Business
Kornit Digital Reports First Quarter 2023 Results
First quarter revenues of $47.8 million, in line with prior guidanceFirst quarter GAAP net loss of $18.9 million; non-GAAP net loss of $13.4 millionMAX
About this update from Kornit Digital Ltd.
[{"type":"text","content":"First quarter revenues of $47.8 million, in line with prior guidanceFirst quarter GAAP net loss of $18.9 million; non-GAAP net loss of $13.4 millionMAX upgrades drive strong quarter for ServicesDouble-digit year-over-year impressions growth from several strategic customersNew Atlas MAX Poly and Direct-to-Fabric customers added in key textile regionsSet to showcase new break-through solutions at June ITMA tradeshow in Milan, Italy ROSH-HA`AYIN, Israel, May 10, 2023 (GLOBE NEWSWIRE) -- Kornit Digital Ltd. (“Kornit” or “the Company”) (Nasdaq: KRNT), 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, 2023. “Promising indicators emerged during the first quarter in certain parts of our business, despite the persistent macroeconomic pressures,” said Ronen Samuel, Kornit’s Chief Executive Officer. “These indicators included the double-digit year-over-year impressions growth from several of our larger direct-to-garment (DTG) strategic accounts in the customized design market, and the continued adoption of our MAX technology. While capacity utilization is still not optimal, we see immense opportunities unfolding with major demand generating platforms and expect this market to resume growth as overall macro conditions improve.” Mr. Samuel continued, “With our MAX technology as the cornerstone, we’ve been steadily gaining momentum on our strategy in targeting brands, retailers, and their global fulfillers, all of whom will greatly benefit from Kornit’s sustainable on-demand digital solutions, instead of existing analog production. We had a strong quarter for Atlas MAX Poly, and continued to strengthen our market-leading position in direct-to-fabric (DTF) with Presto MAX. The progress made in the first quarter offers additional proof points that our MAX technology is becoming the industry standard and an excellent solution that offers top retail quality output, increased productivity, better cost efficiencies, and new product capabilities and offerings.” Mr. Samuel concluded, “We are excited to attend the upcoming ITMA tradeshow in Milan, where we will demonstrate how digital production goes mainstream with sustainable on-demand manufacturing at scale. We will showcase a diverse range of new cutting-edge DTF and DTG soluti...