Kodak has released its second-quarter figures for 2026 that show a marked improvement in its fortunes with an 18% increase in its consolidated revenue, up from US$263 million to US$311 million year on year.
While there has been an improvement across the board, the biggest jump came in the Advanced Materials & Chemicals division, where revenues rose 40% from $75 million in Q2 2025 to $105 million this quarter, mostly due to increased sales of film and chemicals.
The Print division, which remains the biggest part of Kodak’s portfolio, saw an increase of 10%, up from US$178 million in 2025 to US$195 million in 2026 for Q2. This is mostly down to increased sales of plates, inks and other consumables, as well as equipment and software, though there was a slight drop in ongoing service arrangements, down US$35 million in 2025 to $31 million in Q2 2026.
Both divisions reported significant rises in the North American market, but with the European markets holding steady. The Print division also saw some growth in Latin America, whereas AM&C also had modest growth in the Asia Pacific region.
These revenues resulted in a gross profit of $82 million, compared with $51 million for Q2 2025, up 61%, and a gross profit percentage of 26%, up 7 percentage points on Q2 2025.
The net income, according to Generally Accepted Accounting Practices, came in at US$17 million, significantly better than the loss of US$26 million in Q2 2025. Kodak attributes this to improvements in gross profit, reduction in interest expense and lower asset impairments compared to the prior period, partially offset by lower pension income.
Similarly, the operational Earnings Before Interest, Taxes, Depreciation and Amortisation were US$36 million, compared with $9 million for the previous year’s Q2. Kodak says this is down to improved pricing and higher volume, partially offset by higher silver and aluminum prices and selling, general and administrative costs primarily related to the net change in employee benefit reserves and costs associated with corporate infrastructure.
The cash flow from operations improved by US$5 million from the prior year period. R&D costs have remained steady at $9 million per quarter.
This has left Kodak with a cash balance of US$290 million at the end of the second quarter, which is down from the $337 million at the year end for 2025, which Kodak says is mostly down to the repayments of the Term Loans of US$101 million and an increase in inventory of $37 million primarily driven by silver and aluminum commodities and that this has been partially offset by cash received from the redemptions of KRIP pension scheme investment assets.
Naturally, the basic earnings per share have gone up from a loss of US$0.36 to a positive US$0.13, which has also led to a steady increase in the price of Kodak shares, currently at US$9.86 per share at the time of publishing.
Interestingly, the report also includes details of several ongoing disputes. This includes several issues in Brazil, mostly related to tax but also civil litigation over labour contracts. Kodak is also defending itself against claims that its Sonora processless plates infringe some Fujifilm patents.
Jim Continenza, Kodak’s executive chairman and CEO, commented, “We continued to deliver strong results for the fourth consecutive quarter, achieving significant year-over-year improvement in revenue, gross profit and Operational EBITDA. The momentum we have built is the result of consistent execution of our long-term plan, especially our investments in product development and manufacturing infrastructure and our focus on operational excellence.”
He continued, “Looking forward, we are entering a new phase in Kodak’s transformation where we have the operational and financial leverage to focus on growth. To capitalize on that opportunity, we will continue to expand our core businesses, increase efficiency and accelerate our R&D investments to support our growth initiatives.”
You can find further details at kodak.com
