Eastman Kodak Company (KODK): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the current strategy for Eastman Kodak Company (KODK), and what you'll find is a fascinating, complex pivot that demands a close look. Honestly, this isn't just about film anymore; it's about balancing the core commercial print business-which still drives recurring revenue from consumables-with the high-tech push into Advanced Materials & Chemicals, all while executing a massive financial cleanup like the pension plan termination aimed at securing about $600 million in cash. With consolidated revenues for the first nine months of 2025 reaching $779 million and a Q3 cash balance of $168 million, the company is definitely making moves on the balance sheet while spending $9 million on R&D in Q1 2025 to fuel that future. Check out the full Business Model Canvas below to see precisely how the iconic brand name, deep patent portfolio, and diverse customer segments are being marshaled to support this dual strategy.

Eastman Kodak Company (KODK) - Canvas Business Model: Key Partnerships

When you look at Eastman Kodak Company's structure in late 2025, the partnerships are clearly segmented, supporting both the legacy print business and the growth areas in Advanced Materials & Chemicals (AM&C). The financial performance of these alliances directly impacts the top line; for instance, Q3 2025 consolidated revenues hit $269 million, showing a 3% year-over-year increase, which helps support these strategic collaborations.

The relationship with HuaGuang in China remains a key strategic element for the plates business. This partnership, established back in 2019, involves Eastman Kodak Company licensing its SONORA Process Free plates technology to HuaGuang, one of the largest graphics players in the region. The original structure included selling Eastman Kodak Company's offset printing plates facility in Xiamen to HuaGuang, creating a local manufacturing and supply backbone to accelerate the conversion to process-free technologies in the Chinese market.

In the pharmaceutical space, Eastman Kodak Company is actively collaborating with pharmaceutical Contract Manufacturing Organizations (CMOs) and Contract Development and Manufacturing Organizations (CDMOs). They serve as a trusted US-based supplier for non-regulated Key Starting Materials (KSMs) for Active Pharmaceutical Ingredients (APIs). This is being aggressively expanded, evidenced by the investment in a new cGMP (Current Good Manufacturing Practice) facility, which is in the tens of millions of dollars, designed to produce FDA-regulated products starting in 2025, moving beyond just non-regulated KSMs.

Brand licensing continues to be a steady, albeit small, revenue contributor. Eastman Kodak Company maintains licensing agreements across over 25 categories. The Brand segment is defintely profitable, though its scale is modest compared to the core businesses. For example, in Q1 2025, the licensing business generated $4 million, flat compared to the prior year. Looking at the nine months ending September 30, 2025, the prior year period included $40 million in cash proceeds from brand licensing, showing the typical scale of this revenue stream.

The outline of these critical external relationships can be mapped against recent financial outcomes:

• Brand Licensing: Steady cash flow, Q1 2025 generated $4 million.
• Pharmaceuticals: Significant capital deployment, investment in cGMP facility in the tens of millions of dollars.
• Creative Industry: Continued supply of film stock, though this segment is not the primary growth driver.
• Technology Firms: Integration efforts focused on enhancing print solutions via AM&C expertise.

Here's a quick look at how the Brand segment's performance relates to the overall business health supporting these alliances:

Partnerships with technology firms are less granularly detailed in recent public filings but are implicitly tied to the growth of the Advanced Materials & Chemicals (AM&C) segment, which saw sales increase 25% year-over-year in Q1 2025. The focus here is leveraging core competencies like coating technology for new applications, which naturally requires external tech collaboration, such as exploring battery component manufacturing through strategic relationships.

Eastman Kodak Company (KODK) - Canvas Business Model: Key Activities

You're looking at the core things Eastman Kodak Company is actively doing to generate revenue and manage its structure as of late 2025. It's a mix of legacy manufacturing, new high-tech ventures, and significant balance sheet restructuring. Honestly, the focus has shifted quite a bit from its historical core.

Manufacturing and sales of commercial printing plates and consumables

Eastman Kodak Company continues to execute on its commercial print business, which includes lithographic printing plates and related consumables. This activity is crucial for cash flow, even as the segment faces volume pressures. For the third quarter ending September 30, 2025, Print revenues were reported at $177 million, representing a 3 percent decrease compared to the same period in 2024. The operational focus here is clearly on profitability, as evidenced by the Print Operational EBITDA swinging to a positive $8 million in Q3 2025, a significant improvement from the negative $9 million operational EBITDA recorded in Q3 2024. Earlier in the year, Q1 2025 Print revenue was $165 million, which saw an operational EBITDA loss of $9 million.

