Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $247 million, a slight decline of $2 million or 1% compared to $249 million in Q1 2024, indicating a slowdown in the rate of decline [10][18] - Gross profit decreased by $3 million or 6% year-over-year, with a gross profit percentage of 19% compared to 20% in the prior year [20][21] - The company reported a net loss of $7 million for Q1 2025, a significant decrease of $39 million from a net income of $32 million in Q1 2024 [20][21] - Operational EBITDA for Q1 2025 was $2 million, down from $4 million in the prior year [21] Business Line Data and Key Metrics Changes - The Advanced Materials and Chemical Group (AM and C) is highlighted as crucial for Kodak's future, with ongoing investments in growth initiatives, including a new CGMP pharma manufacturing facility [10][11] - The commercial print business is transitioning to controlled production of the Prosper Ultra 520 press, with continuous demand for U.S.-made lithographic printing plates [12] Market Data and Key Metrics Changes - Demand for various types of film, including still and motion picture, continues to grow, prompting investments in expanding film facility capacity [11] - The company remains committed to U.S.-based manufacturing, which is expected to reduce environmental impact and ensure high quality and reliable supply [12][25] Company Strategy and Development Direction - Kodak is focused on operational efficiencies and cost reduction, having shut down unprofitable businesses to concentrate on growth areas [8][10] - The company is navigating tariff changes and is committed to compliance while aiming for long-term gains despite short-term challenges [9][10] - Kodak's strategy includes leveraging excess pension fund assets to reduce long-term debt and interest costs, facilitating further investments in profitable growth [26] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the global economic uncertainty but emphasizes the company's commitment to executing its long-term plan [7][18] - The focus remains on driving smart revenue, implementing pricing rationalization, and investing in innovation and IT systems to enhance operational efficiency [17][18] Other Important Information - The termination and settlement process for the U.S. Kodak Retirement Income Plan is proceeding as planned, with expectations for a significant portion of reverted assets to be used for debt reduction [14][16] - The company ended Q1 2025 with a cash balance of $158 million, a decrease of $43 million from the previous year, primarily due to investments in growth initiatives and increased costs [21][22] Summary of Q&A Session - No formal Q&A session was held during the call, but the Investor Relations team is available for follow-up inquiries [6]

Financial Performance - Consolidated revenues for Q1 2025 were $247 million, a decrease of $2 million or 1% compared to Q1 2024[2] - Gross profit for Q1 2025 was $46 million, down $3 million or 6% from Q1 2024, with a gross profit percentage of 19%[2] - GAAP net loss for Q1 2025 was $7 million, a decrease of $39 million or 122% compared to net income of $32 million in Q1 2024[4] - Operational EBITDA for Q1 2025 was $2 million, a decrease of $2 million or 50% from Q1 2024[4] - Total revenues for Q1 2025 were $247 million, a slight decrease of $2 million or 0.8% from $249 million in Q1 2024[22] - Operational EBITDA for Q1 2025 was $2 million, down $2 million or 50% from $4 million in Q1 2024[20] - Basic net (loss) earnings per share for Q1 2025 was $(0.12), compared to $0.31 in Q1 2024[22] Cash and Assets - Cash balance at the end of Q1 2025 was $158 million, down $43 million from $201 million on December 31, 2024[5] - Cash and cash equivalents decreased to $158 million in Q1 2025 from $201 million at the end of 2024, a decline of $43 million or 21.4%[24] - Total current assets decreased to $577 million in Q1 2025 from $595 million at the end of 2024, a decrease of $18 million or 3%[24] - The company reported a net cash used in operating activities of $(38) million for Q1 2025, compared to $17 million provided in Q1 2024[26] Revenue Segments - Revenue from the Advanced Materials & Chemicals segment was $74 million in Q1 2025, an increase of $15 million or 25% compared to Q1 2024[7] - Revenue from the Print segment was $165 million in Q1 2025, a decrease of $17 million or 9% compared to Q1 2024[7] Operational Challenges - Kodak's operational challenges include higher aluminum and manufacturing costs, impacting profitability[4] - Inventories increased by $15 million in Q1 2025, remaining consistent with the increase of $15 million in Q1 2024[26] Strategic Initiatives - Kodak is investing in a new cGMP manufacturing facility to expand its pharma business into FDA-regulated diagnostic test reagents[1] - The company plans to optimize business processes and continue investing in growth initiatives for the remainder of the year[6] Liabilities and Pension - Total liabilities increased to $1,154 million in Q1 2025 from $1,142 million at the end of 2024, an increase of $12 million or 1%[24] - The company experienced a pension income excluding service cost component of $(22) million in Q1 2025, an improvement of $19 million from $(41) million in Q1 2024[20]

