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Capital Stock - Schedule of Expense Related to Award Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 22,800	$ 23,600	$ 27,000
China Options, RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1,278	2,996	2,637
China Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0	12	91
China RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1,243	2,337	2,284
China PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 35	$ 647	$ 262

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
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+ Details

Receivables - Schedule of Financing Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net investment in leases:
Gross minimum payments due under sales-type leases	$ 30,890	$ 30,459
Unearned finance income	(887)	(467)
Present value of minimum payments due under sales-type leases	30,003	29,992
Allowance for credit losses	(664)	(453)	$ (776)
Net investment in leases	29,339	29,539
Financed sales receivables:
Gross minimum payments due under financed sales	127,906	135,684
Unearned finance income	(27,199)	(28,452)
Present value of minimum payments due under financed sales	100,707	107,232
Allowance for Credit Losses	(10,161)	(9,617)	$ (10,945)
Net financed sales receivables	90,546	97,615
Total financing receivables	119,885	127,154
Net financed sales receivables due within one year	30,136	32,031
Net financed sales receivables due after one year	$ 60,410	$ 65,584

Film Assets (Tables)

12 Months Ended

Dec. 31, 2024

Entertainment, Film [Abstract]

Schedule of Film, Monetized in Film Group, Accumulated Amortization


	As of December 31,
(In thousands of U.S. Dollars)	2024		2023
Completed and released films	$	2,952	$	1,382
Films in production	4,136		4,341
Films in development	1,598		1,063
Total	$	8,686	$	6,786

Employers Pension and Postretirement Benefits - Schedule of Benefit Payments Expected in Next Five Years (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Postretirement Benefits Executives
Pension and Postretirement benefits obligations
2025	$ 11
2026	23
2027	25
2028	27
2029	29
Thereafter	922
Total	1,037
Postretirement Benefits Canadian Employees
Pension and Postretirement benefits obligations
2025	79
2026	79
2027	82
2028	77
2029	79
Thereafter	376
Total	$ 772

Inventories (Tables)

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories


	As of December 31,
(In thousands of U.S. Dollars)	2024		2023
Raw materials	$	29,162	$	27,660
Work-in-process	1,611		2,570
Finished goods	2,067		1,354
	$	32,840	$	31,584

Schedule of Inventory Valuation Allowance Account

The following table summarizes the activity for the Company’s inventory valuation allowance account for the years ended December 31, 2024, 2023, and 2022:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Beginning balance	$	5,416	$	5,739	$	4,897
Additions charged to expenses(1)	269		64		919
Other deductions(2)	(153)		(387)		(77)
Ending balance	$	5,532	$	5,416	$	5,739
(1)Excludes an expense of $0.1 million charged directly to the Consolidated Statements of Operations during the year ended December 31, 2024 (2023 — expense of $0.5 million; 2022 — recovery of $0.2 million). (2)Includes the write-off of amounts previously charged to valuation allowance.

Financial Instruments - Schedule of Notional Amount of Derivative (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Foreign exchange contracts — Forwards \| Designated as Hedging Instrument
Derivatives Fair Value [Line Items]
Notional value	$ 48,376	$ 40,563

- Definition

Nominal or face amount used to calculate payments on the derivative asset.

+ References + Details

Receivables

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Receivables

4. Receivables

The ability of the Company to collect its receivables is principally dependent on the viability and solvency of individual theater operators which is significantly influenced by consumer behavior and general economic conditions. Theater operators, or other customers, may experience financial difficulties that could result in them being unable to fulfill their payment obligations to the Company.

In order to mitigate the credit risk associated with its receivables, management performs an initial credit evaluation prior to entering into an arrangement with a customer and then regularly monitors the credit quality of each customer through an analysis of collections history and aging. This monitoring process includes meetings on at least a monthly basis to identify credit concerns and potential changes in credit quality classification. A customer may improve their credit quality classification once a substantial payment is made on an overdue balance or when the customer has agreed to a payment plan and payments have commenced in accordance with that plan. Changes in credit quality classification are dependent upon management approval. The Company’s internal credit quality classifications are as follows:

•Good Standing — The theater operator continues to be in good standing as payments and reporting are received on a regular basis.

•Credit Watch — The theater operator has demonstrated a delay in payments, but continues to be in active communication with the Company. Theater operators placed on Credit Watch are subject to enhanced monitoring. In addition, depending on the size of the outstanding balance, length of time in arrears, and other factors, future transactions may need to be approved by management. These receivables are in better condition than those in the Pre-Approved Transactions Only category, but are not in as good condition as the receivables in the Good Standing category.

•Pre-Approved Transactions Only — The theater operator has demonstrated a delay in payments with little or no communication with the Company. All services and shipments to the theater operator must be reviewed and approved by management. These receivables are in better condition than those in the All Transactions Suspended category, but are not in as good condition as the receivables in the Credit Watch category. In certain situations, a theater operator may be placed on nonaccrual status and all revenue recognition related to the theater may be suspended, including the accretion of Finance Income for Financing Receivables.

•All Transactions Suspended — The theater operator is severely delinquent, non-responsive or not negotiating in good faith with the Company. Once a theater operator is classified within the All Transactions Suspended category, the theater is placed on nonaccrual status and all revenue recognitions related to the theater are suspended, including the accretion of Finance Income for Financing Receivables.

During the period when the accretion of Finance Income is suspended for Financing Receivables, any payments received from a customer are applied against the outstanding balance owed. If payments are sufficient to cover any unreserved receivables, a reversal

of the provision is recorded to the extent of the residual cash received. Once the collectability issues are resolved and the customer has returned to being in good standing, the Company will resume recognition of Finance Income.

When a customer’s aging exceeds 90 days, the Company’s policy is to perform an enhanced review to assess collectability of the theater’s past due accounts. The over 90 days past due category may be an indicator of potential impairment as up to 90 days outstanding is considered to be a reasonable time to resolve any issues.

The Company develops an estimate of expected credit losses by class of receivable and customer type through a calculation that utilizes historical loss rates, which are then adjusted for specific receivables that are judged to have a higher-than-normal risk profile after considering management’s internal credit quality classifications. Additional credit loss provisions are also recorded taking into account macro-economic and industry risk factors. The write-off of any billed receivable balance requires the approval of management.

Management’s judgments regarding expected credit losses are based on the facts available to management and involve estimates about the future. As a result, the Company’s judgments and associated estimates of credit losses may ultimately prove, with the benefit of hindsight, to be incorrect. The impacts of inflation, and rising interest rates may impact future credit losses. The Company will continue to monitor economic trends and conditions and portfolio performance and adjust its allowance for credit loss accordingly. Refer to “Summary of Significant Accounting Policies — Estimates and Assumptions” in Note 2 for information regarding theater operators in Russia and Ukraine.

Accounts Receivable

Accounts receivable principally includes amounts currently due to the Company under IMAX System sale and sales-type lease arrangements, contingent fees owed by theater operators as a result of box office performance, and fees for maintenance services. Accounts receivable also includes amounts due to the Company from movie studios and other content creators principally for digitally remastering films into IMAX formats, as well as for film distribution and post-production services.

The following tables summarize the activity in the allowance for credit losses related to Accounts Receivable for the years ended December 31, 2024 and 2023:


	Years Ended December 31, 2024
	Theater
(In thousands of U.S. Dollars)	Operators		Studios		Other		Total
Beginning balance	$	14,355	$	616	$	1,006	$	15,977
Current year (reversal) provision, net	(2,696)		404		17		(2,275)
Write-offs, net of recoveries	(178)		(3)		(440)		(621)
Foreign exchange	197		—		—		197
Ending balance	$	11,678	$	1,017	$	583	$	13,278


	Years Ended December 31, 2023
	Theater
(In thousands of U.S. Dollars)	Operators		Studios		Other		Total
Beginning balance	$	11,144	$	1,699	$	1,276	$	14,119
Current year provision (reversal), net	4,771		(944)		(270)		3,557
Write-offs, net of recoveries	(1,225)		(133)		—		(1,358)
Foreign exchange	(335)		(6)		—		(341)
Ending balance	$	14,355	$	616	$	1,006	$	15,977

For the year ended December 31, 2024, the Company’s allowance for current expected credit losses related to Accounts Receivable decreased by $2.7 million, largely the result of an increase in collections of outstanding balances as exhibition partners continue to improve their financial position post pandemic.

For the year ended December 31, 2023, the Company’s allowance for current expected credit losses related to Accounts Receivable increased by $1.9 million, largely the result of an increase in aged receivables. In the fourth quarter of 2023, the $1.5 million COVID-19 reserve for China was released of which $0.3 million related to Accounts Receivable and $1.2 million to Financing Receivables.

Financing Receivables

Financing receivables are due from theater operators and consist of the Company’s net investment in sales-type leases and receivables associated with financed sales of IMAX Systems. As of December 31, 2024 and 2023, financing receivables consisted of the following:


	December 31,
(In thousands of U.S. Dollars)	2024		2023
Net investment in leases:
Gross minimum payments due under sales-type leases	$	30,890	$	30,459
Unearned finance income	(887)		(467)
Present value of minimum payments due under sales-type leases	30,003		29,992
Allowance for credit losses	(664)		(453)
Net investment in leases	29,339		29,539
Financed sales receivables:
Gross minimum payments due under financed sales	127,906		135,684
Unearned finance income	(27,199)		(28,452)
Present value of minimum payments due under financed sales	100,707		107,232
Allowance for credit losses	(10,161)		(9,617)
Net financed sales receivables	90,546		97,615
Total financing receivables	$	119,885	$	127,154

Net financed sales receivables due within one year	$	30,136	$	32,031
Net financed sales receivables due after one year	60,410		65,584
Total financed sales receivables	$	90,546	$	97,615

As of December 31, 2024 and 2023, the weighted-average remaining lease term and weighted-average interest rate associated with the Company’s sales-type lease arrangements and financed sales receivables, as applicable, were as follows:


	December 31,
	2024		2023
Weighted-average remaining lease term (in years):
Sales-type lease arrangements	8.5		8.3
Weighted-average interest rate:
Sales-type lease arrangements	7.24	%	7.88	%
Financed sales receivables	8.95	%	8.97	%

The tables below provide information on the Company’s net investment in leases by credit quality indicator as of December 31, 2024 and 2023. The amounts disclosed for each credit quality classification are determined on a theater-by-theater basis and include both billed and unbilled amounts. The prior year table has been updated to conform to the current year theater-by-theater presentation.


(In thousands of U.S. Dollars)	By Origination Year
As of December 31, 2024	2024		2023		2022		2021		2020		Prior		Total
Net investment in leases:
Credit quality classification:
In good standing	$	3,469	$	3,190	$	3,057	$	6,625	$	1,963	$	1,931	$	20,235
Credit Watch	—		—		—		—		—		—		—
Pre-approved transactions	—		—		—		2,800		1,477		4,664		8,941
Transactions suspended	—		—		426		—		—		401		827
Total net investment in leases	$	3,469	$	3,190	$	3,483	$	9,425	$	3,440	$	6,996	$	30,003


(In thousands of U.S. Dollars)	By Origination Year
As of December 31, 2023	2023		2022		2021		2020		2019		Prior		Total
Net investment in leases:
Credit quality classification:
In good standing	$	2,197	$	3,262	$	6,241	$	2,173	$	1,677	$	1,376	$	16,926
Credit Watch	—		490		—		—		—		313		803
Pre-approved transactions	—		—		3,462		1,182		5,221		1,997		11,862
Transactions suspended	—		—		—		—		—		401		401
Total net investment in leases	$	2,197	$	3,752	$	9,703	$	3,355	$	6,898	$	4,087	$	29,992

The tables below provide information on the Company’s financed sales receivables by credit quality indicator as of December 31, 2024 and 2023. The amounts disclosed for each credit quality classification are determined on a theater-by-theater basis and include both billed and unbilled amounts. The prior year table has been updated to conform to the current year theater-by-theater presentation.


(In thousands of U.S. Dollars)	By Origination Year
As of December 31, 2024	2024		2023		2022		2021		2020		Prior		Total
Financed sales receivables:
Credit quality classification:
In good standing	$	6,217	$	7,249	$	5,980	$	6,152	$	4,974	$	41,570	$	72,142
Credit Watch	—		—		—		—		—		567		567
Pre-approved transactions	411		779		298		3,468		1,899		8,132		14,987
Transactions suspended	—		—		—		114		143		12,754		13,011
Total financed sales receivables	$	6,628	$	8,028	$	6,278	$	9,734	$	7,016	$	63,023	$	100,707


(In thousands of U.S. Dollars)	By Origination Year
As of December 31, 2023	2023		2022		2021		2020		2019		Prior		Total
Financed sales receivables:
Credit quality classification:
In good standing	$	5,328	$	5,921	$	5,961	$	5,415	$	8,058	$	46,202	$	76,885
Credit Watch	—		30		—		—		317		796		1,143
Pre-approved transactions	607		313		2,619		1,455		2,084		8,508		15,586
Transactions suspended	—		—		728		345		1,546		10,999		13,618
Total financed sales receivables	$	5,935	$	6,264	$	9,308	$	7,215	$	12,005	$	66,505	$	107,232

The following tables provide an aging analysis for the Company’s net investment in leases and financed sales receivables as of December 31, 2024 and 2023:


	As of December 31, 2024
(In thousands of U.S. Dollars)	Accrued and Current		30-89 Days		90+ Days		Billed		Unbilled		Recorded Receivable		Allowance for Credit Losses		Net
Net investment in leases	$	222	$	218	$	3,185	$	3,625	$	26,378	$	30,003	$	(664)	$	29,339
Financed sales receivables	895		1,019		12,462		14,376		86,331		100,707		(10,161)		90,546
Total	$	1,117	$	1,237	$	15,647	$	18,001	$	112,709	$	130,710	$	(10,825)	$	119,885


	As of December 31, 2023
(In thousands of U.S. Dollars)	Accrued and Current		30-89 Days		90+ Days		Billed		Unbilled		Recorded Receivable		Allowance for Credit Losses		Net
Net investment in leases	$	293	$	212	$	4,598	$	5,103	$	24,889	$	29,992	$	(453)	$	29,539
Financed sales receivables	1,535		1,196		10,704		13,435		93,797		107,232		(9,617)		97,615
Total	$	1,828	$	1,408	$	15,302	$	18,538	$	118,686	$	137,224	$	(10,070)	$	127,154

The following tables provide information about the Company’s net investment in leases and financed sales receivables with billed amounts past due for which it continued to accrue finance income as of December 31, 2024 and 2023. The amounts disclosed for each credit quality classification are determined on a theater-by-theater basis and include both billed and unbilled amounts.


	As of December 31, 2024
(In thousands of U.S. Dollars)	Accrued and Current		30-89 Days		90+ Days		Billed		Unbilled		Allowance for Credit Losses		Net
Net investment in leases	$	222	$	218	$	3,185	$	3,625	$	20,176	$	(6)	$	23,795
Financed sales receivables	727		610		10,143		11,480		42,208		(1,086)		52,602
Total	$	949	$	828	$	13,328	$	15,105	$	62,384	$	(1,092)	$	76,397


	As of December 31, 2023
(In thousands of U.S. Dollars)	Accrued and Current		30-89 Days		90+ Days		Billed		Unbilled		Allowance for Credit Losses		Net
Net investment in leases	$	259	$	212	$	4,598	$	5,069	$	22,651	$	(9)	$	27,711
Financed sales receivables	798		782		10,517		12,097		33,552		(1,198)		44,451
Total	$	1,057	$	994	$	15,115	$	17,166	$	56,203	$	(1,207)	$	72,162

The following table provides information about the Company’s net investment in leases and financed sales receivables that were on nonaccrual status as of December 31, 2024 and 2023:


	As of December 31, 2024						As of December 31, 2023
(In thousands of U.S. Dollars)	Recorded Receivable		Allowances for Credit Losses		Net		Recorded Receivable		Allowances for Credit Losses		Net
Net investment in leases	$	827	$	(614)	$	213	$	401	$	(401)	$	—
Net financed sales receivables	28,565		(8,317)		20,248		29,204		(8,884)		20,320
Total	$	29,392	$	(8,931)	$	20,461	$	29,605	$	(9,285)	$	20,320

For the years ended December 31, 2024, 2023, and 2022, the Company did not recognize any Finance Income related to the net investment in leases in nonaccrual status.

For the year ended December 31, 2024, the Company recognized $1.0 million (2023 — $0.2 million; 2022 — $0.5 million) in Finance Income related to the financed sales receivables in nonaccrual status.

The following tables summarize the activity in the allowance for credit losses related to the Company’s net investment in leases and financed sales receivables for the years ended December 31, 2024 and 2023:


	December 31, 2024
	Net Investment		Net Financed
(In thousands of U.S. Dollars)	in Leases		Sales Receivables
Beginning balance	$	453	$	9,617
Current year provision, net	212		572
Foreign exchange	(1)		(28)
Ending balance	$	664	$	10,161

	December 31, 2023
	Net Investment		Net Financed
(In thousands of U.S. Dollars)	in Leases		Sales Receivables
Beginning balance	$	776	$	10,945
Current year reversal, net	(61)		(1,644)
Foreign exchange	(262)		316
Ending balance	$	453	$	9,617

For the year ended December 31, 2024, the Company’s allowance for current expected credit losses related to its net investment in leases and financed sales receivables increased by $0.8 million, which reflects the Company’s credit quality assessment of future minimum payments due from its exhibition customers.

For the year ended December 31, 2023, the Company’s allowance for current expected credit losses related to its net investment in leases and financed sales receivables decreased by $1.7 million. This decrease is principally due to the release of China’s COVID-19 pandemic provision of $1.5 million, of which $1.2 million relates to its net investment in leases and financed sales receivables.

Variable Consideration Receivables

In sale arrangements, variable consideration may become due to the Company from theater operators if certain annual minimum box office receipt thresholds are exceeded. Such variable consideration is recorded as revenue in the period when the sale is recognized and adjusted in future periods based on actual results and changes in estimates. Variable consideration is only recognized to the extent the Company believes there is not a risk of significant revenue reversal.

The following table summarizes the activity in the Allowance for Credit Losses related to Variable Consideration Receivables for the years ended December 31, 2024 and 2023:


	December 31,
	2024		2023
(In thousands of U.S. Dollars)	Theater Operators		Theater Operators
Beginning balance	$	633	$	610
Current year (reversal) provision, net	(513)		35
Foreign exchange	(4)		(12)
Ending balance	$	116	$	633

For the year ended December 31, 2024, the Company’s allowance for current expected credit losses related to Variable Consideration Receivables decreased $0.5 million as part of the Company’s assessment of the risk profile of the balance.

For the year ended December 31, 2023, the Company’s allowance for current expected credit losses related to Variable Consideration Receivables remained consistent at $0.6 million.

IMAX Corporation Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 100,592	$ 76,200
Accounts receivable, net of allowance for credit losses	107,669	136,259
Financing receivables, net of allowance for credit losses	119,885	127,154
Variable consideration receivables, net of allowance for credit losses	82,593	64,338
Inventories	32,840	31,584
Prepaid expenses	13,121	12,345
Film assets, net of accumulated amortization	8,686	6,786
Property, plant and equipment, net of accumulated depreciation	240,133	243,299
Other assets	22,441	20,879
Deferred income tax assets, net of valuation allowance	14,499	7,988
Goodwill	52,815	52,815
Other intangible assets, net of accumulated amortization	35,124	35,022
Total assets	830,398	814,669
Liabilities
Accounts payable	19,803	26,386
Accrued and other liabilities	100,916	111,013
Deferred revenue	52,686	67,105
Revolving credit facility borrowings, net of unamortized debt issuance costs	36,356	22,924
Convertible notes and other borrowings, net of unamortized discounts and debt issuance costs	229,901	229,131
Deferred income tax liabilities	12,521	12,521
Total liabilities	452,183	469,080
Commitments, contingencies and guarantees (see Notes 14 and 15)
Non-controlling interests	680	658
Shareholders’ equity
Capital stock common shares — no par value. Authorized — unlimited number. 52,946,200 issued and outstanding (December 31, 2023 — 53,260,276 issued and outstanding)	401,420	389,048
Other equity	185,268	185,087
Statutory surplus reserve	4,051	3,932
Accumulated deficit	(274,675)	(292,845)
Accumulated other comprehensive loss	(16,598)	(12,081)
Total shareholders’ equity attributable to common shareholders	299,466	273,141
Non-controlling interests	78,069	71,790
Total shareholders’ equity	377,535	344,931
Total liabilities and shareholders’ equity	$ 830,398	$ 814,669

IMAX Corporation Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Activities
Net income (loss)	$ 32,702	$ 33,066	$ (19,877)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization	65,503	60,022	56,661
Amortization of deferred financing costs	1,969	2,235	3,177
Credit loss (reversal) expense, net	(973)	1,759	8,547
Write-downs, including asset impairments	3,973	1,884	7,176
Deferred income tax benefit	(5,631)	(1,447)	(2,073)
Share-based and other non-cash compensation	23,209	24,230	27,573
Unrealized foreign currency exchange (gain) loss	(2,770)	(212)	1,108
Realized and unrealized investment gain	(127)	(465)	(70)
Changes in assets and liabilities:
Accounts receivable	29,105	(1,907)	(29,003)
Inventories	(1,501)	(285)	(5,529)
Film assets	(25,122)	(20,394)	(19,598)
Deferred revenue	(14,308)	(3,882)	(11,572)
Changes in other operating assets and liabilities	(35,192)	(35,989)	801
Net cash provided by operating activities	70,837	58,615	17,321
Investing Activities
Purchase of property, plant and equipment	(8,428)	(6,491)	(8,424)
Investment in equipment for joint revenue sharing arrangements	(24,341)	(18,000)	(19,803)
Interest in film classified as a financial instrument	0	0	(4,731)
Acquisition of other intangible assets	(8,447)	(8,344)	(4,394)
Proceeds from sale of equity securities	0	1,045	0
Acquisition of SSIMWAVE, net of cash and cash equivalents acquired	0	0	(15,939)
Net cash used in investing activities	(41,216)	(31,790)	(53,291)
Financing Activities
Proceeds from revolving credit facility borrowings	55,000	39,717	37,871
Repayments of revolving credit facility borrowings	(42,000)	(53,248)	(3,600)
Proceeds from other borrowings	0	322	0
Repayment of other borrowings	(874)	(53)	0
Credit facility amendment fees paid	0	(46)	(2,279)
Taxes withheld and paid on employee stock awards vested	(4,978)	(6,466)	(3,687)
Common shares issued - stock options exercised	5,291	0	0
Principal payment under finance lease obligations	(509)	(480)	(948)
Dividends paid to non-controlling interests	0	(1,438)	(2,704)
Net cash used in financing activities	(6,041)	(48,530)	(58,514)
Effects of exchange rate changes on cash	812	504	2,174
Increase (decrease) in cash and cash equivalents during year	24,392	(21,201)	(92,310)
Cash and cash equivalents, beginning of year	76,200	97,401	189,711
Cash and cash equivalents, end of year	100,592	76,200	97,401
IMAX Corporation
Financing Activities
Repurchase of common shares	(17,855)	(26,823)	(80,124)
IMAX China
Financing Activities
Repurchase of common shares	$ (116)	$ (15)	$ (3,043)

Non-Controlling Interests - Schedule of Movement of the Non-controlling Interest in Temporary Equity in Original Film Fund (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Redeemable Noncontrolling Interest [Roll Forward]
Net income (loss)	$ 6,643	$ 7,731	$ 2,923
Other Noncontrolling Interest
Redeemable Noncontrolling Interest [Roll Forward]
Beginning balance	658	722	758
Net income (loss)	22	(64)	(36)
Ending balance	$ 680	$ 658	$ 722

- Definition

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

Employers Pension and Postretirement Benefits

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Employers Pension and Postretirement Benefits

22. Employers Pension and Postretirement Benefits

Defined Benefit Plan

The Company has an unfunded defined benefit pension plan, the Supplemental Executive Retirement Plan (the “SERP”), covering its CEO, Richard L. Gelfond. Under the terms of the SERP, if Mr. Gelfond’s employment is terminated other than for cause (as defined in his employment agreement), he is entitled to receive SERP benefits in the form of a lump sum payment. SERP benefit payments to Mr. Gelfond are subject to a deferral for six months after the termination of his employment, at which time Mr. Gelfond will be entitled to receive interest on the deferred amount credited at the applicable federal rate for short-term obligations. Pursuant to an amendment to his employment agreement dated September 19, 2022, the term of Mr. Gelfond’s employment was extended through December 31, 2025, although Mr. Gelfond has not informed the Company that he intends to retire at that time. Under the terms of his employment agreement, as amended, the total benefit payable to Mr. Gelfond under the SERP is fixed at $20.3 million.

As of December 31, 2024 and 2023, the projected benefit obligation for SERP was as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023
Projected benefit obligation:
Obligation, beginning of year	$	18,178	$	17,315
Interest cost	803		788
Actuarial (gain) loss	(26)		75
Obligation, end of year and unfunded status	$	18,955	$	18,178

As of December 31, 2024, 2023, and 2022, the following amounts related to the SERP were recorded on the Company’s Consolidated Balance Sheets within Accumulated Other Comprehensive Loss and will be recognized as components of net periodic benefit cost in future periods:


	As of December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Unrealized actuarial gain	$	(2,353)	$	(2,889)	$	(3,580)
Unamortized prior service cost	—		—		—
Net periodic benefit costs to be recognized in future periods	$	(2,353)	$	(2,889)	$	(3,580)

For the years ended December 31, 2024, 2023, and 2022, the components of pension expense related to the SERP were as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Interest cost	$	803	$	788	$	160
Amortization of prior service cost	—		—		184
Amortization of actuarial gain	(563)		(616)		—
Pension expense	$	240	$	172	$	344

The following assumptions were used to determine the SERP obligation and any related costs as of and for the years ended December 31, 2024, 2023, and 2022:

As of December 31,

2024

2023

2022

Discount rate

4.57

4.42

4.55

Lump sum interest rate:

First 25 years

N/A

First 20 years

N/A

Thereafter

N/A

Cost of living adjustment on benefits

N/A

No contributions were made for the SERP during 2024. The Company expects interest costs of $0.8 million to be recognized as a component of pension cost for the year ended December 31, 2025.

Defined Contribution Pension Plan

The Company also maintains defined contribution plans for its employees, including its executive officers. The Company makes contributions to these plans on behalf of employees in an amount up to 5% of their base salary subject to certain prescribed maximums. During 2024, the Company contributed and recorded an expense of $1.5 million (2023 — $1.2 million; 2022 — $1.1 million) for its Canadian plan and $1.1 million (2023 — $0.8 million; 2022 — $0.7 million) for its defined contribution employee plan under Section 401(k) of the U.S. Internal Revenue Code.

Postretirement Benefits - Executives

The Company has an unfunded postretirement plan for Mr. Gelfond and Bradley J. Wechsler, former Chairman of the Company’s Board of Directors (the “Executive Postretirement Benefit Plan”). The Executive Postretirement Benefit Plan provides that the Company will maintain health benefits for Messrs. Gelfond and Wechsler until they become eligible for Medicare and, thereafter, the Company will provide Medicare supplemental coverage as selected by Messrs. Gelfond and Wechsler. Mr. Wechsler retired from the Company’s Board of Directors on June 9, 2021, and the Company is providing him with Medicare supplemental coverage or its cash equivalent.

As of December 31, 2024 and 2023, the Company’s Consolidated Balance Sheets included the following amounts within Accrued and Other Liabilities related to the Executive Postretirement Benefit Plan:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023
Projected benefit obligation:
Obligation, beginning of year	$	507	$	457
Interest cost	24		23
Benefits paid	(10)		(10)
Actuarial (gain) loss	(24)		37
Obligation, end of year and unfunded status	$	497	$	507

For the years ended December 31, 2024, 2023, and 2022, the components of pension (income) expense related to the Executive Postretirement Benefit Plan were as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Interest cost	$	24	$	23	$	18
Amortization of actuarial gain	(44)		(65)		—
Pension (income) expense	$	(20)	$	(42)	$	18

As of December 31, 2024, 2023, and 2022, the following amounts related to the Executive Postretirement Benefit Plan were recorded on the Company’s Consolidated Balance Sheets within Accumulated Other Comprehensive Loss and will be recognized as components of net pension cost in future periods:


	As of December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Unrealized actuarial gain	$	(120)	$	(140)	$	(242)

As of December 31, 2024, 2023, and 2022, the weighted average assumptions used to determine the benefit obligation related to the Executive Postretirement Benefit Plan were as follows:


	As of December 31,
	2024		2023		2022
Discount rate	5.47	%	4.80	%	5.01	%

For the years ended December 31, 2024, 2023, and 2022, the weighted average assumptions used to determine the net postretirement benefit expense related to the Executive Postretirement Benefit Plan were as follows:


	Years Ended December 31,
	2024		2023		2022
Discount rate	4.80	%	5.01	%	2.71	%

The following benefit payments are expected to be made as per the current plan assumptions for the Executive Postretirement Benefit Plan in each of the next five years and thereafter following the December 31, 2024 balance sheet date:


(In thousands of U.S. Dollars)
2025	$	11
2026	23
2027	25
2028	27
2029	29
Thereafter	922
Total	$	1,037

Postretirement Benefits – Canadian Employees

The Company has an unfunded postretirement plan for its Canadian employees meeting specific eligibility requirements (the “Canadian Postretirement Benefit Plan”). The Company will provide eligible participants, upon retirement, with health and welfare benefits.

As of December 31, 2024 and 2023, the Company’s Consolidated Balance Sheets included the following amounts within Accrued and Other Liabilities related to the Canadian Postretirement Benefit Plan:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023
Projected benefit obligation:
Obligation, beginning of year	$	982	$	976
Interest cost	42		48
Benefits paid	(145)		(140)
Actuarial loss	85
Unrealized foreign exchange (gain) loss	(176)		98
Obligation, end of year and unfunded status	$	788	$	982

For the years ended December 31, 2024, 2023, and 2022, the components of pension expense related to the Canadian Postretirement Benefit Plan were as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Interest cost	$	42	$	48	$	46
Amortization of actuarial gain	(13)		(18)		—
Pension expense	$	29	$	30	$	46

The Company expects interest costs of less than $0.1 million to be recognized as a component of benefit cost for the year ended December 31, 2025.

As of December 31, 2024, 2023, and 2022, the following amounts related to the Canadian Postretirement Benefit Plan were recorded on the Company’s Consolidated Balance Sheets within Accumulated Other Comprehensive Loss and will be recognized as components of net pension cost in future periods:


	As of December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Unrealized foreign exchange gain	$	(323)	$	(336)	$	(354)

As December 31, 2024, 2023, and 2022, the weighted average assumptions used to determine the benefit obligation related to the Canadian Postretirement Benefit Plan are as follows:


	As of December 31,
	2024		2023		2022
Discount rate	4.50	%	4.60	%	5.00	%

For the years ended December 31, 2024, 2023, and 2022, the weighted average assumptions used to determine the net postretirement benefit expense related to the Canadian Postretirement Benefit Plan were as follows:


	Years Ended December 31,
	2024		2023		2022
Discount rate	4.60	%	5.00	%	2.80	%

The following benefit payments are expected to be made as per the current plan assumptions for the Canadian Postretirement Benefit Plan in each of the next five years and thereafter following the December 31, 2024 balance sheet date:


(In thousands of U.S. Dollars)
2025	$	79
2026	79
2027	82
2028	77
2029	79
Thereafter	376
Total	$	772

Deferred Compensation Benefit Plan

The Company maintained a nonqualified deferred compensation benefit plan (the “Retirement Plan”) covering the former CEO of IMAX Entertainment and Senior Executive Vice President of the Company. Under the terms of the Retirement Plan, the benefits were due to vest in full if the executive incurred a separation from service from the Company (as defined therein). In 2018, the executive incurred a separation from service from the Company, and as such, the Retirement Plan benefits became fully vested as of December 31, 2018.

As of December 31, 2024, the benefit obligation related to the Retirement Plan was $4.2 million (December 31, 2023 — $4.1 million) and was recorded on the Company’s Consolidated Balance Sheets within Accrued and Other Liabilities. As the Retirement Plan is fully vested, the benefit obligation is measured at the present value of the benefits expected to be paid in the future with the accretion of interest recognized in the Consolidated Statements of Operations within Retirement Benefits Non-Service Expense.

The Retirement Plan is funded by an investment in company-owned life insurance (“COLI”), which is recorded at its fair value on the Company’s Consolidated Balance Sheets within Prepaid Expenses. As of December 31, 2024, fair value of the COLI asset was $3.6 million (December 31, 2023 — $3.5 million). Gains and losses resulting from changes in the cash surrender value of the COLI asset are recognized in the Consolidated Statements of Operations within Realized and Unrealized Investment Gains.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Financial Instruments - Schedule of Derivatives in Foreign Currency Hedging Relationships (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments Gain Loss [Line Items]
Derivative (Loss) Gain Recognized in OCI (Effective Portion)	$ (3,455)	$ 575	$ (1,323)
Location of Derivative Loss Reclassified from AOCI (Effective Portion)	$ (607)	$ (892)	$ (596)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, general and administrative expenses	Selling, general and administrative expenses	Selling, general and administrative expenses
Fair Value Hedging
Derivative Instruments Gain Loss [Line Items]
Derivative (Loss) Gain Recognized in OCI (Effective Portion)	$ (3,455)	$ 575	$ (1,323)

Receivables - Schedule of Net Investment in Leases and Financed Sale Receivables on Nonaccrual Status (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Net investment in leases
Recorded Receivable	$ 827	$ 401
Allowances for Credit Losses	(614)	(401)
Net	213	0
Net financed sales receivables
Recorded Receivable	28,565	29,204
Allowances for Credit Losses	(8,317)	(8,884)
Net	20,248	20,320
Total
Recorded Receivable	29,392	29,605
Allowances for Credit Losses	(8,931)	(9,285)
Net	$ 20,461	$ 20,320

Employers Pension and Postretirement Benefits - Schedule of Weighted Average Assumptions Used to Determine the Benefit Obligation (Details)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Postretirement Benefits Executives
Assumptions used to determine obligation and cost status
Discount rate	5.47%	4.80%	5.01%
Postretirement Benefits Canadian Employees
Assumptions used to determine obligation and cost status
Discount rate	4.50%	4.60%	5.00%

Capital Stock and Reserves - Schedule of Restricted Stock Units Activity (Details) - RSUs - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Awards
Awards outstanding, beginning of period (in shares)	1,286,830	1,252,044	1,457,883
Granted (in shares)	950,342	900,199	708,313
Vested and settled (in shares)	(703,419)	(747,132)	(800,231)
Forfeited (in shares)	(67,776)	(118,281)	(113,921)
Awards outstanding, end of period (in shares)	1,465,977	1,286,830	1,252,044
Weighted Average Grant Date Fair Value Per Share
Awards outstanding, beginning of period (in dollars per share)	$ 18.53	$ 19.16	$ 19.16
Granted (in dollars per share)	16.46	17.82	19.31
Vested and settled (in dollars per share)	18.63	18.65	19.10
Forfeited (in dollars per share)	17.94	19.12	20.39
Awards outstanding, end of period (in dollars per share)	$ 17.16	$ 18.53	$ 19.16

Financial Instruments - Schedule of Fair Value of Foreign Exchange Contracts (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivatives Fair Value [Line Items]
Foreign exchange contracts — Forwards	$ 0	$ 846
Foreign exchange contracts forwards	(2,029)	819
Other assets \| Designated as Hedging Instrument
Derivatives Fair Value [Line Items]
Foreign exchange contracts — Forwards	0	846
Accrued and other liabilities \| Designated as Hedging Instrument
Derivatives Fair Value [Line Items]
Foreign exchange contracts — Forwards	$ (2,029)	$ (27)

Employers Pension and Postretirement Benefits - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 19, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accrued and Other Liabilities \| Deferred Compensation Plan
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation recorded		$ 4,200	$ 4,100
Prepaid Expenses \| Deferred Compensation Plan
Defined Benefit Plan Disclosure [Line Items]
COLI asset		3,600	3,500
SERP Benefits
Defined Benefit Plan Disclosure [Line Items]
Contribution and recorded expense		0
Defined benefit plan, interest cost, expected year one		800
SERP Benefits \| Canada
Defined Benefit Plan Disclosure [Line Items]
Contribution and recorded expense		1,500	1,200	$ 1,100
SERP Benefits \| United States
Defined Benefit Plan Disclosure [Line Items]
Contribution and recorded expense		$ 1,100	$ 800	$ 700
Defined Contribution Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Maximum percentage of base salary contributed to defined contribution pension plan by company (as percent)		5.00%
Postretirement Benefits Canadian Employees
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, interest cost, expected year one		$ 100
Richard L. Gelfond
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, deferral termination period	6 months
Benefit payable	$ 20,300

Employers Pension and Postretirement Benefits - Schedule of Disclosure of Pension Expense (Details) - SERP Benefits - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 803	$ 788	$ 160
Amortization of prior service cost	$ 0	$ 0	$ 184
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Amortization of prior service cost	Amortization of prior service cost	Amortization of prior service cost
Amortization of actuarial gain	$ (563)	$ (616)	$ 0
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Immediate Recognition of Actuarial Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Unrealized (defined) postretirement benefit plans actuarial gain (loss)	Unrealized (defined) postretirement benefit plans actuarial gain (loss)	Unrealized (defined) postretirement benefit plans actuarial gain (loss)
Pension expense	$ 240	$ 172	$ 344

Employers Pension and Postretirement Benefits - Schedule of Weighted Average Assumptions Used to Determine the Net Postretirement Benefit Expense (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Postretirement Benefits Executives
Assumptions used to determine obligation and cost status
Discount rate	4.80%	5.01%	2.71%
Postretirement Benefits Canadian Employees
Assumptions used to determine obligation and cost status
Discount rate	4.60%	5.00%	2.80%

Consolidated Statements of Cash Flows Supplemental Information - Significant Non-cash Investing Activities (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net (decrease) increase in accruals related to:
Investment in equipment supporting joint revenue sharing arrangements			$ (1,127)	$ (600)	$ 790
Acquisition of other intangible assets			(12)	(942)	30
Purchases of property, plant and equipment			(93)	(541)	311
Net amount			$ (1,232)	$ (2,083)	$ 1,131
Liability related to repurchase of common shares expense recognized not settled	$ 0	$ 1,600

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

Income (loss) Before Taxes by Jurisdiction

Income (loss) before taxes by tax jurisdiction for the years ended December 31, 2024, 2023, and 2022 consisted of the following:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Canada	$	(14,240)	$	(13,366)	$	(55,623)
United States	5,025		5,195		4,281
China	29,660		34,433		11,466
Ireland	15,951		19,371		24,070
Other	1,302		484		6,037
Total	$	37,698	$	46,117	$	(9,769)

Income Tax Expense

Income tax expense for the years ended December 31, 2024, 2023, and 2022 consisted of the following:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Income tax expense – current:
Canada	$	(1,352)	$	(3,102)	$	(1,149)
United States	(1,376)		(1,638)		(274)
China	(5,109)		(3,634)		(4,437)
Ireland	(1,933)		(3,481)		(2,802)
Other	(857)		(2,643)		(3,519)
Sub-total	(10,627)		(14,498)		(12,181)
Income tax (expense) benefit – deferred:
Canada(1)	(3,392)		2,456		943
United States	308		1,537		(131)
China(2)	3,290		(433)		2,763
Ireland	5,406		(2,040)		(1,562)
Other	19		(73)		60
Sub-total	5,631		1,447		2,073
Total(3)	$	(4,996)	$	(13,051)	$	(10,108)
(1)A valuation allowance is recorded in jurisdictions where management has determined, based on the weight of all available evidence, both positive and negative, that a valuation allowance for deferred tax assets is required. For the year ended December 31, 2024, the Company recorded a $3.5 million net increase (2023 — net decrease of $0.7 million) in the valuation allowance against its deferred tax assets in Canada. The $3.5 million net increase in the valuation allowance recorded in 2024 is reflected within Income Tax Expense in the Company’s Consolidated Statements of Operations. (2)The Company’s deferred tax liability of $12.5 million as of December 31, 2024 (2023 — $12.5 million) relates to the estimated applicable foreign withholding taxes associated with historical earnings that were not indefinitely reinvested which will become payable upon the repatriation of any such earnings. During the year ended December 31, 2024, $nil (2023 — $24.0 million) of historical earnings from a subsidiary in China were distributed and as a result, $nil (2023 — $2.4 million) of foreign withholding taxes were paid to the relevant tax authorities. (3)For the year ended December 31, 2024, Income Tax Expense excludes a tax benefit of $0.9 million included in Other Comprehensive Income (Loss) (2023 — expense of $0.2 million; 2022 — expense of $0.8 million).

Reconciliation of Income Tax Expense to Statutory Rates

For the years ended December 31, 2024, 2023, and 2022, the Company’s effective tax rate and income tax expense differs from the combined Canadian federal and provincial statutory income tax rates due to the following factors:


	Years Ended December 31,
	2024				2023				2022
(In thousands of U.S. Dollars, except rates)	Amount		Rate		Amount		Rate		Amount		Rate
Income tax (expense) benefit at combined statutory rates(1)	$	(9,990)	26.5	%	$	(12,221)	26.5	%	$	2,596	26.5	%
Adjustments resulting from:
(Increase) decrease in valuation allowance	(3,481)		9.2	%	732		(1.6	%)	(16,848)		(172.5	%)
Changes to tax reserves	1,374		(3.6	%)	387		(0.8	%)	1,643		16.8	%
U.S. federal and state taxes	(362)		1.0	%	(250)		0.5	%	(86)		(0.9	%)
Withholding taxes	(3,938)		10.5	%	(5,206)		11.3	%	(3,825)		(39.2	%)
Income tax at different rates in foreign and other provincial jurisdictions	2,324		(6.2	%)	3,144		(6.8	%)	3,872		39.6	%
Investment and other tax credits	1,169		(3.1	%)	379		(0.8	%)	752		7.7	%
Changes to deferred tax assets and liabilities resulting from tax return and other adjustments	3,604		(9.6	%)	(273)		0.6	%	2,278		23.3	%
Internal asset sale	4,037		(10.7	%)	—		—	%	—		—	%
Other items included in tax benefit (expense)	267		(0.7	%)	257		(0.6	%)	(490)		(4.9	%)
Income tax expense	$	(4,996)	13.3	%	$	(13,051)	28.3	%	$	(10,108)	(103.6	%)

https://cdn.kscope.io/b224aecde222ed521f3485b07d3ee838-Image_1.jpg

(1)The Company’s Canadian corporate tax rate of 26.5% is comprised of the basic Part I federal tax rate of 38%, netting to 15% after the federal tax abatement and general tax reduction, plus the additional Ontario provincial tax rate of 11.5%.

During the year, the Company completed an internal asset sale to more closely align intellectual property rights with its operations. The tax expense on the capital gains was offset by deferred tax benefits resulting in a net tax benefit of $4.0 million. The valuation allowance also includes a $2.3 million net tax benefit related to the internal asset sale, resulting in a total net tax benefit of $6.3 million recognized in Income Tax Expense of the Consolidated Statements of Operations.

