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Side-by-side financial comparison of IMAX CORP (IMAX) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Shoals Technologies Group, Inc. is the larger business by last-quarter revenue ($148.3M vs $125.2M, roughly 1.2× IMAX CORP). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs 0.5%, a 5.0% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 35.1%). IMAX CORP produced more free cash flow last quarter ($28.0M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% CAGR vs 25.8%).
IMAX Corporation is a Canadian production theatre company which designs and manufactures IMAX cameras and projection systems as well as performing film development, production, post-production and distribution to IMAX-affiliated theatres worldwide. Founded in Montreal in 1967, it has headquarters in the Toronto area, and operations in New York City and Los Angeles.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
IMAX vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $125.2M | $148.3M |
| Net Profit | $637.0K | $8.1M |
| Gross Margin | 57.6% | 31.6% |
| Operating Margin | 19.3% | 11.7% |
| Net Margin | 0.5% | 5.5% |
| Revenue YoY | 35.1% | 38.6% |
| Net Profit YoY | -88.0% | 3.9% |
| EPS (diluted) | $0.02 | $0.05 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $125.2M | $148.3M | ||
| Q3 25 | $106.7M | $135.8M | ||
| Q2 25 | $91.7M | $110.8M | ||
| Q1 25 | $86.7M | $80.4M | ||
| Q4 24 | $92.7M | $107.0M | ||
| Q3 24 | $91.5M | $102.2M | ||
| Q2 24 | $89.0M | $99.2M | ||
| Q1 24 | $79.1M | $90.8M |
| Q4 25 | $637.0K | $8.1M | ||
| Q3 25 | $20.7M | $11.9M | ||
| Q2 25 | $11.3M | $13.9M | ||
| Q1 25 | $2.3M | $-282.0K | ||
| Q4 24 | $5.3M | $7.8M | ||
| Q3 24 | $13.9M | $-267.0K | ||
| Q2 24 | $3.6M | $11.8M | ||
| Q1 24 | $3.3M | $4.8M |
| Q4 25 | 57.6% | 31.6% | ||
| Q3 25 | 63.1% | 37.0% | ||
| Q2 25 | 58.5% | 37.2% | ||
| Q1 25 | 61.4% | 35.0% | ||
| Q4 24 | 52.2% | 37.6% | ||
| Q3 24 | 55.8% | 24.8% | ||
| Q2 24 | 49.4% | 40.3% | ||
| Q1 24 | 59.3% | 40.2% |
| Q4 25 | 19.3% | 11.7% | ||
| Q3 25 | 27.2% | 13.7% | ||
| Q2 25 | 15.6% | 14.4% | ||
| Q1 25 | 19.3% | 5.4% | ||
| Q4 24 | 10.3% | 15.4% | ||
| Q3 24 | 21.2% | 4.4% | ||
| Q2 24 | 3.2% | 18.7% | ||
| Q1 24 | 15.3% | 12.8% |
| Q4 25 | 0.5% | 5.5% | ||
| Q3 25 | 19.4% | 8.7% | ||
| Q2 25 | 12.3% | 12.5% | ||
| Q1 25 | 2.7% | -0.4% | ||
| Q4 24 | 5.7% | 7.3% | ||
| Q3 24 | 15.2% | -0.3% | ||
| Q2 24 | 4.0% | 11.9% | ||
| Q1 24 | 4.1% | 5.3% |
| Q4 25 | $0.02 | $0.05 | ||
| Q3 25 | $0.37 | $0.07 | ||
| Q2 25 | $0.20 | $0.08 | ||
| Q1 25 | $0.04 | $0.00 | ||
| Q4 24 | $0.09 | $0.04 | ||
| Q3 24 | $0.26 | $0.00 | ||
| Q2 24 | $0.07 | $0.07 | ||
| Q1 24 | $0.06 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $151.2M | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $337.9M | $600.0M |
