Kodak Reports Third Quarter 2025 Financial Results

Kodak has reported financial results for the third quarter 2025. 

Third quarter 2025 highlights include:
•    Consolidated revenues of $269 million, compared with $261 million for Q3 2024, an increase of $8 million or 3 percent
o    Advanced Materials & Chemicals (AM&C) revenues were $82 million, compared with $71 million for Q3 2024, an increase of $11 million or 15 percent

Print revenues were $177 million, compared with $182 million for Q3 2024, a decrease of $5 million or 3 percent
•    Gross profit of $68 million, compared with $45 million for Q3 2024, an increase of $23 million or 51 percent
•    Gross profit percentage of 25 percent, compared with 17 percent for Q3 2024, an increase of 8 percentage points
•    GAAP net income of $13 million, compared with net income of $18 million for Q3 2024, a decrease of $5 million or 28 percent
•    Operational EBITDA of $29 million, compared with $1 million for Q3 2024, an increase of $28 million
o    AM&C Operational EBITDA of $16 million, compared with $6 million for Q3 2024, an increase of $10 million

Print Operational EBITDA of $8 million, compared with negative $9 million for Q3 2024, an increase of $17 million
•    A quarter-end cash balance of $168 million, compared with $155 million on June 30, 2025, an increase of $13 million, and compared with $201 million on December 31, 2024, a decrease of $33 million
•    Cash flow from operations increased $2 million for the nine months ended September 30, 2025 compared to the prior-year period

“Kodak delivered strong performance in the third quarter, delivering significant year-over-year increases in gross profit and Operational EBITDA while continuing to focus on driving operational excellence,” said Jim Continenza, Kodak’s Executive Chairman and CEO. “Our AM&C business continued to grow both revenue and profitability and that group’s cGMP pharmaceutical manufacturing facility is now certified to manufacture and sell regulated products, with the goal of expanding our product offering over time. More recently, our AM&C unit’s film business launched still films, which will be sold directly to distributors, giving Kodak greater control over our participation in the consumer film market and providing distributors, retailers and consumers with more stable pricing and a broader, more reliable supply.

“We also recently met our obligations to our U.S. pension plan participants as part of our pension reversion plan and established a new pension plan for employees that is identical to active employee benefit features of the prior plan. By managing the process patiently and carefully we have obtained favourable annuity pricing and investment returns, which resulted in the expected reversion amount to increase from $500 million to $600 million. The next step will be to use the surplus assets from the reversion to pay down debt and strengthen our balance sheet. The reversion frees us up to continue accelerating our plan to create a strong, growing Kodak for our employees and shareholders.”

For the quarter ended September 30, 2025, revenues were $269 million, an increase of $8 million or 3 percent compared to the same period in 2024. Adjusting for the favourable impact of foreign exchange of $4 million, revenues increased by $4 million, or 2 percent when compared to the prior year.
GAAP net income was $13 million for the quarter, compared to net income of $18 million in 2024, a decrease of $5 million or 28 percent. Operational EBITDA for the quarter ended September 30, 2025, was $29 million, compared to $1 million in 2024, an increase of $28 million. Adjusting for the favourable impact of foreign exchange of $1 million, Operational EBITDA increased by $27 million compared to the prior year period. The increase in Operational EBITDA was primarily driven by price increases, higher volumes, lower aluminium costs, inventory reserve adjustment recorded in the prior year period, and lower spend related to certain litigation matters, partially offset by higher manufacturing costs.

For the quarter ended September 30, 2025, AM&C revenues were $82 million, an increase of $11 million or 15 percent compared to the same period in 2024. AM&C Operational EBITDA increased $10 million compared to the same period in 2024. The increase in revenues and Operational EBITDA for AM&C were primarily driven by price increases and higher volumes in Industrial Film and Chemicals and Motion Picture.

For the quarter ended September 30, 2025, Print revenues were $177 million, a decrease of $5 million or 3 percent compared to the same period in 2024 primarily driven by lower volume related to Prepress Solutions partially offset by price increases. Print Operational EBITDA increased $17 million compared to the same period in 2024 primarily due to price increases, lower aluminium costs, lower selling, general and administrative costs, and inventory reserve adjustment recorded in the prior year period, partially offset by higher manufacturing costs.

Kodak ended the quarter with a cash balance of $168 million, an increase of $13 million from June 30, 2025. The increase was primarily driven by improved profitability from operations. The cash balance at September 30, 2025, decreased $33 million from December 31, 2024, primarily driven by capital expenditures to fund growth initiatives and changes in working capital.
“In Q3 we continued to improve our use of cash compared to Q2, increasing our cash balance to $168 million from $155 million at the end of the second quarter,” said David Bullwinkle, Kodak’s CFO. “We have taken decisive steps to strengthen and reduce debt levels on Kodak’s balance sheet. The cash from the pension reversion will reduce our term debt to $200 million, lowering interest expense and improving liquidity, resulting in our healthiest balance sheet in years. We have confidence that the continued execution of our plan will provide the liquidity to fulfil our obligations. We remain committed to a disciplined approach to cash management, driving operational efficiencies and margin improvement to deliver sustainable, long-term value for our shareholders.”
Going Concern Fully Resolved

The prior conditions that required Kodak under U.S. GAAP accounting standards to include cautionary disclosure about its ability to continue as a going concern have been fully resolved. Refer to Going Concern subsection of Note 1, “Basis of Presentation and Recent Accounting Pronouncements” in the Company’s third quarter 2025 Form 10-Q for additional information.

Revenue and Operational EBITDA by Reportable Segment Q3 2025 vs. Q3 2024
($ millions)
Q3 2025 Actuals
Print — Revenue $177; Operational EBITDA $8
Advanced Materials & Chemicals — Revenue $82; Operational EBITDA $16
Q3 2024 Actuals
Print — Revenue $182; Operational EBITDA $(9)
Advanced Materials & Chemicals — Revenue $71; Operational EBITDA $6
Q3 2025 vs. Q3 2024 Actuals
Print — Revenue $(5); Operational EBITDA $17
Advanced Materials & Chemicals — Revenue $11; Operational EBITDA $10
Q3 2025 Actuals on constant currency vs. Q3 2024 Actuals
Print — Revenue $(8); Operational EBITDA $16
Advanced Materials & Chemicals — Revenue $10; Operational EBITDA $10

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.