Kodak Reports 4Q, Full-Year 2023 Financial Results

Eastman Kodak Company reported financial results for the fourth quarter and full year 2023.

Fourth-quarter 2023 highlights include consolidated revenues of $275 million, compared with $305 million for Q4 2022, a decrease of $30 million or 10% (decreased by $35 million on a constant currency basis, or 11%. Gross profit was $47 million, compared with $43 million for Q4 2022, an increase of $4 million or 9%. Operational EBITDA was $2 million, compared with $7 million for Q4 2022, a decrease of $5 million or 71%.

Full-year 2023 highlights include consolidated revenues of $1.117 billion, compared with $1.205 billion for the full year 2022, a decrease of $88 million or 7% (decreased by $89 million on a constant currency basis, or 7%).

Gross profit was $210 million, compared with $170 million for full year 2022, an increase of $40 million or 24%. GAAP net income was $75 million, compared with $26 million for 2022, an increase of $49 million or 188%. Operational EBITDA was $45 million, compared with $18 million for 2022, an increase of $27 million or 150%.

Kodak had a year-end cash balance of $255 million, compared with $217 million on December 31, 2022, an increase of $38 million; cash flow from operations improved by $154 million from the prior period.

“After almost five years of executing our plan, we saw our efforts start to come to fruition in 2023, delivering year-over-year improvements in gross profit and operational EBITDA and building a strong foundation for growth,” said Jim Continenza, Kodak’s executive chairman and CEO. “Our recent progress has been the result of our ability to adapt to difficult business conditions and our commitment to executing our long-term plan: investing in innovation, improving efficiency and helping our customers stay productive and profitable.

“We continue to innovate across our traditional and digital print portfolio, and we will introduce a wide range of products at the upcoming drupa tradeshow,” Continenza added. “We continue to invest in growth initiatives in our Advanced Materials & Chemicals group and have seen increasing revenue contributions from those businesses.”

“Kodak delivered strong cash performance in 2023, generating cash in the fourth quarter and increasing full year cash flow from operations by $154 million compared to 2022,” said David Bullwinkle, Kodak’s CFO. “Throughout the year, our team improved profitability and performance in working capital to enhance the company’s ability to generate cash which we delivered in three of the last four quarters. The company also delivered year-over-year improvement in gross profitage, reflecting our strategic focus on improving operational efficiency and driving smart revenue. For the year ahead, we plan to build on our momentum by continuing to execute our long-term plan.”