Press Releases

Kodak Reports First-Quarter 2022 Financial Results


May 10, 2022

Eastman Kodak Company (NYSE: KODK) today reported financial results for the first quarter 2022, including consolidated revenues of $290 million and continued growth in key product areas such as KODAK SONORA Process Free Plates and KODAK PROSPER System annuities.

First-quarter 2022 highlights include:

  • Consolidated revenues of $290 million, compared with $265 million for Q1 2021
  • GAAP net loss of $3 million, compared with net income of $6 million for Q1 2021
  • Operational EBITDA of negative $7 million, compared with $3 million for Q1 2021
  • A quarter-end cash balance of $309 million, compared with $362 million at the end of 2021

“Kodak continued to manage through an extremely challenging business environment to deliver revenue growth for the first quarter of 2022,” said Jim Continenza, Kodak’s Executive Chairman and CEO. “We are also focused on long-term growth, making significant investments in print technology and the four Advanced Materials and Chemicals initiatives we announced earlier this year. Finding new ways to leverage our core strengths and delivering for our customers will be our focus as we execute our strategic plan.”

For the quarter ended March 31, 2022, revenues were $290 million, an improvement of $25 million compared to the same period in 2021. The Company had a GAAP net loss of $3 million for the quarter, compared to net income of $6 million in the prior-year quarter. Operational EBITDA for the first quarter was negative $7 million, compared to $3 million in Q1 2021. Operational EBITDA was favorably impacted by the growth in revenue due to improved pricing and volume, offset by higher ongoing global cost increases. Kodak ended the first quarter with a cash balance of $309 million, a decrease of $53 million from December 31, 2021. The decrease is primarily attributable to the impact of higher costs, changes in working capital and increased capital investment.

“Our quarter-end cash balance was generally in line with our expectations,” said David Bullwinkle, Kodak’s CFO. “We have successfully navigated supply chain issues by carrying higher-than-historical levels of inventory to maintain supply for our customers. We plan to continue executing our long-term strategy despite the ongoing supply chain challenges and rising costs.”

Revenue and Operational EBITDA by Reportable Segment Q1 2022 vs. Q1 2021

($ millions)
Q1 2022 Actuals Traditional Printing Digital Printing Advanced Materials & Chemicals Brand Total
Revenue $172 $56 $54 $4 $286
Operational EBITDA * $(2) $(5) $(3) $3 $(7)
Q1 2021 Actuals Traditional Printing Digital Printing Advanced Materials & Chemicals Brand Total
Revenue $148 $64 $46 $3 $261
Operational EBITDA * $5 $- $ (4) $2 $3
Q1 2022 vs. Q1 2021 Actuals

Traditional Printing Digital Printing Advanced Materials & Chemicals Brand Total
Revenue $24 $(8) $8 $1 $25
Operational EBITDA * $ (7) $(5) $1 $1 $(10)
Q1 2022 Actuals on constant currency ** vs. Q1 2021 Actuals

Traditional Printing Digital Printing Advanced Materials & Chemicals Brand Total
Revenue $32 $(6) $8 $1 $35
Operational EBITDA * $(7) $(4) $1 $1 $(9)

* 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, 2021, rather than the actual average exchange rates in effect for the three months ended March 31, 2022.
Eastman Business Park segment is not a reportable segment and is excluded from the table above.

About Kodak

Kodak (NYSE: KODK) is a leading global manufacturer focused on commercial print and advanced materials & chemicals. With 31,000 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, or follow us on Twitter @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 to differ materially from historical results or those expressed in or implied by such forward-looking statements.

Important factors that could cause actual events or results 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, 2021 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, 2022, 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; Kodak’s ability to comply with the covenants in its various credit facilities; Kodak’s ability to fund continued investments, capital needs and restructuring payments and service its debt and Series B Preferred Stock and Series C Preferred Stock; 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 the COVID-19 pandemic; the impact of the global economic environment or medical epidemics such as the COVID-19 pandemic, including the restrictions and other actions taken in response to the COVID-19 pandemic, and Kodak’s ability to effectively mitigate or recoup associated increased costs of materials, labor, shipping and operations; the impacts of the war in Ukraine and the international response thereto on Kodak’s business and operations, including the cost of and availability of aluminum and other raw materials and components, shipping costs, transit times and energy costs; changes in foreign currency exchange rates, commodity prices, interest rates and tariff rates; the impact of the investigations, litigation and claims arising out of the circumstances surrounding the announcement on July 28, 2020, by the U.S. International Development Finance Corporation of the signing of a non‐binding letter of interest to provide a subsidiary of Kodak with a potential loan to support the launch of an initiative for the manufacture of pharmaceutical ingredients for essential generic drugs; Kodak’s ability to effectively anticipate technology and industry trends 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 effectively compete with large, well-financed industry participants; continued sufficient availability of borrowings and letters of credit under Kodak’s asset based credit facility and letter of credit facility, Kodak’s ability to obtain additional financing if and as needed and Kodak’s ability to provide or facilitate financing for its customers; Kodak’s ability to effect strategic transactions, such as acquisitions, strategic alliances, divestitures and similar transactions, or to achieve the benefits sought to be achieved from such strategic transactions; and the potential impact of force majeure events, cyber-attacks or other data security incidents that could disrupt or otherwise harm Kodak’s operations.

Future events and other factors may cause Kodak’s actual results 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.

Kurt Jaeckel

Worldwide Communications Director

+1 585-490-8646