At 133, Kodak finds himself again on the edge of the abyss. The American group, a pioneer of argentic film and formerly synonymous with consumer photography, has officially recognized having “important doubts about its ability to continue its activities”. Admission, slipped into a document deposited with the American stock market gendarme (SEC), accompanied the publication of its results of the second quarter of 2025. It marks a decisive stage in the slow agony of a company which was one of the emblems of the US industry of the 20th century.
A LIRE AUSSI
Apple : l’histoire d’une marque qui a changé le monde
The financial situation is critical. In the second quarter, Kodak recorded a turnover of 263 million dollars, slightly decline compared to the 267 million of the same period in 2024. More worrying, the group posted a net loss of $ 26 million, where it still achieved a profit of 26 million a year earlier.
The liquidation of the retirement plan: ultimate appeal of Kodak
Faced with this degradation, Kodak is about to play his last card. To cope with a debt of $ 500 million expired within a year, the company is reliabling on the liquidation of its US pension plan, the Kodak withdrawal of Incomement (CRIP). This operation, already initiated, could make it possible to identify an equivalent amount, enough to cover a significant part of its short -term commitments and refinance the rest. But this extreme solution does not in any way guarantee the stability of the company beyond the immediate maturity.
In American accounting jargon, the term “gooir concerned” designates the capacity of a company to continue its activity in a viable manner. The fact that Kodak had to integrate this mention into his financial documents signals a substantial doubt, now officially recognized, on his sustainability. In a context of tension on the markets and weakening the industrial sector, this alert did not fail to worry the creditors.
The speech of CEO Jim Continenza is nevertheless reassuring. He claims that Kodak “continues to progress according to [son] long -term plan despite the challenges of an uncertain commercial environment ”. The contrast between this declaration and the reality of the figures is striking. In comparison with the resounding bankruptcy of 2012, when Kodak was crumbling within 6.75 billion dollars in debts and had more than 100,000 creditors, the current situation seems less spectacular. But it is nonetheless perilous: it is now the urgency of liquidity, and not the weight of long -term debt, which threatens the survival of the company.
A LIRE AUSSI
Luxe : pourquoi Hermès surclasse tous ses concurrents
Diversification towards pharmacy with disappointing results
An element of stability nevertheless remains in this darkened landscape. Thanks to a large part of its production located in the United States, Kodak remains relatively protected from international trade tensions. “Customs duties did not have a significant impact on our activities in the second quarter,” said the company, which makes its lithographic printing plates on American territory, its photographic dandruff or certain pharmaceutical compounds. In a context of industrial relocation carried by public policies, this anchoring could represent a significant competitive advantage.
One of the most daring bets in the group is also in this last activity. Since 2020, Kodak has been trying to reinvent itself in pharmaceutical products. Thanks to the COVVI-19 pandemic, the company had been requested by the US government to produce critical pharmaceutical ingredients. This repositioning, then perceived as temporary, has since been registered in a wider strategy.
The Advanced Materials & Chemicals division (AM & C) now has hopes of diversification. Kodak invested 20 million dollars there in May 2025 to modernize a Rochester factory, FDA certified, intended to produce in particular physiological serum for laboratories (PBS), and ultimately, injectable solutions. But the results are struggling to follow: the Division Ebitda remains blocked at $ 8 million, penalized by the increase in production costs, especially those of aluminum. The initiative, although strategic, is not yet enough to compensate for the erosion of historical professions.
Argentic photography: a growing market ignored by Kodak
Even more paradoxical: at a time when silver photography is experiencing a renewed world interest, Kodak fails to transform this crash into a real economic lever. In recent years, demand for dandruff has doubled, carried by a new generation of amateur and professional photographers, as well as by renowned filmmakers like Christopher Nolan. The global market for silver devices is expanding and could reach $ 427 million by 2032.
Aware of this opportunity, Kodak launched a program to modernize its Rochester factory at the end of 2024, requiring an investment of $ 49 million. The production of dandruff had even been temporarily suspended in November 2024 to carry out this transformation. Despite these efforts, the company is struggling to take full advantage of this Renaissance. It remains dominated by better armed competitors, such as Fujifilm, Canon or Sony, which capture most of the imagery market, including in the analog segment.
This inability to take advantage of its own assets is reminiscent of the strategic errors of the past. In the 1970s, Kodak dominated 90 % of the film market and 85 % of that of cameras in the United States. Its technological advance in sensitive supports made it an almost hegemonic actor. But the company had missed the digital turn, leaving the way for its competitors. In 2012, she had to file for bankruptcy, before leaving the bankruptcy the following year, thanks to the sale of patents to Apple and Google for $ 525 million, and the resumption of certain activities by the British pension fund KPP.
Kodak, weakened, indebted, in search of new outlets, is again threatened with disappearance. This time, the challenge is no longer only technological but systemic: survive in an environment upset by artificial intelligence, industrial changes and relocation imperatives.
The liquidation of the CRIP retirement plan, supposed to release $ 500 million by December 2025, represents both a salvation board and an absolute limit. If this bet fails, the company could find itself without resources or recourse.
Kodak, who immortalized entire generations, may well not survive his own century. The myth is already vacillating. It now only holds a thread.