IMAX Corporation reported a revenue of $352.2 million for the fiscal year ending December 31, 2024, a decrease of 6% from $374.8 million in 2023. The company achieved a gross margin of 54%, down from 57% in the previous year, and net income attributable to common shareholders was $26.1 million, slightly up from $25.3 million in 2023. The decline in revenue was primarily attributed to lower box office performance, particularly in China, influenced by a less favorable film slate and the impact of the 2023 Hollywood actors' and writers' strike.
In terms of operational metrics, IMAX installed 146 new systems in 2024, marking a 14% increase from 128 installations in 2023. The company signed agreements for 130 IMAX Systems, with 89% of these in international markets, reflecting its strategy to expand its footprint outside North America. As of December 31, 2024, IMAX operated 1,807 systems across 90 countries, up from 1,772 systems in 2023. The backlog of systems awaiting installation stood at 440, indicating potential future revenue growth.
Strategically, IMAX has focused on diversifying its content offerings, launching a new documentary strategy and partnering with various studios for exclusive releases. In 2024, the company released 118 films, including 40 Hollywood titles and 61 local language films, which accounted for 15% of total box office receipts. The company also expanded its live event capabilities, hosting numerous high-profile events, including the NBA finals and the 2024 Paris Olympics Opening Ceremony.
The company’s financial position remains stable, with cash and cash equivalents totaling $100.6 million as of December 31, 2024, an increase from $76.2 million in 2023. IMAX's total liabilities decreased to $452.2 million from $469.1 million in the previous year. The company continues to manage its debt effectively, with a Senior Secured Net Leverage Ratio of 0.00:1.00, well below the maximum limit of 3.25:1.00 set by its credit agreement.
Looking ahead, IMAX anticipates a recovery in box office performance, particularly in China, where recent releases have shown strong results. The company is optimistic about its growth prospects, driven by an expanding international network and a robust pipeline of upcoming films, including at least 12 titles filmed specifically for IMAX slated for release in 2025.
About IMAX CORP
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