According to CNBC, Eastman Kodak reported a net loss of $26 million in its second quarter 2025 earnings report, representing a 200% decline from the $26 million profit recorded in the same period last year. The 133-year-old company warned investors of "substantial doubt" about its ability to continue operations as a going concern.

The Rochester, New York-based photography company disclosed in its regulatory filing that it has approximately $500 million in debt obligations maturing within 12 months without committed financing to meet these requirements. CBS News reports the company also faces more than $200 million in pension liabilities. Kodak shares dropped over 15% year-to-date following the announcement.

Chief Financial Officer David Bullwinkle stated the company plans to terminate its retirement pension plan to generate liquidity for debt repayment. The company expects to receive approximately $300 million from this pension reversion by December 2025.

Rising Film Demand Cannot Offset Financial Pressures

The financial troubles occur during a period of renewed interest in film photography among younger consumers. Business Research Insights projects the global film photography cameras market will reach $41.52 billion by 2033, growing at a 3.78% compound annual growth rate from $29.73 billion in 2024.

Generation Z consumers are driving this revival, seeking authentic analog experiences that contrast with digital photography. College photography student Clair Sapilewski told CNBC that film cameras teach users to "slow down" and "choose shots more wisely." She described Kodak as the preferred brand among film enthusiasts.

This growth contradicts Kodak's current financial performance, suggesting the company cannot capitalize on favorable market conditions despite rising demand for its core products.

Traditional Photography Market Shows Broader Revival Trends

The film photography resurgence reflects a wider analog movement affecting multiple industries. Photography industry expert Alex Cooke from Fstoppers describes the trend as a "rebellion against digital perfection" where film photography provides authenticity in social media environments. This preference for analog aesthetics spans beyond photography to include vinyl records and vintage clothing.

However, Fortune notes that printing industry manufacturers face similar economic pressures in 2025. Dave Zhang from WhatTheyThink explains that equipment manufacturers experience customer hesitation regarding major purchases due to economic uncertainty and tariff concerns.

The disconnect between market growth and Kodak's performance illustrates how individual companies can struggle even within expanding markets. While new film manufacturers enter the space and established competitors invest in production capacity, Kodak's legacy debt structure limits its ability to benefit from industry growth.

Further Reading

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