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Kornit Digital Reports 3Q 2019 Results

Reports 3Q 2019 revenue of $44.6 million compared to $37.6 million in 3Q 2018.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Kornit Digital Ltd. reported results for the third quarter, ended Sept. 30, 2019.

Third quarter 2019 revenue increased to $44.6 million, net of $5.1 million attributed to the non-cash impact of warrants, compared to $37.6 million, net of $1.7 million attributed to the non-cash impact of warrants in the prior year period. Increased revenue in the quarter was attributable to growth across the Company’s systems portfolio and strong market demand for the recently introduced Atlas, Poly Pro, and Presto systems.

“We are very pleased with our third quarter results as we continue to deliver robust top-line growth driven by our new product introductions, including the innovative and market-leading Atlas, Poly Pro, and Presto systems,” said Ronen Samuel, Kornit Digital’s CEO. “Our reported sales during the period grew to $44.6 million, inclusive of a $5.1 million impact from warrants, as compared to $37.6 million, with a $1.7 million impact from warrants in the prior year. Importantly, the business volume of products sold is evidence of impressive growth year-over-year, which underscores the broad market adoption of our latest generation technologies.”

On a GAAP basis, third quarter gross profit was $19.5 million, compared to $18.9 million in the prior-year period. Non-GAAP gross profit in the third quarter was $19.9 million, or 44.5% of revenue, compared with $19.2 million, or 51.1% of revenue in the third quarter of 2018. 

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