Category: 3. Business

By Claudia Assis

Going-concern warning comes as Kodak reports second-quarter results

A vintage Kodak camera and box. The company, which diversified its business to include chemicals and printing, spooked investors Monday.

It’s the Kodak moment no one wanted to see again.

Eastman Kodak Co. (KODK) late Monday warned investors that it runs the risk of not being around much longer.

Similar warnings have plagued the company, an undisputable household name in the U.S. and abroad, in the past, most recently around 2019. A year later, it got a $765 million government loan to produce domestic ingredients for generic drugs in order to reduce U.S. reliance on foreign-made ones.

Kodak has pivoted to other industries, including industrial printing and chemicals, and has offered nods to technology a little closer to its roots, including offering a Barbie-branded mini photo printer.

The going-concern language was added to Kodak’s second-quarter results Monday. A plan to use excess funds from the end of a pension plan to pay down debt and remain afloat is “progressing as planned,” the company said.

The company expects to have “a clear understanding” of how it will satisfy its obligations to plan participants this week; it says it expects to complete the funds reversion by December.

The focus for the second half of the year is on continuing to reduce costs and on converting investments into “long-term growth,” Kodak said.

After initially dropping nearly 20% in the extended session Monday, the stock ended the after-hours session down 6.6%.

So far this year, the shares have gained about 3%, which compares with an advance of around 8% for the S&P 500 index SPX. The stock last ended in the black for the year in 2016, when it rose 24%. It lost 48% last year.

Kodak reported second-quarter sales of $263 million, down 1% compared with the same period in 2024. It swung to a GAAP net loss of $26 million for the quarter, compared with a profit of $26 million in the year-ago quarter.

Kodak ended the quarter with $155 million in cash, a drop of $46 million from Dec. 31. That’s mostly due to capital expenses to fund its growth plans, changes in working capital, higher costs and lower profitability from operations, the company said.

The focus remains on improving “the efficiency of our operations and investing in growth initiatives in our [advanced materials and chemicals] group,” Chief Financial Officer David Bullwinkle said in a statement.

-Claudia Assis

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  (END) Dow Jones Newswires

  08-11-25 2022ET
Copyright (c) 2025 Dow Jones & Company, Inc.

(Bloomberg) — Asian stocks rose after the US and China agreed to extend their tariff truce, offering relief to markets ahead of a key US inflation report expected to shape the Federal Reserve’s interest-rate path.

The MSCI Asia Pacific Index rose 0.5% as the Nikkei-225 index soared to a record high with Japan returning from a holiday Monday. Shares in Shanghai rose 0.3% while those in Hong Kong were flat. The yen weakened against the dollar for a third consecutive session. Gold gained 0.3%.

Chinese shares are in focus after President Donald Trump extended the pause on tariffs for another 90 days, pushing the deadline into early November. The move removes one source of uncertainty for markets, which are now turning to economic data for clues on whether tariffs are affecting prices and what the Fed will do at its September meeting.

“For now, the markets are pleased that progress is being made to extend the August 12 deadline, but this is by no means certain and no deal has been signed,” said Seb Mullins, Schroders’ head of multi-asset and fixed income in Australia. “The China trade deal is the most likely to flare up again, which will have the greatest impact on total US tariffs.”

Trump extended a pause of sky-high tariffs on Chinese goods, stabilizing trade ties between the world’s two largest economies. Trump signed an order extending the truce through Nov. 10, deferring a tariff hike set for Tuesday.

The de-escalation first took effect when the US and China agreed to reduce tit-for-tat tariff hikes and ease export restrictions on rare earth magnets and certain technologies.

“All other elements of the Agreement will remain the same,” Trump said in a Truth Social post.

Micron Technology Inc. raising its revenue and earnings outlook and Trump signaling that he’d be open to allowing Nvidia Corp. to sell a scaled-back version of its most advanced AI chip to China also lifted sentiment Tuesday.

