Eastman Kodak Co.

Overview Key strengths Key risks Adequate liquidity with cash balance of $362 million, and $27 million of availability under its ABL credit agreement. Persistently negative free cash flow due to weak profitability and high legacy overhead expenses. A clear near-term debt maturity profile with no material maturities due before 2026. Significant exposure to volatility in commodity prices limits visibility into margins and cash generation. Focus on core printing supplies business has enabled Kodak to grow revenues in 2021. A secular decline commercial printing will continue to pressure revenues over the longer term, unless the company finds traction in growth initiatives. Kodak?s Traditional Printing segment benefitted from rebounding demand as the industry recovered from the impact of the COVID-19 pandemic, growth

...Kodak grew its revenues by about 11% in 2021, mostly from sales growth in its Traditional Printing and Advanced Materials and Chemicals segments, but EBITDA margins remained weak. Kodak's Traditional Printing segment benefitted from rebounding demand as the industry recovered from the impact of the COVID-19 pandemic, growth in sales of SONORA process-free plates, and favorable...

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