柯达突然爆雷：可能撑不下去了，将到期35亿元债务目前无法偿付

Core Viewpoint - Kodak, a century-old imaging giant, has warned investors about its potential inability to continue operations, leading to a significant drop in its stock price by nearly 26% on August 12, closing down 19.91% [1][4]. Financial Performance - In its latest financial report, Kodak reported a revenue of $263 million for Q2, a year-on-year decline of 1%, with a gross profit of $51 million, down 12%. The company also posted a net loss of $26 million, reversing from a net income of $26 million in the same period last year [4][6]. - Kodak has approximately $500 million in debt that is due and currently cannot be repaid, raising significant doubts about its ability to continue as a going concern [6]. Strategic Initiatives - Kodak is focusing on cost reduction and converting investments into long-term growth, with plans to terminate pension payments and implement a $500 million pension asset return plan to reduce debt [6]. - The company is also advancing its pharmaceutical production capabilities and investing in growth areas such as film and electric vehicle battery coatings [6]. Historical Context - Founded in 1892, Kodak was once the dominant player in the global photography market, holding a 75% market share in photographic equipment and 90% of profits in the 1930s [7][9]. - Kodak's decline began after it invented the first digital camera in 1975 but failed to capitalize on the digital wave, leading to a significant loss of market share to competitors like Sony and Canon [9][10]. - After filing for bankruptcy protection in 2012, Kodak shifted its focus to commercial printing, packaging, and materials science, gradually seeking transformation [9][10]. Recent Developments - Kodak's revenue from film has been gradually increasing, with film income accounting for approximately 20%, 30%, and 32% of the advanced materials and chemicals segment's total revenue in 2019, 2020, and 2021, respectively [10]. - In 2021, Kodak reported total revenue of $1.15 billion, marking an 11.76% year-on-year growth, driven by increased sales in advanced materials and chemicals as well as brand sales [10].