Cuộc họp công bố kết quả kinh doanh Quý 3/2026 của Eastman Kodak (KODK): Tăng trưởng mảng AMC thúc đẩy tăng trưởng doanh thu và lợi nhuận

Điểm chính

• Eastman Kodak đã báo cáo doanh thu quý 3/2026 đạt 276 triệu USD, tăng 3% so với cùng kỳ năm ngoái, trong khi lợi nhuận gộp tăng 7% lên 73 triệu USD.
• Thu nhập ròng theo GAAP tăng 62% lên 21 triệu USD. EBITDA hoạt động tăng lên 31 triệu USD từ mức 29 triệu USD của một năm trước đó.
• Mảng Vật liệu & Hóa chất Tiên tiến tiếp tục là động lực tăng trưởng chính. Doanh thu phân khúc này tăng 21% lên 99 triệu USD và chiếm 36% tổng doanh thu.
• Doanh thu mảng In ấn giảm 7% xuống 165 triệu USD, phản ánh giá cả và nguồn cung nguyên liệu thô, sự thay thế của kỹ thuật số, áp lực cạnh tranh về giá và những thách thức tại Châu Âu.
• Kodak đã tạo ra 27 triệu USD tiền mặt trong quý và kết thúc ngày 30 tháng 9 năm 2026 với 317 triệu USD tiền mặt không bị hạn chế và vị thế tiền mặt ròng là 207 triệu USD.
• Ban lãnh đạo cho biết sẽ tiếp tục đầu tư vào mảng Vật liệu & Hóa chất Tiên tiến và các cơ hội in ấn mục tiêu, đồng thời tập trung vào việc tạo tiền mặt ổn định và tăng trưởng có lợi nhuận.

Dữ liệu tài chính trọng yếu

Trong 9 tháng đầu năm 2026, doanh thu tăng 9% lên 852 triệu USD. Lợi nhuận gộp tăng 28% lên 212 triệu USD, nâng biên lợi nhuận gộp lên 25% từ mức 21%. Kodak ghi nhận thu nhập ròng theo GAAP đạt 22 triệu USD, so với khoản lỗ 20 triệu USD trong cùng kỳ năm trước, trong khi EBITDA hoạt động tăng 42 triệu USD lên 82 triệu USD.

Kết quả Kinh doanh và Hoạt động

Vật liệu & Hóa chất Tiên tiến

Vật liệu & Hóa chất Tiên tiến chiếm khoảng một phần ba doanh thu quý 3 và hơn một nửa EBITDA hoạt động. Tăng trưởng phản ánh sản lượng và khả năng sinh lời mạnh mẽ hơn trong toàn mảng.

Kodak tiếp tục mở rộng kênh phân phối phim trực tiếp và báo cáo mức tăng trưởng liên tục ở mảng phim điện ảnh. Trong lĩnh vực dược phẩm, công ty đã ra mắt cửa hàng trực tuyến Kodak Pharmaceutical, bổ sung sản phẩm nước muối sinh lý và tiếp tục hướng tới chứng nhận Cấp 2 cho các sản phẩm phức tạp hơn với biên lợi nhuận cao hơn.

Công ty cũng đang đầu tư vào công suất phủ điện cực và sử dụng cơ sở phủ thử nghiệm của mình để giúp các khách hàng mảng pin mở rộng quy mô công nghệ mới.

In ấn

Doanh thu mảng In ấn giảm 12 triệu USD so với cùng kỳ năm ngoái. Ban lãnh đạo cho biết sự sụt giảm này là do giá nguyên liệu thô tăng, nguồn cung hạn chế, sự thay thế của kỹ thuật số, giá cả cạnh tranh và môi trường cạnh tranh không đồng đều tại Châu Âu.

Kodak cho biết mảng kinh doanh này tiếp tục tăng trưởng tại các thị trường được lựa chọn, đặc biệt là Mỹ, và vẫn cam kết với mảng in ấn. Ban lãnh đạo cũng kỳ vọng các hệ thống in chồng sẽ đóng góp đáng kể vào mảng kinh doanh kỹ thuật số của mình.

