Kodak Reports 2Q 2025 Financial Results

Eastman Kodak reported financial results for the second quarter 2025.

Second quarter 2025 highlights include:

• Consolidated revenues of $263 million, compared with $267 million for Q2 2024, a decrease of $4 million or 1%.

• Gross profit of $51 million, compared with $58 million for Q2 2024, a decrease of $7 million or 12%.

• Gross profit percentage of 19%, compared with 22% for Q2 2024, a decrease of 3%age points.

• GAAP net loss of $26 million, compared with net income of $26 million for Q2 2024, a decrease of $52 million or 200%.

• Operational EBITDA of $9 million, compared with $12 million for Q2 2024, a decrease of $3 million or 25%.

• A 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.

“In the second quarter, Kodak continued to make progress against our long-term plan despite the challenges of an uncertain business environment,” says Jim Continenza, Kodak’s executive chairman and CEO.

“While tariffs did not have a material impact on our business in Q2, we are assessing the potential impact of new tariffs going forward,” Continenza adds. “It’s important to note that Kodak is committed to U.S. manufacturing — 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 — 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,” he notes. “I’m pleased to report that our AM&C group’s 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.”

Financial Data

For the quarter ended June 30, 2025, revenues were $263 million, a decrease of $4 million or 1% 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% when compared to the prior year.

GAAP net loss was $26 million for the quarter, compared to net income of $26 million in 2024, a decrease of $52 million or 200%. 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%.

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.

Kodak 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.

“During the second quarter, Kodak continued its focus on improving the efficiency of our operations and investing in growth initiatives in our AM&C group,” says David Bullwinkle, Kodak’s CFO. “Revenue 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,” adds Bullwinkle. “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.”