Kornit company
Cornit Digital
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The Israeli company, which develops and manufactures machines for digital printing on textiles, reports an adjusted loss of 13 cents per share on revenues of $63.3 million, a higher loss than the analyst consensus for a loss of 10 cents per share and revenues of $67.4 million.
The company’s forecast for the first quarter of 2023 is also not good. The company expects revenues in the range of 47-52 million dollars, while the upper end is also below the analyst consensus for revenues of 53 million dollars. Kornit also updates that it expects adjusted EBITDA of 27% to 35% of revenues, when unlike previous quarters, according to the company, this time the forecast includes the effect of the fair value of the warrants in the quarter. According to the company, it “changed the previous practice to produce a better match with its reported metrics.”
Ronan Samuel, CEO of Kornit Digital, said on the background of the reports: “A solid record season led in the fourth quarter to growth in revenues from consumables and services. There is no doubt that 2022 was a very challenging year for us, for our customers and for the global fashion and textile industry. We took decisive actions throughout the year in order to adapt the activity to the market conditions and we continue to lead the company back to profitable and continuous growth.
“In 2023, we will focus on three key areas: returning to profitability, the successful launch of the Apollo machine, and increasing the scope of Kornit’s operations. We believe that Kornit continues to be positioned in the best position to lead the change in the retail supply chain of the fashion and textile industry, which will allow us to increase the scope of the business activity in a significant way and to achieve our long-term financial goals.”
Lori Hanover, CFO: “During the fourth quarter we began to see the effects of the actions we took in order to adapt our business activities to the current market dynamics. We will continue to allocate resources to projects with a high ROI yield, which position the company for continued long-term profitable growth.”
Results of the whole year
Kornit recorded revenues of $271.5 million in 2022, compared to $322 million. The net loss on a Non-GAAP basis for the entire year was $32.6 million, which is a loss of 65 cents per share.
Analysts expected to see a loss of 66 cents per share and revenue of $275.1 million. That is, the annual result is slightly better than expected in the bottom line but less good in the top line.
Kornit stock has crashed by 85% since the peak of the hype in November 2021. In the last year, the stock has lost 73%. The company trades at a price of $26.5 per share and a market value of $1.32 billion.
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