Revenue Performance - Consolidated revenues for the three months ended March 31, 2025, were $247 million, a decrease of $2 million (1%) compared to the same period in 2024[134]. - Print revenues decreased by $17 million (9%) to $165 million, accounting for 67% of total revenues, while Advanced Materials and Chemicals revenues increased by $15 million (25%) to $74 million[135]. - Kodak's revenues for Q1 2025 declined by $2 million to $247 million compared to Q1 2024, primarily due to lower volume in the Print segment ($17 million) and unfavorable foreign currency fluctuations ($3 million)[152]. - The Print segment's revenues decreased by approximately $17 million, reflecting reduced volumes in Prepress Solutions ($10 million) and Electrophotographic Printing Solutions ($4 million)[167]. - Advanced Materials and Chemicals segment revenues increased by $15 million to $74 million for the three months ended March 31, 2025, compared to $59 million in the same period of 2024[169]. Cost and Profitability - Kodak's gross profit for Q1 2025 declined by $3 million to $46 million, impacted by higher aluminum costs ($6 million) and increased manufacturing costs in Print and Advanced Materials and Chemicals[153]. - Kodak's Operational EBITDA for the Print segment was $(9) million in Q1 2025, a decline of $9 million compared to the previous year[166]. - Operational EBITDA for the Advanced Materials and Chemicals segment improved by $6 million to $7 million, representing 9% of revenues, up from 2% in the prior year[171]. - Brand segment revenues remained unchanged at $4 million, while Operational EBITDA increased by $1 million to $4 million, achieving a 100% margin[172]. Financial Position and Cash Flow - Kodak ended the quarter with a cash balance of $158 million, a decrease of $43 million from December 31, 2024[175]. - Cash, cash equivalents, and restricted cash totaled $256 million as of March 31, 2025, down from $301 million as of December 31, 2024[194]. - Net cash used in operating activities decreased by $55 million, from $17 million provided in Q1 2024 to $(38) million in Q1 2025[195]. - Net cash used in investing activities increased by $14 million, from $7 million provided in Q1 2024 to $(7) million in Q1 2025[198]. - Net cash used in financing activities decreased by $16 million, from $(18) million in Q1 2024 to $(2) million in Q1 2025[199]. Strategic Initiatives - Kodak has implemented pricing actions and customer-focused initiatives to mitigate increased manufacturing costs, particularly in its Print and Advanced Materials and Chemicals segments[139]. - Kodak plans to invest in automation and streamline processes to drive cost reductions and operating efficiencies[148]. - The company is focusing on developing new battery materials through its investment in Wildcat Discovery Technologies, with a $25 million minority equity interest[149]. - Kodak is expanding its manufacturing capabilities for Diagnostic Test Reagent solutions, with production scheduled to begin in 2025[150]. - The company aims to leverage its proprietary technologies for new business opportunities in 3D printing materials and printed electronics markets[150]. Challenges and Risks - Kodak is experiencing revenue declines and increased manufacturing costs due to lower volumes and rising labor, material, and distribution costs, exacerbated by supply chain disruptions[136]. - The U.S. government has imposed significant tariffs on imports, including aluminum and steel, which could negatively impact Kodak's business and financial condition[137]. - Labor shortages in manufacturing areas have led to increased backorders in the Advanced Materials and Chemicals segment, despite efforts to reduce backorders through increased headcount and capital investments[141]. - Kodak is actively monitoring global events, including the war in Ukraine and conflicts involving Israel, which have impacted supply chains and operational costs[145][144]. - The overall economic environment remains volatile, with uncertainties regarding customer demand and the ability to offset rising costs through pricing actions[147]. Restructuring and Liabilities - Kodak