Chip shares in Asia rose led by Advantest Corp. and Samsung Electronics Co.

Attention will shift to inflation data later Tuesday, which is forecast to show American consumers saw a slight pickup in inflation as retailers gradually raised prices on a variety of items subject to higher import duties.

“The market’s reaction to any surprises in the numbers could be exaggerated — especially if a significantly hotter-than-expected CPI print leads traders to believe the Fed may not cut rates at its next meeting,” said Chris Larkin at E*Trade from Morgan Stanley.

The core consumer price index in the US, regarded as a measure of underlying inflation because it strips out volatile food and energy costs, will show a 0.3% increase for July, according to the median projection in a Bloomberg survey of economists.

Money markets show traders have priced in more than two rate reductions by December, with about a 90% probability of a quarter-point Fed cut next month. The latest jobs report also pointed to a sharp cooling in the labor market over the last few months. Policymakers left rates unchanged at the end of July.

Markets Live Strategist Garfield Reynolds says:

Global equities look nervous heading into Tuesday’s US CPI release, given the potential the data could disrupt expectations for Fed interest-rate cuts that have helped to prop up risk appetite in the US and beyond. Asian stocks may face a more perilous risk-reward set up given this local investor hesitance.

Meanwhile, the Fed’s two vice chairs, Michelle Bowman and Philip Jefferson, and Dallas Fed President Lorie Logan are under consideration to serve as chair of the central bank when the position opens next year, according to two administration officials. Treasury Secretary Scott Bessent will interview additional candidates in the coming weeks, said the officials.

Trump named EJ Antoni, chief economist of the conservative Heritage Foundation, to lead the Bureau of Labor Statistics after firing the former head of the agency earlier this month.

Gold held a loss after Trump said imports of bullion won’t be subject to US tariffs, although traders were still waiting for formal clarification over the policy following a federal ruling last week that sowed chaos and confusion across the market.

Elsewhere, Australia’s central bank is poised to deliver its third interest-rate cut this year on Tuesday as inflationary pressures ebb, while Governor Michele Bullock is expected to stick with her cautious stance on the monetary policy outlook.

On the geopolitical front, Trump downplayed expectations for his upcoming meeting with Russian leader Vladimir Putin as he seeks to end the war in Ukraine. Trump cast it as a “feel-out meeting” and saying he would confer with Ukrainian and European leaders after the sitdown.

Some of the main moves in markets:

Stocks

S&P 500 futures were little changed as of 10:57 a.m. Tokyo time Japan’s Topix rose 1.4% Australia’s S&P/ASX 200 rose 0.1% Hong Kong’s Hang Seng fell 0.1% The Shanghai Composite rose 0.3% Euro Stoxx 50 futures rose 0.2% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1620 The Japanese yen was little changed at 148.28 per dollar The offshore yuan was little changed at 7.1906 per dollar Cryptocurrencies

Bitcoin rose 0.1% to $119,014.36 Ether rose 0.6% to $4,270.71 Bonds

The yield on 10-year Treasuries was little changed at 4.28% Japan’s 10-year yield was unchanged at 1.485% Australia’s 10-year yield advanced two basis points to 4.26% Commodities

West Texas Intermediate crude was little changed Spot gold rose 0.2% to $3,350.08 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Carmeli Argana and Winnie Hsu.

(An earlier version was corrected to show that soybean exports referred to soybean oil)

©2025 Bloomberg L.P.

Kentucky Fried Chicken will bring back some oldies, but goodies, to their latest menu offerings.

12 August 2025: Deloitte Australia has recorded revenue of $2.55 billion for Financial Year 2025 (FY25), which ended on the 31st of May. In the context of challenging global and domestic conditions, this performance underscores the resilience of the firm’s diversified portfolio and strategic focus.

While revenue softened by 8.3 per cent versus FY24, Deloitte’s ongoing investment in the skills and capability of our people, alongside strengthening macroeconomic tailwinds and an accelerating Australian economy, positions the firm on a clear trajectory back to growth in FY26. This growth is expected across both its high-growth practices and cyclical portfolios.

