Kornit reports drop in revenue for COVID quarter

Revenue for Kornit Digital during the second quarter of 2020 slipped from $45.3m to $37.4m for the same period last year.

However, Ronen Samuel, CEO, said: “We are pleased to see strong momentum in the business as customers reopened sites in April and re-engaged in big projects in response to significant demand, particularly in online channels.

“Looking ahead, we believe that we are at one of the most exciting times in our company’s history, as the mega trends in our industry have accelerated the transition to digital textile production where we are in a position to benefit.

“For Kornit, we believe this inflection point will drive a V-shaped recovery in the business as we help brands and strategic partners quickly adopt agile, digital, and sustainable on-demand textile manufacturing.”

Guy Avidan, chief financial officer, added: “We are very excited by the huge opportunity we see in the market that has resulted in an unprecedented pipeline and very good visibility. The team is highly engaged with new customers as well as strategic partners’ system implementations that will not only drive system revenue over the coming quarters but will also create long-term demand for ink and services. As we head into the back of 2020, we are focused on a strong finish to the year and committed to profitability for fiscal 2020.”

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