Business
Kornit Digital Reports Third Quarter 2020 Results
Acceleration of Digital Textile Transformation Fuels Outperformance Third quarter revenue of $57.4 million, net of non-cash warrants impact of $2.2
About this update from Kornit Digital Ltd.
[{"type":"text","content":"Acceleration of Digital Textile Transformation Fuels Outperformance\nThird quarter revenue of $57.4 million, net of non-cash warrants impact of $2.2 millionThird quarter GAAP operating profit of $2.7 million; Non-GAAP operating profit of $6.5 million, net of $2.2 million attributed to the non-cash impact of warrantsRevenue growth and overall business performance exceed previous expectationsMilestone in sustainable services profitability achieved a quarter ahead of planStrong operating leverage, inclusive of investments in innovation and scaling go-to-marketExcellent momentum with Custom Gateway introduction and integration ROSH-HA'AYIN, Israel, Nov. 10, 2020 (GLOBE NEWSWIRE) -- Kornit Digital Ltd. (NASDAQ: KRNT), a company that develops, manufactures and markets industrial digital printing technologies for the garment, apparel and textile industries, today reported results for the third quarter ended September 30, 2020.\n “We delivered a very strong third quarter, exceeding our expectations on revenue growth and profitability, as we continue to engage in exciting projects with leading global brands and fulfillers across geographies. Our industry is accelerating the transition to digital sustainable on-demand manufacturing and we have never been better positioned to meet the market opportunities ahead of us,” said Ronen Samuel, Kornit Digital’s CEO. “Looking forward, we see huge momentum in the business, and we are entering 2021 with a very strong pipeline.” 2019 GAAP and Non-GAAP figures in today’s press release are presented using a different valuation basis for the warrants impact compared to previous years as a result of the recently issued accounting standards update (ASU 2019-08). The following table compares the adverse, non-cash impact that our outstanding warrants had on our results of operations during the third quarter of 2020 and 2019, respectively: Third Quarter Warrants Impact Three Months Ended September 30, 2020 2019 Net ofWarrantsImpact WarrantsImpact Net ofWarrantsImpact WarrantsImpact Revenue$57.4M $2.2M $47.3M $2.4MNon-GAAP Gross Margin48.1% 188bps 47.7% 255bpsNon-GAAP Operating Margin11.3% 322bps 13.0% 425bpsNon-GAAP Net Margin13.5% 314bps 13.9% 420bpsNon-GAAP Diluted Earnings Per Share$0.18 $0.05 $0.16 $0.05 “We are very pleased with our business acceleration as third quarter revenue of $57.4 million, net of...