recorded $5 million in restructuring costs for the three months ended March 31, 2025, with cash payments related to restructuring totaling approximately $2 million[173]. - The restructuring actions are expected to generate annual cash savings of approximately $8 million, with savings distributed across SG&A expenses, Cost of revenues, and R&D costs[174]. - Outstanding intercompany loans to the U.S. were $471 million as of March 31, 2025, down from $483 million at the end of 2024[178]. - Kodak expects to receive between $450 million and $540 million from the KRIP after satisfying its liabilities, which will aid in reducing debt obligations[190]. - The company anticipates using approximately $380 million of Reversion Proceeds to prepay Term Loans, potentially reducing the balance to approximately $160 million and saving about $40 million in annual interest costs[191]. Pension and Compensation - The company made net contributions totaling approximately $7 million to its non-U.S. defined benefit pension and postretirement benefit plans in Q1 2025[204]. - The undiscounted actuarial liability for workers' compensation obligations declined by an average of $5.1 million per year between 2014 and 2024, with expectations for continued decline[201]. - As of March 31, 2025, the company had $45 million of surety bonds and $30 million deposited directly with the NYS WCB supporting associated liabilities[202]. - The company is no longer self-insured for future claims as of May 1, 2023, which may lead to a reduction in required security deposits starting in 2025[200].

Financial Data and Key Metrics Changes - For Q4 2024, the company reported revenues of $266 million, a decrease from $275 million in Q4 2023, reflecting a decline of $9 million or 3% [9][29] - Gross profit for Q4 2024 was 19%, up from 17% in Q4 2023, indicating improved profitability despite challenges [10][30] - Full-year revenues for 2024 were $1.043 billion, down from $1.117 billion in 2023, a decline of $74 million or 7% [35][36] - Net income for 2024 was $102 million, compared to $75 million in 2023, an increase of $27 million or 36% [37][40] Business Line Data and Key Metrics Changes - The Advanced Materials & Chemicals (AMC) business showed continuing profit and revenue growth, with significant investments in growth initiatives [12][15] - The print business continued to decline, but this was somewhat offset by increased revenues in the AMC segment [11] - The company is focusing on shedding non-core businesses while driving strong gross profit [9][10] Market Data and Key Metrics Changes - The company concluded a tariff petition process with the U.S. International Trade Commission, establishing a level playing field for its plates business in the U.S. [18][19] - The PROSPER 7000 Turbo Press was highlighted as the world's fastest inkjet press, showcasing Kodak's innovation in the commercial print market [20][21] Company Strategy and Development Direction - Kodak is committed to investing in innovation and operational efficiencies while shutting down unprofitable businesses [9][48] - The company aims to leverage excess assets from its pension fund to reduce long-term debt and strengthen its balance sheet [23][49] - Kodak is focused on maintaining customer relationships and enhancing product offerings to drive efficiency and profitability for its clients [49][50] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing challenges such as inflation, supply chain issues, and geopolitical tensions but emphasized a commitment to executing the long-term plan [9][48] - The company expressed optimism about growth in the AMC business and the positive impact of the tariff on its competitive position [49] Other Important Information - The Kodak Retirement Income Plan (KRIP) is set to be terminated effective March 31, 2025, with expectations that reverted assets will be used to reduce long-term debt [23][27] - The company ended 2024 with a cash balance of $201 million, a decrease from $214 million at the end of Q3 2024, primarily due to capital expenditures [33][42] Summary of Q&A Session - There was no formal Q&A session during the call, but the management team encouraged follow-up questions through the Investor Relations team [7]

Fourth Quarter and Full Year 2024 Earnings Call March 17, 2025 Cautionary Statement Regarding Forward-looking Statements Pursuant to Safe Harbor Provisions of The Private Securities Litigation Reform Act of 1995 Cautionary Statement Regarding Forward-Looking Statements This presentation includes "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995. Forward–looking statements include statements concerning Kodak's plans, objectives, goals, strategies, ...

