• Xerox, but with a famous photography heritage and a focus on industrial printing.
• BlackBerry, but having pivoted from photography to industrial printing and materials.

• Print Systems: Provides commercial printing plates, computer-to-plate (CTP) imaging solutions, and related workflow software for the graphic arts industry.
• Advanced Materials & Chemicals: Develops and manufactures specialty chemicals and functional films used in various industrial and consumer applications.
• Software and Solutions: Offers workflow management software for print companies and brand protection solutions for secure identification and anti-counterfeiting.
• Brand Licensing: Licenses the iconic Kodak brand to third-party manufacturers for a diverse range of consumer electronics and imaging-related products.

Eastman Kodak (KODK) primarily sells its products and services to other companies (B2B).

Its major customers fall into the following categories:

• Commercial Printing Companies: Kodak is a leading supplier of traditional and digital plates for the commercial printing industry, along with computer-to-plate (CTP) systems and workflow software. These customers are commercial printers globally who use Kodak's products for various applications, including packaging, publishing (magazines, newspapers), and marketing materials. Due to the broad and often fragmented nature of the commercial printing sector, Kodak serves numerous private and public printing companies worldwide, rather than having a handful of individually named "major" customers that are publicly disclosed.
• Motion Picture Studios and Production Houses: Kodak remains the primary manufacturer of motion picture film, supplying cinematographers and major film studios. These customers purchase film stock for feature films, television shows, and other productions. Major customer groups include:
  • Warner Bros. Discovery (WBD)
  • Comcast (parent company of Universal Pictures) (CMCSA)
  • Paramount Global (parent company of Paramount Pictures) (PARA)
  • The Walt Disney Company (parent company of Walt Disney Studios) (DIS)
  • Sony (parent company of Sony Pictures) (SONY)

James V. Continenza, Executive Chairman and Chief Executive Officer

James V. Continenza was appointed Executive Chairman of Eastman Kodak in February 2019 and Chief Executive Officer in July 2020, having joined the board in April 2013. He is recognized as a turnaround artist with commercial printer roots, brought in for his experience guiding numerous technology companies through transformations. Mr. Continenza's focus at Kodak includes commercial print, advanced materials, and chemicals. His extensive career includes leadership roles at Vivial, Inc., STi Prepaid, LLC, Teligent, Inc., Lucent Technologies Product Finance, and AT&T. He has also served on the boards of companies such as Cenveo Corporation, Sorenson Communications, Datasite LLC (formerly Merrill Corp.), NII Holdings, Inc., Tembec, and Neff Corporation, often focusing on companies undergoing significant corporate restructuring, which aligns with strategies frequently seen in private equity-backed firms.

David Bullwinkle, Chief Financial Officer and Senior Vice President

David Bullwinkle was appointed Chief Financial Officer and Senior Vice President of Eastman Kodak in July 2016. He joined Kodak in 2004 and has held various financial management roles within the company, including Worldwide BU Controller, Assistant Corporate Controller, External Reporting Manager, Director of Corporate Financial Planning and Analysis, Director of Investor Relations, and Vice President, Finance. From November 2018 to 2024, he also served as the President of Eastman Business Park. Before his tenure at Kodak, Mr. Bullwinkle worked as the Manager of Financial Reporting at Birds Eye Foods, Inc. and as an Assurance Manager at PricewaterhouseCoopers from 1996 to 2002. He is a Certified Public Accountant in New York.

Terry R. Taber, Vice President, Chief Technical Officer and Senior Vice President, Advanced Materials and Chemicals

Terry R. Taber serves as the Vice President, Chief Technical Officer, and Senior Vice President for Advanced Materials and Chemicals at Eastman Kodak.

Roger Byrd, General Counsel, Secretary and Senior Vice President

Roger Byrd holds the positions of General Counsel, Secretary, and Senior Vice President at Eastman Kodak Company.

Richard Michaels, Corporate Controller and Chief Accounting Officer

Richard Michaels is the Corporate Controller and Chief Accounting Officer for Eastman Kodak Company.

The key risks to Eastman Kodak (KODK) are primarily financial and strategic in nature, stemming from its ongoing efforts to transform its business.

1. Financial Condition and Liquidity Concerns: Eastman Kodak faces significant financial challenges, including substantial debt obligations and liquidity concerns. The company has previously issued "going concern" warnings, indicating "substantial doubt" about its ability to continue operations due to insufficient financial resources to meet future debt obligations. Kodak's current financial crunch is tied to almost $500 million in short-term debt obligations and over $200 million in pension liabilities. While the company is taking steps to address these, such as terminating its pension plan to generate proceeds, the successful management and repayment of debt remain critical for its financial stability.
2. Challenges in Adapting to Evolving Market Trends and Competition: Despite its shift in focus, Kodak continues to face the challenge of adapting to rapidly evolving market trends and intense competition in its new business areas, such as commercial printing, advanced materials, chemicals, and potentially pharmaceuticals. Historically, Kodak's failure to adapt to the digital photography revolution, despite inventing the first digital camera, led to its bankruptcy. The company must successfully innovate and compete in these diverse and often highly competitive sectors to regain prominence and secure its long-term viability.
3. Execution Risk of Business Plans and Strategies: Kodak's current business performance and future success depend heavily on its ability to effectively implement its strategic plans and grow its new ventures. The company's business plans are subject to various assumptions and projections, and delays or failures in execution, including cost structure reduction, investment in growth initiatives, and managing strategic transactions, could negatively impact its financial performance and liquidity. This also includes the risk that key suppliers might respond to financial concerns by demanding more stringent payment terms, potentially disrupting supply and increasing liquidity needs.

