionScience ® , an AI technology that allows streaming platforms and broadcasters to automate workflows.

The Company believes that these products allow users to deliver higher quality viewing experiences to their subscribers while reducing costs.

IMAX Enhanced is a solution to bring The IMAX Experience into the home.

IMAX Enhanced provides end-to-end premium technology across streaming content and entertainment devices, offering consumers high-fidelity playback of image and sound in the home and beyond, including the following features:

• IMAX’s expanded aspect ratio, which is available on select titles and streaming platforms;

• IMAX’s proprietary remastering technology, which produces more vivid, higher-fidelity 4K HDR images on premium televisions;

• IMAX’s signature sound, which was specially recreated and calibrated for the home to unlock more immersive audio.

To be certified as IMAX Enhanced, leading consumer electronics manufacturers spanning 4K/8K televisions, projectors, A/V receivers, loudspeakers, soundbars, smartphones, personal computers, tablets, and more must meet a carefully prescribed set of audiovisual performance standards, set by a certification committee along with some of Hollywood’s leading technical specialists.

At present, certified global device partners include Sony Electronics, Hisense, TCL, LG, Phillips, Hewlett Packard, Sound United and Honor, among others.

As of December 31, 2024, more than 300 IMAX Enhanced titles had been released across five of the biggest streaming platforms worldwide:

Disney+, Sony Bravia CORE, Tencent Video, iQiyi and Rakuten TV.

Over 15 million IMAX Enhanced certified devices are estimated to be in use today.

IMAX Streaming and Consumer Technology is part of the Company’s next evolutionary step to extend the IMAX brand and technology further into new use cases, including streaming entertainment and the consumer electronics market.

(Refer to “Risk Factors ― Failure to respond adequately or in a timely fashion to changes and advancements in technology could negatively affect the Company’s business.”)

IMAX’s Streaming and Consumer Technology (“SCT”) business offers a single unified program:

IMAX Enhanced ® .

This umbrella program builds on IMAX’s brand and proprietary VisionScience™ technology to deliver The IMAX Experience to users across streaming platforms and consumer devices.

The new IMAX Enhanced program for partners includes three core elements:

IMAX Enhanced Live:

Real-time enhancement for sports, concerts, and events using SCT’s proprietary technology to measure, enhance, optimize, and validate premium color, contrast, and clarity at the speed of live.

IMAX Enhanced On-Demand:

Quality preservation and optimization for films and series to preserve creative intent with IMAX-calibrated fidelity and remastering, offering viewers a differentiated, premium IMAX-assured experience.

IMAX Enhanced on-demand content is currently available for fan-favorite titles across leading services such as Disney+, Sony Pictures Core, and Tencent Video.

Device Certification & Calibration:

Establishes IMAX quality standards for consumer devices to ensure playback meets IMAX benchmarks.

It assures that the enhancement and preservation of quality applied upstream for both Live and On-Demand workflows are maintained faithfully and experienced as intended on consumer devices.

As of December 31, 2025, IMAX Enhanced certified devices in-market are with partners including Sony Electronics, Hisense, TCL, LG, and Philips.

The SCT products previously branded as StreamSmart™ (encoding optimization) and StreamAware™ (quality assurance and monitoring) have been integrated into the IMAX Enhanced program, streamlining operations and enabling partners to deliver premium viewing experiences validated through IMAX’s proprietary quality standards.

IMAX’s SCT represents an extension of the IMAX brand and technology beyond traditional theatrical programming into live streaming for connected theaters and live and on-demand streaming home entertainment experiences.

Leveraging IMAX’s globally recognized brand and proprietary technology, IMAX Enhanced is designed to drive consumer engagement and create incremental return on investment for content owners and rights holders.

The Company derives a small portion of its revenue from other sources including one owned and operated IMAX System in Sacramento, California;

a commercial arrangement with one theater resulting in the sharing of profits and losses;

the provision of management services to three other theaters;

renting the Company’s proprietary large-format film cameras;

and also offering production advice and technical assistance to both documentary and Hollywood filmmakers.

and the provision of management services to three other theaters.

MARKETING AND CUSTOMERS

The Company markets IMAX Systems through a direct sales force and marketing staff located in offices in Canada, the United States, Greater China, Europe, and Asia.

In addition, the Company has agreements with consultants, business brokers and real estate professionals to locate potential customers and system locations for the Company on a commission basis.

