IMAX Q1 Earnings Surpass Expectations, Revenues Increase Y/Y

Financial Performance - IMAX Corporation reported first-quarter 2025 adjusted earnings of 13 cents per share, beating the Zacks Consensus Estimate by 18.18% but decreasing 13.3% year over year [1] - Total revenues reached $86.7 million, surpassing the Zacks Consensus Estimate by 3.57$50.7 million, $19.3 million, and$3.1 million, respectively [2] - Technology sales revenues surged 71.1% year over year to $13.5 million [2] - Content Solutions revenues increased 0.7$34.2 million [2] Box Office Performance - The first-quarter box office, including booking fees in China, was $298 million, reflecting a 12$161 million), Captain America: Brave New World ($27 million), Mickey 17 ($11 million), and Interstellar re-release ($10 million) [5] Operating Metrics - Gross margin expanded by 210 basis points to 61.4$16.7 million, a surge of 38.7% year over year [12] Cash Flow and Liquidity - Net cash provided by operating activities for the first quarter of 2025 was $7 million, down from$11 million in the prior-year period [13] - As of March 31, 2025, IMAX's available liquidity was $401 million, including$97 million in cash and cash equivalents [14] System Installations and Market Penetration - IMAX installed 21 systems in the first quarter of 2025, compared to 15 systems in the same quarter of 2024 [7] - The company estimates a worldwide commercial multiplex addressable market of 3,619 locations, with a market penetration of only 48% as of March 31, 2025 [8] Future Guidance - IMAX expects to deliver a record box office of more than $1.2 billion in 2025, along with a total adjusted EBITDA margin of over 40% and system installations of 145 to 160 [17]