Kornit Digital Ltd. reported results for the first quarter ended March 31, 2021.
“We are excited to share a strong start to the year and outstanding first-quarter results. We significantly exceeded our expectations for revenue and profitability, and our outlook for the year is very strong,” said Ronen Samuel, Kornit Digital’s CEO. “As the world moves into the post-pandemic era, the textile industry is in desperate need to accelerate its mass adoption of digital, sustainable, on-demand production. The business opportunity ahead of us is enormous and we are laser-focused on introducing continued innovation and scaling our business on all fronts.
"During the second half of last year we discussed engagements on major global expansion projects with multiple strategic accounts, which we are now rolling out and we continue to build Kornit’s brand recognition in the heart of the fashion and home décor industries. The launch of our Max technology establishes a new standard for on-demand fashion and apparel production and significantly expands our addressable market into lucrative new segments," he continued. "Our first product release, the ATLAS MAX, is just the beginning of revolutionary future new products coming from the MAX line, which will unlock additional huge market segments. Kornit is in a remarkable position and I am more confident than ever in our value proposition, our leadership position, and our dedicated people, as we take another step on our path to become a $500 million revenue run rate business ahead of plan.”
“We are very pleased with our strong first-quarter results, which were driven by a record quarter for mass production system shipments,” added Alon Rozner, Kornit Digital’s CFO. “Our engagements on major global expansion projects with strategic accounts and our growing business with net new accounts continues to drive our backlog to record levels, positioning us very well to execute on our short term and long-term goals.”
First Quarter 2021 Results of Operations
- Total revenue for the first quarter of 2021 was $66.1 million, net of $3.1 million attributed to the non-cash impact of warrants, compared to $26.2 million, net of $0.6 million attributed to the non-cash impact of warrants in the prior year period;
- GAAP net income for the first quarter of 2021 was $5.1 million, or $0.11 per diluted share, compared to net loss of $10.1 million, or $0.25 per basic share, for the first quarter of 2020;
- Non-GAAP net income for the first quarter of 2021 was $7.7 million, or $0.16 per diluted share, net of $0.07 per diluted share attributed to the non-cash impact of warrants, compared to non-GAAP net loss of $8.9 million, or $0.22 per basic share, net of $0.02 per diluted share attributed to the non-cash impact of warrants, for the first quarter of 2020.
