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Eastman Kodak Company (KODK) Q4 2025 Earnings Call Prepared Remarks Transcript

Eastman Kodak Company (NYSE: KODK - Get Free Report)'s stock price gapped up before the market opened on Friday. The stock had previously closed at $6.89, but opened at $7.53. Eastman Kodak shares last traded at $7.5170, with a volume of 924,658 shares traded. Trending Headlines about Eastman Kodak Here are the key news stories

NEWBERRY, Ind.--(BUSINESS WIRE)--Ateios Systems and Kodak today announced the expansion of the Ateios RaiCore™ battery electrode platform to three of the world’s most widely used cathode chemistries, Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), and Nickel Manganese Cobalt (NMC), while earning third-party verifications for eliminating perfluoralkoxy alkane (PFA) forever chemicals.

Independent third-party testing confirmed that RaiCore™ composite electrode formulations (LCO, LFP, NMC, and graphite) contain total organic fluorine (TOF) levels below the analytical reporting limit of 20 parts per million, well below the 100-ppm regulatory threshold for PFAS-containing materials. The verification continues to maintain RaiCore’s status as the world’s only PFAS-free battery electrodes verified by an independent third party. The third-party verification report is available upon request.

Alongside the verification, Ateios released its 4th-generation RaiCoreTM electrodes with a new improved formulation based on customer feedback. The new formulation has enabled the highest active material loading to >98%, incorporates an optimized conductive additive network, and improves rheology for high-speed gap coating, delivering leading energy and power density while maintaining compatibility with existing battery manufacturing lines. LCO and LFP electrodes are in pilot programs with leading battery OEMs worldwide.

“With the support of our customers, Kodak, and key materials suppliers, we continue pushing the frontier of battery production speed, performance, and sustainability,” said Dr. Rajan Kumar, Founder and CEO of Ateios Systems. “Our goal is simple: help battery innovators build higher-performance batteries and enable seamless adoption inside existing gigafactories.”

“Ateios continues to raise the bar for battery performance with their RaiCore™ electrodes, and Kodak is proud to contribute to the success of the platform by leveraging our expertise in precise, high-speed multilayer coating,” said Jim Continenza, Kodak’s Executive Chairman and CEO.

The platform expansion was accelerated by support from the U.S. National Science Foundation (NSF) Energy Storage Engine in Upstate New York and by an expanded supply chain with non-Foreign Entity of Concern (FEOC) partners to meet the challenge of domestic battery supply. Funding from both the Engine’s use-inspired R&D grant and its flagship SuperBoost Technology Translation grant enabled Ateios to validate its RaiCore platform for LFP cathodes and scale the fabrication of production-grade battery cells for multiple chemistries in partnership with Kodak.

“The work shared by Ateios and Kodak highlights significant progress toward solving key challenges in next-generation battery manufacturing, said Dr. Stanley Whittingham, the Engine’s Chief Innovation Officer. Ateios was identified as a potential high-impact company and as a candidate for the Engine grants while participating in the NSF funded ChargeUp Accelerator program at Binghamton University.

Battery innovators are invited to begin qualification testing as the first RaiCore™ samples emerge from Kodak’s development and production coating machine.

Ateios Systems will showcase production-grade RaiCore™ electrodes, pilot data, and third-party verification at the 43rd International Battery Seminar & Exhibit (Kodak Booth #301 & Booth #330) in Orlando, March 23–26.

For more detailed inquiries or sample requests: [email protected]

About Ateios Systems

Ateios Systems pioneers advancements in battery technology with its groundbreaking RaiCure™ platform. This innovative technology produces battery components with enhanced performance, reduced costs, and minimized environmental impact. Ateios can work with partners throughout the entire battery development cycle, from inception to production, to produce large-scale, high-quality battery components. For more information, visit www.ateios.com

About Kodak

Kodak (NYSE: KODK) is a leading global manufacturer focused on commercial print and advanced materials & chemicals. With 79,000 worldwide patents earned over 130 years of R&D, we believe in the power of technology and science to enhance what the world sees and creates. Our innovative, award-winning products, combined with our customer-first approach, make us the partner of choice for commercial printers worldwide. Kodak is committed to environmental stewardship, including industry leadership in developing sustainable solutions for print. For additional information on Kodak, visit us at kodak.com, or follow us on LinkedIn.

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On Jim Continenza's first day on the job as Eastman Kodak executive chairman in 2019, he got a call from a star Hollywood filmmaker telling him the company was making a big mistake.

The photography technology company was in the process of shutting down its acetate factory, which makes one of the key ingredients used in film. Christopher Nolan, the director behind major movies like "Inception" and "Oppenheimer," urged Continenza to stop the process.

"He goes, 'Do not turn this off. Please take a look.' And I did," Continenza, now CEO, told CNBC. "He was right. I started looking at it because I shoot 35 millimeter [film], and I'm like, 'Why would one of the greatest directors of all time even have this conversation?'"

Continenza, a self-proclaimed "turnaround specialist," said he quickly realized how central film was to Kodak's roots, and how it could be one of its biggest strengths as he fought to bring the company back from teetering on the edge of bankruptcy.

