Kornit Digital Reports Fourth Quarter and Full Year 2023 Results
Kornit Digital Ltd. reported fourth quarter revenues of $56.6 million, achieving breakeven adjusted EBITDA and positive operating cash flow. The company launched the Apollo platform for general commercial use and expects modest revenue growth for 2024. Despite challenges in 2023, Kornit focused on diversifying its customer base and improving operating efficiency.
Positive
Fourth quarter revenues of $56.6 million
Achieved breakeven adjusted EBITDA and positive operating cash flow
Successfully launched the Apollo platform for general commercial use
Expecting modest revenue growth for 2024
Improved operating efficiency and working capital position
Diversified customer base and established MAX technology as industry standard
Negative
Total revenue decrease in fourth quarter compared to prior year
Lower gross profit margin in fourth quarter and full year 2023
Decrease in systems revenues impacting total revenue
Negative adjusted EBITDA margin for full year 2023
Guidance for first quarter 2024 includes negative adjusted EBITDA margin
The reported fourth quarter revenues of $56.6 million, aligning with previous guidance, indicate a level of predictability in Kornit's financial performance. However, a year-over-year decrease from $63.3 million signals potential market challenges or operational issues. The GAAP net loss of $22.9 million juxtaposed with a non-GAAP net income of $3.8 million suggests significant adjustments, which may include stock-based compensation, amortization, or other non-cash expenses. These adjustments are common in earnings reports but warrant scrutiny to understand the company's true cash-generating ability.
The achievement of breakeven adjusted EBITDA and positive operating cash flow in the fourth quarter is a positive indicator of operational efficiency and financial health. This is particularly important for investors focused on cash flow as a measure of corporate sustainability. The launch of the Apollo platform is a strategic move that could catalyze future growth, but the expected 'modest revenue growth' for 2024 might reflect conservative estimates in light of ongoing macroeconomic challenges.
For stakeholders, the short-term implications include the need to monitor the company's ability to maintain profitability and cash flow positivity. In the long term, the successful adoption of the Apollo platform and the MAX technology could be pivotal in solidifying Kornit's market position. It is essential to analyze how the restructuring actions taken in Q1 2024 will affect operating expenses and whether these cuts will impact the company's growth trajectory.
From a market perspective, Kornit's focus on sustainable, on-demand digital fashion and textile production technologies positions the company in a niche but growing segment. The digital textile printing market is expected to grow, driven by trends towards sustainability and customization. Kornit's MAX technology being established as a new industry standard could indicate a competitive edge and potential for increased market share.
The report of double-digit growth in high-margin consumable sales is particularly noteworthy, as it suggests a recurring revenue stream that can provide stability against the more volatile systems sales. The diversification of Kornit's customer base is a strategic move to mitigate risks associated with customer concentration. However, the guidance for the first quarter of 2024, with expected revenues between $43 million to $48 million and an adjusted EBITDA margin between –16% to –26%, points to continued challenges and the possibility of a slow start to the year.
Investors should consider the broader industry trends, including the impact of macroeconomic factors on the sales cycle and the adoption rate of new technologies like Apollo. The company's performance relative to industry peers and the market's response to its restructuring efforts will be critical indicators of its future prospects.
02/14/2024 - 07:30 AM
Fourth quarter revenues of $56.6 million , in line with previous guidance Fourth quarter GAAP net loss of $22.9 million ; non-GAAP net income of $3.8 million Achieved breakeven adjusted EBITDA and generated positive operating cash flow for the fourth quarter Successfully launched the Apollo platform for general commercial use in early 2024 Expecting modest revenue growth, adjusted EBITDA profitability, and positive operating cash flow for the full year 2024 ROSH-HA`AYIN, Israel, Feb. 14, 2024 (GLOBE NEWSWIRE) -- Kornit Digital Ltd. (“Kornit” or the “Company”) (Nasdaq: KRNT), a worldwide market leader in sustainable, on-demand, digital fashionX and textile production technologies, reported today its results for the fourth quarter and full year ended December 31, 2023.
“We experienced a healthy peak season, with year-over-year growth in impressions and double-digit growth in high-margin consumable sales.” said Ronen Samuel, Kornit’s Chief Executive Officer. Mr. Samuel continued, “This growth, combined with improvements to our operating efficiency and working capital position, drove us to positive adjusted EBITDA and cash from operations in the fourth quarter.”
