Technology

IMAX CORPORATION REPORTS Q4 AND FULL-YEAR 2023 RESULTS

Published

2 years ago

February 27, 2024

Global entertainment technology platform delivers over 25% YoY growth in FY23 across Revenue, Net Income, Adjusted EBITDA(1) and Adjusted EPS(1)(2)Full-Year GAAP EPS of $0.46, up from a loss of ($0.40) in FY22; Full-Year Adjusted EPS of $0.94, up from $0.06 in FY22Net Income of $25 million in FY23 increased from a loss of $(23) million in 2022 while Adjusted EBITDA(2) increases to $128 million in FY23, up 52% from $84 million in FY22System sales activity increases 174% YoY to 129 signings worldwide in FY23Company delivers on high end of guidance with 128 system installations in FY23, up from 92 in FY22IMAX achieves global box office of approximately $1.1 billion, approaching previous recordFull-Year cash from operations more than triples to $59 million in FY23, up from $17 million FY22

NEW YORK, Feb. 27, 2024 /PRNewswire/ — IMAX Corporation (NYSE: IMAX) today reported financial results for the Fourth Quarter and Full-Year 2023, highlighted by strong top and bottom-line growth for the full-year.

“IMAX delivered excellent results in 2023 — we grew Net Income by $48 million, Adjusted EPS by 88 cents, Adjusted EBITDA by 52%, and system installations by nearly 40% — on the strength of demand for our technology, our unique premium model, and a clear preference among consumers worldwide for awe-inspiring IMAX experiences,” said Rich Gelfond, CEO of IMAX.

“As the entertainment landscape transforms, it is clear that IMAX is among its premier, in-demand destinations. We drove significant expansion and diversification of our global footprint, with a record 61 of our system installations coming from strategic Rest of World markets such as Japan, South Korea and Europe. Even as we deliver an outsized share of the global box office, we estimate the current IMAX network is only at 47% penetration — with the opportunity to open nearly 2,000 additional locations worldwide.”

“Our strong network growth is a direct result of our global content strategy, which has yielded the biggest and most diverse portfolio of IMAX Experiences ever. 2023 saw IMAX deliver a record at the North American box office, highest grossing year ever for local language films and overall box office approaching our best year ever. We are strategically managing our content portfolio to drive greater share of Hollywood releases, grow local language, accelerate our pipeline of IMAX Documentaries, and push further into emerging verticals including music and gaming, live experiences and recurring programming.”

“Through our global technology platform, IMAX powers awe-inspiring experiences for audiences around the world — capitalizing on the limitlessness of human imagination and need for shared experiences. We look forward to further capturing this opportunity, growing our network and content portfolio, to deliver results for our shareholders.”

_______________

(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.

(2)

Attributable to common shareholders.

Fourth Quarter and December Full-Year Financial Highlights

Three Months Ended

Year Ended

December 31,

In millions of U.S. Dollars, except per share data

2023

2022

YoY %
Change

2023

2022

YoY %
Change

Total Revenue

86.0

98.0

(12 %)

374.8

300.8

25 %

Gross Margin

43.7

48.8

(11 %)

214.3

156.4

37 %

Gross Margin (%)

Adjusted EBITDA – attributable to common shareholders(1)(3)

23.0

27.8

(17 %)

128.2

84.5

52 %

Adjusted EBITDA Margin (%) – attributable to common shareholders(1)(3)

(8 %)

22 %

Total Adjusted EBITDA(1)(3)(4)

25.2

31.5

(20 %)

144.0

95.7

51 %

Total Adjusted EBITDA Margin (%)(1)(3)(4)

(9 %)

21 %

Net Income (Loss)(2)

2.5

2.6

(3 %)

25.3

(22.8)

N/A

Net Income (Loss) per share(2) – basic and diluted

0.05

—

0.46

(0.40)

N/A

Adjusted Net Income(1)(2)

9.3

10.6

(12 %)

52.1

3.2

N/A

Adjusted Earnings Per Share(1)(2)

0.17

0.19

(11 %)

0.94

0.06

N/A

Weighted average shares outstanding (in millions)(5):

Basic

54.0

54.8

(2 %)

54.3

56.7

(4 %)

Diluted

55.0

55.7

(1 %)

55.1

57.4

(4 %)

_______________

(1)

(2)

Attributable to common shareholders.

(3)

Per Credit Facility.

(4)

Total Adjusted EBITDA is equivalent to Total Adjusted EBITDA Attributable to Non-controlling Interests and Common Shareholders.

(5)

Reflects weighted average shares outstanding used in Adjusted Earnings Per Share calculation.

Fourth Quarter and Full Year Segment Results(1)

Content Solutions

Technology Products and Services

Revenue

Gross Margin

Gross
Margin %

Revenue

Gross Margin

Gross
Margin %

4Q23

19.1

9.7

62.5

29.9

4Q22

29.3

12.1

66.1

35.2

% change

(35)

(20)

(5)

(15)

FY23

126.7

74.1

234.3

129.9

FY22

101.8

51.2

192.4

101.1

% change

_______________

(1)

Please refer to the Company’s Form 10-K for the year ended December 31, 2023 for additional segment information.

Content Solutions Segment

Content Solutions revenue of $126.7 million increased 24% year-over-year for the full year 2023 while Q4 revenue of $19.1 million decreased 35% year-over-year. Gross box office from IMAX locations for full year 2023 of approximately $1.1 billion was up 25% while Q4 2023 of $170 million was down 32% year-over-year. IMAX set numerous records for box office during 2023 including:Highest full year local language box office of $227 millionHighest full year domestic box office of $393 millionHighest Q3 box office of $347 millionGross margin for Content Solutions of $74.1 million for the full year 2023 increased 45% year-over-year while Q4 gross margin of $9.7 million decreased 20% year-over-year. The Company saw significant margin expansion for the full year 2023 (up 800 basis points) and Q4 2023 (up 1000 basis points) driven by the operating leverage in our business along with our disciplined cost management.