Fast forward roughly seven years, and multiple 2026 Oscar-winning movies, including "One Battle After Another" and "Sinners," were shot on Kodak film. It's part of a bigger trend as the category sees a resurgence fueled by both a nostalgia for film in Hollywood and by younger consumers.

That road wasn't smooth, though. The company declared bankruptcy in 2012 and reemerged a year later. Then it cautioned last year that its financial conditions "raise substantial doubt about Kodak's ability to continue as a going concern."

In the second-quarter earnings where it made that going concern statement, Kodak posted a 12% decrease in gross profit, with millions in debt obligations.

But Continenza said it was one step in a longer process toward rebuilding the company to its former success.

Last month, the company's earnings report looked different. Its fourth-quarter gross profit reached $67 million, a 31% increase from the year prior. Kodak also said it had reduced its annual interest expense by roughly $40 million.

Continenza said at the time that the results were signs of the long-term plan he began executing in 2019. He told CNBC that he chose Kodak as his final company to revive before closing his chapter as a C-suite executive, having previously served in leadership roles at communication companies including AT&T and Lucent.

"Here's what our goal is: We're going to create jobs for the next generation. Make no mistake, we're going to fix this company and put it on a stable foundation and put building blocks to grow all the systems," Continenza said. "We didn't put in what we need, we put in what we want, and that's a difference."

Troubled watersIn a digitally evolving society, Kodak has been fighting to keep its place and relevancy.

The company's 2012 bankruptcy protection came after it failed to improve its finances as digital photography took off and revolutionized the industry. When it reemerged the following year as a smaller company, it shifted its primary focus to commercial printing.

Though it's not a company that is largely covered by investors anymore, Melius Research analyst Ben Reitzes wrote in a note last year that the onset of digital technology posed a significant setback for Kodak.

"At the time, Kodak management told us that film would co-exist with digital cameras and more photos would be taken — and more would need to be printed by Kodak," he wrote.

Still, Kodak faced its struggles. Its stock sank more than 35% in 2014, continuing to gradually fall over the next few years and hitting an all-time low of $1.55 per share during the onset of the pandemic in March 2020.

Last August, the more than 100-year-old photography company said it had roughly $155 million in cash and nearly $600 million in loans.

A Kodak spokesperson said at the time that the going concern language had to be included because Kodak did not have enough available liquidity to pay off its debt, due within 12 months. Still, the company said it was confident it would pay off a significant portion of that loan before it became due by terminating its pension plan and said the disclosure was just a required technical report.

Wall Street investors didn't like what they heard. The stock plunged from a price of roughly $7 per share a few days prior to just over $5 per share on the day of earnings.

"We could have done a better job on it, because to us, it wasn't as dire straits, it was more of a GAAP accounting coincidence by dates," Continenza said, adding that it was a "timing issue" for the loans.

Continenza said Kodak's main challenges were in its "huge tranches" of debt and a lack of communication with its shareholders and customers.

The CEO said he's never sold a share of Kodak and instead bought stock after the company issued its going concern disclosure.

"You've got to put the work in and the long-term investments, and you've got to be methodical, but you've got to fix your operations, and I've spent seven years of doing it," he said. "[It's] a 130-plus year old company, right? You can imagine what's in the attic."

Defining successContinenza said he's been intentional about instituting long-term changes since he took over the company. He's changed about 90% of the company's leadership, paid off more than $400 million in debt and reorganized the company's priorities to focus on print and advanced materials and chemicals.

He said it was also important to be "transparent" with his team and acknowledged that turning around the company would mean layoffs and staffing changes.

"First thing I always do is go out and get people who want to hold the company and buy them out, and that's what we did," he said. "I got a board and investors who love what we're doing — we keep them informed, and they help guide us."

As he examined what worked for the company, Continenza said he saw an opportunity with Generation Z and the resurgence of the film aesthetic. The look of photos and videos shot on film captures something that "penetrates your heart and soul," he said.

Kodak leaned into the analog and authenticity trend, investing its resources in its film capacities and creating products that consumers, directors and filmmakers alike were interested in.

Continenza said he also refinanced the company three times and rightsized its balance sheet.

It seems to have hit the right note on Wall Street. Over the past year, Kodak's stock has shot up nearly 100%.

Kodak 1-year chart

"We're doing our job. The stock's not supposed to spike, it's supposed to crawl, because that's how we grow," he said. "I don't look at our stock price. I don't care. I couldn't tell you what it is today. I'm a long-term investor."

Continenza said success to him will mean continuing to improve finances and ensuring Kodak has a solid succession plan in place to continue its growth.

Though the company is well over 100 years old, he said he likes to treat Kodak as a startup, where all of the debt is paid off, the brand is well-loved and only Kodak itself could, at this point, "screw it up."

"We don't need to be a $5 billion or $20 billion or $80 billion company," Continenza said. "We're a billion-dollar global company, but one thing we have going for us is our brand recognition. And make no mistake, around the globe, it is endeared and loved, and it'll continue to be."

