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Q2FY17 Kornit non GAAP revenue climbs 25.3%
08
Aug '17
The non GAAP revenue of Kornit Digital, a leading provider of digital printing solutions for the global printed textile industry, was recorded at $30.0 million for Q2FY17, an increase of 25.3 per cent over the prior-year. Higher revenues were due to an increase across all revenue sources, most notably services which included an increase in system upgrades.

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.

"We also recognised substantial operating leverage in the second quarter as our global infrastructure investments are now running below the pace of revenue growth. This led to a 500 basis point expansion in our non-GAAP operating margin which combined with our revenue growth, nearly tripled our non-GAAP operating profit compared to the second quarter of 2016," Seligsohn added. (RR)

Fibre2Fashion News Desk – India


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