Kornit Digital Ltd (KRNT) 2024 Q4 法說會逐字稿

Greetings and welcome to Kornit Digital fourth quarter and full year 2024 earnings conference call. As a reminder, this call is being recorded.

問候並歡迎參加 Kornit Digital 2024 年第四季和全年收益電話會議。提醒一下，本次通話正在錄音。

I would now like to turn the conference over to your host Mr. Jared Maymon, Investor Relations for Kornit Digital. Mr. Maymon, you may begin.

現在，我想將會議交給主持人、Kornit Digital 投資者關係部門 Jared Maymon 先生。梅蒙先生，您可以開始囉。

Thank you, operator. Good day everyone, and welcome to Kornit Digital's fourth quarter and full year 2024 earnings conference call. Joining me today are Chief Executive Officer, Ronen Samuel and Lauri Hanover, Kornit's Chief Financial Officer.

謝謝您，接線生。大家好，歡迎參加 Kornit Digital 2024 年第四季和全年財報電話會議。今天與我一起的還有執行長 Ronen Samuel 和 Kornit 財務長 Lauri Hanover。

For today's call, Ronen, will recap the full year 2024, provide comments on the fourth quarter, and then discuss our view on 2025.

在今天的電話會議上，Ronen 將回顧 2024 年全年情況，對第四季度發表評論，然後討論我們對 2025 年的看法。

Lauri will then review the fourth quarter in full your numbers and provide our first quarter outlook before we open it up for Q&A.

在我們開始問答環節之前，Lauri 將全面回顧第四季的數據，並提供第一季的展望。

Before we begin, I would like to remind you that forward-looking statements within the meeting of the Private Securities Litigation Reform Act of 1995 and other US securities laws will be made on this call.

在我們開始之前，我想提醒您，本次電話會議將根據 1995 年《私人證券訴訟改革法案》和其他美國證券法做出前瞻性陳述。

These forward-looking statements include but are not limited to statements relating to the company's plans, strategies, projected results of operations or financial condition, and all statements that address developments that the company expects will occur in the future.

這些前瞻性陳述包括但不限於與公司計劃、策略、預期營運結果或財務狀況有關的陳述，以及所有涉及公司預計未來會發生的發展的陳述。

Forward-looking statements are subject to known and unknown risks and uncertainties that could cause results to differ materially from those implied by the forward-looking statements.

前瞻性陳述受已知和未知風險和不確定性的影響，這些風險和不確定性可能導致結果與前瞻性陳述所暗示的結果有重大差異。

I encourage you to review the company's filings with the Securities and Exchange Commission, including the company's annual report on Form 20F filed with the SEC on March 28, 2024, which identifies specific risk factors that could cause actual results to differ materially.

我鼓勵您查看該公司向美國證券交易委員會提交的文件，包括該公司於 2024 年 3 月 28 日向美國證券交易委員會提交的 20F 表年度報告，其中列出了可能導致實際結果大不相同的具體風險因素。

Any forward-looking statements are made currently, and the company undertakes no obligation to publicly update any forward-looking statements except as required by law. Additionally, the company will be making reference to certain non-gap financial measures on this call.

任何前瞻性陳述均為目前做出，除非法律要求，否則本公司不承擔公開更新任何前瞻性陳述的義務。此外，該公司將在本次電話會議上參考某些非缺口財務措施。

The reconciliation of these non-GAAP measures to the most directly comparable GAAP measures can be found in the company's earnings release published today, which is also posted on the company's investor relations website.

這些非 GAAP 指標與最直接可比較的 GAAP 指標的對帳表可在公司今天發布的收益報告中找到，該報告也發佈在公司的投資者關係網站上。

At this time, I'd now like to turn the call over to Ronen.

現在，我想將電話轉給羅南。

Good morning, everyone and welcome to Kornit's fourth quarter and full year 2024 earning call.

大家早安，歡迎參加 Kornit 2024 年第四季和全年財報電話會議。

Before we dive into our results, I want to take a moment to reflect the significant transformation Kornit experienced in 2024.

在深入探討結果之前，我想花點時間來回顧 Kornit 在 2024 年經歷的重大轉變。

This year was a turning point, one in which we successfully executed our strategy. We returned to profitability and positioned the company for sustained profitable growth. At the beginning of 2024, we set clear objectives. Return to positive EBITDA, generate meaningful cash flow, and establish a scalable discipline model that fuels long term expansion.

今年是我們的一個轉捩點，我們成功執行了我們的策略。我們恢復了獲利能力，並為公司持續的獲利成長做好了準備。2024年伊始，我們設定了明確的目標。恢復正的 EBITDA，產生有意義的現金流，並建立可擴展的紀律模型，推動長期擴張。

Thanks to the dedicated effort of our teams, I am pleased to report that we have not only delivered on these goals, but also introduced game changing innovation, strengthened our market position and expanded into new strategic adjacencies.

感謝我們團隊的不懈努力，我很高興地報告，我們不僅實現了這些目標，而且還引入了改變遊戲規則的創新，鞏固了我們的市場地位並擴展到新的戰略鄰裡。

Today we are pleased to report Q4 2024 revenues of $60.7 million and an adjusted EBITDA margin of 13.8% both within our guidance ranges demonstrating the successful implementation of our strategy and an ongoing business momentum. We also reported $26.7 million of operating cash flow in the quarter.

今天，我們很高興地報告 2024 年第四季的營收為 6,070 萬美元，調整後的 EBITDA 利潤率為 13.8%，均在我們的指導範圍內，這表明我們策略的成功實施和持續的業務發展勢頭。我們也報告本季的經營現金流為 2,670 萬美元。

These results mark two significant milestones achieving positive EBITDA for the full year and generating substantial operating cash flow. Our Q4 performance was fueled by a successful peak season and growing impressions across our key customers. One of the most exciting highlights of Q4 was the Apollo platform performance during the peak season.

這兩個結果標誌著兩個重要里程碑：全年實現正 EBITDA 並產生大量經營現金流。我們第四季的業績得益於旺季的成功以及主要客戶不斷增長的印象。第四季最令人興奮的亮點之一是Apollo平台在旺季的表現。

Having delivered 15 Apollo systems throughout the year, with most becoming fully operational during the critical period, customer feedback has been excellent, reinforcing Apollo's role as a key enabler of mass scale digital production.

全年已交付 15 個 Apollo 系統，其中大部分系統在關鍵時期內全面投入運營，客戶反饋非常好，鞏固了 Apollo 作為大規模數位生產關鍵推動者的地位。

2024 was not just about financial milestones. It was about laying the foundation for Kornit's long term success. We introduced industry defining solutions including Apollo, Atlas MAX Plus, and Vivido Ink for wall-to-wall, setting new benchmarks for quality, cost efficiency and sustainability.

2024年不僅僅是財務上的里程碑。這是為 Kornit 的長期成功奠定基礎。我們推出了業界定義的解決方案，包括 Apollo、Atlas MAX Plus 和 Vivido Ink，為品質、成本效率和永續性設定了新的基準。

Apollo has redefined mass scale digital production, delivering unmatched productivity, automation, and consistency. The strong market response is evident in our growing pipeline which is already filling up for 2025 deliveries.

Apollo 重新定義了大規模數位化生產，提供了無與倫比的生產力、自動化和一致性。我們不斷成長的生產線顯然反映了強烈的市場反應，目前生產線已經填滿了 2025 年的交貨。

Additionally, we have successfully upgraded a significant portion of our install base, transitioning customers from Atlas to Atlas MAX, and are now beginning to upgrade them to Atlas Max Plus.

