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Kornit Digital (KRNT) Misses Q3 EPS by 9c, Revenues Miss

November 18, 2019 4:07 PM EST

Kornit Digital (NASDAQ: KRNT) reported Q3 EPS of $0.09, $0.09 worse than the analyst estimate of $0.18. Revenue for the quarter came in at $44.6 million versus the consensus estimate of $49.07 million.

Highlights

  • Third quarter revenue of $44.6 million, net of $5.1 million attributed to the non-cash impact of warrants, compared to $37.6 million, net of $1.7 million attributed to the non-cash impact of warrants in the prior year period.
  • Significantly higher year-over-year warrants impact as a result of growth in business with a global strategic account and a higher share price in the period.
  • Third quarter 2019 GAAP operating income of $1.4 million; Non-GAAP operating income of $3.4 million net of $5.1 million attributed to the non-cash impact of warrants.
  • Record quarter for industrial system sales, driven by continued adoption of HD platforms and strong demand for new products.
  • Significant business expansion with strategic accounts amid preparation for peak season.
  • Collaborative business development activities with leading brands led to new customer accounts in athleisure and specialty retail categories.

Ronen Samuel, Kornit Digital’s Chief Executive Officer, said, “We are very pleased with our third quarter results as we continue to deliver robust top-line growth driven by our new product introductions, including the innovative and market-leading Atlas, Poly Pro, and Presto systems. Our reported sales during the period grew to $44.6 million, inclusive of a $5.1 million impact from warrants, as compared to $37.6 million, with a $1.7 million impact from warrants in the prior year. Importantly, the business volume of products sold is evidence of impressive growth year-over-year, which underscores the broad market adoption of our latest generation technologies.”

Samuel added, “We have good momentum with both new and existing customers as they ramp into the peak holiday season and are well positioned for a strong finish to 2020. There is a significant market opportunity ahead of us and we continue to invest in the business through expansion of our go-to-market capabilities, enhancements to our global leadership team, and allocation of incremental capital to drive innovation that will propel Kornit towards our long-term goal of reaching $500 million in run-rate sales exiting 2023.”

For earnings history and earnings-related data on Kornit Digital (KRNT) click here.



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