Kornit Digital Reports Record Shipments And 152% Growth In First Quarter 2021 Results
Image Courtesy of Kornit Digital
First quarter revenue grew 152% year-over-year to $66.1 million, net of non-cash warrants impact of $3.1 million
First quarter GAAP operating profit of $3.1 million; non-GAAP operating profit of $6.5 million, in each case net of $3.1 million attributed to the non-cash impact of warrants
Revenue growth and profitability significantly exceeded expectations
Executing on major global expansion projects with strategic customers
Introduction of breakthrough MAX technology and ATLAS MAX establishes new standard for sustainable on-demand textile production
ROSH-HA`AYIN, Israel, May 11, 2021 -- Kornit Digital Ltd. (NASDAQ: KRNT), a worldwide market leader in digital textile printing technology, today reported results for the first quarter ended March 31, 2021.
“We are excited to share a strong start to the year and outstanding first quarter results. We significantly exceeded our expectations for revenue and profitability, and our outlook for the year is very strong,” said Ronen Samuel, Kornit Digital’s Chief Executive Officer. “As the world moves into the post-pandemic era, the textile industry is in desperate need to accelerate its mass adoption of digital, sustainable, on-demand production. The business opportunity ahead of us is enormous and we are laser focused on introducing continued innovation and scaling our business on all fronts.”
Mr. Samuel continued, “during the second half of last year we discussed engagements on major global expansion projects with multiple strategic accounts, which we are now rolling out and we continue to build Kornit’s brand recognition in the heart of the fashion and home décor industries. The launch of our Max technology establishes a new standard for on-demand fashion and apparel production and significantly expands our addressable market into lucrative new segments. Our first product release, the ATLAS MAX, is just the beginning of revolutionary future new products coming from the MAX line, which will unlock additional huge market segments. Kornit is in a remarkable position and I am more confident than ever in our value proposition, our leadership position, and our dedicated people, as we take another step on our path to become a $500 million revenue run rate business ahead of plan.”
First Quarter Earnings Conference Call Information
The Company will host a conference call today at 8:30 a.m. ET, or 3:30 p.m. Israel time, to discuss the results, followed by a question and answer session for the investment community.
A live webcast of the call can be accessed at ir.kornit.com.
To access the call, participants may dial toll-free at 1-877-407-0792 or +1-201-689-8263. The toll-free Israeli number is 1 809 406 247. The confirmation code is 13719064.
To listen to a telephonic replay of the conference call, dial toll-free 1-844-512-2921 or +1-412-317-6671 (international) and enter confirmation code 13719064.
The telephonic replay will be available beginning at 11:30 a.m. ET on Tuesday, May 11, 2021, until 11:59 p.m. ET on Tuesday, May 25, 2021.
The call will also be available for replay via the webcast link on Kornit’s Investor Relations website.
About Kornit
Kornit Digital Ltd. (NASDAQ: KRNT) develops, manufactures and markets industrial digital printing technologies for the garment, apparel and textile industries.
Kornit delivers complete solutions, including digital printing systems, inks, consumables, software and after-sales support.
Leading the digital direct-to-garment printing market with its exclusive eco-friendly NeoPigment printing process, Kornit caters directly to the changing needs of the textile printing value chain.
Kornit’s technology enables innovative business models based on web-to-print, on-demand and mass customization concepts.
With its immense experience in the direct-to-garment market, Kornit also offers a revolutionary approach to the roll-to-roll textile printing industry: digitally printing with a single ink set onto multiple types of fabric with no additional finishing processes.
Founded in 2002, Kornit Digital is a global company, headquartered in Israel with offices in the USA, Europe and Asia Pacific, and serves customers in more than 100 countries and states worldwide
