IMAX is a premium theatrical experience company that licenses its large-format projection technology to movie theater operators worldwide. Rather than owning theaters, IMAX sells or leases its proprietary projection systems — the "IMAX System" — to commercial multiplex operators like AMC, Regal, and Cinemark. As of year-end 2025, IMAX had 1,864 systems operating across 91 countries. IMAX operates through two segments: Content Solutions, which covers film remastering (DMR) and box office revenue sharing with studios, and Technology Products and Services, which covers system sales, leases, and recurring maintenance fees. On the content side, IMAX's proprietary DMR process digitally enhances films for IMAX screens, and studios pay IMAX to remaster their films in exchange for access to the IMAX distribution network. The premium tier of this is the "Filmed For IMAX" (FFI) program, where filmmakers shoot with IMAX-certified cameras to take advantage of an expanded aspect ratio exclusive to IMAX screens. On the technology side, a growing share of system installations (~60% in 2025) use joint revenue-sharing arrangements, where exhibitors pay an ongoing percentage of box office rather than a large upfront fee, giving IMAX operating leverage as box office grows. IMAX's cost base is largely fixed, so incremental box office flows disproportionately to profit. Growth is driven by network expansion — particularly in international markets — a laser projector upgrade cycle replacing older Xenon systems, and content diversification into local-language films and streaming partnerships.