Kornit Digital Ltd (KRNT) 2025 Q4 法說會逐字稿

Greetings, and welcome to Kornit Digital's fourth-quarter and full-year 2025 earnings conference call. As a reminder, this call is being recorded.

各位好，歡迎參加 Kornit Digital 2025 年第四季及全年業績電話會議。再次提醒，本次通話正在錄音。

I would now like to turn the conference over to our host, Mr. Andy Backman, Chief Capital Markets Officer for Kornit Digital. Mr. Backman, you may begin.

現在，我謹將會議交給我們的東道主，Kornit Digital 的首席資本市場官 Andy Backman 先生。巴克曼先生，你可以開始了。

Thank you, operator. Good day, everyone, and welcome to Kornit Digital's fourth-quarter and full-year 2025 earnings conference call. Joining me today are Ronen Samuel, Kornit's Chief Executive Officer; and Assaf Zipori, our Chief Financial Officer. For today's call, Ronen will share his overall commentary on the fourth quarter and the full year, followed by Assaf, who will review our fourth-quarter and full-year 2025 results and provide guidance for the first quarter of 2026, before we open the call up for Q&A.

謝謝接線生。大家好，歡迎參加 Kornit Digital 2025 年第四季及全年業績電話會議。今天與我一同出席的有 Kornit 的執行長 Ronen Samuel 和財務長 Assaf Zipori。在今天的電話會議上，Ronen 將分享他對第四季度和全年的總體評論，隨後 Assaf 將回顧我們 2025 年第四季度和全年的業績，並對 2026 年第一季度提供指導，之後我們將開放問答環節。

Before we begin, I would like to remind you that forward-looking statements within the meaning of the US securities laws will be made on this call. 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 similar statements regarding the company's expectations for the future. The fulfillment of forward-looking statements is subject to known and unknown risks and uncertainties. I encourage you to review the company's filings with the Securities and Exchange Commission, including the company's annual report on Form 20-F filed with the SEC on March 28, 2025, which identifies specific risk factors that could cause actual results to differ materially. Any forward-looking statements are made currently and the company undertakes no obligation to publicly update them, except as required by law.

在開始之前，我想提醒各位，本次電話會議將包含美國證券法意義上的前瞻性陳述。這些前瞻性陳述包括但不限於與公司計畫、策略、預期營運績效或財務狀況有關的陳述，以及與公司對未來的預期有關的類似陳述。前瞻性陳述的實現受已知和未知風險及不確定性的影響。我建議您查閱公司向美國證券交易委員會提交的文件，包括公司於 2025 年 3 月 28 日向美國證券交易委員會提交的 20-F 表格年度報告，其中列出了可能導致實際結果與預期結果存在重大差異的具體風險因素。所有前瞻性陳述均為當前陳述，除法律要求外，本公司不承擔公開更新這些陳述的義務。

Additionally, the company will be making reference to certain non-GAAP financial measurements on this call. 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.

此外，本公司將在本次電話會議上提及某些非GAAP財務指標。這些非GAAP指標與最直接可比較的GAAP指標的調節表可以在公司今天發布的盈利報告中找到，該報告也發佈在公司的投資者關係網站上。

At this time, I would like to now turn the call over to Ronen. Ronen?

現在，我想把電話交給羅南。羅南？

Thank you, Andy. Good morning, everyone, and thank you for joining our Q4 and full-year 2025 earnings call. Before I begin, I want to briefly welcome Assaf, who recently joined as the CFO and Andy, who returned to Kornit to lead our capital markets activities.

謝謝你，安迪。各位早安，感謝各位參加我們2025年第四季及全年業績電話會議。在開始之前，我想簡要地歡迎最近加入我們擔任財務長的 Assaf，以及重返 Kornit 領導我們資本市場活動的 Andy。

Let me turn directly to our business performance. When we entered 2025, we set a clear and measurable targets for the year. We set up to move the company back to revenue growth while at the same time, transitioning the business towards a more recurring ARR model, a shift that naturally changes near-term revenue timing as we build stronger longer-term revenue foundation.

接下來，我將直接談談我們的業務表現。進入 2025 年之際，我們為這一年設定了清晰、可衡量的目標。我們制定了一項計劃，旨在使公司重回營收成長軌道，同時將業務轉型為更頻繁的 ARR 模式，這種轉變自然會改變近期的營收時間，因為我們正在建立更強大的長期營收基礎。

We also committed to delivering positive EBITDA and generating positive cash flow from operations, all while capturing a meaningful share of bulk apparel production and driving impression growth across our installed base. I'm very pleased to share that we achieved all of these objectives.

我們也致力於實現正的 EBITDA 和正的經營現金流，同時在服裝批量生產中佔據有意義的份額，並推動我們現有客戶群的曝光量成長。我很高興地告訴大家，我們實現了所有這些目標。

Q4 marked a solid finish to the year. Our customers had a successful peak season, reflected in a strong double-digit impression growth in Q4 year over year and 11% growth for the full year, reaching 243 million impressions. This growth was driven by higher utilization across our installed base and an increased adoption of digital production for the longer runs.