Mr. Samuel concluded, “Despite a challenging operating environment in 2023, we made progress in further diversifying our customer base, established our MAX technology as the new industry standard, and completed a successful beta program for the Apollo. As we enter 2024, while we continue to anticipate macroeconomics headwinds to weigh on our sales cycle, we are focused on leveraging our key drivers to achieve modest revenue growth for the full year. In the first quarter we have taken further actions to restructure and realign our operating expenses with the current market environment. This puts us on solid footing to generate adjusted EBITDA profitability and positive operating cash flow for the full year.”
Fourth Quarter 2023 Results of Operations
Total revenue for the fourth quarter of 2023 was $56.6 million compared with $63.3 million in the prior year period, due primarily to lower systems revenues. GAAP gross profit margin for the fourth quarter of 2023 was 25.8% compared with 33.7% in the prior year period. On a non-GAAP basis, gross profit margin was 48.6% compared with 36.4% in the prior year period. GAAP operating expenses for the fourth quarter of 2023 were $42.4 million compared with $38.1 million in the prior year period. On a non-GAAP basis, operating expenses decreased by 8.7% to $30.1 million compared with the prior year period. GAAP net loss for the fourth quarter of 2023 was $22.9 million , or ($0.48) per basic share, compared with net loss of $35.4 million , or ($0.71) per basic share, for the fourth quarter of 2022. Non-GAAP net income for the fourth quarter of 2023 was $3.8 million , or $0.08 per diluted share, compared with non-GAAP net loss of $6.6 million , or ($0.13) per basic share, for the fourth quarter of 2022. Adjusted EBITDA for the fourth quarter of 2023 was $0.2 million compared with adjusted EBITDA loss of $6.1 million for the fourth quarter of 2022. Adjusted EBITDA margin for the fourth quarter of 2023 was 0.3% compared with -9.6% for the fourth quarter of 2022. Full Year 2023 Results of Operations
Total revenue for the full year 2023 was $219.8 million compared with $271.5 million in the prior year, due primarily to lower systems revenues. GAAP gross profit margin for the full year 2023 was 30.5% compared with 35.5% in the prior year. On a non-GAAP basis, gross profit margin was 38.4% compared with 38.2% in the prior year. GAAP operating expenses for the full year 2023 were $154.5 million compared with $166.4 million in the prior year. On a non-GAAP basis, operating expenses decreased by 12.3% to $127.7 million compared with the prior year. GAAP net loss for the full year 2023 was $64.4 million , or ($1.31) per basic share, compared with net loss of $79.1 million , or ($1.59) per basic share, for the full year 2022. Non-GAAP net loss for the full year 2023 was $20.4 million , or ($0.42) per basic share, compared with non-GAAP net loss of $32.6 million , or ($0.66) per basic share, for the full year 2022. Adjusted EBITDA loss for the full year 2023 was $30.9 million compared with adjusted EBITDA loss of $30.8 million for the full year 2022. Adjusted EBITDA margin for the full year 2023 was -14.0% compared with -11.3% for the full year 2022. First Quarter 2024 Guidance
For the first quarter of 2024, the Company expects revenues to be in the range of $43 million to $48 million and adjusted EBITDA margin between –16% to –26% of revenue. The guidance for revenue and adjusted EBITDA margin includes the impact of the non-cash expense associated with the fair value of the Company’s warrants.
Fourth Quarter and Full Year 2023 Earnings Conference Call Information
The Company will host a conference call today at 8:30 a.m. ET, or 3:30 p.m. Israel time, to discuss the results, followed by a question-and-answer session with the investor community.
A live webcast of the call can be accessed at ir.kornit.com . To access the call, participants may dial toll-free at 1-877-407-0792 or 1-201-689-8263. The toll-free Israeli number is 1 809 406 247. The conference confirmation code is 13744080.
To listen to a replay of the conference call, dial toll-free 1-844-512-2921 or 1-412-317-6671 (international) and enter confirmation code 13744080. The telephonic replay will be available approximately three hours after the completion of the live call until 11:59 pm ET on February 28, 2024. The call will also be available for replay via the webcast link on Kornit’s Investor Relations website.
