Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $263 million, compared to $267 million in Q2 2024, reflecting a decline of $4 million or 1% year-over-year [8][24] - Gross profit decreased by $7 million or 12% year-over-year, with a gross profit percentage of 19% in Q2 2025 compared to 22% in Q2 2024 [10][25] - The company reported a net loss of $26 million for Q2 2025, compared to net income of $26 million in the prior year quarter, a decrease of $52 million [26] - Operational EBITDA for Q2 2025 was $9 million, down from $12 million in Q2 2024, a decline of $3 million [27] Business Line Data and Key Metrics Changes - The Advanced Materials and Chemicals (AMC) business continued to show revenue growth, indicating successful investments in this area [9][24] - The commercial print business remains the largest segment, with ongoing improvements in efficiency and product acceptance [13] Market Data and Key Metrics Changes - Year-to-date tariffs did not have a material impact on the business, and the company supports tariffs that benefit U.S. manufacturers [12] - The company continues to focus on U.S. manufacturing, with key production facilities located in Rochester, New York [11] Company Strategy and Development Direction - The company is focused on deleveraging its business and strengthening its balance sheet while investing in growth areas [7][35] - Kodak's CGMP pharmaceutical manufacturing facility is now registered with the FDA, allowing it to manufacture and sell regulated pharmaceutical products [15][36] - The company plans to use excess assets from the pension plan termination to pay down debt and reduce interest costs [20][37] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainty in the global business environment, including tariffs and logistics challenges, but remains committed to executing the long-term plan [7][35] - The company expects to continue investing in profitable growth businesses despite the challenges [36] Other Important Information - The termination and reversion process for the U.S. Kodak Retirement Income Plan (CRIP) is proceeding as planned, with an estimated $500 million in pension assets expected to revert to the company [18][20] - The Series C preferred stock was exchanged for common stock, eliminating the outstanding amount of $100 million in Series C preferred stock [19] 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 [5]

Second Quarter 2025 Earnings Call August 11, 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, future event ...

[Part I: Financial Information](index=3&type=section&id=Part%20I.%E2%80%94Financial%20Information) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company reported a net loss for Q2 and H1 2025, driven by revenue and gross profit declines, with debt maturities raising going concern doubts [Consolidated Statement of Operations](index=3&type=section&id=Consolidated%20Statement%20of%20Operations%20(Unaudited)) Consolidated Statement of Operations Highlights (in millions, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total revenues** | $263 | $267 | $510 | $516 | | **Gross profit** | $51 | $58 | $97 | $107 | | **(Loss) earnings from operations** | $(5) | $2 | $(18) | $9 | | **NET (LOSS) EARNINGS** | $(26) | $26 | $(33) | $58 | | **Diluted net (loss) earnings per share** | $(0.36) | $0.23 | $(0.48) | $0.52 | [Consolidated Statement of Financial Position](index=5&type=section&id=Consolidated%20Statement%20of%20Financial%20Position%20(Unaudited)) Consolidated Statement of Financial Position Highlights (in millions) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $155 | $201 | | **Total current assets** | $574 | $595 | | **TOTAL ASSETS** | $1,933 | $2,001 | | **Total current liabilities** | $729 | $261 | | **TOTAL LIABILITIES** | $1,183 | $1,142 | | **Total shareholders' equity** | $528 | $641 | [Consolidated Statement of Cash Flows](index=6&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows%20(Unaudited)) Consolidated Statement of Cash Flows Highlights (in millions) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash (used in) provided by operating activities** | $(30) | $10 | | **Net cash used in investing activities** | $(19) | $(2) | | **Net cash used in financing activities** | $(4) | $(20) | | **Net decrease in cash, cash equivalents and restricted cash** | $(48) | $(17) | [Notes to Financial Statements](index=9&type=section&id=Notes%20to%20Financial%20Statements%20(Unaudited)) - The company's financial statements have been prepared on a going concern basis, but conditions exist that raise **substantial doubt about its ability to continue as a going concern** due to debt maturing within twelve months for which the company does not have committed financing[28](index=28&type=chunk)[29](index=29&type=chunk) - As of June 30, 2025, the company has Term Loans with a carrying value of approximately **$477 million** and Series B Preferred Stock of **$99 million**, both of which have accelerated maturity dates in **May 