10-K · March 31, 2026
Reading International positions itself as a hybrid cinema-exhibition and real estate owner/operator with 58 cinemas (469 screens) and a real estate portfolio of ~9,114,000 sq ft of land and ~429,000 sq ft of net…
Earnings analysis · 10-K
RDIB earnings analysis
Filed April 20, 2026 · Our reading of the company's report
The latest report
This Form 10-K/A (Amendment No.1) for the fiscal year ended December 31, 2025 amends and restates the Exhibit Index and adds Exhibit 97.1 (an Executive Officer Clawback Policy). The amendment does not change the…
Read full summary
This Form 10-K/A (Amendment No.1) for the fiscal year ended December 31, 2025 amends and restates the Exhibit Index and adds Exhibit 97.1 (an Executive Officer Clawback Policy). The amendment does not change the previously-filed financial statements or MD&A and contains no financial statements itself. The filing highlights the company’s small public market capitalization ($26,804,265 as of June 30, 2025) and discloses an active history of financing amendments (including a "Waiver and Eleventh Amendment" dated December 29, 2025). Given the narrow scope of the amendment and lack of new operating/financial detail, there is limited incremental information for valuation.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Exhibit 97.1 added (Executive Officer Clawback Policy)
The filing adds Exhibit 97.1 — "Reading International, Inc. Executive Officer Clawback Policy, effective as of October 2, 2023" ("Filed as Exhibit 97.1 to the Company’s Annual Report on Form 10-K/A No.1 for the year ended December 31, 2023 ... and incorporated herein by reference").
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Shares outstanding reported
As of March 30, 2026 the Company reports 21,036,670 shares of Class A non-voting common stock and 1,680,590 shares of Class B voting common stock outstanding ("As of March 30, 2026, there were 21,036,670 shares of class A ... and 1,680,590 shares of class B ... outstanding").
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Public market value is small
The aggregate market value of the registrant's voting and non-voting common equity held by non-affiliates was $26,804,265 as of June 30, 2025 ("As of June 30, 2025 ... was $26,804,265").
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Amendment limited in scope
The company states explicitly that the Form 10-K/A is filed "to amend and restate the Exhibit Index" and that "Except as otherwise expressly noted above, this Form 10-K/A does not amend any other information set forth in the 2025 Form 10-K."
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No financial statements included
The filing notes "Because no financial statements have been included in this Form 10-K/A and this Form 10-K/A does not contain or amend any disclosure with respect to Item 307 or Item 308 ... paragraphs 3, 4 and 5 of the certifications ... have been omitted."
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Filing and signature date
This Amendment No. 1 to the Annual Report on Form 10-K was filed April 20, 2026 and is signed by Gilbert Avanes, Executive Vice President, Chief Financial Officer and Treasurer ("Date: April 20, 2026 By: /s/ Gilbert Avanes Gilbert Avanes ...").
What to watch
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Extensive credit agreement amendments
The Exhibit Index documents numerous waivers and amendments to the Second Amended and Restated Credit Agreement, culminating in a "Waiver and Eleventh Amendment ... dated December 29, 2025" ("Waiver and Eleventh Amendment ... dated December 29, 2025, filed as Exhibit 10.45").
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Limited public float / liquidity risk
The registrant’s aggregate market value held by non-affiliates was $26,804,265 as of June 30, 2025, indicating a relatively small public market capitalization ("As of June 30, 2025 ... was $26,804,265").
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Disclosure not updated for events after Form 10-K date
The company cautions that "this Form 10-K/A continues to speak as of the date of the 2025 Form 10-K and, except where expressly noted, we have not updated disclosures ... to reflect any events that occurred at a date subsequent to the date of the 2025 Form 10-K."
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No new financial data in amendment
The filing confirms "no financial statements have been included in this Form 10-K/A," meaning investors do not receive updated financial metrics in this amendment.
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Dual-class share structure disclosed
The company continues to maintain a dual-class structure with 21,036,670 Class A non-voting shares and 1,680,590 Class B voting shares outstanding as of March 30, 2026 ("As of March 30, 2026, there were 21,036,670 ... and 1,680,590 ... outstanding").
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Smaller reporting company status
The filing indicates the registrant is a "Smaller reporting company" (checked as such in the filing), which can result in reduced disclosure obligations ("Smaller reporting company x").
Management's outlook
This Form 10-K/A does not contain forward-looking numeric guidance; the amendment is limited to the Exhibit Index and does not provide an annual outlook. Annual outlook and numeric guidance are expected to be provided in the Company's earnings press releases / calls rather than in this 10-K/A ("Except as otherwise expressly noted above, this Form 10-K/A does not amend any other information ...").
Earlier filings 4
10-Q · November 14, 2025
Reading International reported quarter revenue of $52,170,000 and GAAP diluted EPS of -$0.18 for the quarter ended September 30, 2025. Revenue and segment cinema top-line declined versus the prior-year quarter, but…
10-Q · August 14, 2025
Reading International reported Q2 revenue of $60.378M and EPS of $(0.12). Revenue and operating results improved materially versus the year-ago quarter (revenue +$13.569M, operating income swung to $2.891M from a…
10-Q · May 15, 2025
Revenue declined 10.8% year-over-year to $40.17M while operating loss narrowed to $(6.89)M and net loss attributable to the company improved to $(4.75)M. EPS improved to $(0.21) from $(0.59) a year ago. Real estate…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.