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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________

FORM 10-Q

(Mark One)


þ	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2025


¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission file number 1-8625

$C:\Users\matthew.elmshauser\Pictures\Reading International logo.jpg$

READING INTERNATIONAL, INC.

(Exact name of Registrant as specified in its charter)

Nevada

State or other jurisdiction of incorporation or organization)

95-3885184

(IRS Employer Identification Number)

189 Second Avenue, Suite 2S

New York, New York

(Address of principal executive offices)

10003

(Zip Code)

Registrant’s telephone number, including area code: (213) 235-2240

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Class A Nonvoting Common Stock, $0.01 par value	RDI	The Nasdaq Stock Market LLC
Class B Voting Common Stock, $0.01 par value	RDIB	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ¨ Accelerated Filer ¨ Non-Accelerated Filer þ Smaller Reporting Company þ Emerging Growth Company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of November 13, 2025, there were 21,036,670 shares of Class A Nonvoting Common Stock, $0.01 par value per share, and 1,680,590 shares of Class B Voting Common Stock, $0.01 par value per share, outstanding.
‎

READING INTERNATIONAL, INC. AND SUBSIDIARIES

TABLE OF CONTENTS


	Page
PART I - Financial Information	3
Item 1 – Financial Statements	3
Consolidated Balance Sheets (Unaudited)	3
Consolidated Statements of Income (Unaudited)	4
Consolidated Statements of Comprehensive Income (Unaudited)	5
Consolidated Statements of Cash Flows (Unaudited)	6
Notes to Consolidated Financial Statements (Unaudited)	7
Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3 – Quantitative and Qualitative Disclosure about Market Risk	49
Item 4 – Controls and Procedures	51
PART II – Other Information	52
Item 1 – Legal Proceedings	52
Item 1A – Risk Factors	52
Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds	52
Item 3 – Defaults Upon Senior Securities	52
Item 4 – Mine Safety Disclosure	52
Item 5 – Other Information	52
Item 6 – Exhibits	53
SIGNATURES	54
Certifications

‎

PART 1 – FINANCIAL INFORMATION

Item 1 - Financial Statements

READING INTERNATIONAL, INC.

CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands, except share information)



	September 30,		December 31,
	2025		2024
ASSETS	(Unaudited)
Current Assets:
Cash and cash equivalents	$	8,090	$	12,347
Restricted cash		2,458		2,735
Receivables		2,777		5,276
Inventories		1,655		1,685
Prepaid and other current assets		3,368		2,668
Land and property held for sale		460		32,331
Total current assets		18,808		57,042
Operating property, net		210,525		214,694
Operating lease right-of-use assets		161,400		160,873
Investment in unconsolidated joint ventures		3,447		3,138
Goodwill		24,576		23,712
Intangible assets, net		1,710		1,800
Deferred tax asset, net		1,591		953
Other assets		13,129		8,799
Total assets	$	435,186	$	471,011
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued liabilities	$	55,027	$	48,651
Film rent payable		3,458		5,820
Debt - current portion		16,451		69,193
Derivative financial instruments - current portion		131		—
Taxes payable - current		891		891
Deferred revenue		8,771		9,731
Operating lease liabilities - current portion		20,176		20,747
Other current liabilities		6,587		6,593
Total current liabilities		111,492		161,626
Debt - long-term portion		127,601		105,239
Derivative financial instruments - non-current portion		—		137
Subordinated debt, net		27,561		27,394
Noncurrent tax liabilities		6,384		6,041
Operating lease liabilities - non-current portion		161,593		161,702
Other liabilities		13,567		13,662
Total liabilities	$	448,198	$	475,801
Commitments and contingencies (Note 16)
Stockholders’ equity:
Class A non-voting common shares, par value $0.01, 100,000,000 shares authorized,
33,972,781 issued and 21,036,670 outstanding at September 30, 2025 and
33,681,705 issued and 20,745,594 outstanding at December 31, 2024		241		238
Class B voting common shares, par value $0.01, 20,000,000 shares authorized and
1,680,590 issued and outstanding at September 30, 2025 and December 31, 2024		17		17
Nonvoting preferred shares, par value $0.01, 12,000 shares authorized and no issued
or outstanding shares at September 30, 2025 and December 31, 2024		—		—
Additional paid-in capital		159,087		157,751
Retained earnings/(deficits)		(126,370)		(114,790)
Treasury shares		(40,407)		(40,407)
Accumulated other comprehensive income		(4,630)		(7,173)
Total Reading International, Inc. stockholders’ equity		(12,062)		(4,364)
Noncontrolling interests		(950)		(426)
Total stockholders’ equity		(13,012)		(4,790)
Total liabilities and stockholders’ equity	$	435,186	$	471,011

See accompanying Notes to the Unaudited Consolidated Financial Statements.