Technology Products and Services Segment

Technology Products and Services revenues and gross margin for full year 2023 increased 22% year-over-year to $234.3 million and 28% year-over-year to $129.9 million, respectively. Q4 revenue and gross margin decreased 5% year-over-year to $62.5 million and 15% year-over-year to $29.9 million, respectively.For the full year 2023 the Company installed 128 systems compared to 92 systems in full year 2022. Of those, 75 systems were under sales and hybrid JRSA arrangements, compared to 46 systems in the prior year.During the fourth quarter the Company installed 69 systems compared to 52 systems in the fourth quarter of 2022. Of those, 38 systems were under sales and hybrid JRSA arrangements, compared to 24 systems in the prior year.Commercial network growth accelerated with the number of IMAX locations increasing 4% year-over-year to 1,693. The Company ended 2023 with a backlog of 450 IMAX systems.

Operating Cash Flow and Liquidity

Net cash provided by operating activities for full year 2023 was $58.6 million compared to $17.3 million in the prior period with the increase reflecting the higher profits year-over-year and improvements in working capital.

As of December 31, 2023, the Company’s available liquidity was $407 million. The Company’s liquidity includes cash and cash equivalents of $76 million, $276 million in available borrowing capacity under the Credit Facility, and $55 million in available borrowing capacity under IMAX China’s revolving facilities. Total debt, excluding deferred financing costs, was $257 million as of December 31, 2023.

In 2021, the Company issued $230.0 million of 0.500% Convertible Senior Notes due 2026 (“Convertible Notes”). In connection with the pricing of the Convertible Notes, the Company entered into privately negotiated capped call transactions with an initial cap price of $37.2750 per share of the Company’s common shares.

Share Count and Capital Return

The weighted average basic and diluted shares outstanding used in the calculation of adjusted EPS for the full year of 2023 were 54.3 million and 55.1 million, respectively, compared to 56.7 million and 57.4 million, respectively for the full year 2022, a decrease year-over-year of 4% for both basic and diluted shares outstanding.

For the full year 2023, the Company repurchased 1.6 million common shares at an average price of $16.45 per share, for a total of $26.4 million, excluding commission, with $24.2 million of repurchases coming in the fourth quarter of 2023. Subsequent to year-end, the Company repurchased 1.2 million common shares at an average price of $13.99 per share, for a total of $16.2 million, excluding commission, year-to-date through February 26, 2024.

On June 14, 2023, the Company announced a 3-year extension to its share-repurchase program through June 30, 2026. The current share-repurchase program authorizes the Company to repurchase up to $400.0 million of its common shares, of which approximately $151.0 million remains available.

2024 Guidance

The Company expects the following for the full year 2024:

IMAX Gross Box Office: Similar to 2023System Installations: 120 to 150 SystemsTotal Consolidated Adjusted EBITDA Margin: High 30’s percent

Supplemental Materials

For more information about the Company’s results, please refer to the IMAX Investor Relations website located at investors.imax.com.

Investor Relations Website and Social Media

On a monthly basis, the Company posts quarter-to-date box office results on the IMAX Investor Relations website located at investors.imax.com. The Company expects to provide such updates within five business days of month-end, although the Company may change this timing without notice.

The Company may post additional information on the Company’s corporate and Investor Relations website which may be material to investors. Accordingly, investors, media and others interested in the Company should monitor the Company’s website in addition to the Company’s press releases, SEC filings and public conference calls and webcasts, for additional information about the Company.

Conference Call

The Company will host a conference call today at 4:30 PM ET to discuss its full year and fourth quarter 2023 financial results. This call is being webcast and can be accessed at investors.imax.com. To access the call via telephone, interested parties please pre-register here: https://register.vevent.com/register/BI5eba9aa253da46dfb62bb6d573394a9d and you will be provided with a dial-in number and unique pin. To avoid delays, we encourage participants to dial into the conference call ten minutes ahead of the scheduled start time. A replay of the call will be available via webcast at investors.imax.com.

About IMAX Corporation

IMAX, an innovator in entertainment technology, combines proprietary software, architecture, and equipment to create experiences that take you beyond the edge of your seat to a world you’ve never imagined. Top filmmakers and studios are utilizing IMAX systems to connect with audiences in extraordinary ways, making IMAX’s network among the most important and successful theatrical distribution platforms for major event films around the globe.

IMAX is headquartered in New York, Toronto, and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of December 31, 2023, there were 1,772 IMAX systems (1,693 commercial multiplexes, 12 commercial destinations, 67 institutional) operating in 90 countries and territories. Shares of IMAX China Holding, Inc., a subsidiary of IMAX Corporation, trade on the Hong Kong Stock Exchange under the stock code “1970”.

IMAX®, IMAX® 3D, Experience It In IMAX®, The IMAX Experience®, DMR®, Filmed For IMAX®, IMAX LIVETM, IMAX Enhanced® are trademarks and trade names of IMAX Corporation or its subsidiaries that are registered or otherwise protected under laws of various jurisdictions. For more information, visit www.imax.com. You can also connect with IMAX on Instagram (www.instagram.com/company/imax), Facebook (www.facebook.com/imax), LinkedIn (www.linkedin.com/company/imax), X (www.twitter.com/imax), and YouTube (www.youtube.com/imaxmovies).

For additional information please contact:

Investors:

IMAX Corporation, New York

Jennifer Horsley

212-821-0154

jhorsley@imax.com

Media:

IMAX Corporation, New York
Mark Jafar
212-821-0102
mjafar@imax.com

Forward-Looking Statements

This earnings release contains forward looking statements that are based on IMAX management’s assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. These forward-looking statements include, but are not limited to, business and technology strategies and measures to implement strategies, competitive strengths, goals, expansion and growth of business, operations and technology, future capital expenditures (including the amount and nature thereof), industry prospects and consumer behavior, plans and references to the future success of IMAX Corporation together with its consolidated subsidiaries (the “Company”) and expectations regarding the Company’s future operating, financial and technological results. These forward-looking statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. However, whether actual results and developments will conform with the expectations and predictions of the Company is subject to a number of risks and uncertainties, including, but not limited to, risks associated with investments and operations in foreign jurisdictions and any future international expansion, including those related to economic, political and regulatory policies of local governments and laws and policies of the United States and Canada, as well as geopolitical conflicts; risks related to the Company’s growth and operations in China; the performance of IMAX remastered films and other films released to the IMAX network; the signing of IMAX System agreements; conditions, changes and developments in the commercial exhibition industry; risks related to currency fluctuations; the potential impact of increased competition in the markets within which the Company operates, including competitive actions by other companies; the failure to respond to change and advancements in digital technology; risks relating to consolidation among commercial exhibitors and studios; risks related to brand extensions and new business initiatives; conditions in the in-home and out-of-home entertainment industries; the opportunities (or lack thereof) that may be presented to and pursued by the Company; risks related to cyber-security and data privacy; risks related to the Company’s inability to protect the Company’s intellectual property; risks related to climate change; risks related to weather conditions and natural disasters that may disrupt or harm the Company’s business; risks related to the Company’s indebtedness and compliance with its debt agreements; general economic, market or business conditions; risks related to political, economic and social instability; the failure to convert system backlog into revenue; changes in laws or regulations; any statements of belief and any statements of assumptions underlying any of the foregoing; other factors and risks outlined in the Company’s periodic filings with the SEC; and other factors, many of which are beyond the control of the Company. Consequently, all of the forward-looking statements made in this earnings release are qualified by these cautionary statements, and actual results or anticipated developments by the Company may not be realized, and even if substantially realized, may not have the expected consequences to, or effects on, the Company. These factors, other risks and uncertainties and financial details are discussed in the Company’s most recent Annual Report on Form 10-K. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Primary Reporting Groups

