Kornit Digital's Q2 2025: Unraveling Contradictions in Apollo Placements, ARR Growth, and Revenue Outlook
Generado por agente de IAAinvest Earnings Call Digest
miércoles, 6 de agosto de 2025, 8:36 pm ET1 min de lectura
KRNT--
Apollo System Placements and Market Demand, ARR Growth and Market Transformation, Apollo System Shipments and Sales Cycle, Ink Revenue and Inventory Buildup, Atlas MAX Upgrade Business are the key contradictions discussed in Kornit Digital's latest 2025Q2 earnings call.
Revenue and Market Performance:
- Kornit DigitalKRNT-- reported second-quarter revenues of $49.8 million, within their guidance range but below the midpoint.
- Gross margin was 46.3%, and adjusted EBITDA margin was negative 2.3%.
- The growth was driven by system sales and the all-inclusive click business model, despite softer-than-expected service and consumable revenues.
Ink and Service Revenue Challenges:
- Ink and service revenues were softer than expected, with ink revenue declining due to inventory buildup by key customers and fewer Atlas MAX upgrades.
- This decline was temporary and expected to normalize in the second half of the year as customers adjust their inventory levels.
Apollo System Rollout:
- The shipment of Apollo systems was below expectations due to longer sales cycles, particularly with net new customers from the screen market.
- Despite this, the Apollo systems are seeing strong adoption, especially among traditional screen printers, with many customers planning to expand their installations.
ARR and AIC Model:
- The company's annual recurring revenues (ARR) increased by $4 million, reaching $19 million, showing progress in building a more predictable business model.
- The adoption of the all-inclusive click (AIC) model is gaining traction, especially among new screen market customers, with more customers adopting this model for scalability.
Screen Market Penetration:
- Kornit Digital reported strong penetration into the screen market, with significant adoption of the Atlas MAX and Apollo systems under the AIC model.
- This is driven by the need for shorter lead times, labor efficiency, and the ability to handle mid- to short-run jobs more profitably.
Revenue and Market Performance:
- Kornit DigitalKRNT-- reported second-quarter revenues of $49.8 million, within their guidance range but below the midpoint.
- Gross margin was 46.3%, and adjusted EBITDA margin was negative 2.3%.
- The growth was driven by system sales and the all-inclusive click business model, despite softer-than-expected service and consumable revenues.
Ink and Service Revenue Challenges:
- Ink and service revenues were softer than expected, with ink revenue declining due to inventory buildup by key customers and fewer Atlas MAX upgrades.
- This decline was temporary and expected to normalize in the second half of the year as customers adjust their inventory levels.
Apollo System Rollout:
- The shipment of Apollo systems was below expectations due to longer sales cycles, particularly with net new customers from the screen market.
- Despite this, the Apollo systems are seeing strong adoption, especially among traditional screen printers, with many customers planning to expand their installations.
ARR and AIC Model:
- The company's annual recurring revenues (ARR) increased by $4 million, reaching $19 million, showing progress in building a more predictable business model.
- The adoption of the all-inclusive click (AIC) model is gaining traction, especially among new screen market customers, with more customers adopting this model for scalability.
Screen Market Penetration:
- Kornit Digital reported strong penetration into the screen market, with significant adoption of the Atlas MAX and Apollo systems under the AIC model.
- This is driven by the need for shorter lead times, labor efficiency, and the ability to handle mid- to short-run jobs more profitably.
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