Kodak Q3 Report 2023

Third quarter 2023 highlights include:

• Consolidated revenues of $269 million, compared with $289 million for Q3 2022, a decrease of $20 million or 7 percent
• Gross profit of $50 million, compared to $43 million for Q3 2022, an increase of $7 million or 16 percent
• Gross profit percentage of 19 percent, compared with 15 percent for Q3 2022
• GAAP net income of $2 million, flat compared with Q3 2022
• Operational EBITDA of $12 million, compared with $7 million for Q3 2022, an increase of $5 million or 71 percent
• A quarter-end cash balance of $246 million, compared with $217 million on December 31, 2022, an increase of $29 million. Cash flow from operations improved $151 million in the nine months ended September 30, 2023, compared with the prior-year period

For the quarter ended September 30, 2023, revenues were $269 million, a decline of $20 million or 7 percent compared to the same period in 2022. GAAP net income was $2 million for the quarter, flat compared with Q3 2022. Operational EBITDA for the third quarter of 2023 was $12 million, compared with $7 million in the prior-year period. The increase was primarily driven by improved profitability related to pricing rationalization and improved operational efficiency executing on cost controls partially offset by higher continued ongoing global cost increases and lower volumes.