Deferred Tax Assets and Deferred Tax Liability

As of December 31, 2024 and 2023, the Company’s deferred tax assets and deferred tax liability consisted of the following:


	As of December 31,
(In thousands of U.S. Dollars)	2024		2023
Net operating loss carryforwards	$	17,523	$	29,490
Investment tax credit and other tax credit carryforwards	6,418		5,348
Write-downs of other assets	1,632		1,223
Excess of tax accounting basis in various assets	35,948		15,379
Accrued pension liability	5,823		5,583
Accrued share-based compensation	9,028		8,460
Income recognition on net investment in leases	(4,119)		(4,691)
Other accrued reserves	7,859		9,328
Total deferred income tax assets	80,112		70,120
Valuation allowance	(65,613)		(62,132)
Deferred income tax asset net of valuation allowance	14,499		7,988
Deferred tax liability	(12,521)		(12,521)
Net deferred tax asset (liability)	$	1,978	$	(4,533)

As of December 31, 2024, net deferred tax assets included a liability of $0.4 million (December 31, 2023 — liability of $1.3 million) associated with amounts recognized within Accumulated Other Comprehensive Income (Loss), including unrealized actuarial gains and losses related to the Company’s pension and other postretirement benefit plans and unrealized net gains and losses on cash flow hedging instruments.

Net Operating Loss Carryforwards

Estimated Canadian net operating loss carryforwards of $84.0 million can be used to reduce taxable income through 2044 and $12.6 million of Ireland net operating losses can be carried forward indefinitely. Investment tax credits and other tax credits of $6.4 million can be carried forward to reduce income taxes payable through to 2044.

Indefinitely Reinvested Assertion

Income taxes are accrued for the earnings of non-Canadian affiliates and associated companies unless management determines that such earnings will be indefinitely reinvested outside of Canada.

In 2020, management completed a reassessment of its strategy with respect to the most efficient means of deploying the Company’s capital resources globally. Based on the results of this reassessment, management concluded that the historical earnings of certain foreign subsidiaries in excess of amounts required to sustain business operations would no longer be indefinitely reinvested. During the year ended December 31, 2024, $nil (2023 — $24.0 million) of historical earnings from a subsidiary in China were distributed and, as a result, $nil (2023 — $2.4 million) of foreign withholding taxes were paid to the relevant tax authorities. The Company had a deferred tax liability of $12.5 million as of December 31, 2024 (2023 — $12.5 million) related to the estimated applicable foreign withholding taxes associated with these historical earnings.

Valuation Allowance

As of December 31, 2024, the Company’s Consolidated Balance Sheets include net deferred income tax assets of $14.5 million, net of a valuation allowance of $65.6 million (December 31, 2023 — $8.0 million, net of a valuation allowance of $62.1 million). For the year ended December 31, 2024, the Company recorded a net increase in valuation allowance of $3.5 million (2023 — net decrease of $0.7 million). The net increase includes an increase of $3.2 million in reporting entities where it was concluded that it is more likely than not that the benefit from deferred tax assets will not be realized, $1.2 million related to deferred assets on investment tax credits and $1.4 million related to tax return and other tax adjustments. This was partially offset by a decrease of $2.3 million related to an internal asset sale completed by the Company during the year. The net increase in the valuation allowance is reflected within Income Tax Expense in the Company’s Consolidated Statements of Operations. The valuation allowance is expected to reverse at the point in time when management determines it is more likely than not that the Company will incur sufficient tax liabilities to allow it to utilize the deferred tax assets against which the valuation allowance is recorded.

Uncertain Tax Positions

As of December 31, 2024, the Company had total tax reserves (including interest and penalties) of $10.6 million (2023 — $12.0 million) for various uncertain tax positions. While the Company believes it has adequately provided for all tax positions, amounts asserted by taxing authorities could differ from the Company’s accrued liability. Accordingly, additional provisions on federal, provincial, state and foreign tax-related matters may be required in the future as revised estimates are made or the underlying matters are settled or otherwise resolved.

For the year ended December 31, 2024, the Company recorded a net decrease of $1.6 million (2023 — $0.8 million, 2022 —$2.2 million) related to tax reserves (excluding interest and penalties) primarily related to tax years becoming statute barred for purposes of future tax examinations by local tax jurisdictions, partially offset by additional tax positions related to prior years.

The Company has elected to classify interest and penalties related to income tax liabilities, when applicable, as part of the Income Tax Expense in its Consolidated Statements of Operations rather than Interest Expense. The Company recorded a net increase of $0.1 million in potential interest and penalties associated with its provision for uncertain tax positions for the years ended December 31, 2024 (2023 — $0.6 million; 2022 — $0.6 million).

The following table presents a reconciliation of the beginning and ending amount of tax reserves (excluding interest and penalties) for the years ended December 31, 2024, 2023, and 2022:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Balance at beginning of the year	$	8,954	$	9,733	$	11,939
Additions based on tax positions related to the current year	—		—		11
Additions (reductions) for tax positions of prior years	109		1,552		(94)
Reductions resulting from lapse of applicable statute of limitations and administrative practices	(1,714)		(2,331)		(2,123)
Balance at the end of the year	$	7,349	$	8,954	$	9,733

The number of years with open tax audits varies depending on the tax jurisdiction. The Company’s material taxing jurisdictions include Canada, the United States, Ireland, and China. The Company’s 2021 through 2024 tax years remain subject to examination by the IRS for United States federal tax purposes, and the 2017 through 2024 tax years remain subject to examination by the appropriate governmental agencies for Canadian federal tax purposes. There are other ongoing audits in various other jurisdictions that are not material to the Consolidated Financial Statements.

The Company is subject to audit by tax authorities in the various jurisdictions in which it operates in the ordinary course of its business and believes that it has adequately reserved for the expected exposures in its accounts. During the fourth quarter of 2022, the Company received a Notice of Reassessment (the “Reassessment”) in the amount of $13.2 million (inclusive of interest). A revised Reassessment was issued by the Canada Revenue Agency in June 2024 to reduce the amount previously reassessed to $3.0 million (inclusive of interest). The Company has filed a Notice of Objection with respect to this Reassessment and believes that the matter will be resolved on a basis that is consistent with its filing position.

Share Buyback Tax

Legislation to introduce a 2% tax on the value of certain share buybacks net of share issuances by publicly traded Canadian-resident corporations was enacted during the second quarter of 2024. The tax applies to net share repurchases on or after January 1, 2024, with certain exceptions. The tax is imposed on the repurchasing corporation itself and will be included in the cost basis of the repurchased treasury stock. During the year ended December 31, 2024, the Company has recorded $nil share buyback tax as share buybacks were offset by share issuances in the year.

Pillar Two Legislation

On October 8, 2021, the Organization for Economic Co-Operation and Development (“OECD”) announced the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting which agreed to a two-pillar solution to address tax challenges arising from digitalization of the economy. On December 20, 2021, the OECD released Pillar Two Model Rules (“Pillar Two”) defining the global minimum tax rules, which contemplate a 15% minimum tax rate. The OECD continues to release additional guidance, including administrative guidance on how the Pillar Two rules should be interpreted and applied, and many countries are passing legislation to comply with Pillar Two. Canada enacted its Pillar Two rules on June 20, 2024. The Company is under the revenue threshold where Pillar Two would apply and is not currently subject to tax under these rules.

Income Tax Effect on Other Comprehensive Income (Loss)

For the years ended December 31, 2024, 2023, and 2022, income tax benefit (expense) related to the components of Other Comprehensive Income (Loss) was as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Unrealized defined benefit plan actuarial loss (gain)	$	7	$	20	$	(198)
Unrealized postretirement benefit plans actuarial loss (gain)	6		9		(762)
Amortization of defined benefit and postretirement benefit plans	204		175		—
Amortization of prior service cost	—		—		(48)
Unrealized change in cash flow hedging instruments	892		(151)		346
Realized change in cash flow hedging instruments	(160)		(234)		(156)

Total	$	949	$	(181)	$	(818)

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Consolidated Statements of Cash Flows Supplemental Information - Schedule of Changes in Other Operating Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Decrease (increase) in:
Financing receivables	$ 9,975	$ 2,642	$ 5,411
Prepaid expenses	(2,430)	(1,273)	(1,892)
Variable consideration receivables	(18,414)	(20,337)	667
Other assets	(3,140)	(10,473)	968
(Decrease) increase in:
Accounts payable	(6,383)	(535)	8,496
Accrued and other liabilities	(14,800)	(6,013)	(12,849)
Total	$ (35,192)	$ (35,989)	$ 801

Capital Stock - Additional Information (Details) $ / shares in Units, $ / shares in Units, ¥ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) day type vote $ / shares shares	Dec. 31, 2024 HKD ($) day vote $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 HKD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) type shares	Jun. 07, 2024 shares	Jun. 07, 2023 shares	Dec. 31, 2021 $ / shares shares	Jun. 12, 2017 USD ($)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock, number of votes per share held \| vote	1	1
Share-based compensation expense \| $	$ 22,800,000		$ 23,600,000		$ 27,000,000.0
Options outstanding (in shares)	2,469,238		3,329,422		3,604,739	2,469,238			3,736,157
Stock options exercisable, number of shares (in shares)	2,469,238		3,329,422		3,523,335	2,469,238
Stock options outstanding, (in dollars per share) \| $ / shares	$ 26.27		$ 26.23		$ 26.36				$ 26.61
Average closing price, number of days used in determining the grant date fair value \| day	5	5
Share based compensation expense \| $	$ 22,821,000		$ 23,551,000		$ 27,013,000
Grants, types of PSUs awards \| type	2					2
Common stock, shares issued (in shares)	52,946,200		53,260,276			52,946,200
Share repurchase program, authorized, amount \| $										$ 200,000,000
Share repurchase program, extension period			36 months	36 months
Stock acquired, average cost per share (in dollars per share) \| $ / shares			$ 14.98
Repurchase of common shares, value \| $			$ 1,600,000
Plan trustee purchases	0	0	0	0
Number of shares held by trustee	0	0
Antidilutive shares issuable upon exercise of stock options and vesting of restricted share units and performance stock units	1,213,884	1,213,884	3,380,142	3,380,142	4,523,121
Percentage of statutory net profits to statutory surplus reserve to be appropriated (as percent)	10.00%					10.00%
Discontinuation of contribution, aggregate sum of statutory surplus reserve more than its registered capital (as percent)	50.00%					50.00%
Statutory surplus reserve appropriated	$ 5,800,000					¥ 37.0
Statutory surplus reserve to its subsidiaries registered capital (as percent)	50.00%					50.00%
IMAX China
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Repurchase of common shares (in shares)	119,900	119,900	16,800	16,800
Stock acquired, average cost per share (in dollars per share) \| (per share)	$ 0.95	$ 7.43	$ 0.91	$ 7.11
Repurchase of common shares, value	$ 100,000	$ 0.9	$ 100,000	$ 0.1
Stock repurchase program, maximum percentage of shares to be repurchased (as percent)							10.00%	10.00%
Stock repurchase program, authorized number of shares							34,000,845	33,959,314
Parent
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Repurchase of common shares (in shares)	1,166,370	1,166,370	1,604,420	1,604,420
Stock acquired, average cost per share (in dollars per share) \| $ / shares	$ 13.99		$ 16.45
Repurchase of common shares, value \| $	$ 16,300,000		$ 26,400,000
Settlement Occurred \| Parent
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Repurchase of common shares (in shares)			108,393	108,393
Maximum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share repurchase program, authorized, amount \| $	$ 400,000,000
Employee Stock Option
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Reserved common shares for future issuance (in shares)	5,032,849		5,538,873			5,032,849
Options outstanding (in shares)	2,469,238		3,329,422			2,469,238
Income tax benefit from stock based compensation \| $	$ 0		$ 0		$ 100,000
Intrinsic value of options outstanding \| $	5,300,000
Intrinsic value of options exercised \| $	$ 900,000		0		0
Options fully vested and unvested, weighted average remaining contractual life	2 years	2 years
Share based compensation expense \| $	$ 0		$ 84,000		$ 572,000
Antidilutive shares issuable upon exercise of stock options and vesting of restricted share units and performance stock units	920	920	3,329,422	3,329,422	3,604,739
Employee Stock Option \| Maximum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock based awards expiration period or remaining contractual life	10 years	10 years
PSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of shares outstanding (in shares)	1,097,634		922,621		931,716	1,097,634			613,405
Share-based compensation arrangement by share-based payment award, award vesting period	3 years	3 years
RSU awards, granted to non-employees	580,336	580,336	585,602	585,602	359,138
Share-based compensation arrangement by share-based Payment award, equity instruments other than options, vested in period (in shares)	316,226	316,226	368,602	368,602	0
Forfeited (in shares)	89,097	89,097	226,095	226,095	40,827
Vested and settled (in dollars per share) \| $ / shares	$ 19.71		$ 16.92		$ 0
Share based compensation expense \| $	$ 8,619,000		$ 7,859,000		$ 8,306,000
Awards vesting percentage (as percent)	175.00%	175.00%
Tax expense (benefits) realized \| $	$ 200,000		$ 300,000		$ 0
Antidilutive shares issuable upon exercise of stock options and vesting of restricted share units and performance stock units	796,186	796,186	31,843	31,843	281,262
PSUs \| Award Year 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Awards vesting percentage (as percent)	150.00%	150.00%
PSUs \| Maximum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Awards vesting percentage (as percent)	175.00%	175.00%
PSUs \| Maximum \| EBITDA
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock, shares issued (in shares)	1,870,888					1,870,888
PSUs \| Minimum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Awards vesting percentage (as percent)	0.00%	0.00%
RSUs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of shares outstanding (in shares)	1,465,977		1,286,830		1,252,044	1,465,977			1,457,883
Restricted stock unit economic equivalent	1	1
Tax benefits realized \| $	$ 700,000		$ 800,000		$ 900,000
Accrued liabilities \| $	$ 2,600,000		$ 2,700,000
RSU awards, granted to non-employees	950,342	950,342	900,199	900,199	708,313
Share-based compensation arrangement by share-based Payment award, equity instruments other than options, vested in period (in shares)	703,419	703,419	747,132	747,132	800,231
Forfeited (in shares)	67,776	67,776	118,281	118,281	113,921
Vested and settled (in dollars per share) \| $ / shares	$ 18.63		$ 18.65		$ 19.10
Share based compensation expense \| $	$ 12,924,000		$ 12,612,000		$ 15,498,000
Antidilutive shares issuable upon exercise of stock options and vesting of restricted share units and performance stock units	416,778	416,778	18,877	18,877	637,120
RSUs \| Advisor
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of shares outstanding (in shares)	23,501					23,501
RSU awards, granted to non-employees	24,982	24,982	0	0	0
Forfeited (in shares)	9,250	9,250
Vested and settled (in dollars per share) \| $ / shares	$ 17.01
Share based compensation expense \| $	$ 300,000
RSUs \| Advisor \| Share-Based Payment Arrangement, Tranche One
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation arrangement by share-based Payment award, equity instruments other than options, vested in period (in shares)	1,481	1,481
RSUs \| Advisor \| Share-Based Payment Arrangement, Tranche Two
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	4 months	4 months
Share-based compensation arrangement by share-based Payment award, equity instruments other than options, vested in period (in shares)	14,251	14,251
RSUs \| Directors
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
RSU awards, granted to non-employees	73,533	73,533	63,443	63,443	54,082
Vested and settled (in dollars per share) \| $ / shares	$ 15.91		$ 18.44		$ 17.01
Share based compensation expense \| $	$ 1,200,000		$ 1,200,000		$ 900,000
RSUs \| Maximum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	3 years	3 years
Percentage of common shares authorized (as percent)	5.00%	5.00%
RSUs \| Minimum
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	1 year	1 year
IMAX China Stock Options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense \| $	$ 0		$ 0		$ 100,000
Options contractual life extension					1 year

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue by Segment

The following tables summarize the Company’s revenues by type and reportable segment for the years ended December 31, 2024, 2023, and 2022:


	Years Ended December 31, 2024
(In thousands of U.S. Dollars)	Technology Sales		Image Enhancement and Maintenance Services		Technology Rentals		Finance Income		Total
Content Solutions Segment:
Film Remastering and Distribution	$	—	$	100,545	$	—	$	—	$	100,545
Other Content Solutions	—		23,964		222		—		24,186
Sub-total	—		124,509		222		—		124,731
Technology Products and Services Segment:
System Sales	82,480		—		—		—		82,480
System Rentals	—		—		62,331		—		62,331
Maintenance	—		61,565		—		—		61,565
Finance Income	—		—		—		9,686		9,686
Sub-total	82,480		61,565		62,331		9,686		216,062
Sub-total for reportable segments	82,480		186,074		62,553		9,686		340,793
All Other	5,285		6,123		7		—		11,415
Total	$	87,765	$	192,197	$	62,560	$	9,686	$	352,208


	Years Ended December 31, 2023
(In thousands of U.S. Dollars)	Technology Sales		Image Enhancement and Maintenance Services		Technology Rentals		Finance Income		Total
Content Solutions Segment:
Film Remastering and Distribution	$	—	$	118,637	$	—	$	—	$	118,637
Other Content Solutions	—		8,061		—		—		8,061
Sub-total	—		126,698		—		—		126,698
Technology Products and Services Segment:
System Sales	93,271		—		—		—		93,271
System Rentals	—		—		75,566		—		75,566
Maintenance	—		56,737		—		—		56,737
Finance Income	—		—		—		8,729		8,729
Sub-total	93,271		56,737		75,566		8,729		234,303
Sub-total for reportable segments	93,271		183,435		75,566		8,729		361,001
All Other	7,521		6,317		—		—		13,838
Total	$	100,792	$	189,752	$	75,566	$	8,729	$	374,839


	Years Ended December 31, 2022
(In thousands of U.S. Dollars)	Technology Sales		Image Enhancement and Maintenance Services		Technology Rentals		Finance Income		Total
Content Solutions Segment:
Film Remastering and Distribution	$	—	$	94,867	$	—	$	—	$	94,867
Other Content Solutions	—		6,935		18		—		6,953
Sub-total	—		101,802		18		—		101,820
Technology Products and Services Segment:
System Sales	65,510		—		—		—		65,510
System Rentals	—		—		61,768		—		61,768
Maintenance	—		56,608		—		—		56,608
Finance Income	—		—		—		8,482		8,482
Sub-total	65,510		56,608		61,768		8,482		192,368
Sub-total for reportable segments	65,510		158,410		61,786		8,482		294,188
All Other	3,648		2,969		—		—		6,617
Total	$	69,158	$	161,379	$	61,786	$	8,482	$	300,805

Income Taxes - Schedule of Reconciliation of Income Tax Expense to Statutory Rates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Amount
Income tax (expense) benefit at combined statutory rates	$ (9,990)	$ (12,221)	$ 2,596
(Increase) decrease in valuation allowance	(3,481)	732	(16,848)
Changes to tax reserves	1,374	387	1,643
U.S. federal and state taxes	(362)	(250)	(86)
Withholding taxes	(3,938)	(5,206)	(3,825)
Income tax at different rates in foreign and other provincial jurisdictions	2,324	3,144	3,872
Investment and other tax credits	1,169	379	752
Changes to deferred tax assets and liabilities resulting from tax return and other adjustments	3,604	(273)	2,278
Internal asset sale	(4,037)	0	0
Other items included in tax benefit (expense)	267	257	(490)
Income tax expense	$ (4,996)	$ (13,051)	$ (10,108)
Rate
Income tax (expense) benefit at combined statutory rates	26.50%	26.50%	26.50%
(Increase) decrease in valuation allowance	9.20%	(1.60%)	(172.50%)
Changes to tax reserves	(3.60%)	(0.80%)	16.80%
U.S. federal and state taxes	1.00%	0.50%	(0.90%)
Withholding taxes	10.50%	11.30%	(39.20%)
Income tax at different rates in foreign and other provincial jurisdictions	(6.20%)	(6.80%)	39.60%
Investment and other tax credits	(3.10%)	(0.80%)	7.70%
Changes to deferred tax assets and liabilities resulting from tax return and other adjustments	(9.60%)	0.60%	23.30%
Internal asset sale	(10.70%)	0.00%	0.00%
Other items included in tax benefit (expense)	(0.70%)	(0.60%)	(4.90%)
Income tax expense	13.30%	28.30%	(103.60%)

Capital Stock and Reserves - Summary of Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Stock options outstanding, beginning of year (in shares)	3,329,422	3,604,739	3,736,157
Granted (in shares)	0	0	0
Exercised (in shares)	(248,763)	0	0
Forfeited (in shares)	0	0	(796)
Expired (in shares)	(607,114)	(275,317)	(126,569)
Cancelled (in shares)	(4,307)	0	(4,053)
Stock options outstanding, end of year (in shares)	2,469,238	3,329,422	3,604,739
Weighted Average Exercise Price Per Share
Stock options outstanding, beginning of period (in dollars per share)	$ 26.23	$ 26.36	$ 26.61
Grants (in dollars per share)	0	0	0
Exercised (in dollars per share)	21.27	0	0
Forfeited (in dollars per share)	0	0	22.49
Exercised (in dollars per share)	28.15	27.95	33.61
Cancelled (in dollars per share)	22.70	0	27.92
Stock options outstanding, end of period (in dollars per share)	$ 26.27	$ 26.23	$ 26.36
Stock options exercisable, end of period, number of shares (in shares)	2,469,238	3,329,422	3,523,335
Stock options exercisable, end of period, weighted average exercise price (in dollars per share)	$ 26.27	$ 26.23	$ 26.45

Variable Consideration Receivable from Contracts With Customers - Schedule of Variable Consideration Receivable from Contracts With Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 64,338	$ 44,024	$ 44,218
Variable consideration for newly recognized sales	25,485	28,580	7,109
Accretion to finance income	3,810	2,644	1,846
Transferred to receivables from variable consideration assets	(13,884)	(10,887)	(9,621)
Changes in variable consideration estimates	2,327	0	0
Changes in allowance for credit losses	517	(23)	472
Ending balance	$ 82,593	$ 64,338	$ 44,024

Financial Instruments

12 Months Ended

Dec. 31, 2024

Investments, All Other Investments [Abstract]

Financial Instruments

21. Financial Instruments

Financial Instruments

The Company maintains cash with various major financial institutions. The Company’s cash is invested with highly rated financial institutions. The Company’s $100.6 million balance of cash and cash equivalents as of December 31, 2024 (December 31, 2023 — $76.2 million) included $85.4 million in cash held outside of Canada (December 31, 2023 — $68.5 million), of which $47.5 million was held in the PRC (December 31, 2023 — $30.0 million).

Fair Value Measurements

The carrying values of the Company’s Cash and Cash Equivalents, Accounts Receivable, Variable Consideration, Accounts Payable, and Accrued Liabilities due within one year approximate their fair values due to the short-term maturity of these instruments. Including these instruments, the Company’s financial instruments consist of the following:


	As of December 31, 2024				As of December 31, 2023
(In thousands of U.S. Dollars)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Level 1
Cash and cash equivalents(1)	$	100,592	$	100,592	$	76,200	$	76,200

Level 2
Net financed sales receivables(3)	$	90,546	$	81,876	$	97,615	$	96,500
Net investment in sales-type leases(3)	29,339		25,322		29,539		28,751
Equity securities(1)	1,000		1,000		1,000		1,000
COLI(4)	3,649		3,649		3,522		3,522
Foreign exchange contracts — designated forwards(2)	(2,029)		(2,029)		819		819
Wells Fargo Credit Facility borrowings(1)	(37,000)		(37,000)		(24,000)		(24,000)


Federal Economic Development Loan(3)	(1,765)		(1,765)		(2,498)		(2,498)
Convertible Notes(5)	(230,000)		(234,009)		(230,000)		(205,850)
(1)Recorded at cost, which approximates fair value. (2)Fair value is determined using quoted prices in active markets. (3)Fair value is estimated based on discounting future cash flows at currently available interest rates with comparable terms. (4)Measured at cash surrender value, which approximates fair value, for the company-owned life insurance (“COLI”) (5)Fair value is determined using quoted market prices that are observable in the market or that could be derived from observable market data.

Foreign Exchange Risk Management

The Company is exposed to market risk from changes in foreign currency rates.

A majority of the Company’s revenues is denominated in U.S. Dollars while a significant portion of its costs and expenses is denominated in Canadian Dollars. A portion of the Company’s net U.S. Dollar cash is converted to Canadian Dollars to fund Canadian Dollar expenses through the spot market. In China and Japan, the Company has ongoing operating expenses related to its operations in RMB and Japanese Yen, respectively. Net cash flows are converted to and from U.S. Dollars through the spot market. The Company also has cash receipts under leases denominated in RMB, Japanese Yen, Canadian Dollars, and Euros which are converted to U.S. Dollars through the spot market. In addition, because IMAX films generate box office in 90 different countries, unfavorable exchange

rates between applicable local currencies and the U.S. Dollar could have an impact on box office receipts and the Company’s revenues and results of operations. The Company’s policy is to not use any financial instruments for trading or other speculative purposes.

The Company has entered into a series of foreign currency forward contracts to manage the risks associated with the volatility of foreign currencies. Certain of these foreign currency forward contracts met the criteria required for hedge accounting under the Derivatives and Hedging Topic of the FASB ASC at inception, and continued to meet hedge effectiveness tests as of December 31, 2024 (the “Foreign Currency Hedges”), with settlement dates throughout 2025 and 2026. Foreign currency derivatives are recognized and measured on the Consolidated Balance Sheets at fair value. Changes in the fair value (i.e., gains or losses) are recognized in the Consolidated Statements of Operations except for derivatives designated and qualifying as foreign currency cash flow hedging instruments. The Company currently has cash flow hedging instruments associated with Selling, General and Administrative Expenses. For foreign currency cash flow hedging instruments related to Selling, General and Administrative Expenses, the effective portion of the gain or loss in a hedge of a forecasted transaction is reported in Accumulated Other Comprehensive Loss and reclassified to the Consolidated Statements of Operations when the forecasted transaction occurs. Any ineffective portion is recognized immediately in the Consolidated Statements of Operations.

The following tabular disclosures reflect the impact that derivative instruments and hedging activities have on the Company’s Consolidated Financial Statements:

Notional value of foreign exchange contracts:


	As of December 31,
(In thousands of U.S. Dollars)	2024		2023
Derivatives designated as hedging instruments:
Foreign exchange contracts — Forwards	$	48,376	$	40,563

Fair value of derivatives in foreign exchange contracts:


		As of December 31,
(In thousands of U.S. Dollars)	Balance Sheet Location	2024		2023
Derivatives designated as hedging instruments:
Foreign exchange contracts — Forwards	Other assets	$	—	$	846
	Accrued and other liabilities	(2,029)		(27)
		$	(2,029)	$	819

Derivatives in foreign currency hedging relationships are as follows:


		Years Ended December 31,
(In thousands of U.S. Dollars)		2024		2023		2022
Foreign exchange contracts — Forwards	Derivative (Loss) Gain Recognized in OCI (Effective Portion)	$	(3,455)	$	575	$	(1,323)


		Years Ended December 31,
(In thousands of U.S. Dollars)	Location of Derivative Loss Reclassified from AOCI (Effective Portion)	2024		2023		2022
Foreign exchange contracts — Forwards	Selling, general and administrative expenses	$	(607)	$	(892)	$	(596)

The Company’s estimated net amount of the existing loss as of December 31, 2024 is $2.0 million (2023 — $0.6 million), which is expected to be reclassified to earnings within the next twelve months.

Investments in Equity Securities

As of December 31, 2024, the Company held investments in the preferred shares of enterprises which meet the criteria for classification as an equity security carried at historical cost, net of impairment charges. The carrying value of these equity security investments was $1.0 million as of December 31, 2024 (December 31, 2023 — $1.0 million) and is recorded in Other Assets.

Interest in Film

In 2022, IMAX (Shanghai) Culture and Technology Co., Ltd, a former wholly-owned subsidiary of IMAX China, entered into a joint film investment agreement with Wanda Film (Horgos) Co. Ltd. to invest RMB 30.0 million ($4.7 million) in the movie Mozart from Space, which was released on July 15, 2022. Pursuant to the investment agreement, IMAX (Shanghai) Culture and Technology Co., Ltd. has the right to receive a share of the profits or losses of the film distribution. IMAX (Shanghai) Culture and Technology Co., Ltd.’s commitment is limited to its investment and has no further obligation if the actual movie production cost exceeds the original budget. The investment meets the criteria for classification as a financial asset. The investment is measured at amortized cost less impairment losses.

In 2022, the Company recognized a full impairment of its RMB 30.0 million ($4.5 million) investment in Mozart from Space based on projected box office results and distribution costs. Upon conclusion of the film run, in 2023, the Company received proceeds of $0.3 million.

No contributions to film investments were made in 2024.

Capital Stock - Schedule of Expenses Related to PSUs Grants Issued to Employees and Directors in Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 22,821	$ 23,551	$ 27,013
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 8,619	$ 7,859	$ 8,306

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Lease Arrangements - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Assets:
Operating lease right-of-use assets	$ 10,019	$ 10,599
Finance lease right-of-use assets	$ 1,022	$ 1,420
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net of accumulated depreciation	Property, plant and equipment, net of accumulated depreciation
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net of accumulated depreciation	Property, plant and equipment, net of accumulated depreciation
Liabilities:
Operating lease liabilities	$ 11,861	$ 12,702
Finance lease liabilities	$ 0	$ 518
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued and other liabilities	Accrued and other liabilities
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued and other liabilities	Accrued and other liabilities
Upfront payment made upon execution of finance lease	$ 0	$ 0

Income Taxes - Schedule of Income Tax Effect on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes Disclosure [Line Items]
Amortization of defined benefit and postretirement benefit plans	$ 204	$ 175	$ 0
Amortization of prior service cost	0	0	(48)
Unrealized change in cash flow hedging instruments	892	(151)	346
Realized change in cash flow hedging instruments	(160)	(234)	(156)
Total	949	(181)	(818)
SERP Benefits
Income Taxes Disclosure [Line Items]
Unrealized (defined) postretirement benefit plans actuarial (gain) loss	(7)	(20)	198
Postretirement Benefits Executives
Income Taxes Disclosure [Line Items]
Unrealized (defined) postretirement benefit plans actuarial (gain) loss	$ (6)	$ (9)	$ 762

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

+ Details

Receivables - Schedule of Allowance For Credit Losses Related to Variable Consideration Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 9,617	$ 10,945
Current year (reversal) provision, net	572	(1,644)
Foreign exchange	(28)	316
Ending balance	10,161	9,617
Theater Operators
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	633	610
Current year (reversal) provision, net	(513)	35
Foreign exchange	(4)	(12)
Ending balance	$ 116	$ 633

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment


	As of December 31, 2024
(In thousands of U.S. Dollars)	Cost		Accumulated Depreciation		Net Book Value
Equipment leased or held for use:
IMAX System components(1)(2)(3)	$	331,412	$	184,297	$	147,115
Camera and connectivity equipment	9,400		6,280		3,120
Sub-total	340,812		190,577		150,235
Assets under construction(4)	15,110		—		15,110
Right-of-use assets(5)	12,421		1,380		11,041
Other property, plant and equipment:
Land	8,203		—		8,203
Buildings	81,258		36,029		45,229
Office and production equipment(6)	41,380		33,872		7,508
Leasehold improvements	6,858		4,051		2,807
Sub-total	137,699		73,952		63,747
Total	$	506,042	$	265,909	$	240,133


	As of December 31, 2023
(In thousands of U.S. Dollars)	Cost		Accumulated Depreciation		Net Book Value
Equipment leased or held for use:
IMAX System components(1)(2)(3)	$	334,323	$	192,069	$	142,254
Camera and connectivity equipment	9,077		5,053		4,024
Sub-total	343,400		197,122		146,278
Assets under construction(4)	20,125		—		20,125
Right-of-use assets(5)	13,545		1,526		12,019
Other property, plant and equipment:					—
Land	8,203		—		8,203
Buildings	81,374		33,748		47,626
Office and production equipment(6)	38,223		31,891		6,332
Leasehold improvements	7,926		5,210		2,716
Sub-total	135,726		70,849		64,877
Total	$	512,796	$	269,497	$	243,299
(1)Included in system components are assets with costs of $1.4 million (2023 — $1.4 million) and accumulated depreciation of $1.4 million (2023 — $1.2 million) that are leased to customers under operating leases. (2)Included in system components are assets with costs of $313.9 million (2023 — $317.8 million) and accumulated depreciation of $171.4 million (2023 — $181.2 million) that are used in JRSAs. (3)In 2024, the Company recorded charges of $3.4 million (2023 — $0.8 million; 2022 — $1.0 million) in Costs and Expenses Applicable to Technology Rentals mostly related to the write-down of systems under JRSAs resulting from contract amendments. (4)Included in assets under construction are components with costs of $6.9 million (2023 — $16.4 million) that will be utilized to construct assets to be used in JRSAs. (5)The right-of-use assets primarily include operating leases for office and warehouse space. (6)Fully depreciated office and production equipment is still in use by the Company. In 2024, the Company identified and wrote off $0.7 million (2023 — $2.4 million) of office and production equipment that was fully depreciated and no longer in use.

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 26,500
Revenue recognized during period	44,500	$ 43,100
Deferred revenue	$ 52,686	67,105	$ 70,900
Maintenance Services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation		$ 22,800	$ 21,000

Receivables - Schedule of Net Investment in Leases by Credit Quality Indicator (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Net investment in leases:
Year One	$ 3,469	$ 2,197
Year Two	3,190	3,752
Year Three	3,483	9,703
Year Four	9,425	3,355
Year Five	3,440	6,898
Prior	6,996	4,087
Present value of minimum payments due under sales-type leases	30,003	29,992
In good standing
Net investment in leases:
Year One	3,469	2,197
Year Two	3,190	3,262
Year Three	3,057	6,241
Year Four	6,625	2,173
Year Five	1,963	1,677
Prior	1,931	1,376
Present value of minimum payments due under sales-type leases	20,235	16,926
Credit Watch
Net investment in leases:
Year One	0	0
Year Two	0	490
Year Three	0	0
Year Four	0	0
Year Five	0	0
Prior	0	313
Present value of minimum payments due under sales-type leases	0	803
Pre-approved transactions
Net investment in leases:
Year One	0	0
Year Two	0	0
Year Three	0	3,462
Year Four	2,800	1,182
Year Five	1,477	5,221
Prior	4,664	1,997
Present value of minimum payments due under sales-type leases	8,941	11,862
Transactions suspended
Net investment in leases:
Year One	0	0
Year Two	0	0
Year Three	426	0
Year Four	0	0
Year Five	0	0
Prior	401	401
Present value of minimum payments due under sales-type leases	$ 827	$ 401

Description of the Business (Details)	Dec. 31, 2024 theaterSystem country multiplex destination institutionalLocation	Dec. 31, 2023 theaterSystem multiplex destination institutionalLocation Country
Description of Business (Textuals) [Abstract]
Number of theater systems \| theaterSystem	1,807	1,772
Number of countries and territories in which entity operates	90	90
Number of commercial multiplexes \| multiplex	1,735	1,693
Number of commercial destinations \| destination	11	12
Number of institutional locations \| institutionalLocation	61	67
IMAX China Noncontrolling Interest
Description of Business (Textuals) [Abstract]
Minority interest ownership percentage by company (as percent)	71.40%	71.55%

Commitments - Schedule of Company's Contractual Obligations and Commitments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Mar. 19, 2021
Purchase obligations
Total Obligation	$ 26,603,000
Less Than One Year	24,136,000
1 to 3 years	2,258,000
3 to 5 years	39,000
Thereafter	170,000
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Total lease payments	13,582,000
Less Than One Year	2,872,000
Thereafter	278,000
Total contractual obligations and commitments
Total Obligation	333,073,000
Less Than One Year	66,274,000
1 to 3 years	262,575,000
3 to 5 years	2,478,000
Thereafter	1,746,000
Convertible Notes
Working Capital Facility
Total Obligation	231,725,000
Less Than One Year	1,150,000
1 to 3 years	230,575,000
3 to 5 years	0
Thereafter	$ 0
Total contractual obligations and commitments
Debt instrument, term	36 months
Debt instrument, annual interest rate	0.50%	0.50%
Debt instrument, principal amount	$ 230,000,000.0	$ 230,000,000
Wells Fargo Facility
Total contractual obligations and commitments
Total Obligation	37,000,000
Less Than One Year	37,000,000
1 to 3 years	0
3 to 5 years	0
Thereafter	0
Federal Economic Development Loan
Total contractual obligations and commitments
Total Obligation	2,056,000
Less Than One Year	1,026,000
1 to 3 years	1,030,000
3 to 5 years	0
Thereafter	0
Operating lease obligations
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
Total lease payments	13,582,000
Less Than One Year	2,872,000
1 to 3 years	8,205,000
3 to 5 years	2,227,000
Thereafter	278,000
Finance lease obligations
Finance Leases
Total lease payments	0
Less Than One Year	0
1 to 3 years	0
3 to 5 years	0
Thereafter	0
Pension obligations
Pension and Postretirement benefits obligations
Total	20,298,000
Less Than One Year	0
1 to 3 years	20,298,000
3 to 5 years	0
Thereafter	0
Postretirement benefits obligations
Pension and Postretirement benefits obligations
Total	1,809,000
Less Than One Year	90,000
1 to 3 years	209,000
3 to 5 years	212,000
Thereafter	$ 1,298,000

Consolidated Statements of Operations Supplemental Information (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Selling Expenses, Including Sales Commissions and Marketing and Other Expenses

The following table summarizes the Company’s selling expenses, including sales commissions and marketing and other, which are recognized within Costs and Expenses Applicable to Revenues in the Consolidated Statements of Operations, for the years ended December 31, 2024, 2023, and 2022:


	Years Ended December 31,
	2024				2023				2022
(In thousands of U.S. Dollars)	Sales Commissions		Marketing and Other		Sales Commissions		Marketing and Other		Sales Commissions		Marketing and Other
Technology sales(1)	$	1,478	$	736	$	1,575	$	1,103	$	479	$	810
Image enhancement and maintenance services(2)	—		15,030		—		15,200		—		20,284
Technology rentals(3)	933		2,204		478		734		85		663
Total	$	2,411	$	17,970	$	2,053	$	17,037	$	564	$	21,757
(1)Sales commissions paid prior to the recognition of the related revenue are deferred and recognized upon the client acceptance of the IMAX System. Direct advertising and marketing costs for each IMAX System are expensed as incurred. (2)Film exploitation costs, including advertising and marketing costs are expensed as incurred. (3)Sales commissions related to joint revenue sharing arrangements accounted for operating leases are recognized in the month they are earned by the salesperson, which is typically the month in which the IMAX System is installed, and are subject to subsequent performance-based adjustments. Direct advertising and marketing costs for each IMAX System are expensed as incurred.

The following table presents the Costs and Expenses Applicable to Revenues for the Content Solutions segment that is made available to the CODM as part of the Company’s annual and quarterly financial reporting requirements in accordance with U.S. GAAP:


Content Solutions Segment:	For the years ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Revenue	$	124,731	$	126,698	$	101,820
Film asset amortization	$	24,775	$	20,281	$	16,881
Marketing and other selling expenses	15,030		15,200		20,284
Co-produced film participation expenses	3,292		594		820
Other segment expenses(1)	15,111		16,517		12,595
Total Costs and Expenses Applicable to Revenues	58,208		52,592		50,580
Gross Margin	$	66,523	$	74,106	$	51,240
(1)Included within the Other segment expenses are costs related to film distribution, post production costs, production costs, and network connectivity fees.

The following table presents the Costs and Expenses Applicable to Revenues for the Technology Products and Services reportable segment that is made available to the CODM as part of the Company’s annual and quarterly financial reporting requirements in accordance with U.S. GAAP:


Technology Products and Services Segment:	For the years ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Revenue	$	216,062	$	234,303	$	192,368
Depreciation of equipment supporting JRSAs	22,723		22,857		22,165
Marketing and other selling expenses	2,411		2,053		564
Write-down of equipment supporting JRSAs	3,397		756		973
Write-down of inventory	359		542		741
Other segment expenses(1)	71,619		78,149		66,870
Total Costs and Expenses Applicable to Revenues	100,509		104,357		91,313
Gross Margin	$	115,553	$	129,946	$	101,055
(1)Included within the Other segment expenses are costs related to the manufacturing and build of IMAX Systems recognized in the period, maintenance and warranty costs, and other product related costs.

Employers Pension and Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Projected Benefit Obligation

As of December 31, 2024 and 2023, the projected benefit obligation for SERP was as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023
Projected benefit obligation:
Obligation, beginning of year	$	18,178	$	17,315
Interest cost	803		788
Actuarial (gain) loss	(26)		75
Obligation, end of year and unfunded status	$	18,955	$	18,178

As of December 31, 2024 and 2023, the Company’s Consolidated Balance Sheets included the following amounts within Accrued and Other Liabilities related to the Executive Postretirement Benefit Plan:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023
Projected benefit obligation:
Obligation, beginning of year	$	507	$	457
Interest cost	24		23
Benefits paid	(10)		(10)
Actuarial (gain) loss	(24)		37
Obligation, end of year and unfunded status	$	497	$	507

As of December 31, 2024 and 2023, the Company’s Consolidated Balance Sheets included the following amounts within Accrued and Other Liabilities related to the Canadian Postretirement Benefit Plan:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023
Projected benefit obligation:
Obligation, beginning of year	$	982	$	976
Interest cost	42		48
Benefits paid	(145)		(140)
Actuarial loss	85
Unrealized foreign exchange (gain) loss	(176)		98
Obligation, end of year and unfunded status	$	788	$	982

Schedule of Disclosure of Pension Expense

For the years ended December 31, 2024, 2023, and 2022, the components of pension expense related to the SERP were as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Interest cost	$	803	$	788	$	160
Amortization of prior service cost	—		—		184
Amortization of actuarial gain	(563)		(616)		—
Pension expense	$	240	$	172	$	344

For the years ended December 31, 2024, 2023, and 2022, the components of pension (income) expense related to the Executive Postretirement Benefit Plan were as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Interest cost	$	24	$	23	$	18
Amortization of actuarial gain	(44)		(65)		—
Pension (income) expense	$	(20)	$	(42)	$	18

For the years ended December 31, 2024, 2023, and 2022, the components of pension expense related to the Canadian Postretirement Benefit Plan were as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Interest cost	$	42	$	48	$	46
Amortization of actuarial gain	(13)		(18)		—
Pension expense	$	29	$	30	$	46

Schedule of Accumulated Other Comprehensive (Loss) Income and Components of Net Periodic Benefit Cost in Future Periods


	As of December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Unrealized actuarial gain	$	(2,353)	$	(2,889)	$	(3,580)
Unamortized prior service cost	—		—		—
Net periodic benefit costs to be recognized in future periods	$	(2,353)	$	(2,889)	$	(3,580)


	As of December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Unrealized actuarial gain	$	(120)	$	(140)	$	(242)


	As of December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Unrealized foreign exchange gain	$	(323)	$	(336)	$	(354)

Schedule of Weighted Average Assumptions Used to Determine the Benefit Obligation and Expense

The following assumptions were used to determine the SERP obligation and any related costs as of and for the years ended December 31, 2024, 2023, and 2022:

As of December 31,

2024

2023

2022

Discount rate

4.57

4.42

4.55

Lump sum interest rate:

First 25 years

N/A

First 20 years

N/A

Thereafter

N/A

Cost of living adjustment on benefits

N/A

As of December 31, 2024, 2023, and 2022, the weighted average assumptions used to determine the benefit obligation related to the Executive Postretirement Benefit Plan were as follows:


	As of December 31,
	2024		2023		2022
Discount rate	5.47	%	4.80	%	5.01	%


	Years Ended December 31,
	2024		2023		2022
Discount rate	4.80	%	5.01	%	2.71	%

As December 31, 2024, 2023, and 2022, the weighted average assumptions used to determine the benefit obligation related to the Canadian Postretirement Benefit Plan are as follows:


	As of December 31,
	2024		2023		2022
Discount rate	4.50	%	4.60	%	5.00	%


	Years Ended December 31,
	2024		2023		2022
Discount rate	4.60	%	5.00	%	2.80	%

Schedule of Benefit Payment are Expected in Next Five Year


(In thousands of U.S. Dollars)
2025	$	11
2026	23
2027	25
2028	27
2029	29
Thereafter	922
Total	$	1,037


(In thousands of U.S. Dollars)
2025	$	79
2026	79
2027	82
2028	77
2029	79
Thereafter	376
Total	$	772

Capital Stock - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense	$ 22,821	$ 23,551	$ 27,013
Costs and expenses applicable to revenues
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense	1,173	850	1,156
Selling, general and administrative expenses
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense	20,897	22,534	25,438
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense	751	434	419
Restructuring and other charges
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation expense	$ 0	$ (267)	$ 0

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The Company prepares its Consolidated Financial Statements in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The significant accounting policies used by the Company are summarized below.

