KODK 10-K & 10-Q changes, risk factors and insider trading
Eastman Kodak Co. · NYSE · Photographic Equipment & Supplies · CIK 31235 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
New heading “Increased competition, including price competition, could materially adversely affect Kodak’s revenue, gross margins, cash flow and market share.”
New heading “Improper conduct by employees, agents, distributors or others perceived as acting on behalf of Kodak could impair Kodak’s reputation, business and financial condition.”
Removed heading “Summary of Risk Factors”
Removed heading “Kodak’s ability to receive reversion proceeds from the termination and liquidation of the Kodak Retirement Income Plan (KRIP), if any, and the amount and timing of such receipts, are subject to factors beyond Kodak’s control.”
Removed heading “If Kodak is unable to continue successful development, funding, and commercialization of products in businesses upon which we are focused or do so within an acceptable timeframe, Kodak’s financial performance could be adversely affected.”
Removed heading “If Kodak is unable to successfully or timely implement cost structure reductions, Kodak’s business, financial condition and results of operations could be negatively affected.”
Removed heading “The loss of one or more of Kodak’s key personnel, or our failure to attract and retain other highly qualified personnel in the future, could harm our business.”
Removed heading “If Kodak cannot effectively anticipate or rapidly respond to technology trends and develop and market new products to respond to changing customer needs and preferences, our revenue, earnings and cash flow could be adversely affected.”
Removed heading “Kodak is exposed to risks associated with expanding into related or new markets and industries.”
Removed heading “Kodak’s investment in new products and services may not achieve expected returns.”
Removed heading “If Kodak does not manage product reliability, yield and quality, our product launch plans may be delayed, our financial results may be adversely impacted, and our reputation may be harmed.”
Removed heading “Aging manufacturing facilities and equipment could lead to failures of equipment and systems.”
Removed heading “If Kodak fails to manage distribution of our products and services properly, our revenue, gross margins and earnings could be adversely impacted.”
Removed heading “If Kodak cannot protect the intellectual property rights on which our business depends, or if third parties assert that we violate their intellectual property rights, our revenue, earnings, expenses and liquidity may be adversely impacted.”
Removed heading “Cyber-attacks or other data security incidents that disrupt Kodak’s operations or result in the breach or other compromise of proprietary of confidential information about our workforce, our customers, or other third parties could disrupt our business, harm our reputation, cause us to lose customers, and expose us to costly regulatory enforcement and litigation, any of which could lead to material adverse effects on Kodak’s results of operations, business and financial condition.”
Removed heading “Failure to successfully manage the development and improvement of IT systems could diminish or delay any anticipated efficiencies and operational improvements, and our operations and business could be disrupted.”
Removed heading “Emerging issues related to development and use of artificial intelligence ("AI") could give rise to legal or regulatory action, damage our reputation or otherwise materially harm our business.”
Removed heading “Kodak’s inability to effectively complete and manage strategic transactions could adversely impact our business performance, including our financial results.”
Removed heading “If the reputation of Kodak or its brand erodes significantly, it could have a material impact on our financial results.”
Removed heading “Increased competition, including price competition, could have a material adverse impact on Kodak’s revenue, gross margins, cash flow and market share.”
Removed heading “Business disruptions could seriously harm Kodak’s future revenue and financial condition.”
Removed heading “Kodak relies on third-party suppliers and service providers to support our manufacturing, logistics, and business operations and faces the risks associated with reliance on external business partners.”
Removed heading “Due to the nature of the products we sell and Kodak’s worldwide distribution, Kodak is exposed to fluctuations in foreign currency exchange rates, interest rates and commodity costs which, together with the impacts of changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, may adversely impact our results of operations and financial position.”
Removed heading “Kodak faces additional costs and risks associated with our worldwide business operations.”
Removed heading “An inability to provide competitive financing arrangements to Kodak’s customers or extension of credit to customers whose creditworthiness deteriorates could adversely impact our revenue, profitability and financial position.”
Removed heading “Summary of Risks Related to Kodak’s Indebtedness and Access to Capital Markets”
Removed heading “The Company’s substantial monetary obligations require a portion of our cash flow to be used to fund other obligations rather than be invested in the business and could adversely affect our ability to fund our operations.”
Removed heading “The availability of letters of credit under the Amended and Restated Letter of Credit Facility Agreement ("Amended and Restated L/C Facility Agreement") is limited by the amount of cash on deposit with the administrative agent.”
Removed heading “Kodak may desire additional capital funding and such capital may not be available to us and/or may be limited.”
Removed heading “There can be no assurance the Company will be able to comply with the terms of our various credit facilities.”
Removed heading “The current non-investment grade status and Kodak’s financial condition may adversely impact Kodak’s commercial operations, increase our liquidity requirements and increase the cost of refinancing opportunities. We may not have adequate liquidity to post required amounts of additional collateral.”
Removed heading “Summary of Legal, Regulatory and Compliance Risks”
Removed heading “Legal proceedings and governmental investigations could have a material adverse effect on our business operations and prospects, reputation, financial condition, results of operations and stock price.”
Removed heading “Our business and financial condition can be impaired by improper conduct by any of our employees, agents, or business partners.”
Removed heading “Failure to comply with privacy, data protection and cyber security laws and regulations could have a materially adverse effect on Kodak’s reputation, results of operations or financial condition.”
Removed heading “Failure to comply with environmental laws and regulations or liabilities imposed as a result of such laws and regulations could have an adverse effect on our business, results of operations and financial condition.”
Removed heading “Failure to effectively manage Environmental, Social, and Governance (ESG)-related expectations could impact Kodak's operational success, financial performance and investor confidence.”
Removed heading “If Kodak fails to maintain effective internal controls over financial reporting, we may not be able to accurately report our financial results, which could have a material adverse effect on Kodak’s operations, investor confidence in our business and the trading prices of our securities.”
Removed heading “Kodak may have additional tax liabilities.”
Removed heading “Changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, may have a material adverse effect on our business, financial condition and results of operations.”
Removed heading “Kodak’s future pension and other postretirement benefit plan costs and required level of contributions could be unfavorably impacted by changes in actuarial assumptions, market performance of plan assets and obligations imposed by legislation or pension authorities which could adversely affect our financial position, results of operations, and cash flow.”
Removed heading “Kodak may be required to recognize impairments in the value of our trade name and/or other long-lived assets which could adversely affect our results of operations.”
Removed heading “Summary of Risks Related to the Company’s Common Stock”
Removed heading “The conversion of the Series B Preferred Stock and Series C Preferred Stock into shares of the Company’s common stock may dilute the value for the current holders of the Company’s common stock.”
Removed heading “The holder of the Series C Preferred Stock may influence the composition of the Board and future actions taken by the Board.”
Removed heading “The resale of the Company’s common stock may adversely affect the price of our common stock.”
Removed heading “The resale of a significant portion of the Company’s securities or certain accumulations or transfers of the Company’s securities could result in a change of control of the Company and the loss of favorable tax attributes.”
Removed heading “The Company’s stock price has been and may continue to be volatile.”
Removed heading “Risks Related to Kodak’s Business and Operations”
Removed heading “Kodak’s business, financial condition and results of operations have been and may continue to be adversely affected by global economic and geopolitical conditions, including the impact of wars and other hostilities, medical epidemics, inflation, fluctuations in interest rates, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, and slowdowns in customer demand.”
Removed heading “The ability to generate positive operating cash flows will be necessary for Kodak to continue to operate our business.”
Removed heading “Kodak’s ability to receive reversion proceeds from the termination and liquidation of the Kodak Retirement Income Plan (KRIP), if any, and the amount and timing of such receipts, are subject to factors beyond Kodak’s control.”
Removed heading “Increased competition, including price competition, could have a material adverse impact on Kodak’s revenue, gross margins, cash flow and market share.”
Removed heading “Our business and financial condition can be impaired by improper conduct by any of our employees, agents, or business partners.”
Removed heading “The holder of the Series C Preferred Stock owns a large portion of the voting power of the Company’s outstanding securities and has nominated one member of the Company’s Board. An affiliate of the Term Loan Lenders has the right to nominate one member for election to the Company’s Board and holders of the Series B Preferred Stock and Series C Preferred Stock will have such right in the event dividends are in arrears. As a result, these parties may influence the composition of the Board and future actions taken by the Board.”
Largest changes
“Worsening global economic conditions, including those associated with the war in Ukraine, the conflicts involving Israel, medical epidemics, heightened levels of inflation, fluctuations in interest rates and changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, could have material adverse impacts on Kodak’s business, cash flows, employees, suppliers, customers, and others’ ability to conduct business, including increased operational costs, extended business shutdowns, reduced operations, restrictions or interruptions in shipping, manufacturing …”see in full comparison
“Due to the global economic impact of the war in Ukraine, the conflicts involving Israel, medical epidemics, heightened levels of inflation, fluctuations in interest rates and uncertainty in the U.S trade policy, we have and may continue to experience additional operating costs due to increased cost of energy, shipping, raw materials and labor, limited availability of raw materials and component products, delays in shipping and transportation and a decline in customer demand. …”see in full comparison
“Kodak’s business, financial condition and results of operations have been and may continue to be adversely affected by global economic and geopolitical conditions, including the impact of wars and other hostilities, medical epidemics, inflation, fluctuations in interest rates, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, and slowdowns in customer demand.”see in full comparison
“Cyber-attacks or other data security incidents that disrupt Kodak’s operations or result in the breach or other compromise of proprietary of confidential information about our workforce, our customers, or other third parties could disrupt our business, harm our reputation, cause us to lose customers, and expose us to costly regulatory enforcement and litigation, any of which could lead to material adverse effects on Kodak’s results of operations, business and financial condition.”see in full comparison
“Unfavorable global economic developments, such as the wars in Ukraine and Iran, other conflicts involving Israel, broader regional or geopolitical instability, medical epidemics, elevated inflation, and rising or rapidly changing commodity prices and interest rates, have created, and may continue to create significant business and operational challenges. …”see in full comparison
“Due to the nature of the products we sell and Kodak’s worldwide distribution, Kodak is exposed to fluctuations in foreign currency exchange rates, interest rates and commodity costs which, together with the impacts of changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, may adversely impact our results of operations and financial position.”see in full comparison
Full comparison: every changed paragraph (237)
Summary of Risk Factors
The following is a summary of the risk factors Kodak faces. The list is not exhaustive, and investors should read this “Risk Factors” section in full. Some of the risks Kodak faces include:
Summary of Risks Related to Kodak’s Business and Operations
Kodak’sGlobal business, financial conditioneconomic and resultsgeopolitical of operationsconditions have beenadversely affected, and may continue to be adversely affectedaffect, byKodak’s globalbusiness, economicfinancial condition, and results of operations. These conditions include ongoing wars and geopolitical conditions, including wars and other hostilities,tensions, medical epidemics, inflation,inflationary pressures, fluctuations in commodity prices and interest rates, changes in trade policies,policies (including tariffs orand other trade restrictions or the threat of such actions,actions), and slowdownsvolatility in customer demand.