BAKU, AZERBAIJAN - SEPTEMBER 13: Lando Norris of Great Britain and McLaren takes a photo on a disposable camera from the fan stage prior to practice ahead of the F1 Grand Prix of Azerbaijan at Baku City Circuit on September 13, 2024 in Baku, Azerbaijan. (Photo by Peter Fox - Formula 1/Formula 1 via Getty Images)

Formula 1 via Getty Images

Shares of film company Eastman Kodak have risen 96% in the last year.

The 138-year-old company has a storied past – including a 2012 bankruptcy, about which I wrote in Forbes. I attribute the bankruptcy to Kodak’s long history of success with a Silver Halide strategy from which the company’s management was unable to deviate when competition – from Polaroid, Fuji Film, and digital photography – took their toll.

Although Kodak emerged from bankruptcy in October 2013, the company 's stock still trades at less than half the value from that day. And it does not help that last year, the company said that its finances “raise substantial doubt about Kodak’s ability to continue as a going concern,” according to CNBC.

Yet, Kodak’s stock is up 96% in the last year. No doubt, some of the increase in price has to do with actions taken by Jim Continenza who has been CEO of the Rochester, New York company since 2019.

Since then, he has pursued a two-pronged strategy. First, he is tapping in to a trend among Generation Z, per Market Reports World, which embraces the emotional tug of analog and authenticity – creating products “that consumers, directors and filmmakers” found compelling, noted CNBC, adding he has “refinanced the company three times and rightsized its balance sheet.”

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In the last year, his turnaround efforts have driven up the stock following the going concern scare.

Investors may be missing an important insight: As those fears fade, the company must begin to grow profitably in the wake of Kodak’s investments in GenZ focused products.

If that does not happen, look out below.

Why Is Kodak Stock Up 96% In The Last Year?Kodak stock is up so much because it dodged the August 2025 going concern warning – which sent the stock down to $4.94 – and has since reported improving earnings.

The most important reason for the increase in Kodak’s stock price was the significant improvement in the company’s operations between the second and third quarters of 2025.

Indeed, following Kodak’s Q3 2025 report released last November, the company’s stock rose 33%. The Q3 report resolved the company’s going concern warning – as the company declared the “prior conditions that raised substantial doubt have been resolved,” reported the Rochester Business Journal.

Better financial metrics eliminated the company’s solvency risk. For fiscal year 2025, Kodak’s operational earnings before interest, taxes, depreciation, and amortization increased 138% to $62 million as gross margins increased 19% to 22%.

Underlying these financial metrics was a clever monetization of a hidden asset – Kodak’s Retirement Income Plan – which was more than $1 billion over-funded. Through a so-called pension reversion, Kodak received roughly $767 million – $312 million of which was used to prepay loans.

This slashed $277 million from the company’s debt, per Stock Titan. As a result, Kodak reduced interest expense by $40 million and added to the company’s cash – leaving Kodak with $337 million in cash.

Kodak also enjoyed notable growth tailwinds. For example, as the sole remaining supplier of aluminum lithographic printing plates, Kodak benefited from U.S. International Trade Commission anti-dumping duties on Japanese and Chinese imports, according to KeyPoint Intelligence.

Second, over five years, analog film demand doubled with 35mm film sales reaching 18 million units in 2023 – the highest since 2004 – due to Gen Z enthusiasm and Hollywood’s continued preference for celluloid, per Market Reports World.

Finally, fueled by new pharmaceutical products and a battery electrode partnership with Ateios Systems, Kodak’s Advanced Materials & Chemicals segment delivered 17% revenue growth last year to $316 million, according to Business Wire. The AM&C segment generates about 63% of Kodak's profits on just 30% of revenue.

Ultimately, AM&C’s growth is due to competitive advantages in precision coating, chemical manufacturing, and materials science that have been developed over the last 130 years -- enabling Kodak to compete in some high-growth sectors.

For instance, Kodak’ has tapped its coating expertise to produce battery electrodes for Ateios at 80 meters per minute – three times the industry standard – with no forever chemicals.

What Lessons Should Investors Draw From Kodak’s Bankruptcy?While these anecdotes sound promising, it helps to view them in the context of the competitive forces that sent Kodak into bankruptcy.

At a high level, Kodak’s decades of initial success made it difficult for the company to adapt to significant headwinds.

When Kodak was founded in 1888, quality was its "fighting argument." The company gladly gave away cameras in exchange for getting people hooked on paying to have their photos developed -- yielding Kodak “80% of the market for the chemicals and paper used to develop and print those photos,” noted my 2011 Forbes post.

Inside Kodak, this was known as the Silver Halide strategy -- named after the chemical compounds in its film. Kodak’s formula keyed off of international distribution, mass production to lower unit costs, R&D investment to introduce better products, and extensive advertising to make sure consumers knew about Kodak's superior quality.

Over many decades, Kodak’s inability to let go of this strategy sent the company into bankruptcy. In the late 1940s, Polaroid introduced instant photography – a threat to Kodak’s chemical and paper profits. In the 1980s, Fuji cut film prices below Kodak’s – winning the Japanese company distribution at WalMart and sending the Rochester company’s revenues down and layoffs up.