READING INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited; U.S. dollars in thousands, except per share data)



	Quarter Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Revenue
Cinema	$	48,555	$	56,357	$	141,740	$	140,570
Real estate		3,615		3,733		10,976		11,381
Total revenue		52,170		60,090		152,716		151,951
Costs and expenses
Cinema		(42,742)		(49,468)		(126,203)		(132,944)
Real estate		(1,863)		(2,106)		(5,658)		(6,801)
Depreciation and amortization		(3,236)		(3,926)		(9,992)		(12,142)
General and administrative		(4,658)		(4,933)		(15,194)		(15,626)
Total costs and expenses		(52,499)		(60,433)		(157,047)		(167,513)
Operating income (loss)		(329)		(343)		(4,331)		(15,562)
Interest expense, net		(4,174)		(5,245)		(13,270)		(15,907)
Gain (loss) on sale of assets		(66)		(208)		8,332		(1,324)
Other income (expense)		462		(714)		(2,145)		(593)
Income (loss) before income tax expense and equity earnings of unconsolidated joint ventures		(4,107)		(6,510)		(11,414)		(33,386)
Equity earnings of unconsolidated joint ventures		121		71		428		164
Income (loss) before income taxes		(3,986)		(6,439)		(10,986)		(33,222)
Income tax benefit (expense)		(319)		(700)		(1,071)		(321)
Net income (loss)	$	(4,305)	$	(7,139)	$	(12,057)	$	(33,543)
Less: net income (loss) attributable to noncontrolling interests		(148)		(111)		(477)		(481)
Net income (loss) attributable to Reading International, Inc.	$	(4,157)	$	(7,028)	$	(11,580)	$	(33,062)
Basic earnings (loss) per share	$	(0.18)	$	(0.31)	$	(0.51)	$	(1.48)
Diluted earnings (loss) per share	$	(0.18)	$	(0.31)	$	(0.51)	$	(1.48)
Weighted average number of shares outstanding–basic		22,717,260		22,426,184		22,631,660		22,394,385
Weighted average number of shares outstanding–diluted		22,717,260		22,426,184		22,631,660		22,394,385

See accompanying Notes to the Unaudited Consolidated Financial Statements.

READING INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited; U.S. dollars in thousands)



	Quarter Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Net income (loss)	$	(4,305)	$	(7,139)	$	(12,057)	$	(33,543)
Foreign currency translation gain (loss)		(770)		1,620		2,384		(44)
Gain (loss) on cash flow hedges		104		(171)		6		(269)
Other		53		50		162		158
Comprehensive income (loss)		(4,918)		(5,640)		(9,505)		(33,698)
Less: net income (loss) attributable to noncontrolling interests		(148)		(111)		(477)		(481)
Less: comprehensive income (loss) attributable to noncontrolling interests		—		5		9		3
Comprehensive income (loss)	$	(4,770)		(5,534)	$	(9,037)	$	(33,220)

See accompanying Notes to the Unaudited Consolidated Financial Statements.

‎

READING INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; U.S. dollars in thousands)