Financial Performance - Consolidated revenues for Q4 2024 were $266 million, a decrease of $9 million or 3% compared to Q4 2023[2] - GAAP net income for Q4 2024 was $26 million, an increase of $21 million or 420% from $5 million in Q4 2023[2] - Full year 2024 revenues totaled $1.043 billion, down $74 million or 7% from $1.117 billion in 2023[2] - GAAP net income for the full year 2024 was $102 million, an increase of $27 million or 36% compared to $75 million in 2023[5] - Operational EBITDA for the full year 2024 was $26 million, a decrease of $19 million or 42% from $45 million in 2023[5] - Total net revenues for Q4 2024 were $266 million, down from $275 million in Q4 2023, reflecting a decrease of approximately 3.3%[26] - Operational EBITDA for Q4 2024 was $9 million, a 350% increase from $2 million in Q4 2023[21] - For the full year 2024, Kodak's net income was $102 million, representing a 36% increase from $75 million in 2023[28] - Total net revenues for the full year 2024 were $1,043 million, down from $1,117 million in 2023, a decrease of approximately 6.6%[28] - Kodak reported net earnings of $102 million for the year ended December 31, 2024, compared to $75 million in 2023, representing a 36% increase[31] Cash and Assets - The year-end cash balance was $201 million, down $54 million from $255 million on December 31, 2023[3] - Kodak's cash, cash equivalents, and restricted cash decreased to $301 million at the end of Q4 2024 from $377 million at the end of Q4 2023[27] - Cash and cash equivalents at the end of 2024 were $201 million, down from $255 million in 2023, a decrease of 21%[30] - Total assets decreased to $2,001 million in 2024 from $2,355 million in 2023, a decline of approximately 15%[30] - Total liabilities decreased to $1,142 million in 2024 from $1,214 million in 2023, a reduction of about 6%[30] - The total equity of Kodak decreased to $641 million in 2024 from $931 million in 2023, a decline of approximately 31%[30] - Kodak's inventories increased slightly to $219 million in 2024 from $217 million in 2023, reflecting stable inventory management[30] - The company reported a decrease in trade receivables from $195 million in 2023 to $138 million in 2024, a reduction of 29%[30] - Kodak's pension and other postretirement assets decreased to $989 million in 2024 from $1,216 million in 2023, a decline of about 18.7%[30] Operational Highlights - The AM&C group's new cGMP facility for manufacturing pharmaceutical products is scheduled to begin production in 2025[3] - The film business continues to grow, with investments in additional capacity to meet demand[3] - Kodak's digital print business showcased the KODAK PROSPER 7000 Turbo Press at the Hunkeler Innovationdays tradeshow[3] Expenses and Investments - Research and development costs for the full year 2024 were $33 million, slightly down from $34 million in 2023[28] - Selling, general and administrative expenses for the full year 2024 increased to $179 million from $159 million in 2023[28] - The company experienced a net cash outflow from operating activities of $7 million in 2024, compared to a net inflow of $38 million in 2023[31] - Cash flows used in investing activities amounted to $39 million in 2024, compared to $32 million in 2023, indicating increased investment activity[31] Challenges - The company faced challenges related to supply chain disruptions and increased costs due to geopolitical issues and inflationary pressures[17] - The Board of Directors approved the termination of the Kodak Retirement Income Plan effective March 31, 2025[3]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the year ended December 31, 2024 ☐ 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 1-00087 EASTMAN KODAK COMPANY (Exact name of Registrant as specified in its Charter) New Jersey 16-0417150 (State or other jurisdiction of i ...