此外，我們已成功升級了很大一部分安裝基數，將客戶從 Atlas 過渡到 Atlas MAX，現在我們開始將其升級到 Atlas Max Plus。

This upgrade path was reinforced by Printful recent announcement highlighting the growing adoption of our latest technology and its ability to drive efficiency and quality at scale. Our all inclusive click model is revolutionizing how customers embrace digital technology.

Printful 最近的公告強化了這條升級路徑，強調我們的最新技術日益被採用，以及其大規模提高效率和品質的能力。我們的全包點擊模型正在徹底改變客戶採用數位技術的方式。

Driving strong adoption, accelerating penetration in the screen-printing market, and already generating meaningful ARR which we will start reporting as promised on a Q1 earning call. We have expanded our horizon to new markets.

推動強勁的應用，加速在網版印刷市場的滲透，並已產生有意義的 ARR，我們將按照第一季財報電話會議上的承諾開始報告。我們已將視野拓展到新市場。

Including bulk apparel, footwear, and home decor, while deepening our presence in key regions. In bulk apparel, we have delivered Apollo and Atlas MAX systems to major screen printers adopting digital technology for the first time. Marking a significant step in the transformation of high-volume apparel manufacturing from analog to digital.

包括大宗服裝、鞋類和家居裝飾，同時深化我們在重點地區的影響力。在大量服裝領域，我們首次向採用數位技術的主要網版印刷廠交付了 Apollo 和 Atlas MAX 系統。標誌著大批量服裝製造從模擬向數位轉型邁出了重要一步。

In footwear, we delivered our solution to three different customers in Asia, with one already in full production for major global brands. This customer has seen strong initial adoption and is now scaling up with additional systems planned for deployment in the first half of 2025, reinforcing the growing demand for digital production in the footwear sector.

在鞋類領域，我們向亞洲的三家不同客戶提供了解決方案，其中一家已為全球主要品牌全面生產鞋類。該客戶初期採用該系統後獲得了巨大成功，目前正在擴大規模，並計劃在 2025 年上半年部署更多系統，以滿足鞋類行業對數位化生產日益增長的需求。

We fundamentally shifted our go to market approach, emphasizing customer success, account management, and recurring revenue growth. We also strengthen our team with top tier talent across all functions, ensuring we have the right leadership in place to drive sustained execution.

我們從根本上改變了我們的行銷方式，強調客戶成功、客戶管理和經常性收入成長。我們也透過各個職能領域的頂尖人才來加強我們的團隊，確保我們擁有合適的領導力來推動持續的執行。

In conclusion, we have built a business that is resilient, profitable, and pose for long-term success. Beyond our innovation, we continue to deliver shareholder value. We have executed $75 million of our previously announced $100 million share repurchased program, which we expect to complete by mid 2025.

總而言之，我們已經建立了一個具有彈性、盈利能力並有望實現長期成功的企業。除了創新之外，我們也持續為股東創造價值。我們已執行先前宣布的 1 億美元股票回購計畫中的 7,500 萬美元，預計到 2025 年中期完成。

As we enter 2025, Kornit is in the strongest position it has ever been. The market is showing signs of improvement driven by a clear shift among brands, retailers and creators towards on-demand manufacturing. This transition is becoming intrinsically critical for businesses aiming to respond swiftly to evolving consumer demand while minimizing excess inventory and waste.

進入 2025 年，Kornit 將處於前所未有的強大地位。在品牌、零售商和創造者明顯轉向按需製造的推動下，市場顯示出改善的跡象。對於旨在快速響應不斷變化的消費者需求同時最大限度地減少庫存和浪費的企業來說，這種轉變變得至關重要。

Additionally, there is a significant shift towards near-shore and on-shore production. As company seeks enhanced supply chain resilience and faster turnaround times. While these trends are positive, certain macroeconomics uncertainties persist.

此外，近岸和陸上生產正在發生重大轉變。由於公司尋求增強供應鏈彈性和縮短週轉時間。雖然這些趨勢是正面的，但某些宏觀經濟不確定性仍然存在。

Recent political developments in the US and potential tariffs on Mexico have raised concerns among some of our customers regarding near-shore manufacturing. Furthermore, potential inflationary pressures [stemming] from these policies could impact consumer purchasing power.

美國最近的政治發展和對墨西哥的潛在關稅引起了我們的一些客戶對近岸製造的擔憂。此外，這些政策產生的潛在通膨壓力可能會影響消費者的購買力。

We continue to monitor this dynamic closely while supporting our customers in navigating these shifts effectively. As we stated in our last call, 2025 is about execution, translating the strong foundation building 2024 into scalable, profitable growth, strengthening our market leadership, and driving the industry forward with our innovative solutions and business models.

我們將繼續密切關注這一動態，同時支持我們的客戶有效應對這些轉變。正如我們在上次電話會議中所說，2025 年是關於執行的，將 2024 年奠定的堅實基礎轉化為可擴展的盈利增長，加強我們的市場領導地位，並通過我們的創新解決方案和商業模式推動行業向前發展。

With a continued focus on innovation, customer success, and disciplined financial management, we are confident in our ability to drive significant value for our customers, employees, and shareholders.

透過持續專注於創新、客戶成功和嚴格的財務管理，我們有信心為客戶、員工和股東創造巨大的價值。

With that, I will now turn the call over to Lauri for a closer look at our financials. Lauri.

說完這些，我現在將把電話轉給勞裡 (Lauri)，讓他仔細審查我們的財務狀況。勞裡。

Thank you, Ronen, and good day to everyone.

謝謝你，Ronen，祝大家有個愉快的一天。

Fourth quarter revenues were $60.7 million within the guidance range we provided in November. This quarter, year-over-year growth of 7% resulted mainly from growth in system sales and revenue recognized under our AIC model.

第四季營收為 6,070 萬美元，符合我們 11 月份提供的指導範圍。本季年增 7%，主要得益於系統銷售和 AIC 模型下確認的收入的成長。

For the full year 2024, revenues were $203.8 million compared with $219.8 million in 2023. The decline resulted from lower systems and services sales and was partly offset by growth in consumables.

2024 年全年營收為 2.038 億美元，而 2023 年為 2.198 億美元。下降是由於系統和服務銷售額下降，但被消耗品的成長部分抵消。

Moving to margins, fourth quarter non-GAAP gross margin was 55.1%, up from 48.6% in the same period last year. This year-over-year improvement was primarily driven by higher product revenues from systems in AIC, the absence of a warrant impacts this quarter, and cost-based reductions resulting from the initiatives announced at the beginning of 2024.

談到利潤率，第四季非 GAAP 毛利率為 55.1%，高於去年同期的 48.6%。這一同比增長主要得益於 AIC 系統的產品收入增加、本季度沒有認股權證的影響以及 2024 年初宣布的舉措導致的成本降低。

For the full year 2024, non-GAAP gross margin rose to 48.6% compared with 38.4% in 2023. The increase was largely attributable to a more favourable sales mix driven by consumable sales, reduced warrant impact, and the cost-based reductions.

2024 年全年非 GAAP 毛利率從 2023 年的 38.4% 上升至 48.6%。成長主要歸因於消耗品銷售、認股權證影響減少和基於成本的削減推動的更有利的銷售組合。

Looking at expenses, total fourth quarter non-GAAP operating expenses were $28 million a decrease of about 7% from $30.1 million in the same period last year. For the full year 2024, non-GAAP operating expenses decreased about 14% to $109.8 million.

