Challenging start to 2022 for Kornit

Despite posting a first quarter revenue of $83.3 million (up 26% on 2021), Kornit Digital also recorded an operating loss of around $6.9 million suggesting a challenging start to 2022.

Alon Rozner, Kornit’s chief financial officer, said that the period January to March saw good diversification across the business and strong revenue performance in all regions.

Looking ahead to the second quarter of 2022, Kornit expects revenue to be in the range of $85 million to $95 million.

Mr Rozner added: “Given our proactive supply chain initiatives, we remain confident in our ability to deliver on all our 2022 customer commitments and continue to leverage our strong balance sheet to secure 2023 requirements.”

Ronen Samuel, CEO, confirmed that as business they remain confident that Kornit is on track to become a billion-dollar business in 2026.

He added: “The tailwinds driving the industry to on-demand sustainable production are intensifying with an accelerated level of focus to shifting a substantial amount of impressions to nearshore, short-medium run production, addressing evolving online and retail business models. We believe our unmatched portfolio of mass-production MAX solutions, including our recently announced Kornit Apollo – all powered by our unique KornitX platform – place Kornit in a great position to capitalise on these evolving and accelerating market opportunities and trends.

“While we are certainly not immune to overall macro-economic headwinds and near-term volatility, which we see impacting our second quarter growth, we continue to expect to deliver, ahead of plan, on the $125 million run-rate business we originally targeted for the fourth quarter 2023.”