Principles of Consolidation

The Consolidated Financial Statements include the accounts of IMAX Corporation together with its consolidated subsidiaries, except for subsidiaries which have been identified as variable interest entities (“VIEs”) where the Company is not the primary beneficiary. All intercompany accounts and transactions have been eliminated. The Company has evaluated its various variable interests to determine whether they are VIEs as required by U.S. GAAP.

The Company has interests in ten film production companies, which have been identified as VIEs. The Company is the primary beneficiary of and consolidates five of these entities as it has the power to direct the activities that most significantly impact the economic performance of the VIE, and it has the obligation to absorb losses or the right to receive benefits from the respective VIE that could potentially be significant. The majority of the assets relating to these production companies are held by the IMAX Original Film Fund (the “Original Film Fund”) as described in “Non-Controlling Interests — Other Non-Controlling Interests” in Note 24. The Company does not consolidate the other five film production companies because it does not have the power to direct their activities and it does not have the obligation to absorb the majority of the expected losses or the right to receive expected residual returns. The Company uses the equity method of accounting for these entities, which continues to not be material to the Company’s Consolidated

Financial Statements. A change in the value of an equity method investment that is other than temporary is recognized in the Consolidated Statements of Operations.

As of December 31, 2024 and 2023, total assets and liabilities of the Company’s consolidated VIEs were as follows:


	December 31,		December 31,
(In thousands of U.S. Dollars)	2024		2023
Total assets	$	1,459	$	1,425
Total liabilities	$	246	$	246

Estimates and Assumptions

The preparation of financial statements and related disclosures in accordance with U.S. GAAP requires management to make judgments, assumptions, and estimates that affect the amounts reported in the Company’s Consolidated Financial Statements and accompanying notes. Management’s judgments, assumptions, and estimates are based on historical experience, future expectations and other factors that are believed to be reasonable as of the date of the Consolidated Financial Statements. Actual results may ultimately differ from management’s original estimates, as future events and circumstances sometimes do not develop as expected, and the differences may be material.

The significant estimates made by management include, but are not limited to: (i) the allocation of the transaction price in an IMAX System arrangement to distinct performance obligations; (ii) the amount of variable consideration to be earned on sales of IMAX Systems based on projections of future box office performance and inflation; (iii) expected credit losses on accounts receivable, financing receivables, and variable consideration receivables; (iv) provisions for the write-down of excess and obsolete inventory; (v) the fair values of the reporting units used in assessing the recoverability of goodwill; (vi) the cash flow projections used in testing the recoverability of long-lived assets such as the system equipment supporting joint revenue sharing arrangements; (vii) the economic lives of the system equipment supporting joint revenue sharing arrangements; (viii) the useful lives of intangible assets; (ix) the ultimate revenue forecasts used to test the recoverability of film assets; (x) the discount rates used to determine the present value of financing receivables, variable consideration and lease liabilities, as well as to determine the fair values of the Company’s reporting units for the purpose of assessing the recoverability of goodwill; (xi) pension plan assumptions; (xii) estimates related to the fair value and projected vesting of share-based payment awards; (xiii) the valuation of deferred income tax assets; and (xiv) reserves related to uncertain tax positions.

Commencing in March 2022, in response to numerous sanctions imposed by the United States, Canada and the European Union on companies transacting in Russia resulting from ongoing conflict between Russia and Ukraine, the Company suspended its operations in Russia. In 2022, the Company recorded provisions for potential credit losses against substantially all of its receivables in Russia due to uncertainties associated with the ongoing conflict. These receivables relate to existing sale agreements as the Company is not party to any joint revenue sharing arrangements in these countries. In addition, exhibitors in Russia and Ukraine were placed on nonaccrual status for maintenance revenue and finance income. In 2023, due to the resumption of operations throughout Ukraine’s exhibition industry, as evidenced by the reopening of all IMAX Systems in Ukraine and payments received from exhibitor customers therein, the Company recognized maintenance revenue and finance income in connection with those theaters. The Company closely monitors geopolitical conflicts (including any government sanctions imposed in response thereto) and its effects on the global economy and the Company.

Cash and Cash Equivalents

The Company considers all highly liquid investments convertible to a known amount of cash and with an original maturity of three months or less to be cash equivalents.

Receivables

The Company develops an estimate of expected credit losses by class of receivable and customer type through a calculation that utilizes historical loss rates which are then adjusted for specific receivables that are judged to have a higher-than-normal risk profile after considering management’s internal credit quality classifications, as well as macro-economic and industry risk factors. The write- off of any billed receivable balance requires the approval of management.

(Refer to Note 4 for more information related to the Company’s receivables and current expected credit losses.)

Inventories

Inventories are carried at the lower of cost, determined on an average cost basis, and net realizable value except for raw materials, which are carried at the lower of cost and replacement cost. Finished goods and work-in-process includes the cost of raw materials, direct labor, theater design costs, and an applicable share of manufacturing overhead costs.

The costs related to IMAX Systems under sale and sales-type lease arrangements are transferred from Inventories to Costs and Expenses Applicable to Revenues – Technology Sales in the period when the sale is recognized in the Consolidated Statements of Operations. The costs related to IMAX Systems under joint revenue sharing arrangements (“JRSA”) are transferred from Inventories to assets under construction in Property, Plant and Equipment when allocated to a signed JRSA.

The Company records write-downs for excess and obsolete inventory based upon management’s judgments regarding future events and business conditions, including the anticipated installation dates for the current backlog of theater system contracts, contracts in negotiation, technological developments, growth prospects within the customers’ ultimate marketplace and anticipated market acceptance of the Company’s current and pending theater IMAX Systems.

Finished goods inventories includes IMAX Systems for which title has passed to the Company’s customer in situations when the IMAX System has been delivered to the customer, but the criteria for revenue recognition were not met as of the balance sheet date.

Film Assets

Film Assets consist of: (i) capitalized costs associated with the digital remastering of films where the copyright is owned by a third party, including labor and allocated overhead, and (ii) capitalized costs associated with the production of films, including labor, allocated overhead, and the cost of acquiring film rights. Production financing provided by third parties that acquire substantive rights in the film is recorded as a reduction of the cost of the film.

Capitalized film costs are amortized and participation costs are accrued to Costs and Expenses Applicable to Revenues using the individual-film-forecast method, which amortizes such costs in the same ratio as the associated ultimate revenue. Estimates of ultimate revenues are prepared on a title-by-title basis and reviewed regularly by management and revised where necessary to reflect the most current information. Ultimate revenues reflect management’s estimates of future revenue over a period not to exceed 10 years following the date of the film’s initial release.

The recoverability of the Company’s film assets is dependent upon the commercial acceptance of the underlying films and the resulting level of box office results and, in certain situations, ancillary revenues. If management’s projections of future net cash flows resulting from the exploitation of a film indicate that the carrying value of the film asset is not recoverable, the film asset is written down to its fair value.

Film exploitation costs, including advertising and marketing, are recorded in Costs and Expenses Applicable to Revenues – Image Enhancement and Maintenance Services as incurred, except for those costs that are made after recognizing revenue, which are recorded when the related revenues are recognized.

Property, Plant and Equipment

Property, Plant and Equipment is recorded at cost and is depreciated on a straight-line basis over the estimated useful lives of the underlying assets as follows:


Theater system components(1)			— Over the equipment’s expected useful life (7 to 20 years)
Camera equipment and connectivity equipment			— Over a period between 5 years to 15 years
Buildings			— Over a period between 20 to 25 years
Office and production equipment			— Over a period between 3 to 5 years
Leasehold improvements			— Over the shorter of the initial term of the underlying lease plus any reasonably assured renewal periods, and the useful life of the asset
(1)Includes equipment under joint revenue sharing arrangements.

The cost of IMAX System components and related equipment expected to be used in future JRSAs, including related direct labor costs and an allocation of direct production costs, are recorded within assets under construction until the underlying IMAX System is installed and in working condition. These assets are depreciated to Costs and Expenses Applicable to Revenues on a straight-line basis over the lesser of the term of the JRSA and the equipment’s expected useful life. The estimated useful lives of the IMAX System components and related equipment used in JRSA are reviewed periodically to determine if any adjustments are required.

Property, Plant and Equipment is grouped at the lowest level for which identifiable cash flows are largely independent and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset (or asset group) may not be recoverable. In such situations, the asset (or asset group) is considered impaired when estimated future cash flows (undiscounted and without interest charges) resulting from the use of the asset (or asset group) and its eventual disposition are less than the carrying value of the asset (or asset group). In such situations, the asset (or asset group) is written down to its fair value, which is the present value of the estimated future cash flows. Factors that are considered when evaluating such assets for impairment include a current expectation that it is more likely than not that the long-lived asset will be sold significantly before the end of its useful life, a significant decrease in the market price of the long-lived asset, and a significant change in the extent or manner in which the long-lived asset is being used.

Other Assets

Other Assets principally include lease incentives provided to certain exhibitor customers under JRSAs classified as an operating lease, as well as sales commissions and other deferred selling expenses that directly relate to the acquisition of the revenue generating contract and are incremental to the Company’s other expenses. To a much lesser extent, Other Assets also includes various investments and foreign currency derivatives.

Capitalized lease incentives are amortized on a straight-line basis over the term of the lease and are recorded within Costs and Expenses Applicable to Revenues — Technology Rentals. Sales commissions and other selling expenses paid prior to the recognition of the related revenue are deferred and recognized within Costs and Expenses Applicable to Revenues upon the client acceptance of the IMAX System or the abandonment of the sale arrangement. Foreign currency derivatives are accounted for at fair value using quoted prices in active markets.

In periods when there are no outstanding borrowings under the Company’s revolving credit facility arrangements, any related debt issuance costs are recorded within Other Assets and amortized on a straight-line basis over the term of the facility. In periods when there are outstanding borrowings under the Company’s revolving credit facility arrangements, any related debt issuance costs are reclassified to reduce the principal amount of outstanding borrowings and amortized on a straight-line basis over the term of the facility. (Refer to Note 13 for information related to the Company’s borrowings.)

Goodwill

Goodwill represents the excess of the purchase price paid over the fair value of net assets acquired in a business combination. Goodwill is not amortized, but is tested annually for impairment at the reporting unit level in the fourth quarter of the year and between annual tests if indicators of potential impairment exist. These indicators could include a decline in the Company’s stock price and market capitalization, a significant change in the outlook for the reporting unit’s business, including projections of future box office results and IMAX System installations, lower than expected operating results, increased competition, legal factors, or the sale or disposition of a significant portion of a reporting unit. For reporting units with goodwill, an impairment loss is recognized for the amount by which the reporting unit’s carrying value, including goodwill, exceeds its fair value. The carrying value of each reporting unit is based on a systematic and rational allocation of certain assets and liabilities. The fair value of each reporting unit is assessed using a discounted cash flow model based on management’s current short-term forecast and estimated long-term projections, against which various sensitivity analyses are performed. The discount rates used in the cash flow model are derived based on the Company’s estimated weighted average cost of capital. These estimates and the likelihood of future changes in these estimates depend on a number of underlying variables and a range of possible outcomes.

Other Intangible Assets

Other intangible assets with finite lives are generally amortized on a straight-line basis over estimated useful lives ranging from 3 to 20 years, except for intangible assets that have an identifiable pattern of consumption of the economic benefit of the asset. Such intangible assets are amortized over the consumption pattern.

Research and development acquired in a business combination is measured at fair value using market-participant assumptions and is initially classified as an indefinite-lived intangible asset. The in-process intangible research and development (“IPR&D”) assets are considered indefinite-lived until the abandonment or completion of the associated research and development efforts. If the acquired IPR&D project is abandoned, the related intangible would be written off or impaired. Once the IPR&D activities are completed, management would determine the useful lives and the methods of amortization of the related intangible assets.

The Company capitalizes costs associated with internally developed and/or purchased software systems for internal use that have reached the application development stage. Capitalized costs include external direct costs of materials and services utilized in developing or obtaining internal-use software and payroll and payroll-related expenses for employees who are directly associated with and allocate time to the internal-use software project. Capitalization of such costs begins when the preliminary project stage is complete and ceases no later than the point at which the project is substantially complete and ready for its intended purpose. Costs

incurred during the preliminary project and post-implementation stages are charged to expense. These capitalized costs are amortized on a straight-line basis over the estimated useful life.

Intangible Assets are grouped at the lowest level for which identifiable cash flows are largely independent and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset (or asset group) may not be recoverable. In such situations, the asset (or asset group) is considered impaired when estimated future cash flows (undiscounted and without interest charges) resulting from the use of the asset (or asset group) and its eventual disposition are less than the carrying value of the asset (or asset group). In such situations, the asset (or asset group) is written down to its fair value, which is the present value of the estimated future cash flows. Factors that are considered when evaluating intangible assets for impairment include a current expectation that it is more likely than not that the intangible asset will be sold significantly before the end of its useful life, a significant decrease in the market price of the intangible asset, and a significant change in the extent or manner in which the intangible asset is being used.

Deferred Revenue

In instances where the Company receives consideration prior to satisfying its performance obligations, the recognition of revenue is deferred. The majority of the Deferred Revenue balance relates to payments received by the Company for IMAX Systems where control of the system has not transferred to the customer. The Deferred Revenue balance related to an individual location increases as progress payments are made and is then derecognized when the Company satisfies its performance obligations. To a lesser extent, the Deferred Revenue balance also relates to situations when an exhibitor customer pays the contractual maintenance fee prior to the recognition of revenue and fixed payments received for IMAX Systems under JRSAs which are recognized as revenue on a straight-line basis over the lease term.

Statutory Surplus Reserve

Pursuant to the corporate law of the People’s Republic of China (“PRC”), entities registered in the PRC are required to maintain certain statutory reserves, which are appropriated from after-tax profits, after offsetting accumulated losses from prior year and before dividends can be declared or paid to equity holders.

The Company’s PRC subsidiaries are required to appropriate 10% of statutory net profits to statutory surplus reserves, upon distribution of their after-tax profits. The Company’s PRC subsidiaries may discontinue the appropriation of statutory surplus reserves when the aggregate sum of the statutory surplus reserve is more than 50% of their registered capital. The statutory surplus reserve is non-distributable other than during liquidation and may only be used to fund losses from prior years, to expand production operations, or to increase the capital of the subsidiaries. In addition, the subsidiaries may make further contribution to a discretionary surplus reserve using post-tax profits in accordance with resolutions of the Board of Directors.

Income Taxes

Income taxes are accounted for under the liability method whereby deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the accounting and tax bases of assets and liabilities. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or laws is recognized in the Company’s Consolidated Financial Statements in the period in which the change is enacted. Investment tax credits are recognized as a reduction of income tax expense.

The Company assesses the realization of deferred income tax assets and based on all available evidence, concludes whether it is more likely than not that the net deferred income tax assets will be realized. A valuation allowance is provided for the amount of deferred income tax assets not considered to be realizable in the current period. In assessing the need for a valuation allowance, management considers, among other things, projections of future taxable income and ongoing prudent and feasible tax planning strategies. If management determines that sufficient negative evidence exists, then management will consider recording a valuation allowance against a portion or all of the deferred tax assets in that jurisdiction. If, after recording a valuation allowance, management’s projections of future taxable income and other positive evidence considered in evaluating the need for a valuation allowance prove, with the benefit of hindsight, to be inaccurate, it could prove more difficult to support the realization of these deferred tax assets. As a result, an additional valuation allowance could be required, which would have an adverse impact on the Company’s effective income tax rate and results. Conversely, if, after recording a valuation allowance, management determines that sufficient positive evidence exists in the jurisdiction in which a valuation allowance is recorded, the Company may reverse all or a portion of the valuation allowance in that jurisdiction. In such situations, the adjustment made to the deferred tax asset would have a favorable impact on the Company’s effective income tax rate and results in the period such determination was made.

The Company is subject to ongoing tax exposures, examinations and assessments in various jurisdictions. Tax benefits are recognized only when it is more likely than not, based on the technical merits, that the benefits will be sustained on examination. Tax benefits that meet the more likely than not recognition threshold are measured using a probability weighting of the largest amount of tax benefit that has greater than 50% likelihood of being realized upon settlement. Whether the more likely than not recognition threshold is met for a particular tax benefit is a matter of judgment based on the individual facts and circumstances evaluated in light of all available evidence as of the balance sheet date. Although management believes that the Company has adequately accounted for its uncertain tax positions, tax audits can result in subsequent assessments where the ultimate resolution may result in the Company owing additional taxes above what was originally recognized in its financial statements.

Tax reserves for uncertain tax positions are adjusted by the Company to reflect its best estimate of the outcome of examinations and assessments and in light of changing facts and circumstances, such as the completion of a tax audit, expiration of a statute of limitations, the refinement of an estimate, and interest accruals associated with the uncertain tax positions until they are resolved. Some of these adjustments require significant judgment in estimating the timing and amount of the additional tax expense.

Revenue Recognition

IMAX Systems

The Company evaluates each of the performance obligations in an IMAX System arrangement to determine which are considered distinct, either individually or in a group, for accounting purposes and which of the deliverables represent separate performance obligations.

The Company’s “System Obligation” consists of the following: (i) an IMAX System, which includes the projector, sound system, screen system and, if applicable, a 3D glasses cleaning machine; (ii) services associated with the IMAX System, including auditorium design support, the supervision of installation services, and projectionist training; and (iii) a license to use the IMAX brand to market the auditorium. The System Obligation, as a group, is a distinct performance obligation. The Company is not responsible for the physical installation of the equipment in the customer’s facility; however, it supervises the installation by the customer. The customer has the right to use the IMAX brand from the date the Company and the customer enter into an arrangement.

IMAX System arrangements also include a requirement for the Company to provide maintenance services and an extended warranty over the life of the arrangement in exchange for an annual maintenance fee, which is subject to a consumer price index increase on renewal each year. Consideration related to the provision of maintenance services is included in the allocation of the transaction price to the separate performance obligations in the arrangement at contract inception, as discussed in more detail below. The Company’s maintenance services are a stand ready obligation and, as a result, are recognized on a straight-line basis annually throughout the contract term.

The transaction price in an IMAX System arrangement is allocated to each good or service that is identified as a separate performance obligation based on estimated standalone selling prices. This allocation is based on observable prices when the Company sells the goods or services separately. The Company has established standalone prices for the System Obligation and maintenance and extended warranty services, as well as for film license arrangements. The Company uses an adjusted market assessment approach for separate performance obligations that do not have standalone selling prices or third-party evidence of estimated standalone selling prices. The Company considers multiple factors including its historical pricing practices, product class, market competition and geography.

IMAX System arrangements involve either the lease or the sale of an IMAX System. The transaction price for the System Obligation, other than for IMAX Systems delivered pursuant to joint revenue sharing arrangements, consist of upfront or initial payments made before and after the final installation of the system and ongoing payments throughout the term of the arrangement. The Company estimates the transaction price, including an estimate of future variable consideration, received in exchange for the goods delivered or services rendered. The arrangement for the sale of an IMAX System includes indexed minimum payment increases over the term of the arrangement, as well as the potential for additional payments owed by the exhibitor customer if certain minimum box office receipt thresholds are exceeded. In addition, hybrid sales arrangements include amounts owed by the exhibitor customer based on a percentage of their box office receipts over the term of the arrangement. These contract provisions are considered to be variable consideration. An estimate of the present value of such variable consideration is recognized as revenue upon the transfer of control of the System Obligation to the customer, subject to constraints to ensure that there is not a risk of significant revenue reversal. This estimate is based on management’s box office projections for the individual location, which are developed using historical data for the location and, if necessary, comparable theaters and territories (see “Constraints on the Recognition of Variable Consideration” below). Transfer of control of the System Obligation occurs at the earlier of client acceptance of the installation of the IMAX System, including projectionist training, and the opening of the location to the public, as discussed in more detail below.

IMAX System arrangements are non-cancellable unless the Company fails to perform its obligations. In the absence of a material default by the Company, there is no right to any remedy for the customer under the Company’s arrangements. If a material default by the Company exists, the customer has the right to terminate the arrangement and seek a refund only if the customer provides notice to the Company of a material default and only if the Company does not cure the default within a specified period.

Sales Arrangements

For IMAX System arrangements that qualify as a sale, the transaction price allocated to the System Obligation is recognized in the Consolidated Statements of Operations upon the transfer of control of the system to the customer, which is when all of the following conditions have been met: (i) the projector, sound system, and screen system have been installed and are in full working condition, (ii) the 3D glasses cleaning machine, if applicable, has been delivered, (iii) projectionist training has been completed, and (iv) the earlier of (a) the receipt of written customer acceptance certifying the completion of installation and run-in testing of the equipment and the completion of projectionist training or (b) the public opening of the IMAX System.

The initial revenue recognized in a sales arrangement consists of payments received before and in connection with the installation of the IMAX System and the present value of any future payments, including ongoing fixed minimum payments, which are subject to indexed increases over the term of the arrangement, and potential additional payments owed by the customer if certain minimum box office receipt thresholds are exceeded. In addition, hybrid sales arrangements include amounts owed by the customer based on a percentage of their box office receipts over the term of the arrangement. Potential payments based on the future box office receipts of the customer are considered to be variable consideration. An estimate of the present value of such variable consideration is recognized as revenue upon the transfer of control of the System Obligation to the customer, subject to constraints to ensure that there is not a risk of significant revenue reversal (see “Constraints on the Recognition of Variable Consideration” below).

The Company has also agreed, on occasion, to sell equipment under lease or at the end of a lease term. The transaction price agreed to for these lease buyouts is reflected in the Company’s Consolidated Statements of Operations within Revenues – Technology Sales.

Taxes assessed by governmental authorities that are both imposed on and concurrent with the specific revenue-producing transactions and collected by the Company have been excluded from the measurement of the transaction prices discussed above.

Constraints on the Recognition of Variable Consideration

The recognition of variable consideration involves a significant amount of judgment. Variable consideration is recognized subject to appropriate constraints to avoid a significant reversal of revenue in future periods. The Company reviews its variable consideration assets on at least a quarterly basis considering recent box office performance and, when applicable, updated box office projections for future periods. The relevant accounting guidance identifies the following examples of situations when constraining the amount of variable consideration is appropriate:

•The amount of consideration is highly susceptible to factors outside the entity’s influence;

•The uncertainty about the amount of consideration is not expected to be resolved for a long period of time;

•The Company’s experience (or other evidence) with similar types of contracts is limited, or that experience has limited predictive value; and

•The entity has a practice of either offering a broad range of price concessions or changing the payment terms and conditions of similar contracts in similar circumstances.

As discussed above, the Company’s significant streams of variable consideration relate to arrangements for the sale of IMAX Systems which include indexed minimum payment increases over the term of the arrangement, as well as the potential for additional payments owed by the customer if certain minimum box office receipt thresholds are exceeded. In addition, hybrid sales arrangements include variable consideration based on a percentage of the customer’s box office receipts over the term of the arrangement.

Variable consideration related to indexed minimum payment increases is outside of the Company’s control, but the movement in the rates is historically well documented and economic trends in inflation are easily accessible. For each contract subject to an indexed minimum payment increase, the Company estimates the most likely amount using published indices. The amount of the estimated minimum payment increase is then recorded at its present value as of the date of recognition using the customer’s implied borrowing rate.

Variable consideration related to the level of the customer’s box office receipts is outside of the Company’s control as it is dependent upon the future commercial success of the films released to the IMAX network. The estimated variable consideration

initially recognized by the Company is based on management’s box office projections for the location, which are developed using historical box office data for that location and, if necessary, comparable locations and territories. Using this data, management applies its understanding of these exhibition markets to estimate the most likely amount of variable consideration to be earned over the term of the arrangement. Management then applies a constraint to this estimate by reducing the projection by a percentage factor for locations or markets with no or limited historical box office experience. In cases where direct historical experience can be observed, average historical box office results, eliminating significant outliers, is used. The resulting amount of variable consideration is then recorded at its present value as of the date of recognition using a risk-weighted discount rate.

Lease Arrangements

As a lessor, the Company provides IMAX Systems to customers through long-term lease arrangements. Under these arrangements, in exchange for providing the IMAX System, the Company earns fixed upfront and ongoing consideration. A lease arrangement that transfers substantially all of the benefits and risks incident to ownership of the IMAX System is classified as a sales-type lease; otherwise the lease is classified as an operating lease. Prior to commencement of the lease term, the Company may modify certain payment terms or make concessions. If these circumstances occur, the Company reassesses the classification of the lease based on the modified terms and conditions.

For sales-type leases, the revenue allocated to the System Obligation is recognized when the lease term commences, which the Company deems to be when all of the following conditions have been met: (i) the projector, sound system, and screen system have been installed and are in full working condition, (ii) the 3D glasses cleaning machine, if applicable, has been delivered, (iii) projectionist training has been completed, and (iv) the earlier of (a) the receipt of the written customer acceptance certifying the completion of installation and run-in testing of the equipment and the completion of projectionist training or (b) the public opening of the theater, provided collectability is reasonably assured.

The initial revenue recognized for sales-type leases consists of the initial payments received and the present value of future initial payments and fixed minimum ongoing payments computed at the interest rate implicit in the lease. Contingent payments in excess of the fixed minimum payments are recognized when reported by theater operators, provided collectability is reasonably assured.

For JRSAs that are classified as operating leases, initial payments and fixed minimum ongoing payments are recognized as revenue on a straight-line basis over the lease term. For these leases, the lease term is considered to commence when all of the following conditions have been met: (i) the projector, sound system and screen system have been installed and are in full working condition; (ii) the 3D glasses cleaning machine, if applicable, has been delivered; (iii) projectionist training has been completed; and (iv) the earlier of (a) the receipt of written customer acceptance certifying the completion of installation and run-in testing of the equipment and the completion of projectionist training or (b) the public opening of the theater. Contingent payments in excess of fixed minimum ongoing payments are recognized as revenue when reported by theater operators, provided collectability is reasonably assured.

Finance Income

Finance Income is recognized over the term of the sales-type lease or financed sale receivable, provided collectability is reasonably assured. A theater operator that is classified within the “All Transactions Suspended” category under the Company’s internal credit quality guidelines is placed on nonaccrual status and Finance Income recognition related to the location is stopped. While the recognition of Finance Income is suspended, payments received from a customer are applied against the outstanding balance owed. If payments are sufficient to cover any unreserved receivables, a recovery of provision taken on the billed amount, if applicable, is recorded to the extent of the residual cash received. Once the collectability issues are resolved and the customer has returned to being in good standing, the Company will resume recognition of Finance Income.

Improvements and Modifications

Improvements and modifications to an IMAX System after installation are treated as a separate performance obligation, if and when the Company is requested to perform these services. Revenue is recognized for these services once they have been provided.

Costs and Expenses Applicable to Revenues – Technology Sales

Costs and Expenses Applicable to Revenues – Technology Sales relates to sale and sales-type leases of IMAX Systems and other equipment, and includes the cost of the equipment and costs related to project management, design, delivery and installation supervision services, as applicable. The costs related to IMAX Systems under sale and sales-type lease arrangements are transferred from Inventories to Costs and Expenses Applicable to Revenues in the period when the sale is recognized in the Consolidated Statements of Operations.

Sales commissions and other selling expenses that directly relate to the acquisition of the revenue generating contract and are incremental to the Company’s other expenses are deferred and recognized in the Consolidated Statements of Operations upon the client acceptance of the IMAX System. The Company may have warranty obligations at or after the time revenue is recognized which require the replacement of certain parts that do not affect the functionality of the theater system or services. The costs for warranty obligations for known issues are accrued as charges to Costs and Expenses Applicable to Revenues – Technology Sales at the time revenue is recognized based on the Company’s past historical experience and cost estimates.

Costs and Expenses Applicable to Revenues – Technology Rentals

Costs and Expenses Applicable to Revenues – Technology Rentals relates to JRSAs classified as operating leases, and primarily includes the depreciation of IMAX System components and related equipment used in the JRSA. Impairment losses, if any, are also included in Costs and Expenses Applicable to Revenues – Technology Rentals. Sales commissions related to these arrangements are deferred and recognized as Costs and Expenses Applicable to Revenues – Technology Rentals in the month they are earned by the salesperson, which is typically the month of installation. Direct advertising and marketing costs for each location are charged to Costs and Expenses Applicable to Revenues – Technology Rentals as incurred.

Terminations, Consensual Buyouts and Concessions

The Company enters into IMAX System arrangements with customers that contain customer payment obligations prior to the scheduled installation of the IMAX System. During the period of time between signing and the installation of the IMAX System, which may extend several years, certain customers may be unable to, or may elect not to, proceed with the system installation for a number of reasons including business considerations, or the inability to obtain certain consents, approvals or financing. Once the determination is made that the customer will not proceed with installation, the arrangement may be terminated under the default provisions of the arrangement or by mutual agreement between the Company and the customer (a “consensual buyout”). Terminations by default are situations when a customer does not meet the payment obligations under an arrangement and the Company retains the amounts paid by the customer. Under a consensual buyout, the Company and the customer agree, in writing, to a settlement and to release each other of any further obligations under the arrangement or an arbitrated settlement is reached. Any initial payments retained or additional payments received by the Company are recognized as revenue when the settlement arrangements are executed and the cash is received, respectively.

In addition, the Company may agree with a customer to convert its obligations for one type of IMAX System configuration that has not yet been installed to an arrangement to acquire or lease a different type of IMAX System. The Company considers these situations to be the termination of the original arrangement and the origination of a new arrangement.

The Company may offer certain incentives to customers to complete IMAX System transactions including payment concessions or free services and products such as film licenses or 3D glasses. Reductions in, and deferral of, payments are taken into account in determining the transaction price either by a direct reduction in the sales price or a reduction of payments to be discounted. Free products and services are accounted for as separate performance obligations.

Maintenance and Extended Warranty Services

Maintenance and extended warranty services may be provided under an arrangement with multiple performance obligations or as a separately priced contract. Revenues related to these services are deferred and recognized on a straight-line basis over the contract period and are recognized within Revenues – Image Enhancement and Maintenance Services in the Consolidated Statements of Operations. Maintenance and extended warranty services include maintenance of the customer’s equipment and replacement parts. Under certain maintenance arrangements, maintenance services may include additional training services to the customer’s technicians. All costs associated with this maintenance and extended warranty program are expensed as incurred. As the maintenance services are a stand ready obligation with the cost of providing the service expected to increase throughout the term, revenue is recognized over the term of the arrangement such that increased amounts are recognized in later periods.

IMAX Film Remastering Services

In a film remastering arrangement, the Company receives a percentage of the box-office receipts from a third party who owns the copyright to a film in exchange for converting the film into an IMAX Film Remastering format and distributing it through the IMAX network. In these arrangements, although the Company does not hold rights to the intellectual property in the form of the film content, it is compensated for the application of its intellectual property in the form of its patented film remastering processes to create new intellectual property in the form of an IMAX Film Remastering version of the film. Revenues associated with film remastering arrangements qualify for the variable consideration exemption for sales- or usage-based royalties in the relevant accounting guidance and are recognized within Revenues – Image Enhancement and Maintenance Services in the period when the corresponding box office sales occur.

Losses on IMAX Film Remastering services are recognized as Costs and Expenses Applicable to Revenues – Image Enhancement and Maintenance Services in the period when it is determined that the Company’s estimate of total revenues to be realized by the remastered film will not exceed the corresponding cost of IMAX Film Remastering services.

Film Production Services

In certain film arrangements, the Company produces a film financed by third parties whereby the third party retains the copyright, and the Company obtains exclusive distribution rights. Under these arrangements, the Company is entitled to receive a fixed fee or retain, as a fee, the excess of gross revenue over the cost of the production (the “production fee”). The third party receives a portion of the revenues received by the Company from distributing the film, which is charged to Costs and Expenses Applicable to Revenues – Image Enhancement and Maintenance Services. Production fees are deferred and recognized as a reduction in the cost of the film based on the ratio of the Company’s distribution revenues recognized in the current period to the ultimate distribution revenues expected from the film. Film exploitation costs, including advertising and marketing, are recorded in Costs and Expenses Applicable to Revenues – Image Enhancement and Maintenance Services as incurred.

Revenue from film production services where the Company does not hold the associated distribution rights are recognized in Revenues – Image Enhancement and Maintenance Services when performance obligations associated with the contractual service are satisfied.

Losses on film production services are recognized as Costs and Expenses Applicable to Revenues – Image Enhancement and Maintenance Services in the period when it is determined that the Company’s estimate of total revenues to be realized by the Company will not exceed estimated total production costs to be expended on the film production.

Film Distribution Services

In a Film Distribution arrangement, the Company distributes large-format documentary films, primarily to institutional locations, and distributes exclusive entertainment experiences ranging from live performances to interactive events with leading artists and creators. Revenue from the licensing of films qualifies for the variable consideration exemption for sales- or usage-based royalties in the relevant accounting guidance and is recognized within Revenues – Image Enhancement and Maintenance Services when all performance obligations have been satisfied, which includes the completion and delivery of the film and the commencement of the license period. In situations when film license fees are based on a percentage of box-office receipts, revenue is recognized when box-office receipts are reported by the exhibitor. Film exploitation costs, including advertising and marketing, are expensed as incurred within Costs and Expenses Applicable to Revenues – Image Enhancement and Maintenance Services.

Film Post-Production Services

Revenues from post-production film services are recognized within Revenues – Image Enhancement and Maintenance Services when performance of the contracted services is completed.

Software License and Subscription Services

Through the Streaming and Consumer Technology business unit, the Company provides term licenses, which give customers the right to use its software for a specific period, and perpetual licenses, which give customers the right to use its software for an indefinite period. For both types of licenses, the associated revenue is recognized at the point in time when the customer can use and benefit from the software, which is generally upon delivery to the customer or upon commencement of the renewal term. For licenses that are deployed and hosted at the customer site, revenue is recognized upon delivery of the software to the customer or upon commencement of the renewal term. For licenses where the software is provided through a hosting arrangement, if the customer does not have a contractual right to take possession of the underlying software without significant penalty, or it is not feasible for the customer to run the software on its own hardware or contract a third party to host the services, the arrangement is accounted for as a service transaction whereby the Company has a stand-ready obligation to provide the software over the license period. Therefore, the related revenue is recognized ratably over the license period, as control of service is transferred to the customer.

The Company’s software license arrangements for both term and perpetual licenses typically include maintenance and support services which provide technical support and unspecified updates and upgrades on a when-and-if-available basis. The contractual term of the arrangement to provide maintenance and support services for perpetual licenses is renewable, generally on an annual basis, at the option of the customer. Maintenance and support services represent stand-ready obligations for which revenue is recognized ratably over the term of the arrangements.

Revenues from licenses and maintenance and support services are recognized within Revenues – Image Enhancement and Maintenance Services.

Leases

As a lessee, the Company’s lease arrangements principally involve office and warehouse space, which are classified as operating leases. The corresponding operating lease right-of-use (“ROU”) assets and lease liabilities are recorded within Property, Plant and Equipment and Accrued and Other Liabilities on the Company’s Consolidated Balance Sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term. Operating lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The incremental borrowing rate used in the calculation of the Company’s lease liabilities is based on the location of each leased property. None of the Company’s leases include options to purchase the leased property. Most of the Company’s leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. The Company has determined that it is reasonably certain that the renewal options on its warehouse leases will be exercised based on previous history, its current understanding of future business needs, and its level of investment in the leasehold improvements, among other factors. The depreciable lives of ROU assets and related leasehold improvements are limited by the expected lease term. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company rents or subleases certain office space to third parties, which have a remaining term of less than 12 months and are not expected to be renewed. When there are modifications to the lease agreements, the Company remeasures the lease liabilities to reflect changes to lease payments and recognizes the amount of the remeasurement of the lease liability as an adjustment to the ROU assets. Amortization of ROU assets and interest on lease liabilities are included within Selling, General and Administrative Expenses in the Company’s Consolidated Statements of Operations. (Refer to Note 5 for additional information related to the Company’s operating leases.)

Research and Development

Research and development costs, which are expensed as incurred, primarily include projector and sound parts, labor, consulting fees, allocation of overheads, and other related materials which pertain to the Company’s development of new products and services. Research and development costs pertaining to fixed and intangible assets that have alternative future uses are capitalized and amortized under their related policies.

Foreign Currency Translation

Monetary assets and liabilities that are denominated in a currency other than the Company’s functional currency are translated into the relevant functional currency using the exchange rate prevailing at the end of the period. Foreign exchange translation gains and losses are included in the determination of earnings in the period in which they arise.

Assets and liabilities recorded in foreign currencies are translated at the exchange rate on the balance sheet date. Revenues, expenses, gains, and losses recorded in foreign currencies are translated using the exchange rates prevailing during the period in which they are recognized. Translation adjustments resulting from this process are recorded to Other Comprehensive Income (Loss) and reported on the Company’s Consolidated Balance Sheets within Accumulated Other Comprehensive Loss until the subsidiary is sold or liquidated, at which point the adjustments are recognized in Consolidated Statements of Operations.

Foreign currency derivatives are recognized and measured on the Consolidated Balance Sheets at their fair value. Changes in the fair value (i.e., gains or losses) are recognized in the Consolidated Statements of Operations except for derivatives designated and qualifying as foreign currency hedging instruments. For foreign currency hedging instruments, the gain or loss related to the effective portion of the hedge of a forecasted transaction is reported within Other Comprehensive (Loss) Income and reclassified to the Consolidated Statements of Operations when the forecasted transaction occurs. Any ineffective portion is recognized immediately in the Consolidated Statements of Operations.

Share-Based Compensation

The Company issues share-based compensation to eligible employees, directors, and consultants under the IMAX Corporation Second Amended and Restated Long-Term Incentive Plan (as may be amended, the “IMAX LTIP”) and the China Long-Term Incentive Plan (the “China LTIP”) as summarized in Note 16. The IMAX LTIP is the Company’s governing document and awards to employees, directors, and consultants under this plan may consist of stock options, restricted share units (“RSUs”), performance stock units (“PSUs”) and other awards. A separate share-based compensation plan, the China LTIP, was adopted by a subsidiary of the Company in October 2012.

The Company measures share-based compensation expense using the grant date fair value of the award (see below), which is recognized as an expense in the Consolidated Statements of Operations on a straight-line basis over the requisite service period. Share- based compensation expense is not adjusted for estimated forfeitures but is instead adjusted when and if actual forfeitures occur.

Stock Options

The Company utilizes a lattice-binomial option-pricing model (“Binomial Model”) to determine the fair value of stock option awards on the grant date. The fair value determined by the Binomial Model is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the Company’s expected stock price volatility over the term of the award, and actual and projected employee stock option exercise behaviors. The Binomial Model also considers the expected exercise multiple which is the multiple of exercise price to grant price at which exercises are expected to occur on average. Option-pricing models were developed for use in estimating the value of traded options that have no vesting or hedging restrictions and are fully transferable. Because the Company’s employee stock options have certain characteristics that are significantly different from traded options, and because changes in the subjective assumptions can materially affect the estimated value, in management’s opinion, the Binomial Model best provides a fair measure of the fair value of the Company’s employee stock options.

The Company stratifies its employees into homogeneous groups in order to calculate the grant date fair value of stock options using the Binomial Model. As a result, ranges of assumptions are used for the expected life of the option. The Company uses historical data to estimate option exercise behavior within the Binomial Model and various groups of employees that have similar historical exercise behavior are grouped together for valuation purposes. The expected volatility rate is estimated based on a blended volatility method which takes into consideration the Company’s historical share price volatility, the Company’s implied volatility which is determined in reference to observed current market prices for the Company’s traded options and the Company’s peer group volatility.

The Company no longer issues stock options as a form of employee compensation.

(Refer to “Capital Stock — Shared-Based Compensation” in Note 16 for the assumptions used to determine the fair value of the Company’s stock options.)

Restricted Share Units

The fair value of RSU awards is equal to the closing price of the Company’s common stock on the date of grant or the average closing price of the Company’s common shares for five days prior to the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as compensation expense over the requisite service period in the Company’s Consolidated Statements of Operations. The Company’s RSUs are classified as equity.

Performance Stock Units

The Company grants two types of PSU awards, one which vests based on a combination of employee service and the achievement of certain Adjusted EBITDA targets and one which vests based on a combination of employee service and the achievement of total shareholder return (“TSR”) targets. The achievement of the Adjusted EBITDA and TSR targets in these PSUs is determined over a three-year performance period. At the conclusion of the three-year performance period, the number of PSUs that ultimately vest can range from 0% to a maximum vesting opportunity of 175% of the initial Adjusted EBITDA PSU award or 150% of the initial TSR PSU award depending upon actual performance versus the established Adjusted EBITDA and TSR targets, respectively. The Company’s PSUs are classified as equity.

The grant date fair value of PSUs with Adjusted EBITDA targets is equal to the closing price of the Company’s common shares on the date of grant or the average closing price of the Company’s common shares for five days prior to the date of grant. The grant date fair value of PSUs with TSR targets is determined on the grant date using a Monte Carlo simulation, which is a valuation model that considers the likelihood of achieving the TSR targets embedded in the award (“Monte Carlo Model”). The compensation expense attributable to each type of PSU is recognized on a straight-line basis over the requisite service period.

The fair value determined by the Monte Carlo Model is affected by the Company’s share price, as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, market conditions as of the grant date, the Company’s expected share price volatility over the term of the awards, and other relevant data. The compensation expense is fixed on the date of grant based on the fair value of the PSUs granted.

