Executive Summary

Q4 2024 revenue was $0.266B, down 3% year over year, while gross margin expanded to 19% (+200 bps YoY); GAAP net income rose to $26M and Operational EBITDA improved to $9M from $2M in Q4 2023 .
Sequentially, revenue ticked up versus Q3 2024 ($0.261B), and gross profit rose to $51M; momentum driven by pricing, efficiency actions, and brand licensing, partially offset by an EPS inventory reserve .
No formal quantitative guidance was issued; management highlighted termination of the KRIP pension plan (effective Mar 31, 2025) with expected reversion proceeds to reduce long-term debt and annual interest expense .
Near-term stock reaction catalysts: tariff determination establishing a “level playing field” in U.S. aluminum plates, growing AM&C contributions, and product traction (PROSPER 7000 Turbo), while higher aluminum costs and litigation expenses remain headwinds .

What Went Well and What Went Wrong

What Went Well

Gross margin expansion to 19% in Q4 (vs. 17% LY) amid “smart revenue” focus; Operational EBITDA improved to $9M, reflecting pricing and efficiency actions .
Strategic progress: U.S. ITC tariff decision on aluminum plates improved market predictability and fair competition; digital press traction highlighted at Hunkeler Innovationdays (PROSPER 7000 Turbo performance and upgradability) .
Film momentum and brand strength: Oscars recognition for productions shot on KODAK film reinforces demand tailwinds across still, motion picture, and NDT film products .

Quote: “Kodak can compete with anybody when there’s a level playing field.” — Jim Continenza, CEO .

What Went Wrong

Revenue declines persisted YoY (Q4 -3%; FY -7%) with print contraction outweighing AM&C growth; FY Operational EBITDA fell to $26M (vs. $45M in 2023) on lower volumes and higher manufacturing costs .
Specific Q4 headwinds: $4M inventory reserve in electrophotographic printing (EPS), higher aluminum costs, and increased litigation-related expenses .
Cash decreased to $201M at year-end (down $54M from Dec 31, 2023), driven by capex for AM&C growth initiatives, IT systems investments, and lower operating profitability, partly offset by working-capital improvements and $40M brand licensing proceeds in Q1 2024 .

Financial Results

Core P&L and Profitability (Millions USD; periods ordered oldest → newest)

Metric	Q2 2024	Q3 2024	Q4 2024
Revenue ($B)	$0.267	$0.261	$0.266
Net Income ($M)	$26	$18	$26
Diluted EPS ($)	$0.23*	$0.15*	$0.23*
Gross Profit ($M)	$58	$45	$51
Gross Margin (%)	22%	17%	19%
Operational EBITDA ($M)	$12	$1	$9

Notes:

Diluted EPS values marked with * are retrieved from S&P Global and may not have document citations. Values retrieved from S&P Global.
Q4 YoY changes per company release: Revenue -$9M (-3%), Gross Profit +$4M (+9%), Gross Margin +200 bps, Net Income +$21M (+420%), Operational EBITDA +$7M (+350%) .

Segment Breakdown (Q4 2024 vs. Q4 2023; Eastman Business Park excluded)

Segment	Revenue Q4’23 ($M)	Revenue Q4’24 ($M)	Δ YoY ($M)	Op EBITDA Q4’23 ($M)	Op EBITDA Q4’24 ($M)	Δ YoY ($M)
Print	$208	$187	-$21	$2	$1	-$1
Advanced Materials & Chemicals	$58	$68	+$10	-$5	$2	+$7
Brand	$5	$7	+$2	$5	$6	+$1
Total (Segments)	$271	$262	-$9	$2	$9	+$7

Note: Segment totals exclude Eastman Business Park; consolidated revenue was $266M in Q4 2024 .

