Kodak Pushes Back: Stronger Balance Sheet Ahead Despite Market Jitters
ROCHESTER | New York – August 2025 – Kodak has been making headlines recently, but much of the coverage has missed the mark. While some reports paint a picture of a company on the brink, the reality is far different. At WIN, we’re showing why Kodak is not only surviving but positioning itself for a stronger future.
The Spark
Earlier this week, Kodak filed its quarterly report with the SEC, including a standard “going concern” disclosure. While accounting rules require such language when financial pressures exist, the filing triggered speculation that Kodak might soon go out of business. Shares plunged 26% on Tuesday morning.
Kodak’s Message: Not So Fast
Kodak was quick to respond, calling the media coverage “misleading” and emphasizing that it has no plans to shut down, cease operations, or file for bankruptcy.
Instead, the company insists it is on track to have its strongest balance sheet in years by early 2026 — virtually net debt free.
“When the transactions we have planned are completed, Kodak will have a stronger balance sheet than we have had in years,” the company said.
Debt and Pension Strategy
Here’s the plan in motion:
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Kodak currently carries $477 million in term debt and $100 million in preferred stock.
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In December 2025, the company expects to receive $500 million from its pension plan termination (after fulfilling all obligations to participants).
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$300 million in cash will immediately go toward paying down debt.
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$200 million in investment assets will be converted into cash.
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That leaves Kodak with only $177 million in term debt and $100 million in preferred stock to manage — obligations the company says it will repay, extend, or refinance well before their due dates.
Operations: Stable and Self-Sustaining
Kodak also highlighted its improving cash flow discipline:
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In Q2 2025, it used only $3 million in cash, largely for growth initiatives — a huge improvement from Q1.
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The company stressed it does not need pension transaction proceeds to fund operations.
CEO Jim Continenza underscored that Kodak continues to make steady progress against its long-term strategy, even in a volatile business environment.
Why the Panic?
The “going concern” disclosure that rattled markets is a technical accounting requirement, not a bankruptcy announcement. Kodak stressed that its business is stable and its recovery plan is already in motion.
The Bigger Picture
Kodak has weathered crises before — including its 2012 bankruptcy when digital photography disrupted its core business. Today, however, the company is reinventing itself around commercial printing, advanced materials, and specialty chemicals.
With a massive debt reduction coming, cash reserves in hand, and a leaner cost base, Kodak argues it’s not just surviving — it’s laying the foundation for long-term stability.
The Bottom Line
Don’t count Kodak out. Despite market jitters and gloomy headlines, the company is confident it will emerge from 2025 with a healthier balance sheet, reduced debt, and a stable, self-sustaining business model.
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