Bảng Cân đối Kế toán và Tiền mặt

Kodak cho biết tính thanh khoản đã tăng gần gấp đôi so với cùng kỳ năm ngoái trong khi nợ giảm khoảng 400 triệu USD. EBITDA hoạt động trong 12 tháng gần nhất tăng hơn gấp đôi lên 104 triệu USD.

Tiền mặt không bị hạn chế giảm 20 triệu USD so với cuối năm 2025, chủ yếu phản ánh 101 triệu USD khoản hoàn trả vay dài hạn bắt buộc và 18 triệu USD chi phí vốn. Dòng tiền ra này được bù đắp một phần bởi 93 triệu USD tiền thu từ việc thanh lý tài sản đầu tư KRIP và hiệu quả hoạt động kinh doanh được cải thiện.

Rủi ro và Các điểm cần theo dõi

• Mảng In ấn vẫn chịu rủi ro từ sự thay thế của kỹ thuật số, giá cả và nguồn cung nguyên liệu thô, áp lực cạnh tranh về giá và các thách thức tại thị trường Châu Âu.
• Chi phí hàng hóa tăng và chi phí sản xuất mảng Vật liệu & Hóa chất Tiên tiến gia tăng đã bù đắp một phần mức tăng từ hoạt động kinh doanh.
• Chi phí bạc và nhôm tăng cao làm tăng nhu cầu tiền mặt liên quan đến hàng tồn kho.
• Chi phí bán hàng, quản lý và tổng hợp (SG&A) tăng, chủ yếu do chi phí thù lao bằng cổ phiếu cao hơn và những thay đổi trong các khoản dồn tích phúc lợi cho nhân viên.

Toàn văn Biên bản Cuộc họp Báo cáo Kết quả Kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

Good day, and welcome to the Eastman Kodak Third Quarter 2026 Earnings Call. [Operator Instructions].

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Denisse Goldbarg. Please go ahead.

Denisse Goldbarg

Thank you, and good afternoon, everyone. I am Denisse Goldbarg, Head of Investor Relations for Eastman Kodak Company. Welcome to Kodak's Third Quarter 2026 Earnings Call. At 4:15 this afternoon, Kodak filed its Form 10-Q and issued its release on financial results for the third quarter of 2026. You may access the presentation and other materials and the webcast for today's call on our investor center at investor.kodak.com.

During today's conference call, we will be making certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. We intend for these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Investors are cautioned not to unduly rely on forward-looking statements and such statements should not be read or understood as a guarantee of future performance or results. All forward-looking statements are based upon Kodak's expectations and various assumptions. Future events or results may differ from those anticipated or expressed in the forward-looking statements.

Important factors that could cause actual events or results to differ materially from these forward-looking statements include, among others, the risks, uncertainties and other factors described in more detail in Kodak's filings with the U.S. Securities and Exchange Commission from time to time. All forward-looking statements attributable to Kodak or persons acting on its behalf only apply as of the date of this presentation and are expressly qualified in their entirety by the cautionary statements included or referenced in this presentation. Kodak undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that may arise after the date made or to reflect the occurrence of unanticipated events.

In addition, the release just issued and the presentation provided contains certain measures that are deemed non-GAAP measures. Reconciliations to the most directly comparable GAAP measures have been provided with the release and within the presentation on our website in our Investor Center at investor.kodak.com.

Speakers on today's call are Jim Continenza, Kodak's Executive Chairman and Chief Executive Officer; and David Bullwinkle, Kodak's Chief Financial Officer and Senior Vice President. We will not be holding a formal Q&A during today's call. As always, the Investor Relations team is available for follow-up.

I will now turn the call over to Jim. Thank you, and have a great day.

James Continenza

Welcome, everyone, and thank you for joining the Third Quarter 2026 Investor Call for Eastman Kodak. Kodak continues to deliver strong performance. We continue to execute our long-term plan, delivering year-over-year improvements in key metrics, including revenue, gross profit and operational EBITDA.