Strong demand continued across core practices, including business and private tax advisory, regulatory services and technology modernisation, as well as within the banking, capital markets, investment management and technology sectors. Deloitte’s Operate service, which manages end-to-end business operations and processes, achieved double-digit growth, with this momentum expected to continue.

A dedicated workforce of 12,080 professionals delivered these outcomes. Deloitte continues to attract exceptional and diverse talent, welcoming 35 new Partners and hiring 655 graduates. The firm completed the strategic acquisition of Efficientia Solutions, bolstering its industrial and manufacturing technology integration and support capabilities.

Deloitte Australia CEO Jo Gorton said: “Evolving client needs, heightened global volatility and the accelerating pace of technological advancement have all contributed to a complex operating environment throughout FY25. While these factors have undoubtedly impacted business outcomes, they have also created significant opportunities for people to work alongside our clients on transformational projects.

“I want to express my deep appreciation to our clients for their trust and collaboration, and to our people for their dedication and expertise. Together, we have navigated these changes with agility and purpose.

“Our priority has been positioning ourselves for long-term success in FY26 and beyond by taking deliberate, strategic steps to navigate this landscape. This requires identifying the opportunities that matter and driving meaningful, tangible change. As we look towards FY26, we do so with optimism and confidence and a commitment to maintaining our position as Australia’s leading professional services firm.”

PRESS RELEASE

Bloomberg (THEON:NA) / Reuters (THEON.AS)

• Strategic Investment and Partnership with KOPIN Corporation – Augmented Reality System Development

• Long-Term Supply Agreement with eMagin Corporation – OLED Displays

• Strategic Industrial Partnership with ALEREON – Wireless Communication

• Extending AR-MR-VR Capability via Investment in VARJO
  
  

11 August, 2025 – Theon International Plc (THEON) is proud to announce new strategic investments and strategic partnerships as part of its THEON NEXT initiative, building a platform to drive the development of next-generation soldier systems through targeted investments, collaborations, and co-development initiatives.

With a focus on the creation of innovative Digital and Augmented Reality (AR) solutions THEON NEXT aims to onboard best-in-class partners in their field of expertise to help shaping the future of operational dominance in modern warfare environments. To this end, THEON is announcing four major investments / strategic cooperations in the United States and Europe, marking a significant milestone in its journey to continue being a global leader in man-portable electro-optics. These transactions reinforce THEON’s commitment to innovation, supply chain security, and transatlantic cooperation in defense technologies.

Following the establishment of a leading position in night vision systems, THEON has successfully expanded into thermal and digital solutions with its new A.R.M.E.D. product family. Similarly to the approach adopted for traditional Night Vision systems, favoring vertical integration and long-term supply agreements, THEON is now proactively stepping further into the rapidly growing Digital and AR domain, which relies on three critical technologies:

1. Augmented and Virtual Reality Software – the foundation of next-generation soldier systems, enabling immersive situational awareness, enhanced decision- making, and digital overlays in real-world environments.

2. Micro-displays – essential for next generation visual augmentation systems, with a strategic focus on developing a US-European microLED technology.

3. Near-Range Wireless Connectivity – enabling seamless, cable-free integration of soldier gear with real-time data transmission.

To successfully face these challenges, THEON announces four major initiatives and agreements that not only constitute relevant milestones in its technological roadmap but also deepen the US-European industrial cooperation:

First, THEON is investing a total of $15 million in Kopin Corporation (KOPIN, NASDAQ: KOPN), a US-based defense micro-display and sub-system specialist with operations in the US and Scotland, UK. This comprises a $7 million interest bearing loan, convertible in preferred stock of KOPIN at a share price range of $3 to $4.5 in THEON’s option, and $8 million capital increase for the acquisition of a 49% stake in KOPIN’s Scottish subsidiary, which will serve as the foundation for a new European joint venture acting as the global (non-US) conduit for the production and distribution of AR-enabled systems co-developed between KOPIN and THEON and microLED display production. The whole investment in KOPIN of $15 million, is geared towards the co-development of products and reflects the belief by THEON, that the already extensive R&D investments that KOPIN has undertaken have established the necessary foundation, for a cooperation that can promptly translate into cost efficient, AR-enabled products.