Here's a quick look at the Print segment performance:

Operating the FDA-registered cGMP pharmaceutical manufacturing facility in Rochester

A major strategic activity is the operation of the Advanced Materials & Chemicals (AM&C) segment, which includes the FDA-registered cGMP (current Good Manufacturing Practice) pharmaceutical manufacturing facility in Rochester, New York. This facility is certified to manufacture and sell regulated pharmaceutical products, starting with phosphate buffered saline (PBS). The AM&C segment is showing growth, which helps offset the print segment's challenges. For Q3 2025, AM&C revenues reached $82 million, marking a 15 percent increase compared to Q3 2024. Profitability in this area also expanded, with AM&C Operational EBITDA reaching $16 million in Q3 2025, up from $6 million in Q3 2024.

The growth in this area is supported by the company's core competencies:

• Leveraging coating and layering science.
• Focus on U.S.-based manufacturing.
• Expanding into regulated pharmaceutical products.

Research and development (R&D) in advanced materials, coating, and layering science

Eastman Kodak Company maintains R&D activities focused on its advanced materials, coating, and layering science, which directly supports the AM&C growth area. For the second quarter ended June 30, 2025, Research and development costs were reported as $9 million, slightly up from $8 million in Q2 2024. Looking at the trailing twelve months (TTM) leading up to the latest reports, R&D expenses were $34 million, which aligns with the average of the last five fiscal years.

Global brand licensing and management across diverse consumer product categories

The company continues to manage its powerful global brand through licensing agreements. This activity is noted for being steady and profitable, though it doesn't currently represent a major growth engine. In the first quarter of 2025, the licensing business generated $4 million in revenue, which was flat compared to the first quarter of 2024.

Executing the U.S. pension plan termination to secure ~$600 million in cash reversion

This was a critical, near-term financial activity to strengthen the balance sheet. Eastman Kodak Company announced the completion of the reversion process for the Kodak Retirement Income Plan (KRIP) in December 2025. The total excess pension assets were valued at $1.023 billion. Approximately $767 million of these excess assets reverted to the company, which included $609 million in cash and $158 million in non-cash assets. The company immediately used $312 million of these cash proceeds to pre-pay term loans, reducing the term loan balance to $200 million. After accounting for the excise tax on the reverted assets, the company achieved a net-positive cash position with a cash balance exceeding $300 million. Furthermore, $251 million in investment assets and $5 million in cash were directed to fully fund the new Kodak Cash Balance Plan (KCBP).

The immediate impact on debt and cash structure is significant:

Finance: draft 13-week cash view by Friday.

Eastman Kodak Company (KODK) - Canvas Business Model: Key Resources

79,000 worldwide patents represent deep imaging and materials science expertise, earned over 130 years of research and development at Eastman Kodak Company.

Eastman Kodak Company maintains a global manufacturing footprint, with specific U.S. facilities supporting key product lines. This physical presence is critical for domestic supply chain control and growth initiatives.

The FDA-registered cGMP (Current Good Manufacturing Practice) pharmaceutical manufacturing facility is a key resource, designed for rapid expansion into regulated pharmaceutical products. Production was expected to begin in 2025.

• Facility designed for Class 1 and Class 2 medical devices, starting with Phosphate Buffered Saline (PBS).
• Water purification processes meet or exceed USP WFI grade specifications.
• Retrofitting an existing building aligns with long-term sustainability goals.

The iconic KODAK brand name continues to be a resource, primarily generating licensing revenue, though the absolute dollar value has fluctuated.

Eastman Kodak Company held an unrestricted cash balance of $168 million as of September 30, 2025, an increase of $13 million from June 30, 2025, driven by improved profitability. The company projects ending 2025 with a cash balance exceeding $300 million following the completion of a pension reversion transaction.

Eastman Kodak Company (KODK) - Canvas Business Model: Value Propositions

You're looking at the core offerings Eastman Kodak Company is pushing to the market as of late 2025. It's a mix of legacy strength and new regulated ventures, so let's look at the hard numbers from the third quarter of 2025.

Commercial Print: Eastman Kodak Company provides sustainable, process-free printing plates, specifically the KODAK SONORA Ultra Process Free Plates, which set a new benchmark for performance. The company is the last remaining U.S. manufacturer of lithographic printing plates. For the third quarter of 2025, Print revenues were $177 million, representing a 3 percent decrease compared to the third quarter of 2024. Print Operational EBITDA for the quarter increased by $17 million year-over-year. As of 2024, more than 6,000 sheetfed and web offset printers globally relied on SONORA Plates. The value proposition here is sustainability, eliminating chemical processing, and reducing waste, which helps printers improve their credentials and reduce costs.