After a failed acquisition of a pharmaceutical company – whose deal fax I witnessed scrolling in to Kodak’s executive offices when I was consulting for the company -- Kodak decided to enter the inkjet printing business.

This new business had parallels to Kodak’s Silver Halide strategy (with inkjet cartridges being the business model equivalent of the chemicals and film). By that point, Kodak lagged rivals such as HP and its balance sheet proved unsustainable.

Which Is Stronger: The Kodak Bull Or Bear Case?The lesson I take from Kodak’s history is simple: companies that rest on their laurels are ultimately doomed to fail. Kodak could not abandon the Silver Halide strategy. Ironically, in 1975 Kodak invented digital photography but killed it because management feared it would diminish film and chemical sales, reported the World Economic Forum.

Now the green shoots outlined above – notably, growing demand for celluloid film and AM&C revenue growth which are the core of the bull case -- are overwhelmed by a harsh reality: most of the company’s business is in decline.

How so? Kodak’s core Print segment – which still accounts for roughly 70% of the company’s revenue – is declining, reported Junk Bond Investor. As media shifts to digital, lithography printing plate volumes are declining at a nearly 10% annual rate.

And revenue for the print segment fell 3% in 2025 while burning through $8 million in operational EBITDA in 2024 before turning positive at $3 million, noted Business Wire.

The bear case suggests the rapid increase in Kodak stock could be a sell signal. “Jim Continenza has been CEO for five years, and revenue keeps sliding," wrote Junk Bond Investor. "$1.2 billion in 2022, $1.1 billion in 2023, $1.0 billion in 2024, That's not a turnaround, that's managed decline."

Continenza does not agree. He likes to treat Kodak “as a startup, where all of the debt is paid off, the brand is well-loved,” he told CNBC.

“We’re a billion-dollar global company, but one thing we have going for us is our brand recognition. And make no mistake, around the globe, it is endeared and loved, and it’ll continue to be,” he concluded.

On May 01, 2026, Eastman Kodak Co KODK shares rose 5.6% today to a current price of $14.08. The stock has seen significant movement recently, with a 52-week range from $4.94 to a high of $14.29.

GF Value™ verdict: The current price is $14.08, which is 178.3% above the GF Value™ estimate of $5.06, indicating that the stock is significantly overvalued.GF Score™: The stock has a GF Score™ of 57/100, reflecting an average rating across various metrics.Most notable signal: The momentum rank stands at 9/10, suggesting strong recent performance in the stock price. Is KODK Overvalued or Undervalued? Based on the GF Value™, Eastman Kodak Co KODK is currently assessed as significantly overvalued. The GF Value™ estimate of $5.06 indicates a substantial margin of safety if the stock were to revert to its intrinsic value. With the current trading price at $14.08, this represents a 178.3% premium, signaling a potential risk for investors who may be considering entering or holding a position in KODK. The GF Valuation label categorizes the stock as significantly overvalued, which underscores the caution that should be exercised.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. This indicates that while KODK has experienced remarkable price appreciation recently, the underlying fundamentals may not support such elevated valuations, and potential investors should carefully evaluate the risks associated with investing at these price levels.

How Does KODK's Valuation Compare to Its History? Metric Current Historical P/E (TTM) N/A 8.4x (5-Year Median) As the current P/E ratio is not available, we cannot perform a comparative analysis against its historical median. However, the absence of a current P/E indicates a lack of traditional valuation metrics for KODK at this time. Therefore, we cannot determine if the current trading price aligns with historical valuation trends, which further corroborates the view that the stock may be overvalued as suggested by the GF Value™ assessment.

What Does KODK's GF Score™ Tell Us? Metric Rating GF Score™ 57 Financial Strength 6/10 Profitability 4/10 Growth 1/10 Valuation 1/10 Momentum 9/10 The GF Score™ of 57/100 indicates that KODK ranks in the average range among its peers. Financial strength is relatively stable at 6/10, but profitability and growth scores are notably low at 4/10 and 1/10, respectively, suggesting challenges in sustaining earnings and growth. The valuation rank also stands at 1/10, aligning with the conclusion that KODK is overvalued. Conversely, the momentum rank of 9/10 highlights strong recent price performance, which has likely contributed to the current inflated valuation.

What Are Insiders Doing with KODK Stock? In the last three months, there have been no insider transactions reported for Eastman Kodak Co KODK . The absence of insider buying or selling can suggest a lack of strong conviction from insiders regarding the stock's future performance. This could be interpreted as a sign that insiders are either satisfied with current valuations or are cautious about the stock's future prospects given the significant overvaluation indicated by GF Value™.

What This Means for Investors Based on the GF Value™ assessment, Eastman Kodak Co KODK is considered significantly overvalued at its current price of $14.08. While the stock has shown impressive momentum and price appreciation, the stark contrast between its market price and intrinsic value suggests caution is warranted for potential investors.

For the complete analysis, visit the Eastman Kodak Co KODK stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is KODK's GF Score™?

KODK's GF Score™ is 57/100, indicating an average rating across the key metrics used to assess its performance and investment potential.

Is KODK overvalued or undervalued?

KODK is considered significantly overvalued, with a current price of $14.08 compared to a GF Value™ estimate of $5.06.

