Kornit Digital(US:KRNT)2022-05-11 14:35Financial Performance & Growth - Total revenues for Q1 2022 grew by 26% year-over-year, reaching $83.3 million, net of an $8.0 million impact from warrants related to a global strategic account[9, 27] - Service revenues increased by 32% year-over-year to $10.8 million, representing 13% of total revenue[27] - The top 10 largest accounts contributed 53% of total revenues in Q1 2022[27] - Asia Pacific achieved a record quarter, while EMEA delivered one of its best quarters ever, and the Americas remained strong[11, 27] Product & Business Highlights - The company saw excellent adoption and feedback for Atlas Max, with initial stages of Atlas-to-Atlas-MAX upgrades underway[11] - Presto MAX represents the majority of the company's DTF (Direct-to-Fabric) pipeline, with an increasing backlog for Presto MAX upgrades[12] - The company is launching a new strategic partnership with Wix.com to enable on-demand fulfillment services, expected to go live later this quarter[13] - The company introduced Atlas MAX Poly and Kornit Apollo, with commercial availability for Apollo expected in mid-2023[15, 16] Future Expectations & Guidance - The company expects to deliver $125 million run-rate business originally targeted for 4Q 2023 ahead of plan[25] - The company remains confident in its journey to become a $1 billion business in 2026[25] - For Q2 2022, the company expects revenues to be in the range of $85 million to $95 million[37] - The company anticipates higher operating margins in the second half of 2022, with operating margins in 3Q22 and 4Q22 in the low to mid-teens[37]