Despite Kodak’s grim second-quarter financial report, which included the finding that there’s “substantial doubt about the company’s ability to continue as a going concern,” the 145-year-old imaging giant tried to walk back the doom and gloom analysis later in the week.
The financials, released Monday, showed that gross profits plummeted 12%, approximately $7 million, declining from $58 million in Q2 2024 to $51 million in Q2 2025. Monday’s report also noted Kodak has upcoming debt obligations that must be addressed within the next year.
However, on Wednesday, the 145-year-old company told ABC News that it was confident in the ability to pay down a significant portion of the term loan before it becomes due. Kodak also vowed to amend, extend or finance its remaining debt or preferred stock obligations.
Kodak is shutting down its retirement income or pension plan for former U.S. employees to help reduce debt. Once pensioners receive what they’re owed, the leftover funds will be earmarked for satisfying debt obligations. In the financial report, Kodak CFO David Bullwinkle noted the company would spend the second half of 2025 focusing on cost reductions.
