Key Takeaways
• Top-line Sinks: Kornit Digital’s Q3 2024 sales dropped 14% year over year, totaling $50.73 million.
• Getting Better: The company posted a loss of $908,000 in Q3, but that was an improvement compared to last year’s $8M loss in the third quarter.
• Bright Spots: Kornit has added a couple key customers, and its core clientele are returning to a “growth-focused mindset.”
Kornit Digital’s downward sales trajectory continued in the third quarter of 2024, but the global provider of printing technologies and related solutions saw its after-tax losses lessen on an annual basis.
Those are a couple of the key findings from the publicly traded, Israel-headquartered company’s most recent earnings report, which became public Nov. 6.
Kornit financial data showed that Q3 2024 sales dropped about 14% compared to the same three-month stretch the prior year, tallying about $50.73 million. For the first nine months of 2024, sales fell about 12% to $143.1 million.
In the third quarter, Kornit posted a loss of $908,000, or -$0.02 per basic share. Still, that was better than last year’s Q3, when the loss exceeded $8 million, translating to -$0.17 per share.
Similarly, Kornit’s loss through the first nine months of 2024 was $19 million, but that marked an improvement over the comparable period prior-year loss of $41.4 million. Loss per share in 2024’s third quarter was -$0.40, better than last year’s $0.84 loss.
Kornit CEO Ronen Samuel said the firm is making “operational progress” and expects stronger financial showings are ahead.
Samuel noted that, during the third quarter, Kornit added Print Palace and Counselor Top 40 distributor Custom Ink (asi/173232) as customers, with those businesses selecting Kornit to help them “shift their production from screen to digital direct-to-garment” printing.
“We are simultaneously seeing signs of a return to a growth-focused mindset from our core market with customers such as Monster Digital, Mad Engine Global and DO Apparel, all of whom have announced expansion of their on-demand digital production fleets with Kornit,” Samuel asserted. “We are entering 2025 with the right products and the right model.”
For the fourth quarter of 2024, Kornit expects revenues to be in the range of $58 million to $63 million. Kornit offers end-to-end solutions that include digital printing systems, inks, consumables, software and fulfillment services.