What is KODK's P/E ratio?

Currently, KODK does not have a reported P/E ratio, but its 5-year median P/E is 8.4x, suggesting that it may be trading above historical valuation levels.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

ROCHESTER, N.Y.--(BUSINESS WIRE)--Eastman Kodak Company (NYSE: KODK) today reported financial results for the first quarter 2026.

First quarter 2026 highlights include:

Consolidated revenues of $265 million, compared with $247 million for Q1 2025, an increase of $18 million or 7 percent Advanced Materials & Chemicals (AM&C) revenues were $76 million, compared with $74 million for Q1 2025, an increase of $2 million or 3 percent Print revenues were $180 million, compared with $165 million for Q1 2025, an increase of $15 million or 9 percent Gross profit of $57 million, compared with $46 million for Q1 2025, an increase of $11 million or 24 percent Gross profit percentage of 22 percent, compared with 19 percent for Q1 2025, an increase of 3 percentage points GAAP net loss of $16 million, compared with net loss of $7 million for Q1 2025, an increase of $9 million Operational EBITDA of $15 million, compared with $2 million for Q1 2025, an increase of $13 million A quarter-end cash balance of $299 million, compared with $337 million on December 31, 2025, a decrease of $38 million Cash flow from operations improved $8 million from the prior-period “In the first quarter, Kodak achieved year-over-year improvement in key metrics, including revenue, gross profit and Operational EBITDA,” said Jim Continenza, Kodak’s Executive Chairman and CEO. “We have delivered three consecutive quarters of strong performance, despite a highly volatile and challenging business environment. Our success is no accident. It reflects several years of investing in innovation and infrastructure and focusing on operational excellence. Looking forward, we plan to build on our momentum by continuing to put our customers first, strengthen our balance sheet and invest in businesses that will drive future growth.”

For the quarter ended March 31, 2026, revenues were $265 million, an increase of $18 million or 7 percent compared to the same period in 2025. Adjusting for the favorable impact of foreign exchange of $7 million, revenues increased by $11 million, or 4 percent compared to the prior year.

GAAP net loss was $16 million for the quarter, compared to GAAP net loss of $7 million in 2025, an increase of $9 million. Operational EBITDA for the quarter ended March 31, 2026, was $15 million, compared to $2 million in 2025, an increase of $13 million. The increase in Operational EBITDA was primarily driven by improved pricing, partially offset by higher manufacturing costs and higher silver and aluminum prices.

Kodak ended the quarter with a cash balance of $299 million, a decrease of $38 million from December 31, 2025. The decrease was primarily driven by an increase in inventory of $38 million primarily driven by silver and aluminum commodities, the required March 13, 2026 principal repayment for the term loans of $50 million, partially offset by cash proceeds from redemption of Kodak Retirement Income Plan reversion investments of $46 million.

Find the Q1 infographic here.

Revenue and Operational EBITDA by Reportable Segment Q1 2026 vs. Q1 2025

(in millions)

Q1 2026 Actuals

Print

Advanced Materials & Chemicals

Brand

Total

Revenue

$

180

$

76

$

6

$

262

Operational EBITDA *

$

3

$

7

$

5

$

15

Q1 2025 Actuals

Print

Advanced Materials & Chemicals

Brand

Total

Revenue

$

165

$

74

$

4

$

243

Operational EBITDA *

$

(9

)

$

7

$

4

$

2

Q1 2026 vs. Q1 2025 Actuals
B(W)

Print

Advanced Materials & Chemicals

Brand

Total

Revenue

$

15

$

2

$

2

$

19

Operational EBITDA *

$

12

$

-

$

1

$

13

Q1 2026 Actuals on constant currency ** vs. Q1 2025 Actuals
B(W)

Print

Advanced Materials & Chemicals

Brand

Total

Revenue

$

8

$

2

$

2

$

12

Operational EBITDA *

$

12

$

(1

)

$

1

$

12

* Total Operational EBITDA is a non-GAAP financial measure. The reconciliation between GAAP and non-GAAP measures is provided in Appendix A of this press release.

** The impact of foreign exchange represents the foreign exchange impact using average foreign exchange rates for the three months ended March 31, 2025, rather than the actual average exchange rates in effect for the three months ended March 31, 2026.

Eastman Business Park segment is not a reportable segment and is excluded from the tables above.

About Kodak

Kodak (NYSE: KODK) is a leading global manufacturer focused on commercial print and advanced materials & chemicals. With 79,000 worldwide patents earned over 130 years of R&D, we believe in the power of technology and science to enhance what the world sees and creates. Our innovative, award-winning products, combined with our customer-first approach, make us the partner of choice for commercial printers worldwide. Kodak is committed to environmental stewardship, including industry leadership in developing sustainable solutions for print. For additional information on Kodak, visit us at kodak.com, or follow us on X @Kodak and LinkedIn.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes “forward–looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995.