2026**[26](index=26&type=chunk) - In Q2 2025, Kodak recorded a **$17 million impairment charge** on its investment in Wildcat Discovery Technologies, Inc. due to strategic alternatives being considered by Wildcat[109](index=109&type=chunk) - As a subsequent event, on **August 8, 2025**, the company **exchanged all outstanding shares of its Series C Preferred Stock for 15,103,163 shares of common stock**, **fully discharging its obligations** related to the Series C Preferred Stock[154](index=154&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a 1% revenue decline in Q2 and H1 2025, driven by Print segment weakness, offset by Advanced Materials growth, while addressing liquidity and going concern doubts [Executive Overview](index=38&type=section&id=EXECUTIVE%20OVERVIEW) - Consolidated revenues for Q2 and H1 2025 **decreased by 1%** compared to the same periods in 2024, amounting to **$263 million** and **$510 million**, respectively[162](index=162&type=chunk) - The **Print segment's revenues declined by 4% in Q2 and 7% in H1 2025**, while the **Advanced Materials and Chemicals segment's revenues grew by 3% in Q2 and 13% in H1 2025**[163](index=163&type=chunk) - Kodak has successfully petitioned the U.S. government for **anti-dumping and countervailing duties** on unfairly traded imports of printing plates from China and Japan to combat increasing competition[173](index=173&type=chunk) - Strategic growth initiatives include **developing materials for EV batteries**, **manufacturing diagnostic test reagents**, and **commercializing proprietary technologies for light-blocking fabrics and transparent antennas**[182](index=182&type=chunk) [Results of Operations](index=45&type=section&id=RESULTS%20OF%20OPERATIONS) Overall Results of Operations (in millions) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $263 | $267 | $510 | $516 | | **Gross Profit** | $51 | $58 | $97 | $107 | | **NET (LOSS) EARNINGS** | $(26) | $26 | $(33) | $58 | - Gross profit **declined by $7 million in Q2 and $10 million in H1 2025**, primarily due to higher aluminum costs, lower volumes, and increased manufacturing costs[186](index=186&type=chunk)[187](index=187&type=chunk) Segment Operational EBITDA (in millions) | Segment | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Print** | $(4) | $0 | $(13) | $0 | | **Advanced Materials and Chemicals** | $8 | $8 | $15 | $9 | | **Brand** | $5 | $4 | $9 | $7 | [Liquidity and Capital Resources](index=51&type=section&id=Liquidity%20and%20Capital%20Resources) - The company's cash balance **decreased by $46 million** since year-end 2024 to **$155 million** as of June 30, 2025[217](index=217&type=chunk) - Kodak has **substantial doubt about its ability to continue as a going concern** because it has debt maturing within twelve months and does not have committed financing or available liquidity to meet these obligations[225](index=225&type=chunk) - The company's plan to fund its obligations is **dependent on receiving sufficient proceeds from the termination of the Kodak Retirement Income Plan (KRIP)**, which is expected to provide net proceeds of **approximately $500 million** after taxes and funding a replacement plan[226](index=226&type=chunk)[235](index=235&type=chunk) - On **August 8, 2025**, the company **exchanged all outstanding Series C Preferred Stock (carrying value of $123 million) for common stock**, **fully discharging this obligation**[249](index=249&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=57&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks, primarily foreign currency exchange rate fluctuations, due to its global operations - Due to its global operations, Kodak is **exposed to market risks**, primarily from **fluctuations in foreign currency exchange rates**, which can impact sales and net income[254](index=254&type=chunk) [Controls and Procedures](index=58&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls were effective as of June 30, 2025, with no material changes to internal controls over financial reporting identified - Management concluded that the company's **disclosure controls and procedures were effective** as of the end of the period covered by the report[255](index=255&type=chunk) - **No changes in internal control over financial reporting** that materially affected, or are reasonably likely to materially affect, the company's internal controls were identified during the most recently completed fiscal quarter[257](index=257&type=chunk) [Part II: Other Information](index=59&type=section&id=Part%20II.%20%E2%80%94Other%20Information) [Legal Proceedings](index=59&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ongoing legal proceedings, including tax litigation in Brazil and patent infringement claims from FUJIFILM, which are not expected to have a material adverse effect - The company is involved in **various litigation matters in Brazil related to taxes** and is also defending **patent infringement claims brought by FUJIFILM Corporation concerning its SONORA process-free plates**[82](index=82&type=chunk)[84](index=84&type=chunk) [Risk Factors](index=59&type=section&id=Item%201A.