Unfavorable global economic developments, such as the wars in Ukraine and Iran, other conflicts involving Israel, broader regional or geopolitical instability, medical epidemics, elevated inflation, and rising or rapidly changing commodity prices and interest rates, have created, and may continue to create significant business and operational challenges. These challenges may include increases in operational and input costs, business interruptions or shutdowns, delays or restrictions in manufacturing, transportation, or installation activities, lower consumer and customer demand, and reduced ability of customers, suppliers, and partners to meet their financial or operational obligations. Deterioration in customers’ financial condition could result in higher levels of accounts receivable, an increase in past‑due balances and uncollectible accounts, and heightened credit risk. In addition, disruptions in global financial markets could negatively impact Kodak’s liquidity or access to credit, including due to failures or instability involving banks or other financial institutions.
Kodak’s operating costs have been and may continue to be adversely affected by higher prices for energy, shipping, labor and raw materials. Key inputs used in Kodak’s products—including aluminum, silver, petroleum‑based materials, and other commodity‑based components—have experienced significant price volatility, and further increases or shortages could materially impact Kodak’s cost structure. Supply chain constraints or disruptions may limit the availability of essential raw materials and component products and may impair Kodak’s ability to satisfy customer demand for its products and services.
The duration, severity, and ultimate impact of these global economic and geopolitical conditions remain highly uncertain and depend on future developments that are difficult or impossible to predict, including any escalation of existing conflicts, additional global or regional hostilities, changes in international trade relationships, or shifts in governmental responses and policies. Any continued or worsening of these conditions could materially adversely affect Kodak’s business, financial condition, cash flows, or results of operations.
For additional information regarding the known impacts of the wars in Ukraine and Iran, other conflicts involving Israel, and broader global economic conditions, see Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in this Annual Report on Form 10‑K.
Kodak’s ability to receive reversion proceeds from the termination and liquidation of the Kodak Retirement Income Plan (KRIP), if any, and the amount and timing of such receipts, are subject to factors beyond Kodak’s control.
If Kodak is unable to continue successful development, funding, and commercialization of products in businesses upon which we are focused or do so within an acceptable timeframe, Kodak’s financial performance could be adversely affected.
If Kodak is unable to successfully or timely implement cost structure reductions, Kodak’s business, financial condition and results of operations could be negatively affected.
The loss of one or more of Kodak’s key personnel, or our failure to attract and retain other highly qualified personnel in the future, could harm our business.
If Kodak cannot effectively anticipate or rapidly respond to technology trends and develop and market new products to respond to changing customer needs and preferences, our revenue, earnings and cash flow could be adversely affected.
Kodak is exposed to risks associated with expanding into related or new markets and industries.
Kodak’s investment in new products and services may not achieve expected returns.
If Kodak does not manage product reliability, yield and quality, our product launch plans may be delayed, our financial results may be adversely impacted, and our reputation may be harmed.
Aging manufacturing facilities and equipment could lead to failures of equipment and systems.
If Kodak fails to manage distribution of our products and services properly, our revenue, gross margins and earnings could be adversely impacted.
If Kodak cannot protect the intellectual property rights on which our business depends, or if third parties assert that we violate their intellectual property rights, our revenue, earnings, expenses and liquidity may be adversely impacted.
Cyber-attacks or other data security incidents that disrupt Kodak’s operations or result in the breach or other compromise of proprietary of confidential information about our workforce, our customers, or other third parties could disrupt our business, harm our reputation, cause us to lose customers, and expose us to costly regulatory enforcement and litigation, any of which could lead to material adverse effects on Kodak’s results of operations, business and financial condition.
Failure to successfully manage the development and improvement of IT systems could diminish or delay any anticipated efficiencies and operational improvements, and our operations and business could be disrupted.
Emerging issues related to development and use of artificial intelligence ("AI") could give rise to legal or regulatory action, damage our reputation or otherwise materially harm our business.
Kodak’s inability to effectively complete and manage strategic transactions could adversely impact our business performance, including our financial results.
If the reputation of Kodak or its brand erodes significantly, it could have a material impact on our financial results.
Increased competition, including price competition, could have a material adverse impact on Kodak’s revenue, gross margins, cash flow and market share.
Business disruptions could seriously harm Kodak’s future revenue and financial condition.
Kodak relies on third-party suppliers and service providers to support our manufacturing, logistics, and business operations and faces the risks associated with reliance on external business partners.
Due to the nature of the products we sell and Kodak’s worldwide distribution, Kodak is exposed to fluctuations in foreign currency exchange rates, interest rates and commodity costs which, together with the impacts of changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, may adversely impact our results of operations and financial position.
Kodak faces additional costs and risks associated with our worldwide business operations.
An inability to provide competitive financing arrangements to Kodak’s customers or extension of credit to customers whose creditworthiness deteriorates could adversely impact our revenue, profitability and financial position.
Summary of Risks Related to Kodak’s Indebtedness and Access to Capital Markets
The Company’s substantial monetary obligations require a portion of our cash flow to be used to fund other obligations rather than be invested in the business and could adversely affect our ability to fund our operations.
The availability of letters of credit under the Amended and Restated Letter of Credit Facility Agreement ("Amended and Restated L/C Facility Agreement") is limited by the amount of cash on deposit with the administrative agent.
Kodak may desire additional capital funding and such capital may not be available to us and/or may be limited.
There can be no assurance the Company will be able to comply with the terms of our various credit facilities.
The current non-investment grade status and Kodak’s financial condition may adversely impact Kodak’s commercial operations, increase our liquidity requirements and increase the cost of refinancing opportunities. We may not have adequate liquidity to post required amounts of additional collateral.
Summary of Legal, Regulatory and Compliance Risks
Legal proceedings and governmental investigations could have a material adverse effect on our business operations and prospects, reputation, financial condition, results of operations and stock price.
Our business and financial condition can be impaired by improper conduct by any of our employees, agents, or business partners.
Failure to comply with privacy, data protection and cyber security laws and regulations could have a materially adverse effect on Kodak’s reputation, results of operations or financial condition.
Failure to comply with environmental laws and regulations or liabilities imposed as a result of such laws and regulations could have an adverse effect on our business, results of operations and financial condition.
Failure to effectively manage Environmental, Social, and Governance (ESG)-related expectations could impact Kodak's operational success, financial performance and investor confidence.
If Kodak fails to maintain effective internal controls over financial reporting, we may not be able to accurately report our financial results, which could have a material adverse effect on Kodak’s operations, investor confidence in our business and the trading prices of our securities.
Kodak may have additional tax liabilities.
Changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, may have a material adverse effect on our business, financial condition and results of operations.
Kodak’s future pension and other postretirement benefit plan costs and required level of contributions could be unfavorably impacted by changes in actuarial assumptions, market performance of plan assets and obligations imposed by legislation or pension authorities which could adversely affect our financial position, results of operations, and cash flow.
Kodak may be required to recognize impairments in the value of our trade name and/or other long-lived assets which could adversely affect our results of operations.
Summary of Risks Related to the Company’s Common Stock
The conversion of the Series B Preferred Stock and Series C Preferred Stock into shares of the Company’s common stock may dilute the value for the current holders of the Company’s common stock.
The holder of the Series C Preferred Stock may influence the composition of the Board and future actions taken by the Board.
The resale of the Company’s common stock may adversely affect the price of our common stock.
The resale of a significant portion of the Company’s securities or certain accumulations or transfers of the Company’s securities could result in a change of control of the Company and the loss of favorable tax attributes.
The Company’s stock price has been and may continue to be volatile.
Risks Related to Kodak’s Business and Operations
Kodak’s business, financial condition and results of operations have been and may continue to be adversely affected by global economic and geopolitical conditions, including the impact of wars and other hostilities, medical epidemics, inflation, fluctuations in interest rates, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, and slowdowns in customer demand.
Worsening global economic conditions, including those associated with the war in Ukraine, the conflicts involving Israel, medical epidemics, heightened levels of inflation, fluctuations in interest rates and changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, could have material adverse impacts on Kodak’s business, cash flows, employees, suppliers, customers, and others’ ability to conduct business, including increased operational costs, extended business shutdowns, reduced operations, restrictions or interruptions in shipping, manufacturing or installing products, reduced consumer demand and the reduced ability of our customers to make payments. Accounts receivable and past due accounts could increase due to a decline in our customers’ ability to pay, and our liquidity, including our ability to use credit lines, could be negatively impacted by failures of financial instrument counterparties, including banks and other financial institutions.
