Total Revenue

Declined from $275M to $251M (~8.7% decrease)

**The overall decline in revenue is primarily driven by weakness in the Print segment, which has been experiencing lower volumes and price pressures; this decline was only partially offset by gains in the Advanced Materials & Chemicals and Brand segments, indicating continued structural challenges in core print business. " " **

Print Segment Revenue

Dropped from $208M to $187M (~10% decrease)

**The drop in Print revenue reflects persistent volume declines and less favorable pricing, consistent with previous period trends; these declines highlight ongoing headwinds in a segment that has historically underperformed compared to higher-growth businesses. " " **

Advanced Materials & Chemicals

Increased from $58M to $68M (~17% increase)

**AM&C revenue growth has been driven by robust volume improvements and an improved price/product mix, demonstrating a clear shift towards higher-margin products relative to the traditional Print segment. " " **

Brand Revenue

Increased from $5M to $7M (40% increase)

**A significant surge in Brand revenue, though based on smaller absolute numbers, indicates the company’s successful repositioning or enhanced value from its brand licensing and recognition efforts compared to the prior period. " " **

Net Earnings

Increased from $2M to $26M (up 1200%+ change)

**The dramatic improvement in net earnings is largely due to a rebound in operational efficiency and the absence of prior period one‐time losses (such as a debt extinguishment loss), which underscores the impact of removing non-recurring charges on profitability. " " **

Sales Revenue

Increased from $220M to $228M (~3.6% increase)

**The modest uptick in Sales Revenue reflects stabilization and incremental improvement in revenue mix; gains from the AM&C and Brand segments helped edge up overall sales despite weakness in the Print business. " " **

Cash and Cash Equivalents

Fell from $246M to $201M (~18% decrease)

**A decline in cash and equivalents stems from significant capital expenditures to support growth and technology investments, together with lower operational profitability, even with some positive working capital items; the outflow underlines tighter liquidity management compared to the previous period. " **

Total Shareholders’ Equity

Dropped from $959M to $641M (~33% decrease)

**The considerable decrease in shareholders’ equity indicates a sharp reduction in book value, potentially due to heavy dividend distributions, share repurchase activity, or other balance sheet adjustments that have eroded equity despite some segments showing operational improvements. " **

Advanced Materials & Chemicals (AMC)

Q1 emphasized investments in manufacturing capacity and OEM expansion " ; Q2 highlighted AMC’s role as the “original Kodak” with cGMP initiatives and revenue growth " " ; Q3 reiterated core focus with investments in film, chemicals, substrate coating, and battery technology " "

Q4 continued to spotlight AMC with strong revenue and profit growth, a major rebuild of the film plant after 30 years, capacity expansion via a sensitizing line, and investments in a cGMP pharma facility scheduled for 2025 "

Increasing emphasis on long-term growth and operational expansion.

Gross Profit Margin and Operational Efficiency

Q1 reported margin improvement from 18% to 20 through automation investments " " ; Q2 showed continued improvement with a seventh consecutive year-over-year increase and IT and organizational investments " " ; Q3 noted a decrease in Q3 margins due to higher aluminum and benefit reserve adjustments, despite IT investments " " "

Q4 achieved improved gross profit margin at 19% (up from 17% in Q4 2023) with focused cost controls, better inventory management, and efficiency initiatives, despite challenges such as rising costs " " "

Sentiment improving as efficiency measures help counteract external cost pressures.

Revenue Decline Trends

Q1 saw a 10% revenue decline partially offset by efficiency measures " " ; Q2 experienced a deliberate revenue decline (8–9%) as part of a strategic realignment " " ; Q3 reported a modest 3% decline with a slowing rate of revenue reduction " "

Q4 reported a 3% revenue decline ($9 million drop) with an emphasis on a slowing rate of decline and a strong focus on “smart revenue” generation " "

A consistent decline now exhibiting signs of moderation.

Operational EBITDA Decline

Q1’s EBITDA fell by $5–$7 million driven by automation investments " ; Q2 experienced a $10 million decline due to higher costs and investments in IT systems and infrastructure " " ; Q3 saw a sharp decline to $1 million due to rising aluminum, benefit reserves, and litigation costs "

Q4 saw Operational EBITDA improve to $9 million (up from $2 million in Q4 2023) driven by pricing increases and cost controls, though full‐year trends still show significant challenges "

Mixed results—with quarterly improvement amid ongoing cost challenges.