Advanced Materials: This segment leverages high-precision coating and layering services for industrial films and components. For the quarter ended September 30, 2025, Advanced Materials & Chemicals (AM&C) revenues hit $82 million, a strong 15 percent increase compared to the same period in 2024. This growth was fueled by price increases and higher volumes in Industrial Film and Chemicals and Motion Picture. AM&C Operational EBITDA for Q3 2025 was $16 million, up $10 million from Q3 2024.

Pharmaceuticals: Eastman Kodak Company is expanding its pharma business with a new cGMP manufacturing facility, which is now certified to manufacture and sell regulated products. This facility will initially produce products like phosphate buffered saline (PBS). This offers U.S.-based, regulated manufacturing, a key differentiator for supply chain security.

Motion Picture Film: This niche business is included within the AM&C revenue stream. The value is supplying the high-quality film stock demanded by major studios. The company manufactures all its film products in the U.S.. The film finishing capacity has nearly doubled.

Brand Licensing: This proposition relies on the global recognition and heritage of the Eastman Kodak Company name to elevate licensee products. While the Brand segment contributes to the overall business, specific revenue figures for Brand Licensing alone were not separately itemized in the Q3 2025 results; consolidated revenues were $269 million for the quarter.

Here's a quick look at the segment revenue contribution for the third quarter of 2025:

The overall financial health shows improvement in operational metrics, with Operational EBITDA soaring to $29 million in Q3 2025 from just $1 million in Q3 2024. Also, the expected proceeds from the U.S. pension reversion plan increased to $600 million, up from the initial estimate of $500 million.

The core value drivers for Eastman Kodak Company in late 2025 include:

• Eliminating chemical processing for plates.
• cGMP facility certified to sell regulated products.
• Manufacturing film products in the U.S..
• Achieving a gross profit percentage of 25 percent in Q3 2025.
• Leveraging a global patent portfolio of 79,000 patents.

Finance: draft 13-week cash view by Friday.

Eastman Kodak Company (KODK) - Canvas Business Model: Customer Relationships

You're looking at how Eastman Kodak Company keeps its key customers engaged, which is clearly split across its major business lines as of late 2025. The relationship style changes depending on whether you're selling a multi-million dollar press or a specialized chemical reagent.

Dedicated Direct Sales: High-touch, consultative selling for commercial print equipment and software

For the commercial print segment, the relationship is definitely high-touch. This involves direct engagement for selling complex hardware like the PROSPER 7000 Turbo Press or workflow software such as PRINERGY. The company relies on a focused team to manage these large accounts. As of the latest available data from 2023, the Direct Commercial Sales Team consisted of 84 sales representatives, supporting revenue that reached $376.5 million that year. Anyway, the focus remains on consultative selling to drive the migration of work from analog to digital printing solutions in 2025. The company maintains commercial printing partnerships with 127 enterprise-level organizations across various industries.

Long-Term Service Contracts: Recurring revenue and support for print system customers

Service contracts are critical for stabilizing the Print Systems division, which saw revenues of $165 million in the first quarter of 2025. While specific service contract revenue isn't broken out, these agreements ensure ongoing support and consumable sales for the installed base of equipment. The Print Operational EBITDA improved by $17 million year-over-year in Q3 2025, partially due to price increases, but consistent service revenue helps manage the segment's inherent cyclicality and input cost pressures. If onboarding for new print systems takes too long, churn risk rises, so service quality is key.

Strategic Licensing Management: Partner-driven model for brand extension and quality control

The brand relationship is managed through strategic licensing, which keeps the revenue stream steady but small. For the first quarter of 2025, the licensing business generated $4 million, which was flat compared to the prior year. Honestly, this shows the brand is profitable but doesn't carry the same weight in driving top-line growth as it once did. This model helps maintain brand presence while keeping operational overhead low for Eastman Kodak Company.

B2B Supply Chain Integration: Deep collaboration with pharmaceutical and chemical clients

Customer relationships in the Advanced Materials & Chemicals (AM&C) segment are about deep, technical collaboration. This segment is a growth driver, with Q3 2025 revenues hitting $82 million, up 15 percent year-over-year. A major relationship milestone is the new cGMP pharmaceutical manufacturing facility, which became certified to manufacture and sell regulated products by Q3 2025. This facility is designed to supply components like reagents and pharmaceutical key starting ingredients, moving Eastman Kodak Company into a more regulated, high-trust B2B supply role. The investment, in the tens of millions of dollars, signals a long-term commitment to these specialized customers.