	Nine Months Ended
	September 30,
	2025		2024
Operating Activities
Net income (loss)	$	(12,057)	$	(33,543)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity earnings of unconsolidated joint ventures		(428)		(164)
Distributions of earnings from unconsolidated joint ventures		337		695
(Gain) loss recognized on foreign currency transactions		2,200		(83)
(Gain) loss on sale of assets		(8,332)		1,324
Amortization of operating leases		16,648		15,500
Amortization of finance leases		31		31
Change in operating lease liabilities		(16,126)		(16,212)
Change in net deferred tax assets		(534)		71
Depreciation and amortization		9,992		12,142
Other amortization		891		1,107
Stock based compensation expense		1,521		1,737
Net changes in operating assets and liabilities:
Receivables		588		2,107
Prepaid and other assets		(5,090)		(26)
Payments for accrued pension		(513)		(513)
Accounts payable and accrued expenses		8,486		7,151
Film rent payable		(2,474)		(2,420)
Taxes payable		(29)		(1,165)
Deferred revenue and other liabilities		(967)		443
Net cash provided by (used in) operating activities		(5,856)		(11,818)
Investing Activities
Purchases of and additions to operating and investment properties		(1,176)		(4,571)
Contributions to unconsolidated joint ventures		—		(30)
Proceeds from sale of assets		38,498		9,590
Net cash provided by (used in) investing activities		37,322		4,989
Financing Activities
Repayment of borrowings		(35,029)		(13,381)
Repayment of finance lease principal		(32)		(30)
Proceeds from borrowings		—		16,027
Capitalized borrowing costs		(872)		(483)
(Cash paid) proceeds from the settlement of employee share transactions		(182)		(6)
Noncontrolling interest distributions		(57)		—
Net cash provided by (used in) financing activities		(36,172)		2,127
Effect of exchange rate on cash and restricted cash		172		744
Net increase (decrease) in cash and cash equivalents and restricted cash		(4,534)		(3,958)
Cash and cash equivalents and restricted cash at the beginning of the period		15,082		15,441
Cash and cash equivalents and restricted cash at the end of the period	$	10,548	$	11,483

Cash and cash equivalents and restricted cash consists of:
Cash and cash equivalents	$	8,090	$	10,083
Restricted cash		2,458		1,400
	$	10,548	$	11,483



Supplemental Disclosures
Interest paid	$	11,922	$	14,427
Income taxes (refunded) paid		2,309		1,638
Non-Cash Transactions
Additions to operating and investing properties through accrued expenses		487		940

See accompanying Notes to the Unaudited Consolidated Financial Statements.

READING INTERNATIONAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
‎As of and for the nine Months Ended September 30, 2025

NOTE 1 – DESCRIPTION OF BUSINESS AND SEGMENT REPORTING

Our Company

Reading International, Inc., a Nevada corporation (“RDI” and collectively with our consolidated subsidiaries and corporate predecessors, the “Company,” “Reading,” and “we,” “us,” or “our”) was incorporated in 1999. Our businesses consist primarily of:

the development, ownership, and operation of cinemas in the United States, Australia, and New Zealand; and

the development, ownership, operation and/or rental of retail, commercial and live venue real estate assets in Australia, New Zealand, and the United States.

NOTE 2 – LIQUIDITY AND IMPAIRMENT ASSESSMENT

Going Concern

We continue to evaluate the going concern assertion required by ASC 205-40 Going Concern as it relates to our Company. The evaluation of the going concern assertion involves considering whether it is probable that our Company has sufficient resources, as at the issue date of the financial statements, to meet its obligations as they fall due for twelve months following the issue date. Should it be probable that there are not sufficient resources, we must develop plans to overcome that shortfall. We must then determine whether it is probable that our plans will be effectively implemented and will mitigate the consequential going concern substantial doubt.

We have $16.5 million of debt due in twelve months, cash of $10.5 million and negative working capital of $92.7 million. As a result, we have developed a plan to address and overcome the going concern uncertainty. Our plan is informed by current liquidity positions, debt obligations, our beliefs about the marketability of certain real estate properties, our beliefs about the recovery of the global cinema industry, cash flow estimates, known capital and other expenditure requirements and commitments and our current business plan and strategies. Our Company’s business plan - two businesses (real estate and cinema) in three countries (Australia, New Zealand and the U.S.) - has served us well historically and is key to management’s overall evaluation of ASC 205-40 Going Concern.

While we believe that, with an increase in the quantity and quality of films being released to cinemas compared to pre-pandemic levels, patronage and operating revenue levels will improve, we have no control over attendance levels and no assurances can be given as to the nature of the reception of future movies by the movie-going public.