Due to the global economic impact of the war in Ukraine, the conflicts involving Israel, medical epidemics, heightened levels of inflation, fluctuations in interest rates and uncertainty in the U.S trade policy, we have and may continue to experience additional operating costs due to increased cost of energy, shipping, raw materials and labor, limited availability of raw materials and component products, delays in shipping and transportation and a decline in customer demand. Kodak’s products contain aluminum, silver, petroleum-based or other commodity-based raw materials, the prices of which have significantly increased, and could continue to increase. Ongoing disruptions in our supply chain could affect our ability to continue to meet customer demand for our products and services. Continued or worsening operational and global economic conditions could materially affect our business, financial condition or results of operations. The extent to which the global economic conditions affect our results will depend on future developments, which are highly uncertain and cannot be predicted. This includes new information which may emerge concerning the continued impact of the war in Ukraine and the conflicts involving Israel, any escalation thereof, and the impact of the international response thereto. For additional discussion regarding known impacts of the war in Ukraine, the conflicts involving Israel and the global economic environment, see Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations“ in this Annual Report on Form 10-K.
The ability to generate positive operating cash flows will be necessary for Kodak to continue to operate our business.
Continued investment, capital needs, restructuring payments, dividends and servicing Kodak’s debt require a significant amount of cash and we may not be able to generate sufficient cash to fund these activities, which could adversely affect our business, financial condition, and results of operations. Kodak has not consistently generated positive operating cash flows without supplementing such cash flow from operations with financing and monetization transactionstransactions, such as the KRIP reversion, over the past several years. There can be no assurance Kodak will be able to generate cash flow from financing or monetization transactions in the future or, if it is able to generate such cash flow in the future, the amount or timing of such cash flow. Kodak's businesses may not grow or continue to generate the same or enough cash flow.
Kodak’s business may not generate cash flow in an amount sufficient to enable us to pay the principal or mandatory redemption price of, or interest and dividends on, the senior secured first lien term loans (the “Term Loans”) borrowed under the Amended and Restated Credit Agreement (the "Credit Agreement"),Agreement, dated June 30, 2023, by and among the Company, the lenders party thereto (the “Term Loan Lenders”), and Alter Domus (US) LLC, as Administrative Agent (the “Term Loan Credit Agreement”), and the 4.0% Series B Convertible Preferred Stock of the Company (the “Series B Preferred Stock”), and the 5.0% Series C Convertible Preferred Stock of the Company (the “Series C Preferred Stock”), or to fund Kodak’s other liquidity needs, including working capital, capital expenditures, product development efforts, restructuring actions, collateral requirements, strategic acquisitions, investments and alliances and other general corporate requirements.
Management's Discussion & Analysis (MD&A)
New heading “Series C Preferred Stock Exchange”
Removed heading “Amended and Restated Term Loan Credit Agreement”
Removed heading “Revenue Recognition”
Removed heading “Return on Plan Assets”
Removed heading “Discount Rates:”
Removed heading “Sensitivity Analysis:”
Removed heading “Derivative Instruments:”
Largest changes
“The economic uncertainties surrounding the current inflationary environment and other global events represent additional elements of complexity in Kodak’s plans to return to sustainable positive cash flow. …”see in full comparison
“The actual rate of return on Kodak’s major U.S. defined benefit pension plan for 2024 was negative 2.7% which was lower than the expected rate of return of 7.1%, and was driven by the sale of KRIP Illiquid Assets and change in investment strategy initiated in April 2024 designed to preserve and maximize the value of KRIP's over-funding by reducing investment risk and improving the overall liquidity of KRIP. See Note 19, "Retirement Plans" for further discussion. …”see in full comparison
Kodak's cash flows continue to be negatively impacted by volume declines, higher manufacturing costs and increased labor, material and distribution costs, supply chain disruptions and shortages in materials and labor. The impacts from price increases,see in full comparisoncontinuedsavings relating to rationalization, costreductionreductionsactionsand operational efficiencies and supply chain-related cost improvements continue to positively impact Kodak’s operations.The economic uncertainties surrounding the current inflationary environment and other global events represent additional elements of complexity in Kodak’s plans to return to sustainable positive cash flow. The Company cannot predict the duration and scope of such events, including the war in Ukraine and the conflicts involving Israel, and other factors such as the ability to continue to secure raw materials and components, the impact of rising costs of labor, commodity and distribution costs, the ability to maintain current pricing levels or how quickly and to what extent normal economic and operating conditions can resume.
Kodak's products are sold and serviced in numerous countries across the globe with more than half of sales generated outside the U.S. Current global economic conditions remain highly volatile due to the uncertain and unpredictable macroeconomic environment, heightened levels of inflation,see in full comparisonthe war in Ukraine, the conflicts involving Israel,changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, fluctuations in commodity prices and other global events which impacted Kodak’s operations.Kodak is experiencing revenue declines and increased manufacturing costs for certain businesses due to lower volumes and increases in labor, material and distribution costs, as well as supply chain disruptions and shortages in materials and labor.
“Consolidated SG&A increased $20 million in 2024 primarily due to investments in information technology systems ($2 million) and changes in organizational structure ($2 million) to drive further operational efficiencies, as well as costs associated with the drupa trade show ($2 million) and certain litigation matters ($7 million). In addition, the prior year had $15 million of income representing insurance reimbursement of legal costs previously paid by the Company associated with investigations and litigation. …”see in full comparison
EV/Energy Storage Battery Material Manufacturing - Coating of substrates is a critical aspect of manufacturing materials for batteries and Kodak plans to capitalize on its expertise in coating technology to develop opportunities in this area. Kodak utilizes its pilot coating facility to conduct development of coated electrodes for a variety of battery, fuel cell, and solar film companies as well as low volume manufacturing of electrodes. Kodak has utilized an existing production coating facility to manufacture coated substrates for EV cell assembly. Investment in this production facility began in 2025 and will continue into 2026 to expand volume of battery components manufactured at the facility. On July 13, 2022, Kodak invested $25 million to acquire a minority preferred equity interest in Wildcat Discovery Technologies, Inc. ("Wildcat"), a private technology company that uses proprietary methods to research and develop new battery materials, including an EV battery.see in full comparisonWildcatDuringcontinues2025, Kodak recorded impairment charges of $22 million toexploreitsandWildcatassessinvestment due to various strategic options and alternatives implemented by Wildcat due tofundthefuturecurrent economic environment. In February 2026, Wildcat merged with another company and as a result Kodak’s equity interest in Wildcat was converted into the right to receive cash proceeds of approximately $4 million in 2026 and the potential for contingent earn-out payments upon Wildcat achieving certain development and commercializationofmilestones.thisKodaktechnologyreceivedwhichapproximatelymay$2impact the valuemillion ofKodak'scashinvestment or dilute Kodak's ownershipproceeds inWildcat.MarchKodak also entered into an agreement to provide coating and engineering services in collaboration with Wildcat to develop and scale film coating technologies. Wildcat has granted Kodak certain rights to negotiate a production or licensing arrangement with Wildcat when and if Wildcat’s technology reaches commercial readiness. Kodak has utilized an existing production coating facility to manufacture coated substrates for EV cell assembly. Kodak is evaluating expansion or enhancement of this facility to serve a wider variety of production level customers.2026.
Full comparison: every changed paragraph (139)
Changes in commodity prices, tariff rates, foreign currency exchange rates and interest rates;
Kodak's receipt of projected reversion proceeds from the liquidation of KRIP at the time contemplated;
Kodak’s ability to fund continued investments, capital needs and collateral requirements and service its debt and Series B Preferred Stock and Series C Preferred Stock;
Changes in foreign currency exchange rates, commodity prices, interest rates and tariff rates;
The impact of the global economic environment, including inflationary pressures, geopolitical issues such as the war in Ukraine and the conflicts involving Israel, medical epidemics,issues, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, medical epidemics and Kodak’s ability to effectively mitigate or recoup the associated increased costs of aluminumaluminum, silver and other raw materials, energy, labor, shipping, delays in shipment and production times, and fluctuations in demand;
The performance by third parties of their obligations to supply products, components or services to Kodak and Kodak’s ability to address supply chain disruptions and continue to obtain raw materials and components available from single or limited sources of supply, which may be adversely affected by thegeopolitical war in Ukraine, the conflicts involving Israel,issues, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, and residualcommodity effectssupply of the COVID-19 pandemicconstraints;
Future events and other factors may cause Kodak’s actual results or outcomes to differ materially from the forward–looking statements. All forward–looking statements attributable to Kodak or persons acting on its behalf apply only as of the date of this report on Form 10-K and are expressly qualified in their entirety by the cautionary statements included in this document. Kodak undertakes no obligation to update or revise forward–looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, except as required by law.
The following MD&A provides a historical and prospective narrative on the Company’s financial condition and results of operations for the year ended December 31, 2024 as compared to the year ended December 31, 2023. Cross references to Notes in this MD&A are to the Notes in the Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data". The discussion of the Company’s financial condition and results of operations for the year ended December 31, 2023 compared to 2022 is included in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Company’s Annual Report on Form 10–K for the year ended December 31, 2023.
The following MD&A provides a historical and prospective narrative on the Company’s financial condition and results of operations for the year ended December 31, 2025 as compared to the year ended December 31, 2024. Cross references to Notes in this MD&A are to the Notes in the Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data". The discussion of the Company’s financial condition and results of operations for the year ended December 31, 2024 compared to 2023 is included in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Company’s Annual Report on Form 10–K for the year ended December 31, 2024.
Consolidated revenues in the year ended December 31, 20242025 were $1.043$1.069 billion, aan declineincrease of $74$26 million (7%2%) from 2023.2024. Currency fluctuations impacted revenue unfavorablyfavorably in 20242025 compared to 20232024 ($3$11 million).
Economic Environment and Other Global Events:
Kodak's products are sold and serviced in numerous countries across the globe with more than half of sales generated outside the U.S. Current global economic conditions remain highly volatile due to the uncertain and unpredictable macroeconomic environment, heightened levels of inflation, the war in Ukraine, the conflicts involving Israel, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, fluctuations in commodity prices and other global events which impacted Kodak’s operations. Kodak is experiencing revenue declines and increased manufacturing costs for certain businesses due to lower volumes and increases in labor, material and distribution costs, as well as supply chain disruptions and shortages in materials and labor.
