Business
Kornit Digital Reports Fourth Quarter and Full-Year 2022 Results
Fourth quarter revenues of $63.3 million, net of non-cash warrants impact of $4.3 millionFourth quarter GAAP operating loss of $16.7 million; non-GAAP
About this update from Kornit Digital Ltd.
[{"type":"text","content":"Fourth quarter revenues of $63.3 million, net of non-cash warrants impact of $4.3 millionFourth quarter GAAP operating loss of $16.7 million; non-GAAP operating loss of $9.9 million, net of non-cash warrants impact of $4.3 millionSolid peak season; Consumables and services revenues up for the fourth quarter and full yearKey 2023 focus areas include returning to profitability, successfully launching Apollo, and scaling KornitXLong-term growth drivers firmly intact as supply chain turmoil in the textile industry continues ROSH-HA`AYIN, Israel, Feb. 15, 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 results for the fourth quarter and full year ended December 31, 2022. “A solid peak season drove fourth quarter growth in consumables and services revenues,” said Ronen Samuel, Kornit’s Chief Executive Officer. “There is no doubt that 2022 was a very difficult year for us, our customers and the global fashion and textile industry. We took decisive actions throughout the year to adjust operations to reflect market conditions and are positioning ourselves to return to sustainable, profitable growth.” Mr. Samuel concluded, “In 2023 we will focus on three key areas including: returning to profitability; successfully launching the Apollo and scaling KornitX. We believe Kornit continues to be best positioned to lead the retail supply chain transformation of the fashion and textile industry, enabling us to meaningfully scale the business and achieve our long-term financial objectives.” The following table compares the adverse, non-cash impact that the Company’s outstanding warrants had on the Company’s results of operations during the fourth quarters of 2022 and 2021, respectively: Fourth Quarter Warrants Impact Three Months Ended December 31, 2022 2021 Net of Warrants Impact Warrants Impact Net of Warrants Impact Warrants Impact Revenue$63.3M $4.3M $87.5M $7.9MNon-GAAP Gross Margin36.4% 4.1% 49.6% 4.1%Non-GAAP Operating Margin(15.7%) 7.4% 5.8% 7.8%Non-GAAP Net Margin(10.4%) 7.1% 7.3% 7.6%Non-GAAP Diluted Earnings (Loss) Per Share($0.13) $0.09 $0.13 $0.16 The following table compares the adverse, non-cash impact that the Company’s outstanding warrants had on the Company’s results of...