Eastman Kodak, the iconic 133-year-old photography company, is facing a critical financial crisis and has cautioned that it may not be able to continue operating. In its latest earnings report, the company revealed it lacks both committed financing and sufficient liquidity to meet approximately $500 million in upcoming debt obligations. This shortfall has raised “substantial doubt” about Kodak’s ability to remain a going concern.

To conserve cash, Kodak is considering halting payments to its retirement pension plan. However, the company noted that tariffs are unlikely to significantly impact its operations, as most of its products including cameras, inks, and film are manufactured in the United States.

Kodak CEO Jim Continenza acknowledged the company’s ongoing challenges, but emphasized that progress is being made toward its long-term goals despite a volatile business environment. The news sent Kodak’s shares tumbling more than 7% in premarket trading.

Founded in 1892, Kodak traces its origins back to 1879, when George Eastman patented a plate-coating machine. In 1888, Kodak introduced its first camera for $25 with the slogan, “You push the button, we do the rest,” making photography accessible to everyday consumers. By the 1970s, Kodak commanded an overwhelming 90% share of the U.S. film market and 85% of camera sales, cementing its status as an industry leader.

Ironically, Kodak’s own innovation the digital camera, introduced in 1975 played a role in its decline. The company failed to adapt to the digital revolution and filed for bankruptcy in 2012, burdened by $6.75 billion in debt and 100,000 creditors.

In 2020, Kodak briefly revived investor interest when it was tapped by the U.S. government to produce pharmaceutical ingredients, sending its stock soaring before momentum faded. While the company still manufactures film and chemicals for industries including motion pictures and licenses its brand for consumer goods, it has struggled to regain its former dominance.