Eastman Kodak Company (KODK) SEC Filings & Earnings Calls

Cash burn from term loan repayments and inventory build

“Cash balance decreased $47M from Dec 2025 due to $101M term loan repayments and $37M inventory increase”

Commodity cost pressure from silver and aluminum

“Higher silver and aluminum prices partially offset EBITDA improvement”

Tariff and trade policy uncertainty

“The ultimate impact of any tariffs is uncertain and will depend on various factors, including whether the tariffs are maintained and/or implemented, the duration of the tariffs, any exceptions or exemptions that are or may become available and the timing of their implementation, and scope, all of which could have a material adverse effect on Kodak’s business” · word for word

Raw material cost inflation (aluminum, silver)

“Higher aluminum costs ($8 million) and higher silver costs ($4 million) partially offset gross profit improvements.”

Supply chain and labor constraints

“The Advanced Materials and Chemicals segment has experienced labor shortages in certain manufacturing areas. Increased demand for consumer film products along with manufacturing equipment limitations and labor shortages have contributed to increased backorders.” · word for word

Pension settlement impact on income

“Pension income excluding service cost component decreased $11 million and $29 million, respectively, in the three and six months ended June 30, 2026 due to lower expected return on assets driven by a decrease in the asset base due to the settlement of the Kodak Retirement Income Plan (KRIP) in the fourth quarter of 2025.” · word for word

Tariff and trade policy uncertainty

“The ultimate impact of any tariffs is uncertain and will depend on various factors, including whether the tariffs are maintained and/or implemented, the duration of the tariffs, any exceptions or exemptions that are or may become available and the timing of their implementation, and scope, all of which could have a material adverse effect on Kodak’s business” · word for word

Commodity cost inflation (silver, aluminum)

“higher silver costs ($5 million) and manufacturing costs ($2 million) in Advanced Materials and Chemicals, lower volume in Advanced Materials and Chemicals ($1 million) and higher aluminum costs ($1 million)” · word for word

Labor shortages and capacity constraints in film

“The Advanced Materials and Chemicals segment has experienced labor shortages in certain manufacturing areas. Increased demand for consumer film products along with manufacturing equipment limitations and labor shortages have contributed to increased backorders.” · word for word

Negative operating cash flow

“Net cash used in operating activities $ (30) $ (38) $ 8” · word for word

Commodity cost pressure from silver and aluminum prices impacting manufacturing costs.

“Higher manufacturing costs and higher silver and aluminum prices partially offset pricing gains.” · word for word

Inventory build of $38M driven by silver and aluminum commodities may signal working capital strain.

“Increase in inventory of $38 million primarily driven by silver and aluminum commodities.” · word for word

Debt repayment of $50M in March 2026 reduced cash; ongoing debt service could pressure liquidity.

“Required March 13, 2026 principal repayment for the term loans of $50 million.” · word for word

Tariff and Trade Policy Risk

“The U.S. government imposed new tariffs on a range of imported goods, including aluminum, steel and certain raw materials and component parts used in our manufacturing and supply chain.” · word for word

Macroeconomic Demand Risk

“The ongoing changes in global economic conditions and the impact of other global events on our operations and financial performance remains uncertain and will depend on several factors such as the slowdown in customer demand” · word for word

GAAP net loss driven by non-recurring KRIP termination and excise tax.

“GAAP net loss was $128 million for the full year 2025, compared to GAAP net income of $102 million in 2024, a decrease of $230 million. The decline in net income was primarily due to the non-recurring impact of the Kodak Retirement Income Plan ("KRIP") termination and excise tax paid on the reversion of assets to the Company.” · word for word

Volume Decline in Print Segment

“Print revenues declined by $22 million (3%) compared to 2024.”

Tariff and Trade Policy Uncertainty

“The U.S. government imposed new tariffs on a range of imported goods, including aluminum, steel and certain raw materials and component parts used in Kodak’s manufacturing and supply chain.” · word for word

Investment Impairment Risk

“During 2025, Kodak recorded impairment charges of $22 million to its Wildcat investment.” · word for word

Pension Income Decline

“Total pension income from continuing operations before special termination benefits, curtailments and settlements for the major defined benefit plans was $45 million for 2025 and is expected to be approximately $2 million in 2026.” · word for word

CEO compensation includes significant equity incentives, aligning interests but also potential dilution.

“5M RSUs granted as renewal award; annual RSUs of $2.5M”

Investment assets in hedge funds subject to redemption risk; actual cash may vary.

“investment assets received by the Company are primarily hedge fund investments which are in redemption” · word for word

Loss of key technical leadership in Advanced Materials & Chemicals division.

“Mr. Taber has been a key contributor to Kodak for 45 years, playing a pivotal role in the Company’s technological innovation and growth.” · word for word

Tariff escalation risk

“The ultimate impact of any tariffs is uncertain and will depend on various factors, including whether the tariffs are maintained and/or implemented, the duration of the tariffs, any exceptions or exemptions that are or may become available and the timing of their implementation, amount and scope, all of which could have a material adverse effect on Kodak’s b” · word for word

Demand decline in Print segment

“The Print segment is experiencing a slowdown in customer demand for plates that negatively impacted volume due to current global economic conditions and the impact of pricing actions.” · word for word

Investment impairment risk

“Wildcat continues to explore and assess various options and alternatives which may further impact the value of Kodak's investment or dilute Kodak's ownership in Wildcat.” · word for word

Liquidity risk from Chinese subsidiary loan

“Any amounts repaid to the Chinese subsidiary may not be able to be loaned, repatriated or otherwise moved back to the U.S., in which case the Company’s U.S. liquidity would be reduced.” · word for word

Going concern resolved; pension reversion strengthens balance sheet; but Print segment still declining.

“Going concern conditions fully resolved; pension reversion proceeds increased to $600M; Print revenue down 3% YoY.”

Pension risk transfer reduces long-term liability but may involve costs.

“Pension risk transfer transaction completed.”