第四季為全年畫上了圓滿的句點。我們的客戶在旺季取得了成功，第四季度同比實現了兩位數的強勁展示量增長，全年增長了 11%，達到 2.43 億次展示量。這一增長得益於我們已安裝設備的利用率提高，以及長版生產中數位化生產的日益普及。

We delivered Q4 revenues of $58.9 million and adjusted EBITDA of $5.5 million, both at the upper end of our guidance. We also generated approximately $11 million in operating cash flow in Q4 making our ninth consecutive quarter of positive operating cash generation.

我們第四季營收為 5,890 萬美元，調整後 EBITDA 為 550 萬美元，均達到我們預期的上限。我們在第四季也產生了約 1,100 萬美元的經營現金流，這是我們連續第九個季度實現正經營現金流。

For the full-year 2025, we moved back to growth, achieved positive adjusted EBITDA and generated strong operating cash flow of approximately $24 million. At the same time, we continued executing the transition towards a more recurring business model. We exited the year with approximately $25 million in ARR from AIC program. This ARR is typically supported by multiyear customer commitments usually around five years, providing strong revenue visibility and durability.

2025 年全年，我們重回成長軌道，實現了正的調整後 EBITDA，並產生了約 2,400 萬美元的強勁經營現金流。同時，我們繼續推動向更頻繁的業務模式的轉型。截至年底，我們從AIC計畫獲得的年度經常性收入約為2,500萬美元。這種年度經常性收入通常由多年客戶承諾（通常為五年左右）支撐，從而提供強大的收入可見度和持久性。

In 2025, AIC contributed $15.2 million (sic - see press release, "$15 million") in revenues and continue to scale as adoption expands. Together, these results reflects disciplined execution and meaningful progress in building a more recurring, predictable business model.

2025 年，AIC 貢獻了 1520 萬美元（原文如此 - 參見新聞稿，「1500 萬美元」）的收入，並隨著採用率的提高而繼續擴大規模。這些結果共同反映了嚴謹的執行力以及在建立更具重複性和可預測性的商業模式方面取得的實質進展。

One of the most important drivers of this progress is the accelerating shift from screen production to digital. We clearly see a shift of impression into longer runs and incremental bulk apparel production moving to digital. Over 40% of our system deals in 2025, including Q4, came from net new customers, many of them traditional screen printers adopting digital production for the first time.

推動這一進步的最重要因素之一是製作方式從銀幕加速轉變為數位製作。我們清楚地看到，印刷模式正在向長版印刷和逐步批量服裝生產轉變，並向數位轉型。2025 年，包括第四季在內，我們系統交易的 40% 以上來自新客戶，其中許多是首次採用數位生產的傳統網版印刷商。

For example, in Europe, top few in Poland, one of the leading screen printers in the region recently ordered an Apollo system for bulk apparel production under our AIC model. This represents a strategic move as they began transitioning part of their high-volume screen production to digital to improve flexibility, reduce labor dependency and respond faster to customer demand.

例如，在歐洲，波蘭頂尖的幾家絲網印刷公司之一，最近根據我們的 AIC 模式訂購了一套 Apollo 系統，用於服裝批量生產。這代表著一項策略性舉措，他們開始將部分大批量絲網生產轉移到數位化，以提高靈活性、減少對勞動力的依賴並更快地回應客戶需求。

In the US, midsized screen printers are adopting our Atlas MAX platform to replace screen production for the first time. Customers like Cedarstream, a US apparel decoration company, focused on high-volume production and Real Thread, a US-based custom apparel and merchandise producer serving brands, creators and e-commerce customers are moving bulk apparel impression to digital to gain speed, consistency and efficiency.

在美國，中型網版印刷企業首次採用我們的 Atlas MAX 平台來取代網版生產。像是 Cedarstream（一家專注於大批量生產的美國服裝裝飾公司）和 Real Thread（一家服務於品牌、創作者和電子商務客戶的美國訂製服裝和商品生產商）這樣的客戶，正在將大批量服裝印刷轉移到數位領域，以獲得速度、一致性和效率。

At the same time, we are seeing clear expansion of bulk apparel impression from existing Kornit customers, reinforcing the strength of our value proposition and the business outcomes we deliver. For example, Zumiez, a specialty retailer of action sports-related apparel, added its second Apollo system in Q4 on top of an existing fleet of Atlas MAX PLUS systems to support higher volumes, faster replenishment, and improve speed to market.

