Kornit Digital Reports Successful Strategic Initiatives In Its First Quarter 2024 Results
Image By Courtesy of KORNIT DIGITAL
ROSH-HA`AYIN, Israel, May 08, 2024 -- Kornit Digital Ltd, a worldwide market leader in sustainable, on-demand, digital fashionX and textile production technologies, reported today its results for the first quarter ended March 31, 2024.
“Despite enduring macroeconomic challenges, we saw success with the strategic initiatives we implemented in Q4 and early this quarter.” said Ronen Samuel, Kornit’s Chief Executive Officer. Mr. Samuel continued, “Our pipeline for the Apollo has already been filled for 2024 by customers addressing both existing and target markets, and we are now building our pipeline for 2025. Additionally, in the first quarter of the AIC pilot on Apollo, the model generated highly positive feedback and drove multiple orders.”
Mr. Samuel concluded, “As we look ahead, we are dedicating our attention and resources to ensuring that we have put all the necessary pieces in place to deliver on our vision of transitioning long-run production to sustainable, on-demand digital production, globally.”
First Quarter 2024 Results of Operations
Total revenue for the first quarter of 2024 was $43.8 million compared with $47.8 million in the prior year period, due primarily to lower systems revenues.
GAAP gross profit margin for the first quarter of 2024 was 32.3% compared with 27.4% in the prior year period.
On a non-GAAP basis, gross profit margin was 37.5% compared with 30.2% in the prior year period.
GAAP operating expenses for the first quarter of 2024 were $32.4 million compared with $37.2 million in the prior year period.
On a non-GAAP basis, operating expenses decreased by 16.6% to $27.1 million compared with the prior year period.
GAAP net loss for the first quarter of 2024 was $13.2 million, or ($0.28) per basic share, compared with net loss of $18.9 million, or ($0.38) per basic share, for the first quarter of 2023.
Non-GAAP net loss for the first quarter of 2024 was $5.3 million, or ($0.11) per basic share, compared with non-GAAP net loss of $13.4 million, or ($0.27) per basic share, for the first quarter of 2023.
For the second quarter of 2024, the Company expects revenues to be in the range of $47 million to $52 million and adjusted EBITDA margin between –10% to 0%.
About Kornit Digital
Kornit Digital 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.
