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Think of it like Fujifilm, but focused specifically on providing hardware, software, and materials for commercial and industrial printing.

It's a diversified industrial technology company, similar to a smaller 3M, specializing in advanced materials, chemicals, and printing solutions.

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• Digital Offset Plates and Computer-to-Plate Imaging Solutions: These are core offerings for traditional commercial printing industries.
• Electrophotographic Printing Solutions: This category includes digital presses like the ASCEND and NEXFINITY for high-quality variable data printing.
• PROSPER Inkjet Printing Systems: High-speed inkjet presses and components for commercial, packaging, and publishing applications.
• VERSAMARK Digital Printing Products: Specialized digital printing solutions often used for transactional and direct mail applications.
• PRINERGY Workflow Production Software: A comprehensive software suite that streamlines and automates print production processes.
• Industrial Film and Chemicals: Essential materials used across various manufacturing and industrial sectors.
• Motion Picture Film: Physical film stock supplied to the entertainment industry for filmmaking.
• Advanced Materials and Functional Printing: Specialized materials and innovative printing technologies for emerging applications.
• Intellectual Property (IP) Licensing Services: Licensing of patents and inventions developed by Kodak Research Laboratories to third parties.
• Brand Licensing Services: Allowing other companies to use the well-known Kodak brand name and trademarks.
• Eastman Business Park Management Services: Operating and managing a large technology center and industrial complex for tenants.

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• Commercial print companies
• Packaging manufacturers
• Publishing companies (including those involved in direct mail, book publishing, newspapers, and magazines)
• Manufacturing businesses
• Companies within the entertainment industry (specifically related to motion picture production and content creation)

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James V. Continenza, Executive Chairman and Chief Executive Officer

Mr. Continenza was appointed Executive Chairman on February 20, 2019, and Chief Executive Officer on July 27, 2020. He joined Kodak's Board of Directors in April 2013 and became Chairman of the Board in September 2013. Mr. Continenza has a track record of guiding technology companies through transformations and is known as a turnaround artist. Since September 2012, he has served as the Chairman and CEO of Vivial, Inc., a privately-held marketing technology and communications company. His experience includes managing and governing companies undergoing significant corporate restructuring, with a focus on commercial print, advanced materials, and chemicals.

David Bullwinkle, Chief Financial Officer and Senior Vice President

Mr. Bullwinkle was appointed Chief Financial Officer and Senior Vice President, effective July 1, 2016. He is responsible for leading Kodak's worldwide finance, corporate development, internal audit, and purchasing teams. Mr. Bullwinkle joined Kodak in 2004, holding various financial management roles, including Worldwide BU Controller, Assistant Corporate Controller, and External Reporting Manager. From 2010 to 2016, he served as Director of Corporate Financial Planning and Analysis, Director of Investor Relations, and Vice President, Finance at Kodak. Before joining Kodak, he worked as 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 State.

Randy D. Vandagriff, Senior Vice President, Digital Print

Mr. Vandagriff is the Senior Vice President of Kodak's Digital Print business, overseeing the company's digital solutions portfolio, including commercial inkjet and electrophotographic technologies. He was elected a corporate vice president in May 2017. Mr. Vandagriff has dedicated 35 years of his career to innovating inkjet technology for the printing market. He previously served as Vice President, Research and Development for Kodak Versamark, where he led a global R&D team responsible for developing multiple generations of inkjet technologies.

Richard Michaels, Chief Accounting Officer and Corporate Controller

Mr. Michaels was appointed Corporate Controller and Chief Accounting Officer in April 2021. He joined Kodak in 2004 as Controller for the Graphics Communications Group and has held several other controller positions within the company, becoming Assistant Corporate Controller in 2011. Prior to his time at Kodak, Mr. Michaels worked at PricewaterhouseCoopers from 1995 to 2004, serving in various roles including Assurance Manager.

Roger W. Byrd, General Counsel, Secretary and Senior Vice President

Mr. Byrd serves as the General Counsel, Secretary, and Senior Vice President for Eastman Kodak Company.

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The key risks to Eastman Kodak (KODK) are primarily centered around its financial stability, the ongoing decline in its core businesses, and challenges in innovation and competition in newer segments:

1. Financial Instability and Ability to Continue as a Going Concern: Eastman Kodak faces "substantial doubt" about its ability to continue operations due to significant debt maturities, including approximately $500 million in short-term debt obligations and pension liabilities, coming due within the next 12 months. The company has publicly acknowledged a lack of committed financing or available liquidity to meet these obligations, though it is attempting to address this by utilizing a surplus from its pension fund to repay debt.
2. Secular Decline in Traditional Printing and Intense Competition in Digital Printing: The company's largest segment, Traditional Printing, is experiencing a secular decline as digital media continues to erode demand for its core products like printing plates and computer-to-plate imaging solutions. While Eastman Kodak has invested in Digital Printing, it faces intense competitive pressure from larger, established players such as HP, Canon, Ricoh, and Fujifilm, which limits its ability to gain significant market share and achieve strong profitability in this segment.
3. Challenges in Innovation, Differentiation, and Commoditization of New Segments: Despite efforts to diversify into areas like Advanced Materials and Chemicals, the company's products in this segment often face commoditization, leading to a lack of pricing power and differentiation. Eastman Kodak has historically struggled to adapt to technological changes and capitalize on new opportunities, as evidenced by its past difficulties with the shift to digital photography. Its ventures into new areas such as pharmaceutical production also carry inherent execution risks.

