Eastman Kodak Company Reports Q3 Revenue Increase but Significant Net Loss

Eastman Kodak Company reported its financial results for the third quarter and nine months ended September 30, 2025, revealing a modest increase in revenues but a significant decline in net earnings compared to the previous year. Total revenues for the third quarter reached $269 million, a 3% increase from $261 million in the same period of 2024. For the nine months, revenues were $779 million, slightly up from $777 million year-over-year. The company attributed the revenue growth primarily to improved pricing in its Print and Advanced Materials and Chemicals segments, as well as favorable foreign currency fluctuations.

Despite the revenue increase, Kodak experienced a net loss of $20 million for the nine months ended September 30, 2025, compared to a net income of $76 million for the same period in 2024. The loss per share for the third quarter was $(0.08), a decline from earnings of $0.16 per share in the prior year. The company’s gross profit for the third quarter improved to $68 million, up from $45 million in 2024, driven by better pricing and lower manufacturing costs, particularly in aluminum. However, the overall profitability was impacted by increased interest expenses and lower pension income.

Operationally, Kodak's Print segment saw revenues decrease by 3% to $177 million in the third quarter, primarily due to lower volumes in its Prepress Solutions and Electrophotographic Printing Solutions businesses. In contrast, the Advanced Materials and Chemicals segment reported a 15% increase in revenues to $82 million, benefiting from higher demand and pricing in its Motion Picture and Industrial Film businesses. The Brand segment also showed growth, with revenues rising to $6 million from $5 million in the previous year.

Kodak's financial position remains under scrutiny, particularly regarding its liquidity and debt obligations. The company ended the quarter with $168 million in cash and cash equivalents, down from $201 million at the end of 2024. Kodak has been actively managing its debt, including a recent amendment to its Term Loan Credit Agreement, extending the maturity date to August 15, 2028. The company is also preparing for a significant cash influx from the settlement of its Kodak Retirement Income Plan, expected to provide approximately $600 million in surplus assets by December 2025, which will be used to address its debt obligations.

Looking ahead, Kodak's management remains cautious about the economic environment, including inflationary pressures and geopolitical tensions that could impact operations. The company is focused on strategic initiatives to enhance profitability, including pricing actions, cost reductions, and investments in technology to drive operational efficiencies. Kodak's ability to navigate these challenges will be critical as it seeks to return to sustainable positive cash flow and improve its financial performance in the coming quarters.