Revenue growth has turned positive at 11.2% year-over-year in Q2 2026, but operating losses have widened to a -26.9% margin, indicating a cost structure misaligned with the current revenue scale.
Kornit Digital Ltd. (KRNT) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 215.85M | 208.2M | 203.82M | 219.79M | 271.52M | 322.01M | 193.33M | 179.87M | 142.37M | 114.09M | 108.69M | 86.41M | 66.36M | 49.4M | 39.17M |
| Revenue Growth % | 3.95% | 2.15% | -7.26% | -19.05% | -15.68% | 66.56% | 7.49% | 26.33% | 24.79% | 4.96% | 25.8% | 30.2% | 34.35% | 26.11% | - |
| Cost of Goods Sold | 120.72M | 115.93M | 112.06M | 152.83M | 175.02M | 170.09M | 105.53M | 97.79M | 72.5M | 59.98M | 59.28M | 45.82M | 37.19M | 27.95M | 22.74M |
| COGS % of Revenue | - | 55.68% | 54.98% | 69.54% | 64.46% | 52.82% | 54.59% | 54.37% | 50.93% | 52.57% | 54.54% | 53.03% | 56.03% | 56.59% | 58.06% |
| Gross Profit | 95.13M | 92.27M | 91.76M | 66.96M | 96.5M | 151.91M | 87.8M | 82.08M | 69.87M | 54.11M | 49.41M | 40.59M | 29.18M | 21.44M | 16.43M |
| Gross Margin % | 44.07% | 44.32% | 45.02% | 30.46% | 35.54% | 47.18% | 45.41% | 45.63% | 49.07% | 47.43% | 45.46% | 46.97% | 43.97% | 43.41% | 41.94% |
| Gross Profit Growth % | - | 0.55% | 37.05% | -30.61% | -36.48% | 73.02% | 6.98% | 17.47% | 29.12% | 9.51% | 21.74% | 39.1% | 36.07% | 30.54% | - |
| Operating Expenses | 135.2M | 126.84M | 129.08M | 154.49M | 166.38M | 139.12M | 94.53M | 74.48M | 63.94M | 55.69M | 47.98M | 34.82M | 25.36M | 18.45M | 12.6M |
| OpEx % of Revenue | - | 60.92% | 63.33% | 70.29% | 61.28% | 43.2% | 48.9% | 41.41% | 44.91% | 48.81% | 44.14% | 40.3% | 38.21% | 37.36% | 32.17% |
| Selling, General & Admin | 94.74M | 89.11M | 87.5M | 104.43M | 110.36M | 95.39M | 63.07M | 52.07M | 42.03M | 34.86M | 30.6M | 22.87M | 15.88M | 11.01M | 7.76M |
| SG&A % of Revenue | - | 42.8% | 42.93% | 47.51% | 40.64% | 29.62% | 32.62% | 28.95% | 29.52% | 30.55% | 28.15% | 26.46% | 23.93% | 22.29% | 19.81% |
| Research & Development | 38.05M | 37.73M | 41.58M | 50.06M | 56.03M | 43.73M | 31.46M | 22.41M | 21.91M | 20.83M | 17.38M | 11.95M | 9.47M | 7.44M | 4.84M |
| R&D % of Revenue | - | 18.12% | 20.4% | 22.78% | 20.63% | 13.58% | 16.27% | 12.46% | 15.39% | 18.26% | 15.99% | 13.83% | 14.28% | 15.07% | 12.35% |
| Other Operating Expenses | 1.63M | 0 | 0 | 0 | 0 | 0 | 0 | 503K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -40.02M | -34.57M | -37.31M | -87.53M | -69.88M | 12.79M | -6.73M | 7.6M | 5.6M | -2.08M | 1.43M | 5.77M | 3.82M | 2.99M | 3.83M |
| Operating Margin % | -18.54% | -16.61% | -18.31% | -39.83% | -25.74% | 3.97% | -3.48% | 4.22% | 3.94% | -1.83% | 1.32% | 6.68% | 5.76% | 6.05% | 9.77% |
| Operating Income Growth % | - | 7.35% | 57.37% | -25.26% | -646.25% | 290.12% | -188.56% | 35.58% | 369.04% | -245.66% | -75.21% | 50.99% | 27.89% | -21.95% | - |
| EBITDA | -27.41M | -22.68M | -24.27M | -72.83M | -56.32M | 19.89M | -2.02M | 12.06M | 10.57M | 2.73M | 4.4M | 7.55M | 5.17M | 4.16M | 4.61M |
| EBITDA Margin % | -12.7% | -10.89% | -11.91% | -33.14% | -20.74% | 6.18% | -1.04% | 6.71% | 7.42% | 2.39% | 4.05% | 8.74% | 7.79% | 8.41% | 11.78% |
