Kornit Digital Ltd. reported its first quarter results for 2025, with revenues of $46.5 million, which was within the company's guidance range. The non-GAAP gross margin improved to 45.3% compared to 37.5% in Q1 2024, while the adjusted EBITDA loss was $3.9 million, also within guidance.
The company generated $5.8 million in cash from operations and $2.0 million in free cash flow during the quarter, maintaining a robust balance sheet with approximately $513 million in cash, bank deposits, and marketable securities. GAAP net loss was $5.1 million, or $0.11 per share, while non-GAAP net income was $0.6 million, or $0.01 per share.
Annual Recurring Revenue (ARR) from All-Inclusive Click (AIC) contracts reached $14.5 million by the end of Q1, validating the strategy of emphasizing recurring revenue. Kornit also reported a record 222 million impressions in the twelve months ended March 31, 2025, representing a 10% year-over-year growth. The company completed its $75 million accelerated share repurchase program, having repurchased approximately 2.5 million shares. For the second quarter of 2025, Kornit expects revenues between $49 million and $55 million, with an adjusted EBITDA margin between negative 4% and 4%.
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