Executive Summary & Highlights [CEO Commentary](index=1&type=section&id=CEO%20Commentary) IMAX's Q2 results were outstanding, driven by strong network growth, record North American box office, and significant market share gains, with a projected record $1.2 billion global box office in 2025 - IMAX delivered **outstanding financial results in Q2**, driven by strong network growth, record North American box office, and impressive market share gains from more 'Filmed for IMAX' releases[3](index=3&type=chunk) - Strong network growth with **57 IMAX locations opened worldwide** and system sales pacing well ahead of 2024 through the first six months[4](index=4&type=chunk) - The company remains on track to deliver a **record $1.2 billion in global box office in 2025**[4](index=4&type=chunk) - Market share on the summer slate reached **all-time highs** due to an unprecedented run of eight 'Filmed for IMAX' releases[4](index=4&type=chunk) [Key Financial & Operational Highlights](index=1&type=section&id=Key%20Financial%20%26%20Operational%20Highlights) IMAX reported strong Q2 financial results, with Net Income, Adjusted EBITDA, and EPS all up over 25% YoY, driven by network growth and box office gains - **Net Income, Adjusted EBITDA, and EPS increased over 25%** year-over-year[5](index=5&type=chunk) - Network growth momentum with **36 system installations in Q2 (+50% YoY)** and **123 signings year-to-date** (vs 130 in full year 2024)[5](index=5&type=chunk) - Strong YoY growth in **IMAX box office (+41%)** contributed to high incremental profits[5](index=5&type=chunk) - **Net Income margin of 13% (up 760 basis points YoY)** and **Adjusted EBITDA margin of 43% (up 780 basis points YoY)**[5](index=5&type=chunk) - IMAX share of global box office surged **+19% YoY in Q2**, achieving the **highest grossing quarter ever at the North American box office ($143 million)**[5](index=5&type=chunk) Financial Performance [Consolidated Financial Highlights (Q2 & YTD)](index=2&type=section&id=Second%20Quarter%20Financial%20Highlights) IMAX reported robust financial growth for Q2 and YTD 2025, with Total Revenue up 3% YoY to $91.7 million and Net Income surging 139% YoY to $12.2 million | Metric | Q2 2025 (Millions USD) | Q2 2024 (Millions USD) | Q2 YoY Change (%) | YTD 2025 (Millions USD) | YTD 2024 (Millions USD) | YTD YoY Change (%) | | :--------------------------------- | :--------------------- | :--------------------- | :---------------- | :---------------------- | :---------------------- | :---------------- | | Total Revenue | 91.7 | 89.0 | 3 | 178.4 | 168.1 | 6 | | Gross Margin | 53.6 | 43.9 | 22 | 106.8 | 90.8 | 18 | | Net Income | 12.2 | 5.1 | 139 | 20.4 | 10.5 | 94 | | Diluted Net Income Per Share | 0.20 | 0.07 | 186 | 0.25 | 0.13 | 92 | | Total Adjusted EBITDA | 39.1 | 31.0 | 26 | 76.0 | 63.1 | 20 | - **Gross Margin percentage increased by 9.1 basis points in Q2 2025 to 58.5%** and **5.9 basis points YTD to 59.9%**[6](index=6&type=chunk) - **Net Income Margin percentage increased by 7.6 basis points in Q2 2025 to 13.3%** and **5.2 basis points YTD to 11.4%**[6](index=6&type=chunk) - **Total Adjusted EBITDA Margin percentage increased by 7.8 basis points in Q2 2025 to 42.6%** and **5.1 basis points YTD to 42.6%**[6](index=6&type=chunk) [Segment Results](index=3&type=section&id=Second%20Quarter%20Segment%20Results) IMAX's segment results show varied performance, with Content Solutions revenue slightly down but gross box office surging, while Technology Products and Services saw revenue and gross margin growth driven by increased system installations [Content Solutions Segment](index=3&type=section&id=Content%20Solutions%20Segment) Content Solutions revenue decreased 3% YoY to $34.0 million in Q2 2025, but IMAX gross box office increased 41% YoY, expanding gross margin to 66% | Metric | Q2 2025 (Millions USD) | Q2 2024 (Millions USD) | Q2 % Change | YTD 2025 (Millions USD) | YTD 2024 (Millions USD) | YTD % Change | | :---------------- | :--------------------- | :--------------------- | :---------- | :---------------------- | :---------------------- | :----------- | | Revenue | 34.0 | 35.1 | (3%) | 68.2 | 69.1 | (1%) | | Gross Margin | 22.4 | 16.1 | 39% | 46.0 | 38.2 | 20% | | Gross Margin % | 66% | 46% | | 67% | 55% | | - Second quarter 2025 IMAX gross box office increased **41% year-over-year to $281.1 