Digital textile print technology manufacturer Kornit Digital said its revenue for the third quarter ended September 30, 2021 was up 51% year-over-year to $86.7 million. “We are witnessing the change in the fashion industry.”
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| Kornit Digital's Atlas Max technology |
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| "A revolutionary moment": Ronen Samuel, CEO Kornit Digital |
“I am extremely proud of our phenomenal third quarter performance, with record revenues across all regions, strong profitability and operating cash flows,” said Ronen Samuel, CEO, Kornit Digital.
“We are witnessing the change in the fashion industry with an acceleration to sustainable, on-demand production -- a revolutionary moment in how we all think and act about fashion, from the need for self-expression, to responsible production. Kornit is leading the digital transformation the fashion industry must make with innovative solutions that break the barriers between imagination and physical applications.
“We enter 2022 with very strong business fundamentals supported by broad-based demand for our industry leading solutions. This growing demand and market acceptance puts us firmly on the path of becoming a $1 billion revenue company in 2026.”
In its financial report, the company noted: “New industry transforming innovative platforms; Atlas MAX and Presto MAX extremely well received by market; Robust new product introductions planned for early 2022. Company’s inspirational global fashion tech platform in Los Angeles, New York, Italy, and Japan drives creativity, sustainability, and inclusiveness to the forefront of the fashion world, utilizing Kornit’s on-demand technologies.”
Total revenue for the third quarter of 2021 was $86.7 million, compared to $57.4 million in the prior year period. GAAP net income for the third quarter of 2021 was $3.9 million. Non-GAAP net income for the third quarter of 2021 was $11.5 million.
“We are very pleased with our strong third quarter performance, which continued our momentum from the first half of the year,” said Alon Rozner, Kornit Digital’s CFO. “We are focused on ending the year strong and supporting our customers to ensure they are ready for their peak season. We enter 2022 in a phenomenal position with outstanding business fundamentals, a robust backlog and strong pipeline.”