| EBITDA Growth % | -44.56% | 6.56% | 66.68% | -29.32% | -383.16% | 1085.58% | -116.73% | 14.15% | 287% | -37.97% | -41.68% | 45.98% | 24.48% | -9.93% | - |
| D&A (Non-Cash Add-back) | 12.61M | 11.9M | 13.05M | 14.7M | 13.56M | 7.1M | 4.71M | 4.47M | 4.96M | 4.81M | 2.97M | 1.78M | 1.35M | 1.17M | 786K |
| EBIT | -24.37M | -12.65M | -14.72M | -63.15M | -56.23M | 15.68M | -6.73M | 7.6M | 5.92M | -1.58M | 1.75M | 5.77M | 3.97M | 2.99M | 3.83M |
| Net Interest Income | 20.75M | 21.98M | 23.21M | 27.35M | 12.79M | 5.09M | 4.75M | 4.11M | 2.21M | 1.75M | 978K | 256K | -158K | -98K | -129K |
| Interest Income | 20.75M | 21.98M | 23.46M | 27.59M | 13.05M | 5.37M | 5.11M | 4.51M | 2.51M | 2M | 1.25M | 416K | 8K | 19K | 60K |
| Interest Expense | 0 | 0 | 247K | 236K | 265K | 286K | 357K | 405K | 299K | 244K | 277K | 160K | 166K | 117K | 189K |
| Other Income/Expense | 20.55M | 21.92M | 22.35M | 24.15M | 13.38M | 2.6M | 3.5M | 3.31M | 1.43M | 452K | 46K | -334K | -15K | -460K | -285K |
| Pretax Income | -19.48M | -12.65M | -14.96M | -63.38M | -56.5M | 15.39M | -3.23M | 10.91M | 7.04M | -1.63M | 1.48M | 5.43M | 3.81M | 2.53M | 3.54M |
| Pretax Margin % | -9.02% | -6.08% | -7.34% | -28.84% | -20.81% | 4.78% | -1.67% | 6.07% | 4.94% | -1.43% | 1.36% | 6.29% | 5.73% | 5.12% | 9.04% |
| Income Tax | 852K | 865K | 1.83M | 970K | 22.57M | -135K | 1.55M | 744K | -5.39M | 384K | 648K | 709K | 782K | 1.39M | 1.23M |
| Effective Tax Rate % | -4.37% | -6.84% | -12.26% | -1.53% | -39.94% | -0.88% | -48.03% | 6.82% | -76.62% | -23.54% | 43.9% | 13.05% | 20.55% | 55.12% | 34.67% |
| Net Income | -20.33M | -13.52M | -16.8M | -64.35M | -79.06M | 15.53M | -4.78M | 10.17M | 12.43M | -2.02M | 828K | 4.72M | 3.02M | 1.13M | 2.31M |
| Net Margin % | -9.42% | -6.49% | -8.24% | -29.28% | -29.12% | 4.82% | -2.47% | 5.65% | 8.73% | -1.77% | 0.76% | 5.47% | 4.56% | 2.3% | 5.91% |
| Net Income Growth % | -80.38% | 19.54% | 73.89% | 18.61% | -609.21% | 424.63% | -147.04% | -18.2% | 716.82% | -343.36% | -82.48% | 56.3% | 166.58% | -50.99% | - |
| Net Income (Continuing) | -20.33M | -13.52M | -16.8M | -64.35M | -79.06M | 15.53M | -4.78M | 10.17M | 12.43M | -2.02M | 828K | 4.72M | 3.02M | 1.13M | 2.31M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.47 | -0.30 | -0.35 | -1.31 | -1.59 | 0.32 | -0.11 | 0.26 | 0.35 | -0.06 | 0.03 | 0.18 | 0.11 | 0.05 | 0.10 |
| EPS Growth % | -86.84% | 14.29% | 73.28% | 17.61% | -596.88% | 390.91% | -142.31% | -25.71% | 683.33% | -300% | -83.33% | 63.64% | 124.03% | -50.9% | - |
| EPS (Basic) | - | -0.30 | -0.35 | -1.31 | -1.59 | 0.33 | -0.11 | 0.27 | 0.36 | -0.06 | 0.03 | 0.19 | 0.11 | 0.05 | 0.11 |
| Diluted Shares Outstanding | 42.87M | 45.24M | 47.48M | 49.16M | 49.79M | 48.6M | 42.29M | 39.29M | 35.36M | 33.57M | 31.73M | 26.46M | 28.7M | 23.08M | 23.08M |
| Basic Shares Outstanding | 42.87M | 45.06M | 47.48M | 49.16M | 49.79M | 47.08M | 42.29M | 38.08M | 34.52M | 33.57M | 30.56M | 24.63M | 28.7M | 21.6M | 21.6M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying KRNT stock.
For fiscal year 2025, Kornit Digital Ltd. (KRNT) reported total revenue of $208.2M. This represents a 431.6% increase compared to $39.2M in 2012.
