On Jim Continenza’s first day on the job as Eastman Kodak govt chairman in 2019, he obtained a name from a star Hollywood filmmaker telling him the corporate was making an enormous mistake.
The pictures know-how firm was within the means of shutting down its acetate manufacturing unit, which makes one of many key elements utilized in movie. Christopher Nolan, the director behind main motion pictures like “Inception” and “Oppenheimer,” urged Continenza to cease the method.
“He goes, ‘Don’t flip this off. Please have a look.’ And I did,” Continenza, now CEO, advised CNBC. “He was proper. I began it as a result of I shoot 35 millimeter [film], and I am like, ‘Why would one of many biggest administrators of all time even have this dialog?'”
Continenza, a self-proclaimed “turnaround specialist,” mentioned he shortly realized how central movie was to Kodak’s roots, and the way it might be one in all its largest strengths as he fought to convey the corporate again from teetering on the sting of chapter.
Quick ahead roughly seven years, and a number of 2026 Oscar-winning motion pictures, together with “One Battle After One other” and “Sinners,” had been shot on Kodak movie. It is a part of a much bigger pattern because the class sees a resurgence fueled by each a nostalgia for movie in Hollywood and by youthful shoppers.
That street wasn’t easy, although. The corporate declared chapter in 2012 and reemerged a 12 months later. Then it cautioned final 12 months that its monetary situations “increase substantial doubt about Kodak’s skill to proceed as a going concern.”
Within the second-quarter earnings the place it made that going concern assertion, Kodak posted a 12% lower in gross revenue, with thousands and thousands in debt obligations.
However Continenza mentioned it was one step in an extended course of towards rebuilding the corporate to its former success.
CEO of Kodak Jim Continenza speaks onstage throughout Kodak’s Movie Awards at ASC Clubhouse on March 2, 2026 in Los Angeles, California.
Rodin Eckenroth | Getty Photographs
Final month, the corporate’s earnings report regarded completely different. Its fourth-quarter gross revenue reached $67 million, a 31% improve from the 12 months prior. Kodak additionally mentioned it had decreased its annual curiosity expense by roughly $40 million.
Continenza mentioned on the time that the outcomes had been indicators of the long-term plan he started executing in 2019. He advised CNBC that he selected Kodak as his ultimate firm to revive earlier than closing his chapter as a C-suite govt, having beforehand served in management roles at communication firms together with AT&T and Lucent.
“Here is what our objective is: We’ll create jobs for the following era. Make no mistake, we will repair this firm and put it on a secure basis and put constructing blocks to develop all of the techniques,” Continenza mentioned. “We did not put in what we want, we put in what we would like, and that is a distinction.”
Troubled waters
In a digitally evolving society, Kodak has been combating to maintain its place and relevancy.
The corporate’s 2012 chapter safety got here after it failed to enhance its funds as digital pictures took off and revolutionized the business. When it reemerged the next 12 months as a smaller firm, it shifted its major focus to industrial printing.
Although it isn’t an organization that’s largely coated by traders anymore, Melius Analysis analyst Ben Reitzes wrote in a observe final 12 months that the onset of digital know-how posed a major setback for Kodak.
“On the time, Kodak administration advised us that movie would co-exist with digital cameras and extra photographs could be taken — and extra would have to be printed by Kodak,” he wrote.
Nonetheless, Kodak confronted its struggles. Its inventory sank greater than 35% in 2014, persevering with to step by step fall over the following few years and hitting an all-time low of $1.55 per share in the course of the onset of the pandemic in March 2020.
Final August, the greater than 100-year-old pictures firm mentioned it had roughly $155 million in money and practically $600 million in loans.
A Kodak spokesperson mentioned on the time that the going concern language needed to be included as a result of Kodak didn’t have sufficient out there liquidity to repay its debt, due inside 12 months. Nonetheless, the corporate mentioned it was assured it might repay a good portion of that mortgage earlier than it turned due by terminating its pension plan and mentioned the disclosure was only a required technical report.
Wall Avenue traders did not like what they heard. The inventory plunged from a value of roughly $7 per share just a few days prior to only over $5 per share on the day of earnings.
“We may have performed a greater job on it, as a result of to us, it wasn’t as dire straits, it was extra of a GAAP accounting coincidence by dates,” Continenza mentioned, including that it was a “timing situation” for the loans.
Rolls of Kodak Gold movie dangle on a shelf on the Precision Digital camera & Video retailer on Aug. 12, 2025 in Austin, Texas.
Brandon Bell | Getty Photographs
Continenza mentioned Kodak’s principal challenges had been in its “enormous tranches” of debt and a scarcity of communication with its shareholders and clients.
The CEO mentioned he is by no means bought a share of Kodak and as a substitute purchased inventory after the corporate issued its going concern disclosure.
“You have to put the work in and the long-term investments, and you have to be methodical, however you have to repair your operations, and I’ve spent seven years of doing it,” he mentioned. “[It’s] a 130-plus 12 months outdated firm, proper? You may think about what’s within the attic.”
Defining success
Continenza mentioned he is been intentional about instituting long-term modifications since he took over the corporate. He is modified about 90% of the corporate’s management, paid off greater than $400 million in debt and reorganized the corporate’s priorities to give attention to print and superior supplies and chemical substances.
He mentioned it was additionally essential to be “clear” along with his crew and acknowledged that turning across the firm would imply layoffs and staffing modifications.
“Very first thing I all the time do is exit and get individuals who wish to maintain the corporate and purchase them out, and that is what we did,” he mentioned. “I obtained a board and traders who love what we’re doing — we hold them knowledgeable, and so they assist information us.”
As he examined what labored for the corporate, Continenza mentioned he noticed a chance with Era Z and the resurgence of the movie aesthetic. The look of photographs and movies shot on movie captures one thing that “penetrates your coronary heart and soul,” he mentioned.
Kodak leaned into the analog and authenticity pattern, investing its sources in its movie capacities and creating merchandise that customers, administrators and filmmakers alike had been fascinated about.
Continenza mentioned he additionally refinanced the corporate 3 times and rightsized its stability sheet.
It appears to have hit the correct observe on Wall Avenue. Over the previous 12 months, Kodak’s inventory has shot up practically 100%.
Kodak 1-year chart
“We’re doing our job. The inventory’s not alleged to spike, it is alleged to crawl, as a result of that is how we develop,” he mentioned. “I do not take a look at our inventory value. I do not care. I could not let you know what it’s right this moment. I am a long-term investor.”
Continenza mentioned success to him will imply persevering with to enhance funds and making certain Kodak has a strong succession plan in place to proceed its development.
Although the corporate is effectively over 100 years outdated, he mentioned he likes to deal with Kodak as a startup, the place all the debt is paid off, the model is well-loved and solely Kodak itself may, at this level, “screw it up.”
“We do not have to be a $5 billion or $20 billion or $80 billion firm,” Continenza mentioned. “We’re a billion-dollar international firm, however one factor we now have going for us is our model recognition. And make no mistake, across the globe, it’s endeared and liked, and it will proceed to be.”