IMAX currently estimates a worldwide commercial multiplex addressable market of 3,619 locations, of which there were 1,735 commercial IMAX Systems operating as of December 31, 2024, representing a market penetration of only 48%.

In addition, the Company has agreements with consultants, business brokers, and real estate professionals to locate potential customers for IMAX System locations for the Company on a commission basis.

IMAX currently estimates a worldwide commercial multiplex addressable market of 4,466 commercial locations, of which there were 1,796 commercial IMAX Systems operating as of December 31, 2025, representing a market penetration of only 40%.

Commercial multiplex systems are the largest part of the IMAX network, comprising 1,796 or 96%, of the 1,864 IMAX Systems in the IMAX network as of December 31, 2025.

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The Company also sells or leases IMAX Systems to commercial destinations such as theme parks, private home theaters, tourist destination sites, fairs, and expositions.

As of December 31, 2024, approximately 75% of all open and operational IMAX Systems were in locations outside of the United States and Canada.

As of December 31, 2025, approximately 75% of total open and operational IMAX Systems were in locations outside of the United States and Canada.

The following table provides detailed information about the IMAX network by system type and geographic location as of December 31, 2025 and 2024:

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(3) Period-to-period changes in the table above are reported net of the effect of permanently closed locations.

The Company has a partnership in China with Wanda, which is its largest exhibitor customer.

As of December 31, 2024, Wanda represented 21% of the Company’s commercial network (2023 ― 22%) and 12% of the Company’s backlog (2023 ― 4%) as well as 9% of its revenues for the year ended December 31, 2024 (2023 ― 10%).

A geographic breakdown of the Company’s revenue is provided in Note 20 to “Consolidated Financial Statements” in Part II, Item 8.

INDUSTRY OVERVIEW

The out-of-home entertainment industry is very diverse with numerous companies vying for the public’s leisure time, and the Company faces competition as a consequence.

Within the theatrical space, exhibitors and entertainment technology companies have introduced their own branded, large-screen 3D auditoriums or other proprietary theater systems, some of which include laser-based projectors, and in many cases, have marketed those auditoriums or theater systems as having similar quality or attributes to an IMAX System.

The Company also faces in-home competition from a number of alternative film distribution channels such as subscription streaming services, transactional video-on-demand (both rentals and sales), advertiser-supported video-on-demand, internet, and broadcast and cable television.

Within the theatrical space, exhibitors and entertainment technology companies have introduced their own branded, large-screen 3D auditoriums or other premium theater systems, some of which include laser-based projectors, and in many cases have marketed those auditoriums or theater systems as having similar quality or attributes to an IMAX System.

The rising consumer interest in premium cinematic experiences has resulted in demand for premium formats and may drive more investment into the Company’s competitors.

The Company also faces in-home competition from a number of alternative film distribution channels such as subscription streaming services, transactional and advertiser-supported video-on-demand, internet, and broadcast and cable television.

The Company further competes for the public’s leisure time and disposable income with other forms of entertainment, including gaming, sporting events, concerts, live theater, social media, and restaurants.

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The Company believes that its competitive strengths include the value of the IMAX brand name, the premium IMAX consumer experience and consumer loyalty, its relationships with prominent Hollywood and international filmmakers and other content creators (a number of whom desire to film their movies and events with IMAX cameras), the tailored distribution and marketing support by dedicated IMAX teams worldwide, and the return on investment of an IMAX System for exhibitors.

Furthermore, from a technological perspective, the Company believes that its competitive strengths include the design, quality, and historic reliability rate of IMAX Systems (including the IMAX Laser Systems), the IMAX immersive sound system, the level of the Company’s service and maintenance and extended warranty efforts, the number and quality of IMAX films that it distributes, the availability of Hollywood and international films to the IMAX network through IMAX Film Remastering technology, and the availability of unique and innovative events and experiences such as live streaming of sporting events, esports, distributed concerts, special theatrical screenings, and live Q&A sessions with top content creators.

The Company believes that these alternative formats deliver overall experiences that are inferior to The IMAX Experience and do not have IMAX’s brand trust, filmmaker endorsement, loyal fan base, or global footprint and scale.

