Kodak Q1 Report 2023

First-quarter 2023 highlights include:

• Consolidated revenues of $278 million, compared with $290 million for Q1 2022, a decrease of $12 million or 4 percent (decreased by $2 million on a constant currency basis, or 1 percent)
• Gross profit of $50 million, compared to $33 million for Q1 2022, an increase of $17 million or 52 percent
• Gross profit percentage of 18 percent, compared with 11 percent for Q1 2022, an increase of 7 percentage points
• GAAP net income of $33 million, compared with net loss of $3 million for Q1 2022, an increase of $36 million
• Operational EBITDA of $9 million, compared with negative $7 million for Q1 2022, an increase of $16 million
• A quarter-end cash balance of $225 million, compared with $217 million on December 31, 2022, an increase of $8 million in the first quarter of 2023, compared with a decrease of $53 million in the first quarter of 2022

GAAP net income was $33 million for the quarter, compared with negative $3 million in Q1 2022, an increase of $36 million. Operational EBITDA for the first quarter 2023 was $9 million, compared with negative $7 million in the prior-year period, an increase of $16 million. The increase was primarily driven by improved profitability related to pricing passthrough and improved operational efficiency, partially offset by continued global cost increases.