The U.S. government imposed new tariffs on a range of imported goods, including aluminum, steel and certain raw materials and component parts used in Kodak’s manufacturing and supply chain. The tariffs imposed have resulted in increased manufacturing costs which the Company has been able to largely mitigate through pricing actions, supplier negotiations, obtaining certain exemptions and other cost savings measures. As a result of these actions, the tariffs that have been enacted or expanded by the U.S. did not have a material adverse effect on Kodak’s operations, financial condition or cash flows for the year ended December 31, 2025.
Kodak continues to actively monitor the developments related to tariffs and to assess additional actions that may be taken to mitigate the effects of future tariff changes, including further pricing actions, additional cost reduction measures, securing alternative suppliers and evaluating potential changes to the Company’s manufacturing footprint.
However, there is substantial uncertainty about the duration of existing tariffs or pauses in tariffs, tariff levels and whether additional tariffs or other retaliatory actions may be imposed, modified or suspended. Countries subject to such tariffs have imposed or may in the future impose reciprocal or retaliatory tariffs and other trade measures. These actions and the related rising political tensions could negatively impact global macroeconomic conditions and the stability of global financial markets. The ultimate impact of any tariffs is uncertain and will depend on various factors, including whether the tariffs are maintained and/or implemented, the duration of the tariffs, any exceptions or exemptions that are or may become available and the timing of their implementation, amount and scope, all of which could have a material adverse effect on Kodak’s business, financial condition and results of operations.
Kodak has experienced revenue declines primarily within its Print segment due to a slowdown in customer demand largely for plates related to global economic conditions that have negatively impacted volume. The Print segment has implemented various pricing actions and customer-focused initiatives to reduce the impact of lower volumes on revenue. In addition, the Advanced Materials and Chemicals segment implemented various pricing actions primarily within its Industrial Films and Chemicals and Motion Picture businesses.
Kodak has implemented various pricing actions and customer-focused initiatives to mitigate the impact of increased manufacturing costs, primarily within its Print and Advanced Materials and Chemicals segments. Largely beginning in the latter part of the second quarter of 2021, in order to mitigate the impact of higher aluminum, energy and packaging costs within Prepress Solutions, the Print segment implemented pricing actions on purchases of plates that continue to be periodically reviewed and adjusted accordingly. In addition, the Advanced Materials and Chemicals segment implemented various pricing actions primarily within its Industrial Films and Chemicals and Motion Picture businesses.
The Print segmentKodak is experiencing aincreased slowdownmanufacturing in customer demandcosts for platescertain that negatively impacted volumebusinesses due to currentlower global economic conditionsvolumes and theincreases impactin oflabor, pricingmaterial actions.and distribution costs, as well as supply chain disruptions and shortages in materials and labor. In addition to the pricing actions and customercustomer-focused initiatives described above, Kodak has implemented supply chain and workforce optimization, productivity improvements and other cost savings activities. The combined actions have largely mitigated the impact of lower volumes and increased manufacturing costs. However, the potential worsening of economic conditions, continued decreases in volume and increases in manufacturing and other costs without further price increases, productivity improvements or other cost saving measures, could unfavorably impact this segment'sKodak's operating results.
The Electrophotographic Printing Solutions business (the "EPS Business") within the Print Segment experienced higher than expected volume declines in 2024. During the third quarter of 2024, Kodak recorded an inventory reserve adjustment of $4 million resulting from higher-than-expected volume declines for certain component and service parts sold to its installed base of NEXFINITY printers due to the negative impact of recent pricing actions and ceasing the manufacturing of NEXFINITY printers effective December 2022. During the fourth quarter of 2024, Kodak recorded an inventory reserve adjustment of $4 million related to EPS Business black and white consumables and service parts due to the reduction in forecasted demand communicated from its primary distributor. As of December 31, 2024, the carrying value of inventory for the EPS Business was approximately $7 million.
Following the cessation of U.S. plate manufacturing operations by Kodak’s key competitors, Kodak has faced increasing competition in the U.S. from low-priced plates imported from China and Japan. On September 28, 2023, Kodak filed petitions with the U.S. Department of Commerce ("Commerce Department") and the U.S. International Trade Commission ("ITC") requesting relief from unfairly traded imports of plates from China and Japan in the form of the imposition of anti-dumping and/or countervailing duties on such imported plates. After making an affirmative preliminary determination on November 15, 2023, on October 22, 2024 the ITC made a final determination that a U.S. industry is materially injured by reason of imports of aluminum lithographic printing plates from China and Japan that the Commerce Department has determined are sold at less than fair value and subsidized by the government of China. The Commerce Department conducted investigations to determine dumping and subsidy margins against imports of plates manufactured in China and Japan. The Commerce Department announced preliminary findings in its countervailing duty investigation on imports of plates manufactured in China on February 27, 2024 and announced preliminary findings in its anti-dumping duty investigations on imports of plates manufactured in China and Japan on April 26, 2024, which were amended with respect to plates from China on May 28, 2024. The Commerce Department announced final findings in its anti-dumping duty investigations on imports of plates manufactured in China and Japan and its countervailing duty investigation on imports of plates manufactured in China on September 23, 2024. As a result of the determinations by the ITC and Commerce Department, duties are now being imposed on U.S. imports of plates as follows: (i) anti-dumping duties of 115.84% on such plates manufactured in China by Fuji and 317.43% on such plates manufactured in China by other entities (in each case, imposed on plates imported on or after May 1, 2024), (ii) countervailing duties of 35.66% on practically all such plates manufactured in China (imposed on plates imported on or after March 1, 2024), and (iii) anti-dumping duties of 91.83% on practically all such plates manufactured in Japan (imposed on plates imported on or after May 1, 2024). Fuji appealed the ITC’s material injury determination and, on February 18, 2026, the United States Court of International Trade remanded ITC’s determination on procedural grounds for further analysis and documentation; however, the collection of the duties continues during the pendency of the appeal notwithstanding this remand. There can be no assurance that the duties imposed on imported plates will provide Kodak effective relief and will not be reduced or impaired by any appeal or other challenge.
Kodak is monitoring the events surrounding the war in Iran and other conflicts involving Israel and the impact on the operations of its Israel subsidiary. A leased warehouse in Israel was destroyed in 2023; however, none of Kodak’s employees were injured. While the potential impact of future developments related to thisthese conflictconflicts is difficult to predict at this time, Kodak has been able to adapt its operations to avoid material disruption to its business. The direct operations of Kodak’s Israel subsidiary were less than 1% of total consolidated revenue and assets in 2024.2025.
Focus product investment in core competency areas of printadvanced materials and advanced materials,print, leveraging Kodak’s proprietary technologies to deliver technologically advanced products in the product goods packaging, graphic communications and functional printing markets;
Generate profitable revenues through a focus on customers across Kodak’s Print segment, increasing overall share;
Promote the use of film and expand the applications of Kodak’s film and chemicals to best utilize the existing infrastructure; and Continue to invest in automation and streamline processes to drive cost reductions and operating efficiencies.efficiencies and generate profitable revenues through a focus on customers.
In Print's digital printing businesses, the PROSPER Inkjet Systems product offerings are expected to grow and continue to build profitability. Kodak launched the PROSPER 7000 Turbo Press in June 2022. The PROSPER 7000 Turbo Press enables commercial, publishing and newspaper printers to compete more effectively with offset and to shift more long run jobs from conventional printing processes to inkjet. Kodak completed the placement of the first PROSPER 7000 Turbo Press in the third quarter of 2023. Investment in the next generation technology, ULTRASTREAM, is focused on the ability to place ULTRASTREAM writing systems in Kodak branded presses and in various original equipment manufacturers in applications ranging from commercial print to packaging. The first flexible packaging printing system utilizing Kodak's ULTRASTREAM inkjet technology was placed during the second quarter of 2022. In addition, Kodak officially launched the KODAK PROSPER ULTRA 520 Digital Press utilizing Kodak's ULTRASTREAM inkjet technology, which offers offset print quality in a smaller footprint. Kodak completed the placement of the first KODAK PROSPER ULTRA 520 Digital Press in the fourth quarter of 2023.
EV/Energy Storage Battery Material Manufacturing - Coating of substrates is a critical aspect of manufacturing materials for batteries and Kodak plans to capitalize on its expertise in coating technology to develop opportunities in this area. Kodak utilizes its pilot coating facility to conduct development of coated electrodes for a variety of battery, fuel cell, and solar film companies as well as low volume manufacturing of electrodes. Kodak has utilized an existing production coating facility to manufacture coated substrates for EV cell assembly. Investment in this production facility began in 2025 and will continue into 2026 to expand volume of battery components manufactured at the facility. On July 13, 2022, Kodak invested $25 million to acquire a minority preferred equity interest in Wildcat Discovery Technologies, Inc. ("Wildcat"), a private technology company that uses proprietary methods to research and develop new battery materials, including an EV battery. WildcatDuring continues2025, Kodak recorded impairment charges of $22 million to exploreits andWildcat assessinvestment due to various strategic options and alternatives implemented by Wildcat due to fund the futurecurrent economic environment. In February 2026, Wildcat merged with another company and as a result Kodak’s equity interest in Wildcat was converted into the right to receive cash proceeds of approximately $4 million in 2026 and the potential for contingent earn-out payments upon Wildcat achieving certain development and commercialization ofmilestones. thisKodak technologyreceived whichapproximately may$2 impact the valuemillion of Kodak'scash investment or dilute Kodak's ownershipproceeds in Wildcat.March Kodak also entered into an agreement to provide coating and engineering services in collaboration with Wildcat to develop and scale film coating technologies. Wildcat has granted Kodak certain rights to negotiate a production or licensing arrangement with Wildcat when and if Wildcat’s technology reaches commercial readiness. Kodak has utilized an existing production coating facility to manufacture coated substrates for EV cell assembly. Kodak is evaluating expansion or enhancement of this facility to serve a wider variety of production level customers.2026.