Cash Flow Management and Financial Health

Q1 reported an improved cash balance and strong operating cash flows despite foreign exchange impacts " ; Q2 and Q3 detailed management of working capital changes, steady cash flows from operations, and strategic capital investments " " "

Q4 highlighted a decline in operating cash flow (down $13 million) balanced by significant working capital improvements and a plan to use pension plan termination proceeds to reduce debt, maintaining compliance with financial covenants " " "

Emphasis on strategic funding adjustments and capital allocation to underpin stability.

Strategic Investments in Innovation and New Product Development

Q1 focused on launching new digital and offset print solutions with innovations like the PROSPER Ultra 520 and cGMP clean lab investments " ; Q2 underlined investments in digital print technology (PROSPER ULTRA 520, PRINERGY enhancements) and AMC growth " ; Q3 maintained emphasis on innovation with investments in film modernization, infrastructure at Eastman Business Park, and an apprentice program " "

Q4 showcased strategic investments including a major rebuild of the film plant, capacity expansions, the introduction of the PROSPER 7000 Turbo Press, and continued focus on cGMP facilities for pharma, reinforcing a broad commitment to innovation " " "

Consistently high focus with enhanced emphasis on transformative, long‐term product innovations.

Digital Print Technology and Drupa Trade Show Exposure

Q1 displayed strong commitment, with live demos and new products at Drupa using the PROSPER Ultra 520 " ; Q2 demonstrated robust exposure and positive feedback at Drupa with multiple product launches " ; Q3 briefly mentioned costs related to Drupa events in the context of operational challenges "

Q4 provided limited emphasis on digital print technology and trade show exposure, only noting associated costs without highlighting new product demos or trade show participation "

Diminished emphasis in Q4 compared to previous periods, suggesting a strategic shift in focus.

Affirmative ITC Ruling on Plates Tariff for Competitive Advantage

Q1 mentioned filing petitions and provisional duties on imported plates " ; Q3 reported an affirmative ruling (3:1 decision) that secured a level playing field, reflecting significant tariff-induced benefits "

Q4 emphasized the successful conclusion of the ITC process, describing it as a significant win that ensures a level playing field for the last U.S. plate manufacturer "

Sentiment has shifted more positively as favorable decisions reinforce competitive advantages.

Expansion of cGMP Facilities for Pharma and Diagnostic Reagent Production

Q1 discussed building out a cGMP clean lab and reagent facility at Eastman Business Park " ; Q2 highlighted the upcoming production of diagnostic test reagents at the cGMP facility in 2025 " ; Q3 reiterated investments in a cGMP clean lab and reagent facility as a growth pillar "

Q4 continued this narrative with mention of the cGMP pharma facility set to start production in 2025 and growing demand for film used in pharma and diagnostic applications "

Consistent focus with reinforcement of its long-term growth potential in health-related applications.

Reduction of Long-Term Debt through Pension Plan Termination

Not mentioned in Q1, Q2, or Q3 earnings calls with any emphasis on long-term debt reduction measures " "

Q4 introduced a clear strategy to terminate the pension plan (KRIP) to settle obligations and use reverted assets to reduce long-term debt, thereby lowering servicing costs " "

Newly introduced in Q4, presenting a potentially significant impact on the company’s balance sheet.

Rising Costs and Expenses Impacting Profitability

Q1 noted rising costs but managed to improve gross profit margins through operational efficiency and pricing measures " " ; Q2 reported declines in gross profit and higher manufacturing and administrative costs affecting EBITDA " " ; Q3 highlighted increased aluminum costs, benefit reserve changes, and litigation costs that negatively impacted both gross profit and EBITDA "

Q4 continued to face rising costs—such as higher aluminum costs and inventory reserve adjustments—but managed to partially offset these with price increases, improved cost controls, and inventory management, resulting in modest profitability improvements " "

A persistent challenge that is being actively managed, with some effective mitigating actions emerging in Q4.