同時，我們看到 Kornit 現有客戶對大宗服裝的印像明顯擴大，這鞏固了我們的價值主張和我們所取得的業務成果。例如，專門銷售極限運動相關服裝的零售商 Zumiez 在第四季度在其現有的 Atlas MAX PLUS 系統基礎上增加了第二個 Apollo 系統，以支援更高的銷售、更快的補貨速度和更快的上市速度。

500 Level, a US leader in licensed sports fan apparel and merchandise production, added an Apollo system on top of its Atlas MAX PLUS fleet under the AIC model to support licensed sport apparel production, improve automation and scale bulk and replenishment programs more efficiently. Basic Thinking, a leader UK screen apparel producer added a second Apollo system under the AIC program as its business continued to scale following its initial transition to digital.

美國領先的授權體育迷服裝和商品生產商 500 Level 在其 Atlas MAX PLUS 設備的基礎上，根據 AIC 模式增加了一套 Apollo 系統，以支持授權體育服裝的生產，提高自動化程度，並更有效地擴大批量和補貨計劃的規模。英國領先的螢幕服裝生產商 Basic Thinking 在 AIC 計劃下增加了第二個 Apollo 系統，因為在最初向數位轉型後，其業務規模不斷擴大。

Together, these examples show a consistent pattern. Over 40% of our existing Apollo customers added a second system or more in 2025, reflecting strong ROI, meaningful improvements in availability, uptime and utilization across our Apollo installed base and growing confidence in digital for bulk and mid-run production.

這些例子共同展現了一致的模式。超過 40% 的現有 Apollo 客戶在 2025 年增加了第二個或更多系統，這反映了強勁的投資回報率，以及 Apollo 已安裝基礎的可用性、正常運行時間和利用率的顯著提高，以及對批量和中期生產的數位日益增長的信心。

In parallel, our Atlas MAX family continues to gain traction among small and midsized screen printers taking the first step into digital production. We are also seeing encouraging momentum in our customized design segment with growth momentum returning across several of our key accounts. This momentum is driven by higher utilization of existing systems as well as customer adding capacity through upgrading to Atlas MAX PLUS and by deploying additional systems to support growing demand.

同時，我們的 Atlas MAX 系列產品在邁向數位化生產的中小型網版印刷企業中持續獲得青睞。我們也看到客製化設計業務領域呈現出令人鼓舞的成長勢頭，幾個重點客戶的成長動能正在恢復。這一勢頭是由現有系統的更高利用率以及客戶透過升級到 Atlas MAX PLUS 和部署更多系統來增加容量，從而滿足不斷增長的需求所推動的。

A good example is MARUI in Japan, which expanded its production for adding a fleet of Atlas MAX PLUS systems to meet increasing demand for speed, quality, and operational agility in one of the most advanced print on-demand markets globally. We are also pleased to share that our global strategic customer recently placed an order to continue upgrading its fleet to Atlas MAX platform, reinforcing the long-term confidence in our technology and partnership. This also reinforces the broader trend we are seeing across our customer base with continued investment in capacity as utilization and demand grow.

日本的 MARUI 就是一個很好的例子，該公司擴大了生產規模，增加了一批 Atlas MAX PLUS 系統，以滿足全球最先進的按需印刷市場之一對速度、品質和營運靈活性的日益增長的需求。我們也很高興地宣布，我們的全球策略客戶最近下單繼續將其機隊升級到 Atlas MAX 平台，這進一步增強了他們對我們的技術和合作夥伴關係的長期信心。這也印證了我們在客戶群中看到的更廣泛趨勢，即隨著利用率和需求的增長，客戶群不斷增加對產能的投資。

Beyond apparel, we continue to see growth in impression and pipeline development in the sports and footwear market. We expect 2026 to be a stronger year for our roll-to-roll business, both in the footwear and technical and functional apparel segments, supported by new technologies and capabilities we plan to introduce later in the year that will further expand applications and drive future growth.

除了服裝領域，我們在運動和鞋類市場的品牌曝光度和銷售通路開發方面也持續成長。我們預計 2026 年，我們的捲對卷業務將在鞋類、技術和功能性服裝領域取得更強勁的成長，這得益於我們計劃在今年稍後推出的新技術和能力，這些技術和能力將進一步擴大應用範圍並推動未來的成長。

We are entering 2026 with a growing pipeline of opportunities and much better visibility for the year. Today, more than 83% of our revenues are recurring or highly predictable. We expect low-single-digit revenue growth in 2026, reflecting our deliberate decision to accelerate the transition towards the AIC model.

進入 2026 年，我們擁有越來越多的發展機遇，並且對這一年的發展前景有了更清晰的認識。如今，我們超過 83% 的收入都是經常性收入或高度可預測的收入。我們預計 2026 年收入將實現個位數低成長，這反映了我們加快向 AIC 模式過渡的深思熟慮的決定。

Alongside this, we expect stronger profitability expansion and continued positive cash flow from operations, while ARR continues to grow through additional AIC system deployments. As more customers move to AIC, our recurring revenue base growth, enhancing visibility and strengthening the long-term scalability of our business.