%20Risk%20Factors) The company highlights a new risk: an investor's voting power increased to 15.7% after the Series C Preferred Stock exchange, potentially increasing their influence over company actions - As a result of the Series C Preferred Stock Exchange, an investor's **voting power increased to 15.7%**, which may allow for **greater influence on future company actions** that require shareholder approval[262](index=262&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=59&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered equity sales but repurchased 79,916 shares at an average of $6.45 per share to satisfy tax withholding obligations for employee restricted stock units - There were **no unregistered sales of equity securities** during the quarter ended June 30, 2025[263](index=263&type=chunk) Issuer Purchases of Equity Securities (Q2 2025) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 1-30, 2025 | 5,910 | $6.50 | | May 1-31, 2025 | 71,001 | $6.47 | | June 1-30, 2025 | 3,005 | $5.81 | | **Total** | **79,916** | **$6.45** | [Other Information](index=60&type=section&id=Item%205.%20Other%20Information) On August 8, 2025, the company exchanged all Series C Preferred Stock for 15.1 million common shares, fully discharging obligations and granting the investor board nomination rights - On **August 8, 2025**, the company **exchanged all outstanding Series C Preferred Stock for 15,103,163 shares of common stock**, based on an exchange price of **$8.25 per share**[267](index=267&type=chunk)[268](index=268&type=chunk) - The agreement grants the investor the **right to nominate one member to the Board of Directors** as long as the investor holds **at least 10% of the company's outstanding common stock**[270](index=270&type=chunk) [Exhibits](index=62&type=section&id=Item%206.%20Exhibits) This section indexes all exhibits filed with the 10-Q report, including corporate governance documents, the Series C Preferred Stock Exchange Agreement, and CEO/CFO certifications - Key exhibits filed with this report include the **Series C Preferred Stock Exchange Agreement (Exhibit 4.1)** and the **Amended and Restated Registration Rights Agreement (Exhibit 4.2)**, both dated **August 8, 2025**[278](index=278&type=chunk)

[Executive Summary](index=1&type=section&id=Executive%20Summary) [Q2 2025 Financial Highlights](index=1&type=section&id=Q2%202025%20Financial%20Highlights) Kodak reported a decrease in consolidated revenues, gross profit, and a significant GAAP net loss in Q2 2025 compared to Q2 2024, alongside a decline in Operational EBITDA and cash balance | Metric | Q2 2025 | Q2 2024 | Change ($M) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Consolidated Revenues | $263M | $267M | $(4)M | (1)% | | Gross Profit | $51M | $58M | $(7)M | (12)% | | Gross Profit Percentage | 19% | 22% | (3) ppts | - | | GAAP Net Loss (Income) | $(26)M | $26M | $(52)M | (200)% | | Operational EBITDA | $9M | $12M | $(3)M | (25)% | | Quarter-end Cash Balance | $155M | $201M (Dec 31, 2024) | $(46)M | - | | Cash Flow from Operations | - | - | Decreased by $40M | - | [Management Commentary & Strategic Outlook](index=1&type=section&id=Management%20Commentary%20%26%20Strategic%20Outlook) Management acknowledged an uncertain business environment but highlighted progress on long-term plans, particularly the growth of the Advanced Materials & Chemicals (AM&C) business, including FDA registration for its cGMP pharmaceutical manufacturing facility. The company is assessing the impact of new tariffs and remains committed to U.S. manufacturing, while also focusing on improving operational efficiency, strengthening the balance sheet, and managing debt and pension obligations - Continued progress against long-term plan despite uncertain business environment[1](index=1&type=chunk) - Accelerating growth of Advanced Materials & Chemicals (AM&C) business[1](index=1&type=chunk) - AM&C group's cGMP pharmaceutical manufacturing facility is now FDA registered and certified to manufacture and sell regulated pharmaceutical products, expanding current unregulated business[1](index=1&type=chunk)[3](index=3&type=chunk) - Facility will begin manufacturing phosphate buffered saline (PBS) and aims for more sophisticated specialty products like injectable IV saline[3](index=3&type=chunk) - Commitment to U.S. manufacturing, producing lithographic printing plates, photographic/industrial films, inkjet presses/inks, and pharmaceutical key starting ingredients[1](index=1&type=chunk) - Assessing potential impact of new tariffs, expecting them to protect American businesses[1](index=1&type=chunk) - Focus on serving customers, strengthening the balance sheet, and developing growth businesses for the balance of the year[3](index=3&type=chunk) - Improving operational efficiency and investing in growth initiatives in the AM&C group[3](index=3&type=chunk) - Reducing costs and converting