Kodak reports fourth-quarter and full-year 2024 financial results

Eastman Kodak Co. reported fourth-quarter consolidated revenues of $266 million, compared with $275 million for Q4 2023, a decrease of $9 million or 3 percent, but a gross profit of $51 million, compared with $47 million for Q4 2023, an increase of $4 million or 9 percent

For the full-year, consolidated revenues were $1.043 billion, compared with $1.117 billion for the full year 2023, a decrease of $74 million or 7 percent. The company reported gross profit of $203 million, compared with $210 million for the full year 2023, a decrease of $7 million or 3 percent. GAAP net income was $102 million for the full year, compared to $75 million in 2023, an increase of $27 million or 36 percent. Operational EBITDA for the year ended December 31, 2024, was $26 million, compared to $45 million in 2023, a decrease of $19 million or 42 percent. The decrease in Operational EBITDA was primarily driven by lower volumes and higher manufacturing costs, inventory reserve adjustments, as well as costs associated with investments in information technology systems and organizational structure to drive further operational efficiencies, costs associated with the drupa trade show and certain litigation matters.

A year-end cash balance of $201 million, compared with $255 million on December 31, 2023, a decrease of $54 million; cash flow from operations decreased by $45 million from the prior period

“Kodak’s core businesses performed as expected in 2024 as we continued to execute our long-term plan, which includes increasing operational efficiency, shedding unprofitable business and investing in growth,” said Jim Continenza, Kodak’s Executive Chairman and CEO. “One of our key investment areas, our AM&C group’s new cGMP facility for manufacturing regulated and unregulated pharmaceutical products, is scheduled to begin production this year. Our film business continues to grow, and we are investing in additional capacity to meet demand. In our print business, we have completed the tariff petition process with the U.S. International Trade Commission, which has improved predictability for Kodak and our customers and brought fair competition to the plates market. Kodak can compete with anybody when there’s a level playing field. Our digital print business made a splash recently at the Hunkeler Innovationdays tradeshow where we featured live demos of our KODAK PROSPER 7000 Turbo Press, the world’s fastest inkjet press. For the balance of 2025, we’ll continue to improve efficiency through automation and support our customers with industry-leading solutions from all our businesses.”

On January 21, 2025, the Board of Directors of Kodak approved the termination of the Kodak Retirement Income Plan effective March 31, 2025. The process is underway to settle the pension obligation with participants and access any remaining plan surplus through a reversion of assets to the company.

“Kodak ended the year with a cash balance of $201 million, compared with $255 million on December 31, 2023, which reflects ongoing capex investments in AM&C growth initiatives and optimizing processes in areas such as finance and manufacturing,” said David Bullwinkle, Kodak’s CFO. “The company’s revenue for the year reflects a decline but is in line with expectations as we continue to concentrate on delivering improved gross profit. In the next year, we continue to focus on our growth areas and converting our historical investments into returns for the long term.”

Revenue and Operational EBITDA by Reportable Segment Q4 2024 vs. Q4 2023

Revenue and Operational EBITDA by Reportable Segment FY 2024 vs. FY 2023