柯达公司澄清：无停止运营、申请破产计划

Core Viewpoint - Kodak is facing significant financial challenges, including a net loss of $26 million in Q2 2025, leading to concerns about its ability to continue operations [1][2] Financial Performance - In Q2 2025, Kodak reported a net loss of $26 million, a shift from profit in the previous year [1] - Gross profit decreased from $58 million in the same quarter last year to $51 million, a decline of approximately 12% [1] - Cash and cash equivalents at the end of Q2 were $155 million, down $46 million from December 31 of the previous year [1] Debt and Financing Concerns - Kodak disclosed approximately $477 million in loans and $100 million in preferred stock maturing soon, with a lack of "actionable financing channels or available liquidity" to repay these debts [1] - The company expressed confidence in its ability to repay, extend, or refinance its debts before maturity [2] - Kodak plans to terminate its pension plan, which is expected to yield about $500 million in assets, with $300 million earmarked for loan repayment [2] Business Operations and Strategy - Kodak's core business operations remain stable and self-sustaining, with only $3 million in cash used for growth investments in Q2 [2] - The company is diversifying into specialty chemicals and pharmaceutical-related products, investing "tens of millions of dollars" in new laboratories and manufacturing facilities [5] - Kodak continues to maintain its traditional film business, which is still profitable, although it represents a smaller portion of total revenue compared to its peak [5] Historical Context - Kodak, founded in 1892, was a dominant player in the photography market, holding 75% of the global market share in the 1930s [3] - The company failed to adapt to the digital photography revolution, leading to significant losses and a bankruptcy filing in 2012 [3] - After emerging from bankruptcy, Kodak refocused on commercial printing, packaging, and materials science [3][4]