KODK

Shares of Eastman Kodak Company KODK have gained 16.5% since reporting second-quarter 2026 results on Aug. 4, outperforming the S&P 500 index’s 1.7% return. Over the past month, Kodak shares have advanced 21.6% compared with a 2.9% return for the S&P 500. Kodak reported second-quarter revenues of $311 million, up $48 million, or 18%, from $263 million a year earlier. Sales revenues increased to $276 million from $226 million, while services revenues declined to $35 million from $37 million. Earnings were 13 cents per share, reversing a loss of 36 cents in the prior-year quarter. GAAP net income improved by $43 million to $17 million from a net loss of $26 million. Eastman Kodak Company price-consensus-eps-surprise-chart | Eastman Kodak Company Quote Gross profit rose $31 million, or 61%, to $82 million from $51 million. The gross margin expanded 7 percentage points to 26% from 19%. Operational EBITDA, a non-GAAP measure, increased $27 million, or 300%, to $36 million from $9 million, marking the fourth consecutive quarter of year-over-year growth in revenues, gross profit and operational EBITDA. Print revenues increased $17 million, or 10%, to $195 million, while segment operational EBITDA improved to $8 million from a $4 million loss. Advanced Materials & Chemicals revenues climbed $30 million, or 40%, to $105 million, and operational EBITDA rose to $22 million from $8 million. Brand revenues increased to $7 million from $6 million, with operational EBITDA advancing to $6 million from $5 million. Foreign currency movements did not affect quarterly revenues or operational EBITDA. Kodak ended the quarter with $290 million in cash, down $47 million from Dec. 31, 2025. However, cash was $135 million higher than the $155 million held a year earlier. Total debt fell to $110 million from $490 million, leaving net cash of $180 million against net debt of $335 million. Trailing-12-month operational EBITDA increased to $102 million from $21 million, while the total-debt-to-operational-EBITDA ratio improved to 1 times from 23 times. Executive chairman and CEO Jim Continenza characterized the quarter as one of “stability and growth,” attributing the results to execution of Kodak’s long-term plan, investments in product development and manufacturing infrastructure, and operational improvements. Management said that Kodak is entering a phase of its transformation in which its operating and financial leverage can support growth. The company plans to expand its core businesses, improve efficiency and accelerate research and development spending. In Advanced Materials & Chemicals, management highlighted demand for still and motion-picture film, the launch of Kodak’s first pharmaceutical web store, work toward Class 2 certification for more complex pharmaceutical products, and additional investment in battery-coating capabilities. Favorable pricing and higher volumes in Print and Advanced Materials & Chemicals drove the increases in gross profit and operational EBITDA. These benefits more than offset higher silver and aluminum costs, and increased selling, general and administrative expenses related to employee-benefit reserves and corporate infrastructure. The improvement in GAAP earnings also reflected a $20-million increase in operating earnings, a $9-million reduction in interest expenses and a $28-million improvement in other income and charges, largely because the quarter did not repeat the prior year’s $17-million asset-impairment charge. An $11-million decline in non-cash pension income partially offset those gains. Inventory increased $37 million, primarily because of higher silver prices, additional silver held under supply terms and production built ahead of a planned maintenance shutdown. Management expects pension income to remain below the prior-year levels throughout 2026 following the termination and asset reversion of the Kodak Retirement Income Plan. Its stated growth strategy centers on core competencies, industrial businesses with high barriers to entry and investments selected for long-term return potential. Kodak said that it acquired an R&D division to support innovation, efficiency and quality control, but did not disclose the transaction’s timing, purchase price or other terms. The company also repaid $100 million of term-loan principal during the first half, partly funded by $87 million of pension-plan asset-redemption proceeds. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Eastman Kodak Company (KODK): Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Release Date: August 04, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Eastman Kodak Co (NYSE:KODK) delivered its fourth consecutive quarter of year-over-year growth in revenue, gross profit, and operational EBITDA, with Q2 2026 revenue up 18% to $311 million. Gross profit surged 61% year-over-year to $82 million, with the gross profit margin expanding to 26% from 19%, driven by favorable pricing and higher volumes. Operational EBITDA improved dramatically by 300% to $36 million in Q2 2026, up from $9 million in the prior year quarter. The company significantly strengthened its balance sheet, reducing total debt to EBITDA to 1x from 23x year-over-year and making $100 million in principal repayments on its term loans in the first half of 2026. Advanced Materials and Chemicals segment saw robust growth, with revenues up 40% to $105 million, fueled by strong demand for motion picture film and strategic investments in pharmaceutical and battery coating capabilities. Commercial Print, the largest division, grew revenues by 10% to $195 million despite a competitive market and inflationary pressures, reflecting product superiority and strong customer support. The company faces continued volatility and inflationary pressures from higher commodity costs, particularly for aluminum and silver, which are more than double year-end levels. Pension income declined by $11 million in Q2 2026 following the termination of the UK pension plan, and the company expects pension income to remain below prior levels throughout 2026. Cash position decreased by $47 million from December 31, 2025, to $290 million, primarily due to required term loan repayments. Working capital was negatively impacted by a $37 million increase in inventory, driven by significantly higher silver prices and increased silver volumes carried on the balance sheet. SG&A expenses increased due to changes in employee benefit reserves and corporate infrastructure costs, partially offsetting the gains from improved pricing and volumes. Warning! GuruFocus has detected 3 Warning Signs with KODK. Is KODK fairly valued? Test your thesis with our free DCF calculator. Q: What were the key financial highlights for Eastman Kodak in the second quarter of 2026?A: Jim Continenza, Executive Chairman and CEO, reported that Kodak delivered its fourth consecutive quarter of year-over-year growth in key metrics. Consolidated revenues increased 18% to $311 million, gross profit surged 61% to $82 million, and operational EBITDA jumped 300% to $36 million. The company's total debt-to-EBITDA ratio improved dramatically to 1x from 23x in the prior year quarter, reflecting a continued focus on deleveraging and strengthening the balance sheet. Q: Can you provide more detail on the drivers behind the significant improvement in GAAP net income?A: David Bullwinkle, CFO and Senior Vice President, explained that GAAP net income improved by $43 million to $17 million, compared to a net loss of $26 million in Q2 2025. This was driven by a $20 million increase in earnings from operations, a $9 million reduction in interest expense due to significant term loan debt reduction, and a $28 million improvement in other income and charges, primarily due to the absence of asset impairment charges. These benefits were partially offset by an $11 million decline in non-cash pension income following the termination of the UK pension plan in Q4 2025. Q: What is driving the strong performance in the Advanced Materials and Chemicals (AM&C) segment?A: Jim Continenza highlighted that AM&C revenues grew 40% to $105 million. This growth is fueled by the resurgence in demand for motion picture film, with blockbusters like "The Odyssey" and Steven Spielberg's "Disclosure Day" shot on Kodak film. The company also launched its first pharmaceutical web store, adding saline products to its portfolio, and continues to invest in battery coating capabilities, including adding large-scale electrode coating capacity. Q: