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Kornit Digital has announced record third quarter results, saying it has laid the foundations to become a company with a revenue of $1 billion before 2026.
Total revenue for Q3 of 2021 was $86.7 million, up from $57.4 million in the same period of the previous year. GAAP net income for the third quarter of 2021 was $3.9 million, or $0.08 per diluted share, compared to $3.9 million, or $0.09 per share, for the third quarter of 2020.
Non-GAAP net income for the third quarter of 2021 was $11.5 million, or $0.24 per diluted share, net of $0.16 per diluted share attributed to the non-cash impact of warrants, compared to non-GAAP net profit of $7.7 million, or $0.18 per diluted share, net of $0.05 per diluted share attributed to the non-cash impact of warrants, for the third quarter of 2020.
For the fourth quarter of 2021, and assuming zero impact from the fair value of issued warrants in the quarter, the company expects revenue to be in the range of $89 million to $93 million and non-GAAP operating income to be in the range of 13.0% to 15.0% of revenue.
Ronen Samuel, Kornit’s CEO, commented, ‘I am extremely proud of our phenomenal third quarter performance, with record revenues across all regions, strong profitability and operating cash flows. We are witnessing the change in the fashion industry with an acceleration to sustainable, on-demand production — a revolutionary moment in how we all think and act about fashion, from the need for self-expression, to responsible production. Kornit is leading the digital transformation the fashion industry must make with innovative solutions that break the barriers between imagination and physical applications.
‘We enter 2022 with very strong business fundamentals supported by broad-based demand for our industry leading solutions. This growing demand and market acceptance puts us firmly on the path of becoming a $1 billion revenue company in 2026.’
The company’s chief financial officer, Alon Rozner, added, ‘We are very pleased with our strong third quarter performance, which continued our momentum from the first half of the year. We are focused on ending the year strong and supporting our customers to ensure they are ready for their peak season. We enter 2022 in a phenomenal position with outstanding business fundamentals, a robust backlog and strong pipeline.’
