Annual revenue at Kornit Digital grew by 67% over the past year, with more growth and new products on the horizon.
The Israel-based group, which specialises in digital printing technology, today announced that revenue for the full year to 31 December 2021 rose to $322million (£238million) despite supply-chain pressures.
This included “record” fourth-quarter revenue of $87.5million (£64.7million) for October, November and December 2021, partly driven by demand for the new Atlas Max “exceeding expectations”.
Kornit Digital’s CEO, Ronen Samuel, said: “2021 was a pivotal year for Kornit. What we accomplished this past quarter, and over the entire year, reflects outstanding execution on the huge market opportunity we are pursuing and the strength of our unique business model.
“The mega trends that have been fuelling our business are intensifying. Traditional textile supply chains are completely broken at this point, and the need for digital on-demand, sustainable production continues accelerating.
“We enter 2022 for what will be one of the busiest and most exciting years in the history of Kornit – a year with strong growth and a remarkable pipeline of ground-breaking new product introductions, starting already in the first quarter.
“We have never been in a better position as a company and we are extremely confident in our ability to meet our $1billion revenue [£740million] goal by 2026, if not before.”
Kornit Digital also stated that it expected revenue to be in the range of $87million to $91million (£64.3million to £67.3million) in the first three months of 2022.
However, it added that it expected operating margins in the second, third and fourth quarters of 2022 to be higher than in the first quarter.
Kornit Digital’s chief financial officer, Alon Rozner, added: “We ended 2021 with an outstanding fourth quarter and entered 2022 with a strong backlog and pipeline.
“We generated record cash flow from operations in 2021, successfully navigated global supply chain pressures, and delivered on our commitments to our customers.
“We continue to invest in the business to capitalise on the enormous opportunities we see and to accelerate growth. Our good visibility into the business, combined with our experienced team, gives us the confidence that we can deliver on our commitments for the balance of 2022 and into 2023.”