Eastman Kodak(KODK) - 2024 Q2 - Quarterly Results

Financial Performance - Consolidated revenues for Q2 2024 were $267 million, a decrease of $28 million or 9% compared to Q2 2023[1] - GAAP net income for the quarter was $26 million, down $9 million or 26% from $35 million in Q2 2023[2] - Operational EBITDA decreased to $12 million, a decline of $10 million or 45% compared to $22 million in Q2 2023[2] - Total revenues for Q2 2024 were $267 million, down 9.5% from $295 million in Q2 2023[16] - Operational EBITDA for Q2 2024 was $12 million, a decline of 45% compared to $22 million in Q2 2023[14] - Gross profit decreased to $58 million in Q2 2024 from $63 million in Q2 2023, reflecting a gross margin of 21.7%[16] - Selling, general and administrative expenses rose to $47 million in Q2 2024, up from $40 million in Q2 2023[16] - Research and development costs were $8 million in Q2 2024, slightly down from $9 million in Q2 2023[16] - Net cash provided by operating activities was $10 million in Q2 2024, down from $21 million in Q2 2023[22] Cash and Assets - The cash balance at the end of the quarter was $251 million, a decrease of $4 million from December 31, 2023[3] - Cash and cash equivalents at the end of Q2 2024 were $251 million, a decrease from $255 million at the end of 2023[19] - Total assets increased to $2,359 million as of June 30, 2024, compared to $2,355 million at the end of 2023[19] - Total liabilities decreased to $1,184 million in Q2 2024 from $1,214 million in Q4 2023[20] Revenue Segments - Revenue from the Print segment was $186 million, down from $215 million in Q2 2023, while Advanced Materials & Chemicals revenue was $73 million, slightly up from $72 million[5] Strategic Initiatives - Kodak is investing in its Advanced Materials & Chemicals group, with a cGMP facility for diagnostic test reagents set to begin production in 2025[1] - The company is focusing on generating smart revenue to enhance profitability, despite the decline in overall revenue[4] - Kodak plans to continue streamlining operations and investing in new products and businesses in the second half of the year[4] - The company announced commitments for several KODAK PROSPER ULTRA 520 Presses following its participation in the drupa tradeshow[1]