從費用來看，第四季非 GAAP 營業費用總額為 2,800 萬美元，較去年同期的 3,010 萬美元下降約 7%。2024 年全年，非 GAAP 營業費用下降約 14% 至 1.098 億美元。

This reduction in expenses reflects the impact of the restructuring initiatives implemented at the end of 2023 and beginning of 2024.

此次費用的減少反映了 2023 年底和 2024 年初實施的重組措施的影響。

Moving to EBITDA, our adjusted EBITDA in the fourth quarter was $8.4 million, marking a meaningful improvement over the adjusted EBITDA of $0.2 million in the same period last year, and the adjusted EBITDA of $1.5 million last quarter.

談到 EBITDA，我們第四季度的調整後 EBITDA 為 840 萬美元，較去年同期的調整後 EBITDA 20 萬美元和上季度的調整後 EBITDA 150 萬美元有顯著改善。

Adjusted EBITDA margin for the fourth quarter of 2024 was 13.8% compared with 0.3% in the same period last year. For the full year 2024, adjusted EBITDA was $0.3 million, which was up significantly versus negative $30.9 million in 2023.

2024 年第四季調整後 EBITDA 利潤率為 13.8%，去年同期為 0.3%。2024 年全年調整後的 EBITDA 為 30 萬美元，較 2023 年的負 3,090 萬美元大幅成長。

Improving profitability was a key objective for us as we enter 2024, and we are pleased with this improvement of $31.2 million year-over-year, which resulted in positive adjusted EBITDA for the year.

提高獲利能力是我們進入 2024 年的關鍵目標，我們對獲利能力年增 3,120 萬美元感到滿意，這為全年帶來了正的調整後 EBITDA。

Adjusted EBITDA margin for the full year was 0.2% compared with negative 14% in 2023, with the improvement being driven by reduced OpEx, improvement to sales mix, and the reduced warrant impact.

全年調整後 EBITDA 利潤率為 0.2%，而 2023 年為負 14%，改善的原因是營運支出減少、銷售組合改善、認股權證影響減少。

Our cash balance, including bank deposits and marketable securities at quarter end, was approximately $512 million. For the fourth quarter, operating cash flow increased to $26.7 million versus $2.6 million in the same period last year.

我們的現金餘額（包括季度末的銀行存款和有價證券）約為 5.12 億美元。第四季度，營運現金流增至 2,670 萬美元，去年同期為 260 萬美元。

And on a full year basis, 2024 operating cash flow was a robust $48.7 million compared with negative $34.7 million in 2023. This positive cash flow was primarily driven by strong collections and improved profitability.

從全年來看，2024 年的營運現金流強勁達到 4,870 萬美元，而 2023 年則為負 3,470 萬美元。這一正現金流主要得益於強勁的收款能力和獲利能力的提升。

Our primary use of cash during 2024 was our share repurchase program. We used $84.1 million of cash on repurchases during 2024, bringing the total gross amount used on repurchases to $121.6 million at an average execution price of $24.40.

2024 年，我們的現金主要用途是股票回購計畫。我們在 2024 年期間使用了 8,410 萬美元現金進行回購，使回購總金額達到 1.216 億美元，平均執行價格為 24.40 美元。

During the fourth quarter, we entered an accelerated share repurchase program under which we plan to repurchase approximately $75 million of our ordinary shares.

在第四季度，我們啟動了一項加速股票回購計劃，計劃回購約 7,500 萬美元的普通股。

Under the terms of the ASR agreement, we received an initial delivery of approximately 1.8 million shares in exchange for a pre-payment of $75 million. The final number of shares repurchased will be dependent on our average daily VWAP through the end of the contract. We expect this program to close at the end of June.

根據 ASR 協議條款，我們收到了約 180 萬股的初始交付，以換取 7,500 萬美元的預付款。最終回購的股票數量將取決於合約結束時我們的每日平均交易量加權平均價格 (VWAP)。我們預計該計劃將於六月底結束。

This $75 million represents a majority of the $100 million program we announced at our investor event in September, and we expect to complete the remaining $25 million through opportunistic repurchasing.

這 7,500 萬美元占我們在 9 月投資者活動上宣布的 1 億美元計劃的大部分，我們預計透過機會性回購完成剩餘的 2,500 萬美元。

As Ronen mentioned, 2025 will be a year of execution for us, meaning it will be a year where we aim to turn our vision, innovative solutions, and the business model we laid out at our investor event into measurable results. These measurable results include the annual recurring revenue generated by our AIC model.

正如 Ronen 所說，2025 年對我們來說將是執行之年，這意味著我們將在這一年致力於將我們的願景、創新解決方案和我們在投資者活動中提出的商業模式轉化為可衡量的成果。這些可衡量的結果包括我們的 AIC 模型產生的年度經常性收入。

We will begin to disclose this metric during our first quarter of 2025 earnings. In the meantime, the investments made in our AIC model can be seen on our balance sheet under Equipment on Lease net.

我們將在 2025 年第一季的收益中開始揭露此指標。同時，我們在 AIC 模型中進行的投資可以在我們的資產負債表的租賃設備淨額中看到。

Turning to first quarter guidance, we currently expect revenues for the first quarter of 2025 to be between $45.5 million and $49.5 million, and adjusted EBITDA margin to be in the negative 4% to negative 9% range.

談到第一季的指引，我們目前預計 2025 年第一季的營收將在 4,550 萬美元至 4,950 萬美元之間，調整後的 EBITDA 利潤率在負 4% 至負 9% 之間。

That concludes our prepared remarks. With that, I will now turn it back over to Ronen to open up the call for Q&A. Ronen.

我們的準備好的演講到此結束。說完這些，我現在將話題轉回給羅南，開始問答環節。羅南。

Thank you, Lauri, operator, we are ready to receive questions.

謝謝接線員勞瑞（Lauri），我們已經準備好回答您的問題了。

(Operator Instructions)

（操作員指令）

Greg Palm, Craig Hallum Capital Group.

帕爾姆（Greg Palm），Craig Hallum 資本集團。

Yeah, thanks, everyone, and congrats on the progress here. Ronen, you talked about kind of 2024, a little bit and 2025 is sort of another year of execution. Maybe, tell us what you sort of perceive as kind of your goals for the year and how that relates to top line growth potential.

是的，謝謝大家，並祝賀這裡的進展。Ronen，您談到了 2024 年，2025 年是另一個執行年。也許，請告訴我們您認為今年的目標是什麼，以及該目標與營收成長潛力有何關係。

Yeah, thanks, Greg. First of all, I would like to touch on a bit about 2024 because it was a turning point for Kornit.

是的，謝謝，格雷格。首先，我想談談 2024 年，因為這是 Kornit 的轉捩點。

I hear that we set very clear targets in front of us to move to positive EBITDA and generating substantial cash from operation, and we have delivered on that. And this was a transformative year for us. On top of that, you can see that in Q4 we moved back to growth, and, on top of that, of course, we introduced many new products like the Apollo, the Atlas MAX Plus, the Vivido for the roll-to-roll, RSS and many much more.

我聽說我們設定了非常明確的目標，即實現正 EBITDA 並從營運中產生大量現金，而且我們已經實現了這一目標。對我們來說，這是改變的一年。除此之外，您可以看到，在第四季度我們重回成長，當然，除此之外，我們還推出了許多新產品，如 Apollo、Atlas MAX Plus、卷對卷印表機的 Vivido、RSS 等等。

One of the things that we are very proud of and will contribute to your question about 2025 is a new model, the AIC and the ARR that is generating, and we're coming out of 2024 with meaningful ARR that's going to contribute for the 2025.