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Eastman Kodak Company (KODK) operates in several distinct markets. The addressable market sizes for its main products and services are outlined below, with regional information provided where available:

• Traditional Printing (Digital Offset Plates and Computer-to-Plate Imaging Solutions):

  • The global printing plates market was valued at USD 15 billion in 2024 and is projected to reach USD 21.4 billion by 2034, growing at a compound annual growth rate (CAGR) of 4% from 2025 to 2034. North America is the largest market, accounting for approximately 40% of the global share. The Asia-Pacific region holds approximately 25% of the global share, while Europe accounts for around 30%.
  • Digital offset printing plates specifically dominated the overall printing plates market in 2024, generating a revenue of USD 5.1 billion, and are expected to reach USD 7.5 billion by 2034. Another estimate indicates the global digital offset printing plate market is expected to reach USD 1.2 billion by 2030, with a CAGR of 3.5%.
  • For Computer-to-Plate (CTP) systems, estimates for the global market size vary:
    • The global CTP machine market was valued at USD 288 million in 2025 and is projected to reach USD 300 million by 2034, with a CAGR of 0.4%.
    • Another report estimates the Computer-to-Plate (CTP) Market size at USD 1.86 billion in 2025, expected to reach USD 2.21 billion by 2030, at a CAGR of 3.51%.
    • A different source states the global CTP Equipment Market size was USD 3514.2 million in 2024. North America held the major market share for CTP equipment, at more than 40% of the global revenue (USD 1405.68 million) in 2024.

• Digital Printing (Electrophotographic Printing Solutions, PROSPER Inkjet Products, PRINERGY Workflow Software):

  • The global electrophotographic printing market size was valued at USD 3.4 billion in 2024 and is projected to reach USD 5.0 billion by 2033, growing at a CAGR of 4.9% from 2025 to 2033. North America was the largest market for electrophotographic printing. However, another report values the electrophotographic printing market size at USD 10.14 billion in 2024, with an expectation to reach USD 15 billion by 2035 at a CAGR of approximately 3.6%. Packaging is a significant application segment, projected to account for the largest market share.
  • The global inkjet printing market, which includes production inkjet solutions like Kodak's PROSPER products, was valued at USD 109.73 billion in 2024 and is expected to reach USD 209.43 billion by 2032, growing at a CAGR of 8.4% over the forecast period (2024-2032). Another report values it at USD 117.77 billion in 2025, estimated to grow to USD 178.67 billion by 2031, at a CAGR of 7.24% during the forecast period (2026-2031). North America is the dominant region for inkjet printing, while Asia-Pacific is the fastest-growing region.
  • The global print production workflow software market was valued at USD 1.2 billion in 2024 and is projected to reach USD 2.01 billion by 2032, growing at a CAGR of 9.2% from 2026 to 2032. Other estimates for the broader print workflow software market include an annual revenue of $2.5 billion, projected to reach $4.73 billion by 2033 with an 8% CAGR, and a size projected to grow from USD 3.38 billion in 2025 to USD 6.55 billion by 2034, at a CAGR of 7.63%. The print management software market, a related category, was valued at USD 2.73 billion in 2025 and is expected to reach USD 7.72 billion by 2033, growing at a CAGR of 13.97% from 2026 to 2033. North America held a dominant share of the print management software market, with a 37.00% share in 2025, and the U.S. market was valued at USD 0.97 billion in 2024.

• Advanced Materials and Chemicals (Industrial Film, Motion Picture Film):

  • The global industrial films market was estimated to be USD 43.1 billion in 2022 and is projected to reach USD 55.8 billion by 2028, at a CAGR of 4.4% between 2023 and 2028. Other estimates include a market size of USD 45.59 billion in 2024, expected to reach USD 74.20 billion by 2034, accelerating at a CAGR of 4.99% from 2025 to 2034, and USD 47.05 billion in 2026, expected to reach USD 71.44 billion in 2033, with a CAGR of 6.2% from 2026 to 2033. Asia-Pacific is estimated to be the largest market for industrial films.
  • While a specific market size for "motion picture film" as a product is difficult to isolate from available data, the broader global motion picture industry market was worth US$ 53.90 billion in 2024 and is expected to reach a valuation of US$ 112.32 billion by 2033, growing at a CAGR of 8.5% from 2025-2033. Another source indicates the motion picture industry market size was $56.56 billion in 2025 and is expected to grow to $86.05 billion in 2030 at a CAGR of 8.7%. The global movie and entertainment market, which encompasses motion pictures, was valued at USD 100,377.6 million in 2023 and is expected to reach USD 169,684.1 million by 2030, growing at a CAGR of 7.8% from 2024 to 2030. North America was the largest revenue-generating market in 2023 for the movie and entertainment market.

