Kodak Half-Year Report 2023

Second quarter 2023 highlights include:

• Consolidated revenues of $295 million, compared with $321 million for Q2 2022, a decrease of $26 million or 8 percent
• Gross profit of $63 million, compared to $51 million for Q2 2022, an increase of $12 million or 24 percent
• Gross profit percentage of 21 percent, compared with 16 percent for Q2 2022
• GAAP net income of $35 million, compared with $20 million for Q2 2022, an increase of $15 million
• Operational EBITDA of $22 million, compared with $11 million for Q2 2022, an increase of $11 million
• A quarter-end cash balance of $223 million, compared with $217 million on December 31, 2022; an increase of $6 million in the six months ended June 30, 2023, compared with a decrease of $73 million in the prior-year period, an improvement in cash of $79 million

For the quarter ended June 30, 2023, revenues were $295 million, a decline of $26 million or 8 percent compared to the same period in 2022. GAAP net income was $35 million for the quarter, compared with $20 million in Q2 2022, an increase of $15 million. Operational EBITDA for the second quarter 2023 was $22 million, compared with $11 million in the prior-year period. The increase was primarily driven by improved profitability related to pricing passthrough and improved operational efficiency, partially offset by continued global cost increases.