Eastman Kodak Company reported second-quarter 2025 revenues of $263 million, a decrease of $4 million or 1% compared to Q2 2024. Adjusting for a favorable foreign exchange impact of $5 million, revenues decreased by $9 million or 3%. The company posted a GAAP net loss of $26 million for the quarter, a significant decline from a net income of $26 million in Q2 2024, representing a 200% decrease.
Operational EBITDA for Q2 2025 was $9 million, down $3 million or 25% from $12 million in Q2 2024. This decrease was primarily driven by lower volumes and higher aluminum and manufacturing costs, partially offset by price increases and reduced spending on IT systems and organizational restructuring. Kodak ended the quarter with a cash balance of $155 million, a decrease of $46 million from December 31, 2024.
Kodak included a "going concern" disclosure in its Q2 2025 Form 10-Q filing. This was triggered because the Series B Preferred Stock, with a carrying value of $99 million, has a mandatory redemption date of May 28, 2026, which accelerates the maturity of approximately $477 million in Term Loans to May 22, 2026, and $24 million in Letter of Credit Facility to May 12, 2026. Under U.S. GAAP, committed financing or available liquidity to meet these obligations is not yet deemed "probable."
The company's primary mitigation strategy involves the termination of the U.S. Kodak Retirement Income Plan (KRIP), with participant settlement elections concluding on August 15, 2025. Kodak expects to receive approximately $300 million in cash from the KRIP reversion by December 2025, which it plans to use to prepay Term Loans. Additionally, Kodak's cGMP pharmaceutical manufacturing facility is now FDA-registered and certified, with production of phosphate buffered saline (PBS) for laboratory use scheduled to begin by the end of 2025.
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