The amount and timing of compensation expense recognized for PSUs with Adjusted EBITDA targets is dependent upon management’s assessment of the likelihood and timing of achieving these targets. If, as a result of management’s assessment, it is projected that a greater number of PSUs will vest than previously anticipated, a life-to-date adjustment to increase compensation

expense is recorded in the period such determination is made. Conversely, if, as a result of management’s assessment, it is projected that a lower number of PSUs will vest than previously anticipated, a life-to-date adjustment to decrease compensation expense is recorded in the period such determination is made.

Share-Based Payment Awards to Non-Employees

Share-based payment awards for services provided by non-employees are measured at grant date fair value of the equity instruments that the Company is obligated to issue when the service has been rendered and any other conditions necessary to earn the right to benefit from the instruments have been satisfied. The grant date is the date which the Company and the non-employees reach a mutual understanding of the key terms and conditions of the share-based payment awards. When there are performance conditions related to the vesting of the share-based awards, the Company assesses the probability of vesting at each reporting date and adjusts the compensation costs based on the probability assessment.

Pension Plans and Postretirement Benefits

The Company has a defined benefit pension plan, the Supplemental Executive Retirement Plan (the “SERP”). As the Company’s SERP is unfunded, as of December 31, 2024, a liability was recognized for the benefit obligation.

Assumptions used in computing the defined benefit obligations are reviewed annually by management in consultation with its actuaries and adjusted for current conditions. Actuarial gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefits cost are recognized as a component of Other Comprehensive (Loss) Income. Amounts recognized in Accumulated Other Comprehensive Loss including unrecognized actuarial gains or losses and prior service costs are adjusted as they are subsequently recognized in the Consolidated Statements of Operations as components of net periodic benefit cost. Prior service costs resulting from the pension plan inception or amendments are amortized over the expected future service life of the employees, cumulative actuarial gains and losses in excess of 10% of the projected benefit obligation are amortized over the expected average remaining service life of the employees, and current service costs are expensed when earned. The remaining weighted average future service life of the employee used in computing the defined benefit obligation for the year ended December 31, 2024 was one year.

For defined contribution pension plans, required contributions by the Company are recorded as an expense within Selling, General and Administrative Expenses in the Company’s Consolidated Statements of Operations.

A liability is recognized for the unfunded accumulated benefit obligation of the postretirement benefits plan. Assumptions used in computing the accumulated benefit obligation are reviewed by management in consultation with its actuaries and adjusted for current conditions. Net benefit cost is split between operating income and non-operating income, where only the service cost is included in income from operations and the non-service components are included in Retirement Benefits Non-Service Expenses. Actuarial gains and losses are recognized as a component of Other Comprehensive (Loss) Income. Amounts recognized in Accumulated Other Comprehensive Loss including unrecognized actuarial gains or losses are adjusted as they are subsequently recognized within Retirement Benefits Non-Service Expense in the Consolidated Statements of Operations.

Guarantees

In situations when the Company acts as a guarantor, at the inception of a guarantee, it recognizes a liability for the fair value of the underlying guarantee. Disclosures as required under the relevant accounting guidance have been included in Note 15.

Revenue from Contracts with Customers - Schedule of Disaggregation of Revenue by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 352,208	$ 374,839	$ 300,805
Technology sales
Disaggregation of Revenue [Line Items]
Revenue	87,765	100,792	69,158
Image Enhancement and Maintenance Services
Disaggregation of Revenue [Line Items]
Revenue	192,197	189,752	161,379
Technology rentals
Disaggregation of Revenue [Line Items]
Revenue	62,560	75,566	61,786
Finance income
Disaggregation of Revenue [Line Items]
Revenue	9,686	8,729	8,482
Sub-total for reportable segments
Disaggregation of Revenue [Line Items]
Revenue	340,793	361,001	294,188
Sub-total for reportable segments \| Technology sales
Disaggregation of Revenue [Line Items]
Revenue	82,480	93,271	65,510
Sub-total for reportable segments \| Image Enhancement and Maintenance Services
Disaggregation of Revenue [Line Items]
Revenue	186,074	183,435	158,410
Sub-total for reportable segments \| Technology rentals
Disaggregation of Revenue [Line Items]
Revenue	62,553	75,566	61,786
Sub-total for reportable segments \| Finance income
Disaggregation of Revenue [Line Items]
Revenue	9,686	8,729	8,482
Content Solutions Segment
Disaggregation of Revenue [Line Items]
Revenue	124,731	126,698	101,820
Content Solutions Segment \| Film Remastering and Distribution
Disaggregation of Revenue [Line Items]
Revenue	100,545	118,637	94,867
Content Solutions Segment \| Other Content Solutions
Disaggregation of Revenue [Line Items]
Revenue	24,186	8,061	6,953
Content Solutions Segment \| Technology sales
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Content Solutions Segment \| Technology sales \| Film Remastering and Distribution
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Content Solutions Segment \| Technology sales \| Other Content Solutions
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Content Solutions Segment \| Image Enhancement and Maintenance Services
Disaggregation of Revenue [Line Items]
Revenue	124,509	126,698	101,802
Content Solutions Segment \| Image Enhancement and Maintenance Services \| Film Remastering and Distribution
Disaggregation of Revenue [Line Items]
Revenue	100,545	118,637	94,867
Content Solutions Segment \| Image Enhancement and Maintenance Services \| Other Content Solutions
Disaggregation of Revenue [Line Items]
Revenue	23,964	8,061	6,935
Content Solutions Segment \| Technology rentals
Disaggregation of Revenue [Line Items]
Revenue	222	0	18
Content Solutions Segment \| Technology rentals \| Film Remastering and Distribution
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Content Solutions Segment \| Technology rentals \| Other Content Solutions
Disaggregation of Revenue [Line Items]
Revenue	222	0	18
Content Solutions Segment \| Finance income
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Content Solutions Segment \| Finance income \| Film Remastering and Distribution
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Content Solutions Segment \| Finance income \| Other Content Solutions
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Technology Products and Services Segment
Disaggregation of Revenue [Line Items]
Revenue	216,062	234,303	192,368
Technology Products and Services Segment \| System Sales
Disaggregation of Revenue [Line Items]
Revenue	82,480	93,271	65,510
Technology Products and Services Segment \| System Rentals
Disaggregation of Revenue [Line Items]
Revenue	62,331	75,566	61,768
Technology Products and Services Segment \| Maintenance
Disaggregation of Revenue [Line Items]
Revenue	61,565	56,737	56,608
Technology Products and Services Segment \| Finance income
Disaggregation of Revenue [Line Items]
Revenue	9,686	8,729	8,482
Technology Products and Services Segment \| Technology sales
Disaggregation of Revenue [Line Items]
Revenue	82,480	93,271	65,510
Technology Products and Services Segment \| Technology sales \| System Sales
Disaggregation of Revenue [Line Items]
Revenue	82,480	93,271	65,510
Technology Products and Services Segment \| Technology sales \| System Rentals
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Technology Products and Services Segment \| Technology sales \| Maintenance
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Technology Products and Services Segment \| Technology sales \| Finance income
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Technology Products and Services Segment \| Image Enhancement and Maintenance Services
Disaggregation of Revenue [Line Items]
Revenue	61,565	56,737	56,608
Technology Products and Services Segment \| Image Enhancement and Maintenance Services \| System Sales
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Technology Products and Services Segment \| Image Enhancement and Maintenance Services \| System Rentals
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Technology Products and Services Segment \| Image Enhancement and Maintenance Services \| Maintenance
Disaggregation of Revenue [Line Items]
Revenue	61,565	56,737	56,608
Technology Products and Services Segment \| Image Enhancement and Maintenance Services \| Finance income
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Technology Products and Services Segment \| Technology rentals
Disaggregation of Revenue [Line Items]
Revenue	62,331	75,566	61,768
Technology Products and Services Segment \| Technology rentals \| System Sales
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Technology Products and Services Segment \| Technology rentals \| System Rentals
Disaggregation of Revenue [Line Items]
Revenue	62,331	75,566	61,768
Technology Products and Services Segment \| Technology rentals \| Maintenance
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Technology Products and Services Segment \| Technology rentals \| Finance income
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Technology Products and Services Segment \| Finance income
Disaggregation of Revenue [Line Items]
Revenue	9,686	8,729	8,482
Technology Products and Services Segment \| Finance income \| System Sales
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Technology Products and Services Segment \| Finance income \| System Rentals
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Technology Products and Services Segment \| Finance income \| Maintenance
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Technology Products and Services Segment \| Finance income \| Finance income
Disaggregation of Revenue [Line Items]
Revenue	9,686	8,729	8,482
All Other
Disaggregation of Revenue [Line Items]
Revenue	11,415	13,838	6,617
All Other \| Technology sales
Disaggregation of Revenue [Line Items]
Revenue	5,285	7,521	3,648
All Other \| Image Enhancement and Maintenance Services
Disaggregation of Revenue [Line Items]
Revenue	6,123	6,317	2,969
All Other \| Technology rentals
Disaggregation of Revenue [Line Items]
Revenue	7	0	0
All Other \| Finance income
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 0	$ 0

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 entity lease day type
Significant Accounting Policies [Line Items]
Number of variable interest entities	10
Number of variable interest entities, primary beneficiary	5
Number of variable interest entities, not primary beneficiary	5
Period of revenue estimation from initial film release	10 years
Percentage of statutory net profits to statutory surplus reserve to be appropriated (as percent)	10.00%
Discontinuation of contribution, aggregate sum of statutory surplus reserve more than its registered capital (as percent)	50.00%
Leases include options to purchase leased property \| lease	0
Average closing price, number of days used in determining the grant date fair value \| day	5
Grants, types of PSUs awards \| type	2
Excess of cumulative actuarial gains and losses over projected benefit obligation (as percent)	10.00%
Remaining weighted average service life of employee	one year
Performance Share Units
Significant Accounting Policies [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	3 years
TSR Performance Stock Units Award
Significant Accounting Policies [Line Items]
Awards vesting percentage (as percent)	150.00%
Minimum
Significant Accounting Policies [Line Items]
Finite-lived intangible assets useful life	3 years
Lessee, operating lease, renewal term	1 year
Minimum \| Performance Share Units
Significant Accounting Policies [Line Items]
Awards vesting percentage (as percent)	0.00%
Maximum
Significant Accounting Policies [Line Items]
Finite-lived intangible assets useful life	20 years
Lessee, operating lease, renewal term	5 years
Maximum \| Performance Share Units
Significant Accounting Policies [Line Items]
Awards vesting percentage (as percent)	175.00%

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

12. Goodwill and Other Intangible Assets

Goodwill

As of December 31, 2024, the Company’s total Goodwill was $52.8 million, of which $13.8 million relates to the SSIMWAVE reporting unit (December 31, 2023 — $13.8 million), and $39.0 million relates to the Technology Products and Services reporting unit (December 31, 2023 — $39.0 million).

Accordingly, the Company performed the quantitative assessment of goodwill impairment for the SSIMWAVE reporting unit. Based on the quantitative assessment, the Company concluded that there is no impairment in the year ended December 31, 2024 and the fair value of the SSIMWAVE reporting unit exceeded its carrying value.

The Company’s significant assumptions, including revenue growth rates, discount rate and other factors may change in the future based on the changing economic and competitive environment in which it operates. Assuming that all other components of the Company’s fair value estimate remain unchanged, an increase of 100 basis points in discount rate decreases the goodwill headroom by $9.4 million, and a decrease of 10% in the revenue growth rate decreases the goodwill headroom by $24.4 million, without triggering impairment charges of goodwill.

For the Technology Products and Services reporting unit, the Company performed a qualitative impairment test as of the annual assessment date, September 30, 2024, to evaluate whether it is more likely than not that the fair value of its reporting units was less than their respective carrying amounts. Based on such assessment, the Company concluded, that it is more likely than not that the fair value of any such reporting unit is more than its carrying value.

Other Intangible Assets


	As of December 31, 2024
(In thousands of U.S. Dollars)	Cost		Accumulated Amortization		Net Book Value
Licenses and intellectual property	$	26,168	$	18,167	$	8,001
Internal use software	39,769		27,171		12,598
Developed technology	6,092		2,329		3,763
In process research and development	3,810		—		3,810
Patents and trademarks	12,851		10,070		2,781
Customer relationships	1,340		452		888
Marketing-related intangibles	5,031		1,818		3,213
Other	160		90		70
Total	$	95,221	$	60,097	$	35,124


	As of December 31, 2023
(In thousands of U.S. Dollars)	Cost		Accumulated Amortization		Net Book Value
Licenses and intellectual property	$	26,168	$	16,657	$	9,511
Internal use software	36,647		27,342		9,305
Developed technology	6,282		1,329		4,953
In process research and development	3,810		—		3,810
Patents and trademarks	12,389		9,530		2,859
Customer relationships	1,340		251		1,089
Marketing-related intangibles	4,338		952		3,386
Other	160		51		109
Total	$	91,134	$	56,112	$	35,022

During 2024, the Company capitalized $8.4 million related to the development of internal use software, marketing-related intangibles, as well as additions in patents and trademarks and other intangible assets (2023 — $8.2 million). The weighted average amortization period for these additions is 4.9 years (2023 — 4.3 years). The net book value of the other intangible assets capitalized in 2024 was $7.0 million as of December 31, 2024 (2023 — $8.1 million).

During 2024, the Company incurred costs of $0.5 million to renew or extend the term of acquired patents and trademarks which were recorded in Selling, General and Administrative expenses (2023 — $0.4 million; 2022 — $0.4 million).

Fully amortized other intangible assets are still in use by the Company. In 2024, the Company identified and wrote off $3.9 million (2023 — $1.0 million; 2022—$0.1 million) of fully amortized patents and trademarks that are no longer in use.

The estimated amortization expense for each of the next five years following the December 31, 2024 balance sheet date was as follows:


(In thousands of U.S. Dollars)	Amount
2025	$	9,565
2026	8,644
2027	6,436
2028	4,369
2029	3,061

IMAX Corporation Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net income (loss)	$ 32,702	$ 33,066	$ (19,877)
Other comprehensive loss before tax
Amortization of defined benefit and postretirement benefit plans net gain	(740)	(604)	0
Amortization of prior service cost	0	0	184
Unrealized net (loss) gain from cash flow hedging instruments	(3,455)	575	(1,323)
Realized net loss from cash flow hedging instruments	607	892	596
Foreign currency translation adjustments	(2,588)	(3,907)	(20,594)
Total other comprehensive loss before tax	(6,211)	(3,156)	(17,482)
Income tax benefit (expense) related to other comprehensive loss	949	(181)	(818)
Other comprehensive loss, net of tax	(5,262)	(3,337)	(18,300)
Comprehensive income (loss)	27,440	29,729	(38,177)
Comprehensive (income) loss attributable to non-controlling interests	(5,898)	(6,629)	3,004
Comprehensive income (loss) attributable to common shareholders	21,542	23,100	(35,173)
SERP Benefits
Other comprehensive loss before tax
Unrealized (defined) postretirement benefit plans actuarial gain (loss)	26	(75)	2,901
Postretirement Benefits Executives
Other comprehensive loss before tax
Unrealized (defined) postretirement benefit plans actuarial gain (loss)	$ (61)	$ (37)	$ 754

Lease Arrangements - Schedule of Weighted Average Remaining Lease Term and Weighted Average Interest Rate (Details)	Dec. 31, 2024	Dec. 31, 2023
Operating leases:
Weighted-average remaining lease term (years)	4 years 9 months 18 days	4 years 10 months 24 days
Weighted-average discount rate	5.87%	5.85%
Finance leases:
Weighted-average remaining lease term (years)	2 years 7 months 6 days	3 years 7 months 6 days
Weighted-average discount rate	6.00%	6.00%

Capital Stock - Schedule of Expenses Related to RSU Grants Issued to Employees and Directors in Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 22,821	$ 23,551	$ 27,013
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 12,924	$ 12,612	$ 15,498

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Capital Stock

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Capital Stock

16. Capital Stock

Authorized Common Shares

The authorized capital of the Company consists of an unlimited number of common shares. The following is a summary of the rights, privileges, restrictions, and conditions of the common shares.

The holders of common shares are entitled to receive dividends, if and when declared by the directors of the Company, subject to the rights of the holders of any other class of shares of the Company entitled to receive dividends in priority to the common shares.

The holders of the common shares are entitled to one vote for each common share held at all meetings of the shareholders.

Settlements of Share-Based Compensation

During the years ended December 31, 2024, 2023, and 2022, the Company settled the exercise of stock options and the vesting of PSUs and RSUs with its common shares. These settlements were either through newly issued common shares from treasury or through the purchase of common shares in the open market by the IMAX LTIP trustee. The following table summarizes the settlement of stock option, PSU and RSU transactions:


	Years Ended December 31,
	2024	2023	2022
Stock Options
Issued from treasury	248,763	—	—
Total stock options exercised	248,763	—	—
PSUs
Issued from treasury	190,914	233,306	—
Shares withheld for tax withholdings	125,312	135,296	—
Total PSUs vested	316,226	368,602	—
RSUs
Issued from treasury	521,010	514,383	596,277

Shares withheld for tax withholdings	182,409	232,749	203,956
Total RSUs vested	703,419	747,132	800,233

Share-Based Compensation

The Company issues share-based compensation to eligible employees, directors, and consultants under the IMAX LTIP and the China LTIP, as summarized below. On June 3, 2020, the Company’s shareholders approved the IMAX LTIP at its Annual and Special Meeting.

Awards under the IMAX LTIP may consist of stock options, RSUs, PSUs, and other awards. As of December 31, 2024, the Company only issued RSUs and PSUs under the IMAX LTIP.

For the year ended December 31, 2024, share-based compensation expense totaled $22.8 million (2023 — $23.6 million; 2022 — $27.0 million) and is reflected in the following accounts in the Consolidated Statements of Operations:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Costs and expenses applicable to revenues	$	1,173	$	850	$	1,156
Selling, general and administrative expenses	20,897		22,534		25,438
Research and development	751		434		419
Restructuring and other charges	—		(267)		—
Total	$	22,821	$	23,551	$	27,013

As of December 31, 2024, the Company had reserved a total of 5,032,849 (December 31, 2023 — 5,538,873) common shares for future issuance under the IMAX LTIP. Of this amount, 2,469,238 common shares are reserved for the future exercise of stock options (December 31, 2023 — 3,329,422), 1,097,634 common shares are reserved for the future vesting of PSUs (December 31, 2023 — 922,621), and 1,465,977 common shares are reserved for the future vesting of RSUs (December 31, 2023 — 1,286,830). As of December 31, 2024, 2,469,238 stock options in respect of common shares (December 31, 2023 — 3,329,422) were vested and exercisable.

IMAX LTIP and SOP Stock Options

The Company’s policy is to issue new common shares from treasury or shares purchased in the open market to satisfy stock options which are exercised. Prior to 2020, the Company issued stock options under the Company’s Stock Option Plan (the “SOP”) as share-

based compensation. The Company no longer grants stock option awards as share-based compensation under the IMAX LTIP and SOP.

All stock options issued under the SOP have vested and expire 10 years or less from the date of the grant. The SOP and IMAX LTIP provide for double-trigger accelerated vesting in the event of a change in control, as defined in each plan.

The Company recorded the following expenses related to stock options issued to employees and directors under the SOP:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Stock option expense	$	—	$	84	$	572

For the year ended December 31, 2024, the Company’s Consolidated Statements of Operations included an income tax benefit of $nil related to stock option expense (2023 — $nil; 2022 — $0.1 million).

As of December 31, 2024, 2023, and 2022, unrecognized share-based compensation expense related to non-vested employee stock options was as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Expense related to non-vested employee stock options	$	—	$	—	$	86

As of 2024, 2023, and 2022, unrecognized share-based compensation expense related to non-vested employee stock options was expected to be recognized over the following weighted-average periods:


	As of December 31,
	2024	2023	2022
Weighted average period (in years)	0.0	0.0	0.2

During the years ended December 31, 2024, 2023, and 2022, the Company did not grant any stock options.

The following table summarizes the stock option activity under the SOP and IMAX LTIP for the years ended December 31, 2024, 2023, and 2022:


	Number of Shares			Weighted Average Exercise Price Per Share
	2024	2023	2022	2024		2023		2022
Stock options outstanding, beginning of year	3,329,422	3,604,739	3,736,157	$	26.23	$	26.36	$	26.61
Granted	—	—	—	—		—		—
Exercised	(248,763)	—	—	21.27		—		—
Forfeited	—	—	(796)	—		—		22.49
Expired	(607,114)	(275,317)	(126,569)	28.15		27.95		33.61
Cancelled	(4,307)	—	(4,053)	22.70		—		27.92
Stock options outstanding, end of year	2,469,238	3,329,422	3,604,739	26.27		26.23		26.36
Stock options exercisable, end of year	2,469,238	3,329,422	3,523,335	26.27		26.23		26.45

As of December 31, 2024, 2,469,238 options outstanding included fully vested options with a weighted average exercise price of $26.27, an aggregate intrinsic value of $5.3 million and a weighted average remaining contractual life of 2.0 years. The intrinsic value of options exercised in 2024 was $0.9 million (2023 —$nil; 2022 — $nil).

IMAX LTIP Restricted Share Units

RSUs have been granted to employees and directors under the IMAX LTIP. Each RSU represents a contingent right to receive a common share and is the economic equivalent of one common share. The grant date fair value of each RSU is equal to the share price of the Company’s stock at the grant date or the average closing price of the Company’s common share for five days prior to the date of

grant. For the years ended December 31, 2024, 2023, and 2022, the Company recorded the following expenses related to RSUs issued to employees and directors in the IMAX LTIP:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
RSU expenses	$	12,924	$	12,612	$	15,498

The Company’s actual tax benefits realized for the tax deductions related to the vesting of RSUs was $0.7 million for the year ended December 31, 2024 (2023 — $0.8 million; 2022 — $0.9 million).

The Company’s accrued liability for granted RSUs was $2.6 million as of December 31, 2024 (December 31, 2023 — $2.7 million).

Total share-based compensation expense related to non-vested RSUs not yet recognized and the weighted average period over which the awards are expected to be recognized are as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Expense related to non-vested RSUs not yet recognized	$	14,750	$	16,256	$	17,457

Weighted average period awards are expected to be recognized (in years)	1.7		1.7		1.5

The following table summarizes the activity in respect of RSUs issued under the IMAX LTIP for the years ended December 31, 2024, 2023, and 2022:


	Number of Awards			Weighted Average Grant Date Fair Value Per Share
	2024	2023	2022	2024		2023		2022
RSUs outstanding, beginning of year	1,286,830	1,252,044	1,457,883	$	18.53	$	19.16	$	19.16
Granted	950,342	900,199	708,313	16.46		17.82		19.31
Vested and settled	(703,419)	(747,132)	(800,231)	18.63		18.65		19.10
Forfeited	(67,776)	(118,281)	(113,921)	17.94		19.12		20.39
RSUs outstanding, end of year	1,465,977	1,286,830	1,252,044	17.16		18.53		19.16

Historically, RSUs granted under the IMAX LTIP have vested between immediately and 3 years from the grant date. On June 3 2020, the IMAX LTIP was amended to require a minimum vesting period of one year on future RSU grants, with a carve-out for an aggregate of no more than 5% of the total number of common shares authorized for issuance under the plan that may vest on a shorter schedule. Vesting of the RSUs is subject to continued employment or service with the Company. The following table summarizes the number of RSUs issued from the carve-out balance:


			Number
Approved under the IMAX LTIP			1,030,000
Issued during previous years			(605,385)
Issued during 2024			(98,515)
Outstanding, December 31, 2024			326,100

Restricted Share Units to Non-Employees

The Company issued 24,982 RSUs to a strategic advisor in 2024 (2023 — nil; 2022 — nil), of which 1,481 RSUs vested immediately. For the remaining 23,501 RSUs issued, 14,251 RSUs vested in four months and the remaining 9,250 RSUs were forfeited. These RSUs had a weighted average grant date fair value per share of $17.01 and an expense of $0.3 million in the year ended December 31, 2024

The Company issued 73,533 RSUs to Directors in 2024 (2023 — 63,443; 2022 — 54,082). These RSUs had a weighted average grant date fair value per share of $15.91 (2023 — $18.44; 2022 — $17.01) and an expense of $1.2 million for the year ended December 31, 2024 (2023 — $1.2 million; 2022 — $0.9 million)

These expenses are included in the above expense and carve-out tables.

IMAX LTIP Performance Stock Units Summary

The Company grants two types of PSUs awards, one which vests based on a combination of employee service and the achievement of certain Adjusted EBITDA targets and one which vests based on a combination of employee service and the achievement of total TSR targets. The achievement of the Adjusted EBITDA and TSR targets in these PSUs is determined over a three-year performance period. At the conclusion of the three-year performance period, the number of PSUs that ultimately vest can range from 0% to a maximum vesting opportunity of 175% of the initial Adjusted EBITDA PSU award or 150% of the initial TSR PSU award, depending upon actual performance versus the established Adjusted EBITDA and TSR targets, respectively.

The grant date fair value of PSUs with Adjusted EBITDA targets is equal to the closing price of the Company’s common shares on the date of grant or the average closing price of the Company’s common shares for five days prior to the date of grant. The grant date fair value of PSUs with TSR targets is determined on the grant date using a Monte Carlo Model. The compensation expense attributable to each type of PSU is recognized on a straight-line basis over the requisite service period.

The fair value determined by the Monte Carlo Model is affected by the Company’s share price, as well as assumptions regarding a number of complex and subjective variables. These variables include, but are not limited to, market conditions as of the grant date, the Company’s expected share price volatility over the term of the awards, and other relevant data. The compensation expense is fixed on the date of grant based on the fair value of the PSUs granted.

The amount and timing of compensation expense recognized for PSUs with Adjusted EBITDA targets is dependent upon management’s assessment of the likelihood of achieving these targets. If, as a result of management’s assessment, it is projected that a greater number of PSUs will vest than previously anticipated, a life-to-date adjustment to increase compensation expense is recorded in the period that such determination is made. Conversely, if, as a result of management’s assessment, it is projected that a lower number of PSUs will vest than previously anticipated, a life-to-date adjustment to decrease compensation expense is recorded in the period that such determination is made.

For the years ended December 31, 2024, 2023, and 2022, the Company recorded the following expenses related to outstanding PSUs, which includes adjustments reflecting management’s estimate of the number of PSUs with Adjusted EBITDA targets expected to vest:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
PSU expenses	$	8,619	$	7,859	$	8,306

The Company’s actual tax benefits realized for the tax deductions related to the vesting of PSUs was $0.2 million for the year ended December 31, 2024 (2023 ― $0.3 million; 2022 ― $nil).

Total share-based compensation expense related to non-vested PSUs not yet recognized and the weighted average period over which the awards are expected to be recognized are as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Expense not yet recognized related to non-vested PSUs	$	9,644	$	10,907	$	10,800

Weighted average period awards are expected to be recognized (in years)	1.7		1.8		1.8

The following table summarizes the activity in respect of PSUs issued under the IMAX LTIP:


	Number of Awards			Weighted Average Grant Date Fair Value Per Share
	2024	2023	2022	2024		2023		2022
PSUs outstanding, beginning of year	922,621	931,716	613,405	$	19.16	$	18.96	$	18.21
Granted(1)	580,336	585,602	359,138	17.50		17.69		20.34
Vested and settled(1)	(316,226)	(368,602)	—	19.71		16.92		—
Forfeited(2)	(89,097)	(226,095)	(40,827)	20.85		18.19		19.90
PSUs outstanding, end of year	1,097,634	922,621	931,716	17.99		19.16		18.96
(1)For the year ended December 31, 2024, the balance of shares granted includes 135,511 additional shares, at a weighted average grant date fair value per share of $19.71, as PSUs granted in 2021 with Adjusted EBITDA targets vested at 175% on account of full achievement of the targets. (2)Forfeited PSUs include the TSR awards granted in 2021 which did not vest as the market condition was not satisfied. The Company recorded an expense of $1.5 million associated with these 68,850 shares that has not been reversed at the time of forfeiture.

As of December 31, 2024, the maximum number of shares of common stock that may be issued with respect to PSUs outstanding was 1,870,888, assuming full achievement of the Adjusted EBITDA and TSR targets.

China Long-Term Incentive Plan

Each stock option (“China Option”), RSU, or PSU issued under the China LTIP represents an opportunity to participate economically in the future growth and value creation of IMAX China.

In connection with the IMAX China IPO and in accordance with the China LTIP, IMAX China adopted a post-IPO share option plan and a post-IPO restricted stock unit plan. Pursuant to these plans, IMAX China has issued additional China Options, China LTIP Performance Stock Units (“China PSUs”), and China LTIP Restricted Share Units (“China RSUs”).

For the years ended December 31, 2024, 2023, and 2022, share-based compensation expense related to China Options, China RSUs and China PSUs was as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Expense
China Options	$	—	$	12	$	91
China RSUs	1,243		2,337		2,284
China PSUs	35		647		262
Total	$	1,278	$	2,996	$	2,637

In 2022, IMAX China modified the terms of certain fully vested stock options to extend their contractual life by one year and recorded an associated expense of less than $0.1 million during the year ended December 31, 2022. No such charges were incurred in 2024 and 2023, respectively.

Issuer Purchases of Equity Securities

On June 12, 2017, the Company announced that the Board of Directors approved a $200.0 million share repurchase program for its common shares that would have initially expired on June 30, 2020, which was subsequently extended and increased in the total share repurchase authority to $400.0 million. In 2023, the Company’s Board of Directors approved a 36-month extension to its share repurchase program through June 30, 2026. As of December 31, 2024, the Company had $150.7 million available under the program. The repurchases may be made either in the open market or through private transactions, including repurchases made pursuant to a plan intended to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, subject to market conditions, applicable legal requirements, and other relevant factors. The Company has no obligation to repurchase shares and the share repurchase program may be suspended or discontinued by the Company at any time. In 2024, the Company repurchased 1,166,370 (2023 ― 1,604,420) common shares at an average price of $13.99 per share (2023 ― $16.45 per share), for a total of $16.3 million (2023 ― $26.4 million), excluding commissions. In addition, 108,393 common shares repurchased in 2023, at an average price of $14.98 for a total of $1.6 million, were settled in 2024.

The following table summarizes the Company’s share repurchases during the years ended December 31, 2024 and 2023:


	Total Number of Shares Repurchased		Average Price Paid Per Share
	2024	2023	2024		2023
Shares repurchased	1,166,370	1,604,420	$	13.99	$	16.45

For the years ended December 31, 2024 and 2023, there were no shares purchases in the administration of employee share based plans.

As of December 31, 2024, the IMAX LTIP trustee held nil shares. Any shares held with the trustee are recorded at cost and are reported as a reduction against Capital Stock on the Company’s Consolidated Balance Sheets.

In 2023, IMAX China’s shareholders granted its Board of Directors a general mandate authorizing the Board, subject to applicable laws, to repurchase shares of IMAX China not to exceed 10% of the total number of issued shares as of June 7, 2023 (33,959,314 shares). This program expired on the date of the 2024 Annual General Meeting of IMAX China on June 7, 2024. During the 2024 Annual General Meeting, shareholders approved the repurchase of shares of IMAX China not to exceed 10% of the total number of shares as of June 7, 2024 (34,000,845 shares). This program will be valid until the 2025 Annual General Meeting of IMAX China. The repurchases may be made in the open market or through other means permitted by applicable laws. IMAX China has no obligation to repurchase its shares and the share repurchase program may be suspended or discontinued by IMAX China at any time.

In 2024, IMAX China repurchased 119,900 (2023 ― 16,800) common shares at an average price of HKD 7.43 per share ($0.95 per share) for a total of HKD 0.9 million or U.S. $0.1 million (2023 ― HKD 7.11 per share or $0.91 per share, for a total of HKD 0.1 million or less than $0.1 million). The change in non-controlling interest as a result of common shares repurchased by IMAX China is recorded within Non-Controlling Interest on the Consolidated Balance Sheets and in the Consolidated Statements of Shareholders’ Equity. The difference between the consideration paid and the ownership interest obtained as a result of IMAX China share repurchases is recorded within Other Equity on the Consolidated Balance Sheets and in the Consolidated Statements of Shareholders’ Equity (Refer to “Summary of Significant Accounting Policies — Principles of Consolidation” in Note 2.)

The following table summarizes the IMAX China’s share repurchases during the years ended December 31, 2024 and 2023:


	Total Number of Shares Repurchased		Average Price Paid Per Share
	2024	2023	2024		2023
Shares repurchased	119,900	16,800	$	0.95	$	0.91

Basic and Diluted Weighted Average Shares Outstanding

The following table reconciles the denominator of the basic and diluted weighted average share computations:


	Years Ended December 31,
(In thousands)	2024	2023	2022
Issued and outstanding, beginning of year	53,260	54,149	58,654
Weighted average number of shares (repurchased) issued, net	(610)	161	(1,980)
Weighted average number of shares outstanding - basic	52,650	54,310	56,674

Weighted average effect of potential common shares, if dilutive	1,214	836	—
Weighted average number of shares outstanding - diluted	53,864	55,146	56,674

For the year ended December 31, 2024, the calculation of diluted earnings per share excluded 1,213,884 (2023 ― 3,380,142; 2022 ― 4,523,121) shares that were issuable upon the vesting of 416,778 RSUs (2023 ― 18,877; 2022 ― 637,120), the vesting of 796,186 PSUs (2023 ― 31,843; 2022 ― 281,262), and the exercise of 920 stock options (2023 ― 3,329,422; 2022 ― 3,604,739 ), as the effect would be anti-dilutive.

The calculation of diluted weighted average shares outstanding for the year ended December 31, 2024 also excluded any shares potentially issuable upon the conversion of the Convertible Notes as the average market price of the Company’s common shares during the period of time they were outstanding was less than the conversion price of the Convertible Notes. (Refer to “Borrowings — Convertible Notes and Other Borrowings, Net” in Note 13.)

Statutory Surplus Reserve

Pursuant to the corporate law of the PRC, entities registered in the PRC are required to maintain certain statutory reserves, which are appropriated from after-tax profits (after offsetting accumulated losses from prior years), as reported in their respective statutory financial statements, before the declaration or payment of dividends to equity holders. All statutory reserves are created for specific purposes.

The Company’s PRC subsidiaries are required to appropriate 10% of statutory net profits to statutory surplus reserves, upon distribution of their after-tax profits. The Company’s PRC subsidiaries may discontinue the contribution when the aggregate sum of the statutory surplus reserve is more than 50% of their registered capital. The statutory surplus reserve is non-distributable other than during liquidation and may only be used to fund losses from prior years, to expand production operations, or to increase the capital of the subsidiaries. In addition, the subsidiaries may make further contribution to the discretional surplus reserve using post-tax profits in accordance with resolutions of the Board of Directors.

The statutory surplus reserve of RMB 37.0 million ($5.8 million) has reached 50% of its PRC subsidiaries’ registered capital, as such no further contributions to the reserve are required.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 14
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 14
-Subparagraph (a)
-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Subparagraph (b)
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

IMAX Corporation Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Revenue	$ 352,208	$ 374,839	$ 300,805
Costs and expenses applicable to revenues
Total costs and expenses applicable to revenues	162,008	160,498	144,450
Gross margin	190,200	214,341	156,355
Selling, general and administrative expenses	132,701	144,406	138,043
Research and development	5,103	10,110	5,300
Amortization of intangible assets	5,758	4,578	4,829
Credit loss (reversal) expense, net	(973)	1,759	8,547
Asset impairments	0	144	4,470
Restructuring and other charges	3,749	2,946	0
Income (loss) from operations	43,862	50,398	(4,834)
Realized and unrealized investment gains	127	465	70
Retirement benefits non-service expense	(387)	(411)	(556)
Interest income	2,180	2,486	1,428
Interest expense	(8,084)	(6,821)	(5,877)
Income (loss) before taxes	37,698	46,117	(9,769)
Income tax expense	(4,996)	(13,051)	(10,108)
Net income (loss)	32,702	33,066	(19,877)
Net income attributable to non-controlling interests	(6,643)	(7,731)	(2,923)
Net income (loss) attributable to common shareholders	$ 26,059	$ 25,335	$ (22,800)
Net income (loss) per share attributable to common shareholders:
Basic (in dollars per share)	$ 0.49	$ 0.47	$ (0.40)
Diluted (in dollars per share)	$ 0.48	$ 0.46	$ (0.40)
Weighted average shares outstanding (in thousands):
Basic (in shares)	52,650	54,310	56,674
Diluted (in shares)	53,864	55,146	56,674
Technology sales
Revenues
Revenue	$ 87,765	$ 100,792	$ 69,158
Costs and expenses applicable to revenues
Total costs and expenses applicable to revenues	38,235	46,756	37,610
Image enhancement and maintenance services
Revenues
Revenue	192,197	189,752	161,379
Costs and expenses applicable to revenues
Total costs and expenses applicable to revenues	96,558	88,056	81,834
Technology rentals
Revenues
Revenue	62,560	75,566	61,786
Costs and expenses applicable to revenues
Total costs and expenses applicable to revenues	27,215	25,686	25,006
Finance income
Revenues
Revenue	$ 9,686	$ 8,729	$ 8,482

Capital Stock - Schedule of Total Share-Based Compensation Expense Related to Non-Vested PSUs not Yet Recognized and Weighted Average Period (Details) - PSUs - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense not yet recognized related to non-vested PSUs	$ 9,644	$ 10,907	$ 10,800
Weighted average period awards are expected to be recognized (in years)	1 year 8 months 12 days	1 year 9 months 18 days	1 year 9 months 18 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Film Assets

12 Months Ended

Dec. 31, 2024

Entertainment, Film [Abstract]

Film Assets

8. Film Assets


	As of December 31,
(In thousands of U.S. Dollars)	2024		2023
Completed and released films	$	2,952	$	1,382
Films in production	4,136		4,341
Films in development	1,598		1,063
Total	$	8,686	$	6,786

In 2024, the Company recognized film asset amortization of $24.8 million (2023 — $20.3 million; 2022 — $16.9 million). The Company expects to amortize $6.5 million of the Film Assets balance within three years of December 31, 2024, including $3.5 million in 2025, $1.7 million in 2026, and $1.3 million in 2027. In certain film arrangements, the Company co-produces a film with a third party whereby the third party retains certain rights to the film. The amount of participation payments owed to third parties related to co-produced films as of December 31, 2024 was $5.2 million (December 31, 2023 — $3.8 million) and was recorded on the Consolidated Balance Sheets within Accrued and Other Liabilities.

In 2024, the Company recognized film asset write-downs of less than $0.1 million (2023 — $0.4 million; 2022 — $0.8 million).

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Reportable Segment

The following table presents the Company’s revenue and gross margin by reportable segment for the years ended December 31, 2024, 2023, and 2022:


	Revenue(1)						Gross Margin
(In thousands of U.S. Dollars)	2024		2023		2022		2024		2023		2022
Content Solutions	$	124,731	$	126,698	$	101,820	$	66,523	$	74,106	$	51,240
Technology Products and Services	216,062		234,303		192,368		115,553		129,946		101,055
Sub-total for reportable segments	340,793		361,001		294,188		182,076		204,052		152,295
All Other	11,415		13,838		6,617		8,124		10,289		4,060
Total	$	352,208	$	374,839	$	300,805	$	190,200	$	214,341	$	156,355
(1)The Company’s largest customer represents 11% of total Revenues as of December 31, 2024 (2023 ― 10%; 2022 ― 12%). No single customer comprises more than 10% of the Company’s total Accounts Receivable as of December 31, 2024 and 2023.

The following table presents the Company’s assets by category and reportable segment, reconciled to consolidated assets, as of December 31, 2024 and 2023:


	As of December 31,
(In thousands of U.S. Dollars)	2024		2023
Content Solutions	$	89,383	$	97,123
Technology Products and Services	544,444		529,057
Sub-total for reportable segments	633,827		626,180
All Other	37,808		43,994
Corporate and other non-segment specific assets	158,763		144,495
Total	$	830,398	$	814,669

Schedule of Other Operating Cost and Expenses


	Years Ended December 31,
	2024				2023				2022
(In thousands of U.S. Dollars)	Sales Commissions		Marketing and Other		Sales Commissions		Marketing and Other		Sales Commissions		Marketing and Other
Technology sales(1)	$	1,478	$	736	$	1,575	$	1,103	$	479	$	810
Image enhancement and maintenance services(2)	—		15,030		—		15,200		—		20,284
Technology rentals(3)	933		2,204		478		734		85		663
Total	$	2,411	$	17,970	$	2,053	$	17,037	$	564	$	21,757
(1)Sales commissions paid prior to the recognition of the related revenue are deferred and recognized upon the client acceptance of the IMAX System. Direct advertising and marketing costs for each IMAX System are expensed as incurred. (2)Film exploitation costs, including advertising and marketing costs are expensed as incurred. (3)Sales commissions related to joint revenue sharing arrangements accounted for operating leases are recognized in the month they are earned by the salesperson, which is typically the month in which the IMAX System is installed, and are subject to subsequent performance-based adjustments. Direct advertising and marketing costs for each IMAX System are expensed as incurred.


Content Solutions Segment:	For the years ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Revenue	$	124,731	$	126,698	$	101,820
Film asset amortization	$	24,775	$	20,281	$	16,881
Marketing and other selling expenses	15,030		15,200		20,284
Co-produced film participation expenses	3,292		594		820
Other segment expenses(1)	15,111		16,517		12,595
Total Costs and Expenses Applicable to Revenues	58,208		52,592		50,580
Gross Margin	$	66,523	$	74,106	$	51,240
(1)Included within the Other segment expenses are costs related to film distribution, post production costs, production costs, and network connectivity fees.


Technology Products and Services Segment:	For the years ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Revenue	$	216,062	$	234,303	$	192,368
Depreciation of equipment supporting JRSAs	22,723		22,857		22,165
Marketing and other selling expenses	2,411		2,053		564
Write-down of equipment supporting JRSAs	3,397		756		973
Write-down of inventory	359		542		741
Other segment expenses(1)	71,619		78,149		66,870
Total Costs and Expenses Applicable to Revenues	100,509		104,357		91,313
Gross Margin	$	115,553	$	129,946	$	101,055
(1)Included within the Other segment expenses are costs related to the manufacturing and build of IMAX Systems recognized in the period, maintenance and warranty costs, and other product related costs.

Schedule of Geographic Information

The following table summarizes the Company’s revenues by geographic area for the years ended December 31, 2024, 2023, and 2022:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
United States	$	137,761	$	117,925	$	107,734
Greater China	80,997		91,901		73,330
Asia (excluding China)	57,691		59,690		47,145
Western Europe	40,812		54,908		40,245
Canada	9,344		18,746		7,550
Latin America	8,994		13,788		9,418
Rest of the World	16,609		17,881		15,383
Total	$	352,208	$	374,839	$	300,805

Schedule of Property Plant and Equipment By Geographic Areas

The following table presents the breakdown of Property, Plant and Equipment by geography as of December 31, 2024 and 2023:


	As of December 31,
(In thousands of U.S. Dollars)	2024		2023
United States	$	100,422	$	98,831
Greater China	66,022		72,492
Canada	40,116		37,877
Western Europe	12,917		12,763
Asia (excluding Greater China)	15,134		16,538
Rest of the World	5,522		4,798
Total	$	240,133	$	243,299

Summary of Significant Accounting Policies - Schedule of VIEs Total Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Total assets	$ 830,398	$ 814,669
Total liabilities	452,183	469,080
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets	1,459	1,425
Total liabilities	$ 246	$ 246

- Definition

Amount of asset recognized for present right to economic benefit.