We have begun the process of refinancing and/or extending certain loans, as further discussed in Note 13 - Borrowings. On January 31, 2025, we repaid our $10.7 million Westpac loan. On February 5, 2025, we repaid $6.1 million of our Bank of America facility, taking the balance to $8.7 million. On July 3, 2025, we extended the maturity date of this loan to May 18, 2026. On February 26, 2025, we exercised our option to extend our Valley National debt to October 1, 2025. On May 2, 2025, we extended our Emerald Creek Capital loan to November 6, 2026. On May 21, 2025, we sold our Cannon Park property for $20.7 million, and repaid our $12.9 million NAB bridging facility and $970,000 on our NAB Core Facility. On July 18, 2025, we extended the maturity date of our Santander loan to June 1, 2026. On November 12, we extended our NAB facility by five years, and on November 13, we extended our Valley National debt of $20.4 million to October 1, 2026.

Moreover, we intend to raise the liquidity necessary for the next twelve months from refinancings and real estate asset monetization. Management has been authorized to pursue such actions where necessary. We believe we have more than sufficient marketable real estate assets that can be monetized on a timely basis and at the values required to meet our funding needs over the next twelve months. After having sold nine property assets with combined proceeds of $201.5 million since 2021, we have demonstrated our ability to complete real estate asset monetizations.

In conclusion, as of the date of issuance of these financial statements, based on our evaluation of ASC 205-40 Going Concern and the current conditions and events, considered in the aggregate, and our various plans for enhancing liquidity and the extent to which those plans are progressing, we conclude that our plan to raise sufficient liquidity primarily through certain real estate asset monetizations to the extent needed is probable of being implemented to the extent required such that this alleviates the substantial doubt about our Company’s ability to continue as a going concern.

Impairment Considerations

Our Company considers that the events and factors described above constitute impairment indicators under ASC 360 Property, Plant and Equipment. At December 31, 2024, our Company performed a quantitative recoverability test of the carrying values of all its asset

groups. Our Company estimated the undiscounted future cash flows expected to result from the use of these asset groups and found that no impairment charge was necessary. The nine months to September 30, 2025, produced higher revenues and operating income compared to the same period in 2024, and we believe that this improved performance at an asset group level will continue throughout the remaining quarter of 2025. As a result, we recorded no impairment charges for the nine months to September 30, 2025. Actual performance against our forecasts is dependent on several variables and conditions, many of which are subject to the uncertainties associated with among other things, the factors presented above, and as a result, actual results may materially differ from management’s estimates.

Our Company also considers that the events and factors described above continue to constitute impairment indicators under ASC 350 Intangibles – Goodwill and Other. Our Company performed a quantitative goodwill impairment test and determined that our goodwill was not impaired as of December 31, 2024. The test was performed at a reporting unit level by comparing each reporting unit’s carrying value, including goodwill, to its fair value. The fair value of each reporting unit was assessed using a discounted cash flow model based on the budgetary revisions performed by management in response to COVID-19 and the developing market conditions. No impairment charges were recorded in the nine months to September 30, 2025. Actual performance against our forecasts is dependent on several variables and conditions, including among other things, the factors presented above, and as a result, actual results may materially differ from management’s estimates.

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Consolidation

The accompanying consolidated financial statements include the accounts of our Company’s wholly-owned subsidiaries as well as majority-owned subsidiaries that our Company controls and should be read in conjunction with our Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2024 (“2024 Form 10-K”). All significant intercompany balances and transactions have been eliminated on consolidation. These consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim reporting with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (“SEC”). As such, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. We believe that we have included all normal and recurring adjustments necessary for a fair presentation of the results for the interim period.

Operating results for the quarter and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and footnotes thereto. Significant estimates include (i) projections we make regarding the recoverability and impairment of our assets (including goodwill and intangibles), (ii) valuations of our derivative instruments, (iii) recoverability of our deferred tax assets, (iv) estimation of breakage and redemption experience rates, which drive how we recognize breakage on our gift card and gift certificates, and revenue from our customer loyalty programs, and (v) estimation of our Incremental Borrowing Rate (“IBR”) as relates to the valuation of our right-of-use assets and lease liabilities. Actual results may differ from those estimates.

Recently Adopted and Issued Accounting Pronouncements

Adopted:

ASU 2023-07 Segment Reporting: Improvements to Reportable Segment Disclosures

On December 16, 2024, we adopted ASU 2023-07: Segment Reporting: Improvements to Reportable Segment Disclosures. This ASU expends the disclosures required by public entities for reportable segments. Adoption of the ASU has had no material effect on our consolidated financial statements from a recognition and measurement perspective, and has not altered our reportable segments, but has enhanced our disclosure of certain expenses and profitability measurement.