KPIs and Cash

KPI	Q2 2024	Q3 2024	Q4 2024
Cash & Equivalents ($M; end of period)	$251	$214	$201
Cash from Operations ($M; quarter)	N/A	N/A	$4

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Financial guidance (Revenue/EPS/Margins)	FY 2025	None provided	None provided	Maintained (no guidance)
KRIP pension plan termination & asset reversion usage	2025 execution window	N/A	Board approved termination effective Mar 31, 2025; Company expects significant portion of any reverted assets to reduce long-term debt/interest expense	New disclosure (directional)
Tariff petition outcome (U.S. ITC, aluminum plates)	Ongoing impact	N/A	Outcome established “level playing field” in U.S. plates market; improved predictability for customers	New structural catalyst

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 & Q3 2024)	Current Period (Q4 2024)	Trend
AM&C cGMP pharma facility	Under construction; planned 2025 start	“Scheduled to begin production this year” (2025)	Advancing toward production
Film demand (still/motion/NDT)	Investing capex to increase capacity; rapid growth	Continued demand growth; Oscars recognition reinforces brand and medium	Strengthening
U.S. aluminum plates tariff	Affirmative ITC determination; level playing field	Tariff process concluded; improved predictability and competition	Structural improvement
Digital print (PROSPER 7000 Turbo)	Drupa commitments; momentum in CIJ	“World’s fastest inkjet press”; upgradable; moving to controlled production	Product traction building
Supply chain/inflation/aluminum costs	Headwinds (aluminum, logistics) impacting margins	Q4 headwinds: higher aluminum costs and litigation costs	Persistent pressure
Inventory reserve adjustments (EPS)	Q2/Q3 reserve adjustments noted	Q4 $4M inventory reserve in EPS	Headwind moderating
Working capital & cash	Cash down due to capex; brand licensing proceeds help WC	YE cash $201M; operating cash $4M in Q4; ongoing capex in AM&C	Mixed (investment-heavy)
Pension plan (KRIP)	Positioning for potential termination (Nov 2024 8-K)	Board approved termination; expect reversion for debt reduction	Balance sheet deleveraging catalyst

Management Commentary

“We continued to execute our long-term plan… increasing operational efficiency, shedding unprofitable business and investing in growth.” — Jim Continenza .
“Our digital print business made a splash… KODAK PROSPER 7000 Turbo Press, the world’s fastest inkjet press.” — Jim Continenza .
“The Board… approved the termination of the Kodak Retirement Income Plan… The company expects a significant portion of any reverted asset to be used to reduce long-term debt.” — Jim Continenza .
“Gross profit percentage was 19% in the fourth quarter… result of actions… to make our operations more efficient and to realize the value of our offerings.” — David Bullwinkle .
“Kodak ended the year with a cash balance of $201 million… reflects ongoing capex investments in AM&C growth initiatives…” — David Bullwinkle .

Q&A Highlights

No formal Q&A session was held; Investor Relations available for follow-up .

Estimates Context

S&P Global consensus estimates (EPS and revenue) were not available for KODK for Q2–Q4 2024 and FY 2024 via our data pull; comparison to Street expectations cannot be determined. Values retrieved from S&P Global.
Actuals: Q4 revenue $0.266B and net income $26M; management emphasized margin improvement and operational EBITDA uplift YoY .

Key Takeaways for Investors

Margin discipline is working: Q4 gross margin expanded to 19% despite a softer top line; operational EBITDA improved YoY on pricing and efficiency .
AM&C is becoming a growth engine: revenue and profitability improved YoY; cGMP facility nearing production adds optionality in regulated/unregulated pharma products .
Print headwinds persist but structural relief from U.S. plates tariffs should support pricing and share stability in the U.S. market .
Balance sheet catalyst: KRIP termination and expected asset reversion earmarked for debt reduction could lower interest expense and improve flexibility .
Watch cost headwinds: aluminum and litigation costs weighed on results; inventory reserve adjustments in EPS indicate ongoing portfolio rationalization .
Cash investment phase: YE cash at $201M with continued capex for AM&C capacity and IT systems; operating cash was $4M in Q4 .
Near-term narrative drivers: execution milestones at cGMP facility, PROSPER 7000 Turbo commercial ramp, stabilization in print post-tariff, and film demand supported by industry recognition .

EASTMAN KODAK CO (KODK)·Q4 2024 Earnings Summary