Core Insights - IMAX Corporation reported record domestic box office results for Q2 2025, achieving a 41% year-over-year increase in global box office and maintaining an adjusted EBITDA margin exceeding 42% for the second consecutive quarter [1][2] Installation and Network Expansion - Management raised full-year 2025 system installation guidance to 150-160 systems due to surging demand, with a replenished backlog and robust installation visibility through 2027 [2][4] - System installations grew 50% year-over-year with 36 new installations, particularly in France, the Netherlands, and Japan, which achieved their largest single-year growth [3][4] - The company signed 124 new and upgraded systems year to date, nearly matching the total signings for all of 2024 in just six months [3][4] Box Office Performance - IMAX achieved its highest-grossing domestic box office quarter ever, capturing a 3.6% share of the global box office with less than 1% of active movie screens, and market shares of 5.3% in the U.S. and 6% in China [5] - Major releases like "Mission Impossible: The Final Reckoning" and "F1: The Movie" allowed IMAX to capture over 20% of opening weekend box office receipts, outperforming the average opening-weekend share of about 15% for recent major releases [6][7] Profitability and Financial Performance - Gross profit increased by 22% year-over-year to $54 million, with a consolidated gross margin of 58%, driven by box office outperformance and a high-margin revenue mix [8] - Year-to-date operating cash flow rose 25% year-over-year to just over $30 million, while adjusted EBITDA margin climbed to 42.6%, up 780 basis points year-over-year [8][9] - Incremental box office revenue beyond $250 million per quarter converts to EBITDA and cash at about an 85% rate, indicating strong cash flow generation potential [9] Future Outlook - Management projects adjusted EBITDA margin in the low-forties percent range for the full year and anticipates a record number of "film for IMAX" titles secured, supporting confidence in sustained global box office and installation growth [10]