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Kodak is a global manufacturer specializing in commercial print and advanced materials and chemicals. Founded in 1880 and headquartered in Rochester, New York, the company provides innovative solutions for industries such as publishing, packaging, and functional printing. Kodak's offerings include digital printing systems, advanced materials, and brand licensing for various consumer products.
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Print - Offers digital offset plate solutions, computer-to-plate imaging systems, high-quality digital printing systems, production press systems, consumables like ink, inkjet components, software, and services for industries such as commercial print, direct mail, and packaging/labels.
- Prepress Solutions - Provides digital offset plate offerings and computer-to-plate imaging solutions.
- PROSPER - Delivers high-quality digital printing solutions and consumables.
- Electrophotographic Printing Solutions - Supplies production press systems and related services.
- VERSAMARK - Focuses on inkjet components and consumables.
- Software - Develops software solutions for print-related applications.
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Advanced Materials and Chemicals - Develops materials for 3D printing, smart material applications, and printed electronics, with uses in areas like blackout window treatments and diagnostic test reagents.
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Brand - Licenses the Kodak brand for products such as digital and instant print cameras, eyewear, batteries, and apparel, generating royalty streams and upfront payments.
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All Other (Eastman Business Park) - Operates a technology center and industrial complex supporting film manufacturing and research laboratories.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
James V. Continenza ExecutiveBoard | Chief Executive Officer | Wildcat Discovery Technologies, Inc. Board Member | James V. Continenza has served as the CEO of Eastman Kodak Company since July 2020 and as the Executive Chairman since February 2019. He has also held the position of Chairman of the Board since September 2013 and brings extensive experience in corporate governance and strategic transformations, having served on various boards. | View Report → |
Terry R. Taber ExecutiveBoard | Chief Technical Officer | George Eastman Museum Board; Executive Committee of the Greater Rochester Chamber of Commerce; Board of Trustees for Roberts Wesleyan College and Northeastern Seminary | Terry R. Taber, PhD, has been Kodak’s Chief Technical Officer since January 2009 and also serves as Senior Vice President of Advanced Materials and Chemicals since January 2020. With over 40 years of experience in advancing technology and research at Kodak, he has held multiple leadership roles including President of the Intellectual Property Solutions Division and Chief Operating Officer of the Image Sensor Solutions unit. | |
David E. Bullwinkle Executive | Chief Financial Officer (CFO) and Senior Vice President | David E. Bullwinkle has been the Chief Financial Officer (CFO) and Senior Vice President at Kodak since July 2016, leading worldwide treasury, audit, controller, and tax teams. Previously, he also served as President of Eastman Business Park from November 2018 to July 2023 and held various finance roles at Kodak. | ||
Richard T. Michaels Executive | Chief Accounting Officer and Corporate Controller | Richard T. Michaels has been the Chief Accounting Officer and Corporate Controller at KODK since April 2021, after serving as the Assistant Corporate Controller from 2011 to April 2021 and holding various controller positions since joining Kodak in 2004. | ||
Roger W. Byrd Executive | General Counsel, Secretary, and Senior Vice President | Roger W. Byrd has been serving as General Counsel, Secretary, and Senior Vice President at KODK since January 2019, after joining the company in 2015 as Assistant General Counsel and Vice President. He brings extensive legal experience, including over 23 years at Nixon Peabody LLP and a previous role as General Counsel at Choice One Communications, Inc. | ||
Darren L. Richman Board | Director | Co-Founder and Managing Member at Kennedy Lewis Investment Management LLC | Darren L. Richman has been a Director at Eastman Kodak Company (KODK) since April 2021 and brings extensive expertise in investment management. He also serves as Co-Founder and Managing Member at Kennedy Lewis Investment Management LLC since November 2017 and held senior positions at The Blackstone Group from 2006 to 2016. | |
David P. Bovenzi Board | Director | Chief Investment Officer at Grand Oaks Capital; Member of Investment Committee at George Eastman Museum; Chairman of Investment Committee at McQuaid Jesuit High School | David P. Bovenzi is a seasoned finance professional with extensive experience in investment strategy, capital markets, and corporate finance. He has served as a Director at Eastman Kodak Company since August 23, 2023 and has held key roles such as Chief Investment Officer at Grand Oaks Capital since November 2016. | |
Jason New Board | Director | Jason New has been a Director at Eastman Kodak Company since September 2013. He has extensive experience in investment banking, distressed finance, and corporate restructuring, having held senior roles at Lazard Inc., NovaWulf Digital Management, LP, and Onex Credit. | ||
Kathleen B. Lynch Board | Director | Board Member at UBS Americas Holding LLC | Kathleen B. Lynch has been a Director at Eastman Kodak Company since May 2021 and serves as Chair of the Audit and Finance Committee. She brings extensive leadership experience from previous roles such as Chief Operating Officer and Group Managing Director at UBS, and she has served on boards including DTCC and UBS Americas Holding LLC. | |
Michael E. Sileck Board | Director | President and Owner at SeaAgri Solutions, LLC | Michael E. Sileck, Jr. has served as a Director at KODK since May 2021 and is a member of the Audit and Finance Committee. He brings extensive financial leadership experience from previous roles at WWE, Monster Worldwide, and USA Networks. | |
Philippe D. Katz Board | Director at Eastman Kodak Company | Partner at United Equities Commodities Company; Director and Officer at Momar Corp.; Partner at Marneu Holding Company; Director and Officer at 111 John Realty Corp.; Managing Member at K.F. Investors LLC; Board Member at Berkshire Bancorp, Inc. | Philippe D. Katz has been a director at Eastman Kodak Company since February 2019 and serves as the Chair of the Compensation, Nominating, and Governance Committee. Previously, he has held active roles as a partner at United Equities Commodities Company since February 1995, director and officer at Momar Corp. since May 2010, partner at Marneu Holding Company since February 2007, director and officer at 111 John Realty Corp. since December 1995, managing member at K.F. Investors LLC since March 2007, and as a board member at Berkshire Bancorp, Inc. since June 2013. |
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Operational EBITDA decreased significantly from $43 million to $17 million in the nine months ending September 30, 2024; can you elaborate on the factors behind this $26 million decline and what steps are being taken to reverse this trend?
