Kodak's Revival: How a Legendary Film Company is Turning Around its Business

Kodak, the photography technology company, was on the verge of shutting down its acetate factory in 2019, a key ingredient in film production. However, a call from renowned filmmaker Christopher Nolan changed the course of events. Nolan urged Jim Continenza, then the executive chairman, to reconsider the decision, saying, 'Do not turn this off. Please take a look.'

Continenza, now the CEO, took Nolan's advice and began to reassess the company's priorities. As a self-proclaimed 'turnaround specialist,' he recognized the significance of film to Kodak's roots and its potential to drive growth. This realization marked the beginning of a long-term plan to revive the company, which had filed for bankruptcy in 2012 and struggled to regain its footing.

The Road to Recovery

Fast forward to 2026, and the results are evident. Multiple Oscar-winning movies, including 'One Battle After Another' and 'Sinners,' were shot on Kodak film, contributing to a broader trend of film's resurgence in Hollywood and among younger consumers. Despite facing significant challenges, including a substantial debt burden and doubts about its ability to continue as a going concern, Kodak has made notable progress.

The company's fourth-quarter earnings report showed a 31% increase in gross profit, reaching $67 million, and a reduction in annual interest expense of roughly $40 million. Continenza attributes these results to the long-term plan he initiated in 2019, which involves creating jobs, fixing the company's foundation, and driving growth.

Continenza's strategy has also involved significant changes to the company's leadership, with about 90% of the leadership team replaced. He has paid off over $400 million in debt and reorganized the company's priorities to focus on print and advanced materials and chemicals. Transparency with his team has been key, and he has acknowledged that turning the company around would require layoffs and staffing changes.

A New Era for Kodak

Continenza has been intentional about instituting long-term changes and has identified opportunities with Generation Z and the resurgence of the film aesthetic. The company has invested in its film capacities and created products that appeal to consumers, directors, and filmmakers. This approach has resonated with Wall Street, with Kodak's stock price increasing nearly 100% over the past year.

For Continenza, success is not just about the stock price but about continuing to improve the company's finances and ensuring a solid succession plan is in place. He treats Kodak like a startup, where the focus is on growth, innovation, and preserving the brand's legacy. As he said, 'We don't need to be a $5 billion or $20 billion or $80 billion company. We're a billion-dollar global company, but one thing we have going for us is our brand recognition. And make no mistake, around the globe, it is endeared and loved, and it'll continue to be.'