Furthermore, from a technological perspective, the Company believes that its competitive strengths include the design, quality, and historic reliability rate of IMAX Systems (including the IMAX Laser Systems), the IMAX immersive sound system, the level of the Company’s service and maintenance, including its global Network Operations Centre (“NOC”) and extended warranty efforts, the number and quality of IMAX films that it distributes, the availability of Hollywood and international films to the IMAX network through IMAX Film Remastering technology, and the availability of unique and innovative events and experiences such as live streaming of sporting events, esports, distributed concerts, special theatrical screenings, and live Q&A sessions with top content creators.

The Company believes that these competitive formats deliver overall experiences that are inferior to The IMAX Experience and do not have IMAX’s brand trust, filmmaker endorsement, loyal fan base, or global footprint and scale.

Exhibitor and Studio Consolidation

The Company’s primary customers are commercial multiplex exhibitors and studios.

The commercial exhibitors and studios industry have undergone significant consolidation, including AMC Entertainment Holdings Inc.’s (“AMC”) acquisition of Carmike

Cinemas and Odeon & UCI Cinemas Group (“Odeon”), which includes Nordic Cinema Group (“Nordic”), Cineworld Group plc’s (“Cineworld”) acquisition of Regal Entertainment Group (“Regal”), The Walt Disney Company’s (“Disney”) acquisition of certain studio assets from Twenty First Century Fox (“Fox”), and the expected acquisition of Paramount Global (“Paramount”) by Skydance Media, LLC (“Skydance”).

Since 2016, the commercial exhibitors and studios industry have undergone significant consolidation both domestically and internationally.

For example, in 2025 South Korea’s Megabox and Lotte Cinema entered into a merger agreement and are expected to form that nation’s largest theatrical exhibition entity.

The Company believes that such consolidation in the entertainment industry has helped facilitate the growth of the IMAX network.

The Company has historically enjoyed strong relationships with large commercial exhibitor chains, which have greater capital to purchase, lease, or otherwise acquire IMAX Systems, and major Hollywood studios.

The Company has historically enjoyed strong relationships with large commercial exhibitor chains, which have greater capital to

purchase, lease, or otherwise acquire IMAX Systems, and major Hollywood studios.

The Company believes that consolidation can help strengthen existing relationships and add expanded opportunities.

For example, as larger commercial chains such as AMC and Cineworld have purchased smaller chains, those smaller chains have in turn become part of the IMAX network.

For instance, following AMC’s acquisition of Odeon and Nordic, the Company and AMC entered into an agreement for 25 new IMAX Systems across the Odeon and Nordic network.

For example, as larger commercial chains such as American Multi-Cinema (“AMC”) and Cineworld have purchased smaller chains, those smaller chains have in turn become part of the IMAX network.

For instance, following AMC’s acquisition of Odeon and Nordic in 2016, the Company and AMC entered into an agreement for 25 new IMAX Systems across the Odeon Cinemas Group Limited and Nordic Cinema Group Holding AB network.

The Company believes that continued consolidation could facilitate further signings and other strategic benefits going forward.

However, exhibitor consolidation has also resulted in individual exhibitor chains constituting a material portion of the Company’s revenue and network.

The Company also receives revenues from studios and other creators for releasing content across the global IMAX platform.

Hollywood studios have also experienced and continue to experience consolidation, as evidenced by the recent acquisitions of 20th Century Fox by Walt Disney Company and of Paramount Global by Skydance Media.

In 2025, Warner Bros.

Discovery (“WBD”) announced it was considering a sale of its assets and in December 2025, WBD announced it had signed a merger agreement with Netflix, although WBD continues to evaluate offers from Paramount Skydance.

Studio consolidation could result in individual studios comprising a greater percentage of the Company’s business and overall Content Solutions segment revenue.

The Company actively partners with more than 60 content owners worldwide, including increasingly streaming platforms such as Netflix, Amazon and Apple.

Continued industry consolidation may present risks to the Company.

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IMAX is a premier global technology platform for entertainment and events.

The Company relies on its brand to communicate its leadership and singular goal of creating entertainment experiences that exceed all expectations.

The Company relies on its brand to communicate its market leadership and singular goal of creating entertainment experiences that exceed consumer expectations.

Top filmmakers, studios, and other content creators use the IMAX brand to message that a film will connect with audiences in unique and extraordinary ways.

The Company has a Filmed for IMAX ® program through which filmmakers partner closely with IMAX to craft films that fully leverage IMAX technology and where every frame, from inception, is intentionally designed for The IMAX Experience .

Box office metrics have demonstrated that audiences respond favorably to Filmed for IMAX titles.

