Kornit Digital Ltd. reported a profit of $4.7 million for fiscal 2015, an over 50 percent increase from the previous year, helped by increased shipments of systems for Merch by Amazon.
The digital printing solution provider for the printed textile industry is based in Israel but has its North American headquarters in Mequon. The company manufactures direct to garment and roll-to-roll printing systems in addition to other products and services.
The company’s revenue was up 30 percent in fiscal 2015 to $86.4 million, driven by growth in sales of systems, services, inks and consumables.
The increased revenue included shipping multiple printing systems for Merch by Amazon, an on-demand T-shirt service created by Amazon’s acquisition of Woot.
“They were already an existing customer of Kornit, albeit a small customer,” said Gabi Seligsohn, Kornit Digital’s chief executive officer, of Woot. “But they became a very large customer of our’s (after Amazon’s acquisition) and will become an even larger customer moving forward.”
Kornit’s net income in the fourth quarter was $2 million, up from $1.2 million during the same time the previous year. The company’s revenue for the quarter was $25.5 million, up from $18.7 million the previous year.
Kornit’s diluted earnings per share for the year was down from 29 cents to 18 cents as the number of outstanding shares increased after an initial public offering in April.
“We are pleased to report a strong finish to our first year as a public company, and are proud of the milestones we have achieved throughout the year,” said Gabi Seligsohn, Kornit Digital chief executive officer, adding the company improved its operating margin despite increased investment and added almost 100 full-time employees. The company now has a headcount of 343, with 51 employees in North America.
