- Kornit Digital Ltd (NASDAQ: KRNT) reported first-quarter revenue growth of 26% year-over-year to $83.3 million, missing the consensus of $87.81 million.
- Adjusted EPS of $0.00 missed the consensus of $0.15.
- The gross margin contracted by 590 bps to 40.1%. The adjusted gross margin was 41.5%, down 557 bps.
- Kornit Digital reported an operating loss of $(6.91) million, compared to a profit of $3.11 million a year ago.
- Net cash used in operating activities for Q1 totaled $(47.08) million, compared to cash generated of $5.12 million a year ago.
- "While we are certainly not immune to overall macro-economic headwinds and near-term volatility, which we see impacting our second quarter growth, we continue to expect to deliver, ahead of plan, on the $125 million run-rate business we originally targeted for the fourth quarter 2023 and remain confident in our journey to become a billion-dollar business in 2026," commented CEO Ronen Samuel.
- 2Q22 Outlook: KRNT expects revenue of $85 million - $95 million (consensus $102.04 million); non-GAAP operating income of -2% to +2% of revenue. It expects EBITDA Margins of 0% to 4%.
- Kornit Digital expects revenues in Q3 and Q4 to be stronger than in Q2. It further expects higher operating margins in the second half of the year, with operating margins in Q3 and Q4 in the low to mid-teens.
- Price Action: KRNT shares are trading lower by 32.6% at $38.04 on the last check Wednesday.
Read at Benzinga