Скачать или смотреть Eastman Kodak Q2 2025: Pension Plan Pivot & Pharma Growth Amid Debt Fears

Eastman Kodak's Q2 2025 earnings reveal a complex picture with flat revenue at $263 million and shrinking gross margins down to 19%. Operational EBITDA fell 25% year over year to $9 million, while GAAP net loss widened to $26 million, heavily impacted by a $17 million non-cash asset impairment and pension accounting shifts. The legacy Print segment faces losses, but Advanced Materials & Chemicals (AMC) shows promise with $8 million operational EBITDA and new FDA-certified pharma manufacturing in Rochester, NY, starting with phosphate-buffered saline products.

The company's major narrative centers on liquidity and debt management, spotlighting the planned termination of the Kodak Retirement Income Plan (KRIP) to unlock approximately $500 million in excess pension assets by December 2025. This cash infusion aims to address looming 2026 debt maturities, including term loans and preferred stock obligations. However, the market reacted sharply, driving the stock down nearly 20% post-earnings due to concerns over execution risk and the firm's going-concern warning.

Key catalysts to watch include the timeline for KRIP asset reversion, the ramp-up of regulated pharma shipments from the Rochester facility, and progress on refinancing or liquidity measures such as the $100 million ATM equity facility. Kodak's strategic focus on U.S. manufacturing and diversification beyond commercial print into regulated pharmaceuticals highlights a pivot toward stability and growth, though near-term financial challenges and market skepticism remain significant risks.

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