同時，我們預計獲利能力將進一步提升，營運現金流將持續向正成長，而 ARR 將透過額外的 AIC 系統部署繼續成長。隨著越來越多的客戶轉向 AIC，我們的經常性收入基礎不斷成長，提高了業務的可見性，並增強了業務的長期可擴展性。

Our priorities remain clear. We will continue driving incremental impressions from the screen market, expanding the AIC program and delivering on our innovation road map to support growth beyond 2026.

我們的工作重點依然明確。我們將繼續推動螢幕市場的成長，擴大 AIC 計劃，並落實我們的創新路線圖，以支持 2026 年以後的成長。

Before we close, I would like to personally invite you to join us at our connection event in Miami on April 12 to 14. This will be an opportunity to experience firsthand the progress we are making across screen, AIC, DTG and roll-to-roll. You will meet hundreds of customers from around the world and see live demonstrations of the latest technology shaping the future of our industry.

在結束之前，我謹代表我們誠摯邀請您參加我們於 4 月 12 日至 14 日在邁阿密舉辦的聯誼活動。這將是一個親身體驗我們在螢幕、AIC、DTG 和卷對卷印刷領域所取得進展的機會。您將有機會與來自世界各地的數百位客戶見面，並觀看塑造我們行業未來的最新技術的現場演示。

During the event, we will unveil breakthrough innovations designed to expand our addressable market, accelerate digital adoption and enable our customers to capture new growth opportunities. Connection is where strategy meet execution and where the shift towards digital on-demand production becomes tangible. We look forward to seeing many of you there.

活動期間，我們將推出旨在擴大目標市場、加速數位轉型並幫助客戶抓住新增長機會的突破性創新成果。連結是策略與執行的交會點，也是向數位化按需生產轉變變得切實可見的所在。我們期待在那裡見到你們中的許多人。

I will now turn the call over to Assaf to further discuss our fourth-quarter and full-year results and our guidance for the first quarter. Assaf?

現在我將把電話交給阿薩夫，讓他進一步討論我們第四季和全年的業績以及我們對第一季的展望。阿薩夫？

Thank you, Ronen, and good day, everyone. I am excited to be joining Kornit at such an important moment in the company's journey. Over the past few months, I've had the opportunity to engage closely with customers, investors and the leadership team, gathering direct feedback on our strategy and execution, which reinforces my conviction in the company's direction and opportunity ahead.

謝謝你，羅南，大家今天愉快。我很高興能在 Kornit 公司發展歷程中的這個重要時刻加入公司。在過去的幾個月裡，我有機會與客戶、投資者和領導團隊密切交流，直接收集關於我們策略和執行情況的回饋，這更加堅定了我對公司發展方向和未來機會的信念。

Turning to our results. Total revenue for the fourth quarter were $58.9 million, well within our guidance. Our revenue mix reflects the strategic shift in our business. AIC revenue grew 104% year over year. We ended the quarter with $24.8 million in ARR. Impressions, a strong leading indicator of system utilization and consumption, grew at a strong double-digit rate for the quarter.

接下來來看看我們的結果。第四季總營收為 5,890 萬美元，遠超我們的預期。我們的收入結構反映了我們業務的策略轉變。AIC 營收年增 104%。本季末，我們的年度經常性收入為 2,480 萬美元。曝光量是衡量系統利用率和消費情況的重要領先指標，本季實現了強勁的兩位數成長。

For the full-year 2025, total revenue was $208.2 million, up 2% year over year, driven by continued expansion of our AIC program. AIC revenue increased to $15 million from $3.3 million last year, strengthening the quality of our revenue through predictability, higher system utilization and deeper customer engagement.

2025 年全年總收入為 2.082 億美元，年增 2%，主要得益於我們 AIC 計畫的持續擴張。AIC 的收入從去年的 330 萬美元增加到 1500 萬美元，透過可預測性、更高的系統利用率和更深入的客戶互動，提高了收入品質。

Moving to margins. Fourth-quarter non-GAAP gross margin was 50.7% compared with 55.1% in Q4 '24, reflecting in part changes in product mix and the impact of tariffs. Similarly, for the full-year '25, non-GAAP gross margin was 47.2% compared with 48.6% last year. Long term, we expect annual gross margins to expand as AIC continues to scale.

移至邊緣。第四季非GAAP毛利率為50.7%，而2024年第四季為55.1%，部分原因是產品組合的變化和關稅的影響。同樣，2025 年全年非 GAAP 毛利率為 47.2%，而上年度為 48.6%。從長遠來看，隨著AIC規模的不斷擴大，我們預計年度毛利率將會成長。

Turning to operating expenses. Fourth-quarter non-GAAP operating expenses were $27.1 million, down 3.1% year over year and included an unfavorable $1.1 million impact from FX. For the full-year '25, non-GAAP operating expenses were $107.1 million, down 2.5% year over year, again, including an unfavorable $2.6 million impact from FX. Our OpEx improvement is a reflection of our commitment to remain disciplined with costs while continuing to invest in the company's growth initiatives.