Pharmaceuticals Manufacturing - Kodak has completed construction of its cGMP lab and manufacturing facility at EBP in 2025 and is now certified to manufacture reagents for certain healthcare applications. Kodak plans to expand the product offering over time and is in the process of applying for ISO 13485 certification for medical device quality management systems.
Reagent Manufacturing - Kodak plans to capitalize on its existing chemical manufacturing expertise, including current production of unregulated Key Starting Materials for pharmaceutical products, to implement an expansion into manufacturing Diagnostic Test Reagent solutions. Kodak has started construction of a Current Good Manufacturing Practice ("cGMP") lab and manufacturing facility to manufacture reagents for healthcare applications within an existing building located at EBP. Production is scheduled to begin in 2025.
Film and related component manufacturing operations and Kodak Research Laboratories utilize capacity at EBP, which helps cost absorption for both Kodak operations and tenants at EBP. Kodak has invested in film manufacturing to increase capacity and to grow different initiatives in film. In the fourth quarter of 2025, Kodak launched its own direct distribution brand of still films which aim to provide distributors, retailers and consumers with more stable pricing and a broader, more reliable supply.
In Print's digital printing businesses, the PROSPER Inkjet Systems product offerings are expected to grow and continue to build profitability. Kodak launched the PROSPER 7000 Turbo Press in June 2022. The PROSPER 7000 Turbo Press enables commercial, publishing and newspaper printers to compete more effectively with offset and to shift more long run jobs from conventional printing processes to inkjet. Investment in the next generation technology, ULTRASTREAM, is focused on the ability to place ULTRASTREAM writing systems in Kodak branded presses and in various original equipment manufacturers in applications ranging from commercial print to packaging. In addition, Kodak officially launched the KODAK PROSPER ULTRA 520 Digital Press utilizing Kodak's ULTRASTREAM inkjet technology, which offers offset print quality in a smaller footprint.
For the year ended December 31, 2024,2025, revenues declinedincreased approximately $74$26 million compared with 20232024 primarily due to lowerimproved volume as well as price and product mix declinespricing in Print ($82$29 million and $5 million, respectively) and unfavorableAdvanced foreignMaterials currencyand fluctuationsChemicals ($3$26 million), partially offset by improved pricing and product mix and higher volume in Advanced Materials and Chemicals ($12$19 million), andfavorable $3foreign million,currency respectivelyfluctuations ($11 million) and higher volume in Brand ($2$3 million), partially offset by lower volume in Print ($62 million). See segment discussions for additional details.
Gross profit for 2025 increased approximately $29 million compared with 2024, primarily due to improved pricing in Print ($27 million) and Advanced Materials and Chemicals ($24 million), lower inventory reserve adjustments for Electrophotographic Printing Solutions ("EPS") compared to the prior year ($5 million), higher volume in Advanced Materials and Chemicals ($4 million) and Brand ($3 million) and favorable foreign currency fluctuations ($1 million). These favorable impacts were partially offset by higher manufacturing costs in Print ($11 million) and Advanced Materials and Chemicals ($7 million), higher aluminum costs ($9 million) and lower volumes in Print ($7 million). See segment discussions for additional details.
Gross profit for 2024 declined approximately $7 million compared with 2023, primarily due to lower margins in Advanced Materials and Chemicals ($5 million), lower volumes and less favorable pricing and product mix in Print ($4 million and $2 million, respectively), inventory reserve adjustments in the EPS Business ($8 million) and higher aluminum costs ($4 million), partially offset by improved pricing and product mix within Advanced Materials and Chemicals ($11 million), higher restructuring costs in the prior year ($2 million), improved volume in Brand ($2 million) and the net change in employee benefits reserves ($1 million). See segment discussions for additional details.
Consolidated Selling, General & Administrative expenses (SG&A) decreased $5 million in 2025 compared with 2024 primarily due to a decline in selling and administrative costs ($5 million) related to lower spending on organizational changes compared to the prior year, along with a decline in consulting and project costs ($1 million) primarily related to an insurance reimbursement received in the second quarter of 2025 and a decline in equity compensation costs ($1 million). These favorable impacts were partially offset by the net change in employee benefit reserves ($2 million).
Consolidated SG&A increased $20 million in 2024 primarily due to investments in information technology systems ($2 million) and changes in organizational structure ($2 million) to drive further operational efficiencies, as well as costs associated with the drupa trade show ($2 million) and certain litigation matters ($7 million). In addition, the prior year had $15 million of income representing insurance reimbursement of legal costs previously paid by the Company associated with investigations and litigation. These cost increases were partially offset by a decline in equity compensation costs ($1 million), the net change in employee benefits reserves ($1 million) and reduction in other SG&A costs ($6 million).
Consolidated R&D expenses were relatively flat in 20242025 compared with 2023.2024.
Interest expense increased by $3 million in 2025 compared to 2024 primarily due to higher debt discount amortization resulting from the characterization of the Term Loans as short-term liabilities in the second quarter of 2025 due to a “springing maturity” tied to the mandatory redemption date of the Series B Preferred Stock. The Term Loans were amended on November 4, 2025 to prevent the mandatory redemption of Series B Preferred Stock from accelerating the August 15, 2028 maturity date of the Term Loans. Refer to Note 9, “Debt and Credit Facilities” for further information.
The increase in interest expense in 2024 of $7 million represents the full year of interest expense associated with the refinancing transactions that closed in the third quarter of 2023. Refer to Note 8, “Debt and Credit Facilities” for further information.
Other Operating Expense (Income) Expense,, Net
For details, refer to Note 15,16, “Other Operating Expense (Income) Expense,, Net.”
Other Income,Charges (Income), Net
For details, refer to Note 16,17, “Other Charges (Income) Charges,, Net.”
Kodak’s segment measure of profit and loss is an adjusted earnings before interest, taxes, depreciation and amortization (“Operational EBITDA”). As demonstrated in the table below, Operational EBITDA represents the consolidated (loss) earnings from continuing operations beforeexcluding the provision for income taxes excluding; non-service cost components of pension and other postemployment benefits (“OPEB”) income; depreciation and amortization expense; restructuring costs and other; stock-based compensation expense; consulting and other costs; idle costs; otherinterest operating income (expense), net; loss on early extinguishment of debt; interestother operating (expense) income, net and other (charges) income, net.
Segment Operational EBITDA and Consolidated (Loss) Earnings from Continuing Operations Before Income Taxes
Consulting and other costs are primarily professional services and internal costs associated with certain corporate strategic initiatives and litigation. Consulting and other costs include $15$1 million of income in the year ended December 31, 2023,2025, representing insurance reimbursement of legal costs previously paid by the Company associated with investigations and litigation matters. Kodak received $20 million of insurance reimbursement in 2023 of which $5 million was recorded in Other current assets in the Consolidated Statement of Financial Position as of December 31, 2022.
In 2024, Kodak decreased employee benefit reserves by $2 million primarily reflecting a decrease in workers’ compensation reserves driven by changes in discount rates. The decrease in reserves in 2024 impacted gross profit and SG&A each by approximately $1 million.
In 2023,2025, Kodak decreasedincreased employee benefit reserves by $1$2 million primarily reflecting an increase in other employee benefit reserves of $4 million, partially offset by a reductiondecrease in workers’ compensation reserves of approximately $1 million driven by changes in discount rates.rates and a decrease in other employee benefit reserves of $1 million, driven by favorable experience. The decreaseincrease in reserves in 20232025 impacted SG&A by approximately $1$2 million.
In 2024, Kodak decreased employee benefit reserves by $2 million primarily reflecting a reduction in workers’ compensation reserves driven by changes in discount rates. The decrease in reserves in 2024 impacted gross profit and SG&A each by approximately $1 million.
The decrease in Print revenues of approximately $91$22 million in 20242025 primarily reflected reduced volumes in Prepress Solutions ($46$40 million), volume declines in Electrophotographic Printing SolutionsEPS ($24$16 million), less favorable pricing in Prepress SolutionsProsper ($10$4 million), lower volumes in Prosper ($10 million), declines inand Software volume ($2 million) and unfavorable foreign currency ($3 million). TheThese unfavorable impacts were partially offset by favorableimproved pricing and product mix in Electrophotographic PrintingPrepress Solutions ($5$19 million), Prosper ($7 million) and EPS ($3 million) and favorable foreign currency fluctuations ($10 million).
Print Operational EBITDA declinedimproved approximately $28$11 million in 2024, and was2025 primarily related to inventory reserve adjustments in Electrophotographic Printing Solutions ($8 million), higher SG&A costs ($9 million), lower volumes and less favorableimproved pricing in Prepress Solutions ($9$17 million), Prosper ($7 million) and $8EPS million,($3 respectivelymillion), lower SG&A costs ($5 million), lower inventory reserve adjustments for EPS compared to the prior year ($5 million), and higher aluminumvolumes costsin EPS ($4 million). These unfavorablefavorable impacts were partially offset by favorablehigher pricingmanufacturing and product mix in Electrophotographic Printing Solutionscosts ($6$11 million) and volumealuminum changescosts for($9 million) and lower volumes in Prepress Solutions ($7 million), Prosper ($4$2 million) and Software ($1 million).
The improvement in Advanced Materials and Chemicals revenues of approximately $16$45 million in 20242025 was primarily the result of improved pricing and product mix improvements in Industrial Film and Chemicals ($11$18 million) and Motion Picture ($8 million), volume increases in Industrial Film and Chemicals ($13 million) and Motion Picture ($3$6 million) and favorable foreign currency fluctuations ($1 million).