Recently Announced:

ASU 2023-09 Income Taxes: Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASC 2023-09 Income Taxes: Improvements to Income Tax Disclosures (“ASU 2023-09”). The amendments in ASU 2023-09 require entities to disclose on an annual basis (i) specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold. The amendments also require that entities disclose various information about income taxes paid and (i) income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and (ii) foreign and income tax expense (or benefit) from continuing operations disaggregated by federal (national), state, and foreign. ASU 2023-09 is effective for the Company for the year ended December 31, 2025.

ASU 2024-03 Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures

In November 2024, the FASB issued ASC 2024-03, Income Statement (Subtopic 220-40)—Reporting Comprehensive Income-Expense Disaggregation Disclosures (“ASU 2024-03”). The amendments in ASU 2024-03 require that public business entities disclose additional information about specific expense categories in the notes to financial statements for interim and annual reporting periods. ASU 2024-03 is effective for the Company for the year ended December 31, 2027.

NOTE 4 – SEGMENT REPORTING

We report information about operating segments in accordance with ASC 280-10 Segment Reporting, which requires financial information to be reported based on the way management organizes segments with a company for making operating decisions and evaluating performance. We have organized our business into two reportable segments, being cinema exhibition and real estate.

Our cinema exhibition segment aggregates all our cinemas, both leased and owned, across the United States, Australia and New Zealand. Each of our cinemas earns revenue through the sale of movie tickets, food and beverage, screen advertising, theatre rentals, merchandise, gift card and loyalty membership, and other ancillary sales. The segment also earns revenue through service fees related to online ticket sales. Expenses are incurred through film rent, wages and salaries, food and beverage costs, occupancy costs, utilities, and other ancillary costs. We further organize this segment by geography, as while all our cinemas are engaged in substantially the same business activities, each geography is subject to its own unique regulatory and business conditions.

Our real estate segment aggregates all our retail, commercial and live theatre real estate assets across Australia, New Zealand, and the United States. Our retail and commercial real estate assets earn revenue through the leasing or licensing of space to third party tenants.

Our live theatre assets in the United States earn revenue through leasing or licensing space to third party production companies, an activity we consider sufficiently similar to our broader real estate base to support inclusion in our real estate segment. Our live theatre operations also earn revenue by providing front of house and box office services and through concession sale of food and beverage. All of our real estate assets incur expenses from property maintenance, utilities, taxes, and other costs of maintaining real estate and in some cases third party property management.

Each of these segments has discrete and separate financial information and for which operating results are evaluated regularly by our President, Chief Executive Officer and Vice Chair of the Board of Directors, the chief operating decision-maker (“CODM”) of the Company. The CODM is responsible for the allocation of resources to, and the assessment of the performance of, our operating segments. The CODM determines, among other things:

-the execution, renewal or termination of cinema leases

-the execution, renewal or termination of third-party tenant leases

-significant capital expenditures

-internal resource allocation

-operational budgets.

Segment operating income is a key measure of profit or loss used by the CODM to assess segment performance and allocate resources. Segment operating income includes certain amounts charged by our real estate segment to our cinema exhibition segment where a cinema exhibition is a tenant of the real estate segment. These charges are eliminated for consolidated financial statement purposes in the consolidated income statement, but are presented gross to the CODM.

The tables below summarize the results of operations for each of our business segments, presenting a reconciliation of segment revenue to operating segment income, and the impact of inter-segment transactions.



