Business
Kornit Digital Reports Fourth Quarter and Full-Year 2019 Results
Record 2019 with 39% Year-Over-Year Growth in System Sales Fourth quarter revenue of $48.7 million, net of $1.1 million attributed to the non-cash impact of
About this update from Kornit Digital Ltd.
[{"type":"text","content":"Record 2019 with 39% Year-Over-Year Growth in System Sales\nFourth quarter revenue of $48.7 million, net of $1.1 million attributed to the non-cash impact of warrants.Fourth quarter 2019 GAAP operating income of $3.3 million; Non-GAAP operating income of $5.8 million, net of $1.1 million attributed to the non-cash impact of warrants.Completed a year of innovative and successful new product introductions, continued to focus on strengthening infrastructure and expanding scale across the business, laying foundation for future growth. ROSH-HA`AYIN, Israel, Feb. 11, 2020 (GLOBE NEWSWIRE) -- Kornit Digital Ltd. (NASDAQ: KRNT), a leading provider of digital printing solutions for the global textile industry, today reported results for the fourth quarter and full-year, ended December 31, 2019.\n “The fourth quarter of 2019 capped off another year of exciting growth and progress for Kornit. We are extremely proud of our strong performance in 2019 and believe that our leadership position in the market continues to widen,” said Ronen Samuel, Kornit Digital’s Chief Executive Officer. “Our 2019 results provide a robust foundation for continued growth and execution in 2020 as we are seeing the exceptionally strong momentum in the business continue in the first quarter. We believe Kornit is best positioned to lead the textile industry in its shift to on-demand manufacturing in a sustainable way.” 2019 GAAP and Non-GAAP figures in today’s press release are presented using a different valuation basis to the warrants impact compared to previous quarters as a result of the recently issued accounting standards update (ASU 2019-08). The Company will provide additional information in today's earning call, details of which can be found at the end of today's press release. The following table compares the adverse, non-cash impact that our outstanding warrants had on our results of operations during the fourth quarters of 2019 and 2018, respectively: Fourth Quarter Warrants Impact Three Months Ended December 31, 2019 2018 Net of Warrants Impact Warrants Impact Net of Warrants Impact Warrants Impact Revenue$48.7M $1.1M $37.8M $1.4MNon-GAAP Gross Margin50.2% 113bps 48.8% 181bpsNon-GAAP Operating Margin12.0% 200bps 7.8% 326bpsNon-GAAP Net Margin14.5% 194bps 7.8% 326bpsNon-GAAP Diluted Earnings Per Share$0.17 $0.02 $0.08 $0.04 The following table compares t...