investments into long-term growth for the second half of the year[3](index=3&type=chunk) - Progressing with the termination of the U.S. Kodak Retirement Income Plan (KRIP) and reversion of excess funds to pay down debt, with completion anticipated by December 2025[3](index=3&type=chunk)[6](index=6&type=chunk) [Consolidated Financial Performance](index=1&type=section&id=Consolidated%20Financial%20Performance) [Revenue Analysis](index=1&type=section&id=Revenue%20Analysis) Consolidated revenues for Q2 2025 decreased by 1% year-over-year to $263 million. After adjusting for a favorable foreign exchange impact of $5 million, the decrease was 3% or $9 million | Metric | Q2 2025 | Q2 2024 | Change ($M) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $263M | $267M | $(4)M | (1)% | | Favorable FX Impact | $5M | - | - | - | | Revenues (Constant Currency) | - | - | $(9)M | (3)% | [Profitability Analysis](index=1&type=section&id=Profitability%20Analysis) Kodak experienced a significant decline in profitability, moving from a net income of $26 million in Q2 2024 to a net loss of $26 million in Q2 2025, a 200% decrease. Operational EBITDA also fell by 25% to $9 million, primarily due to lower volumes and higher aluminum and manufacturing costs, partially offset by price increases and reduced IT/organizational investments | Metric | Q2 2025 | Q2 2024 | Change ($M) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | GAAP Net (Loss) Income | $(26)M | $26M | $(52)M | (200)% | | Operational EBITDA | $9M | $12M | $(3)M | (25)% | | Operational EBITDA (Constant Currency) | $8M | $12M | $(4)M | (33)% | | Gross Profit | $51M | $58M | $(7)M | (12)% | | Gross Profit Percentage | 19% | 22% | (3) ppts | - | - Decrease in Operational EBITDA primarily driven by lower volumes and higher aluminum and manufacturing costs[4](index=4&type=chunk) - Partially offset by price increases and lower spend on investments in information technology systems, organizational structure, and costs associated with trade shows[4](index=4&type=chunk) [Cash Flow and Liquidity](index=1&type=section&id=Cash%20Flow%20and%20Liquidity) Kodak's cash balance decreased by $46 million from December 31, 2024, to $155 million at the end of Q2 2025. This decline was mainly driven by capital expenditures for growth initiatives, changes in working capital, and the impact of higher costs and lower operational profitability. Cash flow from operations decreased by $40 million year-over-year | Metric | June 30, 2025 | Dec 31, 2024 | Change ($M) | | :--- | :--- | :--- | :--- | | Quarter-end Cash Balance | $155M | $201M | $(46)M | - Cash flow from operations decreased by **$40 million** from the prior-year period[2](index=2&type=chunk)[5](index=5&type=chunk) - Decrease in cash balance primarily driven by capital expenditures to fund growth initiatives, changes in working capital, and the impact of higher costs and lower profitability from operations[2](index=2&type=chunk)[5](index=5&type=chunk) [Segment Performance](index=4&type=section&id=Segment%20Performance) [Revenue by Segment](index=4&type=section&id=Revenue%20by%20Segment) In Q2 2025, Print segment revenue decreased by $8 million (or $13 million on a constant currency basis) compared to Q2 2024. Conversely, Advanced Materials & Chemicals (AM&C) and Brand segments both saw revenue increases of $2 million each | Segment | Q2 2025 Revenue ($M) | Q2 2024 Revenue ($M) | Change ($M) | Change (Constant Currency, $M) | | :--- | :--- | :--- | :--- | :--- | | Print | $178 | $186 | $(8) | $(13) | | Advanced Materials & Chemicals | $75 | $73 | $2 | $2 | | Brand | $6 | $4 | $2 | $2 | | Total | $259 | $263 | $(4) | $(9) | [Operational EBITDA by Segment](index=4&type=section&id=Operational%20EBITDA%20by%20Segment) The Print segment's Operational EBITDA declined by $4 million in Q2 2025 compared to Q2 2024, resulting in a loss of $4 million. The Advanced Materials & Chemicals segment maintained its Operational EBITDA at $8 million, while the Brand segment saw a $1 million increase to $5 million | Segment | Q2 2025 Operational EBITDA ($M) | Q2 2024 Operational EBITDA ($M) | Change ($M) | Change (Constant Currency, $M) | | :--- | :--- | :--- | :--- | :--- | | Print | $(4) | $0 | $(4) | $(4) | | Advanced Materials & Chemicals | $8 | $8 | $0 | $(1) | | Brand | $5 | $4 | $1 | $1 | | Total | $9 | $12 | $(3) | $(4) | [Operational Developments](index=1&type=section&id=Operational%20Developments) [Advanced Materials & Chemicals (AM&C) Expansion](index=1&type=section&id=Advanced%20Materials%20%26%20Chemicals%20(AM%26C)%20Expansion) Kodak's AM&C group's cGMP pharmaceutical manufacturing facility has achieved FDA registration and certification, enabling it to manufacture and sell regulated pharmaceutical products. This expands its existing business in unregulated pharmaceutical products, with initial operations focused on phosphate buffered saline (PBS) and future plans for more complex specialty products like injectable IV saline - cGMP pharmaceutical manufacturing facility is now registered with the FDA and certified to manufacture and sell regulated pharmaceutical products[1](index=1&type=chunk)[3](index=3&type=chunk) - This expands the current business in unregulated pharmaceutical products[1](index=1&type=chunk)[3](index=3&type=chunk) - The facility will begin operation manufacturing phosphate buffered saline (PBS) for laboratory use[3](index=3&type=chunk) - Future plans include manufacturing more sophisticated specialty products, such as injectable IV saline[3](index=3&type=chunk) [U.S. Manufacturing and Tariffs](index=1&type=section&id=U.S.