我們非常自豪的事情之一，也是我們為您關於 2025 年的問題做出貢獻的事情，就是一個新的模型，即 AIC 和正在生成的 ARR，我們將在 2024 年推出有意義的 ARR，這將為 2025 年做出貢獻。

We set a really clear targets to penetrate the bulk apparel, the screen market, which we did major steps into it, and some of the major screenplayers now using Apollos and other solutions from Kornit. We went to new agencies like the footwear, which we see acceleration and the home decor and all of those will contribute for 2025.

我們設定了非常明確的目標，即打入大宗服裝和銀幕市場，我們已經在該領域邁出了重要一步，一些主要的電影製作人現在正在使用 Apollos 和 Kornit 的其他解決方案。我們找到了一些新的機構，例如鞋類機構，我們看到了鞋類和家居裝飾行業的加速發展，所有這些都將為 2025 年做出貢獻。

A major change and revamp of a go to market focusing on customer success on account management, recurring revenue, and really bringing new talents across our team and specifically for the go to market.

對行銷進行重大變革和改進，重點關注客戶成功、帳戶管理、經常性收入，並真正為我們的團隊帶來新的人才，特別是針對行銷。

In conclusion, when you see, looking at 2024, we deliver on what we promised. We build a resilient business, profitable business, ready for expansion, and a profitable growth. As I mentioned in my preparatory remarks, 2025 will be a year that we will see a profitable growth in every quarter, and we will continue to generate positive cash from operation.

總而言之，展望 2024 年，我們將兌現我們的承諾。我們建立一個有彈性、有盈利的業務，準備擴張並實現盈利增長。正如我在準備演講中提到的，2025 年將是我們每季都實現獲利成長的一年，我們將繼續從營運中產生正現金。

To do that, we need to continue focusing on execution. Our team is fully focused on execution. And I'm going to touch on a few fundamentals that we are going to focus in 2024 to make it happen.

為了做到這一點，我們需要繼續專注於執行。我們的團隊全心全意專注於執行。我將談談 2024 年我們要重點關注的一些基本事項，以實現這一目標。

So on top of what we've delivered in 2024 and 2025 on the Apollo specifically, we set a clear target to deliver 30 systems. This is on top of the 15 systems that we have delivered in 2024, and we are coming to 2025 with a strong pipeline and a good visibility on those 30 systems which will contribute significantly to our top-line and also our bottom-line.

因此，除了我們在 2024 年和 2025 年在阿波羅計畫上交付的產品之外，我們還設定了交付 30 個系統的明確目標。這是我們在 2024 年交付的 15 個系統的基礎之上的，到 2025 年，我們將擁有強大的產品線和對這 30 個系統的良好可見性，這將對我們的營收和利潤做出重大貢獻。

Building, continue building ARR super important. The new AIC model really opening for us new markets, new customers, and generating very healthy revenues and ARR which we are going to start reporting from the next earning call of Q1.

建設，繼續建設 ARR 極為重要。新的 AIC 模型確實為我們打開了新市場、新客戶，並產生了非常可觀的收入和 ARR，我們將從第一季的下一次財報電話會議開始報告。

And we are going to prove we are putting a lot of focus on that, and we have internal targets. How do we would like to end the year in terms of ARR versus where we start the year, and there is a significant goal that we are building on.

我們將證明我們非常重視這一點，並且我們設有內部目標。與年初相比，我們希望以什麼樣的 ARR 來結束這一年，我們正在實現一個重要的目標。

Another area of the focus is continue penetrating the screen market. What we see in this market is a clear move from analog to digital. We see a massive opportunity there. We already penetrated some big accounts there and we have a very healthy pipeline to convert to digital.

另一個重點領域是繼續滲透螢幕市場。我們在這個市場上看到的是從類比到數位的明顯轉變。我們在那裡看到了巨大的機會。我們已經在那裡打入了一些大客戶，並且我們擁有非常健康的數位化轉換管道。

Another very important and very fundamental KPIs for the year is really about impression growth. First of all, we are going to measure it every quarter. We are actually looking at it on a daily basis.

今年另一個非常重要且非常基本的 KPI 就是印象成長。首先，我們將每季進行一次測量。事實上我們每天都在關注它。

We have a clear target how do we want to end the year in terms of the impression. Those impressions coming from existing customers, we start to see a nice growth on the existing customers and also on the capacity utilization of the systems, but also from net new customers, specifically in markets that we never been there, like the screen market, the footwear, the home decor, and others.

我們有一個明確的目標：我們希望以怎樣的印象來結束這一年。這些印象來自現有客戶，我們開始看到現有客戶和系統產能利用率的良好增長，也看到淨新客戶的增加，特別是在我們從未涉足過的市場，如螢幕市場、鞋類、家居裝飾等。

Another focus area for 2025 will be the roll-to-roll. While 2024 was relatively soft on the roll-to-roll market, we see a much healthier funnel for the roll-to-roll business in 2025, specifically in the area of fashion, footwear, and home decor.

2025 年的另一個重點領域將是卷對卷。雖然 2024 年卷對卷市場相對疲軟，但我們認為 2025 年卷對卷業務將出現更加健康的發展勢頭，特別是在時尚、鞋類和家居裝飾領域。

Overall, bottom line, we believe that 2025 will be a year of profitable growth and a massive execution by the team.

總的來說，我們相信 2025 年將是獲利成長和團隊大力執行的一年。

We feel very good entering into 2025.

邁入 2025 年，我們感覺非常好。

I mean, when you and that was helpful colour, so I appreciate that. When you put that all together, does that give you an ability or a potential to get back to double digit growth or would you rather not commit to a certain number at this point?

我的意思是，當你和那是有幫助的顏色時，所以我很感激。當把所有這些放在一起時，這是否會讓您有能力或潛力恢復兩位數的增長，或者您目前還不想承諾特定的數字？

Yeah, so we are guiding only quarter-by-quarter, so I wouldn't, I don't want to guide for the year.

是的，我們只是按季度進行指導，所以我不想為全年提供指導。

We have better visibility for 2025. Some of this visibility is coming first of all from the Apollo, a major part of the revenue in 2025 will come from the Apollo, and we have a very good line of sight on where we are going to install it.

我們對2025年有了更好的展望。這種可見性首先來自阿波羅，2025 年的大部分收入將來自阿波羅，而且我們對在哪裡安裝它有很好的預期。

Another area that's improving our visibility is the AIC. We are coming to 2025 with a nice meaningful revenue on AIC, and it's going to grow along the year substantially. Of course, we have the Inks and services, which is almost a recurring revenue for us, so we have clear visibility on that, but we also came to Q1 with some CapEx order in hand already, so we have a good visibility for Q1 and for the rest of the year.

另一個提高我們知名度的領域是 AIC。到 2025 年，AIC 的收入將非常可觀，並且未來還將大幅成長。當然，我們有油墨和服務，這對我們來說幾乎是經常性收入，因此我們對此有清晰的了解，但是我們在第一季度已經手上有一些資本支出訂單，因此我們對第一季度以及今年剩餘時間的前景有良好的了解。

As for the cost structure, we did significant cost improvement during 2024, and we feel that we are under control for the cost. Therefore, we have also good visibility to our EBITDA.

至於成本結構，我們在 2024 年進行了重大的成本改進，我們認為成本已經控制了。因此，我們的 EBITDA 也具有良好的可視性。

Understood. All right, I will pass it off. Thanks, and best of luck.

明白了。好的，我會將其傳遞下去。謝謝，祝你好運。

Thank you.