The Company’s Chief Executive Officer (“CEO”) is its Chief Operating Decision Maker (“CODM”), as such term is defined under U.S. GAAP. The CODM, along with other members of management, assesses segment performance based on segment revenues and gross margins. Selling, general and administrative expenses, research and development costs, the amortization of intangible assets, provision for (reversal of) current expected credit losses, certain write-downs, interest income, interest expense, and income tax (expense) benefit are not allocated to the Company’s segments.

In the first quarter of 2023, the Company revised its internal segment reporting, including the information provided to the CODM to assess segment performance and allocate resources.

The Company has the following reportable segments:

(i)

Content Solutions, which principally includes the digital remastering of films and other content into IMAX formats for distribution to the IMAX network. To a lesser extent, the Content Solutions segment also earns revenue from the distribution of large-format documentary films and exclusive experiences ranging from live performances to interactive events with leading artists and creators, as well as film post-production services.

(ii)

Technology Products and Services, which includes results from the sale or lease of IMAX Systems, as well as from the maintenance of IMAX Systems. To a lesser extent, the Technology Product and Services segment also earns revenue from certain ancillary theater business activities, including after-market sales of IMAX System parts and 3D glasses.

Transactions between segments are valued at exchange value. Inter-segment profits are eliminated upon consolidation, as well as for the disclosures below.

IMAX Network and Backlog

Three Months
Ended December 31,

Year
Ended December 31,

System Signings(1):

2023

2022

2023

2022

Sales Arrangements

Hybrid JRSA

—

Traditional JRSA

Total IMAX System signings

129

Three Months
Ended December 31,

Year
Ended December 31,

System Installations(2):

2023

2022

2023

2022

Sales Arrangements

Hybrid JRSA

Traditional JRSA

Total IMAX System installations

128

Year
Ended December 31,

System Backlog:

2023

2022

Sales Arrangements

164

162

Hybrid JRSA

103

120

Traditional JRSA

183

168

Total System backlog

450

Year
Ended December 31,

System Network:

2023

2022

Commercial Multiplex Systems

Sales Arrangements

769

702

Hybrid JRSA

138

151

Traditional JRSA

786

780

Total Commercial Multiplex Systems

1,693

1,633

Commercial Destination Systems

Institutional Systems

Total System network

1,772

1,716

______________

(1)

System signings include new signings of 32 in Q4 2023, 9 in Q4 2022, 108 in the full year 2023 and 30 in the full year 2022.

(2)

System installations include new systems installations of 47 in Q4 2023, 21 in Q4 2022, 86 in the full year 2023 and 56 in the full year 2022.

IMAX CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars, except per share amounts)

Three Months Ended

December 31,

Year Ended

(Unaudited)

December 31,

2023

2022

2023

2022

Revenues

Technology sales

35,337

33,888

100,792

69,158

Image enhancement and maintenance services

35,508

44,094

189,752

161,379

Technology rentals

12,954

18,060

75,566

61,786

Finance income

2,219

2,004

8,729

8,482

86,018

98,046

374,839

300,805

Costs and expenses applicable to revenues

Technology sales

17,805

17,346

46,756

37,610

Image enhancement and maintenance services

18,586

25,575

88,056

81,834

Technology rentals

5,939

6,278

25,686

25,006

42,330

49,199

160,498

144,450

Gross margin

43,688

48,847

214,341

156,355

Selling, general and administrative expenses

35,070

37,862

144,406

138,043

Research and development

2,722

1,633

10,110

5,300

Amortization of intangible assets

1,250

1,417

4,578

4,829

Credit loss expense (reversal), net

170

398

1,759

8,547

Asset impairments

144

—

144

4,470

Restructuring and executive transition costs

1,593

—

2,946

—

Income (loss) from operations

2,739

7,537

50,398

(4,834)

Realized and unrealized investment gains (losses)

(29)

465

Retirement benefits non-service expense

(179)

(139)

(411)

(556)

Interest income

648

252

2,486

1,428

Interest expense

(1,776)

(1,523)

(6,821)

(5,877)

Income (loss) before taxes

1,461

6,098

46,117

(9,769)

Income tax recovery (expense)

1,850

(2,017)

(13,051)

(10,108)

Net income (loss)

3,311

4,081

33,066

(19,877)

Net income attributable to non-controlling interests

(771)

(1,468)

(7,731)

(2,923)

Net income (loss) attributable to common shareholders

2,540

2,613

25,335

(22,800)

Net income (loss) per share attributable to common shareholders

Basic

0.05

0.47

(0.40)

Diluted

0.05

0.46

(0.40)

Weighted average shares outstanding (in thousands):

Basic

53,973

54,816

54,310

56,674

Diluted

54,983

55,659

55,146

56,674

Additional Disclosure:

Depreciation and amortization

13,545

13,998

60,022

56,661

Amortization of deferred financing costs

493

712

2,235

3,177

IMAX CORPORATION

CONSOLIDATED BALANCE SHEETS

(In thousands of dollars, except share amounts)

As of December 31,

2023

2022

Assets

Cash and cash equivalents

76,200

97,401

Accounts receivable, net of allowance for credit losses

136,259

136,142

Financing receivables, net of allowance for credit losses

127,154

129,384

Variable consideration receivable, net of allowance for credit losses

64,338

44,024

Inventories

31,584

31,534

Prepaid expenses

12,345

12,343

Film assets, net of accumulated amortization

6,786

5,277

Property, plant and equipment, net of accumulated depreciation

243,299

252,896

Investment in equity securities

—

1,035

Other assets

20,879

15,665

Deferred income tax assets, net of valuation allowance

7,988

9,900

Goodwill

52,815

Other intangible assets, net of accumulated amortization

35,022

32,738

Total assets

814,669

821,154

Liabilities

Accounts payable

26,386

25,237

Accrued and other liabilities

111,013

117,286

Deferred revenue

67,105

70,940

Revolving credit facility borrowings, net of unamortized debt issuance costs

22,924

36,111

Convertible notes and other borrowings, net of unamortized discounts and debt issuance costs

229,131

226,912

Deferred income tax liabilities

12,521

14,900

Total liabilities

469,080

491,386

Commitments, contingencies and guarantees

Non-controlling interests

658

722

Shareholders’ equity

Capital stock common shares — no par value. Authorized — unlimited number.