Advanced Materials and Chemicals Operational EBITDA improved approximately $7$22 million in 2024, and2025, primarily reflectedrelated to improved pricing and product mix in Industrial Film and Chemicals ($11$18 million) and Motion Picture ($6 million), higher volumes in Motion Picture ($1 million) and lower research and development and manufacturing costs ($2 million and $1 million, respectively), partially offset by lower margins in Industrial Film and Chemicals ($6each $2 million) and favorable foreign currency fluctuations ($1 million), partially offset by higher SG&Amanufacturing costs ($3$7 million).
Brand revenues for 2025 improved by $3 million due to higher volumes.
Brand Operational EBITDA for 2025 improved by $3 million due to higher volumes.
There were no material changes to Brand revenues or Operational EBITDA in 2024.
As a result of these actions, for the year ended December 31, 2024,2025, Kodak recorded $8$21 million of charges of which $20 million were reported in Restructuring costs and other and $1 million were reported in Cost of revenues in the Consolidated Statement of Operations.
The restructuring actions implemented in 20242025 are expected to generate future annual cash savings of approximately $12$23 million. These savings are expected to reduce future annual Cost of revenues andrevenues, SG&A expenses and R&D costs by $5$13 million, $6 million and $7$4 million, respectively. Kodak expects the majority of the annual savings to take effect by the end of 20252026 as actions are completed. See Note 18,19, “Restructuring Costs and Other” for additional information on Kodak’s restructuring actions.
Kodak ended the year with a cash balance of $201$337 million, aan decreaseincrease of $54$136 million from December 31, 2023.2024, primarily driven by the cash received from the settlement and reversion of assets from the Kodak Retirement Income Plan ("KRIP").
During the fourth quarter of 2025, Kodak received $144 million in net cash from the reversion of assets from KRIP to the Company, after required debt payments and payment of excise taxes, and $158 million of investment assets, of which $9 million of cash proceeds was received from these investment assets subsequent to the reversion to the Company. In January 2026, Kodak received $44 million of additional cash proceeds from the redemption of a portion of these investments and expects to receive an additional $55 million in cash proceeds by December 31, 2026. The remaining value of the investment assets is expected to be converted to cash primarily in 2027 and 2028. See the “Kodak Retirement Income Plan” section below for additional details.
The refinancing transactions entered into during 2023, cash proceeds related to brand licensing arrangements and savings relating to rationalization, cost reductions and operational efficiencies provided additional liquidity to the Company to fund on‐going operations and to invest in growth opportunities in Kodak’s businesses of print and advanced materials and chemicals and for corporate infrastructure investments expected to contribute to improvements in cash flow.
What changed in the latest 10-Q
Risk Factors
See the Risk Factors set forth in Part I, Item 1A, "Risk Factors" of the 2025 Form 10-K for a detailed discussion of risk factors that could materially affect Kodak’s business, financial condition and results of operations.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
New heading “Other (Income) Charges, Net”
New heading “RESTRUCTURING COSTS AND OTHER”
Largest changes
Consolidated selling and general administrative expenses ("SG&A") increasedsee in full comparison$3$12 million in the three months endedMarchJune31,30, 2026 compared to the prior year period, primarily due to an increase in equity compensation costs ($8 million) and an increase in selling and administrative costs of $4 million),partially offset by a decline in consulting and other costs ($1 million)primarily related toantheinsurancenetreimbursementchangeofinlegalemployee benefit reserves and costspreviously paid by the Companyassociated withinvestigationscorporateand litigation received in the first quarter of 2026 ($1 million).infrastructure.
see in full comparisonPrint'sIndigitaltraditional print, Kodak’s plate products includetraditional digital plates andKODAK SONORA Process FreePlates.Plates and traditional wet plates. SONORA Process Free Plates allow Kodak customers to skip the traditional plate processing steppriorwhichto mounting plates on a printing press. This improvement instreamlines theprintingworkflowprocessand saves time and costs for customers.Also,SONORA Process Free Plates also reduce the environmental impact of the printing process because they eliminate the use of chemicals (including solvents), water and power that is otherwise required to process a traditional plate. Kodak continues to innovate in the process-free segment, introducing KODAK SONORA UltraXR Plates in May 2026 in the European market only. Thesegment'sCompany’sdigitalplatesplatebusinessproducts areis experiencing challenges from higher prices and availability of raw materials, digital substitution and competitive pricing pressures. Kodak seeks to mitigate the impact of increases in manufacturing costs through a combination of pricing actions, improved productionefficiency andefficiency, cost reductioninitiatives. In addition, Kodak seeks to offset the impact of short-terminitiatives andlong-termgovernmentmarkettariffsdynamicsthatonestablishpricingaandlevelvolumeplayingpressures through innovations in Kodak product lines, including investing in digital print technologies.field.
“The restructuring actions implemented in the first six months of 2026 are expected to generate future annual cash savings of approximately $2 million, which are expected to reduce both future annual SG&A expenses and Cost of revenues by $1 million each. The majority of the annual savings are expected to be in effect by the end of the third quarter of 2026 as such actions are completed.”see in full comparison
“Kodak is in the process of applying for refunds of certain tariffs pursuant to the International Emergency Economic Powers Act ("IEEPA"). Refunds received during the current quarter were immaterial. The timing and amount of any future refunds are uncertain and subject to the outcome of the Company's applications and related governmental determinations.”see in full comparison
Full comparison: every changed paragraph (86)
Forward–looking statements include statements concerning Kodak’s plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, liquidity, investments, financing needs and business trends and other information that is not historical information. When used in this document, the words “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “predicts,” “forecasts,” “strategy,” “continues,” “goals,” “targets” or future or conditional verbs, such as “will,” “should,” “could,” or “may,” and similar words and expressions, as well as statements that do not relate strictly to historical or current facts, are intended to identify forward–looking statements. All forward–looking statements, including management’s examination of historical operating trends and data, are based upon Kodak’s current expectations and assumptions. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results or outcomes, or timing of actual results or outcomes, to differ materially from historical results or those expressed in or implied by such forward-looking statements. Important factors that could cause actual events, results or outcomes, or their timing, to differ materially from the forward-looking statements include, among others, the risks and uncertainties described in more detail in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2025 (“2025 Form 10-K”) under the headings “Business,” “Risk Factors,” “Legal Proceedings,” and/or “Management’s Discussion and Analysis of Financial Condition and Results of Operations–Liquidity and Capital Resources,” in the corresponding sections of this report on Form 10‑Q and the Company’s quarterly report on Form 10‐Q for the quarter ended March 31, 2026, and in other filings the Company makes with the SEC from time to time, as well as the following:
The impact of the global economic environment, including geopolitical issues, inflationary pressures, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, medical epidemics and Kodak’s ability to effectively mitigate or recoup theany associated increased costs of aluminum, silver and other raw materials, energy, labor, shipping, delays in shipment and production times,time and manage any associated fluctuations in demand;
The performance by third parties of their obligations to supply products, components or services to Kodak and Kodak’s ability to address supply chain disruptions and continue to obtain raw materials and components available from single or limited sources of supply, which may be adversely affected by geopolitical issues, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, intellectual property rights and commodity supply constraints;
Consolidated revenues in the three and six months ended June 30, 2026 were $311 million and $576 million, respectively, increases of $48 million (18%) and $66 million (13%), respectively, compared to the prior year quarter and year-to-date period. Currency fluctuations had no material impact on revenues in the three months ended MarchJune 31,30, 2026 were $265 million, an increase of $18 million (7%) when compared to the three months ended MarchJune 31,30, 2025.2025 Currency fluctuations hadand a favorable impact on revenues ($7 million) in the threesix months ended MarchJune 31,30, 2026 compared to the threesix months ended MarchJune 31,30, 2025.
Print revenues in the three and six months ended MarchJune 31,30, 2026 were $180$195 million and $375 million, anrespectively, increaseincreases of $15$17 million (10%) and $32 million (9%), respectively, compared to the prior year quarter.quarter and year-to-date period. Print revenues accounted for 68%63% and 65% of Kodak’s total revenues for the three and six months ended MarchJune 31,30, 2026.2026, respectively. Advanced Materials and Chemicals revenues in the three and six months ended MarchJune 31,30, 2026 were $76$105 million and $181 million, anrespectively, increaseincreases of $2$30 million (3%40%) and $32 million (21%) compared to the prior year quarter.quarter and year-to-date period.
Kodak sells and services its products globally, with more than half of sales generated outside the U.S. The macroeconomic environment remains highly volatile due to changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, geopolitical conflicts, fluctuations in commodity prices, elevated inflation and on-goingongoing supply chain constraints, all of which have impacted Kodak’s operations.
These conditions have contributed to increased manufacturing costs, primarily due to the impact of U.S. tariffs on imported goods (including aluminum, steel and certain raw materials and component parts used in Kodak’s manufacturing and supply chain), as well as increases in commodity prices including aluminum and silver, higher labor, material, and distribution costs, and lower production volumes. The Company has implemented various pricing actions, productivity improvements, supply chain and workforce optimization initiatives and other cost savings activities. In addition, the Company has renegotiated supplier contracts and obtained certain tariff exemptions. Collectively, these actions have largely mitigated the impact of higher manufacturing costs and, as a result, did not have a material adverse effect on Kodak’s operations, financial condition or cash flows for the quarter and six month period ended MarchJune 31,30, 2026.
Kodak is in the process of applying for refunds of certain tariffs pursuant to the International Emergency Economic Powers Act ("IEEPA"). Refunds received during the current quarter were immaterial. The timing and amount of any future refunds are uncertain and subject to the outcome of the Company's applications and related governmental determinations.
