Eastman Kodak, the iconic American company known for its photography and film business, said it is at risk of going out of business, prompting a massive stock slide on Tuesday.

Here’s what to know.

Kodak Q2 2025 earnings

Let’s start with Kodak’s earnings report on Monday. For the second quarter ending June 30, Kodak reported its revenue was $263 million, a decrease of $4 million, or 1%, compared with the same period in 2024. Adjusting for the favorable impact of foreign exchange of $5 million, revenues decreased by $9 million, or 3%, compared with the year prior.

Kodak ended the quarter with a cash balance of $155 million, a decrease of $46 million from December 31, 2024. The decrease was primarily driven by capital expenditures to fund growth initiatives, changes in working capital, the impact of higher costs, and lower profitability from operations.

Most importantly, Kodak included a disclosure regarding its concern assessment in its second quarter 2025 Form 10-Q filing with the Securities and Exchange Commission (SEC). In its earnings press release, the 133-year-old company said current financial conditions “raise substantial doubt about the Company’s ability to continue as a going concern,” which publicly traded companies are required to mention. The reason: It has a debt obligation, which runs some $500 million, according to CNN.

“The ‘going concern’ language in Kodak’s 10-Q is essentially required disclosure because Kodak’s debt comes due within 12 months of the filing,” a spokesperson for Kodak told Fast Company via email. It further clarified:

“Kodak is confident it will be able to pay off a significant portion of its term loan well before it becomes due, and amend, extend, or refinance our remaining debt and/or preferred stock obligations. To fund the repayment, we plan to draw on the approximately $300 million in cash we expect to receive from the reversion and settlement of our U.S. pension fund (the Kodak Retirement Income Plan, or “KRIP”) in December.
“However, the KRIP reversion is not solely within Kodak’s control and therefore is not deemed ‘probable’ under U.S. [generally accepted accounting principles], which is what triggered the ‘going concern.’ Once the KRIP reversion is completed, Kodak will be virtually net debt-free and will have a stronger balance sheet than we have had in years.”

Kodak stock price slides

As a result of the earnings report, shares of Eastman Kodak (NYSE: KODK) fell more than 7% in premarket trading on Tuesday, and at the time of this writing, were down a whopping 25% in early afternoon trading.

Kodak is a leading global manufacturer focused on commercial print and advanced materials and chemicals. Founded in 1882 by George Eastman, it has earned 79,000 worldwide patents over 130 years of R&D (research and development) and is known as a pioneer in the photography business, specializing in both cameras and film.

In 2012, Kodak filed for bankruptcy as its business became increasingly irrelevant with the advent of digital photography and smartphone cameras.

ODEXCO.COM