How is the Commercial Print segment performing in the current market environment?A: Jim Continenza noted that Print revenues increased 10% to $195 million, which he described as remarkable in a competitive marketplace dealing with shortages and inflation. The performance reflects the superiority of Kodak's products and services, particularly when competing on a level playing field. The company continues to deliver and support customers globally across all three markets where it manufactures. Q: What were the key drivers of the cash position and balance sheet changes during the quarter?A: David Bullwinkle reported that unrestricted cash ended at $290 million, down $47 million from year-end. This decline primarily reflects required term loan repayments, partially offset by cash proceeds from the redemption of UK pension investment assets. The company received $41 million in proceeds during the quarter, bringing cumulative proceeds to $87 million. Additionally, Kodak made a $50 million principal payment on its higher-rate term loans in June, bringing total year-to-date repayments to $100 million. Net debt improved to $180 million from $128 million at the end of 2025. Q: Can you explain the increase in inventory and its impact on working capital?A: David Bullwinkle explained that working capital was impacted by a $37 million increase in inventory, primarily within the AM&C segment. This was driven by significantly higher silver prices, which more than doubled from year-end levels, as well as an increase in the volume of silver carried on the balance sheet due to supply terms. Inventory levels also increased as the company built product ahead of a planned second-quarter maintenance shutdown. Q: What is the company's strategic focus moving forward?A: Jim Continenza stated that Kodak has built a stable, growing business and is solidly in control of its destiny. The company is shifting its focus to growth, leveraging its core competencies in layering and coding. To accelerate investment in R&D, Kodak acquired an R&D division to focus on innovation, efficiency, and quality control. The growth principles remain focused on industrial manufacturing businesses in growth segments with high barriers to entry, prioritizing opportunities based on ROI and potential growth. Q: How did the first half of 2026 perform overall?A: David Bullwinkle reported that first-half revenue increased 13% to $576 million, with a favorable $7 million currency impact. Gross profit rose 43% to $139 million, with gross margin improving to 24% from 19%. GAAP net income was $1 million, a $34 million improvement from a net loss of $33 million in the prior year period. Operational EBITDA increased to $51 million from $11 million, driven by improved pricing and higher volumes that more than offset higher commodity costs and increased SG&A expenses. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Eastman Kodak Company? Here are five stocks we like better. Kodak reported broad year-over-year improvement in Q2 2026: Revenue rose 18% to $311 million, gross profit increased 61% to $82 million, and GAAP net income improved to $17 million from a $26 million loss. Operational EBITDA climbed to $36 million from $9 million. Growth was led by Advanced Materials & Chemicals and Print, with segment revenue increasing 40% to $105 million and 10% to $195 million, respectively. Higher pricing and volumes offset increased aluminum, silver and operating costs. Kodak continued deleveraging while managing liquidity pressures: It made $100 million in term-loan principal repayments during the first half, while unrestricted cash ended the quarter at $290 million and net cash rose to $180 million. Inventory increased by $37 million, largely because of higher silver prices and production planning. What is a Value Trap? A Complete Overview Eastman Kodak (NYSE:KODK) reported higher second-quarter revenue, profit and operational EBITDA, marking its fourth consecutive quarter of year-over-year gains in those measures, as growth in its Advanced Materials & Chemicals and Print businesses helped offset higher commodity costs. For the quarter ended June 30, Kodak posted revenue of $311 million, up 18% from $263 million in the prior-year quarter. Gross profit increased 61% to $82 million, while gross margin rose to 26% from 19% a year earlier. The company reported GAAP net income of $17 million, compared with a net loss of $26 million in the second quarter of 2025. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control The next meme stock: 6 tickers leading a meme stock revival “If I had to summarize our performance in the Q2, it would be stability and growth,” Executive Chairman and Chief Executive Officer Jim Continenza said on the company’s earnings call. He said the company’s gains in revenue, gross profit and operational EBITDA, as well as its deleveraging efforts, reflect a long-term plan that Kodak has pursued over the past seven years. Operational EBITDA, a non-GAAP measure, rose to $36 million in the second quarter from $9 million a year earlier. Chief Financial Officer and Senior Vice President David Bullwinkle said improved pricing and higher volumes more than offset higher aluminum and silver costs, as well as increased selling, general and administrative expenses. → 3 Drone Stocks That Should Soar After the Summer Slump This Is How HSBC's Crypto Collaboration Disrputs Banking Bullwinkle also cited a $20 million increase in earnings from operations, a $9 million reduction in interest expense and a $28 million improvement in other income and charges, net, as contributors to the company’s year-over-year improvement in GAAP net income. The other-income comparison primarily reflected the absence of asset impairment charges in the current-year quarter, compared with a $17 million charge in the prior-year period. Those improvements were partly offset by an $11 million decline in non-cash pension income following the termination of the KRIP pension plan in the fourth quarter of 2025. Kodak expects pension income to remain below prior-year levels throughout 2026 because of the plan termination and asset reversion, Bullwinkle said. → Why Rare Earth Processing Could Be the Real 2027 Opportunity For the first six months of 2026, Kodak reported revenue of $576 million, an increase of $66 million, or 13%, from the year-earlier period. Currency fluctuations contributed a favorable $7 million to first-half revenue. Gross profit rose 43% to $139 million, and gross margin reached 24%, compared with 19% in the first half of 2025. First-half GAAP net income was $1 million, compared with a $33 million net loss in the prior-year period. Operational EBITDA increased to $51 million from $11 million. Kodak’s Advanced Materials & Chemicals, or AM&C, segment generated second-quarter revenue of $105 million, up 40% from $75 million in the previous year’s quarter. Continenza said the company has reinvested in the business, which he described as tied closely to Kodak’s expertise in layering and coating. Within AM&C, Kodak said it offers a range of still films directly to distributors to support market stability and customer demand. Continenza also pointed to continued demand for motion-picture film and cited films that used Kodak products, including “The Odyssey,” which he said was shot on 65mm film and exhibited in 70mm at IMAX theaters, and Steven Spielberg’s “Disclosure Day,” which he said used Kodak’s VISION3 AHU film structure. The company also launched its first pharmaceutical web store and added saline products to its portfolio. Kodak said it continues to work toward Class II certification that would allow it to manufacture more complex and higher-margin pharmaceutical products. In battery coating, Kodak is investing capital in equipment intended to expand its ability to coat electrodes at large scale. The company said its pilot facility is also being used to help customers scale emerging technologies. Print, Kodak’s largest division, recorded revenue of $195 million, up 10% from $178 million a year ago. Continenza said the business continued to grow despite supply constraints, inflation and competitive conditions. He said Kodak continues to supply customers globally across the three markets where it manufactures products. Kodak ended the quarter with $290 million of unrestricted cash, down $47 million from Dec. 31, 2025. Bullwinkle said the decline primarily reflected required term-loan repayments, partly offset by proceeds from the redemption of KRIP