Kornit Digital has delivered a record fourth quarter, with revenue growing 49% year-over-year to $72.3 million.
Ronen Samuel, CEO, said: “We delivered record fourth quarter results, exceeding our expectations on revenue growth, profitability, and net cash from operations, capping off a transformative year for Kornit.
“2020 is the year in which the textile industry hit an inflection point. The massive leap in e-commerce and the exposed inefficiency of the traditional textile supply chain is accelerating the digital transformation that Kornit is leading. We see new and existing customers significantly expanding production capacity globally, and our recurring consumables business is growing strongly.
“We started 2021 more confident than ever, with accelerating industry tailwinds, an impressive backlog of global expansion projects with strategic accounts that we are in the process of fulfilling, and an extremely robust pipeline.”
This next year will see Kornit Digital launch a series of new products, including a ground-breaking proprietary 3D textile application that will bring to the market unique embroidery, high-density printing, and vinyl heat transfer effects. Mr Samuel says this will significantly expand Kornit’s addressable market and activity with the world’s largest brands.
In 2018 Kornit laid out its management goal to become a $500 million revenue run rate business at the end of 2023, which Mr Samuel says they are more confident than ever in Kornit’s ability to achieve this goal ahead of plan.