Kornit reports 39% increase in system sales

In its year-end results Kornit Digital has reported a record 2019, with 39% year-over-year growth in system sales.

Ronen Samuel, chief executive officer, said: ” The fourth quarter of 2019 capped off another year of exciting growth and progress for Kornit. We are extremely proud of our strong performance in 2019 and believe that our leadership position in the market continues to widen.

“Our 2019 results provide a robust foundation for continued growth and execution in 2020 as we are seeing the exceptionally strong momentum in the business continue in the first quarter. We believe Kornit is best positioned to lead the textile industry in its shift to on-demand manufacturing in a sustainable way.”

The results for the year ended December 31 show that total revenue was $179.9 million with a net of $5.1 million, compared to $142 million and a net of $4.6 million the previous year.

Guy Avidan, chief financial officer, added: “We had a strong close to 2019 as we saw significant business expansion with strategic accounts and collaborative business development activities with leading brands resulting in new customer accounts in both the athleisure and specialty retail categories. There is a significant market opportunity ahead of us and we continue to invest in the business through expansion of our go-to-market capabilities, enhancements to our global leadership team, and allocation of incremental capital to drive innovation that will propel Kornit towards our long-term goal of reaching $500 million in run-rate sales exiting 2023.”

These results completed a year of innovative and successful new product introductions for Kornit and lay the foundation for future growth.