Eastman Kodak, the once-mighty pioneer of photography, has delivered a stark warning to investors: Its future is hanging in the balance. In its latest earnings report, the 133-year-old company said it might not have enough cash or financing to cover about $500 million in looming debt. The company's filing bluntly states there's "substantial doubt" about its ability to keep its doors open, per CNN. According to the earnings statement, Kodak saw a Q2 loss of $26 million, after a profit of $26 million in 2024, reports the Wall Street Journal.
To stem the tide, Kodak says it's halting payments for its retirement pension plan, hoping to free up much-needed funds. The company also noted that tariffs aren't a major concern, as much of its manufacturing—including cameras, film, and inks—remains in the US. CEO Jim Continenza tried to strike a resilient note, pointing to "progress ... despite the challenges of an uncertain business environment," per CNN.
Kodak's shares promptly fell more than 7% in premarket trading on Tuesday on the news. It's a sobering moment for a brand that once dominated American photography, selling 90% of the film and 85% of cameras in the US during its '70s heyday. The company's roots reach back to 1879, when George Eastman snagged his first patent and later introduced the easy-to-use Kodak camera, promising, "You push the button, we do the rest."
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Kodak stumbled in the digital era, however, ironically inventing the first digital camera in 1975 but failing to capitalize on it. After filing for bankruptcy in 2012, the company tried to reinvent itself—including a brief pivot to pharmaceutical ingredients in 2020 that sent shares soaring—yet losses have persisted. Going forward, company CFO David Bullwinkle says the goal is boosting "the efficiency of our operations and investing in growth initiatives in our [advanced materials and chemicals] group," per MarketWatch.
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