謝謝。

Brian Drab, William Blair

布萊恩·德拉布，威廉·布萊爾

Hi, thanks for taking my questions. The first one is just, could you, give us a little more colour, Ronen on the roll-to-roll opportunity in '25 and you had a lot of momentum at the and LOIs at that show in Italy and then, high interest rates weight on the on that business, but, why was it soft in '24 and what has changed that makes you more optimistic about '25.

你好，謝謝你回答我的問題。第一個問題是，您能否給我們多介紹一下 2025 年卷對卷印刷的機會，您在意大利展會上的勢頭和意向書非常強勁，然後高利率給這項業務帶來了壓力，但是，為什麼 2024 年的情況較弱，以及發生了什麼變化讓您對 2025 年更為樂觀。

Thank you, Brian.

謝謝你，布萊恩。

So, roll-to-roll when we're looking at a few things that have changed. One of them is that we're just about to release the new products which include the Vivido, which right now is ending the beta testing and getting excellent feedback from our customers.

因此，當我們逐一查看時，會發現一些已經改變的事物。其中之一是我們即將發布包括 Vivido 在內的新產品，該產品目前正結束 Beta 測試並獲得了客戶的正面回饋。

This brings the quality of the roll-to-roll to a very similar quality of the reactive ink in terms of the darkness of the black improvement on the hand-feel and we also see that the market is really looking for a much more sustainable on-demand way of manufacturing, and community is by far leading this revolution with our unique pigment capabilities.

這使得卷對卷的品質在黑色深度和手感改善方面與反應性墨水的質量非常相似，我們還看到市場確實在尋找一種更加可持續的按需製造方式，而社區憑藉我們獨特的顏料能力，在這場革命中處於領先地位。

On top of that, look, we are coming out of 2.5 years of very soft market in the fashion market. Many of our customers really in the last two years, 2.5 years were working partially. Some sites were closed, some sites were working only one shift, and we see that change.

最重要的是，我們剛剛走出了為期兩年半的時尚市場低迷期。在過去的兩年到兩年半里，我們的許多客戶確實只是部分工作。一些站點被關閉，一些站點只運行一個班次，我們看到了這種變化。

We're getting more demand from the retailers, brands and they are getting too much more production.

零售商和品牌對我們的需求越來越大，而他們的產量也隨之增加。

We see it across the board, still there is room to improvement, but we see the change in the market. On top of that, we see the growth of impression on the existing customers. So, our existing customers, we are monitoring every day the number of impressions that they are printing on a roll-to-roll, and we see a very nice growth, and we expect some of them to acquire additional system this year.

我們從整體來看，仍有改進的空間，但我們看到了市場的變化。最重要的是，我們看到現有客戶的印像在成長。因此，對於我們現有的客戶，我們每天都在監控他們在卷對卷上打印的印刷數量，我們看到了非常好的增長，我們預計其中一些客戶今年將購買額外的系統。

As I mentioned in my prepared remarks on the footwear specifically, we managed to penetrate already three major players in Asia. One of them is already managed to scale the business and now is producing for large brands and already placed an order for additional systems that we are going to deliver in H1, which we have a full commitment and visibility for that.

正如我在關於鞋類的準備好的發言中特別提到的，我們已經成功打入亞洲三大鞋類市場。其中一家已經成功擴大業務規模，目前正在為大品牌生產，並且已經訂購了額外的系統，我們將在上半年交付，我們對此有充分的承諾和預見性。

On top of that, we penetrated the home decor in 2024, specifically in H2, 2024. We put a lot of effort to go after the home decor. Beginning of this year, we had an important event in Frankfurt called Heintech Steel, and we got really nice feedback from some of the biggest retailers and brands and manufacturers, and our solution has a perfect fit for home decor because of the pigment that exist and the durability of the pigment.

最重要的是，我們將在 2024 年，具體來說是 2024 年下半年，進入家居裝飾領域。我們花了很多精力去追求家居裝飾。今年年初，我們在法蘭克福舉辦了一場名為 Heintech Steel 的重要活動，我們從一些最大的零售商、品牌和製造商那裡得到了非常好的反饋，我們的解決方案非常適合家居裝飾，因為現有的顏料和顏料的耐用性。

Now that home decor is going much more into unique and short runs and on demand, we find it as a big opportunity for us. Also, in the fashion we managed to penetrate a few big players who are moving from analog to digital or from reactive to pigment, and some of them are scaling up and we need more capacity.

如今，家居裝飾越來越趨向於獨特、短版和按需生產，我們發現這對我們來說是一個巨大的機會。此外，在時尚領域，我們成功打入了一些大公司，他們正在從模擬轉向數字，或從反應轉向顏料，其中一些公司正在擴大規模，我們需要更多的產能。

Overall, a funnel entering into 2025 is much stronger on the roll-to-roll, and the team is optimistic that we will be able to deliver much better results in 2025 versus 2024 on the roll-to-roll.

總體而言，進入 2025 年的漏斗在卷對卷方面會更加強大，團隊樂觀地認為，我們將能夠在 2025 年而不是 2024 年取得更好的結果。

Okay, thank you for that comprehensive answer. I'll just ask one more for now, I think, but the Apollo is obviously so critical to the story going forward and it sounds like it's performing very well in the field, from talking to you and from talking to customers.

好的，感謝您全面的回答。我想現在我只想再問一個問題，但阿波羅顯然對未來的故事至關重要，而且從與您和客戶交談中得知，它在該領域表現得非常出色。

Can you just elaborate on what you saw in terms of its performance during the holiday season, what customers were able to produce maybe per hour or what the feedback was from customers and using the Apollo and the quality throughout the holiday season.

您能否詳細說明您在節日期間看到的性能情況，客戶每小時的產量，或者客戶的反饋以及 Apollo 在整個節日期間的品質。

Yeah, so Apollo, as I mentioned previous call, is a game changer. It's a game changer for our existing customers, but it's a game changer for us, and for new markets that we are entering, specifically the screen and move from analog to digital.

是的，正如我之前提到的，阿波羅將改變遊戲規則。它不僅對我們現有的客戶來說是一個遊戲規則的改變，而且對我們以及我們正在進入的新市場來說也是一個遊戲規則的改變，特別是螢幕從模擬到數位的轉變。

When we are looking at our customers that are using today, the Apollo, there's a mix of types of customers, there's the existing customers that are using the Apollo, some of them for very short runs and one off, but also using the Apollo to convert volume that today they are printing on analog, on screen, and moving into digital.

當我們查看當今使用 Apollo 的客戶時，我們會發現客戶類型多種多樣，有使用 Apollo 的現有客戶，其中一些客戶僅進行非常短的運行和一次性運行，但也有人使用 Apollo 來轉換他們今天在模擬、屏幕上打印的批量並轉向數字打印。

On top of that, we have new types of customers, totally new to digital for the first time they are entering into digital, leveraging the Apollo and really moving only mid runs and long run jobs from analog to digital. Some of them are retailers, but some of them are fulfillers. So, this is very encouraging to see the mix and really opening new markets and incremental impression.

除此之外，我們還有一些新類型的客戶，他們是第一次進入數位領域，利用阿波羅 (Apollo) 技術，真正將中期和長期工作從類比轉移到數位。他們有些是零售商，有些是履行者。因此，看到這種組合併真正開拓新市場並產生增量印像是非常令人鼓舞的。

This year, as I mentioned, we managed to deliver 15 systems. Many of those systems were installed just before the peak season, but all of them performed during the peak season. Happy to share with all of you that the performance of the system exceeded our expectation.

