Kornit Digital has reported its fourth quarter and full-year results for 2020.
The company has achieved a record fourth quarter, with a revenue growth of 49% to $72.3 million, compared to $48.7 million in the same period of the previous year. Its total revenue for the full-year 2020 was $193.3 million, compared to $179.9 million in 2019.
“We delivered record fourth quarter results, exceeding our expectations on revenue growth, profitability, and net cash from operations, capping off a transformative year for Kornit,” commented Ronen Samuel, Kornit Digital’s chief executive officer.
“2020 is the year in which the textile industry hit an inflection point — the massive leap in e-commerce and the exposed inefficiency of the traditional textile supply chain is accelerating the digital transformation that Kornit is leading.
“We see new and existing customers significantly expanding production capacity globally, and our recurring consumables business is growing strongly.
“We started 2021 more confident than ever, with accelerating industry tailwinds, an impressive backlog of global expansion projects with strategic accounts that we are in the process of fulfilling, and an extremely robust pipeline.
“2021 will be an exciting year for Kornit, filled with strategic initiatives including the launch of new powerful products, introduction of a ground-breaking proprietary 3D textile application that will bring to the market unique embroidery, high-density printing, and vinyl heat transfer effects and significantly expand our addressable market, activity with the world’s largest brands, expansion of our software business line and entry into new market verticals.
“In 2018 we laid out our management goal to become a $500 million revenue run rate business at the end of 2023, and we are more confident than ever in our ability to achieve this goal ahead of plan.”