53,260,276 issued and outstanding (December 31, 2022 — 54,148,614 issued and outstanding)

389,048

376,715

Other equity

185,087

185,678

Statutory surplus reserve

3,932

Accumulated deficit

(292,845)

(293,124)

Accumulated other comprehensive loss

(12,081)

(9,846)

Total shareholders’ equity attributable to common shareholders

273,141

263,355

Non-controlling interests

71,790

65,691

Total shareholders’ equity

344,931

329,046

Total liabilities and shareholders’ equity

814,669

821,154

IMAX CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of dollars)

Years Ended December 31,

2023

2022

Operating Activities

Net income (loss)

33,066

(19,877)

Adjustments to reconcile net income (loss) to cash provided by operating activities:

Depreciation and amortization

60,022

56,661

Amortization of deferred financing costs

2,235

3,177

Credit loss expense, net

1,759

8,547

Write-downs, including asset impairments

1,884

7,176

Deferred income tax benefit

(1,447)

(2,073)

Share-based and other non-cash compensation

24,230

27,573

Unrealized foreign currency exchange (gain) loss

(212)

1,108

Realized and unrealized investment gain

(465)

(70)

Changes in assets and liabilities:

Accounts receivable

(1,907)

(29,003)

Inventories

(285)

(5,529)

Film assets

(20,394)

(19,598)

Deferred revenue

(3,882)

(11,572)

Changes in other operating assets and liabilities

(35,989)

801

Net cash provided by operating activities

58,615

17,321

Investing Activities

Purchase of property, plant and equipment

(6,491)

(8,424)

Investment in equipment for joint revenue sharing arrangements

(18,000)

(19,803)

Interest in film classified as a financial instrument

—

(4,731)

Acquisition of other intangible assets

(8,344)

(4,394)

Proceeds from sale of equity securities

1,045

—

Acquisition of SSIMWAVE Inc., net of cash and cash equivalents acquired

—

(15,939)

Net cash used in investing activities

(31,790)

(53,291)

Financing Activities

Proceeds from revolving credit facility borrowings

39,717

37,871

Repayments of revolving credit facility borrowings

(53,248)

(3,600)

Proceeds from other borrowings

322

—

Repayment of other borrowings

(53)

—

Credit facility amendment fees paid

(46)

(2,279)

Repurchase of common shares, IMAX Corporation

(26,823)

(80,124)

Repurchase of common shares, IMAX China

(15)

(3,043)

Taxes withheld and paid on employee stock awards vested

(6,466)

(3,687)

Principal payment under finance lease obligations

(480)

(948)

Dividends paid to non-controlling interests

(1,438)

(2,704)

Net cash used in financing activities

(48,530)

(58,514)

Effects of exchange rate changes on cash

504

2,174

Decrease in cash and cash equivalents during year

(21,201)

(92,310)

Cash and cash equivalents, beginning of year

97,401

189,711

Cash and cash equivalents, end of year

76,200

97,401

Segment Revenue and Gross Margin

(In thousands of dollars)

Three Months Ended

Years Ended

December 31,

2023

2022

2023

2022

Revenue

Content Solutions

19,093

29,320

126,698

101,820

Technology Products and Services

62,490

66,107

234,303

192,368

Sub-total for reportable segments

81,583

95,427

361,001

294,188

All Other(1)

4,435

2,619

13,838

6,617

Total

86,018

98,046

374,839

300,805

Gross Margin

Content Solutions

9,709

12,122

74,106

51,240

Technology Products and Services

29,880

35,179

129,946

101,055

Sub-total for reportable segments

39,589

47,301

204,052

152,295

All Other(1)

4,099

1,546

10,289

4,060

Total

43,688

48,847

214,341

156,355

______________

(1) All Other includes the results from Streaming and Consumer Technology and other ancillary activities.

IMAX CORPORATION
NON-GAAP FINANCIAL MEASURES
(in thousands of U.S. dollars)

In this release, the Company presents adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per basic and diluted share, EBITDA, Adjusted EBITDA per Credit Facility, Adjusted EBITDA margin as supplemental measures of the Company’s performance, which are not recognized under U.S. GAAP. Adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per basic and diluted share exclude, where applicable: (i) share-based compensation; (ii) COVID-19 government relief benefits, net; (iii) realized and unrealized investment gains or losses; (iv) transaction-related expenses; and (v) restructuring and executive transition costs, as well as the related tax impact of these adjustments.

The Company believes that these non-GAAP financial measures are important supplemental measures that allow management and users of the Company’s financial statements to view operating trends and analyze controllable operating performance on a comparable basis between periods without the after-tax impact of share-based compensation and certain unusual items included in net income (loss) attributable to common shareholders. Although share-based compensation is an important aspect of the Company’s employee and executive compensation packages, it is a non-cash expense and is excluded from certain internal business performance measures.

A reconciliation from net income (loss) attributable to common shareholders and the associated per share amounts to adjusted net income attributable to common shareholders and adjusted net income attributable to common shareholders per diluted share is presented in the table below. Net income (loss) attributable to common shareholders and the associated per share amounts are the most directly comparable GAAP measures because they reflect the earnings relevant to the Company’s shareholders, rather than the earnings attributable to non-controlling interests.

