Kornit achieves record Q3 result

Israeli-based digital direct-to-garment systems manufacturer Kornit saw its year on year revenue shoot up by 51 per cent to the end of September, with record revenues across all regions.

The company says the result is in line with trajectory for it to become a billion dollar business in five years’ time.

Its total revenue for the third quarter of 2021 was US$86.7m, net of $7.9m attributed to the non-cash impact of warrants (stock options), compared to $57.4m, net of $2.2m attributed to the non-cash impact of warrants in the prior year period.

The company said its new “industry transforming innovative” platforms; Atlas Max and Presto Max were “extremely well received” by market, and says “robust” new product introductions are planned for early in the new year.

Kornit DTG technology meets several emerging demands; for personalised fashion, for fast fashion, and for eco-friendly fashion. Its print systems are installed in Australia and New Zealand, with Kissel + Wolfe the local supplier.

Ronen Samuel, CEO, Kornit Digital, said, “I am proud of our phenomenal third quarter performance, with record revenues across all regions, strong profitability and operating cash flows.

“We are witnessing the change in the fashion industry with an acceleration to sustainable, on-demand production – a revolutionary moment in how we all think and act about fashion, from the need for self-expression, to responsible production. Kornit is leading the digital transformation the fashion industry must make with innovative solutions that break the barriers between imagination and physical applications.”

Samuel concluded, “We enter 2022 with strong business fundamentals supported by broad-based demand for our industry leading solutions. This growing demand and market acceptance puts us firmly on the path of becoming a $1bn revenue company in 2026.”