Kornit Digital Reports 1Q 2022 Results

Kornit Digital Ltd. reported results for the first quarter ended March 31, 2022.

Total revenue for the first quarter of 2022 was $83.3 million, net of $8 million attributed to the non-cash impact of warrants, compared to $66.1 million, net of $3.1 million attributed to the non-cash impact of warrants in the prior year period.

GAAP net loss for the first quarter of 2022 was $5.2 million, or $0.10 per basic share, compared to net income of $5.1 million, or $0.11 per share, for the first quarter of 2021.

Non-GAAP net income for the first quarter of 2022 was $0.2 million, or $0.00 per diluted share, net of $0.16 per diluted share attributed to the non-cash impact of warrants, compared to non-GAAP net income of $7.7 million, or $0.16 per diluted share, net of $0.07 per diluted share attributed to the non-cash impact of warrants, for the first quarter of 2021.

“We are pleased to have delivered a good start to the year and are excited about our tremendous period of ground-breaking new product introductions,” said Ronen Samuel, Kornit Digital’s CEO. “During the quarter, we made significant progress with some of the largest and most respected global brands and retailers, supported our global strategic account with major expansion and capacity initiatives, and introduced some of the most innovative and disruptive systems and solutions to the market.

“The tailwinds driving the industry to on-demand sustainable production are intensifying with an accelerated level of focus to shifting a substantial amount of impressions to nearshore, short-medium run production, addressing evolving online and retail business models,” Samuel added.

“We believe our unmatched portfolio of mass-production MAX solutions, including our recently announced Kornit Apollo – all powered by our unique KornitX platform – place Kornit in a great position to capitalize on these evolving and accelerating market opportunities and trends,” Samuel noted. “While we are certainly not immune to overall macro-economic headwinds and near-term volatility, which we see impacting our second quarter growth, we continue to expect to deliver, ahead of plan, on the $125 million run-rate business we originally targeted for the fourth quarter 2023 and remain confident in our journey to become a billion-dollar business in 2026.”

“During the first quarter, we saw good diversification across the business and strong revenue performance in all regions,” said Alon Rozner, Kornit Digital’s CFO. “With a pipeline of opportunities, we continue to strategically invest in the business to support our new industry leading product initiatives and go-to-market strategies to generate profitable, long-term growth. Given our proactive supply chain initiatives, we remain confident in our ability to deliver on all our 2022 customer commitments and continue to leverage our strong balance sheet to secure 2023 requirements.”