In addition to the non-GAAP financial measures discussed above, management also uses “EBITDA,” as such term is defined in the Company’s Credit Agreement, and which is referred to herein as “Adjusted EBITDA per Credit Facility.” As allowed by the Credit Agreement, Adjusted EBITDA per Credit Facility includes adjustments in addition to the exclusion of interest, taxes, depreciation and amortization. Adjusted EBITDA per Credit Facility measure is presented to allow a more comprehensive analysis of the Company’s operating performance and to provide additional information with respect to the Company’s compliance against its Credit Agreement requirements when applicable. In addition, the Company believes that Adjusted EBITDA per Credit Facility presents relevant and useful information widely used by analysts, investors and other interested parties in the Company’s industry to evaluate, assess and benchmark the Company’s results.

EBITDA is defined as net income or loss excluding (i) income tax expense or benefit; (ii) interest expense, net of interest income; (iii) depreciation and amortization, including film asset amortization; and (iv) amortization of deferred financing costs. Adjusted EBITDA per Credit Facility is defined as EBITDA excluding: (i) share-based and other non-cash compensation; (ii) realized and unrealized investment gains or losses; (iii) transaction-related expenses; (iv) restructuring and executive transition costs; and (v) write-downs, net of recoveries, including asset impairments and credit loss expense.

A reconciliation of net income (loss) attributable to common shareholders, which is the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA per Credit Facility is presented in the table below. Net income (loss) attributable to common shareholders is the most directly comparable GAAP measure because it reflects the earnings relevant to the Company’s shareholders, rather than the earnings attributable to non-controlling interests.

In this release, the Company also presents free cash flow, which is not recognized under U.S. GAAP, as a supplemental measure of the Company’s liquidity. The Company definition of free cash flow deducts only normal recurring capital expenditures, including the Company’s investment in joint revenue sharing arrangements, the purchase of property, plant and equipment and the acquisition of other intangible assets (from the Consolidated Statements of Cash Flows), from net cash provided by or used in operating activities. Management believes that free cash flow is a supplemental measure of the cash flow available to reduce debt, add to cash balances, and fund other financing activities. Free cash flow does not represent residual cash flow available for discretionary expenditures. A reconciliation of cash provided by operating activities to free cash flow is presented below.

These non-GAAP measures may not be comparable to similarly titled amounts reported by other companies. Additionally, the non-GAAP financial measures used by the Company should not be considered as a substitute for, or superior to, the comparable GAAP amounts.

Adjusted EBITDA per Credit Facility

For the Three Months Ended December 31, 2023 (1)

For the Three Months Ended December 31, 2022 (1)

Attributable to
Non-controlling

Less:

Attributable to
Non-controlling

Less:

Interests and

Attributable to

Interests and

Attributable to

Common

Non-controlling

Common

Non-controlling

Common

Shareholders

Interests

Shareholders

Interests

Shareholders

(In thousands of U.S. Dollars)

Reported net income

3,311

771

2,540

4,081

1,468

2,613

Add (subtract):

Income tax expense

(1,850)

(147)

(1,703)

2,016

786

1,230

Interest expense, net of interest income

636

(137)

773

559

(15)

574

Depreciation and amortization, including film asset
amortization

13,545

1,161

12,384

13,998

1,109

12,889

Amortization of deferred financing costs(2)

493

—

493

712

—

712

EBITDA

16,135

1,648

14,487

21,366

3,348

18,018

Stock and other non-cash compensation

6,400

144

6,256

8,063

205

7,858

Unrealized investment (gains) losses

(29)

—

(29)

—

Transaction-related expenses(3)

327

208

119

166

—

166

Write-downs, including asset impairments and
credit loss expense

812

(37)

849

1,867

162

1,705

Restructuring and executive transition costs(4)

1,593

258

1,335

—

Adjusted EBITDA per Credit Facility

25,238

2,221

23,017

31,491

3,715

27,776

Revenues attributable to common shareholders(5)

86,018

4,687

81,331

98,046

7,273

90,773

Adjusted EBITDA margin attributable to common
shareholders

29.3

47.4

28.3

32.1

51.1

30.6

For the Twelve Months Ended December 31, 2023 (1)

For the Twelve Months Ended December 31, 2022 (1)

Attributable to
Non-controlling

Less:

Attributable to
Non-controlling

Less:

Interests and

Attributable to

Interests and

Attributable to

Common

Non-controlling

Common

Non-controlling

Common

Shareholders

Interests

Shareholders

Interests

Shareholders

(In thousands of U.S. Dollars)

Reported net income (loss)

33,066

7,731

25,335

(19,877)

2,923

(22,800)

Add (subtract):

Income tax expense

13,051

1,725

11,326

10,108

1,256

8,852

Interest expense, net of interest income

2,101

(408)

2,509

1,272

(251)

1,523

Depreciation and amortization, including film asset
amortization

60,022

5,312

54,710

56,661

4,820

51,841

Amortization of deferred financing costs(2)

2,235

—

2,235

3,177

—

3,177

EBITDA

110,475

14,360

96,115

51,341

8,748

42,593

Stock and other non-cash compensation

24,230

774

23,456

27,573

760

26,813

Unrealized investment gains

(465)

(93)

(372)

(70)

—

(70)

Transaction-related expenses(3)

3,569

208

3,361

1,122

—

1,122

Write-downs, including asset impairments and
credit loss expense

3,273

362

2,911

15,723

1,723

14,000

Restructuring and executive transition costs(4)

2,946

258

2,688

—

Adjusted EBITDA per Credit Facility

144,028

15,869

128,159

95,689

11,231

84,458

Revenues attributable to common shareholders(5)

374,839

25,674

349,165

300,805

20,883

279,922

Adjusted EBITDA margin attributable to common
shareholders

38.4

61.8

36.7

31.8

53.8

30.2

______________

(1)

The Senior Secured Net Leverage Ratio is calculated using Adjusted EBITDA per Credit Facility determined on a trailing twelve-month basis.

(2)

The amortization of deferred financing costs is recorded within Interest Expense in the Condensed Consolidated Statement of Operations.

(3)

Reflects costs incurred resulting from the Company’s proposal to acquire the outstanding 96.3 million shares in IMAX China.

(4)

Reflects costs in connection with the departure of the President, IMAX Entertainment and Executive Vice President of the Company and other employees to capture efficiencies and centralize certain operational roles.

