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KRNT

Kornit Digital Ltd.

KRNT

Kornit Digital Ltd. • NASDAQ
$13.33 ▲ 1.76% (+0.23)
Market Cap $598.65 M
52w High $34.28
52w Low $11.93
Dividend Yield 0%
P/E -47.61
Volume 237.40K
Outstanding Shares 44.91M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $53.134M ▲ $30.519M ▼ $-2.592M ▲ -4.878% ▲ $-0.058 ▲ $419K ▲
Q2-2025 $49.754M ▲ $31.61M ▼ $-7.518M ▼ -15.11% ▼ $-0.17 ▼ $-7.936M ▲
Q1-2025 $46.457M ▼ $31.871M ▼ $-5.059M ▼ -10.89% ▼ $-0.11 ▼ $-9.225M ▼
Q4-2024 $60.696M ▲ $32.339M ▲ $2.216M ▲ 3.651% ▲ $0.047 ▲ $2.103M ▲
Q3-2024 $50.732M $31.333M $-908K -1.79% $-0.019 $-3.904M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $443.35M ▲ $769.811M ▲ $62.165M ▲ $707.646M ▲
Q2-2025 $431.612M ▼ $765.96M ▼ $61.211M ▼ $704.749M ▼
Q1-2025 $452.07M ▼ $786.778M ▼ $65.956M ▲ $720.822M ▼
Q4-2024 $463.874M ▼ $787.484M ▼ $60.585M ▲ $726.899M ▼
Q3-2024 $501.211M $850.791M $57.286M $793.505M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-2.592M ▲ $4.934M ▲ $9.371M ▲ $-1.273M ▲ $12.837M ▲ $823.63K ▲
Q2-2025 $-7.518M ▼ $3.776M ▼ $-10.981M ▼ $-23.452M ▼ $-30.611M ▼ $-2.078M ▼
Q1-2025 $-5.059M ▼ $5.764M ▼ $17.534M ▲ $-2.272M ▲ $21.026M ▲ $1.993M ▼
Q4-2024 $2.216M ▲ $26.663M ▲ $-30.713M ▼ $-74.808M ▼ $-78.858M ▼ $15.02M ▲
Q3-2024 $-908K $13.554M $77.966M $-181K $91.339M $12.78M

Revenue by Products

Product Q2-2020Q3-2021Q2-2022
Service
Service
 $0 ▲$0 ▲$0 ▲
InkAndConsumablesMember
InkAndConsumablesMember
 $30.00M ▲$70.00M ▲$0 ▼
ServiceContractsMember
ServiceContractsMember
 $0 ▲$10.00M ▲$0 ▼
ServicesMember
ServicesMember
 $0 ▲$10.00M ▲$0 ▼
SystemsMember
SystemsMember
 $30.00M ▲$140.00M ▲$0 ▼
SparePartsMember
SparePartsMember
 $10.00M ▲$0 ▼$0 ▲
TotalRevenueMember
TotalRevenueMember
 $60.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue climbed strongly through the pandemic period, peaked in 2021, and then has been drifting down for several years, now sitting only modestly above 2020 levels. That suggests the business went through a demand surge and then a reset, rather than a smooth growth path. Gross profit is still healthy in absolute terms but clearly below the high point, and the company has not been able to keep operating expenses in line with the slower revenue environment. Operating results were briefly profitable in 2021 but have been loss‑making before and after that year. Losses were largest recently and have started to narrow again, but the company is still not making money at the bottom line. Overall, the income statement shows a niche technology leader that has not yet proven it can sustain profitable growth through the full cycle. The direction is improving, but the business remains sub‑scale relative to its cost base.

Balance Sheet

Balance Sheet The balance sheet looks conservative from a leverage perspective. Debt is very small compared with the overall asset base, and equity makes up the vast majority of funding, which limits financial risk from borrowing. The company once held a very large cash cushion, which has been drawn down significantly over the last few years. Cash is now much closer to a normal operating level rather than the previous “war chest.” Assets and equity have both edged down from their peak, reflecting cumulative losses and a leaner footprint. In plain terms, Kornit still has a solid, mostly unlevered balance sheet, but the margin of safety from excess cash is not what it used to be. That makes future profitability and cash generation more important than before.