million**[13](index=13&type=chunk) - Global box office market share grew **19% to 3.6%** (on less than 1% of screens)[13](index=13&type=chunk) [Technology Products and Services Segment](index=3&type=section&id=Technology%20Products%20and%20Services%20Segment) Technology Products and Services revenue increased 9% YoY to $55.6 million in Q2 2025, with gross margin up 17%, driven by system installations and network expansion | Metric | Q2 2025 (Millions USD) | Q2 2024 (Millions USD) | Q2 % Change | YTD 2025 (Millions USD) | YTD 2024 (Millions USD) | YTD % Change | | :---------------- | :--------------------- | :--------------------- | :---------- | :---------------------- | :---------------------- | :----------- | | Revenue | 55.6 | 50.9 | 9% | 106.2 | 94.0 | 13% | | Gross Margin | 30.2 | 25.8 | 17% | 59.3 | 49.4 | 20% | | Gross Margin % | 54% | 51% | | 56% | 52% | | - Installed **36 systems in Q2 2025, up 50%** compared to 24 systems in Q2 2024[13](index=13&type=chunk) - Commercial network increased to **1,750 locations** from 1,705 in the prior year period[13](index=13&type=chunk) - Ended the second quarter with a **backlog of 501 IMAX systems**[13](index=13&type=chunk) [Condensed Consolidated Statements of Operations](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Total revenues for Q2 2025 increased to $91.684 million, with gross margin significantly improving to $53.602 million and diluted EPS rising to $0.20 | Metric (Thousands USD) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :------------------------------------ | :------ | :------ | :------- | :------- | | Total Revenues | 91,684 | 88,961 | 178,351 | 168,084 | | Gross Margin | 53,602 | 43,927 | 106,778 | 90,816 | | Income from operations | 14,346 | 2,872 | 31,080 | 14,939 | | Net income | 12,235 | 5,073 | 20,385 | 10,493 | | Net income attributable to common shareholders | 11,255 | 3,583 | 13,582 | 6,857 | | Diluted Net income per share | 0.20 | 0.07 | 0.25 | 0.13 | [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $868.582 million, driven by higher cash, while total liabilities and shareholders' equity also rose | Metric (Thousands USD) | June 30, 2025 | December 31, 2024 | | :------------------------------------ | :------------ | :---------------- | | Cash and cash equivalents | 109,251 | 100,592 | | Total assets | 868,582 | 830,398 | | Total liabilities | 463,509 | 452,183 | | Total shareholders' equity | 404,382 | 377,535 | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities increased 25% YoY to $30.181 million for H1 2025, with investing activities rising due to higher JRSA investments | Metric (Thousands USD) | YTD 2025 | YTD 2024 | | :------------------------------------ | :------- | :------- | | Net cash provided by operating activities | 30,181 | 24,070 | | Net cash used in investing activities | (22,048) | (15,638) | | Net cash provided by financing activities | 480 | 6,609 | | Cash and cash equivalents, end of period | 109,251 | 91,552 | - Investment in equipment for joint revenue sharing arrangements increased to **$14.666 million in YTD 2025** from $9.757 million in YTD 2024[37](index=37&type=chunk) - Repurchase of common shares by IMAX China totaled **$1.454 million in YTD 2025**, compared to none in YTD 2024[37](index=37&type=chunk) Operational Metrics & Network Growth [System Signings](index=8&type=section&id=System%20Signings) Total IMAX System Signings for Q2 2025 decreased to 28 YoY, but year-to-date signings increased to 123, driven by a rise in Traditional JRSA | System Signings | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :---------------------- | :------ | :------ | :------- | :------- | | Sales Arrangements | 15 | 25 | 34 | 30 | | Traditional JRSA | 13 | 62 | 89 | 65 | | Total IMAX System Signings | 28 | 87 | 123 | 95 | [System Installations](index=8&type=section&id=System%20Installations) Total IMAX System Installations for Q2 2025 increased 50% to 36, and year-to-date installations rose to 57, showing growth in all categories | System Installations | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :------------------------- | :------ | :------ | :------- | :------- | | Sales Arrangements | 13 | 10 | 26 | 15 | | Traditional JRSA | 23 | 14 | 31 | 23 | | Total IMAX System Installations | 36 | 24 | 57 | 39 | [System Backlog & Network Size](index=8&type=section&id=System%20Backlog%20%26%20Network%20Size) As