(5)

(In thousands of U.S. Dollars)

Three months ended
December 31, 2023

Three months ended
December 31, 2022

Year ended
December 31, 2023

Year ended
December 31, 2022

Total revenues

86,018

98,046

374,839

300,805

Greater China revenues

16,521

25,728

90,496

73,330

Non-controlling interest ownership
percentage(6)

28.37

28.27

28.37

28.48

Deduction for non-controlling interest
share of revenues

(4,687)

(7,273)

(25,674)

(20,883)

Revenues attributable to common
shareholders

81,331

90,773

349,165

279,922

(6)

Weighted average ownership percentage for change in non-controlling interest share

Adjusted Net Income Attributable to Common Shareholders and Adjusted Net Income Per Share

Three Months Ended

December 31, 2023

December 31, 2022

(In thousands of U.S. dollars, except per share amounts)

Net Income

Per Diluted
Share

Net Income

Per Diluted
Share

Net income attributable to common shareholders

2,540

0.05

2,613

0.05

Adjustments(1):

Share-based compensation

6,074

0.11

7,730

0.14

Unrealized investment gains

(32)

—

Transaction-related expenses(2)

119

—

166

—

Restructuring and executive transition costs(3)

1,335

0.02

—

Tax impact on items listed above

(747)

(0.01)

—

Adjusted net income(1)

9,289

0.17

10,555

0.19

Weighted average basic shares outstanding

53,973

54,816

Weighted average diluted shares outstanding

54,983

55,659

Year Ended

December 31, 2023

December 31, 2022

(In thousands of U.S. dollars, except per share amounts)

Net Income

Per Diluted
Share

Net (Loss)
Income

Per Diluted
Share

Net income (loss) attributable to common shareholders

25,335

0.46

(22,800)

(0.40)

Adjustments(1):

Share-based compensation

23,184

0.42

26,382

0.46

COVID-19 government relief benefits, net

—

(373)

(0.01)

Unrealized investment gains

(558)

(0.01)

(70)

—

Transaction-related expenses(2)

3,361

0.06

1,122

0.02

Restructuring and executive transition costs(3)

2,688

0.05

—

Tax impact on items listed above

(1,931)

(0.04)

(1,054)

(0.02)

Adjusted net income(1)

52,079

0.94

3,207

0.06

Weighted average shares outstanding – basic

54,310

56,674

Weighted average shares outstanding – diluted

55,146

57,371

_______________

(1)

Reflects amounts attributable to common shareholders.

(2)

Reflects costs in connection with the Company’s proposal to acquire the outstanding 96.3 million shares in IMAX China in 2023 and costs incurred associated with the acquisition of SSIMWAVE in 2022.

(3)

Free Cash Flow

Year Ended

(In thousands of U.S. Dollars)

December 31, 2023

December 31, 2022

Net cash provided by operating activities

58,615

17,321

Purchase of property, plant and equipment

(6,491)

(8,424)

Acquisition of other intangible assets

(8,344)

(4,394)

Free cash flow before growth CAPEX

43,780

4,503

Investment in equipment for joint revenue sharing arrangements

(18,000)

(19,803)

Free cash flow

25,780

(15,300)

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SOURCE IMAX Corporation

Technology

Emdoor Launches “Ailyn” AI Hub at WAIC 2026: Unifying Intelligence Across Every Device

Published

1 hour ago

July 19, 2026

SHANGHAI, July 18, 2026 /PRNewswire/ — Emdoor, a leading provider of intelligent computing devices, unveiled its latest innovation — Ailyn, an integrated software-hardware AI hub — at the World Artificial Intelligence Conference (WAIC) 2026. Under the theme “Intelligence in All Things, Boundless Edge Intelligence”, Emdoor’s Booth X1B-804 showcases four immersive scenarios spanning personal, home, enterprise, and industrial use cases, demonstrating how AI can flow seamlessly across devices.

With decades of experience across cloud, edge, device, and wearable form factors, Emdoor has established one of the industry’s most comprehensive intelligent hardware portfolios. Yet the company recognized a critical gap: while individual devices grow smarter, they often operate in isolation.

Ailyn is Emdoor’s answer to this challenge. Introduced on the WAIC Magic Box stage, Ailyn serves as a unified intelligence layer that orchestrates storage, computing power, AI models, and data across PCs, NAS systems, computing boxes, and IoT devices. The result is a scalable, centrally managed intelligence platform that delivers seamless cross-device collaboration, data privacy, and AI capabilities that improve with use.

At its core, Ailyn follows a device-first, multi-device connected philosophy. By prioritizing on-device model deployment, it reduces costs while preserving privacy, minimizing latency, and enabling offline functionality. Key capabilities include unified data access, uninterrupted task handoff between devices, intelligent multi-model routing, and dynamic compute scaling — plus built-in features for knowledge accumulation, skill expansion, persona customization, and automated task execution.

Four Scenarios, One Intelligent Ecosystem

The enterprise lineup features high-performance AI workstations, AI servers, AI NAS, Mini PCs, and motherboards. Workstations support up to 96-core processors and four double-width GPUs with integrated BMC remote management. AI servers run dual Intel Xeon scalable processors with up to eight mainstream AI accelerators. The single-GPU workstation series offers dual-platform compatibility with both Intel and AMD, featuring a PCIe 5.0 ×16 slot and up to 128GB DDR5 memory. Available in two form factors — a 23.9L tower chassis and a 15.3L compact chassis with tempered glass side panel — it delivers balanced performance for both creative workloads and local AI inference. The AI NAS unifies storage and AI computing power in one device, with192GB of octa-channel LPDDR5X memory to support local large model deployment. Ailyn unifies these resources into a private computing backbone, intelligently offloading heavy workloads so users get instant on-device responsiveness with datacenter-grade power on demand.

For individual users, the showcase includes Mini PCs, AI PCs, AI tablets, and multimodal wearables. The AP16, powered by Intel’s 3rd Generation Core™ Ultra processor, delivers 180 TOPS of AI performance with sustained 54W output — capable of running large models locally. Multimodal wearable solutions built on Qualcomm and BES chips offer faster time-to-market for brand partners. Within the Ailyn ecosystem, PCs handle heavy computing while wearables provide continuous environmental awareness, each device strengthening the whole.

Industrial visitors will find AI BOX units, rugged AI notebooks, handheld terminals, and industrial PCs. AI BOX devices come preloaded with industry-specific models for production line visual inspection. Rugged notebooks deliver reliable performance for mobile field operations. Industrial PCs feature industrial-grade architecture for 24/7 uptime. Through Ailyn, these connected devices break down traditional data silos, enabling intelligent resource orchestration and a closed-loop perception-decision-execution system that accelerates industrial digital transformation.

