Kornit Digital Reports Second Quarter 2024 Results

Core Insights - Kornit Digital Ltd. reported second quarter revenues of $48.6 million, aligning with previous guidance, but down from $56.2 million in the same period last year [3][4] - The company experienced a GAAP net loss of $4.9 million, an improvement from a net loss of $14.3 million in the prior year [4][5] - Positive cash flow from operations was generated during the second quarter of 2024, indicating operational efficiency [3][20] Financial Performance - Total revenue for Q2 2024 was $48.6 million, a decrease of 13.9% year-over-year [3][14] - GAAP gross profit margin improved to 45.8% from 33.3% in the prior year, while non-GAAP gross profit margin rose to 48.6% from 36.1% [3][4] - Operating expenses decreased to $33.0 million from $39.6 million year-over-year, with non-GAAP operating expenses down by 17.9% to $28.0 million [4][5] Operational Highlights - The company saw growth in impressions and consumables year-over-year, indicating strong customer demand [2] - Interest in the all-inclusive click (AIC) program and Apollo system remains robust, with multiple orders added to the backlog during the second quarter [2] - Kornit plans to pilot the AIC model on the Atlas MAX system for screen replacement customers, reflecting a strategic move to enhance product offerings [2] Future Guidance - For Q3 2024, Kornit expects revenues to be in the range of $48 million to $52 million, with an adjusted EBITDA margin projected between 1% to 6% [6]