Kornit Digital Q2 Revenue Tops Estimate; Acquires Voxel8 For Undisclosed Sum

Kornit Digital Ltd KRNT reported second-quarter revenue growth of 118% year-over-year to $81.7 million, beating the consensus of $77.44 million.
The company says all geographic regions posted significant year-over-year and sequential growth; Americas and EMEA regions revenue more than doubled year-over-year.
Adjusted EPS improved to $0.22 from $(0.03) in 2Q20, in line with the consensus of $0.22.
The gross margin expanded by 500 bps to 47.2% and, on an adjusted basis, expanded by 410 bps to 48.2%, driven by a favorable product mix shift and continued profitability from the services business.
The operating income was $6.07 million, versus a loss of $(5.33) million a year ago.
Kornit Digital generated cash from operating activities year-to-date of $10.33 million, compared to cash used $22.33 million a year ago.
Additionally, Kornit announced the acquisition of Voxel8 for undisclosed terms. It expects the deal to help accelerate the execution of its 4.0 strategy to digitize sustainable, on-demand textile production.
Q3 Outlook: Kornit expects revenue of $88 million - $92 million (consensus $81.47 million) and non-GAAP operating income of 12% - 14% of revenue.
Price Action: KRNT shares traded lower by 1.13% at $129.52 on the last check on Tuesday.

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