About Kornit Digital
Kornit Digital (NASDAQ: KRNT) is a worldwide market leader in sustainable, on-demand, digital fashionx and textile production technologies. The Company is writing the operating system for fashion with end-to-end solutions including digital printing systems, inks, consumables, and an entire global ecosystem that manages workflows and fulfillment. Headquartered in Israel with offices in the USA, Europe, and Asia Pacific, Kornit Digital serves customers in more than 100 countries and states worldwide. To learn more about how Kornit Digital is boldly transforming the world of fashion and textiles, visit www.kornit.com .
Forward Looking Statements
Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other U.S. securities laws. Forward-looking statements are characterized by the use of forward-looking terminology such as “will,” “expects,” “anticipates,” “continue,” “believes,” “should,” “intended,” “guidance,” “preliminary,” “future,” “planned,” or other words. These forward-looking statements include, but are not limited to, statements relating to the Company’s objectives, plans and strategies, statements of preliminary or projected results of operations or of financial condition and all statements that address activities, events, or developments that the Company intends, expects, projects, believes or anticipates will or may occur in the future. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. The Company has based these forward-looking statements on assumptions and assessments made by its management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, among other things: the duration and severity of adverse macro-economic headwinds that were caused by inflationary pressures and higher interest rates, which have impacted, and may continue to impact, in an adverse manner, the Company’s operations, financial position and cash flows, in part due to the adverse impact on the Company’s customers and suppliers; the Company’s degree of success in developing, introducing and selling new or improved products and product enhancements including specifically the Company’s Poly Pro and Presto products, and the Company’s Apollo direct-to-garment platform; the extent of the Company’s ability to consummate sales to large accounts with multi-system delivery plans; the degree of the Company’s ability to fill orders for its systems; the extent of the Company’s ability to increase sales of its systems, ink and consumables; the extent of the Company’s ability to leverage its global infrastructure build-out; the development of the market for digital textile printing; the availability of alternative ink; competition; sales concentration; changes to the Company’s relationships with suppliers; the extent of the Company’s success in marketing; and those additional factors referred to under “Risk Factors” in Item 3.D of the Company’s Annual Report on Form 20-F for the year ended December 31, 2022, filed with the SEC on March 30, 2023. Any forward-looking statements in this press release are made as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Discussion Disclosure
The Company presents certain non-GAAP financial measures, in this press release and in the accompanying conference call to discuss the Company’s quarterly results. These non-GAAP financial measures reflect adjustments to corresponding GAAP financial measures in order to exclude the impact of the following: share-based compensation expenses; amortization of intangible assets; acquisition related expenses; restructuring expenses; foreign exchange differences associated with ASC 842; and non-cash deferred tax income.
The Company defines “Adjusted EBITDA” as non-GAAP operating income (loss), which reflects the adjustments described in the preceding paragraph, as further adjusted to exclude depreciation expense.
The purpose of the foregoing non-GAAP financial measures is to convey the Company’s performance exclusive of non-cash charges and other items that are considered by management to be outside of the Company’s core operating results. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Furthermore, the non-GAAP measures are regularly used internally to understand, manage, and evaluate the Company’s business and make operating decisions, and the Company believes that they are useful to investors as a consistent and comparable measure of the ongoing performance of the Company’s business. The Company’s non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies.
The reconciliation tables included below present a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measures.
