The inkjet business is doing well for Kornit Digital Ltd., which reported record results for the fourth quarter and full-year ended Dec. 31, 2020.
Total revenue for the fourth quarter of 2020 was $72.3 million, compared to $48.7 million last year. GAAP net income for the fourth quarter of 2020 was $5.9 million, or $0.12 per diluted share, compared to net income of $4.8 million, or $0.11 per diluted share, for the fourth quarter of 2019.
Total revenue for the full-year 2020 revenue was $193.3 million, compared to $179.9 million. GAAP net loss for the full-year 2020 was $4.8 million, or $0.11 per diluted share, compared to net income of $10.2 million, or $0.26 per diluted share, for the full-year 2019.
“We delivered record fourth quarter results, exceeding our expectations on revenue growth, profitability, and net cash from operations, capping off a transformative year for Kornit,” said Ronen Samuel, Kornit Digital’s CEO. “2020 is the year in which the textile industry hit an inflection point. The massive leap in e-commerce and the exposed inefficiency of the traditional textile supply chain are accelerating the digital transformation that Kornit is leading. We see new and existing customers significantly expanding production capacity globally, and our recurring consumables business is growing strongly.”
Samuel noted that 2021 will see strategic initiatives from Kornit, including new product launches, the introduction of a proprietary 3D textile application that will bring to the market unique embroidery, high-density printing, and vinyl heat transfer effects and expansion of its software business line and entry into new market verticals.
“In 2018 we laid out our management goal to become a $500 million revenue run rate business at the end of 2023, and we are more confident than ever in our ability to achieve this goal ahead of plan,” Samuel added.
“We are very pleased with our results for the fourth quarter delivering accelerating top-line growth and strong profitability, driven by a robust peak season and strength in our recurring consumables business,” said Alon Rozner, Kornit Digital’s CFO. “Our significant order backlog and solid pipeline position us well to drive sizable growth and profitability in 2021 and beyond.”