12 unchanged sentences
Dollar could have an impact on the GBO generated by the Company’s exhibitor customers and its revenues.
−Removed: For example, the impact of changes in foreign currency valuations versus the U.S.
−Removed: Dollar led to a decrease in IMAX GBO of approximately $14 million in 2024 as compared to the prior year’s currency rates, and approximately $87 million as compared to those in 2019.
−Removed: The Company has incoming cash flows from its revenue generating IMAX network and ongoing operating expenses in China through its majority-owned subsidiary IMAX Shanghai.
+Added: The Company has incoming cash flows from its revenue generating
+Added: IMAX network and ongoing operating expenses in China through its majority-owned subsidiary IMAX Shanghai.
In Japan, the Company has ongoing Yen-denominated operating expenses related to its Japanese operations.
8 unchanged sentences
however, the Company monitors and manages its capital and liquidity requirements to ensure compliance with local regulatory and policy requirements.
−Removed: (Refer to “Risk Factors – The Company faces risks in connection with its significant presence in China and the continued expansion of its business there”).
−Removed: For the year ended December 31, 2024, the Company recorded a foreign exchange net loss of $1.2 million as compared to a foreign exchange net loss of $0.7 million in 2023, associated with the translation of foreign currency denominated monetary assets and liabilities.
+Added: (Refer to “Risk Factors – The Company faces risks in connection with its significant presence in China and the continued expansion of its business there” in Part I, Item 1A.)
+Added: For the year ended December 31, 2025, the Company recorded a foreign exchange net loss of less than $0.1 million as compared to a foreign exchange net loss of $1.2 million in 2024, associated with the translation of foreign currency denominated monetary assets and liabilities.
The Company has entered into a series of foreign currency forward contracts to manage the risks associated with the volatility of foreign currencies.
6 unchanged sentences
The notional value of foreign currency cash flow hedging instruments that qualify for hedge accounting as of December 31, 2025 was $48.4 million (December 31, 2024 — $48.4 million).
−Removed: A loss of $3.5 million was recorded to Other Comprehensive Income (Loss) with respect to the change in fair value of these contracts in 2024 (2023 — gain of $0.6 million;
−Removed: 2022 — loss of $1.3 million).
+Added: A gain of $1.7 million was recorded to Other Comprehensive Income with respect to the change in fair value of these contracts in 2025 (2024 — loss of $3.5 million;
+Added: 2023 — gain of $0.6 million).
A loss of $1.3 million was reclassified from Accumulated Other Comprehensive Loss to Selling, General and Administrative Expenses in 2025 (2024 — loss of $0.6 million;
−Removed: 2022 — loss of $0.6 million), primarily due to more fluctuations of the Canadian Dollar against the U.S.
−Removed: Dollar through most of 2024 compared to 2023, when the Canadian Dollar weakened against the U.S.
+Added: 2023 — loss of $0.9 million).
In 2025, there were no gains or losses resulting from a change in the classification of certain forward contracts no longer meeting the requirements for hedge accounting were reclassified from Accumulated Other Comprehensive Loss to Selling, General and Administrative Expenses (2024 — $nil).
9 unchanged sentences
The Company’s earnings may also be affected by changes in interest rates and the resulting impact of those changes on its interest income from cash, and its interest expense from variable-rate borrowings.
−Removed: For the year ended December 31, 2024 the Company had drawn down $37.0 million on its Credit Facility (December 31, 2023 — $24.0 million), $nil on its HSBC China Facility (December 31, 2023 — $nil) and $nil on its Bank of China Facility (December 31, 2023 — $nil), which are all subject to variable effective interest rates.
−Removed: The Company’s variable rate debt instruments were $37.0 million as of December 31, 2024, or 54% greater than $24.0 million as of December 31 2023.
−Removed: Variable rate debt instruments represented 8% and 5% of its total liabilities as of December 31, 2024 and 2023, respectively.
+Added: For the year ended December 31, 2025 the Company had drawn down $37.0 million on its Credit Agreement (the “Credit Facility”) (December 31, 2024 — $37.0 million), $nil on its HSBC China Facility (December 31, 2024 — $nil) and $nil on its Bank of China Facility (December 31, 2024 — $nil), which are all subject to variable effective interest rates.
+Added: The Company’s variable rate debt instruments were $37.0 million as of December 31, 2025 and 2024.
+Added: Variable rate debt instruments represented 8% of its total liabilities as of December 31, 2025 and 2024.
If the interest rates available to the Company increased by 10%, the Company’s interest expense would increase by $0.2 million and interest income from cash would increase by $0.4 million.
1 unchanged sentence
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.