Here's a quick look at how the customer-facing revenue streams stacked up in the first half of 2025, based on reported segment figures:

The company's overall customer engagement is reflected in its consolidated results. For instance, Q2 2025 consolidated revenues were $263 million, and Q3 2025 revenues were $269 million. The AM&C segment's growth is clearly a key focus for strengthening future customer relationships, especially with the FDA registration of its pharma facility.

• Dedicated Sales Focus: Commercial Print Equipment and Workflow Software.
• Contract Focus: Long-term service agreements for installed print base.
• Partner Model: Strategic brand licensing for steady, low-overhead income.
• Deep Integration: Supplying regulated reagents and specialty chemicals.

Finance: review the Q4 2025 segment revenue projections against the Q3 actuals by Monday.

Eastman Kodak Company (KODK) - Canvas Business Model: Channels

You're looking at how Eastman Kodak Company gets its products and services into the hands of its customers as of late 2025. The approach is segmented, matching the channel to the product's complexity and value, which is smart for a company with such diverse offerings.

The financial scale of the businesses served by these channels is best seen through the Q3 2025 segment results. The Print segment, which relies heavily on direct sales and dealer networks for equipment, plates, and consumables, generated $177 million in revenue for the quarter. Meanwhile, the Advanced Materials & Chemicals (AM&C) segment, which uses direct supply for specialized materials, brought in $82 million in Q3 2025. The Brand segment contributed an Operational EBITDA of $6 million in the same period. Overall, consolidated revenues for Q3 2025 hit $269 million, with trailing twelve months (TTM) revenue at $1.04 Billion USD.

Here's a breakdown of the revenue scale flowing through the primary business segments that utilize these channels for the third quarter of 2025:

Direct Sales Force: This channel is the backbone for moving high-value capital equipment, like advanced printing systems, and securing long-term service contracts. The sales cycle here is complex, requiring specialized technical knowledge, which necessitates a dedicated, in-house team. This force targets large commercial print operations where the $177 million Print revenue stream originates.

Global Dealer/Reseller Network: You see this network used for distributing plates, which are high-volume consumables, and smaller print systems. This broad reach is essential for market penetration outside of the largest accounts served by the direct force. Furthermore, the AM&C film business is now using this route, launching still films sold directly to distributors to ensure more stable pricing and supply for retailers and consumers.

Brand Licensee Distribution: This channel leverages the power of the Eastman Kodak Company brand name on products sold by third parties. Licensees manage their own distribution, using their established retail shelf space and e-commerce sites. This keeps the company asset-light in consumer goods distribution while still capturing revenue from the brand equity, which contributed an Operational EBITDA of $6 million in Q3 2025.

Direct-to-Business Supply: For the AM&C segment, this is critical for key starting materials (KSMs) and contract coating services, particularly for pharmaceutical and industrial applications. The fact that the cGMP pharmaceutical manufacturing facility is now certified to sell regulated products means this direct, high-touch channel is set to expand its specialized B2B offerings. This specialized supply chain supports the $82 million in AM&C revenue reported for Q3 2025.

Key channel activities and associated facts include:

• Direct sales support the Print segment, which saw revenue of $177 million in Q3 2025.
• The AM&C segment, relying on direct supply for specialty chemicals, grew revenue by 15 percent year-over-year in Q3 2025.
• New still film distribution strategy aims for greater control over the consumer film market via distributors.
• Kodak manufactures lithographic printing plates and pharmaceutical key starting ingredients in the U.S..
• The company's overall cash balance at the end of Q3 2025 was $168 million.

Finance: draft 13-week cash view by Friday.

Eastman Kodak Company (KODK) - Canvas Business Model: Customer Segments

You're looking at the customer base for Eastman Kodak Company as of late 2025, which is clearly segmented across its core manufacturing and licensing operations. The financial data from the third quarter of 2025 gives us a clear picture of where the bulk of the revenue is coming from right now.

The primary customer base is served through the Print segment, which still generates the largest portion of sales, followed by the Advanced Materials & Chemicals (AM&C) group, which houses the specialized film and chemical buyers. The Brand segment is the smallest revenue contributor.

Here's the quick math on the segment revenue contribution for the third quarter of 2025:

The AM&C segment revenue of $82 million in Q3 2025 is a key growth area, showing a 15 percent year-over-year increase, driven by both film and chemical demand.

For the Commercial Printers and Publishers, the Print segment revenue for Q3 2025 was $177 million, representing a 3 percent decrease compared to Q3 2024, though Operational EBITDA for this group increased by $17 million year-over-year due to pricing and cost management.

