KODKHIGH SIGNALFINANCIAL10-K

KODK underwent significant deleveraging with debt falling 55% while cash surged 68%, despite a 20% revenue decline that was offset by improved gross profit margins.

The dramatic debt reduction combined with substantial cash increase suggests either a major asset sale, debt restructuring, or successful refinancing that has fundamentally strengthened KODK's balance sheet. However, the 20% revenue decline raises questions about whether this financial improvement came at the cost of operational performance or reflects broader market challenges in the imaging and printing sectors.

Comparing 2026-03-12 vs 2025-03-17View on EDGAR →
FINANCIAL ANALYSIS

KODK's financial profile improved dramatically with cash increasing 68% to $337M while total debt plummeted 55% to $209M, creating a much stronger liquidity position. Despite revenue declining 20% to $4.1B, gross profit actually increased 14% to $232M, indicating significant margin expansion and operational efficiency gains. The company also reduced capital expenditures by 39% and cut dividends in half, suggesting a focused effort on debt reduction and cash preservation that has successfully strengthened the balance sheet despite top-line headwinds.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+67.7%
$201.0M→$337.0M

Cash position surged 67.7% — strong cash generation or capital raise providing significant financial cushion.

Total Debt
Balance Sheet
-55.2%
$467.0M→$209.0M

Debt reduced 55.2% — deleveraging strengthens balance sheet and reduces financial risk.

Dividends Paid
Cash Flow
-50%
$4.0M→$2.0M

Dividends cut 50% — significant signal of cash flow stress or capital reallocation priorities.

Current Assets
Balance Sheet
+41.3%
$595.0M→$841.0M

Current assets grew 41.3% — improving short-term liquidity or inventory/receivables build.

Capital Expenditure
Cash Flow
-39.3%
$56.0M→$34.0M

Capex reduced 39.3% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Total Liabilities
Balance Sheet
-20.8%
$1.1B→$904.0M

Liabilities reduced 20.8% — deleveraging improves balance sheet strength and financial flexibility.

Revenue
P&L
-20.1%
$5.1B→$4.1B

Revenue softened 20.1% — monitor whether this is cyclical or structural.

Total Assets
Balance Sheet
-19.2%
$2.0B→$1.6B

Total assets contracted 19.2% — asset sales, write-downs, or balance sheet optimization underway.

Gross Profit
P&L
+14.3%
$203.0M→$232.0M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

LANGUAGE CHANGES
NEW — 2026-03-12
PRIOR — 2025-03-17
ADDED
Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Liquidity and Capital Resources 35 Item 7A.
Applications include publishing, commercial print, direct mail, packaging and d cor.
Net sales for the Prepress Solutions business accounted for 52%, 54% and 56% of Kodak s total net revenue for the years ended December 31, 2025, 2024 and 2023 , respectively.
Advanced Materials and Chemicals The Advanced Materials and Chemicals segment is comprised of five lines of business: the Industrial Film and Chemicals business, the Motion Picture business, the Pharmaceuticals business, the Advanced Materials and Functional Printing business and the IP Licensing and Analytical Services business.
Kodak Alaris, a professional and consumer still photographic film and chemicals customer, represented approximately 33% of total Advanced Materials and Chemicals segment revenues in both 2025 and 2024 and 34% in 2023 .
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REMOVED
Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Liquidity and Capital Resources 41 Item 7A.
The relationship is comprised of an agreement under which Kodak sold its shares of the Kodak (China) Graphic Communication Co.
entity, which included the offset printing plates facility in Xiamen, China, and related assets and liabilities, to HuaGuang; a supply agreement for HuaGuang to help Kodak fulfill customer demand; and a license agreement under which Kodak licensed its plates technology, including its Sonora Process Free plates technology, to HuaGuang with the intent of expanding the plates market in China.
Prosper: The Prosper business product offerings include PROSPER press systems and PROSPER components, based on KODAK s Continuous Inkjet Technologies KODAK Stream and ULTRASTREAM, along with KODACHROME and KODAK EKTACOLOR Inks and KODAK OPTIMAX Primers.
Applications include publishing, commercial print, direct mail, packaging, and d cor.
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