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-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 28: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 29: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Lease Arrangements (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Components of Operating Lease Expense

For the years ended December 31, 2024, 2023, and 2022 the components of lease expense recorded within Selling, General and Administrative Expenses were as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Operating lease cost:
Amortization of operating lease assets	$	2,120	$	2,677	$	2,734
Interest on operating lease liabilities	661		768		825
Short-term and variable lease costs	289		507		616
Finance lease cost:
Amortization of finance lease assets	398		398		171
Interest on finance lease liabilities	17		45		22
Total lease cost	$	3,485	$	4,395	$	4,368

Schedule of Supplemental Cash and Non-Cash Flow Information Related to Leases

For the years ended December 31, 2024, 2023, and 2022, supplemental cash and non-cash information related to leases was as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating leases	$	3,068	$	3,675	$	3,783
Finance leases	509		480		948
Supplemental disclosure of noncash leasing activities:
Right-of-use assets obtained in exchange for operating lease obligations	$	1,596	$	972	$	3,068
Right-of-use assets obtained in exchange for finance lease obligations	—		—		1,990

Schedule of Supplemental Balance Sheet Information Related to Leases

As of December 31, 2024 and 2023, supplemental balance sheet information related to leases was as follows:


		December 31,
(In thousands of U.S. Dollars)		2024		2023
Assets:	Balance Sheet Location
Operating lease right-of-use assets	Property, plant and equipment	$	10,019	$	10,599
Finance lease right-of-use assets	Property, plant and equipment	1,022		1,420
Liabilities:	Balance Sheet Location
Operating lease liabilities	Accrued and other liabilities	$	11,861	$	12,702
Finance lease liabilities(1)	Accrued and other liabilities	—		518
(1)Recorded net of $nil (2023 — $nil) upfront payment made upon execution of the finance lease arrangement.

Schedule of Weighted-Average Remaining Lease Term and Weighted- Average Interest Rate

As of December 31, 2024 and 2023, the weighted-average remaining lease term and weighted-average interest rate associated with the Company’s leases were as follows:


	December 31,
(In thousands of U.S. Dollars)	2024		2023
Operating leases:
Weighted-average remaining lease term (years)	4.8		4.9
Weighted-average discount rate	5.87	%	5.85	%
Finance leases:
Weighted-average remaining lease term (years)	2.6		3.6
Weighted-average discount rate	6.00	%	6.00	%

Schedule of Operating Lease Maturities

As of December 31, 2024, the maturities of the Company’s operating lease liabilities were as follows:


(In thousands of U.S. Dollars)
2025	$	2,872
2026	2,781
2027	2,710
2028	2,714
2029	2,227
Thereafter	278
Total lease payments	$	13,582
Less: interest expense	(1,721)
Present value of lease liabilities	$	11,861

Schedule of Sales-Type and Joint Revenue Sharing Arrangements Payments Maturity

The following lease payments are expected to be received by the Company for its sales-type leases and joint revenue sharing arrangements in each of the next five years and thereafter following the December 31, 2024 balance sheet date:


(In thousands of U.S. Dollars)	Sales-Type Leases		Joint Revenue Sharing arrangements
2025	$	2,935	$	25
2026	3,122		—
2027	3,057		—
2028	2,914		—
2029	2,914		—
Thereafter	15,948		—
Total	$	30,890	$	25

Income Taxes - Schedule of Deferred Tax Assets and Deferred Tax Liability (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 17,523	$ 29,490
Investment tax credit and other tax credit carryforwards	6,418	5,348
Write-downs of other assets	1,632	1,223
Excess of tax accounting basis in various assets	35,948	15,379
Accrued pension liability	5,823	5,583
Accrued share-based compensation	9,028	8,460
Income recognition on net investment in leases	(4,119)	(4,691)
Other accrued reserves	7,859	9,328
Total deferred income tax assets	80,112	70,120
Valuation allowance	(65,613)	(62,132)
Deferred income tax asset net of valuation allowance	14,499	7,988
Deferred tax liability	(12,521)	(12,521)
Net deferred tax asset (liability)	$ 1,978
Net deferred tax asset (liability)		$ (4,533)

Income Taxes - Schedule of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes Disclosure [Line Items]
Income tax (expense) benefit – current	$ (10,627)	$ (14,498)	$ (12,181)
Income tax (expense) benefit – deferred	5,631	1,447	2,073
Total	(4,996)	(13,051)	(10,108)
Valuation allowance, deferred tax asset, increase (decrease), amount	3,500	(700)
Deferred income tax liabilities	12,521	12,521
Payment of foreign withholding taxes	0	2,400
Other comprehensive (loss) income, income tax expense (benefit)	(949)	181	818
Canada
Income Taxes Disclosure [Line Items]
Income tax (expense) benefit – current	(1,352)	(3,102)	(1,149)
Income tax (expense) benefit – deferred	(3,392)	2,456	943
United States
Income Taxes Disclosure [Line Items]
Income tax (expense) benefit – current	(1,376)	(1,638)	(274)
Income tax (expense) benefit – deferred	308	1,537	(131)
China
Income Taxes Disclosure [Line Items]
Income tax (expense) benefit – current	(5,109)	(3,634)	(4,437)
Income tax (expense) benefit – deferred	3,290	(433)	2,763
Ireland
Income Taxes Disclosure [Line Items]
Income tax (expense) benefit – current	(1,933)	(3,481)	(2,802)
Income tax (expense) benefit – deferred	5,406	(2,040)	(1,562)
Other
Income Taxes Disclosure [Line Items]
Income tax (expense) benefit – current	(857)	(2,643)	(3,519)
Income tax (expense) benefit – deferred	$ 19	$ (73)	$ 60

Receivables - Schedule of Allowance for Credit Losses Related to Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 15,977	$ 14,119
Current year (reversal) provision, net	(2,275)	3,557
Write-offs, net of recoveries	(621)	(1,358)
Foreign exchange	197	(341)
Ending balance	13,278	15,977
Theater Operators
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	14,355	11,144
Current year (reversal) provision, net	(2,696)	4,771
Write-offs, net of recoveries	(178)	(1,225)
Foreign exchange	197	(335)
Ending balance	11,678	14,355
Studios
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	616	1,699
Current year (reversal) provision, net	404	(944)
Write-offs, net of recoveries	(3)	(133)
Foreign exchange	0	(6)
Ending balance	1,017	616
Other
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,006	1,276
Current year (reversal) provision, net	17	(270)
Write-offs, net of recoveries	(440)	0
Foreign exchange	0	0
Ending balance	$ 583	$ 1,006

Variable Considerations from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Variable Consideration from Contracts With Customers

The following table summarizes the activity related to variable consideration from contracts with customers for the years ended December 31, 2024, 2023, and 2022:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Beginning balance	$	64,338	$	44,024	$	44,218
Variable consideration for newly recognized sales	25,485		28,580		7,109
Accretion to finance income	3,810		2,644		1,846
Transferred to receivables from variable consideration assets	(13,884)		(10,887)		(9,621)
Changes in variable consideration estimates	2,327		—		—
Changes in allowance for credit losses (see Note 4)	517		(23)		472
Ending balance	$	82,593	$	64,338	$	44,024

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2024	Jan. 31, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35066
Entity Registrant Name	IMAX Corporation
Entity Incorporation, State or Country Code	Z4
Entity Tax Identification Number	98-0140269
Entity Address, Address Line One	2525 Speakman Drive
Entity Address, City or Town	Mississauga
Entity Address, State or Province	ON
Entity Address, Country	CA
Entity Address, Postal Zip Code	L5K 1B1
City Area Code	905
Local Phone Number	403-6457
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	IMAX
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 712.0
Entity Common Stock, Shares Outstanding		53,024,091
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement on Schedule 14A relating to its 2025 annual meeting of shareholders, to be filed within 120 days of the close of the registrant’s fiscal year ended December 31, 2024 with the Securities and Exchange Commission (the “2025 Proxy Statement”), are incorporated by reference in Part III of this Annual Report on Form 10-K to the extent described therein.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0000921582
Other Address
Document Information [Line Items]
Entity Address, Address Line One	902 Broadway
Entity Address, Address Line Two	Floor 20
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Country	US
Entity Address, Postal Zip Code	10010
City Area Code	212
Local Phone Number	821-0142

Contingencies and Guarantees	12 Months Ended
Contingencies and Guarantees	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Guarantees	15. Contingencies and Guarantees The Company is involved in lawsuits, claims, and proceedings, including those identified below, which arise in the ordinary course of business. Management is required to assess the likelihood of any adverse judgments or outcomes related to these legal contingencies, as well as potential ranges of probable or reasonably possible losses. The Company records a provision for a liability when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The determination of the amount of any liability recorded or disclosed is reviewed at least quarterly based on a careful analysis of each individual exposure with, in some cases, the assistance of outside legal counsel, taking into account the impact of negotiations, settlements, rulings, and other pertinent information related to the case. The amount of liabilities recorded or disclosed for these contingencies may change in the future due to changes in management’s judgments resulting from new developments or changes in settlement strategy. Any resulting adjustment to the liabilities recorded by the Company could have a material adverse effect on its results of operations, cash flows, and financial position in the period or periods in which such changes in judgment occur. The Company believes it has adequate provisions for any such matters. The Company expenses legal costs relating to its lawsuits, claims and proceedings as incurred. (i) In January 2004, the Company and IMAX Theatre Services Ltd., a subsidiary of the Company, commenced an arbitration seeking damages before the International Court of Arbitration of the International Chamber of Commerce (the “ICC”) with respect to the breach by Electronic Media Limited (“EML”) of its December 2000 agreement with the Company. In June 2004, the Company commenced a related arbitration before the ICC against EML’s affiliate, E-City Entertainment (I) PVT Limited (“E-City”). On March 27, 2008, the arbitration panel issued a final award in favor of the Company in the amount of $11.3 million, as well as an additional $2,512 each day in interest from October 1, 2007 until the date the award is paid. In July 2008, E-City commenced a proceeding in Mumbai, India seeking to prevent recognition of the ICC award in India. On March 10, 2017, the Supreme Court of India dismissed E-City’s petition. On March 29, 2017, the Company filed an Execution Application in the Bombay High Court seeking to enforce the ICC award against E-City and several related parties. On October 24, 2024, the Bombay High Court announced the dismissal of the Company’s application, and the Court issued a written order of dismissal on November 14, 2024. On December 13, 2024, the Company filed an appeal of this order, and the Company fully intends to continue pursuing its rights and seeking to enforce the arbitration award. The Company has also taken steps to enforce the ICC final award outside of India. In December 2011, the Ontario Superior Court of Justice issued an order recognizing the final award and requiring E-City to pay the Company $30,000 to cover the costs of the application, and in May 2012, the New York Supreme Court recognized the Canadian judgment and entered it as a New York judgment. No amounts have been recognized in connection with this matter. (ii) In addition to the matters described above, the Company is currently involved in other legal proceedings or governmental inquiries which, in the opinion of the Company’s management, will not materially affect the Company’s financial position or future operating results, although no assurance can be given with respect to the ultimate outcome of any such proceedings. (iii) In the normal course of business, the Company enters into agreements that may contain features that meet the definition of a guarantee. A guarantee is a contract (including an indemnity) that contingently requires the Company to make payments (either in cash, financial instruments, other assets, shares of its stock, or provision of services) to a third party based on (a) changes in an underlying interest rate, foreign exchange rate, equity or commodity instrument, index or other variable, that is related to an asset, a liability or an equity security of the counterparty, (b) failure of another party to perform under an obligating agreement or (c) failure of another third party to pay its indebtedness when due. Financial Guarantees Certain subsidiaries of the Company have provided significant financial guarantees to third parties under the Credit Agreement (Refer to Note 13). Product Warranties The Company’s accrual for product warranties, which is recorded within Accrued and Other Liabilities on the Consolidated Balance Sheets, was $0.1 million and less than $0.1 million as of December 31, 2024 and 2023, respectively. Director/Officer Indemnifications The Company’s by-laws contain an indemnification of its directors/officers, former directors/officers, and persons who have acted at its request to be a director/officer of an entity in which the Company is a shareholder or creditor, to indemnify them, to the extent permitted by the Canada Business Corporations Act, against expenses (including legal fees), judgments, fines and any amounts actually and reasonably incurred by them in connection with any action, suit or proceeding in which the directors and/or officers are sued as a result of their service, if they acted honestly and in good faith with a view to the best interests of the Company. In addition, the Company has entered into indemnification agreements with each of its directors in order to effectuate the foregoing. The nature of the indemnification prevents the Company from making a reasonable estimate of the maximum potential amount it could be required to pay to counterparties. The Company has purchased directors’ and officers’ liability insurance. No amount had been accrued on the Company’s Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023 with respect to this indemnity. Other Indemnification Agreements In the normal course of its operations, the Company provides indemnifications to counterparties in transactions such as: IMAX System lease and sale agreements and the supervision of installation or servicing of IMAX Systems; film production, exhibition and distribution agreements; real property lease agreements; and employment agreements. These indemnification agreements require the Company to compensate the counterparties for costs incurred as a result of litigation claims that may be suffered by the counterparty as a consequence of the transaction or the Company’s breach or non-performance under these agreements. While the terms of these indemnification agreements vary based upon the contract, they normally extend for the life of the agreements. A small number of agreements do not provide for any limit on the maximum potential amount of indemnification; however, virtually all of the IMAX System lease and sale agreements limit such maximum potential liability to the purchase price of the system. The fact that the maximum potential amount of indemnification required by the Company is not specified in some cases prevents the Company from making a reasonable estimate of the maximum potential amount it could be required to pay to counterparties. Historically, the Company has not made any significant payments under such indemnifications and no amounts have been accrued in the Consolidated Financial Statements with respect to the contingent aspect of these indemnities.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principles of Consolidation

Financial Statements. A change in the value of an equity method investment that is other than temporary is recognized in the Consolidated Statements of Operations.

Estimates and Assumptions

Cash and Cash Equivalents

The Company considers all highly liquid investments convertible to a known amount of cash and with an original maturity of three months or less to be cash equivalents.

Receivables

(Refer to Note 4 for more information related to the Company’s receivables and current expected credit losses.)

Inventories

Film Assets

Property, Plant and Equipment

Property, Plant and Equipment is recorded at cost and is depreciated on a straight-line basis over the estimated useful lives of the underlying assets as follows:


Theater system components(1)			— Over the equipment’s expected useful life (7 to 20 years)
Camera equipment and connectivity equipment			— Over a period between 5 years to 15 years
Buildings			— Over a period between 20 to 25 years
Office and production equipment			— Over a period between 3 to 5 years
Leasehold improvements			— Over the shorter of the initial term of the underlying lease plus any reasonably assured renewal periods, and the useful life of the asset
(1)Includes equipment under joint revenue sharing arrangements.

Other Assets

Goodwill

Other Intangible Assets

incurred during the preliminary project and post-implementation stages are charged to expense. These capitalized costs are amortized on a straight-line basis over the estimated useful life.

Deferred Revenue

Statutory Surplus Reserve

Income Taxes

Revenue Recognition

IMAX Systems

Sales Arrangements

Constraints on the Recognition of Variable Consideration

•The amount of consideration is highly susceptible to factors outside the entity’s influence;

•The uncertainty about the amount of consideration is not expected to be resolved for a long period of time;

•The Company’s experience (or other evidence) with similar types of contracts is limited, or that experience has limited predictive value; and

•The entity has a practice of either offering a broad range of price concessions or changing the payment terms and conditions of similar contracts in similar circumstances.

The arrangement for the sale of an IMAX System includes indexed minimum payment increases over the term of the arrangement, as well as the potential for additional payments owed by an exhibitor customer if certain minimum box office receipt thresholds are exceeded. In addition, hybrid sales arrangements include amounts owed by an exhibitor customer based on a percentage of their box office receipts over the term of the arrangement. These contract provisions are considered to be variable consideration. An estimate of the present value of such variable consideration is recognized as revenue upon the transfer of control of the System Obligation to the customer, subject to constraints to ensure that there is not a risk of significant revenue reversal. This estimate is based on management’s box office projections for the individual IMAX System, which are developed using historical data for the location and, if necessary, comparable locations and territories. Estimates for future indexed minimum payment increases are based on historical index rates, in addition to any external factors which may influence this index in the future.

Revenue Recognition, Lease Arrangements and Improvements and Modifications

Lease Arrangements

Improvements and Modifications

Revenue Recognition, Finance Income

Finance Income

Costs and Expenses Applicable to Revenues - Technology Sales

Costs and Expenses Applicable to Revenues – Technology Sales

Costs and Expenses Applicable to Revenues - Technology Rentals

Costs and Expenses Applicable to Revenues – Technology Rentals

Terminations, Consensual Buyouts and Concessions

Maintenance and Extended Warranty Services

IMAX Film Remastering Services, Film Production Services, Film Distribution Services, Film Post-Production Services and Software License and Subscription Services

IMAX Film Remastering Services

Film Production Services

Film Distribution Services

Film Post-Production Services

Revenues from post-production film services are recognized within Revenues – Image Enhancement and Maintenance Services when performance of the contracted services is completed.

Software License and Subscription Services

Revenues from licenses and maintenance and support services are recognized within Revenues – Image Enhancement and Maintenance Services.

IMAX Corporation as a Lessee

Leases

The Company’s operating lease arrangements principally involve office and warehouse space. Office equipment is generally purchased outright. Leases with an initial term of less than 12 months are not recorded on the Consolidated Balance Sheets and the related lease expense is recognized on a straight-line basis over the lease term. Most of the Company’s leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. The Company has determined that it is reasonably certain that the renewal options on its warehouse leases will be exercised based on previous history, its current understanding of future business needs, and its level of investment in leasehold improvements, among other factors. The incremental borrowing rate used in the calculation of the Company’s lease liabilities is based on the location of each leased property. None of the Company’s leases include options to purchase the leased property. The depreciable lives of right-of-use assets and related leasehold improvements are limited by the expected lease term. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company rents or subleases certain office space to third parties, which have a remaining term of less than 12 months and are not expected to be renewed.

The Company has a finance lease arrangement involving equipment used to facilitate the delivery of live events to certain IMAX locations. The lease arrangement includes an option for the Company to purchase the equipment at the end of the lease term that is reasonably certain to be exercised. The resulting right-of-use assets are being depreciated from the lease commencement dates over the useful life of the underlying equipment. The incremental borrowing rate used in the calculation of the lease liabilities is based on the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term.

Research and Development

Foreign Currency Translations

Foreign Currency Translation

Share-Based Compensation

Stock Options

The Company no longer issues stock options as a form of employee compensation.

(Refer to “Capital Stock — Shared-Based Compensation” in Note 16 for the assumptions used to determine the fair value of the Company’s stock options.)

Restricted Share Units

Performance Stock Units

Share-Based Payment Awards to Non-Employees

Pension Plans and Postretirement Benefits

Guarantees

Adoption of New Accounting Policies and Recently Issued FASB Accounting Standard Codification updates Not Yet Adopted

Adoption of New Accounting Policies

In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-06, “Disclosure Improvements: Codification Amendments in response to the SEC’s Disclosure Update and Simplification Initiative” (“ASU 2023-06”). ASU 2023-06 incorporates into U.S. GAAP certain presentation and disclosure requirements currently included in the SEC’s regulations. Each amendment will become effective prospectively from the date the SEC withdrawals the corresponding SEC regulatory requirement. The Company adopted ASU 2023-06 on January 1, 2024. The adoption of this ASU did not have a material impact on the Company’s Consolidated Financial Statements.

In November 2023, the FASB issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). The purpose of ASU 2023-07 is to enhance the interim disclosure requirements by more closely aligning them with the annual requirements. ASU 2023-07 requires interim and annual disclosures to

include information about the Company’s significant segment expenses. The Company adopted ASU 2023-07 for the Company’s year ended December 31, 2024. The adoption of this ASU impacted the Company’s segment disclosures in Note 20.

Recently Issued FASB Accounting Standard Codification Updates Not Yet Adopted

In December 2023, the FASB issued Accounting Standard Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). The amendments in ASU 2023-09 improve the transparency of income tax disclosures by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation, and (ii) income taxes paid disaggregated by jurisdiction. ASU 2023-09 will be effective for the Company’s year ended December 31, 2025. The Company is in the process of evaluating the impact of this ASU on its Consolidated Financial Statements.

In November 2024, the FASB issued Accounting Standard Update No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures” (“ASU 2024-03”). The amendments in ASU 2024-03 improve the transparency of expenses by nature disclosures requiring (i) disclosures with disaggregation of each expense line item into specific categories, (ii) qualitative disclosures of expenses. ASU 2024-03 will be effective for the Company’s year ended December 31, 2027. The Company is in the process of evaluating the impact of this ASU on its Consolidated Financial Statements.

The Company considers the applicability and impact of all recently issued FASB accounting standard codification updates. Accounting standard updates that are not noted above were assessed and determined to be not applicable or not significant to the Company’s Consolidated Financial Statements for the year ended December 31, 2024.

Credit Risk

The Company’s internal credit quality classifications are as follows:

•Good Standing — The theater operator continues to be in good standing as payments and reporting are received on a regular basis.

Accounts Receivable

IMAX Corporation as a Lessor

The Company provides IMAX Systems to customers through long-term lease arrangements that for accounting purposes are classified as sales-type leases. Under these arrangements, in exchange for providing the IMAX System, the Company earns fixed upfront and ongoing consideration. Certain arrangements that are legal sales are also classified as sales-type leases as certain clauses within the arrangements limit transfer of title or provide the Company with conditional rights to the system. The customer’s rights under the Company’s sales-type lease arrangements are described in “Summary of Significant Accounting Policies — Revenue Recognition” in Note 2. Under the Company’s sales-type lease arrangements, the customer has the ability and the right to operate the hardware components or direct others to operate them in a manner determined by the customer. The Company’s lease portfolio terms are typically non-cancellable for 10 to 20 years with renewal provisions from inception. The Company’s sales-type lease arrangements do not contain a guarantee of residual value at the end of the lease term. The customer is required to pay for executory costs such as insurance and taxes and is required to pay the Company for maintenance and an extended warranty generally after the first year of the lease until the end of the lease term. The customer is responsible for obtaining insurance coverage for the IMAX System commencing on the date specified in the arrangement’s shipping terms and ending on the date the IMAX System is returned to the Company.

The Company also provides IMAX Systems to customers through JRSAs. Under the traditional form of these arrangements, in exchange for providing the IMAX System under a long-term lease, the Company earns rent based on a percentage of contingent box office receipts and, in some cases, concession revenues, rather than a fixed upfront fee or annual minimum payments.

Under certain other JRSAs, known as hybrid arrangements, the customer is responsible for making fixed upfront payments prior to the delivery and installation of the IMAX System.

Under JRSAs, the customer has the ability and the right to operate the hardware components or direct others to operate them in a manner determined by the customer. The Company’s JRSAs are typically non-cancellable for 10 years or longer with renewal provisions. Title to the IMAX System under a joint revenue sharing arrangement generally does not transfer to the customer. The Company’s joint revenue sharing arrangements do not contain a guarantee of residual value at the end of the lease term. The customer is required to pay for executory costs such as insurance and taxes and is required to pay the Company for maintenance and an extended warranty throughout the term. The customer is responsible for obtaining insurance coverage for the IMAX System commencing on the date specified in the arrangement’s shipping terms and ending on the date the IMAX System is returned to the Company.

Contingencies and Guarantees

The Company is involved in lawsuits, claims, and proceedings, including those identified below, which arise in the ordinary course of business. Management is required to assess the likelihood of any adverse judgments or outcomes related to these legal contingencies, as well as potential ranges of probable or reasonably possible losses. The Company records a provision for a liability when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The determination of the amount of any liability recorded or disclosed is reviewed at least quarterly based on a careful analysis of each individual exposure with, in some cases, the assistance of outside legal counsel, taking into account the impact of negotiations, settlements, rulings, and other pertinent information related to the case. The amount of liabilities recorded or disclosed for these contingencies may change in the future due to changes in management’s judgments resulting from new developments or changes in settlement strategy. Any resulting adjustment to the liabilities recorded by the Company could have a material adverse effect on its results of operations, cash flows, and financial position in the period or periods in which such changes in judgment occur. The Company believes it has adequate provisions for any such matters. The Company expenses legal costs relating to its lawsuits, claims and proceedings as incurred.

Deferred Revenue

IMAX System sale and lease arrangements include a requirement for the Company to provide maintenance services over the life of the arrangement, some of which are subject to a consumer price index adjustment each year. In circumstances where customers prepay the entire term’s maintenance fee based on the original arrangement, additional payments are due to the Company for the years after its extended warranty and maintenance obligations expire. Payments, upon renewal each year, are either prepaid or made in arrears and can vary in frequency from monthly to annually. As of December 31, 2024, $26.5 million of consideration had been deferred in relation to outstanding maintenance services to be provided on existing maintenance contracts (December 31, 2023 — $22.8 million and 2022 — $21.0 million). Maintenance revenue is recognized evenly over the contract term which coincides with the period over which maintenance services are provided. In the event of customer default, any payments made by the customer may be retained by the Company.

In instances where the Company receives consideration prior to satisfying its performance obligations, the recognition of revenue is deferred. The majority of the deferred revenue balance relates to payments received by the Company for IMAX Systems where control of the system has not yet transferred to the customer. The deferred revenue balance related to an individual IMAX System increases as progress payments are made and is then derecognized when control of the system is transferred to the customer. Recognition dates are variable and depend on numerous factors, including some outside of the Company’s control.

Segment Reporting

The Company’s Chief Executive Officer (“CEO”) is its Chief Operating Decision Maker (“CODM”), as such term is defined under U.S. GAAP. The CODM assesses segment performance based on segment revenues and segment gross margins. Selling, general and administrative expenses, research and development costs, the amortization of intangible assets, provision for (reversal of) current expected credit losses, certain write-downs, interest income, interest expense, and income tax (expense) benefit are not allocated to the Company’s segments.

The Company has two reportable segments:

(i)Content Solutions, consists of services provided to studios and other content creators, which principally includes the digital remastering of films and other content into IMAX formats for distribution to the IMAX network. To a lesser extent, the Content Solutions segment also earns revenue from the distribution of large-format documentary films and exclusive experiences ranging from live performances to interactive events with leading artists and creators, as well as film post-production services.

(ii)Technology Products and Services, which includes results from the sale or lease of IMAX Systems, as well as from the maintenance of IMAX Systems to exhibition customers. To a lesser extent, the Technology Product and Services segment also earns revenue from certain ancillary theater business activities, including after-market sales of IMAX System parts and 3D glasses.

The Company’s activities that do not meet the criteria to be considered a reportable segment, principally the Company’s streaming and consumer technology business as well as other ancillary activities, are reported within “All Other.”

The accounting policies of the reportable segments are the same as those described in Note 2 - Summary of Significant Accounting Policies. Intercompany profit or loss is not included in the evaluation of performance and allocation of resources.

The CODM uses segment revenues and segment gross margin to allocate resources for each segment predominantly in the annual budget and forecasting process.

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Investments, All Other Investments [Abstract]

Schedule of Carrying Value and Fair Value of Financial Instruments


	As of December 31, 2024				As of December 31, 2023
(In thousands of U.S. Dollars)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Level 1
Cash and cash equivalents(1)	$	100,592	$	100,592	$	76,200	$	76,200

Level 2
Net financed sales receivables(3)	$	90,546	$	81,876	$	97,615	$	96,500
Net investment in sales-type leases(3)	29,339		25,322		29,539		28,751
Equity securities(1)	1,000		1,000		1,000		1,000
COLI(4)	3,649		3,649		3,522		3,522
Foreign exchange contracts — designated forwards(2)	(2,029)		(2,029)		819		819
Wells Fargo Credit Facility borrowings(1)	(37,000)		(37,000)		(24,000)		(24,000)


Federal Economic Development Loan(3)	(1,765)		(1,765)		(2,498)		(2,498)
Convertible Notes(5)	(230,000)		(234,009)		(230,000)		(205,850)
(1)Recorded at cost, which approximates fair value. (2)Fair value is determined using quoted prices in active markets. (3)Fair value is estimated based on discounting future cash flows at currently available interest rates with comparable terms. (4)Measured at cash surrender value, which approximates fair value, for the company-owned life insurance (“COLI”) (5)Fair value is determined using quoted market prices that are observable in the market or that could be derived from observable market data.

Schedule of Notional Amounts

The following tabular disclosures reflect the impact that derivative instruments and hedging activities have on the Company’s Consolidated Financial Statements:

Notional value of foreign exchange contracts:


	As of December 31,
(In thousands of U.S. Dollars)	2024		2023
Derivatives designated as hedging instruments:
Foreign exchange contracts — Forwards	$	48,376	$	40,563

Schedule of Fair Value of Foreign Exchange Contracts

Fair value of derivatives in foreign exchange contracts:


		As of December 31,
(In thousands of U.S. Dollars)	Balance Sheet Location	2024		2023
Derivatives designated as hedging instruments:
Foreign exchange contracts — Forwards	Other assets	$	—	$	846
	Accrued and other liabilities	(2,029)		(27)
		$	(2,029)	$	819

Schedule of Derivatives in Foreign Currency Hedging Relationships

Derivatives in foreign currency hedging relationships are as follows:


		Years Ended December 31,
(In thousands of U.S. Dollars)		2024		2023		2022
Foreign exchange contracts — Forwards	Derivative (Loss) Gain Recognized in OCI (Effective Portion)	$	(3,455)	$	575	$	(1,323)


		Years Ended December 31,
(In thousands of U.S. Dollars)	Location of Derivative Loss Reclassified from AOCI (Effective Portion)	2024		2023		2022
Foreign exchange contracts — Forwards	Selling, general and administrative expenses	$	(607)	$	(892)	$	(596)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income (loss) Before Taxes by Jurisdiction

Income (loss) before taxes by tax jurisdiction for the years ended December 31, 2024, 2023, and 2022 consisted of the following:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Canada	$	(14,240)	$	(13,366)	$	(55,623)
United States	5,025		5,195		4,281
China	29,660		34,433		11,466
Ireland	15,951		19,371		24,070
Other	1,302		484		6,037
Total	$	37,698	$	46,117	$	(9,769)

Schedule of Income Tax Expense

Income tax expense for the years ended December 31, 2024, 2023, and 2022 consisted of the following:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Income tax expense – current:
Canada	$	(1,352)	$	(3,102)	$	(1,149)
United States	(1,376)		(1,638)		(274)
China	(5,109)		(3,634)		(4,437)
Ireland	(1,933)		(3,481)		(2,802)
Other	(857)		(2,643)		(3,519)
Sub-total	(10,627)		(14,498)		(12,181)
Income tax (expense) benefit – deferred:
Canada(1)	(3,392)		2,456		943
United States	308		1,537		(131)
China(2)	3,290		(433)		2,763
Ireland	5,406		(2,040)		(1,562)
Other	19		(73)		60
Sub-total	5,631		1,447		2,073
Total(3)	$	(4,996)	$	(13,051)	$	(10,108)
(1)A valuation allowance is recorded in jurisdictions where management has determined, based on the weight of all available evidence, both positive and negative, that a valuation allowance for deferred tax assets is required. For the year ended December 31, 2024, the Company recorded a $3.5 million net increase (2023 — net decrease of $0.7 million) in the valuation allowance against its deferred tax assets in Canada. The $3.5 million net increase in the valuation allowance recorded in 2024 is reflected within Income Tax Expense in the Company’s Consolidated Statements of Operations. (2)The Company’s deferred tax liability of $12.5 million as of December 31, 2024 (2023 — $12.5 million) relates to the estimated applicable foreign withholding taxes associated with historical earnings that were not indefinitely reinvested which will become payable upon the repatriation of any such earnings. During the year ended December 31, 2024, $nil (2023 — $24.0 million) of historical earnings from a subsidiary in China were distributed and as a result, $nil (2023 — $2.4 million) of foreign withholding taxes were paid to the relevant tax authorities. (3)For the year ended December 31, 2024, Income Tax Expense excludes a tax benefit of $0.9 million included in Other Comprehensive Income (Loss) (2023 — expense of $0.2 million; 2022 — expense of $0.8 million).

Schedule of Reconciliation of Income Tax Expense to Statutory Rates


	Years Ended December 31,
	2024				2023				2022
(In thousands of U.S. Dollars, except rates)	Amount		Rate		Amount		Rate		Amount		Rate
Income tax (expense) benefit at combined statutory rates(1)	$	(9,990)	26.5	%	$	(12,221)	26.5	%	$	2,596	26.5	%
Adjustments resulting from:
(Increase) decrease in valuation allowance	(3,481)		9.2	%	732		(1.6	%)	(16,848)		(172.5	%)
Changes to tax reserves	1,374		(3.6	%)	387		(0.8	%)	1,643		16.8	%
U.S. federal and state taxes	(362)		1.0	%	(250)		0.5	%	(86)		(0.9	%)
Withholding taxes	(3,938)		10.5	%	(5,206)		11.3	%	(3,825)		(39.2	%)
Income tax at different rates in foreign and other provincial jurisdictions	2,324		(6.2	%)	3,144		(6.8	%)	3,872		39.6	%
Investment and other tax credits	1,169		(3.1	%)	379		(0.8	%)	752		7.7	%
Changes to deferred tax assets and liabilities resulting from tax return and other adjustments	3,604		(9.6	%)	(273)		0.6	%	2,278		23.3	%
Internal asset sale	4,037		(10.7	%)	—		—	%	—		—	%
Other items included in tax benefit (expense)	267		(0.7	%)	257		(0.6	%)	(490)		(4.9	%)
Income tax expense	$	(4,996)	13.3	%	$	(13,051)	28.3	%	$	(10,108)	(103.6	%)

Schedule of Deferred Tax Assets and Deferred Tax Liability

As of December 31, 2024 and 2023, the Company’s deferred tax assets and deferred tax liability consisted of the following:


	As of December 31,
(In thousands of U.S. Dollars)	2024		2023
Net operating loss carryforwards	$	17,523	$	29,490
Investment tax credit and other tax credit carryforwards	6,418		5,348
Write-downs of other assets	1,632		1,223
Excess of tax accounting basis in various assets	35,948		15,379
Accrued pension liability	5,823		5,583
Accrued share-based compensation	9,028		8,460
Income recognition on net investment in leases	(4,119)		(4,691)
Other accrued reserves	7,859		9,328
Total deferred income tax assets	80,112		70,120
Valuation allowance	(65,613)		(62,132)
Deferred income tax asset net of valuation allowance	14,499		7,988
Deferred tax liability	(12,521)		(12,521)
Net deferred tax asset (liability)	$	1,978	$	(4,533)

Schedule of Reconciliation of Beginning and Ending Amount of Tax Reserves (excluding interest and penalties)

The following table presents a reconciliation of the beginning and ending amount of tax reserves (excluding interest and penalties) for the years ended December 31, 2024, 2023, and 2022:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Balance at beginning of the year	$	8,954	$	9,733	$	11,939
Additions based on tax positions related to the current year	—		—		11
Additions (reductions) for tax positions of prior years	109		1,552		(94)
Reductions resulting from lapse of applicable statute of limitations and administrative practices	(1,714)		(2,331)		(2,123)
Balance at the end of the year	$	7,349	$	8,954	$	9,733

Schedule of Income Tax Effect on Other Comprehensive Income (Loss)

For the years ended December 31, 2024, 2023, and 2022, income tax benefit (expense) related to the components of Other Comprehensive Income (Loss) was as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Unrealized defined benefit plan actuarial loss (gain)	$	7	$	20	$	(198)
Unrealized postretirement benefit plans actuarial loss (gain)	6		9		(762)
Amortization of defined benefit and postretirement benefit plans	204		175		—
Amortization of prior service cost	—		—		(48)
Unrealized change in cash flow hedging instruments	892		(151)		346
Realized change in cash flow hedging instruments	(160)		(234)		(156)

Total	$	949	$	(181)	$	(818)

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

20. Segment Reporting

The Company has two reportable segments:

The CODM uses segment revenues and segment gross margin to allocate resources for each segment predominantly in the annual budget and forecasting process.

Segment Financial Information

The following table presents the Company’s revenue and gross margin by reportable segment for the years ended December 31, 2024, 2023, and 2022:


	Revenue(1)						Gross Margin
(In thousands of U.S. Dollars)	2024		2023		2022		2024		2023		2022
Content Solutions	$	124,731	$	126,698	$	101,820	$	66,523	$	74,106	$	51,240
Technology Products and Services	216,062		234,303		192,368		115,553		129,946		101,055
Sub-total for reportable segments	340,793		361,001		294,188		182,076		204,052		152,295
All Other	11,415		13,838		6,617		8,124		10,289		4,060
Total	$	352,208	$	374,839	$	300,805	$	190,200	$	214,341	$	156,355
(1)The Company’s largest customer represents 11% of total Revenues as of December 31, 2024 (2023 ― 10%; 2022 ― 12%). No single customer comprises more than 10% of the Company’s total Accounts Receivable as of December 31, 2024 and 2023.


Content Solutions Segment:	For the years ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Revenue	$	124,731	$	126,698	$	101,820
Film asset amortization	$	24,775	$	20,281	$	16,881
Marketing and other selling expenses	15,030		15,200		20,284
Co-produced film participation expenses	3,292		594		820
Other segment expenses(1)	15,111		16,517		12,595
Total Costs and Expenses Applicable to Revenues	58,208		52,592		50,580
Gross Margin	$	66,523	$	74,106	$	51,240
(1)Included within the Other segment expenses are costs related to film distribution, post production costs, production costs, and network connectivity fees.


Technology Products and Services Segment:	For the years ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Revenue	$	216,062	$	234,303	$	192,368
Depreciation of equipment supporting JRSAs	22,723		22,857		22,165
Marketing and other selling expenses	2,411		2,053		564
Write-down of equipment supporting JRSAs	3,397		756		973
Write-down of inventory	359		542		741
Other segment expenses(1)	71,619		78,149		66,870
Total Costs and Expenses Applicable to Revenues	100,509		104,357		91,313
Gross Margin	$	115,553	$	129,946	$	101,055
(1)Included within the Other segment expenses are costs related to the manufacturing and build of IMAX Systems recognized in the period, maintenance and warranty costs, and other product related costs.

The following table presents the Company’s assets by category and reportable segment, reconciled to consolidated assets, as of December 31, 2024 and 2023:


	As of December 31,
(In thousands of U.S. Dollars)	2024		2023
Content Solutions	$	89,383	$	97,123
Technology Products and Services	544,444		529,057
Sub-total for reportable segments	633,827		626,180
All Other	37,808		43,994
Corporate and other non-segment specific assets	158,763		144,495
Total	$	830,398	$	814,669

Geographic Information

Revenue by geographic area is based on the location of the customer. Revenue related to IMAX Film Remastering process is presented based upon the geographic location of the IMAX System that exhibits the remastered films. IMAX Film Remastering and distribution revenue is generated through contractual relationships with studios and other third parties that may not be in the same geographical location as the IMAX Systems that exhibit the remastered films.

The following table summarizes the Company’s revenues by geographic area for the years ended December 31, 2024, 2023, and 2022:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
United States	$	137,761	$	117,925	$	107,734
Greater China	80,997		91,901		73,330
Asia (excluding China)	57,691		59,690		47,145
Western Europe	40,812		54,908		40,245
Canada	9,344		18,746		7,550
Latin America	8,994		13,788		9,418
Rest of the World	16,609		17,881		15,383
Total	$	352,208	$	374,839	$	300,805

No single country in the Rest of the World, Western Europe, Latin America, and Asia (excluding Greater China) classifications comprises more than 10% of total revenue.

The following table presents the breakdown of Property, Plant and Equipment by geography as of December 31, 2024 and 2023:


	As of December 31,
(In thousands of U.S. Dollars)	2024		2023
United States	$	100,422	$	98,831
Greater China	66,022		72,492
Canada	40,116		37,877
Western Europe	12,917		12,763
Asia (excluding Greater China)	15,134		16,538
Rest of the World	5,522		4,798
Total	$	240,133	$	243,299

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Intangible Assets
Cost	$ 95,221	$ 91,134
Accumulated Amortization	60,097	56,112
Net Book Value	35,124	35,022
Licenses and intellectual property
Other Intangible Assets
Cost	26,168	26,168
Accumulated Amortization	18,167	16,657
Net Book Value	8,001	9,511
Internal use software
Other Intangible Assets
Cost	39,769	36,647
Accumulated Amortization	27,171	27,342
Net Book Value	12,598	9,305
Developed technology
Other Intangible Assets
Cost	6,092	6,282
Accumulated Amortization	2,329	1,329
Net Book Value	3,763	4,953
In-process research and development
Other Intangible Assets
Cost	3,810	3,810
Accumulated Amortization	0	0
Net Book Value	3,810	3,810
Patents and trademarks
Other Intangible Assets
Cost	12,851	12,389
Accumulated Amortization	10,070	9,530
Net Book Value	2,781	2,859
Customer relationships
Other Intangible Assets
Cost	1,340	1,340
Accumulated Amortization	452	251
Net Book Value	888	1,089
Marketing-related intangibles
Other Intangible Assets
Cost	5,031	4,338
Accumulated Amortization	1,818	952
Net Book Value	3,213	3,386
Other
Other Intangible Assets
Cost	160	160
Accumulated Amortization	90	51
Net Book Value	$ 70	$ 109

Employers Pension and Postretirement Benefits - Schedule of Assumptions to Determine SERP Obligation and any Related Costs (Details)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SERP Benefits
Assumptions used to determine obligation and cost status
Discount rate	4.57%	4.42%	4.55%
Postretirement Benefits Executives
Assumptions used to determine obligation and cost status
Discount rate	5.47%	4.80%	5.01%

Income Taxes - Schedule of Income (Loss) Before Taxes by Jurisdiction (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes Disclosure [Line Items]
Total	$ 37,698	$ 46,117	$ (9,769)
Canada
Income Taxes Disclosure [Line Items]
Total	(14,240)	(13,366)	(55,623)
United States
Income Taxes Disclosure [Line Items]
Total	5,025	5,195	4,281
China
Income Taxes Disclosure [Line Items]
Total	29,660	34,433	11,466
Ireland
Income Taxes Disclosure [Line Items]
Total	15,951	19,371	24,070
Other
Income Taxes Disclosure [Line Items]
Total	$ 1,302	$ 484	$ 6,037

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	26. Subsequent Events On February 1, 2025, the new U.S. administration signed an executive order that imposes tariffs on imported goods from Canada. On February 3, 2025 the U.S. administration agreed to delay implementing these tariffs on Canadian imports for 30 days to allow for further negotiations with Canada. If no agreement is reached, the U.S. could potentially start applying tariffs based on the executive order on Canadian-origin goods imported into the U.S. in the near future. The Company is in the process of evaluating the potential impact to the business as a result of these potential tariffs.

