Kornit Digital, a leading provider of digital printing solutions for the global printed textile industry, has declared its results for the second quarter ended June 30, 2016. Revenue in the reporting period increased by 12.6 per cent to US $ 24 million, while in the prior year period its revenue stood at US $ 21.3 million. The higher sales have been attributed to growth throughout the company’s product offerings, including systems and inks sold.
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However, the company reported a GAAP net loss of US $ 0.1 million versus the net earnings of US $ 0.7 million in the corresponding quarter of 2015. On a non-GAAP basis, net income in the review period stood at US $ 0.7 million compared to US $ 2.4 million in the same period last year.
Commenting on the results, Gabi Seligsohn, Kornit Digital’s Chief Executive Officer averred, “We are pleased with the ongoing growth of the first half of 2016. the company is continuing to ramp up the large, undisclosed customer and is hoping a significant increase in sales with multiple large accounts within the US which is expected to continue well into the second half of the year.”
Further during the quarter, the company reported several notable business updates, including acquisition of the digital direct-to-garment printing assets of SPSI Inc., hiring of Dr. Nuriel Amir, Ph.D. as Chief Technology Officer, and Gilad Yron as Executive Vice President of Global Business at Kornit.