investment assets. During the quarter, Kodak received $41 million in cash proceeds from hedge fund investment redemptions related to the KRIP pension reversion. Cumulative proceeds through June 30 totaled $87 million. The company made an additional $50 million principal payment on higher-rate term loans in June, bringing year-to-date principal repayments to $100 million. Kodak said the repayments were largely funded by KRIP asset redemptions and would reduce future interest expense. Its net cash position rose to $180 million at June 30 from $128 million at the end of 2025. Working capital was affected by a $37 million inventory increase. The bulk of that increase occurred in AM&C during the first quarter, driven by silver prices that Kodak said were more than double year-end levels and by higher silver volumes held under supply terms. The company also built inventory ahead of a planned second-quarter maintenance shutdown. Looking ahead, Continenza said Kodak intends to focus on growth, execution and innovation. He said the company acquired an R&D division to support innovation, efficiency and quality control, while continuing to prioritize industrial manufacturing opportunities with high barriers to entry and potential returns on investment. Eastman Kodak Company (NYSE: KODK) is a global technology firm specializing in imaging, printing and advanced materials. The company offers a wide array of products and services that enable customers to create, manage and share visual content across traditional and digital platforms. Its core offerings include graphic communications solutions, enterprise inkjet systems, packaging technologies, functional printing and micro 3D printing systems. Kodak's graphic communications segment serves commercial printers, packaging converters and publishing houses with offset plates, digital presses, workflow software and services designed to streamline production. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Eastman Kodak Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Company Delivered Year-Over-Year Growth in Revenue, Gross Profit and Operational EBITDA for the Fourth Consecutive Quarter Key Print and AM&C Businesses Achieved Increases in Revenue and Operational EBITDA ROCHESTER, N.Y., August 04, 2026--(BUSINESS WIRE)--Eastman Kodak Company (NYSE: KODK) today reported financial results for the second quarter 2026. Second quarter 2026 highlights include: Consolidated revenues of $311 million, compared with $263 million for Q2 2025, an increase of $48 million or 18 percent Gross profit of $82 million, compared with $51 million for Q2 2025, an increase of $31 million or 61 percent Gross profit percentage of 26 percent, compared with 19 percent for Q2 2025, an increase of 7 percentage points GAAP net income of $17 million, compared with GAAP net loss of $26 million for Q2 2025, an increase of $43 million Operational EBITDA of $36 million, compared with $9 million for Q2 2025, an increase of $27 million A quarter-end cash balance of $290 million, compared with $337 million on December 31, 2025, a decrease of $47 million primarily driven by the repayments of the Term Loans, partially offset by cash received from the redemptions of KRIP investment assets Cash flow from operations improved $5 million from the prior year period "The words that sum up our performance in the second quarter are stability and growth," said Jim Continenza, Kodak’s Executive Chairman and CEO. "We continued to deliver strong results for the fourth consecutive quarter, achieving significant year-over-year improvement in revenue, gross profit and Operational EBITDA. The momentum we have built is the result of consistent execution of our long-term plan, especially our investments in product development and manufacturing infrastructure and our focus on operational excellence. Looking forward, we are entering a new phase in Kodak’s transformation where we have the operational and financial leverage to focus on growth. To capitalize on that opportunity, we will continue to expand our core businesses, increase efficiency and accelerate our investments in R&D to support our growth initiatives." For the quarter ended June 30, 2026, revenues were $311 million, an increase of $48 million or 18 percent compared to the same period in 2025. GAAP net income was $17 million for the quarter, compared to GAAP net loss of $26 million in 2025, an increase of $43 million primarily due to improvements in gross profit, reduction in interest expense and lower asset impairments compared to the prior period, partially offset by lower pension income. Operational EBITDA for the quarter ended June 30, 2026, was $36 million, compared to $9 million in 2025, an increase of $27 million. The increase in Operational EBITDA was driven by improved pricing and higher volume, partially offset by higher silver and aluminum prices and selling, general and administrative costs primarily related to the net change in employee benefit reserves and costs associated with corporate infrastructure. Kodak ended the quarter with a cash balance of $290 million, a decrease of $47 million from December 31, 2025. The decrease was primarily driven by the required repayment of the Term Loans of $101 million and an increase in inventory of $37 million primarily driven by silver and aluminum commodities, partially offset by cash proceeds from redemptions of Kodak Retirement Income Plan reversion investments of $87 million. Find the Q2 infographic here. Revenue and Operational EBITDA by Reportable Segment Q2 2026 vs. Q2 2025 * Total Operational EBITDA is a non-GAAP financial measure. The reconciliation between GAAP and non-GAAP measures is provided in Appendix A of this press release. Foreign currency had no impact on revenues or Operational EBITDA for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Eastman Business Park segment is not a reportable segment and is excluded from the tables above. About Kodak Kodak (NYSE: KODK) is a leading global manufacturer focused on commercial print and advanced materials & chemicals. With 79,000 worldwide patents earned over 130 years of R&D, we believe in the power of technology and science to enhance what the world sees and creates. Our innovative, award-winning products, combined with our customer-first approach, make us the partner of choice for commercial printers worldwide. Kodak is committed to environmental stewardship, including industry leadership in developing sustainable solutions for print. For additional information on Kodak, visit us at kodak.com, or follow us on X @Kodak and LinkedIn. Cautionary Statement Regarding Forward-Looking Statements This press release includes "forward–looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995. Forward–looking statements include statements concerning Kodak’s plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, liquidity, investments, financing needs and business trends and other information that is not historical information. When used in this press release, the words "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "predicts," "forecasts," "strategy," "continues," "goals," "targets" or future or conditional verbs, such as "will," "should," "could," or "may," and similar words and expressions, as well as statements that do not relate strictly to historical or current facts, are intended to identify forward–looking statements. All forward–looking statements, including management’s examination of historical operating trends and data, are based upon Kodak’s current expectations and assumptions. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results or outcomes, or timing of actual results or outcomes, to differ materially from historical results or those expressed in or implied by such forward-looking statements. Important factors that could cause actual events, results or outcomes, or their timing, to differ materially from the forward-looking statements include, among others, the risks and uncertainties described in more detail in Kodak’s Annual Report on Form 10‑K for the year ended December 31, 2025 under the headings "Business," "Risk Factors," "Legal Proceedings," and/or "Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources," in the corresponding sections of Kodak’s Quarterly Reports on Form 10‑Q for the quarters ended March 31, 2026 and June 30, 2026, and in other filings Kodak makes with the U.S. Securities and Exchange Commission from time to time, as well as the following: Kodak’s ability to improve and sustain its operating structure, cash flow, profitability and other financial results; Kodak’s ability to achieve strategic objectives, cash forecasts, financial projections, and projected growth; Kodak’s ability to achieve the financial and operational results contained in its business plans; changes in commodity prices, tariff rates, foreign currency exchange rates and interest rates; the impact of the global economic environment, including geopolitical issues, inflationary pressures, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, medical epidemics and Kodak’s ability to effectively mitigate or recoup any associated increased costs of aluminum, silver and other raw materials, energy, labor, shipping, delays in shipment and production time and manage any associated fluctuations in demand; Kodak’s ability to obtain additional or alternate financing if and as needed, Kodak’s continued ability to manage world-wide cash through intercompany loans, distributions and other mechanisms, and Kodak’s ability to provide or facilitate financing for its customers; Kodak’s ability to fund continued investments, capital needs and collateral requirements and service its debt and Series B Preferred Stock; Kodak’s ability to effectively compete with large, well-financed industry participants or with competitors whose cost structure is lower than Kodak’s; the performance by third parties of their obligations to supply products, components or services to Kodak and Kodak’s ability to address supply chain disruptions and continue to obtain raw materials and components available from single or limited sources of supply, which may be adversely affected by geopolitical issues, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, intellectual property rights, and commodity supply constraints; Kodak’s ability to effectively anticipate technology and industry trends, including related to artificial intelligence (AI), and develop and market new products, solutions and technologies, including products based on its technology and expertise that relate to industries in which it does not currently conduct material business; Kodak’s ability to effect strategic transactions, such as investments, acquisitions, strategic alliances, divestitures and similar transactions, or to achieve the benefits sought to be achieved from such strategic transactions; Kodak’s ability to comply with the covenants in its various credit facilities; Kodak’s continued ability to manage, defend and resolve a variety of current and legacy claims without incurring material losses or disruptions to its business and to bear the costs associated with such claims; Kodak’s ability to discontinue, sell or spin-off certain non-core businesses or operations, or otherwise monetize assets; and the potential impact of force majeure events, cyber‐attacks or other data security incidents or information technology (IT) outages that could disrupt or otherwise harm Kodak’s operations. Future events and other factors may cause Kodak’s actual results or outcomes to differ materially from the forward–looking statements. All forward–looking statements attributable to Kodak or persons acting on its behalf apply only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included or referenced in this press release. Kodak undertakes no obligation to update or revise forward–looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, except as required by law. APPENDICES In this second quarter 2026 financial results news release, reference is made to the following non-GAAP financial measure: Operational EBITDA Kodak believes that this non-GAAP measure represents an important internal measures of performance as used by management. Accordingly, where this is provided, it is to give investors the same financial data management uses with the belief that this information will assist the investment community in properly assessing the underlying performance of Kodak, its financial condition and results of operations. Kodak’s segment measure of profit and loss is an adjusted earnings before interest, taxes, depreciation and amortization ("Operational EBITDA"). Operational EBITDA represents the consolidated earnings (loss) from continuing operations excluding the provision for income taxes; non-service cost components of pension and other postemployment benefits income; depreciation and amortization expense; restructuring costs and other; stock-based compensation expense; consulting and other costs; idle costs; interest expense; loss on early extinguishment of debt; other operating expense, net; and other (income) charges, net. The following table reconciles the most directly comparable GAAP measure of Net Earnings (Loss) to Operational EBITDA for the three months ended June 30, 2026 and 2025, respectively: Footnote Explanations: Consulting and other costs are professional services and internal costs associated with corporate strategic initiatives and litigation. Consulting and other costs included $1 million of income in the three months ended June 30, 2025, representing insurance reimbursement of legal costs previously paid by the Company associated with investigations and litigation matters. Consists of third-party costs such as security, maintenance, and utilities required to maintain land and buildings in certain locations not used in any Kodak operations and the costs, net of any rental income received, of underutilized portions of certain properties. As reported in the Consolidated Statement of Operations. A. FINANCIAL STATEMENTS Eastman Kodak CompanyConsolidated Statement of Operations (Unaudited) The notes accompanying the financial statements contained in the second quarter Form 10-Q are an integral part of these consolidated financial statements. Eastman Kodak CompanyConsolidated Statement of Financial Position (Unaudited) The notes accompanying the financial statements contained in the second quarter Form 10-Q are an integral part of these consolidated financial statements. Eastman Kodak CompanyConsolidated Statement of Cash Flows (Unaudited) The notes accompanying the financial statements contained in the second quarter Form 10-Q are an integral part of these consolidated financial statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20260804630790/en/ Contacts Media Contact: Kurt Jaeckel, Kodak, +1 585-490-8646, [email protected] Investor Contact: Denisse Goldbarg, Kodak, +1 585-724-4053, [email protected]

Interested in Eastman Kodak Company? Here are five stocks we like better. Eastman Kodak posted stronger operating results in Q1 2026, with revenue rising 7% year over year to $265 million and operational EBITDA jumping to $15 million from $2 million. Gross margin also improved to 22% from 19% as pricing gains helped offset higher manufacturing and commodity costs. Despite the operating improvement, Kodak reported a GAAP net loss of $16 million, wider than last year, largely due to a $12 million fair-value loss tied to its Series B preferred stock derivative and lower pension income. The company also benefited from an $8 million reduction in interest expense. Management said growth came from both Print and Advanced Materials & Chemicals, with commercial print revenue up 9% and AM&C revenue up 3%. Kodak also highlighted continued investment in film, new pharma manufacturing capabilities, and a stronger balance sheet after a $50 million debt payment and improved net debt position. What is a Value Trap? A Complete Overview Eastman Kodak (NYSE:KODK) reported higher first-quarter revenue and operational EBITDA for 2026, with management pointing to growth in its print and advanced materials businesses and continued progress in strengthening the company’s balance sheet. On the company’s earnings call, Executive Chairman and Chief Executive Officer Jim Continenza described the quarter as “a story of consistency, stability, and growth,” saying Kodak’s results reflected its transformation over the past seven years, continued investment in the business and a focus on execution. → Beyond NVIDIA: Picks-and-Shovels AI Plays with Strong Momentum The next meme stock: 6 tickers leading a meme stock revival Kodak reported consolidated revenue of $265 million for the quarter, up 7% from $247 million in the first quarter of 2025. On a constant currency basis, revenue increased 4%, according to Chief Financial Officer and Senior Vice President David Bullwinkle. Gross profit rose to $57 million, up $11 million, or 24%, from the prior-year quarter. Gross margin improved