Eastman Kodak(KODK) - 2024 Q4 - Annual Results

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]