Kodak sparked my passion for photography, yet I'm dismayed by the possibility of its demise.
In the world of photography, two names have long been synonymous with innovation and accessibility: Kodak and Polaroid. However, their journeys over the past few decades have been marked by challenges and transformations.
Once a dominant force in the consumer camera and film markets, Kodak filed for bankruptcy protection in 2012, a casualty of the digital revolution and the rise of smartphone cameras [1][2][4]. After emergence from bankruptcy in 2013, Kodak pivoted its business focus to commercial printing, packaging, and imaging services [2][4]. Despite this shift, the company continues to grapple with significant financial hurdles. As of 2025, Kodak carries a substantial debt of approximately $576 million, including term loans and preferred stock maturing soon, with no committed financing or liquidity available [3]. The company has warned investors about "substantial doubt" regarding its ability to continue as a going concern [3].
Kodak, however, is not giving up without a fight. The company plans to generate cash through measures like paying down loans early and ceasing pension payments [3]. Additionally, a potential lifeline could come from the Kodak Retirement Income Plan (KRIP) reversion, expected in December, which could provide Kodak with approximately $300 million in cash [3].
Meanwhile, Polaroid, another photography giant, has faced its own financial struggles. The company went bankrupt in 2001 but resurfaced in 2020 with a new line of instant cameras [2]. Polaroid made its mark in the 1960s with instant photography and the iconic Land camera line [2].
The interest in analog film photography seems to have found a new generation in Gen Z, but many acknowledge that this fascination is short-lived [7]. Regardless, the cost of a roll of Kodak 200 film and developing it can amount to around $35 [2], a significant investment for a hobby that may not last.
Kodak's roots can be traced back to Rochester, New York, where it was founded by George Eastman and is still associated with his estate [9]. Kodak is also known for making photography accessible to the masses with simplified box cameras like the Brownie and Instamatic series, which sold over 70 million units [10].
In a twist of fate, the "going concern" language in Kodak's 10-Q is not solely within Kodak's control and is not deemed "probable" under U.S. GAAP accounting rules, due to the KRIP reversion not being solely within Kodak's control [11].
Polaroid's resurgence was marked by the launch of the Polaroid SX-70, the first single-lens reflex instant camera [6]. The company's name was also immortalised in the 1973 top-10 hit "Kodachrome" by Paul Simon, extolling the film's ability to produce bright colors and greens [8].
For some, the fascination with these photography giants extends beyond their products. The author, for instance, developed an interest in photography and built his own darkroom using Kodak film, while growing up with a photographer father who bought Kodak film and paper in bulk and built a darkroom [12].
As we move forward, it remains to be seen how Kodak will navigate its current financial troubles and whether it can regain its former glory. One thing is certain: the legacy of these photography giants continues to inspire and captivate generations.
References: 1. Bloomberg 2. The New York Times 3. Reuters 4. The Guardian 5. Polaroid 6. Polaroid SX-70 7. The Verge 8. Rolling Stone 9. Kodak History 10. Kodak Brownie 11. Accounting Today 12. The New Yorker
Smartphones and gadgets have increasingly threatened the dominance of traditional photography companies like Kodak and Polaroid. Once a leader in the consumer camera market, Kodak's financial struggles persist, leaving the company with a substantial debt of approximately $576 million [3].
In a quest to revive its fortunes, Kodak continues to explore various cash generation strategies, such as paying down loans early and ceasing pension payments [3]. Despite these efforts, the company's survival remains uncertain, as it grapples with financial hurdles and investor concerns about its ability to continue as a going concern [3].
