Q2FY17 Kornit non GAAP revenue climbs 25.3%

GAAP second quarter gross profit increased 12.6 per cent to $13.2 million, compared with $11.7 million, in the prior-year. Non-GAAP gross profit in the second quarter was $14.7 million, or 49.1 per cent of sales, compared with $11.9 million, or 49.5 per cent of sales in the prior-year.

For the second quarter of 2017, GAAP operating expenses were $13.2 million, compared to $11.6 million in the prior year period. Non-GAAP operating expenses in the second quarter increased to $12.0 million, or 40.0 per cent of sales, compared to $10.9 million, or 45.4 per cent of sales in the prior year. The decrease in operating expenses as a percentage of sales was consistent with the company’s previously communicated plans to continue to invest in its global infrastructure buildout, but at a rate slower than revenue growth.  

The non-GAAP research and development expenses were $4.4 million, or 14.6 per cent of sales, compared to $4.0 million, or 16.8 per cent of sales in the prior-year. Second quarter GAAP research and development expenses were $4.6 million, as against the prior-year period total of $4.1 million.

"The printed textile market continues to evolve, demanding faster turnaround times and greater optionality. This trend has continued to drive demand for our industrial systems, while high customer utilisation rates expand the usage for our inks and consumables. Our strong first half results with 27 per cent non-GAAP revenue growth reflect the market success of our products that support this ongoing evolution in the supply chain," said Gabi Seligsohn, Kornit Digital’s chief executive officer.

Fibre2Fashion News Desk – India