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Kodak reported higher first-quarter revenue and operational EBITDA for 2026, with management citing growth in its Print and Advanced Materials businesses and continued progress in strengthening the company’s balance sheet.
Executive Chairman and Chief Executive Officer Jim Continenza said the quarter reflected Kodak’s transformation over the past seven years, continued investment in the business and an emphasis on execution.
Kodak reported consolidated revenue of $265 million for the quarter, up 7% from $247 million in the first quarter of 2025. On a constant currency basis, revenue increased 4%, according to Chief Financial Officer David Bullwinkle.
Gross profit rose to $57 million, up $11 million, or 24%, year over year. Gross margin improved to 22% from 19% a year earlier.
Operational EBITDA was $15 million, compared with $2 million in the first quarter of 2025. Bullwinkle said the increase was primarily driven by improved pricing, partially offset by higher manufacturing costs and higher silver and aluminum prices.
Despite the improvement in operating metrics, Kodak reported a GAAP net loss of $16 million for the quarter, compared with a GAAP net loss of $7 million in the prior-year period.
Bullwinkle attributed $12 million of the loss to a change in the fair value of an embedded derivative related to Kodak’s Series B preferred stock. He said the accounting impact stemmed from a previously announced amendment to the Series B agreement, with the fair value change primarily driven by an increase in Kodak’s stock price during the quarter.
Kodak also recorded $5 million in stock-based compensation expense, which Bullwinkle described as non-cash and not affecting liquidity. The company recognized $4 million in non-cash pension income, down $18 million from the prior-year quarter, due to the termination of the KRIP pension plan in the fourth quarter of 2025. Bullwinkle said Kodak expects pension income to be lower year over year in each quarter of 2026.
Partially offsetting these items was an $8 million year-over-year reduction in interest expense, mainly tied to term loan repayments following the pension plan termination and reversion.
Kodak said revenue increased in both of its key businesses: Print and Advanced Materials and Chemicals (AM&C).
In AM&C, revenue rose by $2 million, or 3%. Continenza said the increase was driven by a $3 million gain in film and chemicals, partially offset by a $1 million decline in inks and consumables.
Continenza said Kodak is beginning to see results from continued investment in film, including the launch of a professional still film sold directly to distributors aimed at stabilizing the market and meeting demand. He also pointed to continued growth in motion picture film, including the launch of KODAK VERITA 200D, which he said was used in “Euphoria” Season 3.
Continenza said several films, including “One Battle After Another” and “Sinners,” were shot on Kodak film, and that Christopher Nolan’s “The Odyssey” is also being shot on Kodak film. He said Kodak remains committed to film and maintaining supply for customers.
For pharmaceutical-related operations, Continenza said Kodak’s new cGMP pharmaceutical manufacturing facility is up and running. He also said Kodak opened the Kodak Advanced Electrophysiology Lab in partnership with SUNY Geneseo to enhance research capabilities and support future product development. Kodak continues to work toward obtaining Class II certification to manufacture more complex, higher-margin products in the United States, he said.
Continenza said commercial print revenue increased by 9% during the quarter despite aluminum supply issues, delivery and logistics constraints, and higher raw material costs.
He said raw material prices—particularly aluminum—have increased significantly, but Kodak maintained revenue and continued supplying customers. Continenza also noted the launch of the SONORA UltraXR Plate in Europe, expanding Kodak’s SONORA Ultra portfolio, and said the company remains focused on commercial print while investing in innovation.
Kodak ended the quarter with $299 million in unrestricted cash, down $38 million from Dec. 31, 2025. Bullwinkle said the company received $46 million in cash proceeds during the quarter from the redemption of hedge fund investments related to the KRIP pension reversion.
Working capital was affected by a $38 million increase in inventory, including $35 million within the AM&C segment. Bullwinkle said the increase was largely driven by the average commodity cost of silver more than doubling from year-end, as well as higher silver volumes carried on the balance sheet due to supply terms. Inventory also increased as Kodak built ahead of a planned second-quarter plant shutdown for maintenance.
Accounts payable increased by $9 million and accounts receivable decreased by $9 million, partially offsetting the inventory increase.
Kodak also made a $50 million principal payment on higher-rate term loans in March, as required under a term loan amendment. Bullwinkle said the payment was funded primarily by KRIP investment asset redemptions and would reduce future interest expense.
As of March 31, 2026, Kodak’s net debt positive position increased to $139 million from $128 million at the end of 2025. Bullwinkle said the company’s balance sheet is “stronger than it’s been in many, many years,” noting Kodak has remained net debt positive for two consecutive quarters.
Continenza said Kodak will continue to focus on manufacturing, selling and service while investing in AM&C and print. The company did not hold a formal question-and-answer session.
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