Daily Voice
By Chris Spiker From Daily Voice
Kodak's "moment" may be coming to an end after 133 years.
Eastman Kodak Company is warning investors that it may not be able to continue operating without securing new financing. The Rochester, New York, company disclosed its financial concerns in its quarterly earnings release on Monday, Aug. 11.
The pioneering photography brand reported a $26 million loss in the second quarter of 2025. That's a $52 million swing from the same period in 2024.
The poor earnings report sent Kodak's stock tumbling nearly 20% on Tuesday, Aug. 12.
"As a result, these conditions raise substantial doubt about the company's ability to continue as a going concern as of the issuance date of the company's second quarter financials," Kodak said in its release.
A box containing Kodak film.
The company's "going concern" warning cited the need to pay down debt and meet preferred stock obligations.
"The 'going concern' language in Kodak's 10-Q [quarterly filing] is essentially required disclosure because Kodak's debt comes due within 12 months of the filing," a company spokesperson told the Daily Voice. "Kodak is confident it will be able to pay off a significant portion of its term loan well before it becomes due, and amend, extend or refinance our remaining debt and/or preferred stock obligations."
Kodak's spokesperson said the company plans to pay off debt with about $300 million it'll receive from the settlement of its pension fund, called the Kodak Retirement Income Plan, in December.
"The KRIP reversion is not solely within Kodak's control and therefore is not deemed 'probable' under US [Generally Accepted Accounting Principles] accounting rules, which is what triggered the 'going concern,'" the spokesperson added. "Once the KRIP reversion is completed, Kodak will be virtually net debt-free and will have a stronger balance sheet than we have had in years."
Founded in 1892, Kodak revolutionized photography with the slogan, "You push the button, we do the rest." Founder George Eastman received his first patent for a plate-coating machine in 1879 and later sold the first Kodak camera for $25 in 1888, according to CNN.
By the 1970s, Kodak controlled about 90% of the film market and 85% of camera sales in the US, according to The Economist. The company invented the digital camera in 1975 and released its popular disposable camera in the late 80s.
A roll of Kodak film.
Kodak's name became synonymous with photography, even earning name checks in songs like Paul Simon's 1973 hit "Kodachrome" and Pitbull's much more recent "Give Me Everything." The company, however, failed to adapt to the technology it helped create and filed for bankruptcy in 2012.
The COVID-19 pandemic gave Kodak a brief, new purpose when the federal government asked it to produce pharmaceutical ingredients. Kodak's stock skyrocketed so quickly, it triggered 20 circuit breakers on a single day in July 2020.
Kodak has said it hopes to expand production of those ingredients, along with making films and chemicals for businesses.
Reuters US Economy
Reuters US Business
CNBC Investing
Spectrum News Louisville
The Motley Fool
The Daily Beast