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Investing.com -- Eastman Kodak Company (NYSE:KODK) shares tumbled 10% after the company reported a significant earnings decline, swinging to a net loss in the second quarter of 2025 as it continues to navigate challenging market conditions.
The imaging and printing technology company posted a net loss of -$0.36 per share for the quarter, a stark reversal from earnings of $0.23 per share in the same period last year. Revenue came in at $263 million, down 1% from $267 million in the second quarter of 2024.
The company’s financial performance deteriorated across several metrics, with gross profit falling 12% to $51 million and operational EBITDA declining 25% to $9 million. Kodak’s cash position has weakened to $155 million, down from $201 million at the end of December 2024.
"In the second quarter, Kodak continued to make progress against our long-term plan despite the challenges of an uncertain business environment," said Jim Continenza, Kodak’s Executive Chairman and CEO. He highlighted the company’s Advanced Materials & Chemicals business, noting that its pharmaceutical manufacturing facility is now FDA-registered.
The Print segment saw an $8 million revenue decline, while the Advanced Materials & Chemicals and Brand segments each grew by $2 million compared to last year. The company disclosed a "going concern" assessment in its SEC filing, indicating substantial doubt about its ability to continue as a going concern due to upcoming debt and preferred stock obligations.
David Bullwinkle, Kodak’s CFO, stated, "During the second quarter, Kodak continued its focus on improving the efficiency of our operations and investing in growth initiatives in our AM&C group." He added that the company expects to complete the reversion of excess funds from its U.S. Retirement Income Plan by December 2025, which it plans to use for debt reduction.
For the remainder of the year, Kodak plans to focus on serving customers, strengthening its balance sheet, and developing growth businesses.
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