Let me give you some highlights for the third quarter 2026. Consolidated revenues of $276 million compared with $269 million for quarter 3 2025, an increase of $7 million or 3%. The gross profit of $73 million compared with $68 million for third quarter 2025, an increase of $5 million or 7%. One of our key metrics, operational EBITDA of $31 million compared with $29 million for third quarter 2025, an increase of $2 million. And extremely important, we generated $27 million of cash in third quarter 2026.

Moving on to Advanced Materials and Chemicals, AMC, as we like to refer. AMC, as planned, has become the company's growth engine. We've invested heavily in AMC over the last several years, and we're starting to see returns for those investments. Advanced Materials & Chemicals, revenue of $99 million compared with $82 million for third quarter 2025, an increase of $17 million or 21%. Today, the business accounts for approximately 1/3 of our revenue and approximately more than half of our operational EBITDA. It's a big turnaround and a great investment and have done an outstanding job of operating that business.

Some highlights, still film. We now offer a wide range of Kodak film sold directly to distributors, which have sold well as expected. We continue to see growth in motion picture film. Film continues to be the capture medium of choice for major features, including recently released Sense and Sensibility and Digger starring Tom Cruise, shot on Kodak film in VistaVision format.

Pharma announced the launch of our Kodak Pharmaceutical webstore and the addition of a new saline product. We continue to work towards obtaining Class 2 certification, to manufacturing more complex, higher-margin products. Battery coating, investing in capacity to coat electrodes at a large scale using the pilot coating facility to help customers scale to new technologies.

Moving on to highlight commercial print business. Print revenues were $165 million compared with $177 million in third quarter 2025, a decrease of $12 million or 7%. The decline is primarily due to challenges from higher prices and availability of raw materials. Digital substitution, competitive pricing pressure, and an uneven playing field in Europe. As we continue to focus on more profitable businesses, the print business is performing as expected. We've experienced growth in other parts of the world and particularly in the United States. It has delivered solid performance year-over-year year-to-date. We remain committed to the print business. We stated before, we'll say it again, it's our intent to be the last manufacturer standing in place in our digital business, we expect our imprinting systems business to make significant contributions.

Now let me turn it over to Dave for the third quarter financial results.

David Bullwinkle

Thanks, Jim, and welcome to the call, everybody. Thank you for joining us today. This afternoon, the company filed its Form 10-Q for the quarter ended September 30, 2026. As I have done consistently, I encourage you to review the filing in its entirety along with today's earnings release, which provides additional detail on the results and metrics discussed during this call.

Let's begin with the financial highlights for the third quarter of 2026. Our revenue was $276 million, up $7 million or 3% driven by strong growth in Advanced Materials & Chemicals. AMC contributed 36% of the company's revenue for the quarter, up from 30% in the prior year quarter. Our gross profit increased $5 million or 7% to $73 million, driven by improved pricing and product mix and higher volumes in Advanced Materials & Chemicals and brand, partially offset by lower print volumes and increased manufacturing costs.

Our gross profit percentage was 26% compared with 25% in the prior year quarter. Our GAAP net income increased $8 million or 62% to $21 million driven by lower interest expense resulting from the significant reduction in our term loan debt over the past 12 months, operational improvements resulting in higher gross profit, partially offset by higher SG&A costs primarily related to increased equity compensation and changes in employee benefit accruals. Our operational EBITDA increased $2 million to $31 million, driven by profitability improvements and higher volumes in Advanced Materials & Chemicals, which more than offset higher commodity and SG&A costs.

Moving on to our year-to-date results for the first 9 months of 2026. We reported revenue of $852 million, up $73 million or 9% from the prior year period. Currency fluctuations had a $5 million favorable impact on revenue. Revenue reflects growth in all of our segments, led by 21% growth in the AMC segment. Our gross profit increased $47 million or 28% to $212 million primarily driven by improved pricing and product mix, higher volumes and lower print manufacturing costs, partially offset by higher commodity costs and increased manufacturing costs for Advanced Materials & Chemicals.

