Financial Performance - First quarter revenues were 83.3million,representinga268.0 million non-cash warrants impact[4] - GAAP net loss for the first quarter was 5.2million,or0.10 per basic share, compared to a net income of 5.1million,or0.11 per share, in the prior year[9] - Non-GAAP operating loss for the first quarter was 0.7million,netofthe8.0 million attributed to the non-cash impact of warrants[4] - Total revenues for the three months ended March 31, 2022, were 83,293,000,a25.966,123,000 in the same period of 2021[21] - Gross profit for the same period was 33,402,000,comparedto30,410,000 in 2021, reflecting an increase of 6.5%[21] - Operating expenses increased to 40,307,000from27,301,000, representing a 47.8% rise year-over-year[21] - The company reported a net loss of 5,197,000forQ12022,comparedtoanetincomeof5,099,000 in Q1 2021[21] - Basic and diluted net loss per share was (0.10)forQ12022,downfrom0.11 in Q1 2021[21] - Non-GAAP net income for Q1 2022 was 166,000,significantlylowerthan7,730,000 in Q1 2021[24] - Cash flows from operating activities showed a net cash used of 47,082,000inQ12022,comparedtocashprovidedof5,119,000 in Q1 2021[28] - Cash and cash equivalents at the end of Q1 2022 were 77,284,000,downfrom94,171,000 at the end of Q1 2021[28] - The weighted average number of shares used in computing diluted net loss per share was 49,658,028 for Q1 2022, compared to 47,568,215 in Q1 2021[24] Future Projections - The company expects second quarter revenue to be in the range of 85millionto95 million, with non-GAAP operating income projected between -2% to +2% of revenue[7] - The company anticipates stronger revenues in the third and fourth quarters compared to the second quarter, with operating margins expected in the low to mid-teens[8] - Kornit Digital aims to achieve a 125millionrun−ratebusinessbythefourthquarterof2023andisonapathtobecomeabillion−dollarbusinessby2026[3]ProductDevelopment−KornitDigitalintroducedgroundbreakingnewproducts,includingAtlasMAXPolyandKornitApollo,duringKornitFashionWeekinTelAviv[4]−KornitDigitalcontinuestoinveststrategicallyinnewproductinitiativesandgo−to−marketstrategiestodrivelong−termgrowth[5]RegionalPerformance−ThecompanyreportedrecordperformanceintheAsiaPacificregionandstrongresultsinEMEAandAmericas[4]FinancialPosition−Thecompanymaintainsastrongbalancesheetwithtotalassetsof1,026.1 million as of March 31, 2022[19] - The company invested 410,985,000inbankdepositsduringQ12022,asignificantincreasefrom18,855,000 in the previous year[28]
Kornit Digital(KRNT)2022-05-11 20:05