Eastman Kodak(KODK)2024-08-08 20:20Financial Performance - Consolidated revenues for Q2 2024 were 28 million or 9% compared to Q2 2023[1] - GAAP net income for the quarter was 9 million or 26% from 12 million, a decline of 22 million in Q2 2023[2] - Total revenues for Q2 2024 were 295 million in Q2 2023[16] - Operational EBITDA for Q2 2024 was 22 million in Q2 2023[14] - Gross profit decreased to 63 million in Q2 2023, reflecting a gross margin of 21.7%[16] - Selling, general and administrative expenses rose to 40 million in Q2 2023[16] - Research and development costs were 9 million in Q2 2023[16] - Net cash provided by operating activities was 21 million in Q2 2023[22] Cash and Assets - The cash balance at the end of the quarter was 4 million from December 31, 2023[3] - Cash and cash equivalents at the end of Q2 2024 were 255 million at the end of 2023[19] - Total assets increased to 2,355 million at the end of 2023[19] - Total liabilities decreased to 1,214 million in Q4 2023[20] Revenue Segments - Revenue from the Print segment was 215 million in Q2 2023, while Advanced Materials & Chemicals revenue was 72 million[5] Strategic Initiatives - Kodak is investing in its Advanced Materials & Chemicals group, with a cGMP facility for diagnostic test reagents set to begin production in 2025[1] - The company is focusing on generating smart revenue to enhance profitability, despite the decline in overall revenue[4] - Kodak plans to continue streamlining operations and investing in new products and businesses in the second half of the year[4] - The company announced commitments for several KODAK PROSPER ULTRA 520 Presses following its participation in the drupa tradeshow[1]