Kodak CEO Says There's 'Substantial Doubt' About Whether Or Not The 133-Year-Old Company Will Continue
The Eastman Kodak Company (NYSE:KODK) is warning investors that it may not exist for much longer. The 133-year-old photography company pointed to ongoing struggles to satisfy its debt obligations, which have left the company with "substantial doubt about [its] ability to continue," as the primary reason behind its possible shuttering.
Kodak shared the news in its Q2 2025 earnings report last week, adding that tariffs had not had a "material impact" on its financial situation.
"Several years ago, we brought back our heritage as a U.S. manufacturer...Kodak is proud to be a global company and our key manufacturing tak[es] place right here at home," CEO James Continenza said on the company's earnings call. "As an American manufacturer for over 100 years, we remain committed to manufacturing in the U.S. and expect U.S. tariffs to protect U.S. businesses like ours."
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Last November, Kodak announced that it planned to terminate its retirement pension plan in order to unlock value and free up cash. The earnings report says that it will use this influx of cash to help tackle its outstanding debts.
In a statement to CNN, a spokesperson said that the company is "confident it will be able to pay off a significant portion of its term loan well before it becomes due, and amend, extend or refinance our remaining debt and/or preferred stock obligations."
Kodak can trace its roots back to 1879, when founder George Eastman filed his first patent for a plate coating machine. In 1888, he began selling cameras for $25.
At the time, photography was highly technical and not something that the average person could easily get into. Kodak aimed to change that by making it more accessible. Its slogan, "you push the button, we do the rest," makes that clear.
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The approach worked. In the 1970s, the company was responsible for 90% of film sales and 85% of camera sales in the U.S., The Economist reports. Unfortunately for Kodak, that dominance didn't last.
In 1975, the company introduced the first digital camera. However, it failed to capitalize on the trend, and by 2012, it had filed for bankruptcy.
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