接下來談談營運費用。第四季非GAAP營運支出為2,710萬美元，較去年同期下降3.1%，其中包括匯率帶來的110萬美元不利影響。2025 年全年，非 GAAP 營運費用為 1.071 億美元，年減 2.5%，其中再次包含 260 萬美元的不利匯率影響。我們的營運支出改善反映了我們致力於在控製成本的同時，繼續投資於公司的成長計劃。

Adjusted EBITDA for the fourth quarter was $5.5 million, compared with $8.4 million in the same period last year. Adjusted EBITDA margin for the fourth quarter was 9.3% compared to 13.8% in 2024. For the full-year 2025, adjusted EBITDA was $1.5 million compared with $0.3 million last year. On a constant currency basis, adjusted EBITDA margin was 11.5% and 1.9% for the fourth-quarter and full-year 2025, respectively.

第四季調整後 EBITDA 為 550 萬美元，而去年同期為 840 萬美元。第四季調整後 EBITDA 利潤率為 9.3%，而 2024 年預計為 13.8%。2025 年全年調整後 EBITDA 為 150 萬美元，去年為 30 萬美元。以固定匯率計算，2025 年第四季和全年的調整後 EBITDA 利潤率分別為 11.5% 和 1.9%。

Turning to cash and the balance sheet. Our cash balance, including bank deposits and marketable securities at quarter end was approximately $491.2 million. Operating cash flow for the fourth quarter was $10.6 million and $24.4 million for the full-year 2025, reflecting continued focus on improving working capital.

接下來我們來看看現金和資產負債表。截至季末，我們的現金餘額（包括銀行存款和有價證券）約為 4.912 億美元。第四季經營現金流為 1,060 萬美元，2025 年全年經營現金流為 2,440 萬美元，反映出公司持續專注於改善營運資本。

During 2025, we repurchased $27 million under our share purchase program, including $2 million under the new $100 million program we announced in November '25. Since our first program was announced in 2023 and through the fourth quarter of 2025, we have repurchased a total of 6.9 million shares for a total gross amount of approximately $167 million.

2025 年，我們根據股票購買計劃回購了 2,700 萬美元的股票，其中包括根據我們在 2025 年 11 月宣布的新的 1 億美元計劃回購的 200 萬美元股票。自 2023 年我們宣布第一個計劃以來，截至 2025 年第四季度，我們已回購了總計 690 萬股股票，總金額約為 1.67 億美元。

We enter 2026 with a solid balance sheet that has sufficient capacity to fund organic growth, including AIC deployments and new product innovations. We will also continue to evaluate inorganic opportunities that align with our strategy.

進入 2026 年，我們擁有穩健的資產負債表，有足夠的能力為有機成長提供資金，包括 AIC 部署和新產品創新。我們將繼續評估符合我們策略的非有機成長機會。

Turning to guidance. For the first quarter of 2026, we expect revenue of $45 million to $49 million and an adjusted EBITDA margin between negative 10% and negative 4%. As a reminder, our business is seasonal with adjusted EBITDA margin typically negative in the first half of the year. As the year progresses, we anticipate improvement in both revenue and margins, supported by increased utilization in the later part of the year and continued operational efficiency gains.

尋求指導。我們預計 2026 年第一季的營收為 4,500 萬美元至 4,900 萬美元，調整後的 EBITDA 利潤率在 -10% 至 -4% 之間。提醒各位，我們的業務具有季節性，上半年的調整後 EBITDA 利潤率通常為負值。隨著這一年的推進，我們預計收入和利潤率都會有所改善，這得益於下半年利用率的提高和營運效率的持續提升。

2026 will be a year of focused execution as we translate our strategy, innovation and business model into tangible financial and operational results. We expect low-single-digit revenue growth, improved profitability and a positive operating cash flow.

2026 年將是集中執行的一年，我們將把我們的策略、創新和商業模式轉化為實際的財務和營運成果。我們預計營收將實現低個位數成長，獲利能力將有所提高，並且經營現金流將為正值。

With that, I will now turn the call back to Ronen to open it up for Q&A.

接下來，我將把電話轉回給羅南，讓他進行問答環節。

Thank you, Assaf. Operator, we are ready for the Q&A session.

謝謝你，阿薩夫。操作員，我們已準備好進行問答環節。

(Operator Instructions) Greg Palm, Craig-Hallum.

（操作說明）Greg Palm，Craig-Hallum。

I wanted to start with a little bit of color on peak season run. I think you talked -- you gave us impression growth double digits, but just can you give us a little bit more color on how it went and specifically performance of Apollo?

我想在旺季跑步時先來點色彩。我想您已經談到了——您告訴我們印象增長達到了兩位數，但您能否更詳細地介紹一下進展情況，特別是 Apollo 的表現？

Yes. Thank you, Greg. So first of all, on the peak season, it indeed was a strong peak season for our customer. And the best indicator for a strong peak season is impression growth. And impression growth for Q4 was a very strong double digit. And specifically, it closed a year of -- when we're looking at 12 months for the full year is 11% growth of impression.