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 press release, 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 Kodak’s Annual Report on Form 10‑K for the year ended December 31, 2025 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 Kodak’s Quarterly Report on Form 10‑Q for the quarter ended March 31, 2026, and in other filings Kodak makes with the U.S. Securities and Exchange Commission from time to time, as well as the following: Kodak’s ability to improve and sustain its operating structure, cash flow, profitability and other financial results; Kodak’s ability to achieve strategic objectives, cash forecasts, financial projections, and projected growth; Kodak’s ability to achieve the financial and operational results contained in its business plans; changes in commodity prices, tariff rates, foreign currency exchange rates and interest rates; 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 the associated increased costs of aluminum, silver and other raw materials, energy, labor, shipping, delays in shipment and production times, and fluctuations in demand; Kodak’s ability to obtain additional or alternate financing if and as needed, Kodak’s continued ability to manage world-wide cash through intercompany loans, distributions and other mechanisms, and Kodak’s ability to provide or facilitate financing for its customers; Kodak’s ability to fund continued investments, capital needs and collateral requirements and service its debt and Series B Preferred Stock; Kodak’s ability to effectively compete with large, well-financed industry participants or with competitors whose cost structure is lower than Kodak’s; 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, and commodity supply constraints; Kodak’s ability to effectively anticipate technology and industry trends, including related to artificial intelligence (AI), and develop and market new products, solutions and technologies, including products based on its technology and expertise that relate to industries in which it does not currently conduct material business; Kodak’s ability to effect strategic transactions, such as investments, acquisitions, strategic alliances, divestitures and similar transactions, or to achieve the benefits sought to be achieved from such strategic transactions; Kodak’s ability to comply with the covenants in its various credit facilities; Kodak’s continued ability to manage, defend and resolve a variety of current and legacy claims without incurring material losses or disruptions to its business and to bear the costs associated with such claims; Kodak’s ability to discontinue, sell or spin-off certain non-core businesses or operations, or otherwise monetize assets; and the potential impact of force majeure events, cyber‐attacks or other data security incidents or information technology (IT) outages that could disrupt or otherwise harm Kodak’s operations.

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 press release and are expressly qualified in their entirety by the cautionary statements included or referenced in this press release. 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.

APPENDICES

In this first quarter 2026 financial results news release, reference is made to the following non-GAAP financial measures:

Operational EBITDA; and Revenues and Operational EBITDA on a constant currency basis. Kodak believes that these non-GAAP measures represent important internal measures of performance as used by management. Accordingly, where they are provided, it is to give investors the same financial data management uses with the belief that this information will assist the investment community in properly assessing the underlying performance of Kodak, its financial condition, results of operations and cash flow.

The change in revenues and Operational EBITDA on a constant currency basis, as presented in this financial results news release, is calculated using average foreign exchange rates for the three months ended March 31, 2025, rather than the actual average exchange rates in effect for the three months ended March 31, 2026.

Kodak’s segment measure of profit and loss is an adjusted earnings before interest, taxes, depreciation and amortization (“Operational EBITDA”). Operational EBITDA represents the consolidated loss from continuing operations excluding the provision for income taxes; non-service cost components of pension and other postemployment benefits 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 charges, net.

The following table reconciles the most directly comparable GAAP measure of Net Loss to Operational EBITDA on a constant currency basis for the three months ended March 31, 2026 and 2025, respectively:

(in millions)

Q1 2026

Q1 2025

$Change

% Change

Net Loss

$

(16

)

$

(7

)

$

(9

)

129

%

All other

2

—

2

Depreciation and amortization

7

7

—

Restructuring costs and other

—

5

(5

)

Stock based compensation

5

2

3

Consulting and other costs (1)

(1

)

—

(1

)

Idle costs (2)

1

1

—

Other operating expense, net (3)

2

—

2

Interest expense (3)

6

14

(8

)

Pension income excluding service cost component (3)

(4

)

(22

)

18

Loss on early extinguishment of debt (3)

1

—

1

Other charges, net (3)

9

—

9

Provision for income taxes (3)

3

2

1

Operational EBITDA

$

15

$

2

$

13

650

%

Impact of foreign exchange (4)

(1

)

—

(1

)

Operational EBITDA on a constant currency basis

$

14

$

2

$

12

600

%

Footnote Explanations:

(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 three months ended March 31, 2026, 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)

As reported in the Consolidated Statement of Operations.

(4)

The impact of foreign exchange is calculated by using average foreign exchange rates for the three months ended March 31, 2025, rather than the actual average exchange rates in effect for the three months ended March 31, 2026.

A. FINANCIAL STATEMENTS

Eastman Kodak Company

Consolidated Statement of Operations (Unaudited)

  Three Months Ended

March 31,

(in millions, except per share data)

2026

2025

Revenues

Sales

$

229

$

210

Services

36

37

Total revenues

265

247

Cost of revenues

Sales

185

174

Services

23

27

Total cost of revenues

208

201

Gross profit

57

46

Selling, general and administrative expenses

48

45

Research and development costs

8

9

Restructuring costs and other

—

5

Other operating expense, net

2

—

Loss from operations before interest expense, pension income excluding service cost component, loss on early extinguishment of debt, other charges, net and income taxes

(1

)

(13

)

Interest expense

6

14

Pension income excluding service cost component

(4

)

(22

)

Loss on early extinguishment of debt

1

—

Other charges, net

9

—

Loss from operations before income taxes

(13

)

(5

)

Provision for income taxes

3

2

NET LOSS

$

(16

)

$

(7

)

Basic net loss per share attributable to Eastman Kodak Company common shareholders

$

(0.21

)

$

(0.12

)

Diluted net loss per share attributable to Eastman Kodak Company common shareholders

$

(0.21

)

$

(0.12

)

Number of common shares used in basic and diluted net loss per share

Basic

97.5

80.6

Diluted

97.5

80.6

The notes accompanying the financial statements contained in the first quarter Form 10-Q are an integral part of these consolidated financial statements.