The Company has a Filmed For IMAX program through which filmmakers partner closely with IMAX to craft films that fully leverage IMAX technology and where every frame, from inception, is intentionally designed to maximize The IMAX Experience .

Global box office metrics have demonstrated that audiences respond favorably to Filmed For IMAX titles.

To capture content in a resolution appropriate for IMAX screens, filmmakers utilize IMAX 65mm film cameras or IMAX-certified digital cameras with leading brands, including ARRI, Panavision, RED Digital Cinema, and Sony.

When this content is paired with IMAX’s proprietary post-production process, the resulting craftsmanship enthralls fans in 1,800+ IMAX locations around the world.

When this content is paired with IMAX’s proprietary post-production process, the result is a truly immersive experience for IMAX audiences globally.

The IMAX brand is a promise to deliver what today’s audiences crave, which is a memorable, more emotionally engaging, more thrilling and shareable experience.

IMAX commissions ongoing third-party consumer research to measure the strength of its brand in numerous markets.

The Company’s latest 2024 studies show that the IMAX brand has achieved near universal consumer awareness, is uniquely recognized as a leading, ultra-premium brand, and offers one of the most differentiated movie-going experiences.

The IMAX brand has also shown to signal a special, must-see event.

The Company’s latest 2025 studies show that the IMAX brand is uniquely recognized as a leading, ultra-premium brand, and offers one of the most differentiated movie-going experiences.

The IMAX brand has been also shown to signal a special, must-see event.

Based on brand tracking research, the IMAX brand ranged from two to 10 times more powerful than other entertainment technology brands across various measures of brand equity and health.

The Company believes that its strong brand equity supports consumers’ predisposition to choose IMAX over competing brands and to pay a premium for The IMAX Experience now and into the future.

The Company believes that its strong brand equity supports consumers’ predisposition to choose IMAX over competing brands and to pay a premium for The IMAX Experience .

RESEARCH AND DEVELOPMENT

The Company believes that it is a premier global technology platform for awe-inspiring entertainment and events with significant proprietary expertise in digital and film-based projection and sound system component design, engineering, and imaging technology, particularly in laser-based technology.

A significant portion of the Company’s research and development efforts has been focused on the IMAX Laser Systems, which the Company believes are capable of illuminating the largest screens in the IMAX network and provides greater brightness and clarity, higher contrast, a wider color gamut and deeper blacks, while consuming less power and lasting longer than existing digital technology, to ensure that the Company continues to provide the highest quality, premier cinematic experience available to consumers.

The Company believes that its proprietary expertise in digital and film-based projection and sound system component design, engineering, and imaging technology, particularly in laser-based technology results in superior, immersive content experiences for which the IMAX brand is known.

A significant portion of the Company’s research and development efforts has been focused on the IMAX Laser Systems, which the Company believes are capable of illuminating the largest screens in the IMAX network and provide greater brightness and clarity, higher contrast, a wider color gamut and deeper blacks, while consuming less power and lasting longer than existing digital technology, to ensure that the Company continues to provide the highest quality, premier cinematic experience available to consumers.

The Company has continued research and development aimed at creating more affordable laser-based solutions with various screen sizes for its commercial multiplex customers.

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This includes bringing connectivity to the Company’s global network to support live and interactive events worldwide;

further improving its proprietary Film

Remastering and distribution process for the delivery of content for both theatrical (including local language content) and home entertainment;

and further improving the reliability of its projectors, as well as enhancing the Company’s image and sound quality.

The Company also continues to invest in new film cameras and other related technologies to bring bespoke capabilities and innovative technology to its differentiated 15/65mm camera fleet.

The Company recently completed the first of its all-new fleet of IMAX 65mm film cameras.

The Company’s engineering team spent two years developing new film cameras that offer spectacular image quality while incorporating new electronics and software, a more modern design, improved functionality and reduced noise by 30%.

Within the Company’s Streaming and Consumer Technology business, there is ongoing research and development in perceptual metrics including novel measurement and optimization techniques.

Investments are also being made to expand existing and/or develop new technologies that are expected to foster innovative content creation, enhance video quality, support delivery at scale, and ensure premium presentation of content across consumer electronic devices.

expanding its live content streaming platform across the global IMAX network at scale;

further improving its proprietary Film Remastering and distribution process for the

delivery of content for both theatrical (including local language content) and home entertainment;

further improving the reliability of its projectors;

and enhancing the Company’s image and sound quality.

