Kornit Digital Ltd. (KRNT) Bundle
A Brief History of Kornit Digital
Company Overview
Kornit Digital Ltd. (NASDAQ: KRNT) is a leader in sustainable, on-demand, digital fashion and textile production technologies. The company focuses on digital printing systems, inks, consumables, and a global ecosystem that manages workflows and fulfillment.
Financial Performance
As of the second quarter of 2024, Kornit reported total revenues of $48.6 million, down from $56.2 million in the same period of the previous year, primarily attributed to lower system revenues.
| Financial Metrics | Q2 2024 | Q2 2023 |
|---|---|---|
| Total Revenue | $48.6 million | $56.2 million |
| GAAP Net Loss | $(4.9) million | $(14.3) million |
| Non-GAAP Net Income | $1.1 million | $(7.4) million |
| GAAP Gross Profit Margin | 45.8% | 33.3% |
| Non-GAAP Gross Profit Margin | 48.6% | 36.1% |
| Operating Expenses | $33.0 million | $39.6 million |
Operational Highlights
In the second quarter of 2024, Kornit generated positive cash flow from operations. The company experienced growth in impressions and consumables, indicating continued demand for its products despite the overall revenue decline.
Market Position and Strategy
Kornit Digital is positioned as a pioneer in the shift towards on-demand production in the fashion industry, responding to consumer demands for increased variety and faster delivery. The company has received multiple orders for its Apollo systems, reflecting strong interest in its innovative technologies.
Recent Developments
For the third quarter of 2024, Kornit anticipates revenues between $48 million and $52 million, with an adjusted EBITDA margin projected between 1% to 6%. The company has plans for a significant investor event to update stakeholders on its long-term business strategy and capital allocation.
| Guidance for Q3 2024 | Revenue Range | Adjusted EBITDA Margin |
|---|---|---|
| Expected Revenues | $48 million - $52 million | 1% - 6% |
Balance Sheet Overview
As of June 30, 2024, Kornit Digital reported total assets of $845.76 million, a decrease from $865.58 million at the end of 2023. The company’s current liabilities stood at $43.57 million, while shareholders' equity was recorded at $785.36 million.
| Balance Sheet Metrics | June 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $845.76 million | $865.58 million |
| Total Liabilities | $60.40 million | $69.91 million |
| Shareholders' Equity | $785.36 million | $795.67 million |
Future Outlook
Kornit Digital continues to adapt to market demands and enhance its product offerings. The shift towards digital printing in the fashion industry positions the company favorably for growth in the upcoming quarters.
A Who Owns Kornit Digital Ltd. (KRNT)
Shareholder Composition
As of 2024, Kornit Digital Ltd. (KRNT) has a diverse ownership structure comprising institutional investors, retail investors, and company insiders. The following table summarizes the major shareholders and their respective ownership percentages:
| Shareholder Type | Shareholder Name | Ownership Percentage |
|---|---|---|
| Institutional Investors | The Vanguard Group, Inc. | 9.8% |
| Institutional Investors | BlackRock, Inc. | 8.5% |
| Institutional Investors | State Street Corporation | 6.7% |
| Institutional Investors | Invesco Ltd. | 5.2% |
| Insiders | Ronen Samuel (CEO) | 1.1% |
| Insiders | Other Executives and Board Members | 2.3% |
| Retail Investors | Various | 66.4% |
Market Capitalization
As of the latest reporting period in 2024, Kornit Digital Ltd. has a market capitalization of approximately $1.1 billion.
Recent Share Performance
The stock price of Kornit Digital Ltd. (KRNT) has experienced fluctuations throughout 2024, with the following key data points:
| Date | Closing Price (USD) | Market Cap (USD) |
|---|---|---|
| January 1, 2024 | 22.50 | 1.09 billion |
| April 1, 2024 | 18.75 | 900 million |
| July 1, 2024 | 21.00 | 1.02 billion |
| October 1, 2024 | 24.50 | 1.15 billion |
Financial Overview
Kornit Digital reported the following financial highlights for the second quarter ended June 30, 2024:
| Financial Metric | Q2 2024 Amount (USD) |
|---|---|
| Total Revenue | 48.6 million |
| Gross Profit | 22.3 million |
| Net Loss | (4.9 million) |
| Operating Expenses | 33.0 million |
| Cash Flow from Operations | Positive |
Insider Transactions
In 2024, insider trading activity included:
| Date | Insider | Transaction Type | Shares Traded |
|---|---|---|---|
| March 15, 2024 | Ronen Samuel | Sale | 50,000 |
| April 20, 2024 | Other Executives | Purchase | 30,000 |
| June 10, 2024 | Board Member | Sale | 20,000 |
Institutional Ownership Trends
Institutional ownership of Kornit Digital has shown a steady increase over the last year, with significant movements noted in the following periods:
| Quarter | Institutional Ownership (%) |
|---|---|
| Q1 2023 | 45.0 |
| Q2 2023 | 50.5 |
| Q3 2023 | 54.0 |
| Q1 2024 | 57.5 |
Kornit Digital Ltd. (KRNT) Mission Statement
Kornit Digital Ltd. is a global leader in sustainable, on-demand digital fashion and textile production technologies. The company's mission is to transform the fashion and textile industry through innovative and eco-friendly solutions, enabling brands to produce high-quality products while minimizing waste and environmental impact.