Kodak continues to actively monitor the developments related to tariffs to assess additional actions that may be taken to mitigate the effectsimpact of future tariff changes, including further pricing actions, additional cost reduction measures, securing alternative suppliers and evaluating potential changes to the Company’s manufacturing footprint. However, there is substantial uncertainty about the duration of existing tariffs or pauses in tariffs, tariff levels and whether additional tariffs or other retaliatory actions may be imposed, modified or suspended. Countries subject to such tariffs have imposed or may in the future impose reciprocal or retaliatory tariffs and other trade measures. These actions and the related rising political tensions could negatively impact global macroeconomic conditions and the stability of global financial markets. The ultimate impact of any tariffs is uncertain and will depend on various factors, including whether the tariffs are maintained and/or implemented, the duration of the tariffs, any exceptions or exemptions that are or may become available and the timing of their implementation, and scope, all of which could have a material adverse effect on Kodak’s business, financial condition and results of operations.
Kodak’s strategyStrategy and Capital Allocation Framework:
Kodak’s strategy is to leverage its core competencies, intellectual property and manufacturing infrastructure to grow industrial manufacturing businesses in segments with attractive long-term growth potential and high barriers to entry. The Company allocates capital through a framework focusing on ROI potential, the ability to monetize opportunities efficiently, and performance reviews by a core control team. Specific strategies include:
Be a global leader in targeted Print segments by leveraging Kodak’s key strengths in plates and high-speed inkjet, including proprietary technologies that enable customers to improve productivity, cost efficiency and sustainability;
Segments within the print industry and the film industry face competition from digital substitution. Kodak’s strategy is to:
Focus product investment in core competency areas of advanced materials and print, leveraging Kodak’s proprietary technologies to deliver technologically advanced products;
Promote the use of film and expand the applications of Kodak’s film and chemicals to best utilize the existing infrastructure; and Continue to invest in automation and streamline processes to drive cost reductions and operating efficiencies and generate profitable revenues through a focus on customers.
A discussion of opportunities and challenges related to Kodak’s strategy follows:
Continue investing in Advanced Materials and Chemicals isto usingdrive innovation in Kodak’s highest-growth segment by applying the Company’s deep expertise in chemistrychemicals, layering and strengths in depositioncoating, and coatingmaterials processes that come from decades of experience in film manufacturingscience to workexisting onand new initiatives:opportunities;
Continue to expand the Company’s Brand Licensing business;
Scale and streamline operations through automation, systems and process improvements to enable Kodak to monetize opportunities quickly and efficiently;
Consider targeted opportunities to expand Kodak’s existing portfolio, support and accelerate R&D efforts, increase utilization of Kodak’s asset base, and drive long-term growth; and Continue working to unlock stranded value within the Company by utilizing existing infrastructure, intellectual property and technical capabilities in industrial manufacturing growth markets.
Kodak prioritizes opportunities focusing on strategic fit with the Company’s core competencies, ROI potential, cost and time barriers to entry, as well as the Company’s ability to build, automate and commercialize more efficiently than others. A discussion of opportunities and challenges related to Kodak’s strategy follows:
Print remains a core area of focus in which Kodak seeks to be a global leader in targeted segments by leveraging its key strengths in both traditional and digital print.
EV/Energy Storage Battery Material Manufacturing - Coating of substrates is a critical aspect of manufacturing materials for batteries and Kodak plans to capitalize on its expertise in coating technology to develop opportunities in this area. Kodak utilizes its pilot coating facility to conduct development of coated electrodes for a variety of battery, fuel cell, and solar film companies as well as low volume manufacturing of electrodes. Kodak has utilized an existing production coating facility to manufacture coated substrates for EV cell assembly. Investment in this production facility began in 2025 and will continue into 2026 to expand volume of battery components manufactured at the facility.
Pharmaceuticals Manufacturing - Kodak completed construction of its Current Good Manufacturing Practice (“cGMP”) lab and manufacturing facility at Eastman Business Park ("EBP") in 2025 and is now certified to manufacture reagents for certain healthcare applications. Kodak plans to expand the product offering over time and is in the process of obtaining ISO 13458 and FDA Class II certification for its manufacturing facility.
Light-Blocking Technology - A proprietary technology initially developed for electrophotographic toners is being leveraged to commercialize a carbon-less fabric coating designed to offer superior light management, from complete blackout to selective light filtering, and coating compatibility with an unmatched range of fabrics and also to manage ultraviolet and/or infrared light in addition to visible light. Kodak has installed a production-scale machine to coat fabrics in EBP, located in Rochester, NY and continues to explore strategic alternatives in order to commercialize this technology.
Transparent Antennas - Kodak plans to leverage its proprietary copper micro-wire technologies and high-resolution printing expertise to contract-manufacture custom transparent antennas for automotive, commercial construction, and other applications requiring excellent radio frequency (“RF”) and optical performance. The integration of antennas is growing worldwide due to the rapid expansion of 5G and an overall increase in RF communications, and the ubiquity of glass surfaces makes transparent antennas attractive for multiple end-use markets. Kodak is evaluating this unique technology and expertise for transparent heaters for automotive and telecom applications, as well as for the manufacture of electronic films for the medical device market.
Print'sIn digitaltraditional print, Kodak’s plate products include traditional digital plates and KODAK SONORA Process Free Plates.Plates and traditional wet plates. SONORA Process Free Plates allow Kodak customers to skip the traditional plate processing step priorwhich to mounting plates on a printing press. This improvement instreamlines the printingworkflow processand saves time and costs for customers. Also, SONORA Process Free Plates also reduce the environmental impact of the printing process because they eliminate the use of chemicals (including solvents), water and power that is otherwise required to process a traditional plate. Kodak continues to innovate in the process-free segment, introducing KODAK SONORA UltraXR Plates in May 2026 in the European market only. The segment'sCompany’s digitalplates platebusiness products areis experiencing challenges from higher prices and availability of raw materials, digital substitution and competitive pricing pressures. Kodak seeks to mitigate the impact of increases in manufacturing costs through a combination of pricing actions, improved production efficiency andefficiency, cost reduction initiatives. In addition, Kodak seeks to offset the impact of short-terminitiatives and long-termgovernment markettariffs dynamicsthat onestablish pricinga andlevel volumeplaying pressures through innovations in Kodak product lines, including investing in digital print technologies.field.
In Print'sthe digital printing businesses,business, Kodak is investing in high-speed inkjet solutions that leverage the company’s proprietary continuous inkjet technology. The PROSPER Inkjet Systems product offerings are expected to grow and continue to build profitability. Kodak launched the industry’s fastest inkjet press, the PROSPER 7000 Turbo PressPress, in June 2022. The PROSPER 7000 Turbo Press enables commercial, publishing and newspaper printers to compete more effectively with offset and to shift more long runlong-run jobs from conventional printing processes to inkjet. Investment in the next generation technology, ULTRASTREAM, is focused on the ability to place ULTRASTREAM writing systems in Kodak branded presses and in various original equipment manufacturers in applications ranging from commercial print to packaging. In addition, Kodak officially launched theThe KODAK PROSPER ULTRA 520 Digital PressPress, utilizingwhich utilizes Kodak's next-generation ULTRASTREAM inkjet technology, which offers offset print quality in a smaller footprint. In addition, Kodak inkjet imprinting system components can be integrated with analog offset, flexographic, and gravure printing and finishing equipment as hybrid digital/analog solutions that offer high quality, high-speed variable capabilities.
Advanced Materials and Chemicals is an area of growth for the Company. Kodak is using its deep expertise in chemistry and strengths in layering and coating processes created by decades of experience in film manufacturing to pursue existing and new initiatives including:
Film and related component manufacturing operations and Kodak Research Laboratories utilize capacity at EBP, which helps cost absorption for both Kodak operations and tenants at EBP.– Kodak has investedgrown the film segment by investing in filmproduct innovation and significantly increasing manufacturing to increase capacity and to grow different initiatives in film.capacity. In the fourth quarter of 2025, Kodak launched its own directdirect-to-distributors distribution brandline of still films which aim to provide distributors, retailers and consumers with more stable pricing and a broader, more reliable supply. In addition, Kodak announced the availability of KODAK VERITA 200D Color Negative Motion Picture Film (5206/7206), a new specialty film stock that expands the Company's motion picture portfolio and reinforces Kodak’s long-standing leadership in film. The Company is committed to providing film to customers to help meet market demand.
EV/Energy Storage Battery Material Manufacturing – Coating of substrates is a critical aspect of manufacturing materials for batteries and Kodak plans to capitalize on its expertise in coating technology to develop opportunities in this area. Kodak utilizes its pilot coating facility to conduct development of coated electrodes for a variety of battery, fuel cell, and solar film companies as well as low volume manufacturing of electrodes. Kodak has utilized an existing production coating facility to manufacture coated substrates for EV cell assembly. Investment in this production facility began in 2025 and will continue into 2026 to expand capabilities and capacity to enable greater volume.
Pharmaceuticals Manufacturing – Kodak completed construction of its Current Good Manufacturing Practice (“cGMP”) lab and manufacturing facility at Eastman Business Park (”EBP”) in 2025 and is now certified to manufacture unregulated and regulated reagents for certain healthcare applications. Kodak plans to expand the product offering over time and is in the process of obtaining ISO 13458 and FDA Class II certification for its manufacturing facility.
Additional nascent growth initiatives – Kodak plans to leverage its proprietary copper micro-wire technologies and high-resolution printing expertise to contract-manufacture custom transparent antennas for automotive, commercial construction, and other applications requiring excellent radio frequency (“RF”) and optical performance. Kodak is also evaluating this unique technology and expertise for transparent heaters in automotive and telecom applications, as well as for the manufacture of electronic films for the medical device market. In addition, the Company is leveraging a proprietary technology initially developed for electrophotographic toners to develop a product designed to offer superior light management, from complete blackout to selective light filtering that is compatible with an unmatched range of fabrics and also to manage ultraviolet and/or infrared light in addition to visible light.
Kodak plans to capitalize on its intellectual property through new business or licensing opportunities in 3D printing materials, smart material applications, and printed electronics markets.