to 22% from 19% a year earlier. Operational EBITDA was $15 million, compared with $2 million in the first quarter of 2025. Bullwinkle said the increase was primarily driven by improved pricing, partially offset by higher manufacturing costs and higher silver and aluminum prices. → 3 Ways to Target the Resources Powering AI and Data Centers This Is How HSBC's Crypto Collaboration Disrputs Banking Despite the improvement in operating metrics, Kodak reported a GAAP net loss of $16 million for the quarter, compared with a GAAP net loss of $7 million in the prior-year period. Bullwinkle attributed $12 million of the loss to a change in the fair value of an embedded derivative related to Kodak’s Series B preferred stock. He said the accounting impact resulted from a previously announced amendment to the Series B agreement, with the change in fair value primarily caused by the increase in Kodak’s stock price during the quarter. → Quantum Earnings Season Is Ramping Up—What to Watch From 2 Major Players The company also recorded $5 million in stock-based compensation expense, which Bullwinkle described as non-cash and not affecting liquidity. Kodak recognized $4 million in non-cash pension income, down $18 million from the prior-year quarter, due to the termination of the KRIP pension plan in the fourth quarter of 2025. Bullwinkle said Kodak expects pension income to be lower year over year in each quarter of 2026. Partially offsetting those items was an $8 million year-over-year reduction in interest expense, mainly tied to term loan repayments following the pension plan termination and reversion. Kodak said revenue increased in both of its key businesses, Print and Advanced Materials and Chemicals, or AM&C. In AM&C, revenue rose by $2 million, or 3%. Continenza said the increase was driven by a $3 million gain in film and chemicals, partially offset by a $1 million decline in inks and consumables. Continenza highlighted Kodak’s ongoing investment in film, saying the company is beginning to see results. He said Kodak recently launched a professional still film sold directly to distributors, with the goal of stabilizing the market and meeting demand. He also pointed to continued growth in motion picture film, including the launch of KODAK VERITA 200D, which he said was used in “Euphoria” Season 3. Continenza said several films, including “One Battle After Another” and “Sinners,” were shot on Kodak film, and that Christopher Nolan’s “The Odyssey” is also being shot on Kodak film. “We remain committed to film and maintaining supply for our customers,” he said. In the company’s pharmaceutical-related operations, Continenza said Kodak’s new cGMP pharmaceutical manufacturing facility is up and running. He also said Kodak recently opened the Kodak Advanced Electrophysiology Lab in partnership with SUNY Geneseo, which he said will enhance research capabilities and support future product development. Kodak continues to work toward obtaining Class II certification to manufacture more complex, higher-margin products in the United States, he said. Continenza said Kodak’s commercial print revenue increased by 9% during the quarter, despite challenges including aluminum supply issues, delivery and logistics constraints, and higher raw material costs. “Prices have increased greatly on raw materials such as aluminum, but yet we’re still able to maintain our revenue and supply our customers,” Continenza said. He also noted that Kodak recently launched the SONORA UltraXR Plate in Europe, expanding its SONORA Ultra portfolio. Continenza said Kodak remains focused on commercial print while continuing to invest in innovation. Kodak ended the quarter with $299 million in unrestricted cash, down $38 million from Dec. 31, 2025. Bullwinkle said Kodak received $46 million in cash proceeds during the quarter from the redemption of hedge fund investments related to the KRIP pension reversion. Working capital was affected by a $38 million increase in inventory, including $35 million within the AM&C segment. Bullwinkle said the increase was largely driven by the average commodity cost of silver more than doubling from year-end, as well as higher silver volumes carried on the balance sheet due to supply terms. Inventory also increased as Kodak built ahead of a planned second-quarter plant shutdown for maintenance. Accounts payable increased by $9 million and accounts receivable decreased by $9 million, partially offsetting the inventory increase. Kodak also made a $50 million principal payment on higher-rate term loans in March, as required under a term loan amendment. Bullwinkle said the payment was funded primarily by KRIP investment asset redemptions and would reduce future interest expense. As of March 31, 2026, Kodak’s net debt positive position increased to $139 million from $128 million at the end of 2025. Bullwinkle said the company’s balance sheet is “stronger than it’s been in many, many years,” noting that Kodak has remained net debt positive for two consecutive quarters. Continenza closed the call by saying Kodak will continue to focus on manufacturing, selling and service while investing in AM&C and print. The company did not hold a formal question-and-answer session. Eastman Kodak Company (NYSE: KODK) is a global technology firm specializing in imaging, printing and advanced materials. The company offers a wide array of products and services that enable customers to create, manage and share visual content across traditional and digital platforms. Its core offerings include graphic communications solutions, enterprise inkjet systems, packaging technologies, functional printing and micro 3D printing systems. Kodak's graphic communications segment serves commercial printers, packaging converters and publishing houses with offset plates, digital presses, workflow software and services designed to streamline production. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Eastman Kodak Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was driven by a seven-year transformation focused on consistency and stability, resulting in the third consecutive quarter of year-over-year growth in revenue and operational EBITDA. The Print segment achieved 9% revenue growth despite significant headwinds in aluminum supply, logistics challenges, and rising raw material costs. Advanced Materials and Chemicals (AM&C) growth was primarily fueled by a $3 million increase in film and chemicals, though partially offset by lower demand for inks and consumables. Management is prioritizing a 'manufacturing, selling, and service' framework to drive operational excellence and maintain supply reliability for customers in volatile markets. Strategic reinvestment in film technology has stabilized the market, supported by high-profile motion picture demand and the launch of professional still films sold directly to distributors. The company has transitioned to a net debt positive position, which management views as a critical foundation for shifting the corporate focus from stabilization to growth. Management is pursuing Class 2 certification for its pharmaceutical business to enable the manufacture of more complex, high-margin products in the United States. The company expects pension income to be lower year-over-year in every quarter of 2026 following the termination of the KRIP pension plan in late 2025. Future profitability reporting will continue to focus on operational EBITDA to exclude non-cash volatility from preferred stock derivative fair value adjustments. Strategic growth will be supported by the new Kodak Advanced Electrophysiology Lab, which is intended to enhance research capabilities and future product development. Operational plans include a scheduled second quarter plant shutdown for maintenance, for which the company has already built up inventory levels. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. A GAAP net loss of $16 million was primarily driven by a $12 million non-cash charge related to the fair value change of an embedded derivative on Series B preferred stock. Inventory increased by $38 million, largely due to the average commodity cost of silver more than doubling from year-end and increased volume requirements. The company reduced interest expense by $8 million year-over-year following term loan repayments funded by pension plan assets. A $50 million principal payment was made on higher-rate term loans in March 2026 as required under the term loan amendment to further deleverage the balance sheet.