Investor Contact: Jared Maymon Global Head of Investor RelationsJared.Maymon@Kornit.com
KORNIT DIGITAL LTD. AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands) December 31, December 31, 2023 2022 (Unaudited) (Audited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 39,605 $ 104,597 Short-term bank deposit 235,600 275,033 Marketable securities 57,292 20,380 Trade receivables, net 93,632 67,360 Inventory 67,712 89,415 Other accounts receivable and prepaid expenses 28,546 22,054 Total current assets 522,387 578,839 LONG-TERM ASSETS: Marketable securities 223,203 245,970 Deposits and other long-term assets 8,209 5,927 Severance pay fund 283 274 Property,plant and equipment, net 50,905 60,463 Operating lease right-of-use assets 23,782 27,139 Intangible assets, net 7,647 9,890 Goodwill 29,164 29,164 Total long-term assets 343,193 378,827 Total assets 865,580 957,666 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables 6,936 14,833 Employees and payroll accruals 12,121 14,255 Deferred revenues and advances from customers 2,158 5,701 Operating lease liabilities 4,345 4,989 Other payables and accrued expenses 23,814 25,592 Total current liabilities 49,374 65,370 LONG-TERM LIABILITIES: Accrued severance pay 1,080 1,223 Operating lease liabilities 19,261 21,035 Other long-term liabilities 198 1,216 Total long-term liabilities 20,539 23,474 SHAREHOLDERS' EQUITY 795,667 868,822 Total liabilities and shareholders' equity $ 865,580 $ 957,666
KORNIT DIGITAL LTD. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. dollars in thousands, except share and per share data) Three Months Ended Year Ended December 31, December 31, 2023 2022 2023 2022 (Unaudited) (Unaudited) Audited Revenues Products $ 43,573 $ 49,795 $ 161,045 $ 222,502 Services 13,012 13,503 58,741 49,016 Total revenues 56,585 63,298 219,786 271,518 Cost of revenues Products 23,125 29,026 91,516 125,935 Services 18,888 12,923 61,313 49,083 Total cost of revenues 42,013 41,949 152,829 175,018 Gross profit 14,572 21,349 66,957 96,500 Operating expenses: Research and development, net 12,033 13,251 50,060 56,026 Sales and marketing 17,909 16,150 66,836 71,067 General and administrative 12,449 8,657 37,592 39,289 Total operating expenses 42,391 38,058 154,488 166,382 Operating loss (27,819 ) (16,709 ) (87,531 ) (69,882 ) Financial income, net 5,424 5,052 24,150 13,382 Loss before taxes on income (22,395 ) (11,657 ) (63,381 ) (56,500 ) Taxes on income 539 23,703 970 22,565 Net loss $ (22,934 ) $ (35,360 ) $ (64,351 ) $ (79,065 ) Basic loss per share $ (0.48 ) $ (0.71 ) $ (1.31 ) $ (1.59 ) Weighted average number of shares used in computing basic net loss per share 48,231,916 49,913,898 49,160,266 49,791,659 Diluted net loss per share $ (0.48 ) $ (0.71 ) $ (1.31 ) $ (1.59 ) Weighted average number of shares used in computing diluted net loss per share 48,231,916 49,913,898 49,160,266 49,791,659
KORNIT DIGITAL LTD. AND ITS SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. dollars in thousands, except share and per share data) Three Months Ended Year Ended December 31, December 31, 2023 2022 2023 2022 (Unaudited) (Unaudited) Revenues $ 56,585 $ 63,298 $ 219,786 $ 271,518 GAAP cost of revenues $ 42,013 $ 41,949 $ 152,829 $ 175,018 Cost of product recorded for share-based compensation (1) (545 ) (543 ) (2,356 ) (2,185 ) Cost of service recorded for share-based compensation (1) (447 ) (408 ) (1,758 ) (1,676 ) Intangible assets amortization on cost of product (3) (260 ) (266 ) (1,053 ) (1,402 ) Intangible assets amortization on cost of service (3) (160 ) (160 ) (640 ) (640 ) Excess cost of product on acquired inventory (2) - - - (663 ) Restructuring expenses (4) (11,501 ) (305 ) (11,590 ) (701 ) Non-GAAP cost of revenues $ 29,100 $ 40,267 $ 135,432 $ 167,751 GAAP gross profit $ 14,572 $ 21,349 $ 66,957 $ 96,500 Gross profit adjustments 12,913 1,682 17,397 7,267 Non-GAAP gross profit $ 27,485 $ 23,031 $ 84,354 $ 