Kornit Digital Ltd. · NASDAQ:KRNT
Kornit Digital — Q4 2024 Earnings Presentation
19 slides from Kornit Digital's earnings presentation, Feb 12, 2025
Slide 1: Kornit Digital Fourth Quarter & Full Year 2024 Earnings Conference Call
Kornit Digital (NASDAQ: KRNT) Fourth Quarter & Full Year 2024 Earnings Conference Call Supporting Slides February 12, 2025 Kornit Digital. All Rights Reserved.
Slide 2: On Today's Call
On Today’s Call Ronen Samuel Lauri Hanover Jared Maymon CEO CFO Investor Relations Kornit Digital. All Rights Reserved.
Slide 3: Safe Harbor
Safe Harbor This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other U.S. securities laws. Forward-looking statements are characterized by the use of forward-looking terminology such as “will,” “expects,” “anticipate
Slide 4: Business Highlights
Business Highlights Kornit Digital. All Rights Reserved.
Slide 5: Reflecting on Full-Year 2024
Reflecting on Full-Year2024 ― Successful execution of our strategy, return to profitability, and set the stage for acceleration and profitable growth ― At the beginning of 2024, we set the objectives to return to profitability, generate meaningful cash flow, and establish a scalable, disciplined mod
Slide 6: Fourth Quarter of 2024 Recap
Fourth Quarter of 2024 Recap ― Reported revenue of $60.7 million and adjusted EBITDA margin of 13.8% ― Generated $26.7 million of operating cash flow in the quarter ― Fourth quarter performance was fueled by a successful peak season and growing impressions across our key customers ― After delivering
Slide 7: Beyond the Results in 2024
Beyond the Results in 2024 ― During 2024 we introduced industry-defining solutions including Apollo, Atlas MAX Plus, and Vivido Ink for our roll-to-roll solutions ― These products and solutions all set new industry benchmarks for quality, cost efficiency, and sustainability ― Apollo is redefining ma
Slide 8: Beyond the Results in 2024, cont.
Beyond the Results in 2024, cont. AIC Release and Adoption Expanding our Horizon The all-inclusive click is driving strong adoption, Penetrating new markets including bulk apparel, accelerating penetration in the screen replacement footwear, and home décor while deepening our market, and is already
Slide 9: Looking Ahead in 2025
Looking Ahead in 2025 Kornit is now in its strongest position, and is primed for sustained, profitable growth • The transition to digital, on-demand production is increasingly critical for businesses aiming to move quickly while minimizing inventory and waste • In the current operating environment,
Slide 10: Financial Highlights
Financial Highlights Kornit Digital. All Rights Reserved.
Slide 11: Revenues
Revenues • Q4 2024 revenues of $60.7 million within the guidance range of $58-$63 million • Growth was primarily driven by system sales and revenue recognized under AIC • FY24 revenues declined to $203.8 million due to lower systems and services sales, partially offset by growth in consumables Reven
Slide 12: Gross Margins
Gross Margins • Q4 2024 non-GAAP gross margin of 55.1% compared to 48.6% in Q4 2023 Non-GAAP Gross Margin • Improvement primarily driven by higher product revenues, 55.1% 48.6% 48.6% no warrant impact, and cost base reductions 38.4% • FY24 non-GAAP gross margin of 48.6% increased meaningfully from 3
Slide 13: Operating Expenses
Operating Expenses • Q4 2024 Non-GAAP Operating Expenses: $28 million, down from $30.1 million in Q4 2023 • FY24 Non-GAAP Operating Expenses: $109.8 million, down from $127.7 million in FY23 • Continued year-over-year reduction reflects the impact of the restructuring initiatives implemented at the
Slide 14: P&L KPI's
P&L KPI’s Q4 2024 Q4 2023 FY 2024 FY 2023 Non-GAAP Operating income (Loss) $5.5 ($2.6) ($10.8) ($43.3) Adjusted EBITDA (Loss) $8.4 $0.2 $0.3 ($30.9) Non-GAAP Net Income (Loss) $8.7 $3.8 $10.1 ($20.4) Non-GAAP Diluted EPS $0.18 $0.08 $0.2 ($0.42) GAAP Net income (Loss) $2.2 ($22.9) ($16.8) ($64.4) GA
Slide 15: Balance Sheet & Cash Flow
Balance Sheet & Cash Flow • At quarter end, cash, including bank deposits and marketable securities, was ~$512 million • Q4 2024 cash generated from operating activities: ~$26.7 million • Accounts receivable decreased ~$8.6 million from Q3 2024 • Inventories decreased ~$6 million from Q3 2024 • Trad
Slide 16: Share Repurchase Program
Share Repurchase Program • Used $84.1 million on share repurchases during 2024 • Activity in 2024 brings the total gross amount used on repurchases to $121.6 million at an average execution price of $24.40 • During Q4, we entered an accelerated share repurchase under which we plan to repurchase ~$75
Slide 17: First Quarter 2025 Guidance
First Quarter 2025 Guidance • Q1 2025 Revenues: • Expected to be in the range of $45.5 million to $49.5 million • Q1 2025 Adjusted EBITDA margin: • Expected to be in the range of negative 9% to negative 4% of revenue Kornit Digital. All Rights Reserved.
Slide 18: Kornit Digital. All Rights Reserved.
Kornit Digital. All Rights Reserved.
Slide 19: Kornit Digital. All Rights Reserved.
Kornit Digital. All Rights Reserved.