Eastman Kodak Company Reports $247 Million Revenue and $7 Million Net Loss in Q1 2025

Eastman Kodak Company reported its financial results for the first quarter of 2025, revealing a total revenue of $247 million, a slight decrease of $2 million or 1% compared to $249 million in the same period of 2024. The decline was primarily attributed to a $17 million drop in Print revenues, which accounted for 67% of total revenues, and unfavorable foreign currency fluctuations that impacted revenues by $3 million. In contrast, the Advanced Materials and Chemicals segment saw a revenue increase of $15 million, driven by improved pricing and product mix, as well as higher volumes.

The company's gross profit for the quarter was $46 million, down from $49 million in the prior year, reflecting higher aluminum and manufacturing costs, as well as lower volumes in the Print segment. Selling, general, and administrative expenses remained flat at $45 million, while research and development costs also held steady at $9 million. Kodak reported a net loss of $7 million, or $(0.12) per share, compared to net earnings of $32 million, or $0.31 per share, in the first quarter of 2024.

Operationally, Kodak's Print segment faced challenges with reduced demand for plates, leading to a decline in revenues and operational EBITDA, which fell to $(9) million from a positive figure in the previous year. Conversely, the Advanced Materials and Chemicals segment reported operational EBITDA of $7 million, an increase from $1 million in the prior year, benefiting from improved pricing and volume in its Industrial Film and Chemicals business. The Brand segment's revenues remained stable at $4 million, with operational EBITDA rising to $4 million from $3 million.

Kodak's cash position at the end of the quarter was $158 million, down from $201 million at the end of 2024. The company experienced a net cash outflow from operating activities of $38 million, a significant decline from the $17 million inflow in the same quarter last year. This was primarily due to an increase in trade receivables. Kodak's liquidity remains a concern, as it has upcoming debt obligations due in May 2026 and has not secured committed financing to meet these obligations. The company is actively exploring options to refinance its preferred stock and term loans, while also implementing cost-saving measures to improve its financial position.

Looking ahead, Kodak's management remains cautious about the economic environment, which is characterized by inflationary pressures and geopolitical tensions. The company is focused on strategic initiatives to enhance operational efficiency, including pricing actions and supply chain optimizations, to mitigate the impact of rising costs and declining volumes. Kodak's ability to navigate these challenges will be critical to its financial recovery and long-term sustainability.