| Total Assets | $894.0M | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $151.2M | $7.3M | ||
| Q3 25 | $143.1M | $8.6M | ||
| Q2 25 | $109.3M | $4.7M | ||
| Q1 25 | $97.1M | $35.6M | ||
| Q4 24 | $100.6M | $23.5M | ||
| Q3 24 | $104.5M | $11.1M | ||
| Q2 24 | $91.6M | $3.2M | ||
| Q1 24 | $81.0M | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $337.9M | $600.0M | ||
| Q3 25 | $349.5M | $589.6M | ||
| Q2 25 | $320.4M | $575.4M | ||
| Q1 25 | $299.5M | $558.9M | ||
| Q4 24 | $299.5M | $556.8M | ||
| Q3 24 | $289.4M | $545.2M | ||
| Q2 24 | $267.2M | $544.6M | ||
| Q1 24 | $258.8M | $554.0M |
| Q4 25 | $894.0M | $904.1M | ||
| Q3 25 | $889.6M | $851.8M | ||
| Q2 25 | $868.6M | $795.0M | ||
| Q1 25 | $848.3M | $788.4M | ||
| Q4 24 | $830.4M | $793.1M | ||
| Q3 24 | $847.6M | $801.3M | ||
| Q2 24 | $827.4M | $788.4M | ||
| Q1 24 | $824.1M | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.30× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $29.4M | $-4.1M |
| Free Cash FlowOCF − Capex | $28.0M | $-11.3M |
| FCF MarginFCF / Revenue | 22.3% | -7.6% |
| Capex IntensityCapex / Revenue | 1.1% | 4.8% |
| Cash ConversionOCF / Net Profit | 46.11× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $118.9M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.4M | $-4.1M | ||
| Q3 25 | $67.5M | $19.4M | ||
| Q2 25 | $23.2M | $-13.8M | ||
| Q1 25 | $7.0M | $15.6M | ||
| Q4 24 | $11.5M | $14.0M | ||
| Q3 24 | $35.3M | $15.7M | ||
| Q2 24 | $35.0M | $37.8M | ||
| Q1 24 | $-11.0M | $12.9M |
| Q4 25 | $28.0M | $-11.3M | ||
| Q3 25 | $64.8M | $9.0M | ||
| Q2 25 | $20.9M | $-26.0M | ||
| Q1 25 | $5.3M | $12.3M | ||
| Q4 24 | $6.9M | $12.5M | ||
| Q3 24 | $34.2M | $13.3M | ||
| Q2 24 | $33.5M | $35.8M | ||
| Q1 24 | $-12.1M | $10.4M |
| Q4 25 | 22.3% | -7.6% | ||
| Q3 25 | 60.7% | 6.6% | ||
| Q2 25 | 22.8% | -23.5% | ||
| Q1 25 | 6.1% | 15.4% | ||
| Q4 24 | 7.4% | 11.6% | ||
| Q3 24 | 37.3% | 13.0% | ||
| Q2 24 | 37.6% | 36.1% | ||
| Q1 24 | -15.3% | 11.4% |
| Q4 25 | 1.1% | 4.8% | ||
| Q3 25 | 2.6% | 7.7% | ||
| Q2 25 | 2.6% | 11.0% | ||
| Q1 25 | 1.9% | 4.0% | ||
| Q4 24 | 5.0% | 1.4% | ||
| Q3 24 | 1.2% | 2.3% | ||
| Q2 24 | 1.8% | 2.0% | ||
| Q1 24 | 1.4% | 2.7% |
| Q4 25 | 46.11× | -0.50× | ||
| Q3 25 | 3.27× | 1.63× | ||
| Q2 25 | 2.06× | -1.00× | ||
| Q1 25 | 2.99× | — | ||
| Q4 24 | 2.16× | 1.79× | ||
| Q3 24 | 2.54× | — | ||
| Q2 24 | 9.78× | 3.21× | ||
| Q1 24 | -3.35× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IMAX
| Technology Sales | $46.6M | 37% |
| Image Enhancement And Maintenance Services | $38.1M | 30% |
| Joint Revenue Sharing Arrangement | $20.4M | 16% |
| Maintenance | $16.3M | 13% |
| Finance Income | $2.8M | 2% |
| Other Content Solutions | $1.6M | 1% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