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With continued investments in Advanced Materials & Chemicals, including battery technology and reagent facilities, what is the expected timeline for these initiatives to generate meaningful revenue, and how are you managing the risks associated with these substantial capital expenditures?
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Despite a favorable ITC ruling on the plates tariff meant to level the playing field, gross profit margin decreased from 19% to 17% in Q3 2024; how do you plan to improve profitability in your commercial print segment moving forward?
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Cash and cash equivalents decreased by $41 million from December 31, 2023, predominantly due to investments in AMC growth initiatives; given the cash outflow, how are you ensuring sufficient liquidity and what is your plan if these investments take longer to generate returns?
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Given the increase in costs associated with certain litigation matters affecting operational EBITDA, can you provide more details on these legal challenges and how they might impact the company's financial performance in the coming quarters?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Fuji | Key competitor in the Print segment, which includes digital offset plate offerings and computer-to-plate imaging solutions, high-quality digital printing solutions, and production press systems. |
EC03 | Key competitor in the Print segment, which includes digital offset plate offerings and computer-to-plate imaging solutions, high-quality digital printing solutions, and production press systems. |
Key competitor in the Print segment, which includes digital offset plate offerings and computer-to-plate imaging solutions, high-quality digital printing solutions, and production press systems. | |
Canon | Key competitor in the Print segment, which includes digital offset plate offerings and computer-to-plate imaging solutions, high-quality digital printing solutions, and production press systems. |
Ricoh | Key competitor in the Print segment, which includes digital offset plate offerings and computer-to-plate imaging solutions, high-quality digital printing solutions, and production press systems. |
Screen | Key competitor in the Print segment, which includes digital offset plate offerings and computer-to-plate imaging solutions, high-quality digital printing solutions, and production press systems. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Graphic Systems Services, Inc. (GSS) | 2023 | Kodak acquired 100% of outstanding shares of GSS on May 16, 2023, a deal that is immaterial to Kodak's financials as GSS represented less than 1% of consolidated revenues and assets. The acquisition, aimed at strengthening Kodak's digital print capabilities and its PROSPER inkjet platforms such as Stream and ULTRASTREAM, also secured key assets like web inkjet press transport systems and engineering services from a long-term supplier of over 20 years. |
Recent press releases and 8-K filings for KODK.
- Kodak reported consolidated revenues of $247 million in Q1 2025, roughly flat with a slight 1% decline from Q1 2024 .
- On a U.S. GAAP basis, the company recorded a net loss of $7 million in Q1 2025, reversing last year’s $32 million net income due to higher expenses and increased costs .
- Operational EBITDA decreased to $2 million from $4 million last year, reflecting challenges from rising aluminum and manufacturing costs, partially offset by pricing improvements .
- The quarter-end cash balance stood at $158 million, a decline of $43 million from December 2024 .
- Kodak highlighted ongoing investments in its AM&C growth initiatives, including U.S.-based pharma and advanced materials expansion, along with progress on pension termination and credit agreement amendments .
- Revenue declined slightly to $266 million in Q4 2024 versus $275 million a year earlier, while the gross profit margin improved from 17% to 19%, reflecting effective cost control and smart revenue management.
- Net income increased significantly to $26 million from $5 million in the prior-year quarter, and operational EBITDA improved from $2 million to $9 million, highlighting enhanced profitability.
- The company announced the termination of its KRIP pension plan, effective March 31, 2025, with plans to use reverted assets to reduce long-term debt, supporting the firm's balance sheet and future investments.
- Q4 2024 Highlights: The company reported consolidated revenues of $266 million, a gross profit of $51 million, and a GAAP net income of $26 million, up from $5 million in Q4 2023, showing a significant turnaround with a 420% increase in net income.
- Operational Improvements: The release also noted an enhanced operational performance with operational EBITDA of $9 million (up from $2 million in Q4 2023) and improvement in gross profit margin, which are key metrics for assessing the company’s profitability.