%20Manufacturing%20and%20Tariffs) Kodak is committed to U.S. manufacturing, producing a wide range of products domestically, including lithographic printing plates, photographic and industrial films, inkjet presses and inks, and pharmaceutical key starting ingredients. The company is currently assessing the potential impact of new tariffs, anticipating they are designed to protect American businesses like theirs - Kodak is committed to U.S. manufacturing[1](index=1&type=chunk) - Manufactures 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[1](index=1&type=chunk) - Assessing the potential impact of new tariffs going forward[1](index=1&type=chunk) - Expects tariffs instituted by the U.S. government are designed to protect American businesses[1](index=1&type=chunk) [Debt and Pension Management](index=2&type=section&id=Debt%20and%20Pension%20Management) Kodak is actively progressing with the termination of its U.S. Kodak Retirement Income Plan (KRIP) and expects to use the reversion of excess funds to reduce term debt. The company anticipates a clear understanding of participant obligations by August 15 and completion of the reversion by December 2025. These plans are crucial for funding preferred stock and debt obligations - Termination of U.S. Kodak Retirement Income Plan (KRIP) and subsequent reversion of excess funds to pay down debt is progressing as planned[6](index=6&type=chunk)[7](index=7&type=chunk) - Expects to have a clear understanding of how to satisfy obligations to all plan participants by August 15[6](index=6&type=chunk)[7](index=7&type=chunk) - Anticipates completing the reversion by December 2025[6](index=6&type=chunk)[7](index=7&type=chunk) - Proceeds from KRIP reversion are planned to reduce term debt and to amend, extend or refinance remaining debt and preferred stock obligations[6](index=6&type=chunk)[7](index=7&type=chunk) [Going Concern Disclosure](index=3&type=section&id=Going%20Concern%20Disclosure) Kodak has included a going concern disclosure in its Q2 2025 Form 10-Q. The company's plans to fund its preferred stock and debt obligations, primarily through proceeds from the expected reversion of cash from the Kodak Retirement Income Plan and refinancing efforts, are not solely within its control and thus not deemed "probable" under U.S. GAAP. Consequently, these conditions raise substantial doubt about Kodak's ability to continue as a going concern - Kodak included a disclosure regarding its going concern assessment in its Q2 2025 Form 10-Q filing[7](index=7&type=chunk) - Plans to fund preferred stock and debt obligations rely on proceeds from the expected reversion of cash from the Kodak Retirement Income Plan and amending, extending, or refinancing remaining debt and preferred stock[7](index=7&type=chunk) - These plans are not solely within Kodak's control and are not deemed "probable" under U.S. GAAP accounting rules[7](index=7&type=chunk) - These conditions raise substantial doubt about the Company's ability to continue as a going concern as of the issuance date of the Q2 financials[7](index=7&type=chunk) [About Eastman Kodak Company](index=4&type=section&id=About%20Eastman%20Kodak%20Company) Eastman Kodak Company is a global manufacturer specializing in commercial print and advanced materials & chemicals. Leveraging over 130 years of R&D and 79,000 patents, Kodak focuses on technology and science to deliver innovative, award-winning products and sustainable solutions for commercial printers worldwide, emphasizing a customer-first approach and environmental stewardship - Leading global manufacturer focused on commercial print and advanced materials & chemicals[11](index=11&type=chunk) - Holds **79,000 worldwide patents** earned over **130 years of R&D**[11](index=11&type=chunk) - Committed to environmental stewardship, including industry leadership in developing sustainable solutions for print[11](index=11&type=chunk) - Offers innovative, award-winning products combined with a customer-first approach[11](index=11&type=chunk) [Cautionary Statement Regarding Forward-Looking Statements](index=5&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) This section defines forward-looking statements as per the Private Securities Litigation Reform Act of 1995, outlining that such statements concern Kodak's future plans, objectives, and financial performance, and are based on current expectations and assumptions. It