正如我所提到的，今年我們成功交付了 15 個系統。許多系統都是在旺季之前安裝的，但它們都在旺季期間運行。很高興與大家分享，系統的效能超出了我們的預期。

This of course is very complex new product introduction, a new platform, like any new platform, there are issues, but this was the best introduction of a new platform that Kornit has delivered ever to a very complex solution in terms of the automation and the capability and the productivity. The satisfaction level of our customers out of it is very high.

這當然是一個非常複雜的新產品介紹，一個新平台，像任何新平台一樣，也存在問題，但這是 Kornit 迄今為止提供的最佳新平台介紹，在自動化、能力和生產力方面提供了非常複雜的解決方案。我們的客戶對此的滿意度非常高。

And how do you measure satisfaction? I can tell you without any exception that each one of those customers that already deliver a system or already have the second system or more or about to order the second system or more this year.

那你如何衡量滿意度呢？我可以毫無例外地告訴你們，每個客戶今年都已經交付了一個系統，或者已經擁有第二個或更多的系統，或者即將訂購第二個或更多的系統。

So, we are very pleased with how it is going till now. In terms of the utilization and capacity, we have reached our goal and customers have reached their goal while we are planning to improve the cap. Capacity and the availability of the systems along the 2025. We are entering 2025 with a very healthy pipeline and good visibility to deliver on the [service] system during 2025.

所以，我們對目前的進展感到非常滿意。從利用率和產能來看，我們已經達到了我們的目標，客戶也達到了他們的目標，同時我們正在計劃提高產能。2025 年沿線系統的容量和可用性。我們將以非常健康的管道和良好的可預見性邁入 2025 年，以便在 2025 年實現 [服務] 系統。

Okay, and before Ronen, you said 15 orders were in hand. Is that still around that same level?

好的，在 Ronen 之前，您說過已經接到 15 份訂單。這仍然在同一水平嗎？

I mentioned that we have 15 commitments from our customers. Today we have even more commitment in terms of order. I didn't mention how many orders we have in hand. We have a very good visibility and line of sight to deliver 30 systems during 2025.

我提到過，我們已從客戶那裡獲得 15 項承諾。今天我們在訂單方面的承諾更加堅定了。我沒有提到我們手上有多少訂單。我們擁有非常好的可見性和視線，可以在 2025 年交付 30 個系統。

Okay, thanks for clarifying that. That's all for me. Thank you.

好的，謝謝你澄清這一點。對我來說這就是全部了。謝謝。

James Ricchiuti, Needham & Company

James Ricchiuti，Needham & Company

Thank you.

謝謝。

I was wondering, Ronen, if you can give any update on equipment purchases or upgrades from your large global strategic account. I don't recall you talking about that in the call or I may have missed it.

我想知道，Ronen，您是否可以提供有關您的大型全球策略帳戶的設備採購或升級的最新情況。我不記得你在通話中談論過這個，或者我可能錯過了。

So, thanks James.

所以，謝謝詹姆斯。

First of all, I would relate first of all to one of our key strategic customers which we have, they announced of major upgrades, which is the print fold. They have announced it during 2024 they upgraded the entire fleet of Atlases 86 to be accurate of atlases into Atlas MAX, and now we are in the process to upgrade all the fleets also to Atlas MAX Plus.

首先，我要先聯絡我們的一個關鍵策略客戶，他們宣布了重大升級，即印刷折疊。他們宣布，將在 2024 年將整個 Atlas 86 機隊升級為 Atlas MAX，現在我們正在將所有機隊也升級為 Atlas MAX Plus。

And they were sharing the satisfaction about the quality, the productivity, and the additional capability in terms of application that they can run. So, we are very satisfied about that. As for our global strategic customer, our relationships are very close. We are working very closely together. Like many of our key customers, they had a very strong peak season and overall, very healthy year.

他們對於所運行應用程式的品質、生產力和附加功能均表示滿意。因此，我們對此非常滿意。對於我們的全球策略客戶，我們的關係非常密切。我們正在密切合作。與我們的許多主要客戶一樣，他們的旺季表現非常強勁，總體而言，今年的業績非常健康。

For them, like many of other key customers of us, and as I mentioned in the past, we are hopeful that this year they will continue with the plan to upgrade some of their fleets into Atlas MAX and we reported that in Q4 there were some upgrades, and we hope that we will see this year additional upgrades coming from this customer.

對於他們來說，就像我們的許多其他主要客戶一樣，正如我過去提到的那樣，我們希望今年他們將繼續執行將部分機隊升級為 Atlas MAX 的計劃，並且我們報告稱在第四季度有一些升級，我們希望今年能看到來自該客戶的更多升級。

And Lauri, can you help us at all in terms of how we should be thinking about gross margins in Q1, just given seasonality and the ongoing development of the AIC model.

Lauri，考慮到季節性因素和 AIC 模型的持續發展，您能否幫助我們了解我們應該如何考慮第一季的毛利率？

Hi, thanks for the question.

你好，謝謝你的提問。

In Q1, as you rightly pointed out, it's the seasonally low quarter which has an impact on gross margins. As we have adjusted our cost base, and we are looking always to improve efficiency. So, depending upon the mix that we'll see in that quarter, we would expect the gross margins to be similar to what we've seen in the past, that being the lowest gross margin that we have during the year.

正如您正確指出的那樣，第一季是季節性低迷期，這對毛利率產生了影響。由於我們已經調整了成本基礎，並且我們一直在尋求提高效率。因此，根據我們在該季度看到的組合，我們預計毛利率將與過去的水平相似，即今年的最低毛利率。

And if I could, one quick one, Ronen, you mentioned the issue around the geopolitical situation and tariffs, and I think you talked about Mexico. Are you seeing, actually seeing any or hearing any changes in terms of uncertainty as relates to customer behavior as, given this, or is, I'm just curious, what has changed, if anything, in terms of customer behavior around the issue of tariffs?

如果可以的話，我快速問一個簡單的問題，羅南，你提到了地緣政治局勢和關稅問題，我想你談到了墨西哥。有鑑於此，您是否看到或聽到與客戶行為相關的不確定性方面有任何變化，或者，我只是好奇，在關稅問題上，客戶行為方面有什麼變化（如果有的話）？

So, we were talking a lot about the near-shore, and we see the move to near-shore and some of our key customers move to the near-shore. So, we took the opportunity, of course, to touch base with each one of them and ask them what they are going to do when there will be tariffs if it will happen.

因此，我們談論了很多有關近岸的問題，我們看到了向近岸的轉移，我們的一些主要客戶也轉移到了近岸。因此，我們當然會藉此機會與他們每個人進行聯繫，並詢問他們在徵收關稅時他們會做什麼。

The answer is mainly what we hear from them is wait and see. None of them really has a clear understanding if it will happen, when it will happen, and what will be the actions that they are going to take.

我們從他們那裡聽到的答案主要是觀望。他們中沒有人真正清楚這是否會發生、何時發生以及他們將採取什麼行動。

And some of them are looking potentially to move some of the operation into on-shore into the US, which can have positive implication to Kornit, but there is a lot of uncertainty, so we don't know, we're working very closely with our customer, and they don't know. They're looking into what will be the verdict in the end. And once we know more, we will be able to report to you.

他們中的一些人可能正在考慮將部分業務轉移到美國境內，這可能對 Kornit 產生積極影響，但存在許多不確定性，所以我們不知道，我們正在與客戶密切合作，而他們不知道。他們正在調查最終的判決結果。一旦我們了解更多信息，我們就會向您報告。

Thank you and congratulations on the progress last year.