This strategic partnership will also see THEON US subsidiary (T-Industries) moving their relevant industrial and product development operations at KOPIN’s facility in Reston, VA, which shall become the US manufacturing hub for THEON’s AR-enabled and future digital electro-optic products. As part of T-Industries’ normal course of business, THEON, over the next five years, will be investing $8 million to support its US operations, as well as the new KOPIN -THEON co-development efforts. This new cooperation will not affect THEON’s two existing partnerships in the night vision domain.

Secondly, THEON has signed a renewable minimum two-year supply agreement with eMagin, a US-based manufacturer of OLED micro-displays and virtual imaging technologies. eMagin specializes in high-resolution displays for military aviation, night vision, AR/VR, and other near-eye imaging applications. eMagin is a strategic supplier to THEON, providing most OLED displays used in THEON’s products, including A.R.M.E.D. products, including foremost IRIS-C.

Thirdly, THEON has entered into a strategic partnership with ALEREON, a U.S.-based leader in Ultra-Wide-Band (UWB) wireless technology. ALEREON provides battle- proven UWB solutions that form the established Intra-Soldier communication protocol for the U.S. Army, enabling secure, jam-resistant communication between devices such as between THEON’s THERMIS, THEA, IRIS-C, and ORION. Unlike conventional protocols like Wi-Fi or Bluetooth, ALEREON’s UWB technology delivers unparalleled security, low latency, and resilience in battlefield conditions. Through this partnership, THEON will fully integrate UWB into its A.R.M.E.D. product line, produce it in Greece and will promote this unique solution in Europe and the Middle East as ALEREON’s primary partner in the regions.

Lastly, THEON announces a strategic minority investment in Varjo Technologies Oy (VARJO), a Finnish deep-tech company specializing in Virtual Reality (VR) and Mixed Reality (MR) headsets and applications, deepening THEON’s reach into the European innovation ecosystem. VARJO was founded in 2016 and supplies the most relevant aerospace and defense companies globally, delivering advanced military-grade VR/MR technology for training and simulation. The strategic collaboration between THEON and VARJO will combine THEON’s technological know-how with VARJO’S advanced virtual and mixed reality hardware and software, with the companies having agreed to collaborate closely on multiple product and business initiatives. The agreement envisages an investment in VARJO via a €5 million convertible loan, structured to be converted into VARJO share capital upon the occurrence of defined events. THEON also holds an option to invest an additional €5 million under the same terms. This investment will support VARJO’S continued development of immersive technologies and reinforce THEON’s digital expansion strategy under the THEON NEXT initiative, particularly on the development of high-tech products for defense applications.

Christian Hadjiminas, CEO of THEON, stated: “Following the recent significant KAPPA acquisition, THEON has managed to sign such pioneering agreements, ensuring it retains its leading position in man-portable electro-optics. We are very proud that these arrangements bring the US and Europe closer together to develop the next generation of soldier-borne systems. The partnership initially involves operations in the United States, the United Kingdom, Finland as well as Greece and will be eventually enlarged into Germany and Belgium where our EU thermal/digital hub is being established. Together, we are pushing the frontier of Augmented Reality defense capabilities. These initiatives and investments will be further expanded upon during our announced Capital Markets Day to be held in Athens in November 2025 (details to be publicized). I am very proud of our commercial and R&D teams that have helped secure these agreements in a short time frame following a thorough review of essential technologies and potential partners over the past 12 months.”

