Kornit Digital gains strong momentum in business in Q2

Kornit Digital has sees a strong momentum in the business as customers reopened sites in April and reengaged in big projects in response to significant demand, particularly in online channels. Looking ahead, the company believes that they are at one of the most exciting times in the company’s history, as the mega trends in the industry have accelerated the transition to digital textile production where Kornit are in a unique position to benefit. For Kornit, this inflection point is likely to drive a V-shaped recovery in the business as they help brands and strategic partners quickly adopt agile, digital, and sustainable on-demand textile printing/manufacturing.

The company has also recently acquired Custom Gateway, a leading provider of cloud software workflow solutions. This highly strategic acquisition accelerates their organic development effort and, when combined with Kornit’s technologies, will bring to the market a unique offering for end-to-end management of sustainable on-demand textile production. This combination further extends our market leadership. Total revenue of the company for the second quarter of 2020 was $37.4 million, net of $0.8 million attributed to the non-cash impact of warrants, compared to $45.3 million, net of $1.0 million attributed to the non-cash impact of warrants in the prior year period.