Kornit Digital (KRNT) Misses Q1 EPS by 13c

Kornit Digital (NASDAQ: KRNT) reported Q1 EPS of ($0.22), $0.13 worse than the analyst estimate of ($0.09). Revenue for the quarter came in at $26.2 million versus the consensus estimate of $26.92 million.

• First quarter revenue of $26.2 million, net of non-cash warrants impact of $0.6 million
• First quarter 2020 GAAP operating loss of $13.0 million; Non-GAAP operating loss of $10.5 million, including $0.6 million attributed to the non-cash impact of warrants
• First quarter 2020 performance reflects immediate short-term impact of COVID-19
• High confidence in delivering year-over-year growth for the second half of 2020

“While our first quarter 2020 results were significantly impacted by efforts to contain COVID-19, we are very encouraged by the global reopening of the economy and see a clear path to reaccelerating top line growth,” said Ronen Samuel, Kornit Digital’s Chief Executive Officer. “The broader market disruption of the last few months has created an inflection point in the textile industry, further accelerating the shift to e-commerce and exposing the inherent supply chain challenges faced by traditional retail. There is a need across all segments for flexible inventory management, all of which is driving an increased need for on-demand digital production and decoration of textiles in a sustainable way.”

Samuel continued, “We believe this short-term dislocation moves the market more quickly in our direction and is reflected in our strengthening pipeline. Looking at the balance of fiscal 2020, we expect that customers will accelerate their investments in Kornit as they prepare for peak activity. I am more confident than ever in our value proposition and our leadership position. Kornit is very well positioned to seize the market opportunity ahead of us, and we expect to deliver year-over-year growth for the second half of 2020.”

Second Quarter 2020 Guidance

The Company will discuss its expectations for the second quarter and the balance of 2020 live during its earnings conference call, which will be available for replay via webcast at ir.kornit.com, as referenced below.

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

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