Group 1 - The article discusses Eastman Kodak Company's (NYSE: KODK) performance and reiterates a 'Hold' rating due to technical resistance, growth issues, and subdued cash-flow generation [1] - The company is characterized by its focus on individual investors seeking income through undervalued profitable stocks with strong balance sheets and minimal debt [1] Group 2 - The article does not provide any specific financial data or performance metrics for Eastman Kodak Company [2][3]

Disclosure and Legal Information - The author has no stock, option, or derivative positions in any mentioned companies and no plans to initiate such positions within the next 72 hours [1] - The author owns European/Scandinavian and Canadian tickers of companies mentioned in their articles but not the ADRs [2] - Investing in European/Non-US stocks involves withholding tax risks specific to the company's domicile and the investor's personal situation [2] - Seeking Alpha is not a licensed securities dealer, broker, or US investment adviser, and its analysts may not be licensed or certified by any regulatory body [3] General Investment Considerations - The article is not financial advice, and investors should conduct their own due diligence before making any investment decisions [2] - Short-term trading, options trading, and futures trading are high-risk investment styles and may not be suitable for investors with limited capital or experience [2] - Past performance is not indicative of future results, and no specific investment recommendations are provided [3]

Financial Data and Key Metrics - Revenue for Q3 2024 was $261 million, down $8 million (3%) compared to $269 million in Q3 2023 [9][18] - Gross profit for Q3 2024 was 17%, down from 19% in Q3 2023, impacted by higher aluminum costs, inventory reserve adjustments, and changes in employee benefit reserves [9][19][20] - Net income for Q3 2024 was $18 million, up $16 million from $2 million in Q3 2023, excluding non-cash changes in workers' compensation and employee benefit reserves [20][21] - Operational EBITDA for Q3 2024 was $1 million, down from $12 million in Q3 2023, impacted by higher manufacturing costs and litigation expenses [22][23] - Cash and cash equivalents at the end of Q3 2024 were $214 million, a decrease of $41 million from December 31, 2023, due to CapEx investments and working capital build-up [32][39] Business Line Performance - Film sales increased in motion picture and still film, with a planned shutdown in November to modernize the manufacturing plant [11][12] - Advanced Materials and Chemicals (AMC) initiatives, including film, chemicals, and substrate coating for EVs, continue to grow, with investments in the reagent facility and cGMP clean lab [11] - Commercial print benefited from a favorable ITC ruling on plates tariffs, providing a competitive advantage ranging from 91.83% to 353.09% [14] Market Performance - Revenue decline slowed in Q3 2024 compared to recent quarters, reflecting the company's focus on driving smart revenue and profitability [18] - The Eastman Business Park saw significant infrastructure investments, with the reopening of a building and the return of U.S. jobs [13] Strategic Direction and Industry Competition - The company remains committed to innovation, operational efficiency, and smart revenue growth, with ongoing investments in AMC, battery technology, and substrate coating [8][41] - Kodak continues to focus on maintaining a competitive edge in the U.S. market, particularly in commercial print, following the ITC ruling on plates tariffs [14] Management Commentary on Operating Environment and Future Outlook - Management highlighted the challenges of tariffs and subsidies faced by the U.S. printing industry, but emphasized the company's resilience and commitment to U.S. jobs [10][14] - The company expects to continue investing in growth initiatives, including battery technology and clean lab facilities, while maintaining compliance with financial covenants [40][41] Other Important Information - The company's cash flow from operating activities for the nine months ending September 30, 2024, was a use of $11 million, driven by net earnings and changes in working capital [33] - Cash used in investing activities increased by $7 million, primarily due to higher capital additions, partially offset by proceeds from asset sales [35] - Restricted cash decreased by $14 million, reflecting efforts to reduce cash collateral and escrow requirements [37] Summary of Q&A Session - No formal Q&A session was held during the call, but the Investor Relations team is available for follow-up [6]