Company Overview
Kornit Digital operates in over 100 countries, providing comprehensive solutions that include digital printing systems, inks, consumables, and a global ecosystem that manages workflows and fulfillment. The company is headquartered in Israel and has a significant presence in the USA, Europe, and Asia Pacific.
Financial Performance
As of the second quarter of 2024, Kornit Digital reported the following financial metrics:
| Metric | Q2 2024 | Q2 2023 | Change (%) |
|---|---|---|---|
| Total Revenues | $48.6 million | $56.2 million | -13.4% |
| Gross Profit | $22.3 million | $18.7 million | 19.0% |
| GAAP Net Loss | $(4.9) million | $(14.3) million | 65.8% |
| Non-GAAP Net Income | $1.1 million | $(7.4) million | +114.9% |
| Adjusted EBITDA | $(1.6) million | $(10.7) million | +85.1% |
Operational Highlights
In the second quarter of 2024, Kornit Digital highlighted several operational achievements:
- Gross profit margin improved to 45.8% from 33.3% year-over-year.
- Operating expenses decreased to $33.0 million from $39.6 million in the previous year.
- The company generated positive cash flow from operations.
- There was a growth in impressions and consumables, indicating a strong customer demand.
Market Position and Strategy
Kornit Digital is positioned to capitalize on the growing trend of on-demand production in the fashion industry. The company's strategy focuses on:
- Enhancing product offerings with innovations like the Apollo direct-to-garment platform.
- Expanding its customer base through targeted marketing and partnerships.
- Investing in sustainable technologies to meet increasing consumer demand for eco-friendly products.
Key Financial Metrics Summary
| Financial Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| GAAP Gross Profit Margin | 45.8% | 33.3% |
| Non-GAAP Gross Profit Margin | 48.6% | 36.1% |
| Operating Expenses | $33.0 million | $39.6 million |
| Net Cash Provided by Operating Activities | $4.5 million | $(15.5) million |
| Cash and Cash Equivalents at End of Period | $22.5 million | $101.3 million |
Future Outlook
For the third quarter of 2024, Kornit Digital expects revenues to be in the range of $48 million to $52 million and an adjusted EBITDA margin between 1% and 6%.
How Kornit Digital Ltd. (KRNT) Works
Company Overview
Kornit Digital Ltd. (NASDAQ: KRNT) is a leader in sustainable, on-demand digital fashion and textile production technologies. The company focuses on providing end-to-end solutions that include digital printing systems, inks, and consumables, as well as a global ecosystem for managing workflows and fulfillment. Kornit Digital operates globally with offices in Israel, the USA, Europe, and Asia Pacific, serving customers in over 100 countries.
Financial Performance
As of the second quarter of 2024, Kornit Digital reported total revenues of $48.6 million, a decline from $56.2 million in the same period of 2023. The revenue breakdown is as follows:
| Revenue Type | Q2 2024 (in $ thousands) | Q2 2023 (in $ thousands) |
|---|---|---|
| Products | $34,366 | $40,083 |
| Services | $14,255 | $16,116 |
| Total Revenues | $48,621 | $56,199 |
The cost of revenues for Q2 2024 was $26.3 million, compared to $37.5 million in Q2 2023. The breakdown is as follows:
| Cost Type | Q2 2024 (in $ thousands) | Q2 2023 (in $ thousands) |
|---|---|---|
| Products | $13,271 | $22,620 |
| Services | $13,066 | $14,886 |
| Total Cost of Revenues | $26,337 | $37,506 |
Gross profit for Q2 2024 was $22.3 million, yielding a gross profit margin of 45.8%, compared to a margin of 33.3% in Q2 2023. Operating expenses decreased to $33.0 million from $39.6 million year-over-year.
