IMAX CORPORATION REPORTS SECOND QUARTER 2022 RESULTS

NEW YORK, July 28, 2022

For the Second Quarter of 2022, the net loss attributable to common shareholders was ($2.9) million, or ($0.05) per share, compared to ($9.2) million, or ($0.16) per share, last year and Adjusted Net Income attributable to common shareholders⁽¹⁾ was $3.9 million, or $0.07 per share, compared to an Adjusted Net Loss attributable to common shareholders⁽¹⁾ of ($7.0) million, or ($0.12) per share, last year. The Company's Second Quarter 2022 Adjusted Net Income attributable to common shareholders⁽¹⁾ includes a $3.2 million, or $0.06 per share impairment of a film investment, due in part to Covid related lockdowns and depressed box office levels in China. The Company's Second Quarter 2022 Adjusted Net Income attributable to common shareholders⁽¹⁾ also includes a $5.1 million, or $0.09 per share, valuation allowance against its deferred tax assets.

Adjusted EBITDA per Credit Facility⁽¹⁾ of $25.4 million was up from $8.7 million in the second quarter of 2021. On a trailing 12-month basis, Adjusted EBITDA per Credit Facility⁽¹⁾ was $97.3 million as of June 30th. 

"IMAX is playing a leading role in the global resurgence in moviegoing, as demonstrated by our strong financial results, global box office growth, and market share gains we delivered in the second quarter. In fact, our second quarter results in North America were on par with our record-breaking 2019, as consumers continue to seek out IMAX as a destination for fandom," said Richard L. Gelfond, CEO of IMAX Corporation.

(1)     Non-GAAP Financial Measure. See the discussion at the end of this earnings release for a description of the Non-GAAP Financial Measures used herein, as well as reconciliations to the most comparable GAAP amounts.

"With three consecutive $25 million-plus global openings for the first time in its history, IMAX continued to affirm its position as a critical launch platform for major entertainment franchises. As the year progresses with key titles such as Brad Pitt's 'Bullet Train', Dwayne 'The Rock' Johnson's 'Black Adam', 'Black Panther: Wakanda Forever' and 'Avatar: The Way of Water' and a remarkable offering of franchise tentpoles through 2023, we are focused on driving future growth for the Company across our global network, content portfolio, and technology platform."