August 13, 2025, 12:27 pm | Read time: 3 minutes
In its latest quarterly report, Eastman Kodak warns that the future of the storied U.S. company is uncertain. The more than 133-year-old corporation is at risk of running out of money. Even planned cuts for employees may not cover the outstanding financial obligations.
Financial Distress Threatens Continuity
Earlier this week, Kodak released its financial results for the second quarter of 2025. The report reveals that the company has about $500 million in debt, with insufficient liquid assets available. The report’s going concern assessment uses quite stark language: “[T]hese circumstances raise substantial doubt about the company’s ability to continue as a going concern at the time of the release of the second-quarter financials.”
Kodak plans to withdraw payments from its pension fund (Kodak Retirement Income Plan) to free up cash. This is intended to adequately finance preferred stock and debt obligations upon maturity. However, the company admits that the released funds may only be enough to “reduce the amount of temporary liabilities and modify, extend, or refinance the remaining liabilities and preferred stock obligations.”
As early as the end of 2024, the American Society of Pension Professionals & Actuaries (ASPPA) reported that Kodak planned to dissolve the fund. A replacement fund is to be set up for participating employees.
Nevertheless, Kodak remains optimistic. According to CEO Jim Continenza, the company has “made further progress in implementing our long-term plan despite the challenges of an uncertain business environment.” Tariffs on goods from other countries play little role for Kodak, as it manufactures its “lithographic printing plates, photographic and industrial films, inkjet presses and inks, and pharmaceutical products” in the U.S.
Kodak Looks Back on a Long History
The Eastman Dry Plate Company was already producing dry plates for early cameras in 1880. But Eastman had a better idea and patented the first roll of film in 1885. In 1888, the company launched the first camera for $25. In 1892, it was renamed Eastman Kodak.
For decades, Kodak dominated the photography market. Although the company built the first digital camera in 1975, it failed to consistently adapt to the new technology. Low profitability and strong competition from Japan—Canon, Nikon, and Sony—did the rest. In 2012, Kodak had to file for bankruptcy. At that time, the company had $6.75 billion in debt, according to “Financier Worldwide.”
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In 2013, Kodak resumed operations—albeit restructured and focused solely on printing technology for business customers. The company still produces films and chemicals. The last true Kodak camera was the EasyShare Max Z990 from 2011. Since the restructuring, the Kodak name for cameras has only been licensed to other manufacturers. In 2020, the company received a boost from a loan by the Trump administration to manufacture pharmaceuticals and reduce reliance on foreign production.