Kornit Digital Shares Plunge On Q2 Preliminary Results

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  • Kornit Digital Ltd KRNT reported preliminary results for the Q2 that ended June 30, 2022. It expects revenues of $56.4 million to $59.4 million (versus a consensus of $91.41 million), net of a non-cash warrant impact of ~$4.6 million.
  • KRNT sees a Non-GAAP operating margin of -34% and -28% and Adjusted EBITDA margin of -30% to -24%, both net of non-cash warrant impact of ~10%.
  • Kornit stated that it expects Q3 revenues to be at or above second-quarter revenues.
  • The Company will release its full financial results for the second quarter on Wednesday, August 10, 2022, before the market open.
  • “The overall re-calibration of e-commerce growth, combined with macro headwinds which meaningfully accelerated in the last few weeks of the quarter, as well as delays in the completion of customer production facilities, resulted in a significantly slower pace of direct-to-garment (DTG) systems orders in the second quarter as compared to our prior expectations,” stated Ronen Samuel, Chief Executive Officer of Kornit Digital.
  • Price Action: KRNT shares are trading lower by 21.60% at $24.75 during the post-market session on Tuesday.
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