The customer segments within the Advanced Materials & Chemicals group are:

• Pharmaceutical and Biotech Companies: Buyers of regulated cGMP products, with the new cGMP pharmaceutical manufacturing facility registered with the FDA and certified to manufacture and sell regulated pharmaceutical products as of Q2 2025.
• Motion Picture Studios and Independent Filmmakers: Users of specialized motion picture film stock, with demand for motion picture film continuing to grow as of late 2025.

The Brand segment, which serves Consumer Product Manufacturers through licensing agreements, saw its revenue increase by $1 million to reach $3 million in Q3 2025.

You can see the relative size of the two largest revenue-generating customer groups:

• Commercial Printers and Publishers (Print): $177 million in Q3 2025 revenue.
• Pharma/Biotech and Film Users (AM&C): $82 million in Q3 2025 revenue.

Finance: draft 13-week cash view by Friday.

Eastman Kodak Company (KODK) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Eastman Kodak Company (KODK) business, and honestly, it's dominated by the costs tied directly to making and selling things, plus the overhead to keep the lights on. The high cost of revenues is a persistent factor, especially with raw materials like aluminum for printing plates being a known pressure point. In fact, Q3 2025 Operational EBITDA improvement was partly due to lower aluminum costs, suggesting they are a significant variable cost.

The manufacturing and production costs are spread across global facilities, and these costs, alongside commodity prices, directly impacted the Q1 2025 results, contributing to the drop in Operational EBITDA. For the first quarter of 2025, the total Cost of Revenues was $201 million, broken down into $174 million for Sales and $27 million for Services. That's a big chunk of the $247 million in total revenue for that period.

Here's a quick look at the major cost components from the first quarter of 2025, which gives you a snapshot of where the money is going:

Research and development (R&D) costs were reported at $9 million for the quarter ended March 31, 2025. This spending reflects the ongoing investment in growth initiatives, particularly in the Advanced Materials & Chemicals unit, including the new cGMP manufacturing facility.

Selling, general, and administrative (SG&A) expenses were $45 million in Q1 2025. To be fair, this was flat compared to Q1 2024, but it still represents a significant fixed-cost base that the company needs to cover with its revenue base.

Then you have the financing costs. The interest expense on debt was $14 million for Q1 2025. However, this is expected to change. Following the expected pension reversion in December 2025, Eastman Kodak Company plans to use a significant portion of the proceeds to repay term loans, cutting debt down to around $200 million. This deleveraging action is specifically intended to lower the future interest expense going forward.

• Lower aluminum costs provided some relief to Print segment Operational EBITDA in Q3 2025.
• Capital expenditures to fund growth initiatives contributed to the cash balance decrease in Q1 2025.
• The company is focused on operational efficiencies to help manage the overall cost structure.
• The Print segment saw its Operational EBITDA drop to negative $9 million in Q1 2025 due to input cost pressures.

Finance: draft 13-week cash view by Friday.

Eastman Kodak Company (KODK) - Canvas Business Model: Revenue Streams

You're looking at how Eastman Kodak Company actually brings in the money now, which is a mix of recurring sales, big equipment purchases, and licensing deals. It's not just film anymore; that's the key takeaway here.

Print Consumables Sales: This stream is about the ongoing need for materials to keep the printing presses running. Think of it as the razor blade model for commercial printing operations.

• This revenue is recurring from lithographic plates, inks, and chemicals used in their print workflow.

Print Systems Sales: This covers the initial, larger capital expenditure items that customers buy to start or upgrade their printing operations.

• Revenue comes from sales of digital presses, platesetters, and the associated workflow software.

Advanced Materials & Chemicals Sales: This segment is a significant driver, showing growth in specialized, high-value products.

• This includes sales of industrial films, specialty chemicals, and contract coating services.
• For the quarter ended September 30, 2025, the Advanced Materials & Chemicals (AM&C) segment generated $82 million in revenue.
• This represented an increase of $11 million or 15 percent compared to the same period in 2024.

Brand Licensing Royalties: This is a high-margin stream that leverages the global recognition of the Eastman Kodak Company name.

• This involves fixed and variable fees collected from partners using the brand.
• The licensing strategy is active across more than 25 categories.
• Licensing revenues have achieved a 14% CAGR growth over the past five years.
• For the third quarter of 2025, the Brand segment revenue was $3 million, up $1 million from the prior year.

Here's a quick look at the segment revenue performance for the third quarter of 2025:

The overall financial picture for the year-to-date period is clear, showing the total top-line performance.

• Consolidated revenues for the nine months ended September 30, 2025, totaled $779 million.
• Consolidated revenues for the third quarter ended September 30, 2025, were $269 million.

Finance: draft 13-week cash view by Friday.