KODK · CIK 0000031235
What Eastman Kodak Co. told the SEC could break it.
Kodak's disclosures center on input-cost and supply pressure on its printing business amid a financial turnaround. It has faced worldwide supply constraints for aluminum — a key input for its printing plates — plus higher energy and transportation costs tied in part to the war in Ukraine, and tariff-driven raw-material increases that squeeze its Print segment; on top of that, certain key electronic components and specialty chemicals come from single or limited sources. Those cost pressures collide with a stretched capital structure: it carries Series B and C convertible preferred stock paying 6.0% and 5.0% cash dividends and has leaned on at-the-market equity sales while working toward sustainable positive cash flow. It also flags customer concentration, with Kodak Alaris the only customer above 10% of 2025 net revenue.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- worldwide aluminum supply constraints and higher energy/transportation costs (partly from the war in Ukraine); raw-material and tariff-driven cost increases pressuring the Print segmentmedium
Kodak has experienced worldwide supply constraints for aluminum (a key input for its printing plates) and increased energy and transportation costs due in part to the war in Ukraine, and its Print segment faces higher raw-material and supply-chain costs including impacts from tariffs alongside competitive pricing pressure and volume declines — exposing margins to commodity-price and trade-cost volatility.
“Kodak has experienced worldwide supply constraints for aluminum and increased energy and transportation costs due in part to the war in Ukraine.”
SEC filing →As of 2026
Customer concentration
- Kodak Alaris is the only customer representing 10% or more of total net revenue in 2025medium
Kodak has meaningful customer concentration: Kodak Alaris was the only customer that represented 10% or more of Kodak's total net revenue in 2025 (no single customer exceeded 10% in 2024 or 2023), so a reduction, loss or financial weakening of the Kodak Alaris relationship would have an outsized impact on revenue.
“Kodak Alaris is the only customer that represented 10% or more of Kodak's total net revenue in 2025.”
SEC filing →As of 2026
Liquidity & debt
- convertible preferred stock obligations (6.0% Series B, 5.0% Series C cash dividends) and reliance on ATM equity sales amid a turnaround to sustainable positive cash flowmedium
Kodak carries Series B (6.0% cumulative cash dividend) and Series C (5.0%) convertible preferred stock with mandatory-conversion features, and has relied on an at-the-market equity sales agreement with BofA, while it works to return to sustainable positive cash flow against rising labor, commodity, distribution and tariff-driven product costs; these capital-structure obligations and turnaround uncertainty create liquidity and dilution risk.
“are entitled to cumulative dividends payable quarterly in cash at a rate of 6.0% per annum”
SEC filing →As of 2026
Sole-source dependency
- key electronic components, other components and specialty chemicals obtained from single or limited sourcesmedium
Although it uses multiple sources where possible, certain key electronic components, other components and specialty chemicals — both in goods Kodak manufactures and in goods purchased from third-party suppliers — are obtained from single or limited sources, subjecting Kodak to supply risk if a sole/limited-source supplier fails or cannot meet demand.
“certain key electronic components, other components and specialty chemicals included in the finished goods manufactured by Kodak and manufactured by and purchased from Kodak's third-party suppliers are obtained from single or limited sources, which subjects Kodak to supply risks.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Kodak Alaris
“Kodak Alaris is the only customer that represented 10% or more of Kodak's total net revenue in 2025.”
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