Eastman Kodak Company

Consolidated Statement of Financial Position (Unaudited)

  March 31,

December 31,

(in millions, except per share data)

2026

2025

ASSETS

Cash and cash equivalents

$

299

$

337

Trade receivables, net of allowances of $7 at both periods

135

145

Inventories, net

255

218

Other current assets

104

141

Total current assets

793

841

Property, plant and equipment, net of accumulated depreciation of $502 and $499, respectively

195

191

Goodwill

12

12

Intangible assets, net

17

17

Operating lease right-of-use assets

35

37

Restricted cash

92

96

Pension and other postretirement assets

303

302

Other long-term assets

110

121

TOTAL ASSETS

$

1,557

$

1,617

LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY

Accounts payable, trade

$

111

$

101

Short-term borrowings and current portion of long-term debt

52

1

Current portion of operating leases

11

11

Other current liabilities

140

155

Total current liabilities

314

268

Long-term debt, net of current portion

108

208

Pension and other postretirement liabilities

187

191

Operating leases, net of current portion

27

30

Other long-term liabilities

249

207

Total liabilities

885

904

Commitments and Contingencies (Note 9)

Redeemable, convertible preferred stock, no par value, $100 per share liquidation preference

72

99

EQUITY

Common stock, $0.01 par value

1

1

Additional paid in capital

1,280

1,278

Treasury stock, at cost

(27

)

(26

)

Accumulated deficit

(537

)

(521

)

Accumulated other comprehensive loss

(117

)

(118

)

Total shareholders’ equity

600

614

TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND EQUITY

$

1,557

$

1,617

The notes accompanying the financial statements contained in the first quarter Form 10-Q are an integral part of these consolidated financial statements.

Eastman Kodak Company

Consolidated Statement of Cash Flows (Unaudited)

  Three Months Ended

March 31,

(in millions)

2026

2025

Cash flows from operating activities:

Net loss

$

(16

)

$

(7

)

Adjustments to reconcile to net cash used in operating activities:

Depreciation and amortization

7

7

Pension and postretirement income

—

(18

)

Change in fair value of preferred stock embedded derivative

12

—

Non-cash changes in workers' compensation and employee benefit reserves

—

1

Stock based compensation

5

2

Net gain from sale of assets

(1

)

—

Loss on early extinguishment of debt

1

—

Provision for deferred income taxes

1

1

Decrease (increase) in trade receivables

9

(8

)

(Increase) decrease in miscellaneous receivables

(4

)

3

Increase in inventories

(38

)

(15

)

Increase in trade payables

9

6

Decrease in liabilities excluding borrowings and trade payables

(20

)

(20

)

Other items, net

5

10

Total adjustments

(14

)

(31

)

Net cash used in operating activities

(30

)

(38

)

Cash flows from investing activities:

Additions to properties

(6

)

(12

)

Proceeds from sale of preferred equity investment

2

—

Proceeds from redemption of KRIP reversion investments

46

—

Net proceeds from the sale of assets

—

5

Net cash provided by (used in) investing activities

42

(7

)

Cash flows from financing activities:

Repayment of Amended and Restated Term Loan Agreement

(51

)

—

Preferred stock cash dividend payments

(3

)

(1

)

Treasury stock purchases

—

(1

)

Net cash used in financing activities

(54

)

(2

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(1

)

2

Net decrease in cash, cash equivalents and restricted cash

(43

)

(45

)

Cash, cash equivalents and restricted cash, beginning of period

442

301

Cash, cash equivalents and restricted cash, end of period

$

399

$

256

Non-cash Financing Item:

Series B preferred stock embedded derivative liability at issuance

$

30

$

—

The notes accompanying the financial statements contained in the first quarter Form 10-Q are an integral part of these consolidated financial statements.

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The new Kodak-licensed collection combines Kodak's trusted imaging heritage with Hubble Connected's smart communication and care-focused connectivity platform for modern families

, /PRNewswire/ -- Hubble Connected, a leading provider of smart nursery and family technology solutions trusted by more than 5 million parents worldwide, today announced the upcoming launch of a new line of Kodak-licensed connected products, debuting at the ABC Kids Expo in Las Vegas.

Hubble Connected Partners with Kodak to Launch New Family Technology Ecosystem Across Baby, Kids, and Pet Categories

Developed under license from Kodak, the new collection brings together one of the world's most iconic imaging brands with Hubble Connected's expertise in connected family technology and communication. The collaboration reflects a shared vision to create intuitive, design-forward solutions that help families stay connected, communicate more easily, and capture everyday moments as they happen.

