Kornit Digital Reports 3Q 2022 Results

Kornit Digital Ltd. reported results for the third quarter ended Sept. 30, 2022. Third quarter revenues were $66.8 million, net of non-cash warrants impact of $5.6 million. Third quarter GAAP operating loss was $21.4 million and non-GAAP operating loss of $13.0 million, net of $5.6 million attributed to the non-cash impact of warrants.

Consumables and Services revenues were up on solid demand from key accounts, as well as robust contribution from Atlas MAX upgrades. Macro-related and other pressures continue, but long-term opportunities remain firmly intact. Kornit continues to take appropriate steps to return to sustainable, profitable growth.

“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 CEO. “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.

“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,” Samuel concluded. “We have and will continue to take the necessary steps to return to sustainable, profitable growth.”