Company Delivered Year-Over-Year Growth in Revenue, Gross Profit and Operational EBITDA for the Third Consecutive Quarter Key Print and AM&C Businesses Achieved Increases in Revenue ROCHESTER, N.Y., May 07, 2026--(BUSINESS WIRE)--Eastman Kodak Company (NYSE: KODK) today reported financial results for the first quarter 2026. First quarter 2026 highlights include: Consolidated revenues of $265 million, compared with $247 million for Q1 2025, an increase of $18 million or 7 percent Advanced Materials & Chemicals (AM&C) revenues were $76 million, compared with $74 million for Q1 2025, an increase of $2 million or 3 percent Print revenues were $180 million, compared with $165 million for Q1 2025, an increase of $15 million or 9 percent Gross profit of $57 million, compared with $46 million for Q1 2025, an increase of $11 million or 24 percent Gross profit percentage of 22 percent, compared with 19 percent for Q1 2025, an increase of 3 percentage points GAAP net loss of $16 million, compared with net loss of $7 million for Q1 2025, an increase of $9 million Operational EBITDA of $15 million, compared with $2 million for Q1 2025, an increase of $13 million A quarter-end cash balance of $299 million, compared with $337 million on December 31, 2025, a decrease of $38 million Cash flow from operations improved $8 million from the prior-period "In the first quarter, Kodak achieved year-over-year improvement in key metrics, including revenue, gross profit and Operational EBITDA," said Jim Continenza, Kodak’s Executive Chairman and CEO. "We have delivered three consecutive quarters of strong performance, despite a highly volatile and challenging business environment. Our success is no accident. It reflects several years of investing in innovation and infrastructure and focusing on operational excellence. Looking forward, we plan to build on our momentum by continuing to put our customers first, strengthen our balance sheet and invest in businesses that will drive future growth." For the quarter ended March 31, 2026, revenues were $265 million, an increase of $18 million or 7 percent compared to the same period in 2025. Adjusting for the favorable impact of foreign exchange of $7 million, revenues increased by $11 million, or 4 percent compared to the prior year. GAAP net loss was $16 million for the quarter, compared to GAAP net loss of $7 million in 2025, an increase of $9 million. Operational EBITDA for the quarter ended March 31, 2026, was $15 million, compared to $2 million in 2025, an increase of $13 million. The increase in Operational EBITDA was primarily driven by improved pricing, partially offset by higher manufacturing costs and higher silver and aluminum prices. Kodak ended the quarter with a cash balance of $299 million, a decrease of $38 million from December 31, 2025. The decrease was primarily driven by an increase in inventory of $38 million primarily driven by silver and aluminum commodities, the required March 13, 2026 principal repayment for the term loans of $50 million, partially offset by cash proceeds from redemption of Kodak Retirement Income Plan reversion investments of $46 million. Find the Q1 infographic here. Revenue and Operational EBITDA by Reportable Segment Q1 2026 vs. Q1 2025 * Total Operational EBITDA is a non-GAAP financial measure. The reconciliation between GAAP and non-GAAP measures is provided in Appendix A of this press release. ** The impact of foreign exchange represents the foreign exchange impact using average foreign exchange rates for the three months ended March 31, 2025, rather than the actual average exchange rates in effect for the three months ended March 31, 2026. Eastman Business Park segment is not a reportable segment and is excluded from the tables above. About Kodak Kodak (NYSE: KODK) is a leading global manufacturer focused on commercial print and advanced materials & chemicals. With 79,000 worldwide patents earned over 130 years of R&D, we believe in the power of technology and science to enhance what the world sees and creates. Our innovative, award-winning products, combined with our customer-first approach, make us the partner of choice for commercial printers worldwide. Kodak is committed to environmental stewardship, including industry leadership in developing sustainable solutions for print. For additional information on Kodak, visit us at kodak.com, or follow us on X @Kodak and LinkedIn. Cautionary Statement Regarding Forward-Looking Statements This press release includes "forward–looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995. Forward–looking statements include statements concerning Kodak’s plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, liquidity, investments, financing needs and business trends and other information that is not historical information. When used in this press release, the words "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "predicts," "forecasts," "strategy," "continues," "goals," "targets" or future or conditional verbs, such as "will," "should," "could," or "may," and similar words and expressions, as well as statements that do not relate strictly to historical or current facts, are intended to identify forward–looking statements. All forward–looking statements, including management’s examination of historical operating trends and data, are based upon Kodak’s current expectations and assumptions. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results or outcomes, or timing of actual results or outcomes, to differ materially from historical results or those expressed in or implied by such forward-looking statements. Important factors that could cause actual events, results or outcomes, or their timing, to differ materially from the forward-looking statements include, among others, the risks and uncertainties described in more detail in Kodak’s Annual Report on Form 10‑K for the year ended December 31, 2025 under the headings "Business," "Risk Factors," "Legal Proceedings," and/or "Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources," in the corresponding sections of Kodak’s Quarterly Report on Form 10‑Q for the quarter ended March 31, 2026, and in other filings Kodak makes with the U.S. Securities and Exchange Commission from time to time, as well as the following: Kodak’s ability to improve and sustain its operating structure, cash flow, profitability and other financial results; Kodak’s ability to achieve strategic objectives, cash forecasts, financial projections, and projected growth; Kodak’s ability to achieve the financial and operational results contained in its business plans; changes in commodity prices, tariff rates, foreign currency exchange rates and interest rates; the impact of the global economic environment, including geopolitical issues, inflationary pressures, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, medical epidemics and Kodak’s ability to effectively mitigate or recoup the associated increased costs of aluminum, silver and other raw materials, energy, labor, shipping, delays in shipment and production times, and fluctuations in demand; Kodak’s ability to obtain additional or alternate financing if and as needed, Kodak’s continued ability to manage world-wide cash through intercompany loans, distributions and other mechanisms, and Kodak’s ability to provide or facilitate financing for its customers; Kodak’s ability to fund continued investments, capital needs and collateral requirements and service its debt and Series B Preferred Stock; Kodak’s ability to effectively compete with large, well-financed industry participants or with competitors whose cost structure is lower than Kodak’s; the performance by third parties of their obligations to supply products, components or services to Kodak and Kodak’s ability to address supply chain disruptions and continue to obtain raw materials and components available from single or limited sources of supply, which may be adversely affected by geopolitical issues, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, and commodity supply constraints; Kodak’s ability to effectively anticipate technology and industry trends, including related to artificial intelligence (AI), and develop and market new products, solutions and technologies, including products based on its technology and expertise that relate to industries in which it does not currently conduct material business; Kodak’s ability to effect strategic transactions, such as investments, acquisitions, strategic alliances, divestitures and similar transactions, or to achieve the benefits sought to be achieved from such strategic transactions; Kodak’s ability to comply with the covenants in its various credit facilities; Kodak’s continued ability to manage, defend and resolve a variety of current and legacy claims without incurring material losses or disruptions to its business and to bear the costs associated with such claims; Kodak’s ability to discontinue, sell or spin-off certain non-core businesses or operations, or otherwise monetize assets; and the potential impact of force majeure events, cyber‐attacks or other data security incidents or information technology (IT) outages that could disrupt or otherwise harm Kodak’s operations. Future events and other factors may cause Kodak’s actual results or outcomes to differ materially from the forward–looking statements. All forward–looking statements attributable to Kodak or persons acting on its behalf apply