At the center of the home scenario are AI tablets and home NAS, connected to a full-house AIoT network. The NAS acts as the family’s private data and computing hub, while the tablet serves as the primary interface for senior health reminders and children’s learning support. Ailyn weaves these devices into a cohesive system covering family memories, health care, companionship, and home security — bringing intelligence into daily life without intruding on it.

The launch of Ailyn marks a significant evolution for Emdoor — shifting from a hardware manufacturer to a builder of intelligent infrastructure. It represents the convergence of the company’s deep hardware heritage and its AI innovation roadmap. Moving forward, Emdoor will continue investing in edge AI technology and expanding the Ailyn ecosystem alongside partners, bringing distributed intelligence from the showroom into everyday life.

Company: Emdoor Digital Technology Co.,Ltd.
Contact Person: Yao Zhou
Email: marketing.digi@emdoor.com
Website: http://www.emdoordigi.com/
City: Shenzhen, China

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SOURCE Emdoor Digital

Technology

AI-Powered Connectivity: APAC Charts a Path to a Smarter Digital Future

Published

10 hours ago

July 18, 2026

Asia-Pacific’s first Broadband Development Summit brings regulators and operators to Bangkok to set the agenda

BANGKOK, July 19, 2026 /PRNewswire/ — Government officials, standards bodies and telecom operators gathered in Bangkok on 14 July for the inaugural Broadband Development Summit APAC 2026, convened by the World Broadband Association (WBBA) to build consensus on AI-era networks.

Participants included the ITU, Thailand’s National Board of the Digital Economy and Society, WBBA, IAB, FNCAP, WAA, NIDA and the IPv6 Council, alongside operators Telkomsel, XLSmart, Surge, Globe, AIS, CMI and HKT and Huawei.

Denny Deng, President of Huawei Asia Pacific Carrier Business, envisions a “faster, smarter, greener” Asia-Pacific.

VOICES FROM THE SUMMIT

“To seize the opportunities of the AI era, we call on the industry to accelerate broadband evolution, advance computing-network synergy, and strengthen the cross-border connectivity. Together, let us build faster, smarter, and greener digital infrastructure for Asia-Pacific.”
— Denny Deng, President of Asia Pacific Carrier Business, Huawei

“High-speed broadband is no longer just about ‘getting online’ — it is the vital infrastructure upon which the entire AI revolution is being built. We view AI not merely as a tool, but as a primary engine for national competitiveness and a catalyst for improving the quality of life for all.”
— Wetang Phuangsup, Ph.D., Secretary-General, the National Board of the Digital Economy and Society, Thailand

“Three initiatives define the road to 2030. We must close the quality divide so the value of broadband reaches everyone. We must build AI-ready networks — 10G access, 800GE cores, intelligence end to end. And we must do it together, through shared standards.”
— Martin Creaner, Director General of WBBA

“Moving towards next-generation networks, network architectures must continue to evolve to deliver broader connectivity, superior quality, enhanced security, and greater intelligence. This evolution is essential for Net5.5G, positioning the network not simply as infrastructure, but as the foundation that enables AI, strengthens resilience and efficiency, and supports digital transformation across industries.”
— Dhruv Dhody, Industry Standardization Expert at Huawei, Chair of the IAB, IETF

“Across Asia-Pacific, fibre is extending beyond homes and offices into rooms, devices, and machines. By working together, we can accelerate fibre innovation and adoption to build truly AI-ready infrastructure.”
— Ilham Nandana, Chair of the Market Intelligence Committee, Fiber Network Council APAC (FNCAP)

“We fixed it before you feel it! AIS is redefining premium home broadband by combining ultra-fast connectivity with AI-driven network intelligence and smart home ecosystem — delivering proactive, invisible service excellence that transforms connectivity into differentiated customer value and sustainable ARPU growth.”
— Thanit Chaiyaboonthanit, Head of Technology Department, Broadband Business, AIS

“Connecting the Unconnected: Affordable Broadband at Scale. Create equal access to global information and empower Indonesia’s digital society.”
— Shannedy Ong, CTO of Surge Indonesia

“Beyond Connectivity: Telkomsel is transforming into a true value creator. By leveraging our FBB market-leading footprint, we power growth through service excellence, customer loyalty, and a next-generation home ecosystem.”
— Stanislaus Susatyo, Director of Sales, Telkomsel Indonesia

“We stopped treating AI as an add-on feature. Instead, our approach at Globe starts with architecture, embedding intelligence into the very core of how we build, how we sell, and how we operate.
AI continuously monitors network health, customer behavior and service quality. Rather than waiting for failures, the system predicts degradation and initiates corrective actions. By maintaining minute-level awareness of network health, our systems automatically resolve 30% of all Wi-Fi issues without any human intervention.”
— Danny Theseira, Head of Broadband Business Group at Globe Telecom

“Huawei is driving the Optics-AI Synergy to foster their collaborative growth. Through AI-ON, operators could build an AI-centric all-optical target network and establish 1-5-20ms latency circles across the Asia Pacific region. AI-ON also supports efficient computing access and usage while delivering an ultimate network experience through gigabit/ultra-gigabit home broadband, accelerating the widespread adoption of AI services.”
— Kim Jin, Vice President & Chief Marketing Officer Optical Business Product Line, Huawei

“Connectivity is not just about technology. It is a lifeline, a platform for opportunity, and a driver of sustainable development. I believe the intersection of connectivity and artificial intelligence will shape the future of smarter, more resilient networks.”
— Dr. Cosmas Zavazava, Director of the Telecommunication Development Bureau, ITU

“Performance and user experience are the essential path to the next-generation WLAN. Based on standards and AI-driven innovation, let’s jointly explore the path to the future autonomous WLAN with all the stakeholders.”
— Dr. Crane H. Yang, Secretary-General, World WLAN Application Alliance (WAA)

“At the summit, NIDA and WBBA signed an MOU to accelerate next-generation network evolution and establish pioneering smart city benchmarks through the co-development of industry standards, the harmonization of global regulations, and the sharing of vertical industry insights.
NIDA focuses on advancing network architecture standards, while WBBA drives global consensus on broadband evolution. This natural strategic complementarity creates vast opportunities for future collaboration.”
— Joey Deng, Secretary-General of NIDA