details important factors, including financial performance, strategic objectives, financing, foreign exchange rates, commodity prices, tariffs, global economic environment, competition, supply chain, compliance, technology trends (including AI), strategic transactions, legal claims, and force majeure events, that could cause actual results to differ materially from these statements. Kodak disclaims any obligation to update these statements unless required by law - Defines "forward-looking statements" as per the Private Securities Litigation Reform Act of 1995, covering future plans, objectives, goals, strategies, revenue, performance, capital expenditures, liquidity, investments, financing needs, and business trends[13](index=13&type=chunk)[14](index=14&type=chunk) - Identifies common forward-looking terms like "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "predicts," "forecasts," "strategy," "continues," "goals," "targets," and future/conditional verbs[13](index=13&type=chunk)[14](index=14&type=chunk) - States that all forward-looking statements are based on Kodak's current expectations and assumptions[13](index=13&type=chunk)[14](index=14&type=chunk) - Lists important factors that could cause actual results to differ materially, including: ability to improve and sustain operating structure, cash flow, profitability; ability to achieve strategic objectives, cash forecasts, financial projections; ability to obtain additional financing and manage worldwide cash; receipt of projected reversion proceeds from KRIP liquidation; ability to fund investments, capital needs, and service debt/preferred stock; changes in foreign currency exchange rates, commodity prices, interest rates, and tariff rates; impact of global economic environment (inflation, geopolitical issues, trade policies, raw material costs, supply chain disruptions); ability to compete with well-financed industry participants or lower-cost competitors; performance of third-party suppliers and ability to address supply chain disruptions; ability to comply with credit facility covenants; ability to anticipate technology and industry trends (including AI) and develop new products; ability to effect strategic transactions and achieve benefits; ability to manage and resolve current and legacy claims; ability to discontinue, sell, or spin-off non-core businesses or monetize assets; and potential impact of force majeure events, cyber-attacks, or IT outages[15](index=15&type=chunk)[16](index=16&type=chunk) - Kodak undertakes no obligation to update or revise forward-looking statements, except as required by law[17](index=17&type=chunk) [Non-GAAP Financial Measures](index=6&type=section&id=Non-GAAP%20Financial%20Measures) [Operational EBITDA Definition and Reconciliation](index=6&type=section&id=Operational%20EBITDA%20Definition%20and%20Reconciliation) Kodak uses non-GAAP financial measures, specifically Operational EBITDA and constant currency revenues/Operational EBITDA, to provide investors with insights into its underlying performance. Operational EBITDA is defined as earnings from continuing operations excluding various non-operating and non-cash items. The reconciliation shows a decrease in Operational EBITDA from $12 million in Q2 2024 to $9 million in Q2 2025, further decreasing to $8 million on a constant currency basis - Non-GAAP Measures Used: Operational EBITDA; Revenues and Operational EBITDA on a constant currency basis[18](index=18&type=chunk) - Purpose: To provide investors with the same financial data management uses to assess underlying performance, financial condition, results of operations, and cash flow[19](index=19&type=chunk) - Operational EBITDA Definition: Represents (loss) earnings from continuing operations excluding: provision for income taxes; non-service cost components of pension and other postemployment benefits income; depreciation and amortization expense; restructuring costs and other; consulting and other costs; stock-based compensation expense; idle costs; other operating expense; interest expense; and other charges, net[20](index=20&type=chunk) - Constant Currency Calculation: Uses average foreign exchange rates for the three months ended June 30, 2024, instead of actual average rates for Q2 2025[21](index=21&type=chunk) | (in millions) | Q2 2025 | Q2 2024 | $Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Net (Loss) Income | $(26) | $26 | $(52) | (200)% | | *Adjustments:* | | | | | | Depreciation and amortization | 7 | 6 | 1 | | | Restructuring costs and other | 6 | — | 6 | | | Stock based compensation | 1 | 1 | — | | | Consulting and other costs | (1) | 1 | (2) | | | Idle costs | 1 | 1 | — | | | Other operating expense, net | — | 1 | (1) | | | Interest expense | 15 | 15 | — | | | Pension income excluding service cost component | (16) | (41) | 25 | | | Other charges, net | 20 | 1 | 19 | | | Provision for income taxes | 2 | 1 | 1 | | | **Operational EBITDA** | **$9** | **$12** | **$(3)** | **(25)%** | | Impact of foreign exchange | (1) | — | (1) | | | **Operational EBITDA on a constant currency basis** | **$8** | **$12** | **$(4)** | **(33)%** | [Unaudited Financial Statements](index=8&type=section&id=Unaudited%20Financial%20Statements) [Consolidated Statement of Operations](index=8&type=section&id=Consolidated%20Statement%20of%20Operations) The Consolidated Statement of Operations shows a total revenue of $263 million for Q2 2025, down from $267 million in Q2 2024. The company reported a net loss of $26 million in Q2 2025, a significant decline from a net income of $26 million in the prior-year quarter | (in millions, except per share data) | 2025 | 2024 | | :--- | :--- | :--- | | **Revenues** | | | | Sales | $226 | $227 | | Services | $37 | $40 | | **Total revenues** | **$263** | **$267** | | **Gross profit** | **$51** | **$58** | | (Loss) earnings from operations before interest expense, pension income excluding service cost component, other charges, net and income taxes | $(5) | $2 | | (Loss) earnings from operations before income taxes | $(24) | $27 | | **NET (LOSS) EARNINGS** | **$(26)** | **$26** | | Basic net (loss) earnings per share | $(0.36) | $0.25 | | Diluted net (loss) earnings per share | $(0.36) | $0.23 | [Consolidated Statement of Financial Position](index=9&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, Kodak's total assets were $1,933 million, a decrease from $2,001 million at December 31, 2024. Key changes include a decrease in cash and cash equivalents, an increase in inventories, and a significant increase in short-term borrowings and current portion of long-term debt from $1 million to $479 million, while long-term debt decreased from $466 million to $11 million. Total liabilities increased, and total shareholders' equity decreased | (in millions, except per share data) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **ASSETS** | | | | Cash and cash equivalents | $155 | $201 | | Inventories, net | $238 | $219 | | Total current assets | $574 | $595 | | Total assets | $1,933 | $2,001 | | **LIABILITIES & EQUITY** | | | | Short-term borrowings and current portion of long-term debt | $479 | $1 | | Total current liabilities | $729 | $261 | | Long-term debt, net of current portion | $11 | $466 | | Total liabilities | $1,183 | $1,142 | | Redeemable, convertible preferred stock | $222 | $218 | | Total shareholders' equity | $528 | $641 | [Consolidated Statement of Cash Flows](index=10&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, Kodak reported net cash used in operating activities of $30 million, a significant shift from $10 million provided in the prior-year period. Net cash used in investing activities increased to $19 million, and net cash used in financing activities decreased to $4 million. Overall, there was a net decrease in cash, cash equivalents, and restricted cash of $48 million | (in millions) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net (loss) earnings | $(33) | $58 | | Net cash (used in) provided by operating activities | $(30) | $10 | | Net cash used in investing activities | $(19) | $(2) | | Net cash used in financing activities | $(4) | $(20) | | Net decrease in cash, cash equivalents and restricted cash | $(48) | $(17) | | Cash, cash equivalents and restricted cash, end of period | $253 | $360 |

Core Viewpoint - Kodak, once synonymous with photography, has successfully transformed itself from a traditional film company into a B2B enterprise focused on chemicals, materials processing, and manufacturing, demonstrating resilience and adaptability in a changing market [2][5][18]. Historical Context - Kodak was founded in 1881 and dominated the photography market for over a century, holding more than 80% market share at its peak [5][13]. - The company failed to adapt to the digital photography revolution in the 1990s, leading to a significant decline in revenue and eventual bankruptcy filing in 2012 [5][13]. Leadership Changes - Jim Continenza joined Kodak's board during its bankruptcy and later became CEO, emphasizing accountability and responsibility towards shareholders and employees [8][9]. - Continenza's leadership style focuses on respect for frontline employees and a commitment to supporting them rather than creating obstacles [16]. Strategic Transformation - Kodak's transformation involves a shift towards core competencies in chemicals and materials, with a significant investment of $20 million in a new pharmaceutical plant in Rochester [2][14]. - The company aims to leverage its extensive patent portfolio and expertise in high-quality film production while expanding into new markets such as pharmaceuticals and electric vehicle battery coatings [14][18]. Future Plans - Kodak plans to gradually increase the share of chemicals, coatings, and pharmaceutical businesses in its overall operations while maintaining its presence in film and printing [18]. - The company is focused on debt repayment and sustainable growth across all sectors, particularly in pharmaceutical chemicals [18][19].

