Kornit Digital (NASDAQ: KRNT) reported Q1 EPS of $0.16, $0.03 better than the analyst estimate of $0.13. Revenue for the quarter came in at $66.1 million versus the consensus estimate of $62.82 million.

• First quarter revenue grew 152% year-over-year to $66.1 million, net of non-cash warrants impact of $3.1 million
• First quarter GAAP operating profit of $3.1 million; non-GAAP operating profit of $6.5 million, in each case net of $3.1 million attributed to the non-cash impact of warrants
• Revenue growth and profitability significantly exceeded expectations
• Executing on major global expansion projects with strategic customers
• Introduction of breakthrough MAX technology and ATLAS MAX establishes new standard for sustainable on-demand textile production

“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 Chief Executive Officer. “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.”

Mr. Samuel continued, “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. 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.”

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