of June 30, 2025, the total system backlog was 501, a slight decrease, while the total system network expanded to 1,821 systems, driven by commercial multiplex growth | Metric | June 30, 2025 | June 30, 2024 | | :-------------------------------- | :------------ | :------------ | | Total System Backlog | 501 | 504 | | Total System Network | 1,821 | 1,780 | | Commercial Multiplex Systems | 1,750 | 1,705 | | Commercial Destination Systems | 11 | 12 | | Institutional Systems | 60 | 63 | Liquidity & Capital Management [Operating Cash Flow and Liquidity](index=4&type=section&id=Operating%20Cash%20Flow%20and%20Liquidity) Net cash provided by operating activities for H1 2025 increased 25% YoY to $30 million, supported by an expanded $375 million credit facility, resulting in $416 million available liquidity - Net cash provided by operating activities for first half 2025 increased **25% year-over-year to $30 million**[14](index=14&type=chunk) - Renewed and expanded senior secured revolving credit facility from **$300 million to $375 million**, including a reduction in borrowing costs[15](index=15&type=chunk) - Available liquidity as of June 30, 2025, was **$416 million** (approximately **$490 million** with the expanded credit facility)[16](index=16&type=chunk) - Total debt, excluding deferred financing costs, was **$280 million** as of June 30, 2025[16](index=16&type=chunk) [Share Count and Capital Return](index=5&type=section&id=Share%20Count%20and%20Capital%20Return) Weighted average diluted shares outstanding increased to 55.2 million in Q2 2025, while IMAX China repurchased $1 million in shares, and the share repurchase program was extended and increased to $500 million | Metric (Millions) | Q2 2025 | Q2 2024 | | :------------------------ | :------ | :------ | | Weighted average basic shares outstanding | 53.8 | 52.6 | | Weighted average diluted shares outstanding | 55.2 | 53.4 | - IMAX China repurchased **1,495,900 common shares** at an average price of HKD 7.56 per share (**$0.96 per share**) for a total of **$1 million in the first half of 2025**[19](index=19&type=chunk) - Share repurchase program extended through **June 30, 2027**, with an increase of approximately **$100 million**, bringing total authority to **$500 million with $251 million available**[20](index=20&type=chunk) Non-GAAP Financial Measures & Reconciliations [Explanation of Non-GAAP Measures](index=14&type=section&id=Explanation%20of%20Non-GAAP%20Measures) This section details IMAX's non-GAAP financial measures, including adjusted net income, EBITDA, and free cash flow, providing supplemental insights into operating trends and credit agreement compliance - Non-GAAP financial measures include **adjusted net income, adjusted EPS, EBITDA, Adjusted EBITDA per Credit Facility, and free cash flow**[43](index=43&type=chunk) - These measures exclude items such as **share-based compensation, investment gains/losses, restructuring charges, and employee retention credits** to provide a comparable view of operating trends and controllable performance[45](index=45&type=chunk)[46](index=46&type=chunk) - Adjusted EBITDA per Credit Facility is used for a comprehensive analysis of operating performance and to assess compliance with Credit Agreement requirements[47](index=47&type=chunk) - Free cash flow is defined as net cash from operating activities less normal recurring capital expenditures, including investments in joint revenue sharing arrangements, property, plant, and equipment, and other intangible assets[50](index=50&type=chunk) [Adjusted EBITDA per Credit Facility](index=16&type=section&id=Adjusted%20EBITDA%20per%20Credit%20Facility) Total Adjusted EBITDA for Q2 2025 increased to $39.058 million, with the margin improving to 42.6%, and for the TTM, it reached $151.917 million with a 41.9% margin | Metric (Thousands USD) | Q2 2025 | Q2 2024 | TTM June 30, 2025 | TTM June 30, 2024 | | :------------------------------------ | :------ | :------ | :---------------- | :---------------- | | Reported net income | 12,235 | 5,073 | 42,594 | 28,823 | | EBITDA | 30,142 | 21,635 | 122,069 | 106,522 | | Total Adjusted EBITDA | 39,058 | 31,001 | 151,917 | 138,828 | | Total Adjusted EBITDA margin | 42.6% | 34.8% | 41.9% | 38.8% | | Adjusted EBITDA per Credit Facility - attributable to common shareholders | 36,686 | 26,850 | 134,513 | 123,067 | [Adjusted Net Income Attributable to Common Shareholders and Adjusted Net Income Per Share](index=18&type=section&id=Adjusted%20Net%20Income%20Attributable%20to%20Common%20Shareholders%20and%20Adjusted%20Net%20Income%20Per%20Share) Adjusted net income attributable to common shareholders for Q2 2025 was $14.607 million ($0.26 per diluted share), a 50% increase, and for H1 2025, it was $21.785 million ($0.40 per diluted share) | Metric (Thousands USD) | Q2 2025 Net Income | Q2 2025 Per Diluted Share | Q2 2024 Net Income | Q2 2024 Per Diluted Share | YTD 2025 Net Income | YTD 2025 Per Diluted Share | YTD 2024 Net Income | YTD 2024 Per Diluted Share | | :------------------------------------ | :----------------- | :------------------------ | :----------------- | :------------------------ | :------------------ | :------------------------- | :------------------ | :------------------------- | | Net income attributable to common shareholders | 11,255 | 0.20 | 3,583 | 0.07 | 13,582 | 0.25 | 6,857 | 0.13 | | Adjusted net income | 14,607 | 0.26 | 9,746 | 0.18 | 21,785 | 0.40 | 17,688 | 0.33 | [Free Cash Flow](index=18&type=section&id=Free%20Cash%20Flow) Free cash flow for H1 2025 was $8.133 million, a slight decrease from H1 2024, despite increased operating cash flow, due to higher JRSA investments | Metric (Thousands USD) | YTD 2025 | YTD 2024 | | :------------------------------------ | :------- | :------- | | Net cash provided by operating activities | 30,181 | 24,070 | | Purchase of property, plant and equipment | (4,006) | (2,690) | | Acquisition of other intangible assets | (3,376) | (3,191) | | Free cash flow before growth CAPEX | 22,799 | 18,189 | | Investment in equipment for joint revenue sharing arrangements | (14,666) | (9,757) | | Free cash flow | 8,133 | 8,432 | Company Information [About IMAX Corporation](index=6&type=section&id=About%20IMAX%20Corporation) IMAX Corporation is an entertainment technology innovator, operating a global network of 1,821 systems across 89 countries, providing immersive experiences and a key theatrical distribution platform - IMAX combines proprietary software, architecture, and equipment to create immersive entertainment experiences[25](index=25&type=chunk) - As of **June 30, 2025**, there were **1,821 IMAX systems operating in 89 countries and territories**[26](index=26&type=chunk) - IMAX China Holding, Inc., a subsidiary, trades on the Hong Kong Stock Exchange under the stock code **'1970'**[26](index=26&type=chunk) [Primary Reporting Groups](index=12&type=section&id=Primary%20Reporting%20Groups) IMAX operates two reportable segments: Content Solutions, focusing on film remastering and distribution, and Technology Products and Services, covering system sales and maintenance - The Company has two reportable segments: **Content Solutions** and **Technology Products and Services**[39](index=39&type=chunk) - Content Solutions primarily includes **digital remastering of films, distribution of large-format documentary films, and film post-production services**[39](index=39&type=chunk) - Technology Products and Services includes the **sale or lease of IMAX Systems, maintenance of IMAX Systems, and ancillary theater business activities**[39](index=39&type=chunk) Additional Information [Investor Resources & Conference Call](index=5&type=section&id=Investor%20Resources%20%26%20Conference%20Call) IMAX provides investor resources and monthly box office results on its website, and hosted a conference call on July 24, 2025, to discuss Q2 2025 financial results - The Company posts quarter-to-date box office results and additional information on the **IMAX Investor Relations website (investors.imax.com)**[22](index=22&type=chunk)[23](index=23&type=chunk) - A conference call was hosted on **July 24, 2025, at 8:30 AM ET** to discuss Q2 2025 financial results, with a webcast available at investors.imax.com[24](index=24&type=chunk) Forward-Looking Statements [Forward-Looking Statements Disclaimer](index=7&type=section&id=Forward-Looking%20Statements%20Disclaimer) This section contains a standard disclaimer for forward-looking statements, based on management's assumptions and subject to inherent risks and uncertainties, with actual results potentially differing due to various factors - This earnings release contains forward-looking statements based on management's