Eastman Kodak Company (KODK)

[FROZENFLAME]

Kodak has been in a steep decline since the popularization of the digital camera in the late 1990s. The company filed for bankruptcy protection in 2012. In 2018, Kodak unsuccessfully tried to pivot to blockchain. In its 2019 annual report, Kodak disclosed that it “is facing liquidity challenges due to operating losses and low or negative cash flow” that, in part, “raise substantial doubt about its ability to continue as a going concern.” This bleak picture continued in the first quarter of 2020 as it posted a net loss of $111 million.

If it keeps burning cash at this rate, Kodak may blow through the taxpayer-funded $765 million Defense Production Act loan before even establishing a viable pharmaceutical business that could help address the surging pandemic. In fact, public reports suggest that it may take another $765 million loan to keep Kodak afloat until then.