謝謝你，並祝賀你去年的進步。

Thank you very much.

非常感謝。

Troy Jensen, Cantor Fitzgerald.

特洛伊·詹森、康托·費茲傑拉。

Hey, thank you. Congrats on the nice results here. Maybe just a couple of questions for Lauri and kind of following up on James's question on gross margins. I think he said it could be as low as the lowest quarter in last year. So, you are implying gross margins could be as low as 37.5% for--

嘿，謝謝你。恭喜您取得的良好成績。也許我只想問勞裡幾個問題，並跟進詹姆斯關於毛利率的問題。我認為他說這個價格可能和去年季度的最低價格一樣低。那麼，您的意思是毛利率可能低至 37.5%——

No. Hi, Troy.

不。你好，特洛伊。

Now let me clarify. What I said is that the first quarter is typically the lowest gross margin quarter of the year, which is something that we've seen in the past as well. I was not comparing to the prior year.

現在讓我澄清一下。我說過，第一季通常是一年中毛利率最低的季度，我們過去也看到過這種情況。我並沒有將其與前一年進行比較。

Okay, so we should well above because last year was kind of a big downtick for you guys in Q1. So, make sure you weren't implying that. But then also just on guidance, I mean, I know you only get EBITDA, but we've got a lot of EPS, and we need a financial income number, and that's kind of changed a lot for you guys in the past, quarter over quarter here.

好的，所以我們應該遠高於這個數字，因為去年第一季對你們來說是一個很大的下滑。因此，請確保你沒有暗示這一點。但是，僅從指導角度來看，我的意思是，我知道您只獲得 EBITDA，但我們有很多 EPS，我們需要一個財務收入數字，而這對你們來說在過去的每個季度都發生了很大的變化。

So, could you give us any colour on what you think, financial income is in Q1 and maybe for 25?

那麼，您能否告訴我們您認為第一季以及 25 年的財務收入情況如何？

Troy, we provide guidance in terms of revenue and adjusted EBITDA. We don't provide guidance on other elements of the P&L.

特洛伊，我們在收入和調整後的 EBITDA 方面提供指導。我們不提供損益表其他要素的指導。

Alright, well, I'll take it offline, but I guess it's probably just, interest, income come down or rates come down, so I drive it down. It's fun but then, happy to follow up. So, all right, well, congrats and good luck going forward.

好吧，嗯，我會把它離線，但我想可能只是利息、收入下降或利率下降，所以我把它降低。這很有趣，但很高興能繼續跟進。那麼，好吧，祝賀你並祝你未來好運。

And Troy, nice to have you on the call and we're looking forward to work with you, in the future.

特洛伊，很高興您來參加我們的電話會議，我們期待未來與您合作。

Thanks, Ronen.

謝謝，羅南。

Maya Woodring, Morgan Stanley.

摩根士丹利的瑪雅‧伍德林 (Maya Woodring)。

Hi, this is Maya, on the line for Erik. Great end to the year, guys. Thank you for having us.

你好，我是瑪雅，找艾瑞克。大家，這一年結束得真美好。感謝您的接待。

I think maybe just to kind of double hit on gross margins, it looks like total company gross margins hit what looks like an all-time record high in the quarter, and product gross margins were quite strong. You maybe speak to some of the puts and takes driving that margin out performance.

我認為這可能只是對毛利率的雙重打擊，看起來公司整體毛利率在本季創下了歷史新高，而且產品毛利率也相當強勁。您或許會談論一些推動利潤表現的因素。

How much would you say as a result of the AIC model, and were there any one-time dynamics to call out and kind of how sustainable is kind of this step up in margins, obviously realizing the seasonality impact as we look into one cue, but you know how sustainable would you say are this higher level of margins looking forward?

您認為 AIC 模型會帶來多大程度的收益，是否存在一次性的動態變化，以及利潤率上升的可持續性如何，顯然，當我們研究一個線索時會意識到季節性的影響，但您知道您認為這種更高利潤率的可持續性如何嗎？

Hi Maya, thanks for the question. So first of all, as you rightly pointed out, our gross margin is very much affected by the seasonality and the mix within revenues. That being said, some of the key drivers are of course the volume of systems, the proportion of consumables in the mix, but we've also taken made great strides in terms of our cost-based reduction, which gives us additional leverage in terms of our gross margin.

你好，Maya，謝謝你的提問。首先，正如您正確指出的那樣，我們的毛利率受季節性和收入組合的影響很大。話雖如此，一些關鍵驅動因素當然是系統的數量、消耗品的比例，但我們在成本削減方面也取得了巨大進步，這為我們的毛利率提供了額外的槓桿。

And then we have the onboarding of the AIC model which over time as it becomes a more meaningful element of revenue will also help support improved gross margins.

然後我們引入了 AIC 模型，隨著時間的推移，它將成為收入中更有意義的要素，也將有助於支持毛利率的提高。

The only point that I will mention back in the investor event what we have said that in 2025 you should see a moderate improvement in goals margin versus this year. So we are planning to expand it along the year.

我在投資者活動中要提到的唯一一點是，我們曾經說過，到 2025 年，你應該會看到目標利潤率相對於今年有所提高。因此我們計劃在今年內擴大它。

Got it. Very helpful. And then maybe just one last one for me, you talk about good line of sight into the 30 Apollos this year, is that still the cap in terms of capacity or could you potentially up that if demand far exceeds that 30 for this year?

知道了。非常有幫助。然後也許對我來說只是最後一個問題，您談到了今年 30 艘阿波羅飛船的良好前景，這仍然是容量方面的上限嗎，或者如果需求遠遠超過今年的 30 艘，您是否有可能提高這一上限？

We have defined the 30 not because of capacity and definitely not because of the demand. The market is much bigger than those 30 systems. We are doing it only because we would like to make sure that every installation of the policy is successful. We're still learning a lot, we are working with our customers on each one of the installations, some of which with totally new type of customer.

我們確定這30個不是因為容量，更不是因為需求。這個市場比這 30 個系統大得多。我們這樣做只是因為我們想確保每次政策的安裝都是成功的。我們仍在學習很多東西，我們正在與客戶合作完成每個安裝，其中一些是全新類型的客戶。

So, we are taking it step by step, doubling the number of systems from 2024, 2026 will be the year that we will scale the Apollo to the next level.

所以，我們正在一步步推進，從 2024 年起將系統數量翻一番，到 2026 年，我們將把阿波羅計畫提升到一個新的水平。

Got it thank you and that's it for me.

明白了，謝謝，對我來說就這樣了。

Chris Moore, CJS Securities.

克里斯·摩爾（Chris Moore），CJS 證券。

Hey, good day. Thanks for taking a couple. Yeah, maybe just one more on the 30 Apollos for 2025. Just trying to get a sense, obviously it's still a working process, but how many customers do you think are going to comprise that? Is it 20 customers? Is it 10? Are there a few that are, taking quite a few, just, kind of any thoughts there?

嘿，你好。謝謝你們帶走了幾隻。是的，也許 2025 年的 30 架阿波羅飛船中再多一架就夠了。只是想了解一下，顯然這仍然是一個工作過程，但您認為有多少客戶會參與其中？有 20 位顧客嗎？是 10 嗎？有沒有幾個，佔了不少，只是，有什麼想法嗎？

I prefer not to throw a specific number right now, although we have a very clear line of sight on that. However, what I would say is that the two main audience that will receive those Apollo in 2025.

我現在不想給出一個具體的數字，儘管我們對此有非常清晰的認識。不過，我想說的是，2025 年接收阿波羅飛船的主要受眾有兩個。

One audience is existing customers that are already using the Apollo, as I mentioned, each one of them are planning to add at least additional one system in 2025. There are a few of them that will add more than one system.