是的。謝謝你，格雷格。首先，就旺季而言，對於我們的客戶來說，這確實是一個強勁的旺季。而衡量旺季表現的最佳指標就是曝光量成長。第四季的曝光量成長非常強勁，達到了兩位數。具體來說，它在過去一年（以 12 個月為一年）的曝光量增加了 11%。

Now when we are looking from where is it coming, those nice growth of impression, it's coming from three main areas. One, we see major growth coming from customers that actually on the AIC program. We see utilization on this program or those systems relative high versus machines that on CapEx. So major growth is coming from the AIC on impression.

現在，當我們探討這個好印象的成長源自於何處時，它主要來自三個面向。第一，我們看到主要成長來自實際參與 AIC 計劃的客戶。我們發現，與資本支出型機器相比，該項目或這些系統的使用率相對較高。因此，AIC在印鈔方面實現了主要成長。

The second thing is the major growth is coming from the screen market. We start to see a shift of long run, bulk apparel coming into Kornit systems. And there, we see a really nice growth of impression.

第二點是，主要成長來自螢幕市場。我們開始看到長期批量服裝進入 Kornit 系統。而且，我們看到印象值有了非常好的成長。

And the fourth growth is connected to your question is about the Apollo. And Apollo is really a machine or systems that are driving really high volume. We had a very strong peak season for our customers leveraging the Apollo. We worked very hard and what we found out that in Q4, when it was the peak, the uptime of the system more than 90% across the board. So very high utilization, very high stability of the system.

第四個增長點與你的問題有關，那就是關於阿波羅計畫的。Apollo 實際上是一台或一套能夠實現極高產量的機器或系統。使用 Apollo 的客戶在旺季期間表現非常出色。我們付出了巨大的努力，結果發現，在第四季度（高峰期），系統的正常運作時間普遍超過 90%。因此，系統利用率非常高，穩定性也非常高。

Customer satisfaction is super, super high on the Apollo. Actually, in 2025, 40% of the existing customers that's using Apollo order a second machine or more on the Apollo. We can see many newcomers, new screen printers, big size screen printers are taking for the first time a Kornit and specifically the Apollo. And Apollo is where we see, as I mentioned before, the long run.

Apollo 的客戶滿意度非常非常高。事實上，到 2025 年，使用 Apollo 的現有客戶中有 40% 會訂購第二台或更多台 Apollo 機器。我們可以看到許多新來者、新的網版印刷商、大型網版印刷商第一次使用 Kornit，特別是 Apollo。正如我之前提到的，阿波羅計畫展現的是長遠發展。

So we see customers running on the Apollo 500 copies, but also 5,000 copies. So it's fantastic. And of course, there are customers that are also using the Apollo for very short for one-off, but we see more and more longer run coming for the Apollo.

所以我們看到有的客戶在使用 Apollo 500 版本，也有的客戶在使用 5000 版本。太棒了。當然，也有一些客戶將 Apollo 用於非常短的時間或一次性項目，但我們看到 Apollo 的長期使用率越來越高。

Other than that, what I recommend for all of you is to come to Connection. As I mentioned, in the Connection, we are going to demonstrate also the Apollo, and there will be some game-changer applications and additional capabilities on Apollo that we will show for the first time at Connection. Apollo by itself is a game changer for the industry.

除此之外，我建議大家來參加 Connection 活動。正如我之前提到的，在 Connection 大會上，我們還將展示 Apollo，並且 Apollo 將有一些顛覆性的應用和附加功能，我們將在 Connection 大會上首次展示這些功能。單憑 Apollo 本身就足以改變整個產業格局。

Okay. Look forward to that event. As you look back on 2025, and what do you view as the most major accomplishments? I know it's a pretty busy year on a lot of fronts, but talk to us about that? And how does that guide some of your priorities this year and beyond?

好的。期待那次活動。展望2025年，您認為最重要的成就是什麼？我知道今年各方面都很忙，但能跟我們談談這方面的情況嗎？那麼，這會如何影響您今年及以後的工作重點呢？

Well, so 2025 was very busy, as you mentioned. It was a transition year, but it's a year that when we're looking back, it's a year that we flip the page. We are a different company right now. When we started 2025, we set clear targets, very measurable targets, and we deliver on them. I will start saying a few of those targets and what we have achieved.

正如你所說，2025年非常忙碌。這是過渡的一年，但當我們回顧過去時，這是翻開新篇章的一年。我們現在已經是一家截然不同的公司了。2025 年伊始，我們設定了明確的、可衡量的目標，並且達成了這些目標。我先來說說其中的一些目標以及我們已經取得的成就。

First of all, we moved back to growth. So finally, we are growing. And this growth is coming in parallel in transition of the business model into more recurring model through the ARR and AIC, which is really gaining traction, which, as you know, moving to this model has some short-term impact but has a major positive long-term or midterm long-term impact to the business.