“ION-2030 develops the global standard for next generation optical networks in the AI era. It provides exceptional AI application and service experience. The WBBA and ITU will jointly accelerate its development, and this is a unique opportunity for Asia-Pacific stakeholders to actively influence the future of optical broadband networks.”
— Dr. Marcus Brunner, Chief Expert Standardization, WBBA WG1 Chair and Vice-Chair of ETSI ISG F5G

“The transition into the AI era demands a high-quality, deterministic digital foundation. By releasing Net5.5G policy guidelines, Malaysia is accelerating the evolution of next-generation network standards based on IPv6, establishing an innovative infrastructure to unleash AI’s value and drive a prosperous digital economy for 2030.”
— Prof. Sureswaran Ramadass, Chair of APAC at IPv6 Council, Industry Partner of WBBA

“The digital economy is thriving across the Asia-Pacific region, with AI emerging as a core catalyst for intelligent transformation. China Mobile International (CMI) is driving regional growth by integrating China’s advanced AI capabilities with comprehensive communications, computing, and AI services. Moving forward, CMI will collaborate closely with industry partners to foster a shared, AI-driven future for the region.”
— Paul Lin, Managing Director of Commercial and Technology, Asia Pacific, China Mobile International

“Next-generation network infrastructure is the oxygen of the intelligent economy. By integrating cutting-edge 800G connectivity with quantum-safe security, HKT is laying the essential foundations to keep Hong Kong’s enterprises highly competitive, secure, and ready for the computing paradigm shifts of tomorrow.”
— Wilson Cheung, Vice President, Broadband Design & Cyber Security, HKT

“The evolution toward Net5.5G AI WAN is an important step in strengthening XLSMART’s transport network for the future. By progressively adopting AI-assisted operations, SRv6, SDN, service differentiation, and higher-capacity transport infrastructure, we are enhancing network intelligence, operational efficiency, and service resilience while supporting long-term sustainability. This transformation is a continuous journey that aligns with the industry’s vision of AI-native broadband networks. Through collaboration with our technology partners and the broader ecosystem, we will continue to develop capabilities that deliver better network performance and support Indonesia’s growing digital connectivity needs.”
— Regie Ginanjar, Head of Transport Autonomy & Orchestration, Transport Network Transformation, XLSMART

“For the AI era, Huawei upgrades the IP bearer network via security resilience, multi-dimensional awareness, and network autonomy. This empowers carriers to guarantee service experience, accelerate monetization, and enhance efficiency, ushering in a new chapter of intelligent connectivity.”
— Arthur Wang, Vice President of Data Communication Product Line, Huawei

A CONVERGING VIEW

Speakers agreed AI is shifting networks from connectivity to intelligent connectivity, as broadband, IP, computing and cross-border infrastructure converge to support innovation and coordination.

WBBA launched the AI-Net Certification, a global benchmark for national policy, industrial ecosystems and network intelligence. XLSmart was named first AI-Net Champion, and Indonesia was among the first with a certified operator, backed by its Net5.5G roadmap.

In another high-profile segment, WBBA Director General Martin Creaner presented the Gigacity Certification to KOMDIGI, SURGE, Telkomsel, AIS, TRUE, HKT and Globe, recognizing regional broadband pioneers.

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SOURCE HUAWEI

Technology

Laifen Expands U.S. Retail Footprint with Costco Launch of Best-Selling SE Hair Dryer

Published

11 hours ago

July 18, 2026

Starting July 18, Costco Members Can Shop Laifen’s Award-Winning Hair Dryer in Select Warehouse Locations Across the U.S.

NEW YORK, July 18, 2026 /PRNewswire/ — Laifen, ranked the world’s No.1 high-speed hair dryer brand, today announced the launch of its best-selling SE High-Speed Hair Dryer at select Costco warehouse locations, marking the brand’s largest U.S. retail expansion to date and bringing its award-winning haircare technology to Costco members across select U.S. markets.

The launch brings Laifen’s award-winning haircare technology to Costco, making it easier for consumers to experience the brand through one of the nation’s leading membership retailers. Laifen joins Costco’s growing portfolio of premium beauty and personal care brands. The initial rollout includes select Costco warehouse locations across the United States, with a strong presence across the Western U.S., including California, the Pacific Northwest and the Southwest.

Costco’s reputation for quality and its highly selective merchandising approach make this partnership especially meaningful. The Costco launch reflects Laifen’s continued expansion beyond direct-to-consumer channels as the brand accelerates its U.S. omnichannel retail strategy. “Costco represents an important milestone in our U.S. retail strategy,” said Romeo, General Manager of International Business of Laifen. “As more consumers seek salon-quality performance at an accessible price, we’re excited to make Laifen available through one of America’s most trusted retailers.”

Engineered to deliver professional-level performance in a sleek, lightweight design, the Laifen SE is powered by the brand’s proprietary high-speed brushless motor, delivering fast drying, reduced heat damage and smoother styling. An intelligent temperature control system continuously monitors airflow to help minimize frizz while protecting hair from excessive heat.

The Costco launch represents the next phase of Laifen’s U.S. retail expansion as the brand continues to grow beyond its direct-to-consumer and online channels. By expanding into one of the nation’s most trusted retailers, Laifen aims to broaden access to its category-disrupting haircare solutions while advancing its mission to bring more thoughtful design and everyday excellence into more homes.

The Laifen SE High-Speed Hair Dryer in White will be available at select Costco locations, while Costco.com shoppers will have access to additional color options including Purple and Pink, alongside the White model.

For more information on Laifen, please visit LaifenTech.com.

About Laifen:

Founded in 2019, Laifen is a global personal care technology brand combining high-performance engineering with modern design across hair care, oral care, and grooming categories. Ranked the world’s No. 1 high-speed hair dryer brand by Euromonitor International, Laifen first gained recognition for its self-developed 110,000 RPM high-speed brushless motor, the proprietary technology behind its award-winning hair dryers.

Building on this innovation, Laifen has expanded its portfolio to include electric toothbrushes and shavers, delivering premium technology and elevated everyday experiences to consumers worldwide. Today, Laifen products and accessories are used by over 22 million households across more than 60 countries, supported by more than 600 patents and recognized with over 50 international design and innovation awards. Driven by continuous technological breakthroughs, Laifen is committed to making cutting-edge personal care technology more accessible to consumers around the world.

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SOURCE Laifen