其中一個受眾是已經在使用 Apollo 的現有客戶，正如我所提到的，他們每個人都計劃在 2025 年至少增加一個系統。其中有一些會添加多個系統。

And the other audience is more net new customers. That usually are buying one system, and we expect them to have only one system in 2025. Those are type of customers that are coming from the screen from the analogue world and stepping into digital for the first time, and they will expand into 2026.

而另一部分受眾則是較多的淨新客戶。他們通常只購買一個系統，我們預計到 2025 年他們將只擁有一個系統。這些客戶來自類比世界的螢幕，首次進入數位世界，他們的業務範圍將擴展到 2026 年。

So, it's kind of a mix, and I would say it's about in terms of number of customers about 50-50 between existing customers to new customers that are coming from the analogue world.

所以，這是一種混合情況，就客戶數量而言，我想說現有客戶和來自模擬世界的新客戶的比例大約是 50-50。

Got it. That's helpful. Obviously, AIC game changer for Apollo. How important is AIC for, Atlas MAX or MAX Plus at this stage?

知道了。這很有幫助。顯然，AIC 將改變阿波羅計畫。現階段 AIC 對於 Atlas MAX 或 MAX Plus 有多重要？

Well, it's, we see encouraging feedback and use of the AIC specifically on the Atlas MAX and the Atlas MAX Poly. We implemented a meaningful amount of them during 2024. We have a healthy funnel in Q1 and for the rest of the year also for the Atlas family in terms of the AIC.

嗯，我們看到了令人鼓舞的回饋和對 AIC 的使用，特別是在 Atlas MAX 和 Atlas MAX Poly 上。我們在 2024 年實施了大量計劃。就 AIC 而言，我們在第一季以及今年剩餘時間內 Atlas 系列的銷售管道都表現健康。

What we see, some of them are going also to net new screen printers that they doesn't have the volume to justify Apollo. So, really thousands of thousands of screen printers, some of them small, mid-size they cannot commit to the minimum volume that Apollo can deliver, but they definitely can commit to the minimum volume on Atlas MAXs. Many of them are taking multiple Atlas Maxs.

我們看到，其中一些公司還將購買新的網版印刷機，但其產量不足以證明阿波羅的合理性。因此，實際上有成千上萬台網版印刷機，其中一些是小型、中型的，它們無法承諾 Apollo 可以提供的最小產量，但他們絕對可以承諾 Atlas MAX 可以提供的最小產量。其中許多人攜帶多架 Atlas Max。

Some of them are taking two or three Atlas MAXs. We already implemented, as I mentioned, in 2024, and we have a good final for 2025.

其中一些人乘坐兩架或三架 Atlas MAX。正如我所提到的，我們已經在 2024 年實施了，我們已經為 2025 年做好了準備。

Got it. Yeah, that's what I was after. I was trying to figure out if there were some, if you're getting new customers as well, because of the AIC model there. So awesome. I will leave it there. I appreciate it.

知道了。是的，這就是我想要的。我試圖弄清楚是否存在一些問題，是否由於那裡的 AIC 模型，您也在獲得新客戶。太棒了。我就把它留在那裡。我很感激。

Thank you.

謝謝。

Tavy Rosner, Barclays

塔維·羅斯納（Tavy Rosner），巴克萊銀行

Hi Ronen and Lauri, thanks for taking my questions. Really quick ones for me. Most of them have been addressed. Looking at the demand side, so you spoke about the AIC and the pipeline. When you look ahead like 2025, any prospect of selling new systems not under the AIC, is there still such a thing even the current microenvironment or most of the demand now is through the AIC?

你好，Ronen 和 Lauri，謝謝你們回答我的問題。對我來說真的很快。大多數問題已經解決。從需求方面來看，您談到了 AIC 和管道。展望 2025 年，是否有可能在非 AIC 框架下銷售新系統，在當前的微環境下是否還會存在這樣的情況，或者目前大多數需求都是透過 AIC 實現的？

So, as we shared on the investor day, it's very consistent with what we see today in the market both in 2024 but moving forward in 2025.

因此，正如我們在投資者日所分享的那樣，這與我們今天在 2024 年以及 2025 年看到的市場情況非常一致。

First of all, AIC model is only on the DTG side of the business. All the roll-to-roll business is on CapEx. There's no AIC at this stage for the roll-to-roll business. As for the DTG, when we look at the mix between CapEx to AIC, it's about 25% of the deals going on are on CapEx, 75% of the deals are on AIC.

首先，AIC模型僅適用於DTG業務方面。所有捲對卷業務都屬於資本支出。目前卷對卷業務還沒有 AIC。至於 DTG，當我們查看資本支出與 AIC 的組合時，大約 25% 的交易屬於資本支出，75% 的交易屬於 AIC。

So, for example, in 2024, while we delivered 15 Apollos, 10 of them were on AIC and 5 of them were on CapEx. What we see today is that if we need to ask ourselves who is choosing AIC and who is choosing CapEx, many of the new to digital customers.

例如，在 2024 年，雖然我們交付了 15 架阿波羅火箭，但其中 10 架用於 AIC，5 架用於資本支出。我們今天看到的是，如果我們需要問自己誰在選擇 AIC，誰在選擇 CapEx，許多都是新的數位化客戶。

That we are in the analogue world and moving to digital prefer to move to AIC, to have a predictable cost and because they're operating the first time digital for them to know exactly how much it will cost them is very important, and we see a clear growth in these areas. It also many of them, they have a good business, they have, but in terms of cash or capital, they have more difficulties.

我們處於模擬世界，在轉向數位化時更願意轉向 AIC，以便擁有可預測的成本，而且由於這是他們第一次進行數位化運營，因此確切地知道需要花費多少錢非常重要，我們看到這些領域的明顯增長。他們中的許多人都有著良好的業務，但是在現金或資本方面，他們面臨更多困難。

So therefore, they're choosing the AIC. On the other hand, existing customers that are using our systems already and know exactly the cost, they can compare the running cost that they have today on CapEx versus the running cost on the AIC, and many of them are choosing the CapEx because they see it as more favourable in terms of the cost versus the AIC.

因此，他們選擇了 AIC。另一方面，已經使用我們系統並且確切知道成本的現有客戶，他們可以比較他們目前的 CapEx 運行成本與 AIC 運行成本，其中許多人選擇 CapEx 是因為他們認為與 AIC 相比，它在成本方面更有利。

Great, thanks Ronen. That's helpful. It's all for me. Thank you.

太好了，謝謝 Ronen。這很有幫助。一切都是為了我。謝謝。

Thank you. Ladies and gentlemen, as there are no further questions, I will now hand the conference over to Ronen Samuel, for his closing comments.

謝謝。女士們、先生們，由於沒有其他問題，我現在將會議交給羅南·塞繆爾 (Ronen Samuel)，請他發表結束語。

Yeah, so thanks everyone for joining us on today's call. We are excited about what lies ahead for 2025 for Kornit, and we're looking forward to updating you on our progress on our next earning call.

是的，感謝大家參加今天的電話會議。我們對 Kornit 2025 年的前景充滿期待，並期待在下次收益電話會議上向您通報我們的進展。

Thank you very much.

非常感謝。

Thank you.

謝謝。

The conference of Kornit Digital has now concluded.

Kornit Digital的發表會至此已經結束。

Thank you for your participation. You may now disconnect your lines.

感謝您的參與。現在您可以斷開線路了。