The Company also continues to invest in new film cameras and other related technologies to bring bespoke capabilities and innovative technology to its 15/65mm camera fleet.

The Company completed and deployed four of its all-new fleet of IMAX 65mm film cameras.

The new film cameras offer enhanced image quality while incorporating new electronics and software, a more modern design, improved functionality, and breakthrough accompanying technologies that achieve significant noise reduction.

Within the Company’s SCT business, there is ongoing research and development in perceptual metrics including novel measurement and optimization techniques.

Investments are also being made to expand existing and/or develop new technologies that are expected to foster innovative content creation, enhance video and audio quality, support delivery at scale, and ensure premium presentation of content across consumer electronic devices.

Furthermore, the Company intends to invest in activities that will capture opportunities to create/build AI and automation into its operations and processes.

As of December 31, 2024 and 2023, 89 and 86 of the Company’s employees were connected with research and development projects, respectively.

MANUFACTURING AND SERVICE

Projector Component Manufacturing

The Company assembles IMAX System projectors at its facility in Mississauga, Ontario, Canada (near Toronto).

The Company assembles IMAX System projectors at its facility in Mississauga, Ontario, Canada (outside of Toronto).

With a few exceptions, the Company develops and designs all of the key elements of the proprietary technology involved in this component.

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The Company provides ongoing maintenance and extended warranty services to IMAX Systems.

These arrangements are usually for a separate fee.

These arrangements are usually made for a separate fee from purchases.

The maintenance and extended warranty arrangements include service, maintenance, and replacement parts for IMAX Systems.

To support the IMAX network, the Company has personnel stationed in major markets throughout the world who provide periodic and emergency maintenance and extended warranty services on existing IMAX Systems.

To support the IMAX network, the Company has personnel stationed in major markets throughout the world, including in its NOCs, who provide periodic and emergency maintenance and extended warranty services on existing IMAX Systems.

The Company’s NOC is responsible for round-the-clock monitoring of the global IMAX network to ensure that every IMAX system has a consistent quality and performance level.

The Company provides various levels of maintenance and warranty services, which are priced accordingly.

Under full-service programs, Company personnel typically visit each IMAX location every six to twelve months to provide preventative maintenance, cleaning and inspection services and emergency visits to resolve problems and issues with the system.

Under full-service programs, Company personnel typically visit each IMAX location every six to twelve months to provide preventative maintenance, and cleaning and inspection services, as well as emergency visits to resolve problems and issues with the system.

Under some arrangements, customers can elect to participate in a service partnership program whereby the Company trains a customer’s technician to carry out certain aspects of maintenance.

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The Company’s inventions cover various aspects of its proprietary technology and many of these inventions are protected by letters of patent or applications filed throughout the world, most significantly in the United States, Canada, China, India, Japan, France, Germany, and the United Kingdom.

The subject matter covered by these patents and applications includes auditorium design and geometry, audio and display technology, mechanisms employed in projectors and projection equipment (including 3D projection equipment), stereoscopic (3D) imaging, digital remastering, dynamic range and contrast of projectors, seaming or superimposing images from multiple projectors, and other inventions relating to imaging technology, digital projectors, laser projection, and video quality assessment.

The subject matter covered by these patents and applications includes auditorium design and geometry, audio and display technology, mechanisms employed in projectors and projection equipment (including 3D projection equipment), stereoscopic (3D) imaging, digital remastering, dynamic range and contrast of projectors, seaming or superimposing images from multiple projectors, and other inventions relating to imaging technology, digital projection, laser projection, and video quality assessment.

Included in the Company’s patent portfolio are patent families acquired from the Eastman Kodak Company covering laser projection technology.

In addition, the Company acquired more than 15 patent families in connection with the acquisition of SSIMWAVE in September 2022.

The Company has been and will continue to be diligent in the protection of its proprietary interests.

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The following trademarks are considered significant in terms of the current and contemplated operations of the Company:

IMAX ® , IMAX 3D ® , Experience It In IMAX ® , The IMAX Experience ® , DMR ® , Filmed For IMAX ® , IMAX Live ® , IMAX Enhanced ® , and IMAX StreamSmart TM .

IMAX ® , IMAX ® 3D, Experience It In IMAX ® , The IMAX Experience ® , DMR ® , Filmed For IMAX ® , IMAX Live ® , and IMAX Enhanced ® .