only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included or referenced in this press release. Kodak undertakes no obligation to update or revise forward–looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, except as required by law. APPENDICES In this first quarter 2026 financial results news release, reference is made to the following non-GAAP financial measures: Operational EBITDA; and Revenues and Operational EBITDA on a constant currency basis. Kodak believes that these non-GAAP measures represent important internal measures of performance as used by management. Accordingly, where they are provided, it is to give investors the same financial data management uses with the belief that this information will assist the investment community in properly assessing the underlying performance of Kodak, its financial condition, results of operations and cash flow. The change in revenues and Operational EBITDA on a constant currency basis, as presented in this financial results news release, is calculated using average foreign exchange rates for the three months ended March 31, 2025, rather than the actual average exchange rates in effect for the three months ended March 31, 2026. Kodak’s segment measure of profit and loss is an adjusted earnings before interest, taxes, depreciation and amortization ("Operational EBITDA"). Operational EBITDA represents the consolidated loss from continuing operations excluding the provision for income taxes; non-service cost components of pension and other postemployment benefits income; depreciation and amortization expense; restructuring costs and other; stock-based compensation expense; consulting and other costs; idle costs; interest expense; loss on early extinguishment of debt; other operating expense, net; and other charges, net. The following table reconciles the most directly comparable GAAP measure of Net Loss to Operational EBITDA on a constant currency basis for the three months ended March 31, 2026 and 2025, respectively: Footnote Explanations: A. FINANCIAL STATEMENTS The notes accompanying the financial statements contained in the first quarter Form 10-Q are an integral part of these consolidated financial statements. The notes accompanying the financial statements contained in the first quarter Form 10-Q are an integral part of these consolidated financial statements. The notes accompanying the financial statements contained in the first quarter Form 10-Q are an integral part of these consolidated financial statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20260507747213/en/ Contacts Media Contact: Kurt Jaeckel, Kodak, +1 585-490-8646, [email protected] Investor Contact: Denisse Goldbarg, Kodak, +1 585-724-4053, [email protected]

Image source: The Motley Fool. Thursday, May 7, 2026 at 5 p.m. ET Executive Chairman and Chief Executive Officer — James V. Continenza Chief Financial Officer and Senior Vice President — David Edward Bullwinkle Chief Marketing Officer — Denise Goldbard Need a quote from a Motley Fool analyst? Email [email protected] Denise Goldbard: Thank you, and good afternoon, everyone. I am Denise Goldbard, Eastman Kodak Company’s chief marketing officer. Welcome to Eastman Kodak Company’s first quarter 2026 earnings call. At 04:15 this afternoon, Eastman Kodak Company filed its Form 10-Q and issued its release on financial results for 2026. You may access the presentation and webcast for today's call on our Investor Center at investor.codec.com. During today's conference call, we will be making certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. We intend for these forward-looking statements to be covered by the Safe Harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Investors are cautioned not to unduly rely on forward-looking statements and such statements should not be read or understood as a guarantee of future performance or results. All forward-looking statements are based on Eastman Kodak Company’s expectations and various assumptions. Future events or results may differ from those anticipated or expressed in the forward-looking statements. Important factors that could cause actual events or results to differ materially from these forward-looking statements include, among others, the risks, uncertainties, and other factors described in more detail in Eastman Kodak Company’s filings with the U.S. Securities and Exchange Commission from time to time. All forward-looking statements attributable to Eastman Kodak Company or persons acting on its behalf only apply as of the date of this presentation and are expressly qualified in their entirety by the cautionary statements included or referenced in this presentation. Eastman Kodak Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that may arise after the date made or to reflect the occurrence of unanticipated events. In addition, the release just issued and the presentation provided contain certain measures that are deemed non-GAAP measures. Reconciliations to the most directly comparable GAAP measures have been provided with the release on our website in our Investor Center at investor.codec.com. Speakers on today's call are James V. Continenza, Eastman Kodak Company’s Executive Chairman and Chief Executive Officer, and David Edward Bullwinkle, Eastman Kodak Company’s chief financial officer and senior vice president. We will not be holding a formal Q&A during today's call. As always, the Investor Relations team is available for follow-up. I will now turn the call over to James V. Continenza. Thank you, and have a great day. James V. Continenza: Welcome, everyone, and thank you for joining the first quarter 2026 investor call for Eastman Kodak Company. The story of the first quarter is a story of consistency, stability, and growth. This reflects our transformation over the last seven years and our focus on execution and our continued investment in the business. I am pleased to see strong year-over-year performance over the last three consecutive quarters. Let me give you some highlights from the first quarter. Consolidated revenue was up 7% to $265 million compared with $247 million for the first quarter 2025. Revenue increased in both our key businesses, Print and AM and C. We had a gross profit percentage of 22%. That is three percentage points, or 16%, higher than the first quarter 2025. Operational EBITDA was $15 million compared with $2 million for the first quarter 2025, up $13 million. Moving on to Advanced Materials and Chemicals, we saw AM and C revenue grow by $2 million, or 3%, which was driven by a $3 million increase in film and chemicals, partially offset by $1 million lower in inks and consumables. Let us talk about our still films. We have invested heavily back into film, and we are starting to see great results from that. An example in still film: we recently launched a professional film sold directly to distributors. Our objective is to stabilize the market and continue to meet demand. I am really proud to see Motion Picture continue to increase. We launched a new film called Virita 200D, which was used in Euphoria season three. A lot is going on. Many Oscar-winning movies, including One Battle After Another and Sinners, were shot on Eastman Kodak Company film, and the long-anticipated Christopher Nolan’s The Odyssey is also shot on Eastman Kodak Company film. We remain committed to film and maintaining supply for our customers. A quick update on our pharma business. Our new CGMP pharmaceutical manufacturing facility is up and running. I am really proud to say we recently opened the Eastman Kodak Company Advanced Electrophysiology Lab in partnership with SUNY Geneseo. The lab will enhance our research capabilities and support future product development. We continue to work towards obtaining Class II certification to manufacture more complex, high-margin products in the United States. Moving on to some highlights from our commercial print business, we continue to provide a full range of print solutions to our customers. Our revenue increased by 9%, even in the difficult times we are going through. There are some supply issues on aluminum. There are issues on delivery and logistics. A lot is going on. Prices have increased greatly on raw materials such as aluminum, but yet we are still able to maintain our revenue and supply our customers. As our commitment to print continues and we continue to invest in innovation, I am pleased to announce we recently launched the Sonora Ultra XR Plate in Europe, which will expand our Sonora Ultra portfolio. As I stated last quarter, I will state it again: as we continue to fix the balance sheet, invest in the infrastructure of the business, and focus on key products, our next steps are growth. We must continue to grow our business. We have built a stable, growing Eastman Kodak Company by consistently executing our long-term plan. We stay on track regardless of all the events happening around us. We are leveraging our core strengths. We are strengthening our balance sheet. We are investing in growth products. As we continue to invest in operational excellence and execution, we continue to diversify our portfolio by using the different technologies and skill sets we have in the business. As we stated before, our goal is to continue to work on the balance sheet. I am proud to say today, we are net debt positive. But one of the most important aspects is meeting our customers’ needs, and the only way we