Cash Flow

Cash Flow Cash flow paints a slightly better picture than the recent income statements. After two tough years of cash burn, operating cash flow has turned positive again, closer to what the company produced before the 2021 peak. Free cash flow follows the same pattern: negative during the reset period, now modestly positive. Investment spending on equipment and facilities is relatively light and stable, so capital intensity is not the main drag on cash. The big swing factor has been the underlying profitability and working‑capital swings tied to demand. Put simply, the business has shown it can generate cash in more normal conditions, but the cushion is not large. Sustaining positive cash flow will depend on stabilizing revenue and keeping costs disciplined.

Competitive Edge

Competitive Edge Kornit holds a leading position in the digital textile printing niche, particularly in direct‑to‑garment and direct‑to‑fabric solutions. Its main strengths are an integrated offering—machines, inks, software, and services—combined with a strong sustainability message that contrasts with traditional, water‑intensive screen printing. The company’s patent portfolio, specialized ink chemistries, and end‑to‑end workflow ecosystem create switching costs for customers and make it harder for new entrants to fully replicate the solution. Its “walled garden” approach also deepens relationships, as customers rely on Kornit for both hardware and ongoing consumables. On the risk side, this remains a relatively narrow market, exposed to fashion, e‑commerce, and promotional volumes, which can be volatile. Traditional printing, lower‑cost digital alternatives, and in‑house solutions at large customers are ongoing competitive pressures. Customer concentration and the health of big online platforms are important external dependencies.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of Kornit’s strategy. The company has built proprietary, waterless printing processes and advanced ink sets that handle a wide range of fabrics, including challenging materials like polyester. Its MAX and XDi technologies add 3D and textured effects, aiming to replace or augment embroidery and other decorative techniques. On the hardware side, platforms like Apollo target high‑volume, automated production to compete directly with industrial screen printing, while systems such as Atlas MAX and Presto MAX expand its reach across garments and roll‑to‑roll fabrics. Software and cloud offerings under KornitX, plus the All‑Inclusive Click usage model, are designed to lock in recurring revenue and make adoption easier for customers. Newer initiatives—digital decoration for footwear and a direct‑to‑film solution (MAX Transfer)—open additional applications and markets. The opportunity is significant, but so is the execution risk: Kornit must turn a rich technology roadmap into consistent, scalable revenue and prove that its recurring, service‑heavy model can smooth out the hardware cycle.

Summary

Kornit Digital combines strong technology and a clear sustainability angle with a financial profile that still reflects transition and volatility. Financially, the business benefited from a surge in demand around 2020–2021 and then went through a meaningful reset, with revenue sliding from its peak and profitability turning negative again. Losses have begun to narrow, and cash flow has improved, but the company has yet to demonstrate steady, durable profitability. The balance sheet remains conservative with very little debt, although the once‑large cash buffer has been substantially reduced. Strategically, Kornit appears well‑positioned in the shift toward on‑demand, localized, and more sustainable textile production. Its vertically integrated ecosystem, patents, and recurring‑revenue models provide a real competitive edge, while its innovation pipeline—new platforms, footwear, direct‑to‑film, and cloud workflow—offers multiple avenues for future growth. The key uncertainties center on how quickly the market for digital textile printing grows, how smoothly Kornit can scale its newer offerings, and whether it can translate its technical leadership into stable margins and consistently positive cash flow over time.

NEWS

November 17, 2025 · 7:30 AM UTC

Kornit Digital Announces CFO Transition and New $100 Million Share Repurchase Program

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November 5, 2025 · 7:15 AM UTC

Kornit Digital Reports Third Quarter 2025 Results

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October 27, 2025 · 8:01 AM UTC

Kornit Digital Launches Breakthrough Footwear Solution at ITMA Asia + CITME Singapore 2025, Bringing Scalable Digital Production to Sports and Athleisure

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October 22, 2025 · 8:00 AM UTC

Kornit Digital Sets Third Quarter 2025 Earnings Release Date and Webcast

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October 15, 2025 · 8:35 AM UTC

Leading UK-Based Digital Textile Print Provider Expands On-Demand Textile Production with Additional Kornit MAX PLUS Systems

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