Capital Stock - Schedule of Performance Stock Units Activity under the IMAX LTIP (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted Average Grant Date Fair Value Per Share
Share based compensation expense	$ 22,821	$ 23,551	$ 27,013
PSUs
Number of Awards
Awards outstanding, beginning of period (in shares)	922,621	931,716	613,405
Granted (in shares)	580,336	585,602	359,138
Vested and settled (in shares)	(316,226)	(368,602)	0
Forfeited (in shares)	(89,097)	(226,095)	(40,827)
Awards outstanding, end of period (in shares)	1,097,634	922,621	931,716
Weighted Average Grant Date Fair Value Per Share
Awards outstanding, beginning of period (in dollars per share)	$ 19.16	$ 18.96	$ 18.21
Granted (in dollars per share)	17.50	17.69	20.34
Vested and settled (in dollars per share)	19.71	16.92	0
Forfeited (in dollars per share)	20.85	18.19	19.90
Awards outstanding, end of period (in dollars per share)	$ 17.99	$ 19.16	$ 18.96
Additional shares granted (in shares)	135,511
Additional shares granted, weighted average grant date fair value (in dollars per share)	$ 19.71
Awards vesting percentage (as percent)	175.00%
Share based compensation expense	$ 8,619	$ 7,859	$ 8,306
TSR Performance Stock Units Award
Weighted Average Grant Date Fair Value Per Share
Awards vesting percentage (as percent)	150.00%
Share based compensation expense	$ 1,500
Share-based compensation arrangement by share-based payment award, equity instruments other than options, forfeitures in period, market conditions not met	68,850

Inventories - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods inventory with title passed to customer	$ 1.8	$ 0.6

IMAX Corporation Consolidated Statements of Shareholder's Equity - USD ($) $ in Thousands	Total	Common shares issued and outstanding:	Adjustments to other equity:	Adjustments to statutory surplus reserve:	Adjustments to accumulated deficit:	Adjustments to accumulated other comprehensive (loss) income:	Adjustments to non-controlling interests:
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total shareholders’ equity		$ 409,979	$ 174,620	$ 3,932	$ (234,975)	$ 2,527	$ 73,531
Balance, beginning of year at Dec. 31, 2021		409,979	174,620	3,932	(234,975)	2,527	73,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted share units vested, net of shares withheld for employee tax obligations		11,597	(16,441)
Average carrying value of repurchased and retired common shares		(46,808)			(35,349)
Issuance of common shares in acquisition		1,947
Amortization of share-based payment expense - stock options			637
Amortization of share-based payment expense - restricted share units			18,952
Amortization of share-based payment expense - performance stock units			8,495
Change in ownership interest related to IMAX China common share repurchases			(585)				(2,458)
Net income (loss) attributable to common shareholders	$ (22,800)				(22,800)
Other comprehensive loss, net of tax	(18,300)					(12,373)
Net income attributable to non-controlling interests	2,923						2,959
Other comprehensive loss, net of tax							(5,927)
Share-based compensation attributable to non-controlling interests							290
Dividends paid to non-controlling shareholders of IMAX China							(2,704)
Balance, end of year at Dec. 31, 2022	$ 329,046	$ 376,715	185,678	3,932	(293,124)	(9,846)	65,691
Balance, beginning of year (in shares) at Dec. 31, 2021		58,653,642
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee stock options exercised (in shares)	0
Restricted share units settled with new treasury shares (in shares)		596,277
Repurchase of common shares (in shares)		5,261,852
Issuance of common shares in acquisition (in shares)		160,547
Balance, end of year (in shares) at Dec. 31, 2022		54,148,614
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total shareholders’ equity	$ 329,046	$ 376,715	185,678	3,932	(293,124)	(9,846)	65,691
Restricted share units vested, net of shares withheld for employee tax obligations		13,701	(21,074)
Average carrying value of repurchased and retired common shares		(1,368)			(25,056)
Amortization of share-based payment expense - stock options			93
Amortization of share-based payment expense - restricted share units			12,502
Amortization of share-based payment expense - performance stock units			8,321
Change in ownership interest related to IMAX China common share repurchases	(1,600)		(433)				418
Net income (loss) attributable to common shareholders	25,335				25,335
Other comprehensive loss, net of tax	(3,337)					(2,235)
Net income attributable to non-controlling interests	7,731						7,793
Other comprehensive loss, net of tax							(1,102)
Share-based compensation attributable to non-controlling interests							428
Dividends paid to non-controlling shareholders of IMAX China							(1,438)
Balance, end of year at Dec. 31, 2023	$ 344,931	$ 389,048	185,087	3,932	(292,845)	(12,081)	71,790
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee stock options exercised (in shares)	0
Performance stock units settled with new treasury shares (in shares)		233,306
Restricted share units settled with new treasury shares (in shares)		514,383
Repurchase of common shares (in shares)		1,636,027
Balance, end of year (in shares) at Dec. 31, 2023	53,260,276	53,260,276
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total shareholders’ equity	$ 344,931	$ 389,048	185,087	3,932	(292,845)	(12,081)	71,790
Restricted share units vested, net of shares withheld for employee tax obligations		14,033	(20,122)
Employee stock options exercised, net of shares withheld for employee tax obligations		5,291
Grant date fair value of stock options exercised		1,623	(1,623)
Average carrying value of repurchased and retired common shares		(8,575)			(7,770)
Amortization of share-based payment expense - stock options			0
Amortization of share-based payment expense - restricted share units			13,895
Amortization of share-based payment expense - performance stock units			8,536
Change in ownership interest related to IMAX China common share repurchases			(505)				390
Change in statutory surplus reserve, IMAX China				119
Net income (loss) attributable to common shareholders	26,059				26,059
Statutory surplus reserve deducted from retained earnings, IMAX China					(119)
Other comprehensive loss, net of tax	(5,262)					(4,517)
Net income attributable to non-controlling interests	6,643						6,621
Other comprehensive loss, net of tax							(745)
Share-based compensation attributable to non-controlling interests							13
Balance, end of year at Dec. 31, 2024	$ 377,535	$ 401,420	185,268	4,051	(274,675)	(16,598)	78,069
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee stock options exercised (in shares)	248,763	248,763
Performance stock units settled with new treasury shares (in shares)		190,914
Restricted share units settled with new treasury shares (in shares)		521,010
Repurchase of common shares (in shares)		1,274,763
Balance, end of year (in shares) at Dec. 31, 2024	52,946,200	52,946,200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total shareholders’ equity	$ 377,535	$ 401,420	$ 185,268	$ 4,051	$ (274,675)	$ (16,598)	$ 78,069

Capital Stock - Summary of Stock Option, PSU and RSU Transactions (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock options exercised	248,763	0	0
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued from treasury	248,763	0	0
Total stock options exercised	248,763	0	0
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued from treasury	190,914	233,306	0
Shares withheld for tax withholdings	125,312	135,296	0
Total PSUs and RSUs vested	316,226	368,602	0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued from treasury	521,010	514,383	596,277
Shares withheld for tax withholdings	182,409	232,749	203,956
Total PSUs and RSUs vested	703,419	747,132	800,233

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Government Assistance (Details) - USD ($) $ in Millions	12 Months Ended
Government Assistance (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Government Assistance [Line Items]
Government Assistance, Expense, Decrease (Increase), Statement of Income or Comprehensive Income [Extensible Enumeration]	Total costs and expenses applicable to revenues, Income tax expense	Total costs and expenses applicable to revenues, Income tax expense	Total costs and expenses applicable to revenues, Income tax expense
Government Assistance, Income, Increase (Decrease), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net income (loss) attributable to common shareholders	Net income (loss) attributable to common shareholders	Net income (loss) attributable to common shareholders
IMAX China
Government Assistance [Line Items]
Government assistance, benefit received, decrease (increase) in expenses	$ 2.8	$ 5.4	$ 1.3
Government assistance, net income, increase (decrease)	$ 1.6	$ 3.4	$ 0.8

Lease Arrangements - Schedule of Maturities of Lease Receivables (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Sales-Type Leases
2025	$ 2,935
2026	3,122
2027	3,057
2028	2,914
2029	0
2029	2,914
Thereafter	15,948
Total	30,890
Joint Revenue Sharing arrangements
2025	25
2026	0
2027	0
2028	0
2029	0
Thereafter	0
Total	$ 25

Non-Controlling Interests

12 Months Ended

Dec. 31, 2024

Noncontrolling Interest [Abstract]

Non-Controlling Interests

24. Non-Controlling Interests

IMAX China Non-Controlling Interest

As of December 31, 2024, the Company indirectly owned 71.40% of IMAX China, whose shares trade on the Hong Kong Stock Exchange (December 31, 2023 — 71.55%). IMAX China remains a consolidated subsidiary of the Company. The balance of non- controlling interest in IMAX China as of December 31, 2024 was $78.1 million (December 31, 2023 — $71.8 million). The net income attributable to non-controlling interest of IMAX China for the year ended December 31, 2024 was $6.6 million (2023 — $7.8 million; 2022 — $3.0 million).

Other Non-Controlling Interests

The Company’s Original Film Fund was established in 2014 to co-finance a portfolio of 10 original large-format films. The initial investment in the Original Film Fund was committed by a third party in the amount of $25.0 million, with the possibility of contributing additional funds. The Company has contributed $9.0 million to the Original Film Fund since 2014, and has reached its maximum contribution. Through December 31, 2024, the Original Film Fund has invested $22.3 million toward the development of original films. The related production, financing and distribution agreement includes put and call rights relating to change of control of the rights, title and interest in the co-financed pictures.

Non-Controlling Interest in Temporary Equity

The following summarizes the movement of the non-controlling interest in temporary equity, in the Original Film Fund for the years ended December 31, 2024, 2023, and 2022:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Beginning balance	$	658	$	722	$	758

Net income (loss)	22		(64)		(36)
Ending balance	$	680	$	658	$	722

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

9. Property, Plant and Equipment


	As of December 31, 2024
(In thousands of U.S. Dollars)	Cost		Accumulated Depreciation		Net Book Value
Equipment leased or held for use:
IMAX System components(1)(2)(3)	$	331,412	$	184,297	$	147,115
Camera and connectivity equipment	9,400		6,280		3,120
Sub-total	340,812		190,577		150,235
Assets under construction(4)	15,110		—		15,110
Right-of-use assets(5)	12,421		1,380		11,041
Other property, plant and equipment:
Land	8,203		—		8,203
Buildings	81,258		36,029		45,229
Office and production equipment(6)	41,380		33,872		7,508
Leasehold improvements	6,858		4,051		2,807
Sub-total	137,699		73,952		63,747
Total	$	506,042	$	265,909	$	240,133


	As of December 31, 2023
(In thousands of U.S. Dollars)	Cost		Accumulated Depreciation		Net Book Value
Equipment leased or held for use:
IMAX System components(1)(2)(3)	$	334,323	$	192,069	$	142,254
Camera and connectivity equipment	9,077		5,053		4,024
Sub-total	343,400		197,122		146,278
Assets under construction(4)	20,125		—		20,125
Right-of-use assets(5)	13,545		1,526		12,019
Other property, plant and equipment:					—
Land	8,203		—		8,203
Buildings	81,374		33,748		47,626
Office and production equipment(6)	38,223		31,891		6,332
Leasehold improvements	7,926		5,210		2,716
Sub-total	135,726		70,849		64,877
Total	$	512,796	$	269,497	$	243,299
(1)Included in system components are assets with costs of $1.4 million (2023 — $1.4 million) and accumulated depreciation of $1.4 million (2023 — $1.2 million) that are leased to customers under operating leases. (2)Included in system components are assets with costs of $313.9 million (2023 — $317.8 million) and accumulated depreciation of $171.4 million (2023 — $181.2 million) that are used in JRSAs. (3)In 2024, the Company recorded charges of $3.4 million (2023 — $0.8 million; 2022 — $1.0 million) in Costs and Expenses Applicable to Technology Rentals mostly related to the write-down of systems under JRSAs resulting from contract amendments. (4)Included in assets under construction are components with costs of $6.9 million (2023 — $16.4 million) that will be utilized to construct assets to be used in JRSAs. (5)The right-of-use assets primarily include operating leases for office and warehouse space. (6)Fully depreciated office and production equipment is still in use by the Company. In 2024, the Company identified and wrote off $0.7 million (2023 — $2.4 million) of office and production equipment that was fully depreciated and no longer in use.

Segment Reporting - Schedule of Costs and Expenses Applicable to Revenues for the Technology Products and Services (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 352,208	$ 374,839	$ 300,805
Depreciation of equipment supporting JRSAs	22,723	22,857	22,165
Write-down of equipment supporting JRSAs	3,397	756	973
Write-down of inventory	359	542	741
Total costs and expenses applicable to revenues	162,008	160,498	144,450
Gross Margin	190,200	214,341	156,355
Technology Products and Services
Segment Reporting Information [Line Items]
Revenue	216,062	234,303	192,368
Depreciation of equipment supporting JRSAs	22,723	22,857	22,165
Marketing and other selling expenses	2,411	2,053	564
Write-down of equipment supporting JRSAs	3,397	756	973
Write-down of inventory	359	542	741
Other segment expenses	71,619	78,149	66,870
Total costs and expenses applicable to revenues	100,509	104,357	91,313
Gross Margin	$ 115,553	$ 129,946	$ 101,055

Other Assets

12 Months Ended

Dec. 31, 2024

Other Assets [Abstract]

Other Assets

10. Other Assets


	As of December 31,
(In thousands of U.S. Dollars)	2024		2023
Lease incentives provided to exhibitor customers, net of accumulated amortization	$	20,230	$	17,417
Commissions and other deferred selling expenses	1,086		1,241
Other investments	1,000		1,000
Foreign currency derivatives	—		846
Other	125		375
	$	22,441	$	20,879

Employers Pension and Postretirement Benefits - Schedule of Accumulated Other Comprehensive (Loss) Income and Components of Net Pension Cost in Future Periods (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Postretirement Benefits Executives
Components of net periodic benefit cost in future periods
Unrealized actuarial gain	$ (120)	$ (140)	$ (242)
Postretirement Benefits Canadian Employees
Components of net periodic benefit cost in future periods
Unrealized actuarial gain	$ (323)	$ (336)	$ (354)

Employers Pension and Postretirement Benefits - Schedule of Amounts Included within Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Postretirement Benefits Executives
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Obligation, beginning of year	$ 507	$ 457
Interest cost	24	23	$ 18
Benefits paid	(10)	(10)
Actuarial loss	(24)	37
Obligation, end of year and unfunded status	497	507	457
Postretirement Benefits Canadian Employees
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Obligation, beginning of year	982	976
Interest cost	42	48	46
Benefits paid	(145)	(140)
Actuarial loss	85
Unrealized foreign exchange (gain) loss	(176)	98
Obligation, end of year and unfunded status	$ 788	$ 982	$ 976

Segment Reporting - Additional Information (Details)	12 Months Ended
Segment Reporting - Additional Information (Details)	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of Reportable Segments	2

Receivables - Schedule of Aging Analysis for Net Investment in Leases and Financed Sale Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net investment in leases:
Recorded Receivable	$ 30,003	$ 29,992
Allowance for Credit Losses	(664)	(453)	$ (776)
Net investment in leases	29,339	29,539
Financed sales receivables
Recorded Receivable	100,707	107,232
Allowance for credit losses	(10,161)	(9,617)	$ (10,945)
Net financed sales receivables	90,546	97,615
Total
Total financing receivables	119,885	127,154
Total
Total
Recorded Receivable	130,710	137,224
Allowance for Credit Losses	(10,825)	(10,070)
Total financing receivables	119,885	127,154
Total \| Billed
Total
Recorded Receivable	18,001	18,538
Total \| Unbilled
Total
Recorded Receivable	112,709	118,686
Net investment in leases
Net investment in leases:
Recorded Receivable	30,003	29,992
Allowance for Credit Losses	(664)	(453)
Net investment in leases	29,339	29,539
Net investment in leases \| Billed
Net investment in leases:
Recorded Receivable	3,625	5,103
Net investment in leases \| Unbilled
Net investment in leases:
Recorded Receivable	26,378	24,889
Financed sales receivables
Financed sales receivables
Recorded Receivable	100,707	107,232
Allowance for credit losses	(10,161)	(9,617)
Net financed sales receivables	90,546	97,615
Financed sales receivables \| Billed
Financed sales receivables
Recorded Receivable	14,376	13,435
Financed sales receivables \| Unbilled
Financed sales receivables
Recorded Receivable	86,331	93,797
Accrued and Current \| Total
Total
Recorded Receivable	1,117	1,828
Accrued and Current \| Net investment in leases
Net investment in leases:
Recorded Receivable	222	293
Accrued and Current \| Financed sales receivables
Financed sales receivables
Recorded Receivable	895	1,535
30-89 Days \| Total
Total
Recorded Receivable	1,237	1,408
30-89 Days \| Net investment in leases
Net investment in leases:
Recorded Receivable	218	212
30-89 Days \| Financed sales receivables
Financed sales receivables
Recorded Receivable	1,019	1,196
90+ Days \| Total
Total
Recorded Receivable	15,647	15,302
90+ Days \| Net investment in leases
Net investment in leases:
Recorded Receivable	3,185	4,598
90+ Days \| Financed sales receivables
Financed sales receivables
Recorded Receivable	$ 12,462	$ 10,704

Receivables - Schedule of Weighted-Average Remaining Lease Term and Weighted-Average Interest Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Weighted-average remaining lease term (in years):
Sales-type lease arrangements	8 years 6 months	8 years 3 months 18 days
Weighted-average interest rate:
Sales-type lease arrangements	7.24%	7.88%
Financed sales receivables	8.95%	8.97%

Capital Stock - Schedule of Total Share-Based Compensation Expense Related to Non-Vested RSUs not Yet Recognized and Weighted Average Period (Details) - RSUs - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense related to non-vested RSUs not yet recognized	$ 14,750	$ 16,256	$ 17,457
Weighted average period awards are expected to be recognized (in years)	1 year 8 months 12 days	1 year 8 months 12 days	1 year 6 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Receivables - Schedule of Financed Sale Receivables by Credit Quality Indicator (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
By Origination Year
Year One	$ 6,628	$ 5,935
Year Two	8,028	6,264
Year Three	6,278	9,308
Year Four	9,734	7,215
Year Five	7,016	12,005
Prior	63,023	66,505
Present value of minimum payments due under financed sales	100,707	107,232
In good standing
By Origination Year
Year One	6,217	5,328
Year Two	7,249	5,921
Year Three	5,980	5,961
Year Four	6,152	5,415
Year Five	4,974	8,058
Prior	41,570	46,202
Present value of minimum payments due under financed sales	72,142	76,885
Credit Watch
By Origination Year
Year One	0	0
Year Two	0	30
Year Three	0	0
Year Four	0	0
Year Five	0	317
Prior	567	796
Present value of minimum payments due under financed sales	567	1,143
Pre-approved transactions
By Origination Year
Year One	411	607
Year Two	779	313
Year Three	298	2,619
Year Four	3,468	1,455
Year Five	1,899	2,084
Prior	8,132	8,508
Present value of minimum payments due under financed sales	14,987	15,586
Transactions suspended
By Origination Year
Year One	0	0
Year Two	0	0
Year Three	0	728
Year Four	114	345
Year Five	143	1,546
Prior	12,754	10,999
Present value of minimum payments due under financed sales	$ 13,011	$ 13,618

Capital Stock - Schedule of Basic and Diluted Weighted Average Shares Outstanding (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Issued and outstanding, beginning of year (in shares)	53,260	54,149	58,654
Weighted average number of shares issued (repurchased), net (in shares)	(610)	161	(1,980)
Weighted average number of shares outstanding - basic (in shares)	52,650	54,310	56,674
Weighted average effect of potential common shares, if dilutive (in shares)	1,214	836	0
Weighted average number of shares outstanding - diluted (in shares)	53,864	55,146	56,674

Borrowings - Schedule of Convertible Notes and Other Borrowings, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized discounts and debt issuance costs	$ (600)	$ (1,100)
Convertible Notes, net	229,901	229,131
Convertible Notes and Other Borrowings, net	229,901	229,131
Convertible Notes
Debt Instrument [Line Items]
Convertible Notes	230,000	230,000
Unamortized discounts and debt issuance costs	(1,864)	(3,367)
Convertible Notes, net	228,136	226,633
Federal Economic Development Loan
Debt Instrument [Line Items]
Federal Economic Development Loan	2,056	3,200
Unaccreted interest benefit	(291)	(702)
Federal Economic Development Loan, net	$ 1,765	$ 2,498

Borrowings

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Borrowings

13. Borrowings

Revolving Credit Facility Borrowings, Net

As of December 31, 2024 and 2023, Revolving Credit Facility Borrowings, Net included the following:


	December 31,		December 31,
(In thousands of U.S. Dollars)	2024		2023
Wells Fargo Credit Facility borrowings	$	37,000	$	24,000


Unamortized debt issuance costs	(644)		(1,076)
Revolving Credit Facility Borrowings, net	$	36,356	$	22,924

Wells Fargo Credit Agreement

On March 25, 2022, the Company entered into a Sixth Amended and Restated Credit Agreement with Wells Fargo Bank, National Association, as agent (the “Agent”), and a syndicate of lenders party thereto (the “Credit Agreement”), which extended the maturity date of the credit facility under the Credit Agreement (the “Credit Facility”) from June 28, 2023 to March 25, 2027. The Company’s obligations under the Credit Agreement are guaranteed by certain of the Company’s subsidiaries (the “Guarantors”), and are secured by first-priority security interests in substantially all of the assets of the Company and the Guarantors.

The Credit Agreement has a revolving borrowing capacity of $300.0 million, and contains an uncommitted accordion feature allowing the Company to further increase its borrowing capacity by the greater of $140.0 million, for a total of $440.0 million, or by the Company’s EBITDA for the sum of the four most recently ended fiscal quarters, subject to certain conditions, depending on the mix of revolving loans and/or term loans under the incremental facility and subject to conditions set forth in the Credit Agreement.

The Credit Facility requires that the Company maintain a maximum Senior Secured Net Leverage Ratio (as defined in the Credit Agreement) of no greater than 3.25:1.00, on the last day of each fiscal quarter. The Senior Secured Net Leverage Ratio is the ratio of Total Debt (as defined in the Credit Agreement), secured by liens, net of unrestricted cash and cash equivalents held outside of the PRC up to a maximum of $75.0 million, relative to Adjusted EBITDA per Credit Facility for the four prior quarters. The Senior Secured Net Leverage Ratio is calculated using Adjusted EBITDA per Credit Facility determined on a trailing twelve-month basis. The Company was in compliance with this requirement as of December 31, 2024 as the Senior Secured Net Leverage Ratio was 0.00:1.00.

Loans under the Credit Facility bear interest, at the Company’s option, at (i) Term Secure Overnight Financing Rate (“Term SOFR”), Eurocurrency Rate or Canadian Dollar Offered Rate (“CDOR”) plus a margin ranging from 1.00% to 1.75% per annum; or (ii) the U.S. base rate or the Canadian prime rate plus a margin ranging from 0.25% to 1.00% per annum, in each case depending on the Company’s total leverage ratio. In no event will Term SOFR, Eurocurrency Rate, or CDOR be less than 0.00% per annum.

As of December 31, 2024, borrowings under the Credit Facility were $37.0 million (December 31, 2023 — $24.0 million) and bore interest at Term SOFR, plus a margin up to 1.75% per annum (December 31, 2023 — 1.75%) based on the Company’s total leverage ratio. The effective interest rate for the year ended December 31, 2024 was 6.96% (2023 — 6.83%).

The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit indebtedness, liens, asset sales, investments and restricted payments, in each case subject to negotiated exceptions and baskets. The Credit Agreement also contains customary representations, warranties and event of default provisions.

The Company incurred fees of approximately $2.5 million in connection with the March 2022 amendment of the Credit Agreement, which are being amortized on a straight-line basis over the term of the Credit Agreement. As of December 31, 2024, the Company had $0.6 million of unamortized fees (December 31, 2023 — $1.1 million) that will be amortized over the remaining term of the Credit Facility.

As of December 31, 2024 and 2023, the Company had no letters of credit or advance payment guarantees outstanding under the Credit Facility.

As of December 31, 2024, the amount available for future borrowings under the Credit Facility was $263.0 million (2023 — $276.0 million).

Foreign Exchange Facility

Within the Credit Facility, the Company is able to purchase foreign currency forward contracts and/or other swap arrangements. As of December 31, 2024, the net unrealized loss on the Company’s outstanding foreign currency forward contracts was $2.0 million, representing the amount by which the fair value of these forward contracts exceeded their nominal value (2023 — net unrealized gain of $0.8 million; 2022 — net unrealized loss of $0.6 million). As of December 31, 2024, the notional value of the Company’s outstanding foreign currency forward contracts was $48.4 million (December 31, 2023 — $40.6 million).

Bank of China Facility

In June 2022, IMAX (Shanghai) Multimedia Technology Co., Ltd. (“IMAX Shanghai”), one of the Company’s majority-owned subsidiaries in China, renewed its unsecured revolving facility with Bank of China for up to 200.0 million Chinese Renminbi (“RMB”) ($27.8 million), including RMB 10.0 million ($1.4 million) for letters of guarantee, to fund ongoing working capital requirements (the “Bank of China Facility”). The Bank of China Facility will expire on March 20, 2025.

As of December 31, 2024, no borrowings were outstanding under the Bank of China Facility and outstanding letters of guarantee were RMB 0.2 million (less than $0.1 million).

As of December 31, 2024, the amount available for future borrowings under the Bank of China Facility was RMB 190.0 million ($26.4 million) and the amount available for letters of guarantee was RMB 9.8 million ($1.4 million). The amount available for future borrowings under the Bank of China Facility is not subject to a standby fee. The effective interest rate for the year ended December 31, 2024 was 0% (2023 — 3.85%). There were no amounts drawn under the Bank of China Facility during the year ended December 31, 2024.

HSBC China Facility

In June 2022, IMAX Shanghai entered into an unsecured revolving facility for up to RMB 200.0 million ($27.8 million) with HSBC Bank (China) Company Limited, Shanghai Branch to fund ongoing working capital requirements (the “HSBC China Facility”). As of December 31, 2024 and 2023, no borrowings were outstanding under the HSBC China facility. As of December 31, 2024, the amount available for future borrowings under the HSBC China Facility was RMB 200.0 million ($27.8 million). The effective interest rate for the year ended December 31, 2024 was 0% (2023 — 3.88%). There were no amounts drawn under the HSBC China Facility during the year ended December 31, 2024.

NBC Facility

In October 2019, the Company entered into a $5.0 million facility with National Bank of Canada (the “NBC Facility”) fully insured by Export Development Canada for use solely in conjunction with the issuance of performance guarantees and letters of credit. In August of 2024, the NBC Facility was renewed to September 20, 2025. The NBC Facility is renewable on the same terms and conditions on an annual basis. The Company did not have any letters of credit or advance payment guarantees outstanding as of December 31, 2024 and 2023 under the NBC Facility.

Convertible Notes and Other Borrowings, Net

As of December 31, 2024 and December 31, 2023, Convertible Notes and Other Borrowings, Net included the following:


	December 31,		December 31,
(In thousands of U.S. Dollars)	2024		2023
Convertible Notes	$	230,000	$	230,000
Unamortized discounts and debt issuance costs	(1,864)		(3,367)
Convertible Notes, net	228,136		226,633

Federal Economic Development Loan	2,056		3,200
Unaccreted interest benefit	(291)		(702)
Federal Economic Development Loan, net	1,765		2,498

Convertible Notes and Other Borrowings, net	$	229,901	$	229,131

Convertible Notes

On March 19, 2021, the Company issued $230.0 million of 0.500% Convertible Senior Notes due 2026 (the “Convertible Notes”) in a private placement conducted pursuant to Rule 144A under the Securities Act of 1933, as amended. The net proceeds from the issuance of the Convertible Notes were $223.7 million, after deducting the initial purchasers’ discounts and commissions.

The Convertible Notes are senior unsecured obligations of the Company and bear interest at a rate of 0.500% per annum on the principal of $230.0 million, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2021. The Convertible Notes will mature on April 1, 2026, unless they are redeemed or repurchased by the Company or converted on an earlier date.

Holders of the Convertible Notes have the right to convert their Convertible Notes in certain circumstances and during specified periods. Before January 1, 2026, holders of the Convertible Notes have the right to convert their Convertible Notes only upon the occurrence of certain events. From and after January 1, 2026, holders of the Convertible Notes may convert their Convertible Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Upon conversion, the Company will pay or deliver, as applicable, cash or a combination of cash (in an amount no less than the principal amount of the Convertible Notes being converted) and common shares, at its election, based on the applicable conversion rates. The initial conversion rate is 34.7766 common shares per $1,000 principal amount of Convertible Notes, which represents an initial conversion price of approximately $28.75 per common share, and is subject to adjustment upon the occurrence of certain events.

The Convertible Notes are redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after April 6, 2024 and on or before the 40th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price for a specified period of time. In addition, calling any Convertible Notes for redemption will constitute a “make-whole fundamental change” with respect to such notes, in which case the conversion rate applicable to the conversion of such notes will be increased in certain circumstances if such notes are converted after they are called for redemption.

In connection with the pricing of the Convertible Notes, the Company entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain financial institutions. The Capped Call Transactions are expected to reduce potential dilution resulting from the common shares the Company is required to issue and/or to offset any potential cash payments the Company is required to make in excess of the principal amount of the Convertible Notes in the event that the market price per share of the Company’s common shares is greater than the strike price of the Capped Call Transactions with such reduction and/or offset subject to a cap. The Capped Call Transactions have an initial cap price of $37.2750 per share of the Company’s common shares, which represents a premium of 75% over the last reported sale price of the common shares when they were priced on March 16, 2021, and are subject to certain adjustments under the terms of the Capped Call Transactions. Collectively, the Capped Call Transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the Convertible Notes, the number of the Company’s common shares underlying the Convertible Notes. The cost of the Capped Call Transactions was approximately $19.1 million.

The Capped Call Transactions are separate transactions, are not part of the terms of the Convertible Notes and will not affect any holder’s rights under the Convertible Notes. Holders of the Convertible Notes will not have any rights with respect to the Capped Call Transactions.

The Capped Call Transactions meet all of the applicable criteria for equity classification in accordance with ASC 815-10-15-74(a), “Derivatives and Hedging — Embedded Derivatives — Certain Contracts Involving an Entity’s Own Equity,” and, as a result, the

related $19.1 million cost was recorded as a reduction to Other Equity within Shareholders’ Equity in the Company’s Consolidated Statements of Shareholders’ Equity and on the Consolidated Balance Sheets.

In addition, upon the occurrence of a “fundamental change” (as defined below), holders may require the Company to repurchase their Convertible Notes at a cash repurchase price equal to the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest, if any. Subject to the terms and conditions of the indenture governing the Convertible Notes, a “fundamental change” means, among other things, an event resulting in (i) a change of control, (ii) a transfer of all or substantially all of the assets of the Company, (iii) a merger, (iv) liquidation or dissolution of the Company, or (v) delisting of the Company’s common shares from a national securities exchange.

The Company continues to record the Convertible Notes entirely as a liability on the Consolidated Balance Sheets, net of initial purchasers’ discounts and commissions and other debt issuance costs, with interest expense reflecting the cash coupon plus the amortization of the discounts and capitalized costs. Additionally, under the “if-converted” method, because the principal amount of the Convertible Notes is settled in cash and the conversion spread is settleable in the Company’s common shares, diluted earnings per share is calculated by including the net number of incremental shares that would be issued upon conversion of the Convertible Notes, using the average market price during the period. Accordingly, the application of the “if-converted” method may reduce the Company’s reported diluted earnings per share.

Federal Economic Development Loan

The Company’s wholly-owned subsidiary, SSIMWAVE Inc., entered into a contribution agreement with the Federal Economic Development Agency for Southern Ontario (the “Federal Economic Development Loan”) on May 29, 2019, under which SSIMWAVE Inc. received $4.2 million Canadian Dollars ($3.2 million) by way of repayable contributions toward certain eligible projects costs. The contributions under the agreement covered 35% of the eligible and supported costs of SSIMWAVE Inc. between January 10, 2019 and December 31, 2022. The contributions were repayable over 60 months, with repayments beginning in January 2024 and an annual interest rate of 0%.

On January 1, 2024, SSIMWAVE Inc. was amalgamated into the Company. On January 4, 2024, the Federal Economic Development Loan was assigned to the Company with an amendment to the repayment term. The contributions under the assigned agreement are repayable over 36 months beginning January 2024, with an annual interest rate of 0%.

The benefit of the interest-free loan has been determined by calculating the present value of the payments using a market-based interest rate and comparing this to the proceeds received. The benefit is recorded as the interest-free benefit of government funding within Interest Income in the Company’s Consolidated Statements of Operations. The obligation is being accreted to its maturity amount, resulting in an interest accretion expense of $0.3 million in 2024 (2023 — $0.5 million; 2022 — less than $0.1 million) which is being recorded within Interest Expense in the Company’ Consolidated Statements of Operations.

As of December 31, 2024, the Federal Economic Development Loan had a carrying value of $1.8 million, net of unaccreted interest benefit and was recorded within Convertible Notes and Other Borrowings, Net on the Company’s Consolidated Balance Sheets.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
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-Publisher FASB
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Employers Pension and Postretirement Benefits - Schedule of Amounts Accrued for the SERP (Details) - SERP Benefits - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Projected benefit obligation:
Obligation, beginning of year	$ 18,178	$ 17,315
Interest cost	803	788	$ 160
Actuarial (gain) loss	(26)	75
Obligation, end of year and unfunded status	$ 18,955	$ 18,178	$ 17,315

Consolidated Statements of Cash Flows Supplemental Information - Schedule of Write-downs, Including Asset Impairments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Line Items]
Other assets	$ 0	$ 144	$ 4,470
Inventories	359	542	741
Property, plant and equipment:
Write-down of equipment supporting JRSAs	3,397	756	973
Other property, plant and equipment	79	31	57
Other intangible assets	129	0	87
Film assets	9	411	848
Total	3,973	1,884	7,176
Theater system components written off in costs and expenses	3,400	800	1,000
Film assets write downs on impairment loss	$ 100	$ 400	$ 800

Variable Considerations from Contracts with Customers

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Variable Considerations from Contracts with Customers

6. Variable Considerations from Contracts with Customers

The following table summarizes the activity related to variable consideration from contracts with customers for the years ended December 31, 2024, 2023, and 2022:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Beginning balance	$	64,338	$	44,024	$	44,218
Variable consideration for newly recognized sales	25,485		28,580		7,109
Accretion to finance income	3,810		2,644		1,846
Transferred to receivables from variable consideration assets	(13,884)		(10,887)		(9,621)
Changes in variable consideration estimates	2,327		—		—
Changes in allowance for credit losses (see Note 4)	517		(23)		472
Ending balance	$	82,593	$	64,338	$	44,024

Lease Arrangements - Schedule of Operating and Finance Lease Maturity Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract]
2025	$ 2,872
2026	2,781
2027	2,710
2028	2,714
2029	2,227
Thereafter	278
Total lease payments	13,582
Less: interest expense	(1,721)
Present value of lease liabilities	$ 11,861	$ 12,702

Consolidated Statements of Operations Supplemental Information - Schedule of Selling Expenses, Including Sales Commissions and Marketing and Other Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Selling, General And Administrative Expense [Line Items]
Sales Commissions	$ 2,411	$ 2,053	$ 564
Marketing and Other	17,970	17,037	21,757
Technology sales
Disaggregation Of Selling, General And Administrative Expense [Line Items]
Sales Commissions	1,478	1,575	479
Marketing and Other	736	1,103	810
Image enhancement and maintenance services
Disaggregation Of Selling, General And Administrative Expense [Line Items]
Sales Commissions	0	0	0
Marketing and Other	15,030	15,200	20,284
Technology rentals
Disaggregation Of Selling, General And Administrative Expense [Line Items]
Sales Commissions	933	478	85
Marketing and Other	$ 2,204	$ 734	$ 663

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Other Intangible Assets


	As of December 31, 2024
(In thousands of U.S. Dollars)	Cost		Accumulated Amortization		Net Book Value
Licenses and intellectual property	$	26,168	$	18,167	$	8,001
Internal use software	39,769		27,171		12,598
Developed technology	6,092		2,329		3,763
In process research and development	3,810		—		3,810
Patents and trademarks	12,851		10,070		2,781
Customer relationships	1,340		452		888
Marketing-related intangibles	5,031		1,818		3,213
Other	160		90		70
Total	$	95,221	$	60,097	$	35,124


	As of December 31, 2023
(In thousands of U.S. Dollars)	Cost		Accumulated Amortization		Net Book Value
Licenses and intellectual property	$	26,168	$	16,657	$	9,511
Internal use software	36,647		27,342		9,305
Developed technology	6,282		1,329		4,953
In process research and development	3,810		—		3,810
Patents and trademarks	12,389		9,530		2,859
Customer relationships	1,340		251		1,089
Marketing-related intangibles	4,338		952		3,386
Other	160		51		109
Total	$	91,134	$	56,112	$	35,022

Schedule of Estimated Amortization Expenses

The estimated amortization expense for each of the next five years following the December 31, 2024 balance sheet date was as follows:


(In thousands of U.S. Dollars)	Amount
2025	$	9,565
2026	8,644
2027	6,436
2028	4,369
2029	3,061

Lease Arrangements - Schedule of Components of Operating Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating lease cost:
Amortization of operating lease assets	$ 2,120	$ 2,677	$ 2,734
Interest on operating lease liabilities	661	768	825
Short-term and variable lease costs	289	507	616
Finance lease cost:
Amortization of finance lease assets	398	398	171
Interest on finance lease liabilities	17	45	22
Total lease cost	$ 3,485	$ 4,395	$ 4,368

Segment Reporting - Schedule of Costs and Expenses Applicable to Revenues for Content Solutions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenue	$ 352,208	$ 374,839	$ 300,805
Film asset amortization	24,775	20,281	16,881
Marketing and other selling expenses	17,970	17,037	21,757
Co-produced film participation expenses	3,300	600	800
Total costs and expenses applicable to revenues	162,008	160,498	144,450
Gross Margin	190,200	214,341	156,355
Content Solutions
Segment Reporting Information [Line Items]
Revenue	124,731	126,698	101,820
Film asset amortization	24,775	20,281	16,881
Marketing and other selling expenses	15,030	15,200	20,284
Co-produced film participation expenses	3,292	594	820
Other segment expenses	15,111	16,517	12,595
Total costs and expenses applicable to revenues	58,208	52,592	50,580
Gross Margin	$ 66,523	$ 74,106	$ 51,240

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Capital Stock (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Summary of Stock Option, PSU and RSU Transactions

The following table summarizes the settlement of stock option, PSU and RSU transactions:


	Years Ended December 31,
	2024	2023	2022
Stock Options
Issued from treasury	248,763	—	—
Total stock options exercised	248,763	—	—
PSUs
Issued from treasury	190,914	233,306	—
Shares withheld for tax withholdings	125,312	135,296	—
Total PSUs vested	316,226	368,602	—
RSUs
Issued from treasury	521,010	514,383	596,277

Shares withheld for tax withholdings	182,409	232,749	203,956
Total RSUs vested	703,419	747,132	800,233

Schedule of Share-Based Compensation Expense


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Costs and expenses applicable to revenues	$	1,173	$	850	$	1,156
Selling, general and administrative expenses	20,897		22,534		25,438
Research and development	751		434		419
Restructuring and other charges	—		(267)		—
Total	$	22,821	$	23,551	$	27,013

Schedule of Stock Option Plan

The Company recorded the following expenses related to stock options issued to employees and directors under the SOP:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Stock option expense	$	—	$	84	$	572

Schedule of Unrecognized Share-Based Compensation Expense

As of December 31, 2024, 2023, and 2022, unrecognized share-based compensation expense related to non-vested employee stock options was as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Expense related to non-vested employee stock options	$	—	$	—	$	86

As of 2024, 2023, and 2022, unrecognized share-based compensation expense related to non-vested employee stock options was expected to be recognized over the following weighted-average periods:


	As of December 31,
	2024	2023	2022
Weighted average period (in years)	0.0	0.0	0.2

Summary of Stock Option Activity

The following table summarizes the stock option activity under the SOP and IMAX LTIP for the years ended December 31, 2024, 2023, and 2022:


	Number of Shares			Weighted Average Exercise Price Per Share
	2024	2023	2022	2024		2023		2022
Stock options outstanding, beginning of year	3,329,422	3,604,739	3,736,157	$	26.23	$	26.36	$	26.61
Granted	—	—	—	—		—		—
Exercised	(248,763)	—	—	21.27		—		—
Forfeited	—	—	(796)	—		—		22.49
Expired	(607,114)	(275,317)	(126,569)	28.15		27.95		33.61
Cancelled	(4,307)	—	(4,053)	22.70		—		27.92
Stock options outstanding, end of year	2,469,238	3,329,422	3,604,739	26.27		26.23		26.36
Stock options exercisable, end of year	2,469,238	3,329,422	3,523,335	26.27		26.23		26.45

Schedule of RSU Expenses

For the years ended December 31, 2024, 2023, and 2022, the Company recorded the following expenses related to RSUs issued to employees and directors in the IMAX LTIP:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
RSU expenses	$	12,924	$	12,612	$	15,498

Schedule of RSU Unrecognized Expenses

Total share-based compensation expense related to non-vested RSUs not yet recognized and the weighted average period over which the awards are expected to be recognized are as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Expense related to non-vested RSUs not yet recognized	$	14,750	$	16,256	$	17,457

Weighted average period awards are expected to be recognized (in years)	1.7		1.7		1.5

Schedule of Restricted Stock Units Issued under the IMAX LTIP

The following table summarizes the activity in respect of RSUs issued under the IMAX LTIP for the years ended December 31, 2024, 2023, and 2022:


	Number of Awards			Weighted Average Grant Date Fair Value Per Share
	2024	2023	2022	2024		2023		2022
RSUs outstanding, beginning of year	1,286,830	1,252,044	1,457,883	$	18.53	$	19.16	$	19.16
Granted	950,342	900,199	708,313	16.46		17.82		19.31
Vested and settled	(703,419)	(747,132)	(800,231)	18.63		18.65		19.10
Forfeited	(67,776)	(118,281)	(113,921)	17.94		19.12		20.39
RSUs outstanding, end of year	1,465,977	1,286,830	1,252,044	17.16		18.53		19.16

Schedule of RSU Carve out Balance

The following table summarizes the number of RSUs issued from the carve-out balance:


			Number
Approved under the IMAX LTIP			1,030,000
Issued during previous years			(605,385)
Issued during 2024			(98,515)
Outstanding, December 31, 2024			326,100

Schedule of PSU Expenses


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
PSU expenses	$	8,619	$	7,859	$	8,306

Schedule of PSU Unrecognized Expenses

Total share-based compensation expense related to non-vested PSUs not yet recognized and the weighted average period over which the awards are expected to be recognized are as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Expense not yet recognized related to non-vested PSUs	$	9,644	$	10,907	$	10,800

Weighted average period awards are expected to be recognized (in years)	1.7		1.8		1.8

Schedule of Performance Stock Units Activity under the IMAX LTIP

The following table summarizes the activity in respect of PSUs issued under the IMAX LTIP:


	Number of Awards			Weighted Average Grant Date Fair Value Per Share
	2024	2023	2022	2024		2023		2022
PSUs outstanding, beginning of year	922,621	931,716	613,405	$	19.16	$	18.96	$	18.21
Granted(1)	580,336	585,602	359,138	17.50		17.69		20.34
Vested and settled(1)	(316,226)	(368,602)	—	19.71		16.92		—
Forfeited(2)	(89,097)	(226,095)	(40,827)	20.85		18.19		19.90
PSUs outstanding, end of year	1,097,634	922,621	931,716	17.99		19.16		18.96
(1)For the year ended December 31, 2024, the balance of shares granted includes 135,511 additional shares, at a weighted average grant date fair value per share of $19.71, as PSUs granted in 2021 with Adjusted EBITDA targets vested at 175% on account of full achievement of the targets. (2)Forfeited PSUs include the TSR awards granted in 2021 which did not vest as the market condition was not satisfied. The Company recorded an expense of $1.5 million associated with these 68,850 shares that has not been reversed at the time of forfeiture.