These trademarks are widely protected by registration or common law throughout the world.

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The Company recognizes that effective human capital management is essential to its success.

The Company’s objectives are centered on cultivating a culture and employee experience that transcends the ordinary.

The Company’s objectives are centered on cultivating a positive culture and employee experience.

By doing so, the Company aims to achieve higher levels of employee engagement, which positively impacts workforce retention, enhances performance, and drives greater innovation.

As of December 31, 2024, the Company employed 700 people, with approximately 475 working outside of the United States.

As of December 31, 2025, the Company employed 679 people, with 467 working outside of the United States.

People Strategy

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Recruiting Talent

The Company believes that a team of committed employees with unique backgrounds and experiences is critical to meeting the demands of its clients, partners, and moviegoers.

To achieve this, the Company seeks to facilitate fair and equitable interview and hiring processes and provides training for all hiring managers.

The Company’s outreach efforts include utilizing global job boards, engaging with community associations, partnering with universities, actively monitoring personnel developments in its industry and maintaining connections with IMAX alumni.

The Company has also adopted and continues to review technologies and solutions to improve the hiring experience and enhance talent management.

The Company believes that a varied team of committed employees with a broad range of backgrounds and experiences is essential to meeting the needs of its clients, partners, and moviegoers.

To support this goal, the Company promotes fair and merit-based interview and hiring practices and provides training for all hiring managers.

The Company’s talent acquisition strategy includes leveraging global job boards, engaging with community organizations, partnering with universities, monitoring labor market trends within the industry, and maintaining connections with IMAX alumni.

In addition, the Company has adopted and continues to evaluate technologies and solutions designed to enhance the candidate experience and strengthen overall talent management capabilities.

Engaging Employees

The Company believes a strong organizational culture and positive employee experience contribute to higher engagement and performance.

In 2024, the Company created a comprehensive plan to foster an environment that enables it to fulfill its mission, reflect

its values, and exceed annual goals.

In 2024, the Company also updated its performance management process and launched an employee training program to foster high performance, rolled out leadership development programs to build stronger manager and leader capabilities, and facilitated succession planning to build a strong bench of future leaders.

The Company’s CEO and NEO succession planning was discussed in detail with its Board of Directors.

The Company also created an employee value proposition and updated its vision, mission, and values to align teams and employees with a common purpose.

In 2024, the Company deployed a listening strategy with pulse surveys and global virtual focus groups to check in on employee engagement and identify opportunities for improvement.

The Company believes that a strong organizational culture and a positive employee experience are critical drivers of engagement and performance.

In 2025, the Company conducted an engagement survey and, based on employee feedback, developed a comprehensive plan to further enhance the work environment and overall employee experience.

Key areas of focus include increasing pay and promotion transparency, strengthening cross-team collaboration, improving employee well-being through deeper leadership connections, and promoting greater consistency in workplace flexibility within the Company’s framework.

These initiatives are designed to help employees remain engaged, perform at their highest potential, and stay committed to achieving the Company’s

business objectives.

To sustain progress, the Company implemented an ongoing listening strategy that includes pulse surveys and global virtual focus groups to monitor engagement and is designed to identify opportunities for improvement on an ongoing basis.

Offering Competitive Total Rewards

The Company’s Total Rewards Program is designed to attract, retain, and motivate a highly skilled and diverse workforce.

By offering competitive compensation and benefits, the Company strives to create an environment where employees feel engaged, valued, and supported in achieving their personal and professional goals.

The Total Rewards Program delivers a well-rounded package that includes base salary, short-term and long-term incentives, and comprehensive benefits, with a strong focus on employee well-being.

The Company’s Total Rewards Program is designed to attract, retain, and motivate a highly skilled and varied workforce by offering a competitive and comprehensive mix of compensation, benefits, and well-being resources.

The program supports employee engagement and performance while promoting a workplace environment that enables employees to thrive personally and professionally.

Key initiatives to strengthen this program include the following:

• In 2024, the Company transformed its Canadian benefits program to provide employees with greater flexibility and choice.

To support this significant change, the Company launched a comprehensive communication strategy, earning an award at Benefits Canada ’s 2024 Workplace Benefits Awards for its educational campaign during the transition to the new flexible benefits plan.

