Kornit Digital Ltd Announces Second Quarter 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
Kornit Digital Ltd. Announces Second Quarter 2024 Financial Results
Kornit Digital Ltd. (NASDAQ: KRNT) announced its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Year-over-Year Change | Consensus Estimates | Comparison to Estimates |
|---|---|---|---|---|---|
| Revenue | $48.6M | $56.2M | -13.5% | $49.32M | Slightly Below |
| EPS (GAAP) | ($0.10) | ($0.29) | Improved | ($0.01) | Below |
| EPS (Non-GAAP) | $0.02 | ($0.15) | Improved | - | - |
Kornit Digital delivered second quarter revenues of $48.6 million, reflecting a slight shortfall against the consensus estimate of $49.32 million. The company noted a year-over-year decrease largely attributed to lower systems revenues. Despite this, non-GAAP net income turned positive at $1.1 million, translating to $0.02 per diluted share, marking a significant improvement from a non-GAAP net loss of $7.4 million in Q2 2023.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Previous Guidance | Comparison to Guidance |
|---|---|---|---|
| Systems | N/A | N/A | N/A |
| Impressions & Consumables | N/A | N/A | N/A |
While the specific segment revenue breakdown was not detailed, Kornit reported growth in impressions and consumables year-over-year, which aligns with prior guidance and market trends towards on-demand production.
Operational Data
- No additional key operational data was provided in the report. *
Company Officer Comments
Kornit's CEO, Ronen Samuel, highlighted a strategic shift in the fashion industry towards on-demand production. Despite muted systems sales, the company saw growth in impressions and consumables. Samuel also indicated strong early feedback and traction for the Apollo system and interest in the All-Inclusive Click (AIC) program, with multiple orders added to the backlog.
Dividends and Share Repurchase Program
- No information on dividends or share repurchase programs was provided. *
Forward Guidance
For the third quarter of 2024, Kornit Digital expects revenues to be in the range of $48 million to $52 million, with an adjusted EBITDA margin between 1% to 6%.
Stock Price Movement
Post-earnings release, Kornit Digital's stock price experienced a modest change of 0.03%.
Kornit Digital continues to pivot effectively within the dynamic fashion and textile production landscape, leveraging its technological advancements and market shifts towards sustainable, on-demand production models. The financial and operational strategies discussed will be further elaborated at the upcoming investor event on September 10th.