Schedule of China LTIP Activity

For the years ended December 31, 2024, 2023, and 2022, share-based compensation expense related to China Options, China RSUs and China PSUs was as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Expense
China Options	$	—	$	12	$	91
China RSUs	1,243		2,337		2,284
China PSUs	35		647		262
Total	$	1,278	$	2,996	$	2,637

Schedule of Share Repurchases

The following table summarizes the Company’s share repurchases during the years ended December 31, 2024 and 2023:


	Total Number of Shares Repurchased		Average Price Paid Per Share
	2024	2023	2024		2023
Shares repurchased	1,166,370	1,604,420	$	13.99	$	16.45

The following table summarizes the IMAX China’s share repurchases during the years ended December 31, 2024 and 2023:


	Total Number of Shares Repurchased		Average Price Paid Per Share
	2024	2023	2024		2023
Shares repurchased	119,900	16,800	$	0.95	$	0.91

Schedule of Basic and Diluted Per-share Computations

The following table reconciles the denominator of the basic and diluted weighted average share computations:


	Years Ended December 31,
(In thousands)	2024	2023	2022
Issued and outstanding, beginning of year	53,260	54,149	58,654
Weighted average number of shares (repurchased) issued, net	(610)	161	(1,980)
Weighted average number of shares outstanding - basic	52,650	54,310	56,674

Weighted average effect of potential common shares, if dilutive	1,214	836	—
Weighted average number of shares outstanding - diluted	53,864	55,146	56,674

Lease Arrangements

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Lease Arrangements

5. Lease Arrangements

IMAX Corporation as a Lessee

For the years ended December 31, 2024, 2023, and 2022 the components of lease expense recorded within Selling, General and Administrative Expenses were as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Operating lease cost:
Amortization of operating lease assets	$	2,120	$	2,677	$	2,734
Interest on operating lease liabilities	661		768		825
Short-term and variable lease costs	289		507		616
Finance lease cost:
Amortization of finance lease assets	398		398		171
Interest on finance lease liabilities	17		45		22
Total lease cost	$	3,485	$	4,395	$	4,368

For the years ended December 31, 2024, 2023, and 2022, supplemental cash and non-cash information related to leases was as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating leases	$	3,068	$	3,675	$	3,783
Finance leases	509		480		948
Supplemental disclosure of noncash leasing activities:
Right-of-use assets obtained in exchange for operating lease obligations	$	1,596	$	972	$	3,068
Right-of-use assets obtained in exchange for finance lease obligations	—		—		1,990

As of December 31, 2024 and 2023, supplemental balance sheet information related to leases was as follows:


		December 31,
(In thousands of U.S. Dollars)		2024		2023
Assets:	Balance Sheet Location
Operating lease right-of-use assets	Property, plant and equipment	$	10,019	$	10,599
Finance lease right-of-use assets	Property, plant and equipment	1,022		1,420
Liabilities:	Balance Sheet Location
Operating lease liabilities	Accrued and other liabilities	$	11,861	$	12,702
Finance lease liabilities(1)	Accrued and other liabilities	—		518
(1)Recorded net of $nil (2023 — $nil) upfront payment made upon execution of the finance lease arrangement.

As of December 31, 2024 and 2023, the weighted-average remaining lease term and weighted-average interest rate associated with the Company’s leases were as follows:


	December 31,
(In thousands of U.S. Dollars)	2024		2023
Operating leases:
Weighted-average remaining lease term (years)	4.8		4.9
Weighted-average discount rate	5.87	%	5.85	%
Finance leases:
Weighted-average remaining lease term (years)	2.6		3.6
Weighted-average discount rate	6.00	%	6.00	%

As of December 31, 2024, the maturities of the Company’s operating lease liabilities were as follows:


(In thousands of U.S. Dollars)
2025	$	2,872
2026	2,781
2027	2,710
2028	2,714
2029	2,227
Thereafter	278
Total lease payments	$	13,582
Less: interest expense	(1,721)
Present value of lease liabilities	$	11,861

IMAX Corporation as a Lessor

Under certain other JRSAs, known as hybrid arrangements, the customer is responsible for making fixed upfront payments prior to the delivery and installation of the IMAX System.


(In thousands of U.S. Dollars)	Sales-Type Leases		Joint Revenue Sharing arrangements
2025	$	2,935	$	25
2026	3,122		—
2027	3,057		—
2028	2,914		—
2029	2,914		—
Thereafter	15,948		—
Total	$	30,890	$	25

(Refer to Note 4 for additional information related to the net investment in leases related to the Company’s sales-type lease arrangements.)

Lease Arrangements

5. Lease Arrangements

IMAX Corporation as a Lessee

For the years ended December 31, 2024, 2023, and 2022 the components of lease expense recorded within Selling, General and Administrative Expenses were as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Operating lease cost:
Amortization of operating lease assets	$	2,120	$	2,677	$	2,734
Interest on operating lease liabilities	661		768		825
Short-term and variable lease costs	289		507		616
Finance lease cost:
Amortization of finance lease assets	398		398		171
Interest on finance lease liabilities	17		45		22
Total lease cost	$	3,485	$	4,395	$	4,368

For the years ended December 31, 2024, 2023, and 2022, supplemental cash and non-cash information related to leases was as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating leases	$	3,068	$	3,675	$	3,783
Finance leases	509		480		948
Supplemental disclosure of noncash leasing activities:
Right-of-use assets obtained in exchange for operating lease obligations	$	1,596	$	972	$	3,068
Right-of-use assets obtained in exchange for finance lease obligations	—		—		1,990

As of December 31, 2024 and 2023, supplemental balance sheet information related to leases was as follows:


		December 31,
(In thousands of U.S. Dollars)		2024		2023
Assets:	Balance Sheet Location
Operating lease right-of-use assets	Property, plant and equipment	$	10,019	$	10,599
Finance lease right-of-use assets	Property, plant and equipment	1,022		1,420
Liabilities:	Balance Sheet Location
Operating lease liabilities	Accrued and other liabilities	$	11,861	$	12,702
Finance lease liabilities(1)	Accrued and other liabilities	—		518
(1)Recorded net of $nil (2023 — $nil) upfront payment made upon execution of the finance lease arrangement.

As of December 31, 2024 and 2023, the weighted-average remaining lease term and weighted-average interest rate associated with the Company’s leases were as follows:


	December 31,
(In thousands of U.S. Dollars)	2024		2023
Operating leases:
Weighted-average remaining lease term (years)	4.8		4.9
Weighted-average discount rate	5.87	%	5.85	%
Finance leases:
Weighted-average remaining lease term (years)	2.6		3.6
Weighted-average discount rate	6.00	%	6.00	%

As of December 31, 2024, the maturities of the Company’s operating lease liabilities were as follows:


(In thousands of U.S. Dollars)
2025	$	2,872
2026	2,781
2027	2,710
2028	2,714
2029	2,227
Thereafter	278
Total lease payments	$	13,582
Less: interest expense	(1,721)
Present value of lease liabilities	$	11,861

IMAX Corporation as a Lessor

Under certain other JRSAs, known as hybrid arrangements, the customer is responsible for making fixed upfront payments prior to the delivery and installation of the IMAX System.


(In thousands of U.S. Dollars)	Sales-Type Leases		Joint Revenue Sharing arrangements
2025	$	2,935	$	25
2026	3,122		—
2027	3,057		—
2028	2,914		—
2029	2,914		—
Thereafter	15,948		—
Total	$	30,890	$	25

(Refer to Note 4 for additional information related to the net investment in leases related to the Company’s sales-type lease arrangements.)

Lease Arrangements

5. Lease Arrangements

IMAX Corporation as a Lessee

For the years ended December 31, 2024, 2023, and 2022 the components of lease expense recorded within Selling, General and Administrative Expenses were as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Operating lease cost:
Amortization of operating lease assets	$	2,120	$	2,677	$	2,734
Interest on operating lease liabilities	661		768		825
Short-term and variable lease costs	289		507		616
Finance lease cost:
Amortization of finance lease assets	398		398		171
Interest on finance lease liabilities	17		45		22
Total lease cost	$	3,485	$	4,395	$	4,368

For the years ended December 31, 2024, 2023, and 2022, supplemental cash and non-cash information related to leases was as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating leases	$	3,068	$	3,675	$	3,783
Finance leases	509		480		948
Supplemental disclosure of noncash leasing activities:
Right-of-use assets obtained in exchange for operating lease obligations	$	1,596	$	972	$	3,068
Right-of-use assets obtained in exchange for finance lease obligations	—		—		1,990

As of December 31, 2024 and 2023, supplemental balance sheet information related to leases was as follows:


		December 31,
(In thousands of U.S. Dollars)		2024		2023
Assets:	Balance Sheet Location
Operating lease right-of-use assets	Property, plant and equipment	$	10,019	$	10,599
Finance lease right-of-use assets	Property, plant and equipment	1,022		1,420
Liabilities:	Balance Sheet Location
Operating lease liabilities	Accrued and other liabilities	$	11,861	$	12,702
Finance lease liabilities(1)	Accrued and other liabilities	—		518
(1)Recorded net of $nil (2023 — $nil) upfront payment made upon execution of the finance lease arrangement.

As of December 31, 2024 and 2023, the weighted-average remaining lease term and weighted-average interest rate associated with the Company’s leases were as follows:


	December 31,
(In thousands of U.S. Dollars)	2024		2023
Operating leases:
Weighted-average remaining lease term (years)	4.8		4.9
Weighted-average discount rate	5.87	%	5.85	%
Finance leases:
Weighted-average remaining lease term (years)	2.6		3.6
Weighted-average discount rate	6.00	%	6.00	%

As of December 31, 2024, the maturities of the Company’s operating lease liabilities were as follows:


(In thousands of U.S. Dollars)
2025	$	2,872
2026	2,781
2027	2,710
2028	2,714
2029	2,227
Thereafter	278
Total lease payments	$	13,582
Less: interest expense	(1,721)
Present value of lease liabilities	$	11,861

IMAX Corporation as a Lessor

Under certain other JRSAs, known as hybrid arrangements, the customer is responsible for making fixed upfront payments prior to the delivery and installation of the IMAX System.


(In thousands of U.S. Dollars)	Sales-Type Leases		Joint Revenue Sharing arrangements
2025	$	2,935	$	25
2026	3,122		—
2027	3,057		—
2028	2,914		—
2029	2,914		—
Thereafter	15,948		—
Total	$	30,890	$	25

(Refer to Note 4 for additional information related to the net investment in leases related to the Company’s sales-type lease arrangements.)

Lease Arrangements

5. Lease Arrangements

IMAX Corporation as a Lessee

For the years ended December 31, 2024, 2023, and 2022 the components of lease expense recorded within Selling, General and Administrative Expenses were as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Operating lease cost:
Amortization of operating lease assets	$	2,120	$	2,677	$	2,734
Interest on operating lease liabilities	661		768		825
Short-term and variable lease costs	289		507		616
Finance lease cost:
Amortization of finance lease assets	398		398		171
Interest on finance lease liabilities	17		45		22
Total lease cost	$	3,485	$	4,395	$	4,368

For the years ended December 31, 2024, 2023, and 2022, supplemental cash and non-cash information related to leases was as follows:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating leases	$	3,068	$	3,675	$	3,783
Finance leases	509		480		948
Supplemental disclosure of noncash leasing activities:
Right-of-use assets obtained in exchange for operating lease obligations	$	1,596	$	972	$	3,068
Right-of-use assets obtained in exchange for finance lease obligations	—		—		1,990

As of December 31, 2024 and 2023, supplemental balance sheet information related to leases was as follows:


		December 31,
(In thousands of U.S. Dollars)		2024		2023
Assets:	Balance Sheet Location
Operating lease right-of-use assets	Property, plant and equipment	$	10,019	$	10,599
Finance lease right-of-use assets	Property, plant and equipment	1,022		1,420
Liabilities:	Balance Sheet Location
Operating lease liabilities	Accrued and other liabilities	$	11,861	$	12,702
Finance lease liabilities(1)	Accrued and other liabilities	—		518
(1)Recorded net of $nil (2023 — $nil) upfront payment made upon execution of the finance lease arrangement.

As of December 31, 2024 and 2023, the weighted-average remaining lease term and weighted-average interest rate associated with the Company’s leases were as follows:


	December 31,
(In thousands of U.S. Dollars)	2024		2023
Operating leases:
Weighted-average remaining lease term (years)	4.8		4.9
Weighted-average discount rate	5.87	%	5.85	%
Finance leases:
Weighted-average remaining lease term (years)	2.6		3.6
Weighted-average discount rate	6.00	%	6.00	%

As of December 31, 2024, the maturities of the Company’s operating lease liabilities were as follows:


(In thousands of U.S. Dollars)
2025	$	2,872
2026	2,781
2027	2,710
2028	2,714
2029	2,227
Thereafter	278
Total lease payments	$	13,582
Less: interest expense	(1,721)
Present value of lease liabilities	$	11,861

IMAX Corporation as a Lessor

Under certain other JRSAs, known as hybrid arrangements, the customer is responsible for making fixed upfront payments prior to the delivery and installation of the IMAX System.


(In thousands of U.S. Dollars)	Sales-Type Leases		Joint Revenue Sharing arrangements
2025	$	2,935	$	25
2026	3,122		—
2027	3,057		—
2028	2,914		—
2029	2,914		—
Thereafter	15,948		—
Total	$	30,890	$	25

(Refer to Note 4 for additional information related to the net investment in leases related to the Company’s sales-type lease arrangements.)

Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives (Details)	Dec. 31, 2024
Minimum \| Theater system components
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	7 years
Minimum \| Camera equipment and connectivity equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Minimum \| Buildings
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	20 years
Minimum \| Office and production equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Maximum \| Theater system components
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	20 years
Maximum \| Camera equipment and connectivity equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Maximum \| Buildings
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	25 years
Maximum \| Office and production equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life	5 years

Borrowings - Schedule of Revolving Credit Facility Borrowings, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (600)	$ (1,100)
Revolving Credit Facility
Debt Instrument [Line Items]
Unamortized debt issuance costs	(644)	(1,076)
Revolving Credit Facility Borrowings, net	36,356	22,924
Wells Fargo Facility
Debt Instrument [Line Items]
Wells Fargo Credit Facility borrowings	$ 37,000	$ 24,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
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-Section 55
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Consolidated Statements of Operations Supplemental Information

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidated Statements of Operations Supplemental Information

17. Consolidated Statements of Operations Supplemental Information

Selling Expenses


	Years Ended December 31,
	2024				2023				2022
(In thousands of U.S. Dollars)	Sales Commissions		Marketing and Other		Sales Commissions		Marketing and Other		Sales Commissions		Marketing and Other
Technology sales(1)	$	1,478	$	736	$	1,575	$	1,103	$	479	$	810
Image enhancement and maintenance services(2)	—		15,030		—		15,200		—		20,284
Technology rentals(3)	933		2,204		478		734		85		663
Total	$	2,411	$	17,970	$	2,053	$	17,037	$	564	$	21,757
(1)Sales commissions paid prior to the recognition of the related revenue are deferred and recognized upon the client acceptance of the IMAX System. Direct advertising and marketing costs for each IMAX System are expensed as incurred. (2)Film exploitation costs, including advertising and marketing costs are expensed as incurred. (3)Sales commissions related to joint revenue sharing arrangements accounted for operating leases are recognized in the month they are earned by the salesperson, which is typically the month in which the IMAX System is installed, and are subject to subsequent performance-based adjustments. Direct advertising and marketing costs for each IMAX System are expensed as incurred.

Foreign Exchange

Included in Selling, General and Administrative Expenses for the year ended December 31, 2024 was a foreign currency net loss of $1.2 million (2023 — net loss of $0.7 million; 2022 — net loss of $3.2 million) resulting from changes in exchange rates related to foreign currency denominated monetary assets and liabilities. Refer to “Financial Instruments — Foreign Exchange Risk Management” in Note 21 for additional information.

Collaborative Arrangements

Joint Revenue Sharing Arrangement

Refer to Note 5 for a description of the material terms of the Company’s collaborative JRSAs. The accounting policy for the Company’s JRSAs is disclosed in “Summary of Significant Accounting Policies — Revenue Recognition” in Note 2.

Revenue attributable to transactions arising between the Company and its customers under JRSAs are recorded within Revenues – Technology Sales (for hybrid JRSAs) and Revenues – Technology Rentals (for traditional JRSAs). For the year ended December 31, 2024, such revenues totaled $62.2 million (2023 — $78.2 million; 2022 — $66.6 million). (Refer to “Revenue from Contracts with Customers — Disaggregated Information About Revenue” in Note 19 for a disaggregated presentation of the Company’s revenues.)

Film Remastering and Distribution

In an IMAX Film Remastering and distribution arrangement, the Company receives a percentage of the box office receipts from a third party who owns the copyright to a film in exchange for converting the film into IMAX format and distributing it through the IMAX network. The fee earned by the Company in a typical IMAX Film Remastering and distribution arrangement averages approximately 12.5% of box office receipts (i.e. gross box office receipts less applicable sales taxes), except for within mainland China, where the Company receives a lower percentage of net box office receipts for certain Hollywood films. The accounting policy for the Company’s Film Remastering and distribution arrangements is disclosed in “Summary of Significant Accounting Policies — Revenue Recognition” in Note 2.

Revenue attributable to transactions arising between the Company and its customers under the Company’s Film Remastering and distribution arrangements are included in Revenues – Image Enhancement and Maintenance Services. For the year ended December 31, 2024, such revenues totaled $100.5 million (2023 — $118.6 million; 2022 — $94.9 million). (Refer to “Revenue from Contracts with Customers — Disaggregated Information About Revenue” in Note 19 for a disaggregated presentation of the Company’s revenues.)

Co-Produced Film Arrangements

In certain film arrangements, the Company co-produces a film with a third party whereby the third party retains the copyright and certain other rights to the film. In some cases, the Company obtains exclusive theatrical distribution rights to the film. Under these arrangements, both parties contribute to the funding of the production, distribution and exploitation costs associated with the film.

As of December 31, 2024, the Company was party to one co-produced film arrangement, which represents the VIE total assets balance of $1.5 million and liabilities balance of $0.2 million and four other co-produced film arrangements. The accounting policies relating to co-produced film arrangements are disclosed in “Summary of Significant Accounting Policies — Principles of Consolidation and Revenue Recognition” in Note 2.

In 2024, an expense of $3.3 million (2023 — $0.6 million; 2022 — $0.8 million) attributable to transactions between the Company and other parties involved in the production of the films had been included in Costs and Expenses Applicable to Revenues – Image Enhancement and Maintenance Services.

Capital Stock - Schedule of Unrecognized Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense related to non-vested employee stock options	$ 0	$ 0	$ 86

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Reporting - Schedule of Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue	$ 352,208	$ 374,839	$ 300,805
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue	137,761	117,925	107,734
Greater China
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue	80,997	91,901	73,330
Asia (excluding Greater China)
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue	57,691	59,690	47,145
Western Europe
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue	40,812	54,908	40,245
Canada
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue	9,344	13,788	9,418
Latin America
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue	8,994	18,746	7,550
Rest of the World
Revenues From External Customers And Long Lived Assets [Line Items]
Revenue	$ 16,609	$ 17,881	$ 15,383

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Lease Arrangements - Schedule of Supplemental Cash and Non-Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating leases	$ 3,068	$ 3,675	$ 3,783
Finance leases	509	480	948
Supplemental disclosure of noncash leasing activities:
Right-of-use assets obtained in exchange for operating lease obligations	1,596	972	3,068
Right-of-use assets obtained in exchange for finance lease obligations	$ 0	$ 0	$ 1,990

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Assets [Abstract]
Lease incentives provided to exhibitor customers, net of accumulated amortization	$ 20,230	$ 17,417
Commissions and other deferred selling expenses	1,086	1,241
Other investments	1,000	1,000
Foreign currency derivatives	0	846
Other	125	375
Other assets, total	$ 22,441	$ 20,879

Receivables - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current Expected Credit Losses [Line Items]
Increase (decrease) in allowance for current expected credit losses		$ 0.8	$ (1.7)
Finance income related to net investment in leases with billed amounts past due		0.0	0.0	$ 0.0
Finance income related to the financed sales receivables in nonaccrual status		1.0	0.2	$ 0.5
Theatre and Foreign Movie Studio
Current Expected Credit Losses [Line Items]
Increase (decrease) in allowance for current expected credit losses, accounts receivables		(2.7)	1.9
COVID-19 reserve for accounts and financing receivables	$ 1.5
Release of reserve related to accounts receivable	0.3
Increase (decrease) in allowance for current expected credit losses	(1.2)
Theater Operators
Current Expected Credit Losses [Line Items]
Increase (decrease) in allowance for current expected credit losses, variable consideration receivables		$ (0.5)	0.6
Theater Operators \| IMAX China
Current Expected Credit Losses [Line Items]
Net investment in leases and financed sales receivables	$ 1.2		1.2
Theater Operators \| IMAX China \| Variable Consideration Receivables
Current Expected Credit Losses [Line Items]
Current year provision, net			$ 1.5

Consolidated Statements of Cash Flows Supplemental Information

12 Months Ended

Dec. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Consolidated Statements of Cash Flows Supplemental Information

18. Consolidated Statements of Cash Flows Supplemental Information

Changes in other operating assets and liabilities


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Decrease (increase) in:
Financing receivables	$	9,975	$	2,642	$	5,411
Prepaid expenses	(2,430)		(1,273)		(1,892)
Variable consideration receivables	(18,414)		(20,337)		667
Other assets	(3,140)		(10,473)		968
(Decrease) increase in:
Accounts payable	(6,383)		(535)		8,496
Accrued and other liabilities	(14,800)		(6,013)		(12,849)
Total	$	(35,192)	$	(35,989)	$	801

Cash payments made on account


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Income taxes	$	14,583	$	17,812	$	13,963
Interest	$	5,723	$	3,930	$	715

Depreciation and amortization


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Film assets	$	24,775	$	20,281	$	16,881
Property, plant and equipment:
Equipment supporting joint revenue sharing arrangements	22,723		22,857		22,165
Other property, plant and equipment(1)	8,793		9,125		9,757
Other intangible assets(2)	6,970		5,952		6,103
Other assets(3)	2,242		1,807		1,755
Total	$	65,503	$	60,022	$	56,661
(1)Includes the amortization of laser projection systems, camera, and lens upgrades recorded in Research and Development in the Statements of Operations of $0.6 million in the year ended December 31, 2024 (2023 — $0.5 million; 2022 — $0.6 million). (2)Includes the amortization of licenses and intellectual property recorded in Research and Development in the Consolidated Statements of Operations of $1.3 million in the year ended December 31, 2024 (2023 — $1.3 million; 2022 — $1.3 million). (3)Includes the amortization of lessee incentives provided by the Company to its customers under JRSAs.

Write-downs, including asset impairments


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Other assets(1)	$	—	$	144	$	4,470
Inventories(2)	359		542		741
Property, plant and equipment:
Equipment supporting joint revenue sharing arrangements(3)	3,397		756		973
Other property, plant and equipment	79		31		57
Other intangible assets	129		—		87
Film assets(4)	9		411		848
Total	$	3,973	$	1,884	$	7,176
(1)In 2022, the Company recognized a full impairment of its RMB 4.5 million investment in the film Mozart from Space based on projected box office results and distribution costs. (Refer to “Financial Instruments — Interest in Film” in Note 21.) (2)In 2024, the Company recorded write-downs of $0.4 million (2023 — $0.5 million; 2022 — $0.7 million in Costs and Expenses Applicable to Technology Sales to reduce the carrying value of inventory. (3)In 2024, the Company recorded charges of $3.4 million (2023 — $0.8 million; 2022 — $1.0 million) in Costs and Expenses Applicable to Revenues - Technology Rentals mostly mostly related to the write-down of systems under joint revenue sharing arrangements resulting from contract amendments, as well as the write-downs of leased xenon-based digital systems which were taken out of service in connection with customer upgrades to laser-based digital systems. (4)In 2024, the Company recorded impairment losses of less than $0.1 million (2023 — $0.4 million; 2022 — $0.8 million) related to the write- down of content-related film assets.

Significant non-cash investing activities


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Net (decrease) increase in accruals related to:
Investment in equipment supporting joint revenue sharing arrangements	$	(1,127)	$	(600)	$	790
Acquisition of other intangible assets	(12)		(942)		30
Purchases of property, plant and equipment(1)	(93)		(541)		311
Net amount	$	(1,232)	$	(2,083)	$	1,131
(1)Refer to Note 5 for supplemental disclosure of non-cash leasing activities.

Significant non-cash financing activities

In the fourth quarter of 2023, the Company recognized a $1.6 million liability on the Consolidated Balance Sheets within Accounts Payable related to repurchase of its common shares, which settled subsequent to December 31, 2024. No such amounts were recognized in the fourth quarter of 2024.

Receivables (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Summary of Allowance for Credit Losses Related to Accounts Receivable

The following tables summarize the activity in the allowance for credit losses related to Accounts Receivable for the years ended December 31, 2024 and 2023:


	Years Ended December 31, 2024
	Theater
(In thousands of U.S. Dollars)	Operators		Studios		Other		Total
Beginning balance	$	14,355	$	616	$	1,006	$	15,977
Current year (reversal) provision, net	(2,696)		404		17		(2,275)
Write-offs, net of recoveries	(178)		(3)		(440)		(621)
Foreign exchange	197		—		—		197
Ending balance	$	11,678	$	1,017	$	583	$	13,278


	Years Ended December 31, 2023
	Theater
(In thousands of U.S. Dollars)	Operators		Studios		Other		Total
Beginning balance	$	11,144	$	1,699	$	1,276	$	14,119
Current year provision (reversal), net	4,771		(944)		(270)		3,557
Write-offs, net of recoveries	(1,225)		(133)		—		(1,358)
Foreign exchange	(335)		(6)		—		(341)
Ending balance	$	14,355	$	616	$	1,006	$	15,977

Schedule of Financing Receivables

As of December 31, 2024 and 2023, financing receivables consisted of the following:


	December 31,
(In thousands of U.S. Dollars)	2024		2023
Net investment in leases:
Gross minimum payments due under sales-type leases	$	30,890	$	30,459
Unearned finance income	(887)		(467)
Present value of minimum payments due under sales-type leases	30,003		29,992
Allowance for credit losses	(664)		(453)
Net investment in leases	29,339		29,539
Financed sales receivables:
Gross minimum payments due under financed sales	127,906		135,684
Unearned finance income	(27,199)		(28,452)
Present value of minimum payments due under financed sales	100,707		107,232
Allowance for credit losses	(10,161)		(9,617)
Net financed sales receivables	90,546		97,615
Total financing receivables	$	119,885	$	127,154

Net financed sales receivables due within one year	$	30,136	$	32,031
Net financed sales receivables due after one year	60,410		65,584
Total financed sales receivables	$	90,546	$	97,615

Schedule of Weighted-Average Remaining Lease Term and Weighted-Average Interest Rate


	December 31,
	2024		2023
Weighted-average remaining lease term (in years):
Sales-type lease arrangements	8.5		8.3
Weighted-average interest rate:
Sales-type lease arrangements	7.24	%	7.88	%
Financed sales receivables	8.95	%	8.97	%

Schedule of Net Investment in Leases by Credit Quality Indicator


(In thousands of U.S. Dollars)	By Origination Year
As of December 31, 2024	2024		2023		2022		2021		2020		Prior		Total
Net investment in leases:
Credit quality classification:
In good standing	$	3,469	$	3,190	$	3,057	$	6,625	$	1,963	$	1,931	$	20,235
Credit Watch	—		—		—		—		—		—		—
Pre-approved transactions	—		—		—		2,800		1,477		4,664		8,941
Transactions suspended	—		—		426		—		—		401		827
Total net investment in leases	$	3,469	$	3,190	$	3,483	$	9,425	$	3,440	$	6,996	$	30,003


(In thousands of U.S. Dollars)	By Origination Year
As of December 31, 2023	2023		2022		2021		2020		2019		Prior		Total
Net investment in leases:
Credit quality classification:
In good standing	$	2,197	$	3,262	$	6,241	$	2,173	$	1,677	$	1,376	$	16,926
Credit Watch	—		490		—		—		—		313		803
Pre-approved transactions	—		—		3,462		1,182		5,221		1,997		11,862
Transactions suspended	—		—		—		—		—		401		401
Total net investment in leases	$	2,197	$	3,752	$	9,703	$	3,355	$	6,898	$	4,087	$	29,992

Schedule of Financed Sales Receivables by Credit Quality Indicator


(In thousands of U.S. Dollars)	By Origination Year
As of December 31, 2024	2024		2023		2022		2021		2020		Prior		Total
Financed sales receivables:
Credit quality classification:
In good standing	$	6,217	$	7,249	$	5,980	$	6,152	$	4,974	$	41,570	$	72,142
Credit Watch	—		—		—		—		—		567		567
Pre-approved transactions	411		779		298		3,468		1,899		8,132		14,987
Transactions suspended	—		—		—		114		143		12,754		13,011
Total financed sales receivables	$	6,628	$	8,028	$	6,278	$	9,734	$	7,016	$	63,023	$	100,707


(In thousands of U.S. Dollars)	By Origination Year
As of December 31, 2023	2023		2022		2021		2020		2019		Prior		Total
Financed sales receivables:
Credit quality classification:
In good standing	$	5,328	$	5,921	$	5,961	$	5,415	$	8,058	$	46,202	$	76,885
Credit Watch	—		30		—		—		317		796		1,143
Pre-approved transactions	607		313		2,619		1,455		2,084		8,508		15,586
Transactions suspended	—		—		728		345		1,546		10,999		13,618
Total financed sales receivables	$	5,935	$	6,264	$	9,308	$	7,215	$	12,005	$	66,505	$	107,232

Schedule of Aging Analysis for Net Investment in Leases and Financed Sales Receivables

The following tables provide an aging analysis for the Company’s net investment in leases and financed sales receivables as of December 31, 2024 and 2023:


	As of December 31, 2024
(In thousands of U.S. Dollars)	Accrued and Current		30-89 Days		90+ Days		Billed		Unbilled		Recorded Receivable		Allowance for Credit Losses		Net
Net investment in leases	$	222	$	218	$	3,185	$	3,625	$	26,378	$	30,003	$	(664)	$	29,339
Financed sales receivables	895		1,019		12,462		14,376		86,331		100,707		(10,161)		90,546
Total	$	1,117	$	1,237	$	15,647	$	18,001	$	112,709	$	130,710	$	(10,825)	$	119,885


	As of December 31, 2023
(In thousands of U.S. Dollars)	Accrued and Current		30-89 Days		90+ Days		Billed		Unbilled		Recorded Receivable		Allowance for Credit Losses		Net
Net investment in leases	$	293	$	212	$	4,598	$	5,103	$	24,889	$	29,992	$	(453)	$	29,539
Financed sales receivables	1,535		1,196		10,704		13,435		93,797		107,232		(9,617)		97,615
Total	$	1,828	$	1,408	$	15,302	$	18,538	$	118,686	$	137,224	$	(10,070)	$	127,154

Schedule of Net Investment in Leases and Financed Sales Receivables with Billed Amounts Past Due Continues to Accrue Finance Income


	As of December 31, 2024
(In thousands of U.S. Dollars)	Accrued and Current		30-89 Days		90+ Days		Billed		Unbilled		Allowance for Credit Losses		Net
Net investment in leases	$	222	$	218	$	3,185	$	3,625	$	20,176	$	(6)	$	23,795
Financed sales receivables	727		610		10,143		11,480		42,208		(1,086)		52,602
Total	$	949	$	828	$	13,328	$	15,105	$	62,384	$	(1,092)	$	76,397


	As of December 31, 2023
(In thousands of U.S. Dollars)	Accrued and Current		30-89 Days		90+ Days		Billed		Unbilled		Allowance for Credit Losses		Net
Net investment in leases	$	259	$	212	$	4,598	$	5,069	$	22,651	$	(9)	$	27,711
Financed sales receivables	798		782		10,517		12,097		33,552		(1,198)		44,451
Total	$	1,057	$	994	$	15,115	$	17,166	$	56,203	$	(1,207)	$	72,162

Schedule of Net Investment in Leases and Financed Sales Receivables on Nonaccrual Status

The following table provides information about the Company’s net investment in leases and financed sales receivables that were on nonaccrual status as of December 31, 2024 and 2023:


	As of December 31, 2024						As of December 31, 2023
(In thousands of U.S. Dollars)	Recorded Receivable		Allowances for Credit Losses		Net		Recorded Receivable		Allowances for Credit Losses		Net
Net investment in leases	$	827	$	(614)	$	213	$	401	$	(401)	$	—
Net financed sales receivables	28,565		(8,317)		20,248		29,204		(8,884)		20,320
Total	$	29,392	$	(8,931)	$	20,461	$	29,605	$	(9,285)	$	20,320

Summary of Allowance for Credit Losses Related to Net Investment in Leases and Financed Sales Receivables


	December 31, 2024
	Net Investment		Net Financed
(In thousands of U.S. Dollars)	in Leases		Sales Receivables
Beginning balance	$	453	$	9,617
Current year provision, net	212		572
Foreign exchange	(1)		(28)
Ending balance	$	664	$	10,161

	December 31, 2023
	Net Investment		Net Financed
(In thousands of U.S. Dollars)	in Leases		Sales Receivables
Beginning balance	$	776	$	10,945
Current year reversal, net	(61)		(1,644)
Foreign exchange	(262)		316
Ending balance	$	453	$	9,617

Summary of Allowance For Credit Losses Related to Variable Consideration Receivables

The following table summarizes the activity in the Allowance for Credit Losses related to Variable Consideration Receivables for the years ended December 31, 2024 and 2023:


	December 31,
	2024		2023
(In thousands of U.S. Dollars)	Theater Operators		Theater Operators
Beginning balance	$	633	$	610
Current year (reversal) provision, net	(513)		35
Foreign exchange	(4)		(12)
Ending balance	$	116	$	633

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of VIEs Total Assets and Liabilities

As of December 31, 2024 and 2023, total assets and liabilities of the Company’s consolidated VIEs were as follows:


	December 31,		December 31,
(In thousands of U.S. Dollars)	2024		2023
Total assets	$	1,459	$	1,425
Total liabilities	$	246	$	246

Schedule of Estimated Useful Lives

Property, Plant and Equipment is recorded at cost and is depreciated on a straight-line basis over the estimated useful lives of the underlying assets as follows:


Theater system components(1)			— Over the equipment’s expected useful life (7 to 20 years)
Camera equipment and connectivity equipment			— Over a period between 5 years to 15 years
Buildings			— Over a period between 20 to 25 years
Office and production equipment			— Over a period between 3 to 5 years
Leasehold improvements			— Over the shorter of the initial term of the underlying lease plus any reasonably assured renewal periods, and the useful life of the asset
(1)Includes equipment under joint revenue sharing arrangements.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	271
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Toronto, Canada

Consolidated Statements of Cash Flows Supplemental Information (Tables)

12 Months Ended

Dec. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of Changes in Other Operating Assets and Liabilities


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Decrease (increase) in:
Financing receivables	$	9,975	$	2,642	$	5,411
Prepaid expenses	(2,430)		(1,273)		(1,892)
Variable consideration receivables	(18,414)		(20,337)		667
Other assets	(3,140)		(10,473)		968
(Decrease) increase in:
Accounts payable	(6,383)		(535)		8,496
Accrued and other liabilities	(14,800)		(6,013)		(12,849)
Total	$	(35,192)	$	(35,989)	$	801

Schedule of Cash Payments


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Income taxes	$	14,583	$	17,812	$	13,963
Interest	$	5,723	$	3,930	$	715

Schedule of Depreciation and Amortization


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Film assets	$	24,775	$	20,281	$	16,881
Property, plant and equipment:
Equipment supporting joint revenue sharing arrangements	22,723		22,857		22,165
Other property, plant and equipment(1)	8,793		9,125		9,757
Other intangible assets(2)	6,970		5,952		6,103
Other assets(3)	2,242		1,807		1,755
Total	$	65,503	$	60,022	$	56,661
(1)Includes the amortization of laser projection systems, camera, and lens upgrades recorded in Research and Development in the Statements of Operations of $0.6 million in the year ended December 31, 2024 (2023 — $0.5 million; 2022 — $0.6 million). (2)Includes the amortization of licenses and intellectual property recorded in Research and Development in the Consolidated Statements of Operations of $1.3 million in the year ended December 31, 2024 (2023 — $1.3 million; 2022 — $1.3 million). (3)Includes the amortization of lessee incentives provided by the Company to its customers under JRSAs.

Schedule of Write Downs, Including Asset Impairments


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Other assets(1)	$	—	$	144	$	4,470
Inventories(2)	359		542		741
Property, plant and equipment:
Equipment supporting joint revenue sharing arrangements(3)	3,397		756		973
Other property, plant and equipment	79		31		57
Other intangible assets	129		—		87
Film assets(4)	9		411		848
Total	$	3,973	$	1,884	$	7,176
(1)In 2022, the Company recognized a full impairment of its RMB 4.5 million investment in the film Mozart from Space based on projected box office results and distribution costs. (Refer to “Financial Instruments — Interest in Film” in Note 21.) (2)In 2024, the Company recorded write-downs of $0.4 million (2023 — $0.5 million; 2022 — $0.7 million in Costs and Expenses Applicable to Technology Sales to reduce the carrying value of inventory. (3)In 2024, the Company recorded charges of $3.4 million (2023 — $0.8 million; 2022 — $1.0 million) in Costs and Expenses Applicable to Revenues - Technology Rentals mostly mostly related to the write-down of systems under joint revenue sharing arrangements resulting from contract amendments, as well as the write-downs of leased xenon-based digital systems which were taken out of service in connection with customer upgrades to laser-based digital systems. (4)In 2024, the Company recorded impairment losses of less than $0.1 million (2023 — $0.4 million; 2022 — $0.8 million) related to the write- down of content-related film assets.

Schedule of Significant Non-cash Investing Activities


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Net (decrease) increase in accruals related to:
Investment in equipment supporting joint revenue sharing arrangements	$	(1,127)	$	(600)	$	790
Acquisition of other intangible assets	(12)		(942)		30
Purchases of property, plant and equipment(1)	(93)		(541)		311
Net amount	$	(1,232)	$	(2,083)	$	1,131
(1)Refer to Note 5 for supplemental disclosure of non-cash leasing activities.

