Full year GAAP gross profit was $54.1 million, compared to $49.4 million in the prior year. Non-GAAP gross profit for the full year 2017 was $54.8 million compared to $52.6 million for the full year 2016.

Kornit reported fourth quarter revenues which are net of the non-cash impact of warrants deducted from revenues, of $30.0 million, compared with the prior-year level of $32.0 million. The total non-cash impact of the warrants deducted from revenues was $0.4 million in 2017 and $2.0 million in 2016. Lower sales were the result of previously disclosed program delays associated with permitting at a large customer site.

Full year 2017 GAAP revenues which are net of the non-cash impact of the warrants deducted from revenues were $114.1 million, compared to revenues of $108.7 million in the prior year. The full year impact from warrants was $2.9 million in 2017 and $2.0 million in 2016. Higher sales compared to the prior year were primarily related to higher volume of products sold, the success of new product introductions and incremental sales from services. For the full-year, the company recorded 89.4 per cent of revenue from products, and 10.6 per cent of revenue from services. 

"The second half of 2017 was challenging as the previously announced order delay negatively impacted our results for the year. Customer timing issues notwithstanding, we believe consumer behaviour affecting retail business models reached a tipping point in 2017, forcing the supply chain to react and positioning Kornit exceptionally well to capture large scale volume with screen printers. To that end, we generated meaningful interest from high volume printers at our recent trade shows which underscore the capability of our newest technologies that offer a materially lower cost per print," said Gabi Seligsohn, Kornit Digital’s chief executive officer.

Fibre2Fashion News Desk – India