Eastman Kodak Company Reports Decline in Revenue and Net Loss for Q2 and First Half of 2025

Eastman Kodak Company reported a decline in financial performance for the second quarter and first half of 2025, as detailed in its latest 10-Q filing. For the three months ended June 30, 2025, Kodak's total revenues were $263 million, a decrease of 1% from $267 million in the same period of 2024. The company experienced a similar trend in the first half of the year, with revenues totaling $510 million, down from $516 million year-over-year. The decline was primarily attributed to lower volumes in the Print segment, which accounted for 68% of total revenues, and increased manufacturing costs, particularly for aluminum.

Kodak's net loss for the second quarter was $26 million, compared to a net income of $26 million in the prior year. This resulted in a basic net loss per share of $0.36, a significant drop from earnings of $0.25 per share in the same quarter of 2024. The first half of 2025 also saw a net loss of $33 million, compared to a profit of $58 million in the first half of 2024. Contributing factors to the losses included higher costs of revenues, which rose to $212 million from $209 million, and increased selling, general, and administrative expenses.

In terms of operational developments, Kodak's Print segment revenues fell by $8 million to $178 million in the second quarter, driven by lower volumes in Prepress Solutions and Electrophotographic Printing Solutions. Conversely, the Advanced Materials and Chemicals segment saw a revenue increase of $2 million to $75 million, attributed to favorable pricing in Industrial Film and Chemicals. The Brand segment also reported growth, with revenues rising to $6 million from $4 million. Kodak's employee headcount remained stable, with no significant changes reported.

Strategically, Kodak is navigating a challenging economic environment marked by inflation and supply chain disruptions. The company has implemented various pricing actions and cost-saving measures to mitigate the impact of increased manufacturing costs. Additionally, Kodak is actively pursuing options to refinance its existing Series B Preferred Stock and Term Loans, which are due in 2026. The company has also entered into an ATM equity offering agreement to raise up to $100 million for general corporate purposes, although no shares have been sold under this agreement as of the reporting date.

Looking ahead, Kodak's management expressed uncertainty regarding the macroeconomic environment and its potential impact on operations. The company is focused on returning to sustainable positive cash flow through pricing actions, operational efficiencies, and strategic investments. However, the ongoing geopolitical tensions and inflationary pressures present significant challenges that could affect Kodak's financial performance in the near term.