首先，我們回歸成長軌道。所以，我們終於開始發展了。這種成長與業務模式向更頻繁的模式（透過 ARR 和 AIC）的轉變同步發生，這種轉變正在獲得真正的動力，正如您所知，轉向這種模式會有一些短期影響，但對業務具有重大的積極長期或中長期影響。

We ended the year with significant ARR of approximately $25 million of ARR. For the full year, we recognized $15 million of AIC. This is a growth versus 2024 from $3 million to $15 million, more than 300% growth. And those ARR and AIC or ARR contracts, you need to remember that our multiyear contract with our customers. So traditionally most of those contracts are five-years contract, which provides predictability, consistency and stability to our business.

我們以約 2500 萬美元的年度經常性收入 (ARR) 結束了這一年。全年我們確認了 1500 萬美元的 AIC。與 2024 年相比，成長幅度從 300 萬美元增至 1,500 萬美元，增幅超過 300%。還有那些 ARR 和 AIC 或 ARR 合同，你需要記住，這是我們與客戶簽訂的多年合約。因此，傳統上這些合約大多為五年合約，這為我們的業務提供了可預測性、一致性和穩定性。

Also, we delivered positive EBITDA, which is super important. We generate very healthy cash from operations for the full year and also for Q4.

此外，我們也實現了正的 EBITDA，這非常重要。我們全年以及第四季的經營活動都產生了非常健康的現金流。

And the main focus of which I also discussed on my prepared remarks is really penetrating the screen market. And I would say that we ended the year with really penetrating some key customers in the screen market. We start to see a real shift of major screen printer into digital, leveraging our technology. And today, we are in a position that we have lighthouse almost all around the world, and we are starting to [cause the casm] with biggest opportunity in front of Kornit is really in the screen market, and we feel that now we can start to scale on top of that.

我在準備的發言稿中也重點討論瞭如何真正打入螢幕市場。我想說，我們以成功打入螢幕市場的一些關鍵客戶群而結束了這一年。我們開始看到大型網版印刷企業真正轉向數位化，並利用我們的技術。而今天，我們幾乎在世界各地都擁有燈塔，我們開始[引發爭議]，Kornit面臨的最大機會實際上是在螢幕市場，我們覺得現在我們可以開始在此基礎上擴大規模。

And the screen is really where the long run and the impression is being driven. I talked about the impression for the full year, we grew 11%, but we saw it from better utilization of the systems of our installed base, which is very important. We can see some of our key customers that now needs more capacity or they are upgrading into Atlas MAX PLUS or adding additional system, which is a very, very strong signal.

而螢幕才是真正決定長遠影響和最終印象的地方。我談到了全年的業績，我們成長了 11%，但這是因為我們更好地利用了已安裝的系統，這非常重要。我們可以看到一些主要客戶現在需要更多容量，或者他們正在升級到 Atlas MAX PLUS 或添加額外的系統，這是一個非常非常強烈的訊號。

In Apollo, as I mentioned before, this is a major milestone that we have achieved to see the stability to see that customers are buying the second and third and even more systems. This is really, really encouraging. 40% of the customers that we acquired in 2025 were net new customers, and each one of them has a potential to add additional capacity.

正如我之前提到的，在 Apollo 中，我們取得的重大里程碑是，我們看到了穩定性，看到客戶購買了第二個、第三個甚至更多系統。這真是令人鼓舞。我們在2025年新增的客戶中有40%是淨新增客戶，而且他們每個人都有潛力增加額外的產能。

So those are the main achievement, I would say, that we are entering 2026 with much better visibility, predictability. Almost 83% of our revenue for 2026 is a recurring or reoccurring revenue. So we feel very confident getting into 2026.

所以，我認為，我們取得的主要成就是，我們以更好的能見度和可預測性進入了 2026 年。2026 年，我們近 83% 的收入將是經常性收入或持續性收入。因此，我們對進入2026年非常有信心。

Okay. That's great. And I guess last one before I hand it off. How should we think about the system placements this year versus last just in light of this continued, I think you said accelerated shift towards AIC.

好的。那太棒了。我想這是我交接前的最後一個問題了。鑑於這種持續的（我想您說是加速的）向AIC的轉變，我們應該如何看待今年的系統配置與去年相比？

I mean I assume volumes -- unit volumes will be up probably quite a bit. So I'm not looking for specifics, but just a little bit of color on how we should think about that dynamic.

我的意思是，我估計銷售量——單位銷售量可能會大幅成長。所以我並不是尋找具體細節，只是想了解我們該如何看待這種動態。

Yes. This is a very good question because what you see is the product and you compare products on CapEx and you don't see the products that we are shipping on AIC.

是的。這是一個非常好的問題，因為你看到的是產品，你在 CapEx 上比較產品，但你看不到我們在 AIC 上出貨的產品。

Overall, the number of systems that we've delivered in 2025 was higher than 2024. So we are delivering more systems to the field. But even more importantly, that we are delivering more capacity because we are selling more high-end products to the market, which is system can generate more volume. So those are very strong indication for the future, more systems, more capacity, which will generate more revenue coming from in services and AIC.

