Eastman Kodak Company Q2 FY2025 earnings call

• Executing on long-term plan despite global business environment uncertainties like tariffs, logistics, and wars.
• Delevering the business and strengthening balance sheet is a key initiative.
• Investing in growth businesses such as AM&C, medical group, and the newly launched U.S. cGMP pharmaceutical manufacturing facility.
• Focus on increasing operational efficiencies through technology, automation, and standardized practices.
• Commitment to U.S. manufacturing, with key manufacturing taking place in the U.S., including lithographic plates being manufactured only in the U.S.
• U.S. pension plan termination and reversion process proceeding as planned, with expected use of reverted assets to reduce long-term debt.
• AM&C's cGMP pharmaceutical manufacturing facility registered with FDA and certified to manufacture certain regulated pharmaceutical products, starting with PBS for laboratory use.

The core business continued as expected. Revenue for the second quarter was $263 million compared to $267 million in Q2 2024, roughly flat year-over-year. The Advanced Materials and Chemicals (AM&C) business saw revenue growth. The Commercial Print business is still the largest, with improvements in efficiency and product acceptance. AM&C's revenue contribution is increasing as seen in its growth initiatives, including the cGMP pharmaceutical manufacturing facility.

• Plan to use approximately $500 million reverted from KRIP termination to reduce term debt and refinance/extend remaining debt obligations.
• Entered into an ATM equity offering sales agreement to potentially raise $100 million for general corporate purposes, though no shares sold yet.
• Elected to pay cash interest payment for second quarter 2025 entirely in PIK as per term loan credit agreement amendment.

• Substantial doubt about ability to continue as going concern due to maturing Series B preferred stock and term loan within 12 months.
• Risks associated with forward-looking statements due to factors beyond Kodak's control that could cause actual results to differ from expectations.
• Uncertainties related to the successful termination and reversion of KRIP and its impact on debt reduction and financial position.

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