Eastman Kodak, the legendary photography company founded in the 19th century, has warned investors that it may be unable to continue operations.
In its latest earnings report on Monday, Kodak revealed that it lacks “committed financing or available liquidity” to meet roughly $500 million in upcoming debt obligations—a situation that “raises substantial doubt about the company’s ability to continue as a going concern.”
To conserve cash, the company plans to suspend contributions to its retirement pension plan. It also noted that tariffs are unlikely to significantly impact operations, as most of its products—including cameras, inks, and film—are manufactured in the United States.
Despite the bleak forecast, CEO Jim Continenza maintained that Kodak is “making progress” on its long-term strategy. A company spokesperson told CNN that Kodak remains “confident” it can pay down a substantial portion of its debt ahead of schedule and refinance or restructure the remainder.
Shares of Kodak (KODK) fell more than 25% during midday trading on Tuesday, USA time.
Founded in 1892, Kodak revolutionized photography with George Eastman’s first camera, famously marketed with the slogan: “You push the button, we do the rest.” By the 1970s, Kodak controlled 90% of the U.S. film market and 85% of camera sales.
Ironically, Kodak invented the digital camera in 1975 but failed to pivot to the new technology. In 2012, the company filed for bankruptcy, weighed down by $6.75 billion in debt and 100,000 creditors.
A brief revival occurred in 2020, when the U.S. government enlisted Kodak to produce pharmaceutical ingredients, triggering a stock surge. Today, the company continues to manufacture film and chemicals—including products used in Hollywood—and licenses its brand for various consumer goods.
Without new financing, however, one of America’s most iconic brands could soon fade to black.
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