can do that is by continuing to focus on operational excellence. We have to be better than everyone else, and we are going to continue to keep investing and getting better every single year. Now I am going to turn it over to David Edward Bullwinkle to discuss our first quarter financial results. Dave? David Edward Bullwinkle: Thanks, James V. Continenza, and welcome to the call, everybody. Thanks for joining us today. This afternoon, the company filed its Form 10-Q for the quarter ended 03/31/2026 with the SEC. As I do on each and every call, I encourage you to read the filing in its entirety as there is a plethora of information contained in the materials we have provided publicly. As a reminder, references made during my remarks are included in the company’s earnings press release and Form 10-Q filed today. Let us begin with the key financial highlights for 2026. We delivered strong financial performance despite sharp commodity swings and persistent inflationary pressure. The results reflect substantial year-over-year improvement in revenue, gross profit, and operational EBITDA, underscoring our disciplined execution and progress against our long-term goals. In fact, this is the third consecutive quarter of year-over-year growth for these measures. Revenue was $265 million, an increase of $18 million, or 7% year over year, with increases in Print and Advanced Materials and Chemicals. On a constant currency basis, revenue grew $11 million, or 4%. Gross profit was $57 million, which is up $11 million, or 24%, year over year. Our gross profit percentage increased to 22% compared to 19% in the prior-year quarter, reflecting our operational execution. Operational EBITDA for the quarter was $15 million, an increase of $13 million compared to the prior-year quarter, primarily driven by improved pricing, partially offset by higher manufacturing costs and higher silver and aluminum prices. For the quarter, we reported a GAAP net loss of $16 million compared with a GAAP net loss of $7 million in the prior-year quarter, an increase of $9 million. Let me walk you through the main factors behind this result and share with you some additional helpful information. $12 million of the loss was driven by a change in the fair value of an embedded derivative related to our Series B preferred stock. This accounting impact resulted from a previously announced amendment to the Series B agreement, and the change in fair value was primarily caused by the increase in our stock price during the quarter. This is fully disclosed in our Form 10-Q. $5 million of the loss relates to stock-based compensation expense, which is a non-cash expense and does not impact our liquidity. We also recognized $4 million of non-cash pension income this quarter. This reflects an $18 million decrease compared to the prior-year quarter. This is driven by the termination of the CREP pension plan, which we completed in 2025. As a result of the plan termination, we expect pension income to be lower year over year in each quarter of 2026, so we will see this reoccur every quarter this year. Partially offsetting these items, GAAP net loss benefited from an $8 million year-over-year reduction in interest expense, mainly due to term loan repayments resulting from the pension plan termination and reversion. While these items affect comparability, they reflect deliberate actions we took to strengthen our balance sheet, reduce debt, and build long-term value. Now that I have explained some of the key drivers of the year-over-year change in our net loss, I have also included a simple reconciliation in today’s materials to explain how the GAAP net loss translates to operational EBITDA. We have received feedback from investors and questions about this, so we are covering it here. EBITDA measures the profitability of our business by excluding its components of interest, taxes, and non-cash charges like depreciation and amortization—as you know, EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. To arrive at operational EBITDA from net loss, we start by adding back those standard items of interest expense, tax expense, and depreciation and amortization expense. In addition, to arrive at operational EBITDA for Eastman Kodak Company, we remove those non-operational items shown on the waterfall slide. Number one, nonrecurring and other items. This category primarily contains the $12 million expense we booked in the quarter for the fair value change in the preferred stock derivatives. This derivative is the value of the conversion option for our stock. We expect to fair value this every quarter, and the changes will be recognized in our income statement. The second category is non-cash items of expense or income. In this case, it is a net expense item. This represents an adjustment to remove stock-based compensation expense, which we talked about earlier, and it is almost fully offset by the corporate component of pension income, which we also discussed earlier in my remarks. As I have said, these adjustments remove the impact of items that can cause GAAP volatility but do not reflect day-to-day operations. Therefore, we consider them nonoperational. The resulting operational EBITDA provides a clear view of how our underlying business is performing. We have consistently used this metric as our segment measure as well, which is disclosed in all of our earnings releases and fully reconciled in that material. I hope this provides helpful context of the company’s performance and financial statements. If you have further questions, please do not hesitate to contact us. Moving on to our cash performance for the first quarter, we ended the quarter with $299 million of unrestricted cash, a decrease of $38 million from 12/31/2025. Let me briefly walk through the key drivers of our quarter-end cash position. First, as expected, we received $46 million in cash proceeds from the redemption of hedge fund investments related to the CREP pension reversion during the quarter. Second, working capital was impacted by a $38 million increase in inventory, with $35 million of this increase occurring within our AM and C segment. This was largely driven by average commodity cost of silver more than doubling from year-end and increases in the volume of silver we carry on the balance sheet due to supply terms. Inventory in AM and C also increased as we built ahead of our planned second-quarter plant shutdown for maintenance. Partially offsetting these impacts within working capital, accounts payable increased by $9 million and accounts receivable decreased by $9 million, both helping to partially counter the inventory increases. Last, as required under the term loan amendment, we made a $50 million principal payment on our higher-rate term loans in March. This was funded primarily by [inaudible]. The company’s net debt positive position increased from $128 million at 12/31/2025 to $139 million at 03/31/2026. This is an $11 million improvement in the quarter. This reflects further strengthening of our financial position. As I conclude, I want to leave you with a few clear takeaways from our first quarter results. Number one, financial results were strong. We delivered solid year-over-year growth in revenue, gross profit, and operational EBITDA, and this is for the third consecutive quarter. We did this despite economic headwinds in commodity pricing and inflationary impacts as well. Most notably, our operational EBITDA increased sharply even as the business managed through those impacts. Again, as I talked about earlier, we fully reconciled for you; operational EBITDA is our key internal measure of profitability. It is how we measure and disclose the results of our segments in our public filings as well. Finally, I am proud to say that our balance sheet is stronger than it has been in many, many years, as we continue to see the benefit of the decisions we have made to reinforce our foundation. With $299 million of unrestricted cash, we are in a net debt positive position relative to our short- and long-term debt, and this is for the second consecutive quarter. We have also continued to delever the balance sheet, paying down $50 million of higher-rate interest debt in the quarter. Thank you for your time and attention. I will now return it back to James V. Continenza. James V. Continenza: Thank you, David Edward Bullwinkle. In summary, we have built a strong, stable Eastman Kodak Company over the last several years by consistent execution of our long-term plan and making the appropriate changes as the environment changes around us. We have delivered three consecutive strong quarters year over year. We continue to invest in AM and C and Print and grow those products. We focus on operations, but more importantly, three key areas that we always focus on: manufacturing, selling, and service. Everyone in the company is geared around focusing on those three areas. The goal is to deliver long-term value to our shareholders, our customers, and our employees. With that, I want to thank everyone for their time and for listening to the Eastman Kodak Company first quarter 2026 investor call. Operator: Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Before you buy stock in Eastman Kodak, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Eastman Kodak wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Kodak (KODK) Q1 2026 Earnings Call Transcript was originally published by The Motley Fool