At 133 years old, Kodak finds itself once again on the brink of collapse. The American company, a pioneer in film photography and once synonymous with consumer photography, has officially acknowledged having "substantial doubts about its ability to continue operations." This admission, tucked into a document filed with the Securities and Exchange Commission (SEC), accompanied the release of its second-quarter 2025 results and marks a decisive step in the slow agony of a company that was once an emblem of 20th-century American industry.
Kodak's financial situation has reached critical levels. In the second quarter, the company recorded revenue of $263 million, a slight decline from $267 million in the same period of 2024. More concerning, the group posted a net loss of $26 million, compared to a profit of $26 million a year earlier. This dramatic swing from profit to loss highlights the accelerating deterioration of the company's financial health.
Facing this decline, Kodak is preparing to play its final card. To address $500 million in debt coming due within the next year, the company is banking on liquidating its American retirement plan, the Kodak Retirement Income Plan (CRIP). This operation, already underway, could generate an equivalent amount, enough to cover a significant portion of its short-term obligations and refinance the remainder. However, this extreme solution offers no guarantee of stability beyond the immediate deadline.
In American accounting terminology, "going concern" refers to a company's ability to continue operating viably. The fact that Kodak had to include this warning in its financial documents signals substantial doubt, now officially recognized, about its long-term survival. In a context of market tension and weakening in the industrial sector, this alert has understandably worried creditors and investors.
CEO Jim Continenza's public statements attempt to strike a reassuring tone. He states that Kodak "continues to make progress according to [its] long-term plan despite the challenges of an uncertain business environment." The contrast between this declaration and the reality of the numbers is striking and reveals the gap between management optimism and financial performance.
Compared to Kodak's spectacular 2012 bankruptcy, when the company was crushed under $6.75 billion in debt and counted more than 100,000 creditors, the current situation appears less dramatic in scale. However, it is no less perilous: it is now the urgency of liquidity, rather than the weight of long-term debt, that threatens the company's survival. The nature of the crisis has shifted from overwhelming debt to immediate cash flow problems.
One element of stability remains in this darkened landscape. Thanks to a large portion of its production located in the United States, Kodak remains relatively protected from international trade tensions. "Tariffs have not had a significant impact on our operations in the second quarter," the company notes, as it manufactures its lithographic printing plates, photographic films, and certain pharmaceutical compounds on American soil. In a context of industrial relocation supported by public policies, this domestic anchoring could represent a significant competitive advantage.
One of the group's most audacious bets lies in pharmaceutical products. Since 2020, Kodak has been attempting to reinvent itself in pharmaceuticals. During the COVID-19 pandemic, the company was approached by the U.S. government to produce critical pharmaceutical ingredients. This repositioning, initially perceived as temporary, has since become part of a broader strategy. The Advanced Materials & Chemicals (AMC) division now carries the hopes for diversification.
Kodak invested $20 million in May 2025 to modernize an FDA-certified plant in Rochester, designed to produce laboratory-grade phosphate buffered saline (PBS) and, eventually, injectable solutions. However, results have been disappointing: the division's EBITDA remains stuck at $8 million, penalized by rising production costs, particularly aluminum. The initiative, while strategic, is not yet sufficient to offset the erosion of traditional businesses.
More paradoxically, at a time when film photography is experiencing a global resurgence, Kodak cannot transform this enthusiasm into a real economic lever. In recent years, demand for film has doubled, driven by a new generation of amateur and professional photographers, as well as renowned filmmakers like Christopher Nolan. The global analog camera market is expanding rapidly and could reach $427 million by 2032.
Aware of this opportunity, Kodak launched a modernization program for its Rochester plant in late 2024, requiring a $49 million investment. Film production was even temporarily suspended in November 2024 to carry out this transformation. Despite these efforts, the company struggles to fully capitalize on this renaissance. It remains dominated by better-armed competitors like Fujifilm, Canon, and Sony, which capture most of the imaging market, including the analog segment.
This inability to capitalize on its own strengths recalls past strategic errors. In the 1970s, Kodak dominated 90% of the film market and 85% of the camera market in the United States. Its technological lead in photographic materials made it a near-hegemonic player. But the company missed the digital revolution, leaving the field open to its competitors. In 2012, it had to file for bankruptcy before emerging from bankruptcy the following year, thanks to selling patents to Apple and Google for $525 million and the takeover of certain activities by British pension fund KPP.
Kodak, weakened, indebted, and seeking new outlets, finds itself once again threatened with extinction. This time, the challenge is no longer just technological but systemic: surviving in an environment disrupted by artificial intelligence, industrial changes, and relocation imperatives. The liquidation of the CRIP retirement plan, supposed to free up $500 million by December 2025, represents both a lifeline and an absolute limit.
If this gamble fails, the company could find itself without resources or recourse. Kodak, which immortalized entire generations, may well not survive its own century. The myth is already wavering and now hangs by a thread. The company that once captured America's memories may become just a memory itself.
