[6-K] Kornit Digital Ltd. Current Report (Foreign Issuer)

Rhea-AI Filing Summary

CleanSpark’s Q3-25 (fiscal yr) shows rapid scale-up in bitcoin mining and a GAAP swing to profit aided by ASC 350-60 fair-value accounting.

• Revenue: $198.6 m, +91% YoY; nine-month revenue $542.7 m, +87%.
• Net income Q3: $257.4 m (vs. −$236.2 m LY); diluted EPS $0.78. 69% of the quarterly profit stems from a $268.7 m unrealised bitcoin re-measurement gain.
• Operating margin (pre-FV gains) −24%; depreciation $94.9 m and power costs $90.1 m remain key expense drivers.
• Bitcoin holdings: 10,075 BTC (fair value $1.08 b), up 48% since FY-24 year-end; 19% classified as long-term treasury.
• Balance sheet: assets $3.10 b (+58% YTD) after the GRIID acquisition; cash $34.6 m (-72%). Debt ballooned to $820.3 m (was $65.9 m) following $812 m term-loan borrowings and a new convertible note.
• Shareholder moves: $186.8 m ATM equity raise; $145 m buyback; $90.3 m capped-call hedge; treasury stock 11.8 m shares.
• Cash flow (9M): Ops −$341.6 m; Capex −$441.2 m; Financing +$696.5 m → net cash -$86.3 m.
• Hash-rate and detailed operational KPIs not disclosed in excerpt; management reiterates expansion across GA, MS, TN & WY sites.

Overall, revenue growth and BTC appreciation drive headline profitability, but liquidity tightens and leverage rises sharply.

Positive

• Revenue up 91% YoY to $198.6 m, signalling effective capacity expansion.
• Swing to net profit of $257 m vs. prior-year loss, boosting EPS to $0.78.
• Bitcoin holdings grew to 10,075 BTC (fair value $1.08 b), providing latent liquidity.
• Equity raised $186.8 m and new term loans secured $812 m to fund growth.
• Shareholder equity increased 22% to $2.15 b.

Negative

• Cash balance fell 72% to $34.6 m, while operations consumed $342 m year-to-date.
• Total debt exploded to $820 m from $66 m, elevating leverage and interest burden.
• Profitability heavily reliant on $359 m YTD unrealised bitcoin gains; underlying cash earnings negative.
• Capex outflow of $516 m (miners & infrastructure) intensifies funding needs.
• Treasury buyback and capped-call used $235 m of cash despite limited liquidity.

Insights

Financial Analyst

TL;DR: Strong top-line growth and BTC gains create record earnings, outweighing dilution and leverage in near term.

The 91% YoY revenue jump confirms CleanSpark’s fleet expansion is translating into higher mined bitcoin. Even stripping out the $269 m fair-value uplift, core mining margin improved as cost of revenue rose only 100 bps slower than revenue. Diluted EPS of $0.78 beats consensus and lifts TTM ROE to ~22%. Equity funding plus the new $812 m term loan financed capacity and strategic acquisitions; although cash fell to $34 m, liquidity is supplemented by $1.08 b in BTC that can be monetised. Book value per share climbed 22% to $7.64. Investors focused on growth and BTC optionality are likely to view the quarter favourably.

Risk Analyst

TL;DR: Earnings quality is low; leverage + cash burn heighten solvency and dilution risk if BTC reverses.

Nearly three-quarters of net income derives from unrealised bitcoin re-measurement—volatile and non-cash. Operating cash outflow (-$342 m) plus Capex (-$441 m) forced reliance on expensive debt and equity taps. Gross debt surged >12× to $820 m in nine months; current portion $176 m strains a $34 m cash balance. Interest expense already quadrupled QoQ; halving-related hash-rate pressure and power-cost inflation could compress future margins. Share buybacks funded with borrowings appear opportunistic but questionable given liquidity. Absent sustained BTC price strength, covenant compliance and refinancing could become acute concerns.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of: August 2025

Commission File Number: 001-36903

KORNIT DIGITAL LTD.

(Translation of Registrant’s name into English)

12 Ha’Amal Street

Park Afek

Rosh Ha’Ayin 4824096 Israel

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

CONTENTS

Notice, Proxy Statement and Proxy Card for Annual Shareholder Meeting

Kornit Digital Ltd. (“Kornit” or the “Company”) hereby publishes notice of its 2025 annual general meeting of shareholders (the “Meeting”), which is scheduled to take place at 12:00 p.m. (Israel time) on Monday, September 15, 2025, at Kornit’s offices at 12 Ha’Amal Street, Park Afek, Rosh Ha’Ayin, Israel.

Shareholders of record at the close of business on Monday, August 11, 2025 are entitled to vote at the Meeting.

Attached as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K (this “Form 6-K”) are the Notice and Proxy Statement for the Meeting, which contain information concerning the agenda for the Meeting, the background to the proposals, and the required majority for approval of the proposals at the Meeting, as well as logistical information concerning the required vote and means of voting on the proposals and additional general information concerning Kornit’s board of directors, corporate governance and significant shareholders.

Attached as Exhibit 99.2 to this Form 6-K is the form of proxy card being distributed by Kornit to its shareholders of record as of the record date for the Meeting, which serves as a means by which those shareholders may cast their votes on the proposals to be presented at the Meeting.

Exhibits

Exhibit Index

Exhibit No.		Description
99.1		Notice and Proxy Statement for 2025 Annual General Meeting of Shareholders of Kornit Digital Ltd.
99.2		Form of proxy card to be used for voting by record shareholders for the 2025 Annual General Meeting of Shareholders of Kornit Digital Ltd.

Incorporation by Reference

The contents of Exhibits 99.1 and 99.2 to this Form 6-K are hereby incorporated by reference into the Company’s Registration Statements on Form S-8 (File No.’s 333-203970, 333-214015, 333-217039, 333-223794, 333-230567, 333-237346, 333-254749, 333-263975 and 333-286158).

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	KORNIT DIGITAL LTD.
Date: August 7, 2025	By:	/s/ Lauri Hanover
	Name:	Lauri Hanover
	Title:	Chief Financial Officer

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FAQ

How much revenue did CleanSpark (CLSK) generate in Q3-25?

CleanSpark reported $198.6 million in net bitcoin-mining revenue for the quarter ended June 30 2025, up 91% year over year.

What is CleanSpark’s current bitcoin holding?

As of June 30 2025, the company holds 10,075 BTC with a fair value of $1.08 billion; 19% is classified as long-term treasury.

Why did CleanSpark’s net income rise sharply this quarter?

The jump to $257 million net income was driven largely by a $268.7 million unrealised gain from fair-value re-measurement of bitcoin under ASC 350-60.

How has CleanSpark financed its expansion in 2025?

Financing came from an $812 million term-loan package, an $186.8 million ATM equity raise, and use of existing bitcoin sales.

What is the company’s debt position after the quarter?

Current portion of loans is $176.4 million and long-term loans are $643.9 million, taking total debt to roughly $820 million.

Did CleanSpark repurchase shares during the period?

Yes, the company spent $145 million to buy back 11.8 million shares now held as treasury stock.