• Brand Segment (Licensing of Kodak Brand):

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Eastman Kodak (KODK) anticipates several key drivers to fuel its revenue growth over the next two to three years, stemming from strategic investments, product innovation, and operational improvements across its core segments.

1. Growth in Advanced Materials & Chemicals (AM&C) Segment: Eastman Kodak is making significant strategic investments in its Advanced Materials & Chemicals division, which saw a 25% revenue increase in Q4 2025 and a 17% increase for the full year 2025. The company is expanding its ventures into specialty chemicals and pharmaceutical-related products. A new lab and manufacturing facility, focusing on components for pharmaceuticals, such as Phosphate Buffered Saline and Water for Injection, as well as reagents for medical testing, is expected to commence production in 2025 within the Eastman Business Park. Additionally, Kodak plans to leverage its expertise in coating technology to develop opportunities in the electric vehicle (EV) and energy storage battery markets, producing components for cathode and anode assemblies. The company also aims to commercialize specialty coatings, filtration, and motion picture film.
2. Expansion and Innovation in Digital Printing Solutions: The Digital Printing segment, including its PROSPER inkjet platforms and PRINERGY workflow software, is a crucial area for future growth. The print business experienced a 4% revenue growth in Q4 2025. Kodak expects the expanded placement of its KODAK PROSPER ULTRA 520 and PROSPER 7000 Turbo presses to drive higher page volumes and increased sales of consumables (inks, parts, and service), contributing to annuity revenue growth. The PROSPER 520 Press is transitioning from controlled introduction to full production. The inkjet market is forecast for substantial growth, projected to reach 48% by 2028, with Kodak's innovative PROSPER presses identified as significant contributors due to their speed, quality, and productivity. Furthermore, the company's PRINERGY On Demand and PRINERGY Business Solutions software are positioned to boost subscription Annual Recurring Revenue (ARR) through cross-selling to existing and new customers, with a focus on end-to-end automation for mid-market and multi-site printers.
3. Strategic Pricing Discipline and Operational Efficiencies: Kodak's emphasis on stronger pricing discipline and continuous operational execution is expected to drive revenue and profitability. In 2025, gross profit improved by 31% in Q4 and 14% for the full year, with gross margins rising to 23% and 22% respectively. Operational EBITDA surged by 144% in Q4 2025 and 138% for the full year, primarily due to improved pricing and higher volumes. Strategic cost reductions and streamlined operations are positioning the company for sustained future success. The reduction in annual interest expenses by approximately $40 million, following significant debt reduction, also frees up capital for reinvestment into growth initiatives.
4. Expansion of Brand Licensing Program: The licensing of the iconic Kodak brand is a continuing contributor to the company's long-term success. This strategy allows Kodak to leverage its established brand recognition to expand into new product categories and markets through partnerships, which has demonstrably led to increased sales for licensees. Kodak plans to expand its global brand licensing program, specifically targeting audio-visual, technology, and communication sectors in key regions such as North America, Latin America, and Asia.

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Share Issuance

• Eastman Kodak reported 96 million shares outstanding in Q3 2025, representing a 19.0% increase from the prior quarter.
• On March 11, 2026, the company's 4.0% Series B Convertible Preferred Stock was redesignated as 6.0% Series B Convertible Preferred Stock, with a new conversion rate of 10 common shares per preferred share (up from 9.5238).

Inbound Investments

• Kodak completed its U.S. pension reversion process, with approximately $600 million in surplus assets expected to revert to the company in December 2025.
• This pension reversion generated approximately $1.023 billion in proceeds (cash and investment assets), resulting in Kodak receiving net cash of $144 million and $158 million in investment assets after debt paydown, pension plan funding, and excise tax payments.
• The company ended 2025 with a cash balance of $337 million, placing it in a net positive cash position relative to its $300 million term loan and Series B preferred equity obligations.

Capital Expenditures

• Capital expenditures were $4.0 million in Q3 2025 and $6 million in Q4 2025, funding long-term assets and infrastructure.
• For the full year 2025, capital expenditures consumed $56.0 million of operating cash flow.
• Investments are focused on new infrastructure, product innovation, AI, machine learning, the pharma division, and battery coating. A new cGMP pharmaceutical manufacturing facility for the Advanced Materials & Chemicals group was expected to be online in 2025.