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Kornit Digital reports 24% rise in Q1 revenue
04
May '16
Courtesy: Kornit Digital
Courtesy: Kornit Digital
Kornit Digital, a digital printing solutions provider for the global textile industry, has reported first quarter 2016 revenues of $21.8 million, an increase of 24 per cent over $17.6 million registered in the prior year period. The company attributed higher sales to wide spread growth across its products.

Non-GAAP net income in the quarter was $0.6 million, or $0.02 per diluted share, compared to prior year net income of $0.9 million. However, on a GAAP basis, the company reported net loss of $0.2 million, or $0.01 per diluted share, compared to a net loss of $0.2 million, in the first quarter of 2015.

“In the first quarter of 2016 we continued to show strong revenue growth of 24% year over year, which, despite being our seasonally weakest quarter, showed continued momentum across our product categories. We believe we are firmly positioned for future growth, and expect a particularly strong second half driven by new system offerings and supported by large accounts with multi-system delivery plans,” commented Kornit Digital's CEO Gabi Seligsohn.

At Fespa Digital 2016, Kornit Digital introduced its new Storm Hexa platform which received good response from customers. “Customers were especially enthusiastic about the significant improvements offered in the areas of cost per print, print quality and throughput. As the year progresses, we will be adding a number of new products focused on these three attributes,” Seligshon said. (RKS)

Fibre2Fashion News Desk – India

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