• To better understand and address employee needs, the Company hosted global virtual focus groups, leveraging advanced crowdsourcing technology to gather rich data-driven insights.

These sessions provided employees with a platform to share their experiences and expectations, shaping future initiatives and fostering a more inclusive workplace culture.

• A robust well-being strategy was created in direct response to employee feedback, prioritizing mental health as an integral aspect of overall wellness.

This strategy emphasizes emotional, physical, financial, and social well-being.

• The Company conducted a thorough review of incentive compensation practices across organizational levels.

This analysis will inform the development of future strategies to ensure incentive plans align with long-term goals, drive high performance, and equitably reward employees for their contributions.

• Well-Being Strategy Expansion

The Company advanced the global well-being strategy introduced in 2024 by continuing to build a structured and holistic

framework across emotional, physical, financial, and social health.

In 2025, the Company expanded employee support

through the launch of a wellness program, a refreshed Employee Assistance Program, and the introduction of a financial

wellness platform offering personalized guidance and advisor support.

• Benefits Modernization

The Company continued its multi-year modernization of global benefits to create a more flexible and accessible employee

In 2025, the Company prepared for its North America open enrollment cycles and enhanced regional programs

to align more closely with evolving employee needs.

In Canada, the Company expanded employee choice by enabling the

use of flex credits toward Registered Retirement Savings Plan contributions, supporting long-term financial

planning and individual flexibility.

• Compensation Governance and Incentive Plan Review

The Company advanced its review of incentive compensation programs, including updates to business unit and

performance factor methodologies and enhancements to plan governance.

These efforts are intended to promote internal

equity, market competitiveness, and long-term alignment between employee outcomes and Company performance.

• HR Technology Optimization

The Company progressed its HR technology roadmap, expanded process automation, and planning for future AI-enabled

capabilities.

These initiatives are designed to improve data accuracy, strengthen operational consistency, and enhance

employee experience across all stages of the employment lifecycle.

• Employee Experience and Information Accessibility

The Company enhanced its global digital human resource platform that provides centralized access to Total Rewards, benefits, well-being resources, and human resource policies.

In 2025, the Company made updates to its platform to improve usability, consistency, and transparency, supporting a more seamless and informed employee experience.

Employee Safety

The Company acknowledges that risks to employee safety are present in various aspects of the Company’s work.

The Company has implemented a comprehensive workplace safety management system that provides a framework for assessing risks and implementing controls.

The Company’s internal responsibility system includes safety committees of employee representatives at all workplaces.

Every employee is responsible for participating in safety planning activities, and managers are accountable for implementing safety programs within their respective functions.

The Company recognizes that potential risks to employee safety exist across various aspects of its operations.

To mitigate these risks, the Company established a comprehensive workplace safety management system that provides a structured framework for identifying hazards, assessing risks, and implementing effective controls.

This system is supported by an internal responsibility model that includes safety committees with employee representatives at all locations.

Every employee is expected to actively participate in safety planning and awareness training and activities, while managers are accountable for executing safety programs within their respective areas of responsibility.

Through these measures, the Company strives to maintain a safe and healthy work environment for all employees.

AVAILABLE INFORMATION

The Company makes available, free of charge, its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and any amendments to such reports, as soon as reasonably practicable after such filings have been made with the SEC.

Reports may be obtained free of charge through the SEC’s website at www.sec.gov and through the Company’s Investor Relations website at www.imax.com/investor-relations or by calling the Company’s Investor Relations Department at 212-821-0154.

The Company announces material information to the public through a variety of means, including filings with the SEC, press releases, public conference calls, and its website.

Reports may be obtained free of charge through the SEC’s website at www.sec.gov or the SEDAR+ website at www.sedarplus.ca and through the Company’s Investor Relations website at www.imax.com or by calling the Company’s Investor Relations Department at 212-821-0154.

The Company announces material information to the public through a variety of means, including filings with the SEC and Canadian securities regulators, press releases, public conference calls, and its website at www.imax.com.

The Company uses these channels to communicate with investors and the public about the Company, its products and services, and other matters.

Therefore, investors are encouraged to review the information the Company makes public in these locations, as such information could be deemed to be material information.

No information included on the Company’s website shall be deemed included or otherwise incorporated into this Form 10-K.

No information included on the Company’s website shall be deemed included or otherwise incorporated into this Form 10-K, except where expressly indicated.

All references to the Company’s website are intended to be inactive textual references only.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business