Eastman Kodak Co., the iconic Rochester-based company that once revolutionized amateur photography, is warning it may not survive much longer.
In an earnings report and SEC filing released Monday, Aug. 11, Kodak revealed there is “substantial doubt” about its ability to continue operating as it faces over $470 million in debt. The company said it lacks committed financing or liquidity to cover those obligations if they come due within the next 12 months.
Kodak’s stock tumbled following the news, which also showed the company posted a loss for the second quarter of 2025.
A Rochester legacy at risk
Founded by George Eastman in Rochester in the late 19th century, Kodak became a global giant after introducing the Kodak #1 camera in 1888 — bringing photography to everyday consumers and coining the phrase “Kodak moment.”
Despite its early success and deep ties to the Rochester area, the company struggled to adapt to the rise of digital photography. It filed for bankruptcy in 2012 and has since shifted focus to printing, specialty chemicals, and pharmaceuticals.
Financial challenges mounting
In its Aug. 11 filing, Kodak reported:
CEO Jim Continenza noted that recent tariffs had no material impact on the company’s core businesses due to domestic production of film, printing plates, ink, and pharmaceutical ingredients.
What’s next for Kodak?
David Bullwinkle, Kodak’s chief financial officer, said the company is prioritizing its advanced chemicals and materials business moving forward. Kodak also recently announced cuts to its retirement plan in an effort to pay down debt.
Bullwinkle said the company expects to “have a clear understanding” of how it will address its financial obligations by Friday, Aug. 15.
“For the second half of the year, we will continue to focus on reducing costs today and converting our investments into long-term growth,” he said.
The company was founded by George Eastman in 1889 and renamed a few years later to the Eastman Kodak Company. Eastman’s Kodak Brownie camera introduced in 1900 made photography accessible to everyday Americans, later introducing color versions in the 1920s and 1930s, and offering the world’s first digital camera in 1975.
Kathryn Palmer is a national trending news reporter for USA TODAY. You can reach her at kapalmer@usatoday.com and on X @KathrynPlmr.
This article originally appeared on Rochester Democrat and Chronicle: Kodak warns it may go out of business: What to know
Reporting by Kathryn Palmer, USA TODAY / Rochester Democrat and Chronicle
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