Our gross profit percentage was 25% compared with 21% in the prior year period. That is a 4 percentage point improvement versus 2025 or approximately 19% improvement in gross profit margin. Year-to-date, GAAP net income was $22 million compared with a $20 million GAAP net loss in the prior year period, an improvement of $42 million. This was primarily driven by higher operating earnings, lower interest expense from the term loan debt reduction and lower other charges net due to the absence of asset impairment charges, partially offset by lower noncash pension income following the KRIP pension plan termination. The company's operational EBITDA increased by $42 million to $82 million, primarily driven by the significant improvement in gross profit through the company's smart revenue approach which again more than offset higher SG&A expenses.

The results for the third quarter and first 9 months of 2026 reflect the return on investments we have been making over the past several years to improve the company's operations and infrastructure. Jim has described many of our operational improvements. As an example of the impact of our infrastructure improvements, we have gained efficiencies in our reporting processes through more automation and centralization, allowing us to take a week out of our reporting time line, which means quicker and better decision-making. We will continue our efforts to improve the functions supporting our operations.

To further illustrate the impacts of the team's efforts over the last several years, I would also like to call your attention to our Capital Management Scorecard, which we have provided on the Investor Center as part of our Q3 earnings information. The metrics provided are intended to illustrate the significant improvement in the health of both our balance sheet and our operations. Each metric presented shows impressive improvement on a year-over-year basis. For example, our liquidity has almost doubled compared with this time in 2025. At the same time, we have shrunk debt levels by approximately $400 million.

On top of the strength of the balance sheet, our operational EBITDA has more than doubled over the trailing 12 months to $104 million and the company's free cash flow has improved, which provides us with the opportunity to continue to invest in growth, as Jim has highlighted.

I'll close with a brief update on our cash and liquidity position as of September 30, 2026. We ended the third quarter with $317 million of unrestricted cash up $27 million from June 30, 2026 driven primarily by improved operating profitability. Cash decreased by $20 million from year-end 2025. However, this decline primarily reflects required term loan repayments of $101 million made during 2026 and $18 million in capital expenditures, partially offset by $93 million in cash proceeds received from the redemption of KRIP investment assets and cash used from an increase in inventories driven by silver and aluminum cost increases.

Restricted cash, supporting both our undiscounted actuarial workers' compensation obligations with the New York State Workers' Compensation Board and our letter of credit facility agreement decreased by $14 million from year-end 2025, primarily due to lower cash collateral requirements. These reductions were created in part by the strengthening of Kodak's balance sheet and the reduction of our term loan debt. We continue to pursue opportunities to further reduce restrictions on cash.

Last, our net cash position increased by $79 million to $207 million as of September 30, 2026, compared with $128 million at year-end 2025, reflecting the company's reduction of debt. We are very comfortable with our debt levels and the ability of the company to generate cash as we continue to execute on our long-term plan.

Thank you for your time. I will now turn the call back over to Jim.

James Continenza

Thank you, Dave. Let me just give a summary again on the third quarter 2026, right? As we highlighted earlier, Kodak generated $27 million for the quarter in cash. Our consolidated revenues were up 3% year-over-year. Our gross profit was up 7% year-over-year. Operational EBITDA of $2 million. Our 3 core businesses continue to contribute to our growth in Advanced Materials & Chemicals, print and brand licensing.

In summary, Kodak has built a stable, growing business and continue to deliver strong year-over-year performance and improvements. In these challenging times, we are continuing to generate cash, which strengthens our balance sheet and is an indicator of our operational strength. We continue to invest in AMC, and it is emerging as a growth engine as we have indicated it would. We will continue to look at ways to accelerate profitable growth. We continue to invest in print, which continues to perform in targeted areas globally. Our goal achieved consistent cash generation, deliver on our long-term plan, continue to create shareholder value, care for our employees and always put the customer first.

I'd like to thank all of our employees, our customers, and our investors and shareholders and directors for all their support. Thank you very much, and have a good night.

Operator

This concludes today's conference call. Thank you all for participating. You may now disconnect.