	Quarter Ended						Quarter Ended						Nine Months Ended						Nine Months Ended
	September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
(Dollars in thousands)	Cinema		Real ‎Estate		Total		Cinema		Real ‎Estate		Total		Cinema		Real ‎Estate		Total		Cinema		Real ‎Estate		Total
Revenue - third party	$	48,555	$	3,615	$	52,170	$	56,357	$	3,733	$	60,090	$	141,740	$	10,976	$	152,716	$	140,570	$	11,381	$	151,951
Inter-segment revenue ⁽¹⁾		—		952		952		—		1,165		1,165		—		3,089		3,089		—		3,463		3,463
Total segment revenue		48,555		4,567		53,122		56,357		4,898		61,255		141,740		14,065		155,805		140,570		14,844		155,414
Operating expense
Operating Expense - Third Party		(42,742)		(1,863)		(44,605)		(49,468)		(2,106)		(51,574)		(126,203)		(5,658)		(131,861)		(132,944)		(6,801)		(139,745)
Inter-Segment Operating Expenses ⁽¹⁾		(952)		—		(952)		(1,165)		—		(1,165)		(3,089)		—		(3,089)		(3,463)		—		(3,463)
Total of services and products (excluding depreciation and amortization)		(43,694)		(1,863)		(45,557)		(50,633)		(2,106)		(52,739)		(129,292)		(5,658)		(134,950)		(136,407)		(6,801)		(143,208)
Depreciation and amortization		(2,045)		(1,115)		(3,160)		(2,608)		(1,210)		(3,818)		(6,358)		(3,341)		(9,699)		(7,753)		(4,084)		(11,837)
General and administrative expense		(1,060)		(202)		(1,262)		(903)		(186)		(1,089)		(3,358)		(605)		(3,963)		(2,973)		(725)		(3,698)
Total operating expense		(46,799)		(3,180)		(49,979)		(54,144)		(3,502)		(57,646)		(139,008)		(9,604)		(148,612)		(147,133)		(11,610)		(158,743)
Segment operating income (loss)	$	1,756	$	1,387	$	3,143	$	2,213	$	1,396	$	3,609	$	2,732	$	4,461	$	7,193	$	(6,563)	$	3,234	$	(3,329)

(1)Inter-segment Revenues and Operating Expense relates to the internal charge between the two segments where the cinema operates within real estate owned within the group.

A reconciliation of cinema exhibition segment revenue to segment operating income for the quarter and nine months ended September 30, 2025 and September 30, 2024, is as follows:


			Quarter Ended				Nine Months Ended
(Dollars in thousands)			September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
REVENUE
	United States	Admissions revenue	$	13,784	$	15,445	$	40,128	$	39,368
		Concessions revenue		9,276		9,824		26,659		24,237
		Advertising and other revenue		2,062		2,547		6,889		6,996
			$	25,122	$	27,816	$	73,676	$	70,601

	Australia	Admissions revenue	$	12,396	$	14,445	$	36,301	$	35,559
		Concessions revenue		6,459		8,691		18,528		20,805
		Advertising and other revenue		1,657		1,609		4,274		4,248
			$	20,512	$	24,745	$	59,103	$	60,612

	New Zealand	Admissions revenue	$	1,836	$	2,215	$	5,718	$	5,559
		Concessions revenue		906		1,339		2,807		3,262
		Advertising and other revenue		179		242		436		536
			$	2,921	$	3,796	$	8,961	$	9,357

	Total revenue		$	48,555	$	56,357	$	141,740	$	140,570

OPERATING EXPENSE
	United States	Film rent and advertising cost	$	(7,557)	$	(8,783)	$	(21,723)	$	(21,192)
		Food & beverage cost		(2,344)		(2,632)		(6,858)		(6,550)
		Occupancy expense		(4,112)		(5,198)		(12,499)		(17,530)
		Labor cost		(4,184)		(4,657)		(12,477)		(12,807)
		Utilities		(1,657)		(1,957)		(4,207)		(4,602)
		Cleaning and maintenance		(1,751)		(1,914)		(5,046)		(4,998)
		Other operating expenses		(1,872)		(1,860)		(6,339)		(6,078)
			$	(23,477)	$	(27,001)	$	(69,149)	$	(73,757)

	Australia	Film rent and advertising cost	$	(5,484)	$	(6,775)	$	(16,026)	$	(16,170)
		Food & beverage cost		(1,328)		(1,922)		(3,934)		(4,631)
		Occupancy expense		(4,415)		(4,673)		(13,221)		(13,612)
		Labor cost		(3,377)		(3,794)		(10,108)		(10,510)
		Utilities		(815)		(719)		(2,308)		(2,171)
		Cleaning and maintenance		(1,163)		(1,352)		(3,466)		(3,728)
		Other operating expenses		(903)		(966)		(2,477)

READING INTERNATIONAL INC 10-Q