103,767 GAAP operating expenses $ 42,391 $ 38,058 $ 154,488 $ 166,382 Share-based compensation (1) (4,653 ) (4,264 ) (18,475 ) (18,788 ) Acquisition related expenses (2) - - - (512 ) Intangible assets amortization (3) (93 ) (138 ) (550 ) (501 ) Restructuring expenses (4) (7,579 ) (711 ) (7,785 ) (992 ) Non-GAAP operating expenses $ 30,066 $ 32,945 $ 127,678 $ 145,589 GAAP Financial income, net $ 5,424 $ 5,052 $ 24,150 $ 13,382 Foreign exchange losses associated with ASC 842 1,579 285 378 (3,123 ) Non-GAAP Financial income , net $ 7,003 $ 5,337 $ 24,528 $ 10,259 GAAP Taxes on income $ 539 $ 23,703 $ 970 $ 22,565 Non-cash deferred tax income (expenses) $ 88 $ (10,234 ) $ 666 $ (10,014 ) Non-recurring tax payment (a) $ - $ (11,485 ) $ - $ (11,485 ) Non-GAAP Taxes on income $ 627 $ 1,984 $ 1,636 $ 1,066 GAAP net loss $ (22,934 ) $ (35,360 ) $ (64,351 ) $ (79,065 ) Share-based compensation (1) 5,645 5,215 22,589 22,649 Acquisition related expenses (2) - - - 512 Intangible assets amortization (3) 513 564 2,243 2,543 Restructuring expenses (4) 19,080 1,016 19,375 1,693 Excess cost of product on acquired inventory (2) - - - 663 Foreign exchange losses associated with ASC 842 1,579 285 378 (3,123 ) Non-cash deferred tax expenses (income) (88 ) 10,234 (666 ) 10,014 Non-recurring tax payment (a) - 11,485 - 11,485 Non-GAAP net income (loss) $ 3,795 $ (6,561 ) $ (20,432 ) $ (32,629 ) GAAP diluted loss per share $ (0.48 ) $ (0.71 ) $ (1.31 ) $ (1.59 ) Non-GAAP diluted income (loss) per share $ 0.08 $ (0.13 ) $ (0.42 ) $ (0.66 ) Weighted average number of shares Shares used in computing GAAP diluted net loss per share 48,231,916 49,913,898 49,160,266 49,791,659 Shares used in computing Non-GAAP diluted net income (loss) per share 50,094,714 49,913,898 49,160,266 49,791,659 (1) Share-based compensation Cost of product revenues $ 545 $ 543 $ 2,356 $ 2,185 Cost of service revenues $ 447 408 1,758 1,676 Research and development $ 1,329 1,340 5,759 5,312 Sales and marketing $ 1,635 1,693 6,689 7,361 General and administrative $ 1,689 1,231 6,027 6,115 $ 5,645 $ 5,215 $ 22,589 $ 22,649 (2) Acquisition related expenses Cost of product revenues - - - 663 General and administrative $ - $ - $ - $ 512 $ - $ - $ - $ 1,175 (3) Intangible assets amortization Cost of product revenues $ 260 $ 266 $ 1,053 $ 1,402 Cost of service revenues $ 160 160 640 640 Sales and marketing $ 93 138 550 501 $ 513 $ 564 $ 2,243 $ 2,543 (4) Restructuring expenses Cost of product revenues $ 5,569 $ 305 $ 5,658 $ 689 Cost of service revenues $ 5,932 - 5,932 12 Research and development $ 860 137 880 201 Sales and marketing $ 2,744 487 2,930 675 General and administrative $ 3,975 87 3,975 116 $ 19,080 $ 1,016 $ 19,375 $ 1,693 (a) Attributed to tax settlement with the Israeli Tax Authority
KORNIT DIGITAL LTD. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (U.S. dollars in thousands) Three Months Ended Year Ended December 31, December 31, 2023 2022 2023 2022 (Unaudited) (Unaudited) Audited Cash flows from operating activities: Net loss $ (22,934 ) $ (35,360 ) $ (64,351 ) $ (79,065 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 3,287 4,399 14,700 13,565 Restructuring and other charges 19,080 - 19,080 - Fair value of warrants deducted from revenues 4,841 4,339 13,842 22,500 Share-based compensation 5,645 5,215 22,589 22,649 Amortization of premium and accretion of discount on marketable securities, net 83 373 756 1,820 Realized gain on sale and redemption of marketable securities 93 - 134 10 Change in operating assets and liabilities: Trade receivables, net 6,557 (3,673 ) (19,220 ) (15,891 ) Other accounts receivables and prepaid expenses (5,040 ) (2,501 ) (6,492 ) (8,635 ) Inventory 4,521 (2,437 ) 11,028 (29,004 ) Operating leases right-of-use assets and liabilities, net 1,544 229 (179 ) (2,918 ) Deferred taxes - 11,523 - 8,530 Deposits and other long term assets (103 ) (1,859 ) (2,282 ) (4,251 ) Trade payables (2,902 ) (9,068 ) (6,491 ) (26,948 ) Employees and payroll accruals (2,294 ) (2,222 ) (1,089 ) (7,674 ) Deferred revenues and advances from customers (1,339 ) 107 (4,990 ) (1,426 ) Other payables and accrued expenses (8,357 ) (8,873 ) (10,547 ) 7,190 Accrued severance pay, net (14 ) 43 (152 ) (237 ) Other long - term liabilities (74 ) 330 (1,018 ) 13 Loss (gain) from sale and disposal of property, plant and equipment - (142 ) - 425 Net cash provided by (used in) operating activities $ 2,594 $ (39,577 ) $ (34,682 ) $ (99,347 ) Cash flows from investing activities: Purchase of property, plant and equipment $ (934 ) $ (5,776 ) $ (7,006 ) $ (18,042 ) Investment in equity securities - (193 ) - (820 ) Acquisition of intangible assets - (73 ) - (308 ) Proceeds from sale of property, plant and equipment - - - 71 Cash paid in connection with acquisition, net of cash acquired - - - (14,654 ) Proceeds from (investment in) short-term bank deposits, net (15,505 ) 85,089 39,433 (265,865 ) Proceeds from sales and redemption of marketable securities - - 7,240 1,945 Proceeds from maturities of marketable securities 6,300 6,500 20,522 27,898 Investment in marketable securities (9,526 ) (8,135 ) (33,977 ) (137,500 ) Net cash provided by (used in) investing activities $ (19,665 ) $ 77,412 $ 26,212 $ (407,275 ) Cash flows from financing activities: Exercise of employee stock options $ - $ 159 $ 293 $ 619 Payments related to shares withheld for taxes (608 ) (90 ) (1,045 ) (951 ) Repurchase of ordinary shares (19,004 ) - (55,770 ) - Net cash used in financing activities $ (19,612 ) $ 69 $ (56,522 ) $ (332 ) Increase (decrease) in cash and cash equivalents $ (36,683 ) $ 37,904 $ (64,992 ) $ (506,954 ) Cash and cash equivalents at the beginning of the period 76,288 66,693 104,597 611,551 Cash and cash equivalents at the end of the period $ 39,605 $ 104,597 $ 39,605 $ 104,597 Non-cash investing and financing activities: Purchase of property and equipment on credit 314 1,692 314 1,692 Inventory transferred to be used as property and equipment - 5,248 531 6,792 Property, plant and equipment transferred to be used as inventory 131 - 865 - Lease liabilities arising from obtaining right-of-use assets (3,250 ) 408 2,559 7,585
KORNIT DIGITAL LTD. AND ITS SUBSIDIARIES RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA (U.S. dollars in thousands, except share and per share data) Three Months Ended Year Ended December 31, December 31, 2023 2022 2023 2022 (Unaudited) (Unaudited) GAAP Revenues $ 56,585 $ 63,298 $ 219,786 $ 271,518 GAAP Net Loss (22,934 ) (35,360 ) (64,351 ) (79,065 ) Taxes on income 539 23,703 970 22,565 Financial income (5,424 ) (5,052 ) (24,150 ) (13,382 ) Share-based compensation 5,645 5,215 22,589 22,649 Intangible assets amortization 513 564 2,243 2,543 Acquisition related expenses - - - 512 Excess cost of product on acquired inventory - - - 663 Restructuring expenses 19,080 1,016 19,375 1,693 Non-GAAP Operating Loss (2,581 ) (9,914 ) (43,324 ) (41,822 ) Depreciation 2,774 3,835 12,457 11,022 Adjusted EBITDA $ 193 $ (6,079 ) $ (30,867 ) $ (30,800 )
What were Kornit Digital Ltd.'s fourth quarter revenues?
Kornit reported fourth quarter revenues of $56.6 million.
What was the GAAP net loss for Kornit Digital Ltd. in the fourth quarter of 2023?
Kornit reported a GAAP net loss of $22.9 million in the fourth quarter of 2023.
What is Kornit Digital Ltd.'s ticker symbol?
The ticker symbol for Kornit Digital Ltd. is KRNT.
What did Kornit achieve in the fourth quarter of 2023?
Kornit achieved breakeven adjusted EBITDA and positive operating cash flow in the fourth quarter of 2023.
What platform did Kornit successfully launch for general commercial use?
Kornit successfully launched the Apollo platform for general commercial use.
What does Kornit expect for full year 2024?
Kornit expects modest revenue growth, adjusted EBITDA profitability, and positive operating cash flow for full year 2024.