Eastman Kodak Company (KODK) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenues were $263 million, down 1% year-over-year, with continued growth in Advanced Materials and Chemicals (AMC) and a net loss of $26 million, compared to net income of $26 million in Q2 2024.

• Operational EBITDA for Q2 2025 was $9 million, down 25% year-over-year; Print segment posted negative operational EBITDA, while AMC and Brand segments showed growth.

• Gross profit margin declined to 19% from 22% in Q2 2024, impacted by lower volumes and higher costs.

• AMC segment's FDA-registered facility began manufacturing regulated pharmaceutical products, supporting growth initiatives.

• The company is executing on long-term growth and cost reduction initiatives, focusing on AMC, pharmaceuticals, and operational efficiencies.

Financial highlights

• Q2 2025 revenue: $263 million, down 1% year-over-year; constant currency decline of 3%.

• Gross profit: $51 million (19% margin), down from $58 million (22%) in Q2 2024.

• Net loss: $26 million (GAAP), with $17 million due to non-cash asset impairment; adjusted net loss: $9 million.

• Operational EBITDA: $9 million, down $3 million year-over-year; adjusted operational EBITDA $8 million.

• Cash and cash equivalents at June 30, 2025: $155 million, down from $201 million at year-end 2024.

Outlook and guidance

• KRIP pension plan termination and asset reversion expected to return ~$500 million to the company by December 2025, with $300 million in cash.

• Management expects restructuring actions in 2025 to generate annual cash savings of ~$15 million, with most savings realized by Q3 2025.

• Capital expenditures for 2025 are projected at $30–$40 million.

• Focus remains on deleveraging, cost reduction, and converting investments into long-term growth, especially in AMC and pharmaceuticals.

• Plans to refinance or extend remaining preferred stock and debt obligations after debt repayment.