Kornit Digital Reports Strong Sales of New Industrial Printer
Revenue in the first quarter exceeded expectations as the maker of industrial inkjet printers for the garment industry saw high demand for its new machine
Kornit Digital Ltd., an Israel-based maker of industrial inkjet printers for the garment industry, on Tuesday reported higher-than-expected revenue in the first quarter on strong sales of its new product printerThe company forecasts revenue of $33.5 million to $37 million in the second quarter.
The company reported revenue was $31.1 million, up 14.8% from a year earlier.
Based in Rosh HaAyin, a town in central Israel, Kornit is traded on Nasdaq with a market capitalization of about half a billion dollars. Founded in 2002, Kornit went public in 2015, raising $71 million on a $305 million valuation. In addition to making printers for fabrics, the company also produces pigmented ink and related chemical products.
An industrial printing machine made by Kornit Digital. Photo: PR
Orders for Avalanche HD industrial printers and upgrades exceeded expectations, totaling $5 million in the first quarter and $10 million in the second quarter, Gabi Seligsohn, Kornit’s chief executive, said in a statement.
The company introduced the new digital textile printer in January promising 30%-46% less ink consumption.
The company reported operating income of $1.7 million for the first quarter, excluding one-time items, a sharp increase from $94,000 in the first quarter last year.
Adjusted quarterly net income was $2.1 million compared to a net loss of 550,000 last year.