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- **Revenue Growth**: Q3 $53.1M (+5% YoY), ARR from AIC model up 12% QoQ to $23.1M.\n- **Footwear Expansion**: >1M pairs produced, targeting 2B impressions annually.\n- **Q4 Guidance**: $56-60M revenue, 7-10% EBITDA margin.\n- **Transition Impact**: 2026 revenue growth to slow to low-single digits, EBITDA to expand.\n- **Cash Position**: $490M cash, positive operating cash flow.

**【CEO Summary Section】**
- Q3 2025 revenue: $53.1 million (5% YoY growth), driven by product and service revenue expansion.\n- Annual Recurring Revenue (ARR) from AIC model: $21.5 million (up $2.6 million QoQ), with Q4 ARR reaching $23.1 million.\n- EBITDA margin: 2% (vs. 40% target for 2026), reflecting transition to recurring revenue model.\n- Footwear market expansion: >1 million pairs produced, targeting 2 billion impressions annually.\n- Apollo adoption: 40% of systems sold to new customers, with 80% of Apollo fleet on AIC.\n- 2026 outlook: Low-single-digit revenue growth, EBITDA expansion, and ARR acceleration.\n
**【CFO Financial Commentary】**
- Q3 GAAP net loss: $10.2 million (vs. $1.5 million Q3 2024), due to inventory adjustments and tariffs.\n- Non-GAAP gross margin: 45.8% (down 4.5pts YoY), with targeted price increases to offset tariffs.\n- Operating expenses: $25.8 million (3.7% YoY decline), with 7% FX-adjusted improvement.\n- Q4 guidance: Revenue $56-60 million, EBITDA margin 7-10%.\n- Cash balance: $490 million, with operating cash flow $4.3 million.\n
**【Q&A Highlights】**
- **Demand Environment**: Strong pipeline visibility, with AIC adoption accelerating in Asia.\n- **Gross Margin**: Q4 expected to improve, with 2026 gross margin expansion.\n- **Free Cash Flow**: Negative in 2026 due to AIC investments, but positive operating cash flow.\n- **Geographic Shift**: North America (65% of revenue) to diversify into Asia-Pacific footwear market.\n- **Upgrade Activity**: Service revenue growth to continue, with new upgrades planned for 2026.

Kornit Digital Ltd. (KRNT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Net Income

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KRNT

KRNT fundamentals

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