Kornit Digital Reports 2Q 2024 Results

Kornit Digital Ltd. reported results for the second quarter ended June 30, 2024.

Total revenue for the second quarter of 2024 was $48.6 million compared with $56.2 million in the prior year period, due primarily to lower systems revenues. GAAP gross profit margin for the second quarter of 2024 was 45.8% compared with 33.3% in the prior year period. On a non-GAAP basis, gross profit margin was 48.6% compared with 36.1% in the prior year period.

GAAP net loss for the second quarter of 2024 was $4.9 million, or ($0.10) per basic share, compared with net loss of $14.3 million, or ($0.29) per basic share, for the second quarter of 2023. Non-GAAP net income for the second quarter of 2024 was $1.1 million, or $0.02 per diluted share, compared with non-GAAP net loss of $7.4 million, or ($0.15) per basic share, for the second quarter of 2023.

“We are witnessing a pivotal shift to on-demand production in the fashion industry, where consumers are demanding both increased variety and faster delivery,” said Ronen Samuel, Kornit’s CEO. He added, “While the positive impact of these trends on our systems sales remains muted, we again saw growth in impressions and consumables. This supports our view that our customers continue to digest available capacity.

“In the second quarter, we also received several additional Apollo orders, including four on our AIC model,’ added Samuel. “Given the strong initial feedback and traction we have seen with our AIC model, we made the decision to begin piloting the model on the Atlas MAX system for screen replacement customers.”

Adjusted EBITDA loss for the second quarter of 2024 was $1.6 million compared with adjusted EBITDA loss of $10.7 million for the second quarter of 2023. Adjusted EBITDA margin for the second quarter of 2024 was -3.4% compared with -19.1% for the second quarter of 2023.