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Group 1 - Eastman Kodak Company's shares have increased by 23.98% over the last year and 32.62% since the previous analysis, indicating strong momentum in the stock price [1] - The analysis revisits the company's fundamentals to determine if the stock price increase is supported by financial performance [1] Group 2 - The article emphasizes the importance of exploring new investment ideas for both long and short-term opportunities [1]

Core Viewpoint - Eastman Kodak Company experienced a decline in stock performance and profitability in Q1 2025, despite stable revenues, highlighting ongoing financial challenges and the need for strategic restructuring [1][12]. Earnings & Revenue Performances - Kodak reported consolidated revenues of $247 million, a decrease of 1% from $249 million in Q1 2024, with gross profit declining 6% to $46 million due to increased aluminum and manufacturing costs [2]. - The company recorded a net loss of $7 million, a significant drop from a net income of $32 million in the same quarter last year, influenced by the absence of a $17 million gain on asset sales [3]. Other Key Business Metrics - The Print division's revenues fell to $165 million, down $17 million year-over-year, with operational EBITDA dropping to negative $9 million due to input cost pressures [4]. - The Advanced Materials and Chemicals (AM&C) segment saw a 25% revenue increase to $74 million, with operational EBITDA rising to $7 million from $1 million, driven by stronger demand and improved pricing [5]. Cash Flow and Financial Position - Kodak ended the quarter with $158 million in cash, a decrease of $43 million from the end of 2024, and reported negative cash flow from operations of $38 million compared to a $17 million inflow in the previous year [6]. Management Commentary - CEO Jim Continenza emphasized Kodak's commitment to U.S.-based manufacturing and the focus on shedding unprofitable businesses while investing in innovation and operational efficiencies [7]. - CFO David Bullwinkle highlighted the AM&C segment as a growth driver and noted that cash usage was primarily for investments in AM&C initiatives and higher input costs [8]. Factors Influencing Headline Numbers - The stability in top-line revenues was attributed to steady demand in core businesses and contributions from AM&C, while the decline in net income and operational EBITDA was due to increased costs and the absence of prior-year asset sale gains [9]. Guidance Provided by Management - Management indicated ongoing investments in innovation and operational efficiency, particularly in AM&C and digital printing technologies, with expectations for the cGMP pharma facility to support revenue expansion later in 2025 [10]. Other Developments - Kodak made progress in terminating its U.S. pension plan, with plans for asset reversions to aid in debt reduction, and amended its term-loan credit agreement to allow interest payments in-kind for the next six quarters [11].

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $247 million, a slight decline from $249 million in Q1 2024, reflecting a decrease of $2 million or 1% year-over-year [11][20] - Gross profit percentage decreased to 19% in Q1 2025 from 20% in Q1 2024, indicating a decline in profitability [21] - The company reported a net loss of $7 million for Q1 2025, compared to a net income of $32 million in the prior year, a decrease of $39 million [21][22] - Operational EBITDA for Q1 2025 was $2 million, down from $4 million in Q1 2024, reflecting a decline of $2 million [22] 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 [11][12] - The commercial print business is transitioning from controlled introduction to controlled production of the Prosper Ultra 520 press, with several units being installed at customer sites [12] Market Data and Key Metrics Changes - Demand for various types of film, including still motion picture and NDT, continues to grow, prompting investments in expanding film production capacity [12] - The company remains committed to U.S.-based manufacturing, which is expected to reduce environmental impact and ensure high quality and reliable supply [13][27] Company Strategy and Development Direction - Kodak is focused on operational efficiencies and cost reductions, having shut down unprofitable businesses to concentrate on growth areas [9][19] - The company is committed to maintaining and expanding U.S. manufacturing across all business lines, which is part of its long-term strategy [27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by global economic uncertainty but emphasized the company's commitment to executing its long-term plan [8][19] - The management expressed confidence in the core business performance and the potential for long-term gains despite short-term challenges related to tariffs [10][28] Other Important Information - The termination and settlement process for the U.S. Pension plan is proceeding as planned, with expectations to use reverted assets to reduce long-term debt [15][17] - The company ended Q1 2025 with a cash balance of $158 million, a decrease of $43 million from the end of 2024, primarily due to investments in growth initiatives and increased costs [22][25] Summary of Q&A Session - There was no formal Q&A session during the call, but the Investor Relations team is available for follow-up inquiries [7]