KODK · Eastman Kodak Company

Kodak’s Q1 2026 results reflect sustained operational improvement, marked by $265 million in revenue — a 7% year-over-year increase driven by strong performance in Print (+9%, $180M) and Advanced Materials & Chemicals (+3%, $76M). Gross profit surged 24% to $57 million, with gross margin expanding 300 basis points to 22%, attributable to improved pricing discipline. However, this gain was partially offset by higher manufacturing costs and elevated silver and aluminum prices — key raw material inputs for Kodak’s imaging and materials businesses. Operational EBITDA jumped to $15 million from $2 million, a 650% increase, underscoring meaningful leverage in the cost structure; management explicitly attributed the EBITDA growth to pricing, while flagging commodity inflation as a headwind. The GAAP net loss widened to $16 million from $7 million, reflecting non-operating items including interest expense ($6M), pension income adjustments ($4M), and other charges ($9M), per the Appendix A reconciliation. Cash declined $38 million to $299 million, largely due to a $50 million term loan repayment and $38 million in inventory buildup tied to commodities — signaling strategic working capital investment amid volatile input markets. CEO Jim Continenza emphasized three consecutive quarters of year-over-year growth in revenue, gross profit, and Operational EBITDA, crediting multi-year investments in innovation, infrastructure, and operational excellence. Notably, no forward-looking guidance was provided for Q2 or full-year 2026, and the press release reiterated caution around macro risks including geopolitical instability, trade policy shifts, and commodity volatility — all cited as material factors that could materially affect future results.