Photography icon Eastman Kodak has issued a stark warning about its future, saying it may not be able to continue operations much longer. In its latest earnings filing, the 133-year-old company acknowledged it lacks the financing and liquidity to meet nearly $500 million in upcoming debt obligations.

In a bid to reduce costs, Kodak will suspend payments to its retirement pension plan, a move that underscores the severity of its financial troubles. The market reacted sharply, with shares plunging around 25–26% following the announcement.

Despite the grim outlook, Kodak remains cautiously optimistic. The company says it plans to pay off part of its debt early or seek refinancing, while continuing to diversify into pharmaceutical and chemical manufacturing in hopes of stabilizing its future.

Founded in 1892, Kodak was once synonymous with photography worldwide, but has struggled to adapt in the digital era. This latest warning marks one of the most serious challenges in its long history.

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Three companies with completely different endings:

Kodak once dominated the global photography market, inventing the first consumer-friendly camera and giving the world the “Kodak Moment.” At its peak, it held over 80% of the U.S. film market. Ironically, Kodak also invented the first digital camera—but leadership shelved it to protect film profits. As the world went digital and smartphones replaced dedicated cameras, Kodak failed to adapt. After years of decline and missed opportunities, it filed for bankruptcy in 2012, a cautionary tale of innovation ignored.

Olympus, best known for its high-end optics and medical equipment, faced a different kind of crisis. In 2011, CEO Michael Woodford uncovered a $1.7 billion accounting fraud hidden for decades. When he blew the whistle, he was fired and forced to flee Japan. The scandal rocked the corporate world, led to mass resignations, and exposed systemic issues in Japanese corporate governance. Olympus survived—but only after a painful reckoning and full internal restructuring.

Fujifilm, Kodak’s longtime rival, took a radically different path. When film began to die, Fujifilm didn’t cling to the past. Under bold leadership, it pivoted aggressively—repurposing its chemical expertise into cosmetics, pharmaceuticals, and digital technology. It shut down film plants, diversified rapidly, and emerged as a highly profitable, multi-sector innovator. Fujifilm’s transformation is now considered a textbook example of corporate reinvention done right.