\nEastman Kodak Company (NYSE: KODK) today reported financial results for the second quarter 2025.<\/p>\n
\nSecond quarter 2025 highlights include:<\/p>\n
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- \nConsolidated revenues of $263 million, compared with $267 million for Q2 2024, a decrease of $4 million or 1 percent<\/p>\n<\/li>\n
- \nGross profit of $51 million, compared with $58 million for Q2 2024, a decrease of $7 million or 12 percent<\/p>\n<\/li>\n
- \nGross profit percentage of 19 percent, compared with 22 percent for Q2 2024, a decrease of 3 percentage points<\/p>\n<\/li>\n
- \nGAAP net loss of $26 million, compared with net income of $26 million for Q2 2024, a decrease of $52 million or 200 percent<\/p>\n<\/li>\n
- \nOperational EBITDA of $9 million, compared with $12 million for Q2 2024, a decrease of $3 million or 25 percent<\/p>\n<\/li>\n
- \nA quarter-end cash balance of $155 million, compared with $201 million on December 31, 2024, a decrease of $46 million; cash flow from operations decreased by $40 million from the prior-year period<\/p>\n<\/li>\n<\/ul>\n
\n\u201cIn the second quarter, Kodak continued to make progress against our long-term plan despite the challenges of an uncertain business environment,\u201d said Jim Continenza, Kodak\u2019s Executive Chairman and CEO. \u201cWhile tariffs did not have a material impact on our business in Q2, we are assessing the potential impact of new tariffs going forward. It\u2019s important to note that Kodak is committed to U.S. manufacturing \u2014 in fact, we manufacture a wide range of products in the U.S., including lithographic printing plates, photographic and industrial films, inkjet presses and inks, and pharmaceutical key starting ingredients \u2014 and our expectation is that tariffs instituted by the U.S. government are designed to protect American businesses like ours. We continue to accelerate the growth of our Advanced Materials & Chemicals (“AM&C”) business. I\u2019m pleased to report that our AM&C group\u2019s cGMP pharmaceutical manufacturing facility is now registered with the FDA and certified to manufacture and sell regulated pharmaceutical products, expanding our current business in unregulated pharmaceutical products. The facility will begin operation manufacturing phosphate buffered saline (PBS) for laboratory use and create a bridge to manufacturing more sophisticated specialty products, such as injectable IV saline, in the future. For the balance of the year, we plan to focus on serving our customers, strengthening our balance sheet and developing growth businesses for our future.\u201d<\/p>\n
\nFor the quarter ended June 30, 2025, revenues were $263 million, a decrease of $4 million or 1 percent compared to the same period in 2024. Adjusting for the favorable impact of foreign exchange of $5 million, revenues decreased by $9 million, or 3 percent when compared to the prior year.<\/p>\n
\nGAAP net loss was $26 million for the quarter, compared to net income of $26 million in 2024, a decrease of $52 million or 200 percent. Operational EBITDA for the quarter ended June 30, 2025, was $9 million, compared to $12 million in 2024, a decrease of $3 million or 25 percent. Adjusting for the favorable impact of foreign exchange of $1 million, Operational EBITDA decreased by $4 million or 33% compared to the prior year. The decrease in Operational EBITDA was primarily driven by lower volumes and higher aluminum and manufacturing costs, partially offset by price increases and lower spend on investments in information technology systems, organizational structure and costs associated with trade shows.<\/p>\n
\nKodak ended the quarter with a cash balance of $155 million, a decrease of $46 million from December 31, 2024. The decrease was primarily driven by capital expenditures to fund growth initiatives, changes in working capital, impact of higher costs and lower profitability from operations.<\/p>\n
\n\u201cDuring the second quarter, Kodak continued its focus on improving the efficiency of our operations and investing in growth initiatives in our AM&C group,\u201d said David Bullwinkle, Kodak\u2019s CFO. \u201cRevenue for the quarter was roughly flat year over year, which was in line with expectations, and we continued to see revenue growth in our AM&C business. In Q2 we saw a significant improvement in our use of cash compared with the first quarter, reducing our cash balance by $3 million to $155 million, compared with $201 million on December 31, 2024. The termination of our U.S. Kodak Retirement Income Plan and subsequent reversion of excess funds to pay down debt is progressing as planned. We expect to have a clear understanding by August 15 of how we will satisfy our obligations to all plan participants, and we anticipate completing the reversion by December of 2025. For the second half of the year, we will continue to focus on reducing costs today and converting our investments into long-term growth.\u201d<\/p>\n
Going Concern Assessment<\/b><\/p>\n
\nKodak has included a disclosure regarding its going concern assessment in its second quarter 2025 Form 10-Q filing. Kodak\u2019s plans to adequately fund its preferred stock and debt obligations when they become due are to use the proceeds from the expected reversion of cash to the Company upon settlement of obligations under the Kodak Retirement Income Plan to reduce the amount of term debt and to amend, extend or refinance its remaining debt and preferred stock obligations. These plans are not solely within Kodak\u2019s control and therefore are not deemed \u201cprobable\u201d under U.S. GAAP accounting rules. As a result, these conditions raise substantial doubt about the Company\u2019s ability to continue as a going concern as of the issuance date of the Company\u2019s second quarter financials. Refer to Going Concern subsection of Note 1, \u201cBasis of Presentation and Recent Accounting Pronouncements\u201d in the Company\u2019s second quarter 2025 Form 10-Q for additional information.<\/p>\n
Revenue and Operational EBITDA by Reportable Segment Q2 2025 vs. Q2 2024<\/b><\/p>\n
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