Kornit Digital chalks out plan to cut costs after Q3 loss

Textile print technology major Kornit Digital reported a third quarter GAAP operating loss of $21 million as macro-related headwinds and other pressures continued to impact customer purchasing decisions. Consumables and Services revenues grew nicely from the second quarter, and year-over-year, due to solid demand from our key strategic accounts as they gear up for their peak season, as well as the execution of a major fleet upgrade to Atlas MAX with a large strategic customer, said a source from the company.

Kornit is a resilient company, with the right strategy, product and service offerings, a pristine balance sheet, and a global team that is energised, dedicated, and focused to move the company forward. A source said the company will continue to take the necessary steps to return to sustainable, profitable growth. The company said additional steps to reduce its cost structure would include re-allocating resources to emphasise areas with a higher ROI and further adjusting go-to-market initiatives.