Kornit Digital Reports Record Fourth Quarter And Full-Year 2021 Results
ROSH-HA`AYIN, Israel, Feb. 15, 2022 -- Kornit Digital Ltd. (NASDAQ: KRNT), a worldwide market leader in sustainable, on-demand, digital fashionx and textile production technologies, reported today results for the fourth quarter and full year ended December 31, 2021.
Record fourth quarter revenue of $87.5 million, net of non-cash warrants impact of $7.9 million; Full-Year 2021 revenue up 67% year-over-year to $322.0 million, net of non-cash warrants impact of $25.4 million
Fourth quarter GAAP net income of $1.0 million; Full-Year 2021 GAAP net income of $15.5 million
Fourth quarter Non-GAAP net income of $6.4 million, net of non-cash warrants impact of $7.9 million; Full-Year 2021 Non-GAAP net income of $36.1 million, net of non-cash warrants impact of $25.4 million
Fourth quarter cash from operations of $9.3 million; Full-Year 2021 cash from operations of $52.5 million
Record quarter for consumables and services, driven by a strong peak season
Strong system sales in fourth quarter with ATLAS MAX exceeding expectations
Entering 2022 with very strong backlog and visibility
Major new product introductions starting in first quarter 2022
“2021 was a pivotal year for Kornit,” said Ronen Samuel, Kornit Digital’s Chief Executive Officer. “What we accomplished this past quarter, and over the entire year, reflects outstanding execution on the huge market opportunity we are pursuing and the strength of our unique business model. The mega trends that have been fueling our business are intensifying, traditional textile supply chains are completely broken at this point, and the need for digital on-demand, sustainable production continues accelerating.”
Mr. Samuel added, “We enter 2022 for what will be one of the busiest and most exciting years in the history of Kornit; a year with strong growth and a remarkable pipeline of ground-breaking new product introductions, starting already in the first quarter. We have never been in a better position as a company and we are extremely confident in our ability to meet our $1B revenue goal by 2026, if not before.”
“We ended 2021 with an outstanding fourth quarter and entered 2022 with a strong backlog and pipeline,” said Alon Rozner, Kornit Digital’s Chief Financial Officer. “We generated record cash flow from operations in 2021, successfully navigated global supply chain pressures, and delivered on our commitments to our customers. We continue to invest in the business to capitalize on the enormous opportunities we see and to accelerate growth. Our good visibility into the business, combined with our experienced team, gives us the confidence that we can deliver on our commitments for the balance of 2022 and into 2023.”
About Kornit
Kornit Digital (NASDAQ: KRNT) is a worldwide market leader in sustainable, on-demand, digital fashionx and textile production technologies.
The company is writing the operating system for fashion with end-to-end solutions including digital printing systems, inks, consumables, and an entire global ecosystem that manages workflows and fulfillment.
Headquartered in Israel with offices in the USA, Europe, and Asia Pacific, Kornit Digital serves customers in more than 100 countries and states worldwide.