Eastman Kodak (KODK) operates in several key markets. The addressable market sizes for its main products and services are identified as follows:

• Commercial Print / Digital Printing: The global commercial printing market size was valued at USD 774.46 billion in 2024. This market is estimated to reach USD 848.1 billion by 2033, exhibiting a Compound Annual Growth Rate (CAGR) of 1.07% from 2025-2033.
• Advanced Materials & Chemicals: The global advanced materials market size was valued at USD 68.12 billion in 2024. It is projected to grow to USD 113.58 billion by 2032, at a CAGR of 6.6% during the forecast period of 2025-2032.
• Motion Picture Film (Manufacturing): Null
• Still Film (Manufacturing): Null
• Brand Licensing: Null

Eastman Kodak (KODK) is focusing on several key areas to drive future revenue growth over the next two to three years, leveraging its expertise in advanced materials, brand recognition, and strategic improvements in its printing division.

1. Growth in Advanced Materials & Chemicals (AM&C): This segment is consistently highlighted as a primary driver of future revenue. The AM&C division saw a 15% year-over-year revenue increase in Q3 2025 and a 25% year-over-year sales increase in Q1 2025. This growth is fueled by higher volumes in specialty chemicals, phytochemicals, industrial film, and motion picture film, as well as strategic price increases. Eastman Kodak is actively investing in new initiatives within this segment, including the completion of an FDA-registered cGMP (Current Good Manufacturing Practice) pharmaceutical manufacturing facility, expected to commence production in 2025. The company is also exploring opportunities in battery technology, utilizing its coating expertise for EV/energy storage battery components, and developing transparent heaters and antennas, and light-blocking technologies (KODALUX).
2. Expansion of Brand Licensing: Kodak's brand licensing program is a consistent contributor to revenue growth. The company reported an increase in brand licensing revenues to $7 million in Q4 2024 from $5 million in the prior-year period. Kodak's strategy involves extending its brand legacy into new markets, including B2B applications like automotive protective films and solar energy solutions, and high-profile fashion partnerships. Brand licensing has demonstrated a 14% compound annual growth rate (CAGR) over the past five years across more than 25 categories.
3. Strategic Pricing and Operational Efficiencies: While not a product or service, the implementation of improved pricing strategies and enhanced operational efficiencies across its business segments is expected to positively impact revenue growth and profitability. In Q3 2025, improved pricing and operational efficiencies contributed to a significant increase in gross profit and gross profit margin. Management has emphasized an ongoing focus on driving smart revenue, investing in automation, and streamlining operations to boost efficiency and reduce costs.
4. Targeted Growth in Digital Printing Technologies: Despite a general decline in the overall Print segment, Kodak is focusing on specific areas within digital printing for growth. The company is gaining momentum with its continuous inkjet press portfolio and is investing in UltraStream Inkjet Technology for high-speed, high-quality digital printing. Additionally, the continued investment in Sonora Process Free Plates, which offer environmental and cost-saving benefits to commercial printers, aims to capture a larger share of the eco-conscious printing market.

Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• Eastman Kodak has made relatively small quarterly share repurchases over the past few years, with amounts typically in the thousands of dollars. For instance, Q2 2025 saw $515.25K, Q1 2025 had $935.20K, and Q4 2024 recorded $589.04K.
• Other examples include $824.65K in Q2 2024 and $84.77K in Q1 2024.
• The company's 3-Month Share Buyback Ratio was reported as 0.00% by GuruFocus, suggesting no significant recent repurchases.

Share Issuance

• The number of outstanding shares increased from 78,503,476 as of March 1, 2021, to 80,900,000 as of November 2025 and at the end of 2025.
• "Shareholder dilution" was noted as a minor risk in August 2025.

Inbound Investments

• Eastman Kodak expects to receive approximately $600 million from its pension plan asset reversion in December 2025. This capital is intended to reduce long-term debt and increase the company's cash balance.
• The company received $40 million in brand licensing cash proceeds in the first quarter of 2024, which contributed to improvements in working capital.

Outbound Investments

• A key investment area is the AM&C (Advanced Materials & Chemicals) group's new cGMP facility for manufacturing regulated and unregulated pharmaceutical products, which is scheduled to begin production in 2025.
• The company is investing in additional capacity for its film business to meet growing demand.
• Kodak has focused on growth areas such as battery technology, particularly for energy storage, and modernizing its film and manufacturing processes.

Capital Expenditures

• Capital expenditures for 2025 are projected to be between $30 million and $40 million.
• In 2024, capital expenditures primarily funded growth initiatives, investments in technology systems, and organizational structure, contributing to a decrease in cash balance.
• Ongoing capital expenditures in AM&C growth initiatives and optimizing processes in areas such as finance and manufacturing were noted by Kodak's CFO as factors affecting the year-end 2024 cash balance.