assumptions and existing information, involving certain risks and uncertainties[28](index=28&type=chunk) - These statements include projections regarding business and technology strategies, network growth, capital expenditures, brand equity, industry prospects, and future operating and financial results, including **2025 box office guidance**[28](index=28&type=chunk) - Actual results may differ materially due to various factors, such as risks associated with international operations, industry conditions, contractual payment obligations, competition, technological advancements, and economic instability[28](index=28&type=chunk) - The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements[28](index=28&type=chunk)

第二季度调整后每股收益0.26美元，市场预估0.21美元。 第二季度调整后净利润1,460万美元，同比增长51%，市场预估981万美元。 Imax第二季度营收9,170万美元，同比增长3.1%，市场预估9,080万美元。 第二季度毛利率58.5％，上年同期49.4％，市场预估58.6％。 ...

Core Viewpoint - Imax is expected to report flat earnings of $0.18 per share for the quarter ended June 2025, with revenues projected at $92.06 million, reflecting a 3.5% increase from the previous year [3][12]. Earnings Expectations - The upcoming earnings report is anticipated to be released on July 24, and the stock may rise if earnings exceed expectations, while a miss could lead to a decline [2][12]. - The consensus EPS estimate has been revised down by 2.53% over the last 30 days, indicating a reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model shows a positive Earnings ESP of +15.75% for Imax, suggesting a higher likelihood of beating the consensus EPS estimate [12]. - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10]. Historical Performance - Imax has beaten consensus EPS estimates in three out of the last four quarters, with a notable surprise of +18.18% in the last reported quarter [13][14]. Conclusion - Imax is positioned as a compelling candidate for an earnings beat, but investors should consider other factors influencing stock performance beyond earnings results [15][17].

Industry Trends - Large movie chains are considering strategies to counter the increasing influence of Imax Corp [1]

Business Model - IMAX primarily generates revenue through selling or leasing its theater systems and providing ongoing maintenance services, rather than owning numerous locations [2] - Movie theaters invest in IMAX to charge premium ticket prices, attracting audiences and increasing revenue [3] Financial Performance - IMAX's stock has increased by over 60% in the past 12 months [1] - 2024 was IMAX's second-best year ever in terms of domestic box office performance [4] Content Strategy - IMAX produces its own documentaries, such as Blue Angels, which have achieved notable success [4] - The company digitally remasters old concerts for IMAX, exemplified by Queen Rock Montreal, which became a high-grossing concert film [4][5] - IMAX is expanding into sports coverage [5]

Box Office Performance & Market Trends - IMAX is on pace for a record year at the box office, with analysts anticipating further growth next year [1] - The surge is attributed to high-profile releases like F1 Sinners and the latest Mission Impossible [1] - In IMAX's history, only five films exceeded 20% IMAX box office share with less than 1% of screens, but in the last three months, three films achieved this [3] - Superman's previews showed a strong start [3] - Movies shot with IMAX cameras are driving stronger market share for IMAX [5] Company Growth & Expansion - Signings and installs are growing, contributing to the expansion of IMAX's 1,800 theater network globally [6] - Signings for the first six months of the year almost equaled all of last year, with strong installs [6] Film & Audience Engagement - Eight films this year were not only released in IMAX but also filmed with IMAX cameras [2] - Ryan Cougler's film, shot with IMAX cameras, broadened its audience, demonstrating the appeal of the IMAX experience beyond typical genres [7][9]