Kornit Digital Ltd. (KRNT) reported a net loss of $13.5M for the fiscal year ending 2025.
Kornit Digital Ltd. (KRNT) reported an operating income of $-34.6M, resulting in an operating profit margin of -16.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Kornit Digital Ltd. (KRNT) generated $92.3M in gross profit for the year, representing a gross profit margin of 44.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Negative operating margins and cash burn
Revenue Recovery Shows Modest, Uneven Momentum
Kornit's revenue growth has turned positive, reaching 11.2% year-over-year in Q2 2026, but this follows a period of contraction and remains inconsistent across quarters, suggesting a fragile recovery.
The shift from negative to positive year-over-year growth, as seen in the latest quarter, appears to mark a potential inflection point after several quarters of decline. However, the volatility in sequential growth rates, such as the 4.5% increase in Q1 2026 followed by an 11.2% jump in Q2, indicates the recovery is not yet linear and may be influenced by lumpy system installations or uneven end-market demand. This pattern suggests the underlying demand for digital textile printing is stabilizing but remains sensitive to macroeconomic conditions in the apparel sector.
Gross Margin Volatility Highlights Mix Dependency
Gross margin has fluctuated significantly, ranging from 32.3% in Q1 2024 to 51.3% in Q4 2024, indicating high sensitivity to the quarterly mix of higher-margin consumables versus lower-margin systems.
The wide dispersion in gross margin, even within a single year, underscores the structural challenge of Kornit's business model. The margin expansion to 48.7% in Q4 2025, for instance, likely reflects a seasonal peak in consumable sales tied to holiday apparel production. Conversely, the compression to 37.9% in Q1 2026 suggests a quarter with a heavier weighting of system sales or less favorable product mix. This volatility implies that sustainable margin expansion is contingent on a structural shift toward a higher proportion of recurring consumable revenue, which is not yet evident in the reported figures.
Operating Leverage Remains Elusive Amid High Fixed Costs
Despite revenue growth, operating losses have widened in absolute terms, with the operating margin deteriorating from -2.0% in Q4 2024 to -26.9% in Q2 2026, indicating a failure to scale overhead efficiently.
The data shows that increases in gross profit have not translated into improved operating income, as SG&A and R&D expenses have remained elevated. For example, while gross profit grew from $14.1M in Q1 2024 to $25.1M in Q2 2026, operating losses expanded from -$18.3M to -$14.9M over the same period. This suggests the company's cost structure is heavily fixed, and current revenue levels are insufficient to achieve meaningful operating leverage. The persistent negative operating margin indicates that management's investment in growth is currently outpacing the revenue generation from that investment.
Stock-Based Compensation Distorts Net Losses
Stock-based compensation (SBC) has been a significant non-cash expense, reaching $5.1M in Q2 2026 and $5.2M in Q4 2025, which materially impacts the reported net loss and EPS figures.
The periodic recognition of SBC, which appears to be granted in specific quarters, creates noise in the quarterly earnings trend. When SBC is excluded, the underlying operational loss may appear less severe, but it remains substantial. For instance, in Q2 2026, the net loss of -$11.2M includes $5.1M in SBC, suggesting the cash-based operational loss is closer to -$6.1M. This distinction is critical for assessing true cash burn, but the consistent inclusion of SBC in the income statement means investors must adjust for it to understand the core business profitability, which remains deeply negative.
SG&A and R&D Consume All Gross Profit
Combined SG&A and R&D expenses consistently exceed gross profit, with SG&A alone averaging over $22M per quarter, indicating a cost structure that is misaligned with the current revenue scale.
The primary cost drivers are SG&A and R&D, which together totaled $38.3M in Q2 2026 against a gross profit of $25.1M. This results in a significant operating loss. The data suggests that SG&A, in particular, has not scaled down with revenue fluctuations, pointing to a high fixed-cost base in sales, marketing, and administrative functions. Meanwhile, R&D spending has remained relatively stable around $9-10M per quarter, reflecting a commitment to innovation that is necessary for long-term competitiveness but is currently a major contributor to the negative operating margin.
Path to Profitability Appears Distant and Uncertain
The strongest challenge to the investment case is that Kornit's operating losses have not narrowed meaningfully despite revenue stabilization, and the current cash position of $35.5M may be insufficient to fund operations to breakeven.
A critical review of the income statement reveals that the company's cost structure has not adapted to the revenue reality. Operating losses in the most recent quarter (-$14.9M) are worse than a year ago (-$10.7M in Q2 2024), even as revenue has grown. This implies that the path to profitability is not simply a function of top-line growth but requires a fundamental restructuring of expenses. Furthermore, with a net loss of $11.2M in Q2 2026 and a reported cash position of $35.5M, the runway before a potential capital raise appears limited, which could lead to shareholder dilution and further pressure on EPS.