For generations, Kodak has been synonymous with preserving life's most meaningful memories. Through this partnership, Hubble Connected is extending that trusted legacy into a new generation of connected family experiences - reimagining how families monitor, communicate, and stay connected both at home and on the go.

"The Kodak brand holds a unique place in how families connect and create memories," said Marty Urick, President, North America at Hubble Connected. "Through this collaboration, we're bringing that emotional connection into a new generation of smart products designed to support how families live, communicate, and stay connected as their families grow."

The Kodak-licensed collection represents a broader expansion beyond traditional baby monitoring, introducing a more holistic ecosystem for modern family life. The lineup will include smart nursery monitoring solutions, connected pet monitoring and feeding products, and children's communication technology including smart watches and phones designed to help families communicate, educate, and stay connected as children grow more independent.

All products will be seamlessly managed through the Kodak HubbleClub app, creating a unified platform experience across the home, nursery, pet, and family communication categories.

Built with a focus on simplicity, accessibility, and thoughtful design, the new range aims to make advanced technology feel approachable for everyday families — combining Kodak's trusted visual heritage with Hubble Connected's seamless connectivity platform in products designed to fit naturally into modern households.

Attendees at the ABC Kids Expo will receive an exclusive first look at the Kodak-licensed collection from May 13–15 at Hubble Connected's Booth 525.

About Hubble Connected

Hubble Connected is committed to creating innovative technology for growing families. From smart nursery solutions to connected communication devices across family and pet categories, Hubble Connected has helped more than 5 million parents stay connected, informed, and supported through products designed to bring families closer while prioritizing safety, simplicity, and peace of mind. See more at hubbleconnected.com.

About Kodak

Kodak (NYSE: KODK) is a leading global manufacturer. With 79,000 worldwide patents earned over 130 years of R&D, we believe in the power of technology and science to enhance what the world sees and creates. Our iconic brand, innovative products and customer-first approach make us the partner of choice for customers worldwide. Kodak is committed to environmental stewardship, including industry leadership in developing sustainable solutions. For additional information on Kodak, visit us at kodak.com, or follow us on X @Kodak and LinkedIn.

The Kodak trademark, logo, and trade dress are used under license from Kodak.

View original content to download multimedia:https://www.prnewswire.com/news-releases/hubble-connected-partners-with-kodak-to-launch-new-family-technology-ecosystem-across-baby-kids-and-pet-categories-302769539.html

SOURCE Hubble Connected

San Diego, California--(Newsfile Corp. - May 15, 2026) - Johnson Fistel, PLLP is investigating whether Eastman Kodak Company (NYSE: KODK) or certain of its executive officers violated federal securities laws. The investigation focuses on investors' losses and whether they may be recovered under federal securities laws.

What if I purchased Kodak securities?
If you purchased Eastman Kodak Company securities and suffered losses on your investment, join our investigation now: Click Here to Join the Investigation.

Or for more information, contact Jim Baker at [email protected] or (619) 814-4471.

There is no cost or obligation to you.

Background of the Investigation
On May 7, 2026, Kodak reported its first quarter 2026 financial results. Although Kodak reported year-over-year increases in revenue, gross profit, and Operational EBITDA, the Company also disclosed that its GAAP net loss increased to $16 million, compared to a net loss of $7 million in the prior-year period. Kodak stated that its Operational EBITDA improvement was "primarily driven by improved pricing," but was "partially offset by higher manufacturing costs and higher silver and aluminum prices."

Kodak further disclosed that it ended the quarter with a cash balance of $299 million, down $38 million from December 31, 2025. The Company attributed the decrease primarily to a $38 million increase in inventory driven by silver and aluminum commodities, as well as a required $50 million term-loan principal repayment, partially offset by $46 million in cash proceeds from redemption of Kodak Retirement Income Plan reversion investments.

Following these disclosures, Kodak's stock price declined sharply.

In light of these disclosures, Johnson Fistel is investigating whether Eastman Kodak Company complied with state and federal laws, including the federal securities laws. If you suffered losses, or are a long-term holder of Kodak stock, contact Johnson Fistel.

About Johnson Fistel, PLLP
Johnson Fistel, PLLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, Idaho, and Colorado. The firm represents individual and institutional investors in shareholder class actions and derivative lawsuits. Johnson Fistel has been selected as one of the Top 10 Plaintiff Law Firms by ISS Securities Class Action Services. In 2024, Johnson Fistel recovered approximately $90,725,000 for aggrieved investors.

Attorney advertising. Past results do not guarantee future outcomes. Services may be performed by attorneys in any of our offices.

This communication may be considered a promotional communication. Johnson Fistel, PLLP and its attorneys are responsible for the content of this communication. Frank J. Johnson is the attorney responsible for this advertisement.

Contact:
Johnson Fistel, PLLP
501 W. Broadway, Suite 800
San Diego, CA 92101
James Baker, Investor Relations – or – Frank J. Johnson, Esq.
(619) 814-4471
[email protected] | [email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/297651

Source: Johnson Fistel, PLLP

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