Dimitrios Mandridis, CTO of Theon Sensors stated: “THEON has managed to establish an advanced global technical cooperation framework combining all key technologies of the new inter-connected AR-capable-soldier era, as can be seen by the introduction of THEON’s A.R.M.E.D. product line and its ever-growing adoption by modern armies. Every piece of this cooperation ensures that THEON will be at the forefront of new developments in the digital and AR technology space which further evolve THEON’s A.R.M.E.D. product line for the benefit of our final customers. THEON’s R&D department has been expanded and restructured to enable the integration of all these partnerships.”

Dimitris Parthenis, CFO of THEON, stated: “Obtaining key technologies—especially when these relate to large companies also operating in the civil sector—through such agreements represents a flexible and financially efficient investment and rapid outcome for all our stakeholders. THEON’s option to convert such development funds into equity positions would positively affect its future financial results. The current investment, totaling €25 million over two to five years, is expected to be paid back quickly, through enhancing the features and the price positioning of our current offer and also via the future growth of these companies that have some of the most promising civil and defense technologies. We are proud to be looking to the future with these compelling partners who share our leading entrepreneurial spirit.”

Michael Murray, CEO of KOPIN, stated: “With defense investments accelerating globally, especially among European NATO allies, strategic partnerships have become critical to delivering next-generation, mission-ready technologies. We are proud to collaborate with THEON in a partnership that exemplifies innovation, agility, and shared purpose. By integrating KOPIN’s cutting-edge micro-displays and application-specific optical subassemblies with Theon’s advanced expertise in night vision, thermal imaging, and Electro-Optical ISR systems, we are not only meeting the evolving demands of modern defense operations, but we are also actively shaping the future of battlefield awareness and operational effectiveness.”

Amal Ghosh, CEO of eMagin stated: “We are excited to partner with Theon, a leader in advanced optics and imaging systems, to integrate eMagin’s state-of-the-art OLED microdisplay technology into their next generation of products. This collaboration underscores our shared commitment to delivering unmatched image quality, performance, and reliability for mission-critical applications. By combining eMagin’s innovation in microdisplays with Theon’s expertise in precision optics, we are poised to create solutions that set a new standard in the field and deliver exceptional value to customers worldwide.”

David Shoemaker, CEO of ALEREON, stated: “We’re excited to partner with THEON and be part of this forward-looking initiative. THEON’S proven expertise in electro-optics and extensive international business development network make them an ideal ally in expanding the reach and implementation of ALEREON’s UWB technology. With THEON as our key partner in Europe and the Middle East, we look forward to bringing our battle- proven communication solutions into the hands of many more allied soldiers.”

Timo Toikkanen, CEO of VARJO, added: “We are proud to welcome THEON as a strategic investor in VARJO. Since our inception, VARJO has been creating the most advanced VR/XR military systems globally. THEON’s extensive experience and leadership in the defense sector make them an ideal partner as we expand our impact in mission-critical training and simulation, enabling unprecedented levels of realism, readiness, and operational effectiveness.”

For inquiries, please contact:

Investor Relations
Nikos Malesiotis
E-Mail: ir@theon.com
Tel: +30 210 6772290

Media Contact
Elli Michou
E-Mail: press@theon.com Tel: +30 210 6728610

About THEON GROUP
THEON GROUP of companies develops and manufactures cutting-edge night vision and thermal Imaging systems for Defense and Security applications with a global footprint. THEON GROUP started its operations in 1997 from Greece and today occupies a leading role in the sector thanks to its international presence through subsidiaries and production facilities in Greece, Cyprus, Germany, the Baltics, the United States, the Gulf States, Switzerland, Denmark, Belgium, Singapore and South Korea. THEON GROUP has more than 220,000 systems in service with Armed and Special Forces in 71 countries around the world, 26 of which are NATO countries. ΤΗΕΟΝ ΙΝΤΕRNATIONAL PLC has been listed on Euronext Amsterdam (AMS: THEON) since February 2024.
www.theon.com

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