Eastman Kodak, the iconic American company known for its photography and film business, said it is at risk of going out of business, prompting a massive stock slide on Tuesday.

Here’s what to know.

Kodak Q2 2025 earnings

Let’s start with Kodak’s earnings report on Monday. For the second quarter ending June 30, Kodak reported its revenue was $263 million, a decrease of $4 million, or 1%, compared with the same period in 2024. Adjusting for the favorable impact of foreign exchange of $5 million, revenues decreased by $9 million, or 3%, compared with the year prior.

Kodak ended the quarter with a cash balance of $155 million, a decrease of $46 million from December 31, 2024. The decrease was primarily driven by capital expenditures to fund growth initiatives, changes in working capital, the impact of higher costs, and lower profitability from operations.

Most importantly, Kodak included a disclosure regarding its concern assessment in its second quarter 2025 Form 10-Q filing with the Securities and Exchange Commission (SEC). In its earnings press release, the 133-year-old company said current financial conditions “raise substantial doubt about the Company’s ability to continue as a going concern,” which publicly traded companies are required to mention. The reason: It doesn’t have the ability to pay its debt obligation, which runs some $500 million, according to CNN.

Kodak stock price slides

As a result, shares of Eastman Kodak (NYSE: KODK) fell more than 7% in premarket trading on Tuesday, and at the time of this writing, were down a whopping 25% in early afternoon trading.

Kodak is a leading global manufacturer focused on commercial print and advanced materials and chemicals. Founded in 1882 by George Eastman, it has earned 79,000 worldwide patents over 130 years of R&D (research and development) and is known as a pioneer in the photography business, specializing in both cameras and film.

In 2012, Kodak filed for bankruptcy as its business became increasingly irrelevant with the advent of digital photography and smartphone cameras.