Kodak Warns It May Not Survive as Debt and Losses Mount

The company said there is ’substantial doubt' about its ability to continue operating.

A sign at Eastman Kodak Co's corporate headquarters in Rochester, N.Y., on Nov. 3, 2011. Guy Solimano/Getty Images

Eastman Kodak is facing a severe financial crisis that could force it out of business, the iconic photography equipment-maker told investors on Aug. 11.

In its second-quarter earnings report filed with the Securities and Exchange Commission, the Rochester, New York-based company said there is “substantial doubt” about its ability to continue operating, a warning publicly traded companies are required to make when their finances deteriorate.

The warning stems from Kodak’s struggle to pay roughly $500 million in upcoming debt obligations. For the quarter ending June 2025, Kodak reported a net loss of $26 million, a sharp reversal from the $25 million profit recorded in the same period last year.

The company’s cash reserves have also fallen in the first half of this year, ending the quarter with $155 million in available funds, down $46 million from December 2024.

“Kodak has debt coming due within 12 months and does not have committed financing or available liquidity to meet such debt obligations if they were to become due in accordance with their current terms,” the company said in the filing.

Sounding a small note of optimism amid the grim outlook, Kodak said recent U.S. trade policy changes, including new tariffs, have had little impact on its business, since the company manufactures most of its products and sources raw materials domestically in the United States.

Looking ahead, Kodak said it will focus on cutting costs and turning current investments into long-term growth opportunities.

In a separate statement, CEO Jim Continenza maintained that the company has “continued to make progress against our long-term plan despite the challenges of an uncertain business environment.”

In the meantime, Kodak has stopped sending retirement pension checks to former employees to save money to pay its debt.

“The termination of our U.S. Kodak Retirement Income Plan and subsequent reversion of excess funds to pay down debt is progressing as planned,” Continenza said, adding that the company expects to have “a clear understanding” of how it will satisfy its obligations to all plan participants later this week, with the fund reversion process expected to be completed by December.

Once a household name across the world, Kodak dominated the camera and film industry for over a century. It introduced the first digital camera in 1975.

In 2012, Kodak filed for bankruptcy, at that time burdened with $6.75 billion in debt owed to more than 100,000 creditors.

In 2019, Kodak issued a warning about its future, similar to Monday’s. The following year, it gained a brief reprieve after securing a $765 million government loan to produce ingredients for generic drugs as part of the Trump administration’s effort to reduce reliance on foreign suppliers.

Since then, Kodak has pivoted to industries such as industrial printing and chemicals, while continuing to manufacture cameras and film.