Eastman Kodak Co., the legendary American company that once revolutionized amateur photography, has issued a stark warning about its future, stating there is “substantial doubt” about its ability to continue operating after more than 130 years in business.
The announcement came in government filings on Monday, August 11, alongside the company’s second-quarter earnings report, which revealed a loss and sent shares tumbling in early trading on Tuesday. Kodak disclosed that it faces over $470 million in debt and is cutting its pension program in a bid to remain solvent. The company admitted it currently lacks committed financing or sufficient liquidity to cover debt obligations due within the next 12 months.
Founded in 1889 by George Eastman and later renamed Eastman Kodak Company, the brand became a household name with innovations such as the Kodak #1 camera in 1888 and the Kodak Brownie in 1900, making photography accessible to ordinary people. In the 20th century, it expanded into color photography and even introduced the world’s first digital camera in 1975. However, Kodak struggled to adapt to the rise of digital photography, eventually filing for bankruptcy in 2012.
Today, Kodak’s focus has shifted toward specialty chemicals, advanced materials, and pharmaceuticals. Despite these changes, its latest earnings report showed consolidated revenues of $263 million for the quarter ending June 30 — a drop of $4 million compared to the same period last year. Gross profit fell by 12%, and its cash reserves declined to $155 million, a 23% decrease since December 2024.
Executive Chairman and CEO Jim Continenza noted that tariffs have not significantly affected Kodak’s business due to the domestic production of many products, including printing plates, film, inkjet presses, inks, and pharmaceutical ingredients.
Chief Financial Officer David Bullwinkle stated that the company’s priority is paying down debt and focusing on its advanced chemicals and materials division. He indicated that Kodak expects to have a clearer plan by Friday, August 15 on how it will meet its financial obligations.
“For the second half of the year, we will continue to focus on reducing costs today and converting our investments into long-term growth,” Bullwinkle said.
Kodak’s future now hinges on whether it can secure the necessary funding and successfully pivot its business model — a high-stakes challenge for a company that once defined the world of photography.