Company Performance - IMAX's partnership with Apple for "F1: The Movie" contributed to nearly $300 million in global box office revenue within the first 10 days of release, with over 20% of that revenue coming from IMAX screenings [1][2] - In the U.S. and Canada, IMAX theaters accounted for 25% of all domestic ticket sales for "F1: The Movie," despite IMAX screens representing less than 1% of total movie screens worldwide [2] - CEO Rich Gelfond forecasts a record $1.2 billion in global box office revenue for IMAX in 2025, which would be a 33% increase from 2024 [3] Market Trends - The film industry is witnessing a shift towards premium experiences, with IMAX gaining market share and poised for exponential growth [3] - Post-pandemic, premium brands in various sectors, including concerts and sporting events, have seen increased demand, indicating a consumer preference for distinctive experiences when going out [4] Stock Performance - IMAX stock has seen a significant rally, with shares increasing approximately 60% over the past 12 months [4]

Market Capitalization Summary - Oracle has a market capitalization of 806.88 billion, while Visa stands at 655.99 billion [2] - Procter & Gamble has a market capitalization of 378.02 billion, and ExxonMobil is at 512.70 billion [2] - Mastercard's market capitalization is 470.87 billion, and Bank of America is at 375.11 billion [2] - UnitedHealth has a market capitalization of 308.53 billion, while ASML is at 310.77 billion [2] - Coca-Cola's market capitalization is 295.75 billion, and T-Mobile US Inc is at 273.60 billion [2] Stock Performance - Oracle's stock increased by 0.46 (+0.47%), while Visa's rose by 0.47 (+0.13%) [2] - Procter & Gamble's stock saw a slight increase of 2.68 (+0.48%), while ExxonMobil's stock increased by 1.92 (+1.20%) [2] - Mastercard's stock increased by 1.46 (+1.35%), and Bank of America's stock rose by 3.15 (+2.06%) [2] - UnitedHealth's stock decreased by 11.21 (-1.40%), while ASML's stock increased by 0.93 (+1.31%) [2] - Coca-Cola's stock increased by 14.05 (+4.50%), and T-Mobile US Inc's stock rose by 3.31 (+1.39%) [2] Additional Company Insights - McDonald's has a market capitalization of 212.78 billion, while AT&T is at 207.73 billion [3] - Uber's market capitalization is 192.79 billion, and Verizon's is at 184.08 billion [3] - Caterpillar's market capitalization is 183.87 billion, while Qualcomm is at 174.99 billion [3] - BlackRock has a market capitalization of 163.25 billion, and Citigroup is at 161.13 billion [3] - Boeing's market capitalization is 158.16 billion, while Pfizer is at 142.36 billion [3] Recent Market Movements - Intel's stock increased by 0.45 (+1.99%), while Dell Technologies rose by 0.82 (+0.16%) [4] - Rio Tinto's market capitalization is 746.07 billion, and Newmont is at 654.78 billion [4] - General Motors has a market capitalization of 494.87 billion, while Target is at 472.00 billion [4] - Ford's market capitalization is 451.14 billion, and Valero Energy is at 432.26 billion [4] - Vodafone's market capitalization is 241.45 billion, while Pinterest is at 270.30 billion [5]

Core Viewpoint - The content emphasizes the importance of conducting personal due diligence and consulting competent advisors before making any financial decisions, particularly in the context of investments and trading [1]. Group 1 - The website provides general news, publications, and personal analysis intended for educational and research purposes [1]. - It explicitly states that the information does not constitute any recommendation or advice for investment actions [1]. - Users are advised to perform their own research and consider their financial situation before making decisions [1]. Group 2 - The website includes information about complex financial instruments such as cryptocurrencies and contracts for difference (CFDs), which carry a high risk of losing money [1]. - It encourages users to understand how these instruments work and the associated risks before investing [1].

Core Viewpoint - Imax shares have increased by approximately 15.5% over the past month, outperforming the S&P 500, but there are concerns about whether this positive trend will continue leading up to the next earnings release [1] Estimates Movement - Consensus estimates for Imax have trended downward over the past month, with a shift of -15.07% in estimates [2] VGM Scores - Imax currently holds a poor Growth Score of F, a Momentum Score of F, and a Value Score of F, placing it in the lowest quintile for investment strategies, resulting in an overall aggregate VGM Score of F [3] Outlook - The downward trend in estimates suggests a negative outlook for Imax, reflected in its Zacks Rank of 5 (Strong Sell), indicating expectations of below-average returns in the coming months [4]