Net Loss and Earnings
Kornit Digital reported a GAAP net loss of $4.9 million for Q2 2024, or ($0.10) per basic share, compared to a net loss of $14.3 million, or ($0.29) per basic share, in Q2 2023. Non-GAAP net income for the same period was $1.1 million, or $0.02 per diluted share, compared to a non-GAAP net loss of $7.4 million, or ($0.15) per basic share, in the prior year.
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| GAAP Net Loss (in $ millions) | $4.9 | $14.3 |
| Non-GAAP Net Income (in $ millions) | $1.1 | ($7.4) |
| Basic Loss Per Share | ($0.10) | ($0.29) |
| Diluted Loss Per Share | ($0.10) | ($0.29) |
Cash Flow and Assets
Kornit Digital generated positive cash flow from operations of $4.5 million in Q2 2024, a significant improvement from a cash outflow of $15.5 million in the same quarter of 2023. The company reported a total of $22.5 million in cash and cash equivalents at the end of Q2 2024, compared to $101.3 million in Q2 2023.
Balance Sheet Highlights
As of June 30, 2024, Kornit Digital's total assets amounted to $845.8 million, with current assets of $603.2 million. The company’s liabilities included current liabilities of $43.6 million and long-term liabilities of $16.8 million.
| Balance Sheet Item | June 30, 2024 (in $ thousands) |
|---|---|
| Total Assets | $845,760 |
| Current Assets | $603,157 |
| Current Liabilities | $43,567 |
| Long-term Liabilities | $16,835 |
| Shareholders’ Equity | $785,358 |
Market Position and Future Outlook
Kornit Digital continues to innovate in the digital textile printing space, with a focus on on-demand production and sustainable solutions. The company expects third-quarter revenues to be between $48 million and $52 million, with an adjusted EBITDA margin projected between 1% and 6%.
How Kornit Digital Ltd. (KRNT) Makes Money
Revenue Streams
Kornit Digital generates revenue primarily from two main segments: products and services. The following table outlines the revenue from each segment for the second quarter of 2024 compared to the same period in 2023.
| Revenue Source | Q2 2024 (in $ thousands) | Q2 2023 (in $ thousands) |
|---|---|---|
| Products | 34,366 | 40,083 |
| Services | 14,255 | 16,116 |
| Total Revenue | 48,621 | 56,199 |
Cost of Revenues
The cost associated with generating revenue has been a significant factor in Kornit's financial performance. Below is a breakdown of the cost of revenues for Q2 2024 and Q2 2023.
| Cost Type | Q2 2024 (in $ thousands) | Q2 2023 (in $ thousands) |
|---|---|---|
| Cost of Products | 13,271 | 22,620 |
| Cost of Services | 13,066 | 14,886 |
| Total Cost of Revenues | 26,337 | 37,506 |
Gross Profit and Margins
Kornit Digital reported a gross profit of $22,284,000 for Q2 2024, resulting in a gross profit margin of 45.8%, an improvement from 33.3% in Q2 2023. The following table summarizes this data.
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Gross Profit (in $ thousands) | 22,284 | 18,693 |
| Gross Profit Margin | 45.8% | 33.3% |
Operating Expenses
Operating expenses for Kornit Digital in Q2 2024 were $32,980,000, down from $39,606,000 in Q2 2023. The breakdown is as follows:
| Expense Type | Q2 2024 (in $ thousands) | Q2 2023 (in $ thousands) |
|---|---|---|
| Research and Development | 10,472 | 12,907 |
| Sales and Marketing | 14,976 | 18,158 |
| General and Administrative | 7,532 | 8,541 |
| Total Operating Expenses | 32,980 | 39,606 |
Net Income / Loss
Kornit Digital reported a net loss of $4,909,000 in Q2 2024 compared to a net loss of $14,325,000 in Q2 2023. The following table provides a summary of the net income/loss data.
| Metric | Q2 2024 (in $ thousands) | Q2 2023 (in $ thousands) |
|---|---|---|
| Net Loss | (4,909) | (14,325) |
| Basic Loss per Share | (0.10) | (0.29) |
Cash Flow from Operations
In the second quarter of 2024, Kornit Digital generated positive cash flow from operations amounting to $4,484,000, a significant improvement compared to $(15,544,000) in Q2 2023.
| Cash Flow Metric | Q2 2024 (in $ thousands) | Q2 2023 (in $ thousands) |
|---|---|---|
| Net Cash from Operating Activities | 4,484 | (15,544) |
Market Outlook and Future 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 projected between 1% to 6%.
Kornit Digital Ltd. (KRNT) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Updated on 16 Nov 2024
Resources:
- Kornit Digital Ltd. (KRNT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Kornit Digital Ltd. (KRNT)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Kornit Digital Ltd. (KRNT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.