Kornit Digital Ltd., a leading provider of digital printing solutions for the global printed textile industry, has recently reported its financial results for the third quarter of the current fiscal ended September 30, 2016. The company registered a surge of 40.3 per cent in revenues to US $ 30.9 million compared to the prior year’s period of US $ 22.0 million.
In the period under review, net income of Kornit digital amounted to US $ 0.4 million compared to net income of US $ 2.1 million in the comparable period last year. The company generated gross profit of US $ 13.6 million as against US $10.6 million in the third quarter last year contributed by the repurchase of inventory in connection with the company’s acquisition of the digital printing assets of SPSI.
The company also posted its operating income worth US $ 0.7 million compared to US $ 2.2 million in the third quarter last year. Total operating expenses in the reporting period stood at US $ 13.0 million compared to US $ 8.4 million in the corresponding period prior year.
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Record sales in the quarter were achieved by significant growth throughout the company’s product offerings, including systems sold and ink and consumables. Increased sales of Avalanche 1000 were a substantial driver of revenue growth in the quarter.
Gabi Seligsohn, Chief Executive Officer, Kornit Digital commented, “We expected a large step-up in revenue in the third quarter, and our performance exceeded the high end of our plan. We believe we are well positioned to continue the momentum through the end of the year, supported by strong order rates during the third quarter, new customers for the Allegro roll-to-roll printer, revenue from system upgrades and contribution from our new platform, the Vulcan.”
