Eastman Kodak Company (KODK) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was $247 million, down 1% year-over-year, with Print segment revenue declining 9% and Advanced Materials & Chemicals (AM&C) increasing 25%.

• Gross profit margin was 19%, down from 20% in Q1 2024, with gross profit at $46 million versus $49 million last year.

• Net loss of $7 million, compared to net income of $32 million in Q1 2024, driven by lower Print volumes, higher input costs, and unfavorable currency impacts.

• Operational EBITDA was $2 million, down from $4 million in Q1 2024, mainly due to higher aluminum and manufacturing costs.

• Cash balance at quarter-end was $158 million, down $43 million from December 2024, reflecting investments and higher costs.

Financial highlights

• Q1 2025 revenue was $247 million, nearly flat year-over-year, with a $2 million decline; constant currency revenue was flat.

• Gross profit decreased by $3 million (6%) year-over-year, primarily due to higher input costs and lower Print volumes.

• Adjusted net loss for Q1 2025 was $6 million, compared to adjusted net income of $14 million in Q1 2024.

• Cash used in operating activities was $38 million, primarily due to net earnings and working capital changes.

• Cash, cash equivalents, and restricted cash totaled $256 million as of March 31, 2025.

Outlook and guidance

• Ongoing investments in advanced materials and chemicals, including a cGMP pharma manufacturing facility expected online later in 2025.

• Management remains focused on operational efficiencies, cost reductions, and profitable growth.

• Print division progressing with new digital press installations and continued demand for U.S.-made lithographic plates.

• Liquidity is considered adequate for the next twelve months, but refinancing of debt and preferred stock maturing in 2026 remains unresolved.

• Proceeds from the U.S. Retirement Income Plan termination expected to reduce long-term debt and annual debt servicing costs.