Business
Kornit Digital Reports Third Quarter 2022 Results
Third quarter revenues of $66.8 million, net of non-cash warrants impact of $5.6 millionThird quarter GAAP operating loss of $21.4 million; non-GAAP operating
About this update from Kornit Digital Ltd.
[{"type":"text","content":"Third quarter revenues of $66.8 million, net of non-cash warrants impact of $5.6 millionThird quarter GAAP operating loss of $21.4 million; non-GAAP operating loss of $13.0 million, net of $5.6 million attributed to the non-cash impact of warrantsConsumables and Services revenues up on solid demand from key accounts, as well as robust contribution from Atlas MAX upgradesMacro-related and other pressures continue; Long-term opportunities remain firmly intactContinue to take appropriate steps to return to sustainable, profitable growth ROSH-HA`AYIN, Israel, Nov. 09, 2022 (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 third quarter ended September 30, 2022. “Consumables and Services revenues grew nicely from the second quarter, and year-over-year, due to solid demand from our key strategic accounts as they gear up for their peak season, as well as the execution of a major fleet upgrade to Atlas MAX with a large strategic customer,” said Ronen Samuel, Kornit Digital’s Chief Executive Officer. “And while we continue to see good receptivity and interest for our Atlas MAX family of products, macro-related headwinds and other pressures continue to impact customers’ systems purchasing decisions and their projected pace of growth.” Mr. Samuel concluded, “We are a resilient company, with the right strategy, product and service offerings, a pristine balance sheet, and a global team that is energized, dedicated, and focused to move the Company forward. We have and will continue to take the necessary steps to return to sustainable, profitable growth.” 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 third quarters of 2022 and 2021, respectively: Third Quarter Warrants Impact Three Months Ended September 30, 2022 2021 Net ofWarrantsImpact WarrantsImpact Net ofWarrantsImpact WarrantsImpact Revenue$66.8M $5.6M $86.7M $7.9MNon-GAAP Gross Margin35.5% 5.0% 47.8% 4.3%Non-GAAP Operating Margin(19.4%) 9.3% 9.9% 7.5%Non-GAAP Net Margin(16.0%) 9.0% 13.3% 7.2%Non-GAAP Diluted Earnings (Loss) Per Share($0.21) $0.11 $0.24 $0.16 “Our infrastructure was built to be profitable at a mate...