Eastman Kodak Company reported first-quarter 2025 revenues of $247 million, a decrease of $2 million or 1% compared to the same period in 2024. Adjusting for the unfavorable impact of foreign exchange of $3 million, revenues were essentially flat compared to the prior year. The company recorded a GAAP net loss of $7 million for the quarter, a significant decline from a net income of $32 million in Q1 2024.
Operational EBITDA for the quarter ended March 31, 2025, was $2 million, a decrease of $2 million or 50% from $4 million in Q1 2024. This decrease was primarily driven by higher aluminum and manufacturing costs, partially offset by price increases and volume improvements. Kodak ended the quarter with a cash balance of $158 million, a decrease of $43 million from December 31, 2024.
The decrease in cash was primarily due to capital expenditures to fund growth initiatives, investments in technology systems and organizational structure, increased investment in inventory, and the impact of higher costs and lower profitability from operations. Kodak continued to progress with the termination of its KRIP U.S. pension plan and highlighted its Advanced Materials & Chemicals unit's new cGMP manufacturing facility, expected to be online later this year for FDA-regulated diagnostic test reagents.
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