FIRSTSECOND QUARTER RESULTS OF OPERATIONS
For the three months ended MarchJune 31,30, 2026 revenues increased $18$48 million compared with the same period in 2025, primarily driven by improved pricing in Print ($10 million) and Advanced Materials and Chemicals ($6$16 million), favorableand foreign currency fluctuationsPrint ($7$14 million) and higher volume in Brand ($1 million), partially offset by lower volume in Advanced MaterialsMaterial and Chemicals ($5$14 million), Print ($4 million) and PrintBrand ($2$1 million). See segment discussions for additional details.
For the six months ended June 30, 2026 revenues increased $66 million compared with the same period in 2025, primarily driven by improved pricing in Print ($24 million) and Advanced Materials and Chemicals ($22 million), higher volume in Advanced Materials and Chemicals ($10 million), Print and Brand ($2 million each) and favorable foreign currency fluctuations ($7 million). See segment discussions for additional details.
Gross profit for the three months ended MarchJune 31,30, 2026 increased $11$31 million compared with the same period in 2025, primarily due to improved pricing in Print ($9$12 million) and Advanced Materials and Chemicals ($5$11 million), higher margins in Print ($1 million), favorable foreign currency fluctuations ($1 million), reduced manufacturing costs in Print ($1 million), higher volume in Brand ($1 million) and net change in employee benefit reserves ($1 million), partially offset by higher silver costs ($5 million) and manufacturing costs ($2 million) in Advanced Materials and Chemicals, lower volume in Advanced Materials and Chemicals ($11 million), Print ($6 million) and Brand ($1 million) and reduced manufacturing costs in Print ($2 million). These favorable impacts were partially offset by higher aluminum costs ($8 million), higher silver costs ($4 million) and increased manufacturing costs ($1 million). in Advanced Materials and Chemicals. See segment discussions for additional details.
Gross profit for the six months ended June 30, 2026 increased $42 million compared with the same period in 2025, primarily due to improved pricing in Print ($21 million) and Advanced Materials and Chemicals ($16 million), higher volumes in Advanced Materials and Chemicals ($10 million), Print ($7 million) and Brand ($2 million), reduced manufacturing costs in Print ($4 million), favorable foreign currency fluctuations ($1 million) and net change in employee benefit reserves ($1 million). These favorable impacts were partially offset by higher silver and aluminum costs ($9 million each) and increased manufacturing costs ($3 million) in Advanced Materials and Chemicals. See segment discussions for additional details.
Consolidated selling and general administrative expenses ("SG&A") increased $3$12 million in the three months ended MarchJune 31,30, 2026 compared to the prior year period, primarily due to an increase in equity compensation costs ($8 million) and an increase in selling and administrative costs of $4 million), partially offset by a decline in consulting and other costs ($1 million)primarily related to anthe insurancenet reimbursementchange ofin legalemployee benefit reserves and costs previously paid by the Company associated with investigationscorporate and litigation received in the first quarter of 2026 ($1 million).infrastructure.
Consolidated SG&A increased $15 million in the six months ended June 30, 2026 compared to the prior year period, primarily due to an increase in equity compensation costs ($11 million) and an increase in selling and administrative costs of $3 million primarily related to the net change in employee benefit reserves and costs associated with corporate infrastructure.
Consolidated research and development ("R&D") expenses in the three and six months ended MarchJune 31,30, 2026 were relatively flat compared to the prior year period.
Pension income excluding service cost component decreased $18$11 million and $29 million, respectively, in the three and six months ended MarchJune 31,30, 2026 due to lower expected return on assets driven by a decrease in the asset base due to the settlement of the Kodak Retirement Income Plan ("KRIP") in the fourth quarter of 2025. Refer to Note 14,15, "Retirement Plans".
Other Charges,Operating Expense, Net
For details, refer to Note 12, "Other Charges,Operating Expense, Net".
Other (Income) Charges, Net
For details, refer to Note 13, "Other (Income) Charges, Net".
The balance of Kodak’s continuing operations, which primarily represent the operations of EBP and do not meet the criteria of a reportable segment, are reported in All Other revenues and All Other Operational EBITDA.Other.
Kodak’s segment measure of profit and loss is an adjusted earnings before interest, taxes, depreciation and amortization (“Operational EBITDA”). As demonstrated in the table below, Operational EBITDA represents consolidated earnings (loss) from operations excluding the provision for income taxes; non-service cost components of pension and other postemployment benefits (“OPEB”) income; depreciation and amortization expense; restructuring costs and other; stock-based compensation expense; consulting and other costs; idle costs; interest expense; loss on early extinguishment of debt; other operating expense, net and other (income) charges, net.
Segment Operational EBITDA and Consolidated Earnings (Loss) from Operations Before Income Taxes
(1) Consulting and other costs are professional services and internal costs associated with corporate strategic initiatives and litigation. Consulting and other costs included $1 million of income in the threesix months ended MarchJune 31,30, 2026,2026 and the three and six months ended June 30, 2025, representing insurance reimbursement of legal costs previously paid by the Company associated with investigations and litigation matters.
(2) Consists of third-party costs such as security, maintenance and utilities required to maintain land and buildings in certain locations not used in any Kodak operations and the costs, net of any rental income received, of underutilized portions of certain properties.
(3)
(3) As reported in the Consolidated Statement of Operations.
There was no change to employee benefit reserves in the three months ended March 31, 2026. Kodak increaseddecreased employee benefit reserves by approximately $1 million in both the three and six months ended MarchJune 31,30, 20252026 due to ana increasedecrease in workers' compensation reserves driven by changes in discount rates. The increasedecrease in reserves in both the three and six months ended MarchJune 31,30, 20252026 impacted gross profit by approximately $1 million.
Kodak increased employee benefit reserves by approximately $1 million in the six months ended June 30, 2025 due to an increase in workers' compensation reserves driven by changes in discount rates. The increase in reserves in the six months ended June 30, 2025 impacted gross profit by approximately $1 million. There was no change to employee benefit reserves in the three months ended June 30, 2025.
Print revenues for the three months ended MarchJune 31,30, 2026 increased $15$17 million primarily due to improved pricing in Prepress Solutions ($10$14 million), favorable foreign currency fluctuations ($7 million),and higher volume in PROSPER ($4 million) and Software ($1$9 million), partially offset by reduced volume in Prepress Solutions ($4$3 million) and Electrophotographic Printing Solutions ("EPS") ($3$2 million).
Print Operational EBITDArevenues for the threesix months ended MarchJune 31,30, 2026 increased $12$32 million primarily due to improved pricing in Prepress Solutions ($9$24 million), higher volume in PROSPER ($1$13 million) and Software ($1 million), higher margins in EPS ($1 million) and reducedfavorable manufacturingforeign costscurrency fluctuations ($1$7 million), partially offset by higher costs for aluminum ($1 million) and lowerreduced volume in Prepress Solutions ($1$7 million) and EPS ($5 million).
Print Operational EBITDA for the three months ended June 30, 2026 increased $12 million primarily due to improved pricing in Prepress Solutions ($12 million), higher volume in PROSPER ($6 million) and EPS ($1 million) and reduced manufacturing costs ($2 million), partially offset by higher costs for aluminum ($8 million) and SG&A ($2 million).
Print Operational EBITDA for the six months ended June 30, 2026 increased $24 million primarily due to improved pricing in Prepress Solutions ($21 million), higher volume in PROSPER ($6 million), EPS ($2 million) and Software ($1 million), and reduced manufacturing costs ($4 million), partially offset by higher costs for aluminum ($9 million) and lower volume in Prepress Solutions ($1 million).
KODK insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 1 Form 4 filing (1 insider, 1 trade date, 2,000 shares, about $20.6K) and open-market sales in 0 filings. Net open-market shares: 2,000 (purchases minus sales); net value about $20.6K.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-05-19 | Sileck Michael |
Option exercise | 16,393 | — | — |
| 2026-05-19 | Bovenzi David |
Option exercise | 16,393 | — | — |
| 2026-05-17 | Michaels Richard T |
Option exercise | 10,000 | — | — |
| 2026-05-17 | Michaels Richard T |
Shares withheld for tax | 3,648 | $9.69 | $35.3K |
| 2026-05-17 | Bullwinkle David E |
Shares withheld for tax | 6,009 | $9.69 | $58.2K |
| 2026-05-17 | Bullwinkle David E |
Option exercise | 50,000 | — | — |
| 2026-05-17 | Bullwinkle David E |
Shares withheld for tax | 18,025 | $9.69 | $174.7K |
| 2026-05-17 | Bullwinkle David E |
Option exercise | 16,668 | — | — |
| 2026-05-17 | Byrd Roger W. |
Option exercise | 8,334 | — | — |
| 2026-05-17 | Byrd Roger W. |
Shares withheld for tax | 6,088 | $9.69 | $59.0K |
| 2026-05-17 | Byrd Roger W. |
Shares withheld for tax | 2,030 | $9.69 | $19.7K |
| 2026-05-17 | Byrd Roger W. |
Option exercise | 25,000 | — | — |
| 2026-05-13 | Katz Philippe D |
Open-market purchase | 2,000 | $10.30 | $20.6K |
Well-known investors holding KODK (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 1,300,038 | $12.0M | 0.0% | Added 116% |
| Two Sigma Investments | 2026-06-30 | 905,559 | $8.4M | 0.01% | Added 1% |
| D. E. Shaw & Co. | 2026-06-30 | 829,949 | $7.7M | 0.0% | Added 11% |
| Millennium Management (Israel Englander) | 2026-06-30 | 506,311 | $4.7M | 0.0% | Reduced 52% |
| First Eagle Investment Management | 2026-06-30 | 286,000 | $2.6M | 0.0% | Reduced 2% |
| Point72 Asset Management (Steve Cohen) | 2026-06-30 | 282,597 | $2.6M | 0.0% | Reduced 21% |
| Renaissance Technologies | 2026-06-30 | 204,645 | $1.9M | 0.0% | Added 642% |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 192,274 | $1.8M | 0.0% | Reduced 36% |