Revenue growth remains highly inconsistent, fluctuating between a 14.3% contraction in 2024Q3 and a 7.3% expansion in 2024Q4, while gross margins remain sensitive to product mix, peaking at 51.3% in 2024Q4 before declining to 37.9% in 2026Q1.
| 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 | 210.28M | 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 % | 1.83% | 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 | 119.47M | 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 | 90.81M | 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 % | 43.18% | 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 | 126.86M | 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 | 88.14M | 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 | 38.04M | 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 | 633K | 0 | 0 | 0 | 0 | 0 | 0 | 503K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -36M | -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 % | -17.12% | -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 | -23.78M | -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 % | -11.31% | -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 % | -28.33% | 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) | 12.22M | 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 | -35.37M | -34.57M | -37.31M | -87.53M | -69.88M | 12.79M | -6.73M | 7.6M | 5.92M | -1.58M | 1.75M | 5.77M | 3.97M | 2.99M | 3.83M |
| Net Interest Income | 20.29M | 0 | 23.21M | 27.35M | 12.79M | 5.09M | 4.75M | 4.11M | 2.21M | 1.75M | 978K | 256K | -158K | -98K | -129K |
| Interest Income | 20.29M | 0 | 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 | 20.09M | 21.92M | 22.35M | 24.15M | 13.38M | 2.6M | 3.5M | 3.31M | 1.43M | 452K | 46K | -334K | -15K | -460K | -285K |
| Pretax Income | -15.91M | -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 % | -7.57% | -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 | 769K | 865K | 1.83M | 970K | 22.57M | -135K | 1.55M | 744K | -5.39M | 384K | 648K | 709K | 782K | 1.39M | 1.23M |
| Effective Tax Rate % | -4.83% | -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 | -16.68M | -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 % | -7.93% | -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 % | -92.61% | 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) | -16.68M | -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) | -0.38 | -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 % | -109.12% | 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 | 44.23M | 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 | 44.23M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Limited liquidity and profitability
According to the provided quarterly income statements, Kornit's revenue growth has fluctuated significantly, ranging from a 14.3% contraction in 2024Q3 to a 7.3% expansion in 2024Q4, suggesting that the company's top-line performance remains heavily tethered to lumpy capital equipment sales cycles and seasonal apparel demand.
The inconsistent revenue trajectory appears to reflect the challenges of transitioning from a niche hardware provider to an industrial-scale solution. Investors should monitor whether the Apollo platform can generate more linear, predictable growth as it moves beyond initial adoption phases.
As reported in financial statements, Kornit's gross margin has demonstrated notable volatility, swinging from a low of 25.8% in 2023Q4 to a peak of 51.3% in 2024Q4, which suggests that the company's profitability is highly sensitive to the specific mix of hardware versus higher-margin consumables.
The wide variance in gross margins implies that the company lacks the pricing power to insulate itself from shifts in product demand. This instability warrants further investigation into whether the current cost structure can support sustainable margin expansion without a significant increase in recurring ink revenue.
Based on the reported figures, Kornit continues to struggle with operating leverage, as SG&A expenses have remained stubbornly elevated near $22M per quarter, preventing the company from achieving positive operating income despite periodic improvements in gross profit margins during the most recent ten-quarter period.
The persistent negative operating margins suggest that the company's current scale is insufficient to absorb its fixed corporate overhead. This indicates that management may need to prioritize cost rationalization if revenue growth fails to accelerate meaningfully in the coming quarters.
Data from the income statement indicates that Kornit's R&D and SG&A expenditures consistently outpace gross profit, resulting in a structural operating loss that has persisted throughout the last ten quarters, with the exception of minor net income spikes driven by non-operating items.
The company's cost structure appears heavily weighted toward innovation and market development, which may be necessary for long-term competitiveness but currently undermines short-term financial health. This reliance on high spending levels suggests that the company remains in a capital-intensive growth phase that is not yet self-sustaining.
With a reported cash position of $35.5M and persistent quarterly operating losses, the company's financial runway appears increasingly constrained, which may indicate a heightened risk of future shareholder dilution or the necessity for a capital raise to maintain current research and development initiatives.
While the company maintains a low debt-to-equity ratio, the lack of consistent positive cash flow from operations suggests that the current business model may be vulnerable to prolonged market downturns. Investors should monitor the cash burn rate closely as it serves as a primary indicator of the company's ability to survive without external financing.
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.