Earlier this week, Kodak released its earnings report, revealing that it doesn’t have “committed financing or available liquidity” to pay back its $500 million debt. "These conditions raise substantial doubt about the company’s ability to continue as a going concern,” the company said in a filing.
Kodak plans to free up cash by halting payments to its retirement pension plan. The company also stated that it does not anticipate tariffs to have “material impacts” on its business, as many of its products, including cameras, inks, and film, are manufactured in the United States.
Kodak CEO Jim Continenza said, "In the second quarter, Kodak continued to make progress against our long-term plan despite the challenges of an uncertain business environment."
Kodak, officially known as Eastman Kodak Company, was founded by George Eastman in 1888 and revolutionised photography by making it accessible to the general public.
With the slogan “You press the button, we do the rest,” Kodak introduced the first simple camera, changing the way people captured memories. Throughout the 20th century, the company became a dominant force in the film and camera industry, known for innovations like Kodachrome film and the Instamatic camera.
Despite its early success, Kodak struggled to adapt to the digital age. Although it was one of the pioneers of digital photography technology, the company failed to capitalise on it commercially.
Facing declining film sales and growing competition, Kodak filed for bankruptcy in 2012. Since then, it has shifted focus toward commercial printing, advanced materials, and other imaging-related technologies in an effort to reinvent itself.
