Company: KODK
Filing Date: 2025-04-10
Form Type: DEF 14A
Source: 0001140361-25-013170
Chunk: 25

Company: EASTMAN KODAK CO
Filing Date: 2025-04-10
Form: DEF 14A
Chunk 25
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 Byrd, General Counsel, Secretary and Senior Vice President |

| • | Richard T. Michaels, Chief Accounting Officer and Corporate Controller |

EXECUTIVE SUMMARY Business Highlights Our consolidated revenues in the year ended December 31, 2024 were $1.043 billion, a decline of $74 million (7%) from 2023. Currency impacted revenue unfavorably in 2024 compared to 2023 ($3 million). Print revenues, which accounted for 71% of Kodak’s total revenues in 2024, declined by $91 million (11%) compared to 2023. Advanced Materials and Chemicals revenue improved $16 million (6%) from 2023 to 2024. Our gross profit for 2024 was $203 million, a decrease of $7 million (3%) compared to 2023. Our gross profit percentage for 2024 was 19%, the same as in 2023. Kodak’s products are sold and serviced in numerous countries across the globe with more than half of sales generated outside the U.S. Current global economic conditions remain highly volatile due to the uncertain and unpredictable macroeconomic environment, heightened levels of inflation, the war in Ukraine, the conflicts involving Israel, changes in trade policies, including tariffs or other trade restrictions or the threat of such actions, and other global events which impacted Kodak’s operations. Kodak is experiencing revenue declines and increased manufacturing costs for certain businesses due to lower volumes and increased labor, material and distribution costs, as well as supply chain disruptions and shortages in materials and labor. Kodak has implemented various pricing actions and customer-focused initiatives to mitigate the impact of increased manufacturing costs, primarily within its Print and Advanced Materials and Chemicals segments. Largely beginning in the latter part of the second quarter of 2021, in order to mitigate the impact of higher aluminum, energy and packaging costs within Prepress Solutions, the Print segment implemented pricing actions on purchases of plates that continue to be periodically reviewed and adjusted accordingly. In addition, the Advanced Materials and Chemicals segment implemented various pricing actions primarily within its industrial films and chemicals and motion picture businesses. The ongoing changes in global economic conditions and the impact of other global events on Kodak’s operations and financial performance remains uncertain and will depend on several factors such as the slowdown in customer demand, the ability to offset higher labor, material and distribution costs through pricing actions, duration of supply chain disruptions and the ability to secure raw materials and components.

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