Film Assets - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Entertainment, Film [Abstract]
Film assets	$ 24,775	$ 20,281	$ 16,881
Film costs expected to be amortized within three years from balance sheet date	6,500
Film, monetized in film group, released film, film in production and film in development, expected amortization, year one	3,500
Film, monetized in film group, released film, film in production and film in development, expected amortization, year two	1,700
Film, monetized in film group, released film, film in production and film in development, expected amortization, year three	1,300
Amount of participation payments expected to be made to third parties in the next operating cycle	5,200	3,800
Film, monetized on its own, and film group, impairment	$ 100	$ 400	$ 800
Film, Monetized on Its Own, and Film Group, Impairment, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total costs and expenses applicable to revenues	Total costs and expenses applicable to revenues	Total costs and expenses applicable to revenues

Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expenses (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 9,565
2026	8,644
2027	6,436
2028	4,369
2029	$ 3,061

Commitments - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Accrued commissions payable in future periods	$ 2.9	$ 2.7

Receivables - Schedule of Net Investment in Leases and Financed Sale Receivables with Billed Amounts Past Due Continues to Accrue Finance Income (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net investment in leases:
Recorded Receivable	$ 30,003	$ 29,992
Allowance for Credit Losses	(664)	(453)	$ (776)
Net investment in leases	29,339	29,539
Financed sales receivables
Recorded Receivable	100,707	107,232
Allowance for credit losses	(10,161)	(9,617)	$ (10,945)
Net financed sales receivables	90,546	97,615
Total
Total financing receivables	119,885	127,154
Total
Total
Allowance for Credit Losses	(1,092)	(1,207)
Total financing receivables	76,397	72,162
Total \| Billed
Total
Recorded Receivable	15,105	17,166
Total \| Unbilled
Total
Recorded Receivable	62,384	56,203
Net investment in leases
Net investment in leases:
Allowance for Credit Losses	(6)	(9)
Net investment in leases	23,795	27,711
Net investment in leases \| Billed
Net investment in leases:
Recorded Receivable	3,625	5,069
Net investment in leases \| Unbilled
Net investment in leases:
Recorded Receivable	20,176	22,651
Financed sales receivables
Financed sales receivables
Allowance for credit losses	(1,086)	(1,198)
Net financed sales receivables	52,602	44,451
Financed sales receivables \| Billed
Financed sales receivables
Recorded Receivable	11,480	12,097
Financed sales receivables \| Unbilled
Financed sales receivables
Recorded Receivable	42,208	33,552
Accrued and Current \| Total
Total
Recorded Receivable	949	1,057
Accrued and Current \| Net investment in leases
Net investment in leases:
Recorded Receivable	222	259
Accrued and Current \| Financed sales receivables
Financed sales receivables
Recorded Receivable	727	798
30-89 Days \| Total
Total
Recorded Receivable	828	994
30-89 Days \| Net investment in leases
Net investment in leases:
Recorded Receivable	218	212
30-89 Days \| Financed sales receivables
Financed sales receivables
Recorded Receivable	610	782
90+ Days \| Total
Total
Recorded Receivable	13,328	15,115
90+ Days \| Net investment in leases
Net investment in leases:
Recorded Receivable	3,185	4,598
90+ Days \| Financed sales receivables
Financed sales receivables
Recorded Receivable	$ 10,143	$ 10,517

Non-Controlling Interests - Additional Information (Details) $ in Thousands	12 Months Ended				132 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2014 USD ($) film	Dec. 31, 2024 USD ($)
Redeemable Noncontrolling Interest [Line Items]
Non-controlling interests	$ 78,069	$ 71,790			$ 78,069
Net income attributable to non-controlling interests	6,643	7,731	$ 2,923
Investment in film assets	25,122	20,394	19,598
IMAX China
Redeemable Noncontrolling Interest [Line Items]
Non-controlling interests	78,100	71,800			78,100
Net income attributable to non-controlling interests	6,600	7,800	3,000
Other Noncontrolling Interest
Redeemable Noncontrolling Interest [Line Items]
Net income attributable to non-controlling interests	$ 22	$ (64)	$ (36)
Number of expected original films \| film				10
Investment in film assets					22,300
Other Noncontrolling Interest \| Third Party
Redeemable Noncontrolling Interest [Line Items]
Film fund committed capital contribution				$ 25,000
Other Noncontrolling Interest \| IMAX
Redeemable Noncontrolling Interest [Line Items]
Film fund contributions paid					$ 9,000
IMAX China Noncontrolling Interest
Redeemable Noncontrolling Interest [Line Items]
Minority interest ownership percentage by company (as percent)	71.40%	71.55%			71.40%

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

19. Revenue from Contracts with Customers

Disaggregated Information About Revenue

The following tables summarize the Company’s revenues by type and reportable segment for the years ended December 31, 2024, 2023, and 2022:


	Years Ended December 31, 2024
(In thousands of U.S. Dollars)	Technology Sales		Image Enhancement and Maintenance Services		Technology Rentals		Finance Income		Total
Content Solutions Segment:
Film Remastering and Distribution	$	—	$	100,545	$	—	$	—	$	100,545
Other Content Solutions	—		23,964		222		—		24,186
Sub-total	—		124,509		222		—		124,731
Technology Products and Services Segment:
System Sales	82,480		—		—		—		82,480
System Rentals	—		—		62,331		—		62,331
Maintenance	—		61,565		—		—		61,565
Finance Income	—		—		—		9,686		9,686
Sub-total	82,480		61,565		62,331		9,686		216,062
Sub-total for reportable segments	82,480		186,074		62,553		9,686		340,793
All Other	5,285		6,123		7		—		11,415
Total	$	87,765	$	192,197	$	62,560	$	9,686	$	352,208


	Years Ended December 31, 2023
(In thousands of U.S. Dollars)	Technology Sales		Image Enhancement and Maintenance Services		Technology Rentals		Finance Income		Total
Content Solutions Segment:
Film Remastering and Distribution	$	—	$	118,637	$	—	$	—	$	118,637
Other Content Solutions	—		8,061		—		—		8,061
Sub-total	—		126,698		—		—		126,698
Technology Products and Services Segment:
System Sales	93,271		—		—		—		93,271
System Rentals	—		—		75,566		—		75,566
Maintenance	—		56,737		—		—		56,737
Finance Income	—		—		—		8,729		8,729
Sub-total	93,271		56,737		75,566		8,729		234,303
Sub-total for reportable segments	93,271		183,435		75,566		8,729		361,001
All Other	7,521		6,317		—		—		13,838
Total	$	100,792	$	189,752	$	75,566	$	8,729	$	374,839


	Years Ended December 31, 2022
(In thousands of U.S. Dollars)	Technology Sales		Image Enhancement and Maintenance Services		Technology Rentals		Finance Income		Total
Content Solutions Segment:
Film Remastering and Distribution	$	—	$	94,867	$	—	$	—	$	94,867
Other Content Solutions	—		6,935		18		—		6,953
Sub-total	—		101,802		18		—		101,820
Technology Products and Services Segment:
System Sales	65,510		—		—		—		65,510
System Rentals	—		—		61,768		—		61,768
Maintenance	—		56,608		—		—		56,608
Finance Income	—		—		—		8,482		8,482
Sub-total	65,510		56,608		61,768		8,482		192,368
Sub-total for reportable segments	65,510		158,410		61,786		8,482		294,188
All Other	3,648		2,969		—		—		6,617
Total	$	69,158	$	161,379	$	61,786	$	8,482	$	300,805

Deferred Revenue

For the year ended December 31, 2024, $44.5 million of revenue was recognized that was included in the $67.1 million balance of deferred revenue as of December 31, 2023. For the year ended December 31, 2023, $43.1 million of revenue was recognized that was included in the $70.9 million balance of deferred revenue as of December 31, 2022.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Inventories

12 Months Ended

Dec. 31, 2024

Inventory Disclosure [Abstract]

Inventories

7. Inventories


	As of December 31,
(In thousands of U.S. Dollars)	2024		2023
Raw materials	$	29,162	$	27,660
Work-in-process	1,611		2,570
Finished goods	2,067		1,354
	$	32,840	$	31,584

As of December 31, 2024, Inventories included finished goods of $1.8 million (December 31, 2023 — $0.6 million) for which title had passed to the customer, but the criteria for revenue recognition were not met as of the balance sheet date.

The following table summarizes the activity for the Company’s inventory valuation allowance account for the years ended December 31, 2024, 2023, and 2022:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Beginning balance	$	5,416	$	5,739	$	4,897
Additions charged to expenses(1)	269		64		919
Other deductions(2)	(153)		(387)		(77)
Ending balance	$	5,532	$	5,416	$	5,739
(1)Excludes an expense of $0.1 million charged directly to the Consolidated Statements of Operations during the year ended December 31, 2024 (2023 — expense of $0.5 million; 2022 — recovery of $0.2 million). (2)Includes the write-off of amounts previously charged to valuation allowance.

Inventories - Schedule of Inventory Valuation Allowance Account (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Inventory expenses (recovery) charged to statement of operation	$ 100	$ 500	$ (200)
Inventory Valuation Allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	5,416	5,739	4,897
Additions charged to expenses	269	64	919
Other deductions	(153)	(387)	(77)
Ending balance	$ 5,532	$ 5,416	$ 5,739

Segment Reporting - Schedule of Segment Reporting Information by Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Revenue	$ 352,208	$ 374,839	$ 300,805
Gross Margin
Gross Margin	$ 190,200	$ 214,341	$ 156,355
Percentage of total revenues represented by largest customer	11.00%	10.00%	12.00%
Assets
Assets	$ 830,398	$ 814,669
Operating Segments
Assets
Assets	633,827	626,180
Sub-total for reportable segments
Revenues
Revenue	340,793	361,001	$ 294,188
Gross Margin
Gross Margin	182,076	204,052	152,295
Content Solutions
Revenues
Revenue	124,731	126,698	101,820
Gross Margin
Gross Margin	66,523	74,106	51,240
Content Solutions \| Operating Segments
Assets
Assets	89,383	97,123
Technology Products and Services
Revenues
Revenue	216,062	234,303	192,368
Gross Margin
Gross Margin	115,553	129,946	101,055
Technology Products and Services \| Operating Segments
Assets
Assets	544,444	529,057
All Other
Revenues
Revenue	11,415	13,838	6,617
Gross Margin
Gross Margin	8,124	10,289	$ 4,060
Assets
Assets	37,808	43,994
Corporate and other non-segment specific assets
Assets
Assets	$ 158,763	$ 144,495

Segment Reporting - Schedule of Property Plant and Equipment By Geographic Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Revenues From External Customers And Long Lived Assets [Line Items]
Property, plant and equipment	$ 240,133	$ 243,299
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Property, plant and equipment	100,422	98,831
Greater China
Revenues From External Customers And Long Lived Assets [Line Items]
Property, plant and equipment	66,022	72,492
Canada
Revenues From External Customers And Long Lived Assets [Line Items]
Property, plant and equipment	40,116	37,877
Western Europe
Revenues From External Customers And Long Lived Assets [Line Items]
Property, plant and equipment	12,917	12,763
Asia (excluding Greater China)
Revenues From External Customers And Long Lived Assets [Line Items]
Property, plant and equipment	15,134	16,538
Rest of the World
Revenues From External Customers And Long Lived Assets [Line Items]
Property, plant and equipment	$ 5,522	$ 4,798

Lease Arrangements - Lessor, Additional Information (Details)	12 Months Ended
	Dec. 31, 2024
Minimum
Lessor, Lease, Description [Line Items]
Sales-type lease, lease term	10 years
Non-cancellable term of joint revenue sharing arrangements	10 years
Maximum
Lessor, Lease, Description [Line Items]
Sales-type lease, lease term	20 years

New Accounting Standards and Accounting Changes	12 Months Ended
New Accounting Standards and Accounting Changes	Dec. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Standards and Accounting Changes	3. New Accounting Standards and Accounting Changes Adoption of New Accounting Policies In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-06, “Disclosure Improvements: Codification Amendments in response to the SEC’s Disclosure Update and Simplification Initiative” (“ASU 2023-06”). ASU 2023-06 incorporates into U.S. GAAP certain presentation and disclosure requirements currently included in the SEC’s regulations. Each amendment will become effective prospectively from the date the SEC withdrawals the corresponding SEC regulatory requirement. The Company adopted ASU 2023-06 on January 1, 2024. The adoption of this ASU did not have a material impact on the Company’s Consolidated Financial Statements. In November 2023, the FASB issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). The purpose of ASU 2023-07 is to enhance the interim disclosure requirements by more closely aligning them with the annual requirements. ASU 2023-07 requires interim and annual disclosures to include information about the Company’s significant segment expenses. The Company adopted ASU 2023-07 for the Company’s year ended December 31, 2024. The adoption of this ASU impacted the Company’s segment disclosures in Note 20. Recently Issued FASB Accounting Standard Codification Updates Not Yet Adopted In December 2023, the FASB issued Accounting Standard Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). The amendments in ASU 2023-09 improve the transparency of income tax disclosures by requiring (i) consistent categories and greater disaggregation of information in the rate reconciliation, and (ii) income taxes paid disaggregated by jurisdiction. ASU 2023-09 will be effective for the Company’s year ended December 31, 2025. The Company is in the process of evaluating the impact of this ASU on its Consolidated Financial Statements. In November 2024, the FASB issued Accounting Standard Update No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures” (“ASU 2024-03”). The amendments in ASU 2024-03 improve the transparency of expenses by nature disclosures requiring (i) disclosures with disaggregation of each expense line item into specific categories, (ii) qualitative disclosures of expenses. ASU 2024-03 will be effective for the Company’s year ended December 31, 2027. The Company is in the process of evaluating the impact of this ASU on its Consolidated Financial Statements. The Company considers the applicability and impact of all recently issued FASB accounting standard codification updates. Accounting standard updates that are not noted above were assessed and determined to be not applicable or not significant to the Company’s Consolidated Financial Statements for the year ended December 31, 2024.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)(1)
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-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 1
-Subparagraph (e)(1)
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-URI https://asc.fasb.org/1943274/2147483550/848-10-65-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section S99
-Paragraph 5
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 6
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

+ Details

Capital Stock - Schedule of Weighted Average Period over Which Awards Expected to be Recognized (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period (in years)	0 years	0 years	2 months 12 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Commitments

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments

14. Commitments

In the ordinary course of its business, the Company enters into contractual agreements with third parties that include non-cancelable payment obligations, for which it is liable in future periods. These arrangements can include terms binding the Company to minimum payments and/or penalties if it terminates the agreement for any reason other than an event of default as described by the agreement. The following table presents a summary of the Company’s contractual obligations and commitments as of December 31, 2024:


	Payments Due by Years
(In thousands of U.S. Dollars)	Total Obligation		Less Than One Year		1 to 3 years		3 to 5 years		Thereafter
Purchase obligations(1)	$	26,603	$	24,136	$	2,258	$	39	$	170
Pension obligations(2)	20,298		—		20,298		—		—
Operating lease obligations(3)	13,582		2,872		8,205		2,227		278
Finance lease obligations	—		—		—		—		—
Wells Fargo Facility	37,000		37,000		—		—		—


Federal Economic Development Loan(4)	2,056		1,026		1,030		—		—
Convertible Notes(5)	231,725		1,150		230,575		—		—
Postretirement benefits obligations	1,809		90		209		212		1,298
Total	$	333,073	$	66,274	$	262,575	$	2,478	$	1,746
(1)Represents total payments to be made under binding commitments with suppliers and outstanding payments to be made for supplies ordered, but yet to be invoiced. (2)The Company has an unfunded defined benefit pension plan covering its Chief Executive Officer. (Refer to Note 22.) (3)Represents total minimum annual rental payments due under the Company’s operating leases. (Refer to Note 5.) (4)The Federal Economic Development Loan is repayable over 36 months, with repayments commencing January 2024. (Refer to “Borrowings — Convertible Notes and Other Borrowings, Net” in Note 13.) (5)The Convertible Notes bear interest at a rate of 0.500% per annum on the principal of $230.0 million, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2021. The Convertible Notes will mature on April 1, 2026, unless earlier repurchased, redeemed or converted. (Refer to “Borrowings — Convertible Notes and Other Borrowings, Net” in Note 13.)

The Company compensates its sales force with both fixed and variable compensation. Commissions on the sale or lease of IMAX Systems are payable in graduated amounts from the time of collection of the customer’s first payment to the Company up to the collection of the customer’s last initial payment. As of December 31, 2024, $2.9 million (December 31, 2023 — $2.7 million) of commissions had been accrued and would be payable in future periods.

Restructuring and Other Charges	12 Months Ended
Restructuring and Other Charges	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Other Charges	25. Restructuring and Other Charges In 2024, the Company incurred $2.4 million (2023 — $1.3 million; 2022 — $nil) in connection with the assessment of its organizational structure and implementation of such plan, including the elimination of redundant roles and addressing spans and layers to capture efficiencies and centralize certain operational roles. Additionally, the Company incurred $1.3 million of non-recurring fees related to the assessment of its corporate structure and the resulting internal asset sale. In 2023, the Company recognized executive transition costs of $1.4 million associated with the departure of the President, IMAX Entertainment and Executive Vice President of the Company. These charges have been recognized in Restructuring and other charges in the Consolidated Statements of Operations. In the fourth quarter of 2024, the Company recognized a $1.4 million liability (December 31, 2023 — $0.9 million) on the Consolidated Balance Sheets within Accrued and other liabilities related to Restructuring and other charges, which is expected to be paid subsequent to year-end.

Income Taxes - Schedule of Reconciliation of Beginning and Ending Amount of Tax Reserves (excluding interest and penalties) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of beginning and ending amount of tax reserves (excluding interest and penalties)
Balance at beginning of the year	$ 8,954	$ 9,733	$ 11,939
Additions based on tax positions related to the current year	0	0	11
Additions (reductions) for tax positions of prior years	109	1,552	(94)
Reductions resulting from lapse of applicable statute of limitations and administrative practices	(1,714)	(2,331)	(2,123)
Balance at the end of the year	$ 7,349	$ 8,954	$ 9,733

Employers Pension and Postretirement Benefits - Schedule of Accumulated Other Comprehensive (Loss) Income and Components of Net Periodic Benefit Cost in Future Periods (Details) - SERP Benefits - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Unrealized actuarial gain	$ (2,353)	$ (2,889)	$ (3,580)
Unamortized prior service cost	0	0	0
Net periodic benefit costs to be recognized in future periods	$ (2,353)	$ (2,889)	$ (3,580)

Non-Controlling Interests (Tables)

12 Months Ended

Dec. 31, 2024

Noncontrolling Interest [Abstract]

Schedule of Movement of the Non-controlling Interest in Temporary Equity in Original Film Fund

The following summarizes the movement of the non-controlling interest in temporary equity, in the Original Film Fund for the years ended December 31, 2024, 2023, and 2022:


	Years Ended December 31,
(In thousands of U.S. Dollars)	2024		2023		2022
Beginning balance	$	658	$	722	$	758

Net income (loss)	22		(64)		(36)
Ending balance	$	680	$	658	$	722

Restructuring and Other Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	$ 3,749	$ 2,946	$ 0
Restructuring reserve	1,400	900
Organization Structure And Implementation Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	2,400	1,300	$ 0
Assessment Of Corporate Structure
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges	$ 1,300
Departure Of Officers
Restructuring Cost and Reserve [Line Items]
Restructuring and other charges		$ 1,400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Capital Stock - Schedule of Share Repurchases (Details)	12 Months Ended
Capital Stock - Schedule of Share Repurchases (Details)	Dec. 31, 2024 $ / shares shares	Dec. 31, 2024 $ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average Price Paid Per Share \| $ / shares			$ 14.98
IMAX China
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Number of Shares Repurchased (in shares) \| shares	119,900	119,900	16,800	16,800
Average Price Paid Per Share \| (per share)	$ 0.95	$ 7.43	$ 0.91	$ 7.11
Parent
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total Number of Shares Repurchased (in shares) \| shares	1,166,370	1,166,370	1,604,420	1,604,420
Average Price Paid Per Share \| $ / shares	$ 13.99		$ 16.45

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Capital Stock - Schedule of Number of RSUs Issued From Carve-Out Balance (Details) - RSUs - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Restricted Stock Unit With Shorter Vesting Period [Roll Forward]
Approved under the IMAX LTIP (in shares)	1,030,000
Issued during previous years (in shares)		(605,385)
Issued during 2024 (in shares)	(98,515)
Outstanding, December 31, 2024 (in shares)	326,100	1,030,000

Employers Pension and Postretirement Benefits - Schedule of Components of Pension Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Postretirement Benefits Executives
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 24	$ 23	$ 18
Amortization of actuarial gain	$ (44)	$ (65)	$ 0
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Immediate Recognition of Actuarial Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Unrealized (defined) postretirement benefit plans actuarial gain (loss)	Unrealized (defined) postretirement benefit plans actuarial gain (loss)	Unrealized (defined) postretirement benefit plans actuarial gain (loss)
Pension expense	$ (20)	$ (42)	$ 18
Postretirement Benefits Canadian Employees
Defined Benefit Plan Disclosure [Line Items]
Interest cost	42	48	46
Amortization of actuarial gain	$ (13)	$ (18)	$ 0
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Immediate Recognition of Actuarial Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Unrealized (defined) postretirement benefit plans actuarial gain (loss)	Unrealized (defined) postretirement benefit plans actuarial gain (loss)	Unrealized (defined) postretirement benefit plans actuarial gain (loss)
Pension expense	$ 29	$ 30	$ 46

Borrowings (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Revolving Credit Facility Borrowings

As of December 31, 2024 and 2023, Revolving Credit Facility Borrowings, Net included the following:


	December 31,		December 31,
(In thousands of U.S. Dollars)	2024		2023
Wells Fargo Credit Facility borrowings	$	37,000	$	24,000


Unamortized debt issuance costs	(644)		(1,076)
Revolving Credit Facility Borrowings, net	$	36,356	$	22,924

Schedule of Convertible Notes and Other Borrowings, Net

As of December 31, 2024 and December 31, 2023, Convertible Notes and Other Borrowings, Net included the following:


	December 31,		December 31,
(In thousands of U.S. Dollars)	2024		2023
Convertible Notes	$	230,000	$	230,000
Unamortized discounts and debt issuance costs	(1,864)		(3,367)
Convertible Notes, net	228,136		226,633

Federal Economic Development Loan	2,056		3,200
Unaccreted interest benefit	(291)		(702)
Federal Economic Development Loan, net	1,765		2,498

Convertible Notes and Other Borrowings, net	$	229,901	$	229,131

Consolidated Statements of Operations Supplemental Information - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) arrangement	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Variable Interest Entity [Line Items]
Foreign exchange translation losses	$ 1,200	$ 700	$ 3,200
Revenue	$ 352,208	374,839	300,805
Fee earned in film remastering and distribution arrangement, average (as a percent)	12.50%
Revenue attributable to transactions arising between the company and its customers under IMAX film remastering and distribution arrangements	$ 100,500	118,600	94,900
Number of significant co-produced film arrangement \| arrangement	1
Total assets	$ 830,398	814,669
Total liabilities	$ 452,183	469,080
Number of other co-produced film arrangements \| arrangement	4
Co-produced film participation expenses	$ 3,300	600	800
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets	1,459	1,425
Total liabilities	246	246
Joint Revenue Sharing Arrangement
Variable Interest Entity [Line Items]
Revenue	$ 62,200	$ 78,200	$ 66,600

Contingencies and Guarantees (Details) - USD ($)	1 Months Ended	12 Months Ended		201 Months Ended
Contingencies and Guarantees (Details) - USD ($)	Dec. 31, 2011	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Mar. 27, 2008
Commitments and Contingencies Disclosure [Abstract]
Arbitration final award					$ 11,300,000
Arbitration final award, daily interest				$ 2,512
Arbitration final award, costs of application	$ 30,000
Product warranties		$ 100,000	$ 100,000	100,000
Accrued directors' and officers' liability insurance		0	0	$ 0
Payments under indemnification		$ 0	$ 0

Consolidated Statements of Cash Flows Supplemental Information - Schedule of Depreciation and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Film assets	$ 24,775	$ 20,281	$ 16,881
Property, plant and equipment:
Equipment supporting joint revenue sharing arrangements	22,723	22,857	22,165
Other property, plant and equipment	8,793	9,125	9,757
Other intangible assets	6,970	5,952	6,103
Other assets	2,242	1,807	1,755
Total	65,503	60,022	56,661
Amortization of property, plant and equipment net in research and development	600	500	600
Amortization of intangible assets net in research and development	$ 1,300	$ 1,300	$ 1,300

Borrowings - Additional Information (Details)					1 Months Ended	12 Months Ended			48 Months Ended
Borrowings - Additional Information (Details)	Dec. 31, 2024 USD ($)	Jan. 04, 2024	Mar. 25, 2022 USD ($)	Mar. 19, 2021 USD ($) day $ / shares $ / Unit	Mar. 31, 2022 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2024 CNY (¥)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 CNY (¥)	Oct. 31, 2019 USD ($)	May 29, 2019 USD ($)	May 29, 2019 CAD ($)
Debt Instrument [Line Items]
Current borrowing capacity			$ 300,000,000
Unamortized debt issuance costs	$ 600,000					$ 600,000	$ 1,100,000
Letters of guarantee outstanding	100,000					100,000				¥ 200,000
HSBC China Facility
Debt Instrument [Line Items]
Current borrowing capacity											$ 27,800,000	¥ 200,000,000
Convertible notes	0					$ 0	$ 0
Effective interest rate						0.00%	3.88%
Proceeds from long-term lines of credit						$ 0
Remaining borrowing capacity							$ 27,800,000			200,000,000.0
Bank of China Facility
Debt Instrument [Line Items]
Convertible notes	0					$ 0
Effective interest rate						0.00%	3.85%
Proceeds from long-term lines of credit						$ 0
Remaining borrowing capacity	26,400,000					26,400,000				¥ 190,000,000.0
Letters of guarantees borrowing capacity											$ 1,400,000	¥ 10,000,000
Convertible Notes
Debt Instrument [Line Items]
Convertible notes	230,000,000					230,000,000	$ 230,000,000
Unamortized debt issuance costs	1,864,000					1,864,000	3,367,000
Debt instrument, principal amount	$ 230,000,000.0			$ 230,000,000		$ 230,000,000.0
Debt instrument, annual interest rate	0.50%			0.50%		0.50%				0.50%
Proceeds from issuance of convertible notes, net				$ 223,700,000
Debt instrument, conversion ratio				0.347766
Debt instrument, initial conversion price (in dollars per share) \| $ / shares				$ 28.75
Convertible Notes \| Convertible Debt
Debt Instrument [Line Items]
Conversion threshold, number of trading days \| day				40
Convertible Notes \| Call Option
Debt Instrument [Line Items]
Cap price of capped call transactions \| $ / Unit				37.2750
Accelerated share repurchases final price paid per share, premium				75.00%
Cost of capped call transactions						$ 19,100,000
Reduction to other equity				$ 19,100,000
Federal Economic Development Loan
Debt Instrument [Line Items]
Debt instrument, fair value	$ 1,765,000					1,765,000	2,498,000
Federal Economic Development Loan \| Interest Expense
Debt Instrument [Line Items]
Interest accretion expense						300,000	500,000	$ 100,000
Federal Economic Development Loan \| SSIMWAVE Inc.
Debt Instrument [Line Items]
Debt instrument, annual interest rate		0.00%												0.00%	0.00%
Percentage of contributions cover eligible and supported costs (as percent)									35.00%
Contributions repayable months		36 months							60 months
Foreign Exchange Facility
Debt Instrument [Line Items]
Unrealized gain (loss) on outstanding foreign currency forward contracts	(2,000,000.0)					(2,000,000.0)	800,000	$ (600,000)	$ (600,000)
Notional value of outstanding foreign currency forward contracts	48,400,000					48,400,000	40,600,000
Revolving Credit Facility
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 644,000					644,000	1,076,000
Wells Fargo Credit Facility
Debt Instrument [Line Items]
Debt instrument net leverage ratio	0.00
Convertible notes	$ 37,000,000					$ 37,000,000	$ 24,000,000
Effective interest rate						6.96%	6.83%
Fees incurred with amendments					$ 2,500,000
Letters of credit or advance payment guarantees	0					$ 0	$ 0
Remaining borrowing capacity	263,000,000.0					$ 263,000,000.0	$ 276,000,000.0
Wells Fargo Credit Facility \| Secure Overnight Financing Rate, Eurocurrency Rate or Canadian Dollar Offered Rate
Debt Instrument [Line Items]
Interest rate maximum margin percentage			0.00%
Wells Fargo Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin percentage						1.75%	1.75%
Letter of Credit \| Bank of China Facility
Debt Instrument [Line Items]
Remaining borrowing capacity	1,400,000					$ 1,400,000				¥ 9,800,000
NBC Facility
Debt Instrument [Line Items]
Current borrowing capacity													$ 5,000,000
Remaining borrowing capacity	$ 0					$ 0	$ 0
Minimum
Debt Instrument [Line Items]
Borrowing capacity under uncommitted accordion feature			$ 140,000,000
Minimum \| Convertible Notes
Debt Instrument [Line Items]
Percentage of last reported sale price per common share against conversion price for specific period of time				130.00%
Minimum \| Wells Fargo Credit Facility \| Secure Overnight Financing Rate, Eurocurrency Rate or Canadian Dollar Offered Rate
Debt Instrument [Line Items]
Interest rate margin percentage			1.00%
Minimum \| Wells Fargo Credit Facility \| U.S. Base Rate or Canadian Prime Rate
Debt Instrument [Line Items]
Interest rate margin percentage			0.25%
Maximum
Debt Instrument [Line Items]
Borrowing capacity under uncommitted accordion feature			$ 440,000,000
Maximum \| Federal Economic Development Loan \| SSIMWAVE Inc.
Debt Instrument [Line Items]
Debt instrument, principal amount														$ 3,200,000	$ 4,200,000
Maximum \| Wells Fargo Credit Facility
Debt Instrument [Line Items]
Debt instrument net leverage ratio			3.25
Unrestricted cash and cash equivalents held outside of People's Republic of China			$ 75,000,000
Maximum \| Wells Fargo Credit Facility \| Secure Overnight Financing Rate, Eurocurrency Rate or Canadian Dollar Offered Rate
Debt Instrument [Line Items]
Interest rate margin percentage			1.75%
Maximum \| Wells Fargo Credit Facility \| U.S. Base Rate or Canadian Prime Rate
Debt Instrument [Line Items]
Interest rate margin percentage			1.00%

Capital Stock - Schedule of Expenses Related to Stock Option Grants Issued to Employees and Directors (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 22,821	$ 23,551	$ 27,013
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 0	$ 84	$ 572

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Financial Instruments - Additional Information (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) country	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 CNY (¥)
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 100,592,000	$ 76,200,000
Cash held outside of Canada	$ 85,400,000	68,500,000
Number of countries that generate box office \| country	90
Estimated losses to be reclassified to earnings within the next twelve months	$ 2,000,000.0	600,000
Proceeds from film run		300,000
Contributions to film investments	0
Related Party \| Wanda Film (Horgos) Co. Ltd
Variable Interest Entity [Line Items]
Investments in film			$ 4,700,000		¥ 30.0
Investment in film impairment			$ 4,500,000	¥ 30.0
Preferred Stock \| Other assets
Variable Interest Entity [Line Items]
Investment in equity securities - cost	1,000,000.0	1,000,000.0
China
Variable Interest Entity [Line Items]
Cash held/undistributed earnings	47,500,000	30,000,000.0
Level 1 \| Carrying Amount
Variable Interest Entity [Line Items]
Cash and cash equivalents	$ 100,592,000	$ 76,200,000

Government Assistance	12 Months Ended
Government Assistance	Dec. 31, 2024
Government Assistance [Abstract]
Government Assistance	23. Government Assistance Federal Economic Development Loan Refer to Note 13, “Borrowings.” China Grant IMAX China receives local district grants primarily related to taxes paid, including corporate income taxes, value-added taxes, individual income taxes, and withholding taxes for dividends and/or cross-border activities. Government grants are recognized in the period the costs were incurred. For the year ended December 31, 2024, $2.8 million (2023 — $5.4 million; 2022 — $1.3 million) was recognized primarily as a reduction in Costs and Expenses Applicable to Revenues and Income Tax Expense. The impact to net income attributable to common shareholders was $1.6 million (2023 — $3.4 million; 2022 — $0.8 million).

Lease Arrangements - Lessee, Additional Information (Details)	Dec. 31, 2024
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term	5 years

Income Taxes - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes Disclosure [Line Items]
Net tax benefit from capital gains and deferred tax benefits from internal asset sale			$ 4,000,000
Net tax benefit, valuation allowance for internal asset sale			2,300,000
Net tax benefit for internal asset sale			6,300,000
Valuation allowance, deferred tax asset, increase (decrease), amount			3,500,000	$ (700,000)
Income tax expense			4,996,000	13,051,000	$ 10,108,000
Deferred tax liability recognized within accumulated other comprehensive loss			400,000	1,300,000
Investment tax credits and other tax credits, carryforwards			6,400,000
Deferred income tax benefit			(5,631,000)	(1,447,000)	(2,073,000)
Payment of foreign withholding taxes			0	2,400,000
Deferred income tax liabilities			12,521,000	12,521,000
Deferred income tax asset net of valuation allowance			14,499,000	7,988,000
Deferred income tax assets, net of valuation allowance			14,499,000	7,988,000
Deferred tax asset, valuation allowance			65,613,000	62,132,000
Total tax reserves (including interest and penalties)			10,600,000	12,000,000.0
Uncertain tax positions, decrease related to tax reserves			1,600,000	800,000	2,200,000
Interest and penalty associated with tax reserves			100,000	600,000	$ 600,000
Notice of reassessment received	$ 3,000,000	$ 13,200,000
Share repurchase program, excise tax			0
Investment Tax Credit Carryforward
Income Taxes Disclosure [Line Items]
Valuation allowance, deferred tax asset, increase (decrease), amount			1,200,000
Tax Return and Other Adjustments
Income Taxes Disclosure [Line Items]
Valuation allowance, deferred tax asset, increase (decrease), amount			1,400,000
Internal Asset Sale
Income Taxes Disclosure [Line Items]
Valuation allowance, deferred tax asset, increase (decrease), amount			(2,300,000)
Reportable Legal Entities
Income Taxes Disclosure [Line Items]
Valuation allowance, deferred tax asset, increase (decrease), amount			3,200,000
Impact of COVID-19 Pandemic
Income Taxes Disclosure [Line Items]
Valuation allowance, deferred tax asset, increase (decrease), amount			3,500,000	(700,000)
China \| Foreign Tax Jurisdiction
Income Taxes Disclosure [Line Items]
Deferred income tax benefit			0	$ 24,000,000.0
Canada Revenue Agency
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards			84,000,000.0
Revenue Commissioners, Ireland
Income Taxes Disclosure [Line Items]
Net operating loss carryforwards			$ 12,600,000

Description of the Business	12 Months Ended
Description of the Business	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	1. Description of the Business 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. and the former IMAX Corporation (“Predecessor IMAX”). Predecessor IMAX was incorporated in 1967. As of December 31, 2024, IMAX Corporation indirectly owned 71.40% of IMAX China Holding, Inc. (“IMAX China”), whose shares trade on the Hong Kong Stock Exchange. IMAX China is a consolidated subsidiary of the Company. IMAX is a premier global technology platform for entertainment and events. Through its proprietary software, auditorium architecture, patented intellectual property, and specialized equipment, IMAX offers a unique end-to-end solution to create superior, immersive content experiences for which the IMAX® brand is globally renowned. Top filmmakers, movie studios, artists, and creators utilize the cutting-edge visual and sound technology of IMAX to connect with audiences in innovative ways. As a result, IMAX is among the most important and successful global distribution platforms. 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 leverages its proprietary technology and engineering in all aspects of its business, which principally consists of the IMAX film remastering (“IMAX Film Remastering” and formerly known as “IMAX DMR”) 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. The customers for IMAX Systems are principally exhibitors that operate commercial multiplex theaters, and, to a much lesser extent, museums, science centers and destination entertainment sites. The Company does not own the locations in the IMAX network, except for one, and is not an exhibitor, but instead sells or leases the IMAX System for the distribution of specially formatted content to exhibitor customers along with a license to use its trademarks and ongoing maintenance services. 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. This compares to 1,772 IMAX Systems operating in 90 countries and territories as of December 31, 2023 including 1,693 commercial multiplexes, 12 commercial destinations, and 67 institutional locations in the Company’s global network. The Company also distributes large-format documentary films, primarily to institutional theaters, and distributes exclusive IMAX events and experiences. In addition, the Company provides film post-production and quality control services for large-format films, whether produced by IMAX or third parties, and digital post-production services.

Financial Instruments - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Financial Instrument
Cash and cash equivalents	$ 100,592	$ 76,200
Net investment in sales-type leases	29,339	29,539
Foreign exchange contracts forwards	(2,029)	819
Credit Facility borrowings	(36,356)	(22,924)
Carrying Amount \| Level 1
Other Financial Instrument
Cash and cash equivalents	100,592	76,200
Carrying Amount \| Level 2
Other Financial Instrument
Net financed sales receivables	90,546	97,615
Net investment in sales-type leases	29,339	29,539
Equity securities	1,000	1,000
COLI asset	3,649	3,522
Convertible Notes	(230,000)	(230,000)
Carrying Amount \| Level 2 \| Federal Economic Development Loan
Other Financial Instrument
Credit Facility borrowings	(1,765)	(2,498)
Carrying Amount \| Level 2 \| Wells Fargo Credit Facility
Other Financial Instrument
Credit Facility borrowings	(37,000)	(24,000)
Carrying Amount \| Level 2 \| Designated as Hedging Instrument
Other Financial Instrument
Foreign exchange contracts forwards	(2,029)	819
Estimated Fair Value \| Level 1
Other Financial Instrument
Cash and cash equivalents	100,592	76,200
Estimated Fair Value \| Level 2
Other Financial Instrument
Net financed sales receivables	81,876	96,500
Net investment in sales-type leases	25,322	28,751
Equity securities	1,000	1,000
COLI asset	3,649	3,522
Convertible Notes	(234,009)	(205,850)
Estimated Fair Value \| Level 2 \| Federal Economic Development Loan
Other Financial Instrument
Credit Facility borrowings	(1,765)	(2,498)
Estimated Fair Value \| Level 2 \| Wells Fargo Credit Facility
Other Financial Instrument
Credit Facility borrowings	(37,000)	(24,000)
Estimated Fair Value \| Level 2 \| Designated as Hedging Instrument
Other Financial Instrument
Foreign exchange contracts forwards	$ (2,029)	$ 819

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 29,162	$ 27,660
Work-in-process	1,611	2,570
Finished goods	2,067	1,354
Total	$ 32,840	$ 31,584

IMAX Corporation Consolidated Balance Sheets (Parenthetical) - shares	Dec. 31, 2024	Dec. 31, 2023
Shareholders’ equity
Common stock, shares issued (in shares)	52,946,200	53,260,276
Common stock, shares outstanding (in shares)	52,946,200	53,260,276

Revenue from Contract with Customer (Policies)	12 Months Ended
Revenue from Contract with Customer (Policies)	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Principles of Consolidation	Principles of Consolidation The Consolidated Financial Statements include the accounts of IMAX Corporation together with its consolidated subsidiaries, except for subsidiaries which have been identified as variable interest entities (“VIEs”) where the Company is not the primary beneficiary. All intercompany accounts and transactions have been eliminated. The Company has evaluated its various variable interests to determine whether they are VIEs as required by U.S. GAAP. The Company has interests in ten film production companies, which have been identified as VIEs. The Company is the primary beneficiary of and consolidates five of these entities as it has the power to direct the activities that most significantly impact the economic performance of the VIE, and it has the obligation to absorb losses or the right to receive benefits from the respective VIE that could potentially be significant. The majority of the assets relating to these production companies are held by the IMAX Original Film Fund (the “Original Film Fund”) as described in “Non-Controlling Interests — Other Non-Controlling Interests” in Note 24. The Company does not consolidate the other five film production companies because it does not have the power to direct their activities and it does not have the obligation to absorb the majority of the expected losses or the right to receive expected residual returns. The Company uses the equity method of accounting for these entities, which continues to not be material to the Company’s Consolidated Financial Statements. A change in the value of an equity method investment that is other than temporary is recognized in the Consolidated Statements of Operations.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Consolidated Statements of Cash Flows Supplemental Information - Schedule of Changes in Other Operating Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Income taxes	$ 14,583	$ 17,812	$ 13,963
Interest	$ 5,723	$ 3,930	$ 715

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 52,815,000	$ 52,815,000
Goodwill impairment charges	$ 0
Percentage of increase in discount rate	1.00%
Decrease in goodwill due to the impact of change in discount rate	$ 9,400,000
Percentage of decrease in revenue growth rate	10.00%
Decrease in goodwill due to the impact of change in revenue growth rate	$ 24,400,000
Capitalized other intangible assets, cost	$ 95,221,000	$ 91,134,000
Weighted average amortization period for additions to other intangible assets	4 years 10 months 24 days	4 years 3 months 18 days
Net book value of other intangible assets capitalized	$ 7,000,000.0	$ 8,100,000
Costs incurred to renew or extend the term of acquired patents and trademarks	500,000	400,000	$ 400,000
Net book value of patents and trademarks disposed of in the year	3,900,000	1,000,000.0	$ 100,000
Internal Use Software, Patents and Trademarks
Finite-Lived Intangible Assets [Line Items]
Capitalized other intangible assets, cost	8,400,000	8,200,000
SSIMWAVE Inc.
Finite-Lived Intangible Assets [Line Items]
Goodwill	13,800,000	13,800,000
Technology Products and Services
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 39,000,000	$ 39,000,000

Other Assets (Tables)

12 Months Ended

Dec. 31, 2024

Other Assets [Abstract]

Schedule of Other Assets


	As of December 31,
(In thousands of U.S. Dollars)	2024		2023
Lease incentives provided to exhibitor customers, net of accumulated amortization	$	20,230	$	17,417
Commissions and other deferred selling expenses	1,086		1,241
Other investments	1,000		1,000
Foreign currency derivatives	—		846
Other	125		375
	$	22,441	$	20,879

Film Assets - Schedule of Film, Monetized in Film Group, Accumulated Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Entertainment, Film [Abstract]
Completed and released films	$ 2,952	$ 1,382
Films in production	4,136	4,341
Films in development	1,598	1,063
Total	$ 8,686	$ 6,786

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to common shareholders	$ 26,059	$ 25,335	$ (22,800)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Receivables - Schedule of Allowance for Credit Losses Related to Net Investment in Leases and Financed Sale Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Net Investment in Leases
Beginning balance	$ 453	$ 776
Current year provision, net	212	(61)
Foreign exchange	(1)	(262)
Ending balance	664	453
Net Financed Sales Receivables
Beginning balance	9,617	10,945
Current year provision, net	572	(1,644)
Foreign exchange	(28)	316
Ending balance	$ 10,161	$ 9,617

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, plant and equipment
Cost	$ 506,042	$ 512,796
Accumulated Depreciation	265,909	269,497
Net Book Value	240,133	243,299
Equipment leased or held for use:
Property, plant and equipment
Cost	340,812	343,400
Accumulated Depreciation	190,577	197,122
Net Book Value	150,235	146,278
IMAX System components
Property, plant and equipment
Cost	331,412	334,323
Accumulated Depreciation	184,297	192,069
Net Book Value	147,115	142,254
Assets leased to customers under operating leases	1,400	1,400
Accumulated depreciation, assets leased to customers under operating lease	1,400	1,200
Assets under joint revenue sharing arrangements included in theater system components	313,900	317,800
Accumulated depreciation, assets under joint revenue sharing arrangements included in theater system components	(171,400)	181,200
Property plant and equipment written off included in cost of sales	3,400	800	$ 1,000
Camera and connectivity equipment
Property, plant and equipment
Cost	9,400	9,077
Accumulated Depreciation	6,280	5,053
Net Book Value	3,120	4,024
Assets under construction
Property, plant and equipment
Cost	15,110	20,125
Accumulated Depreciation	0	0
Net Book Value	15,110	20,125
Assets under joint revenue sharing arrangements included in assets under construction	6,900	16,400
Right-of-use assets
Property, plant and equipment
Cost	12,421	13,545
Accumulated Depreciation	1,380	1,526
Net Book Value	11,041	12,019
Other property, plant and equipment:
Property, plant and equipment
Cost	137,699	135,726
Accumulated Depreciation	73,952	70,849
Net Book Value	63,747	64,877
Land
Property, plant and equipment
Cost	8,203	8,203
Accumulated Depreciation	0	0
Net Book Value	8,203	8,203
Buildings
Property, plant and equipment
Cost	81,258	81,374
Accumulated Depreciation	36,029	33,748
Net Book Value	45,229	47,626
Office and production equipment
Property, plant and equipment
Cost	41,380	38,223
Accumulated Depreciation	33,872	31,891
Net Book Value	7,508	6,332
Fully amortized office and production equipment written off in the period	700	2,400
Leasehold improvements
Property, plant and equipment
Cost	6,858	7,926
Accumulated Depreciation	4,051	5,210
Net Book Value	$ 2,807	$ 2,716

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Company's Contractual Obligations and Commitments

The following table presents a summary of the Company’s contractual obligations and commitments as of December 31, 2024:


	Payments Due by Years
(In thousands of U.S. Dollars)	Total Obligation		Less Than One Year		1 to 3 years		3 to 5 years		Thereafter
Purchase obligations(1)	$	26,603	$	24,136	$	2,258	$	39	$	170
Pension obligations(2)	20,298		—		20,298		—		—
Operating lease obligations(3)	13,582		2,872		8,205		2,227		278
Finance lease obligations	—		—		—		—		—
Wells Fargo Facility	37,000		37,000		—		—		—


Federal Economic Development Loan(4)	2,056		1,026		1,030		—		—
Convertible Notes(5)	231,725		1,150		230,575		—		—
Postretirement benefits obligations	1,809		90		209		212		1,298
Total	$	333,073	$	66,274	$	262,575	$	2,478	$	1,746
(1)Represents total payments to be made under binding commitments with suppliers and outstanding payments to be made for supplies ordered, but yet to be invoiced. (2)The Company has an unfunded defined benefit pension plan covering its Chief Executive Officer. (Refer to Note 22.) (3)Represents total minimum annual rental payments due under the Company’s operating leases. (Refer to Note 5.) (4)The Federal Economic Development Loan is repayable over 36 months, with repayments commencing January 2024. (Refer to “Borrowings — Convertible Notes and Other Borrowings, Net” in Note 13.) (5)The Convertible Notes bear interest at a rate of 0.500% per annum on the principal of $230.0 million, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2021. The Convertible Notes will mature on April 1, 2026, unless earlier repurchased, redeemed or converted. (Refer to “Borrowings — Convertible Notes and Other Borrowings, Net” in Note 13.)