Kornit Digital, a leading digital textile printer manufacturer, has unveiled its financial earnings for the second quarter ended June 30, 2018. The company reported a jump of 25.5 per cent in net revenue to US $ 35.9 million, owning it to growth across geographies and customers, and the delivery of systems on a large customer program.
In the reporting period, Kornit Digital’s net income stood at US $ 1.8 million compared to US $ 0.2 million in the second quarter of last year. The gross profit also saw multifold increase at US $ 17.4 million, which stood at US $ 13.2 million in the same quarter the previous year. According to the press release, higher gross margins primarily reflected a favorable product mix compared to the prior year period.
The financial report further highlights the operating income of the company which clocked US $ 1.6 million compared to the prior year period with an operating income of US $ 62 thousand.
In the first half ended June 30, the digital printer manufacturer earned US $ 66.9 million in net revenue, making a jump from US $ 55.6 million in the same period in fiscal 2017.
Net income witnessed a slight increase from US $ 1.5 million to US $ 2.3 million. The gross profit stood at US $ 32.8 million as against US $ 25 million in the Q2 of financial year 2017.
In the period under review, the operating income of the company accounted for US $ 1.7 million.
Ronen Samuel, Chief Executive Officer, Kornit Digital commented, “I am very pleased with our results for the quarter. The recent introduction of the Avalanche HD 6 System with its significant reduction in cost per print, improved hand-feel and improved print quality, combined with the continued shift towards print-on-demand, have created excellent business momentum. The retail shift towards shorter run production and the benefits offered by the HD6 are driving migration of more screen printers to our digital solution. To that end, we are well positioned to capture increased growth opportunities as our addressable market expands.”