整體而言，我們在 2025 年交付的系統數量高於 2024 年。因此，我們正在向現場交付更多系統。但更重要的是，我們之所以能夠提供更大的產能，是因為我們向市場銷售了更多的高階產品，而這個系統能夠產生更大的產量。所以這些都是對未來的非常強烈的預示，更多的系統，更大的容量，這將從服務和AIC中產生更多的收入。

Brian Drab, William Blair.

布萊恩·德拉布，威廉·布萊爾。

Congrats on a good quarter. And Andy and Assaf, nice to connect with you again. Can you talk, Ronen, a little bit about the low single-digit forecast? And you have -- in the past, you've given us a good bridge kind of breaking down the business into the components of the consumables, services and upgrades, et cetera.

恭喜你本季業績出色。安迪和阿薩夫，很高興再次與你們聯繫。羅南，你能談談個位數低降溫幅度的預測嗎？過去，您為我們建造了一座很好的橋樑，將業務分解成耗材、服務和升級等組成部分。

And can you help us bridge from 2025 revenue to 2026 forecast, also kind of incorporating what you're expecting from that Amazon upgrade order that you mentioned?

您能否幫助我們從 2025 年的收入過渡到 2026 年的預測，同時也要考慮到您提到的亞馬遜升級訂單所帶來的預期？

Yes. So first of all, we are very pleased with the decision of our global strategic customers to continue to grow with us. It shows the confidence in the technology in our partnerships moving forward. It's something that we anticipated, hope to get, and we received it definitely will have some impact on the 2026 in terms of growth of revenue. But we need to remember, we are in the beginning of the year.

是的。首先，我們非常高興我們的全球策略客戶決定繼續與我們共同成長。這表明我們對未來合作關係中的技術充滿信心。這是我們預料之中、希望得到的，而且我們也確實得到了，這肯定會對 2026 年的收入成長產生一定影響。但我們需要記住，現在才年初。

We would like to be very prudent about what we are saying to the market at this stage. While we have much better visibility and predictability for 2026, we are really continue to push more into the AIC ARR revenue. So whenever we can move customers and deals into this model, this is where we are motivating our team to go and the customer, to show the customers the value in the ARR, which means that there is some impact in the short term in order to build the long-term quality of the revenue and predictability.

現階段，我們希望對向市場傳達的訊息非常謹慎。雖然我們對 2026 年的前景有了更好的可視性和可預測性，但我們仍然會繼續加強提高 AIC ARR 收入。因此，每當我們能夠將客戶和交易轉移到這種模式時，我們就會激勵我們的團隊和客戶朝著這個方向努力，向客戶展示 ARR 的價值，這意味著短期內會產生一些影響，從而建立長期收入的品質和可預測性。

We are focusing on lot in 2026 on improvement of the profitability. So you will see expansion on the profitability. We will continue to focus on penetrating the screen market, growing the ARR drastically. This is the focus of 2026. And you will see a lot of innovation as well coming in 2026 that will start contributing for the second half of 2026.

我們2026年的重點是提高獲利能力。因此，你會看到獲利能力的成長。我們將繼續專注於打入螢幕市場，大幅提升年度經常性收入。這是2026年的工作重點。2026年你還會看到很多創新，這些創新將在2026年下半年開始發揮作用。

So I understand the question of guiding the market into low-single digits. Remember, we would like to be prudent. We would like to be in a position that we are in a good size and not missing our numbers.

所以我理解引導市場跌至個位數低點的問題。記住，我們要謹慎行事。我們希望公司規模適中，各項指標都能達標。

Okay. Can you talk at all about the significance of an order from your strategic customer for the upgrades? I mean how many machines roughly we're talking about? Is that substantial? And how will that progress throughout 2026? Is it all in one quarter? Is it throughout the year?

好的。您能否談談戰略客戶下單進行升級的意義？我的意思是，我們大概要說多少台機器？這算數嗎？那麼，到 2026 年這一進程將如何發展呢？全部都集中在一個季度嗎？全年都是如此嗎？

Yes. So I would start to say we have a very close relationship, very strategic relationship, and we are very proud of this partnership between us working very, very close together. As you can imagine, I cannot disclose any sensitive information of this strategic customer or any customer without getting that permission and I don't have the permission to share this information.

是的。所以我想說，我們之間有著非常緊密的合作關係，非常具有戰略意義，我們為這種緊密合作的夥伴關係感到非常自豪。正如您所想，未經許可，我不能洩露這位戰略客戶或任何其他客戶的敏感信息，我也沒有權限分享這些信息。

What I can say is that after last year, we started the initial upgrade in part of the portfolio. It was very successful. They saw the benefit and they placed an order for continue upgrading it during 2026. These updates will take time. It's not one quarter. It's a few quarters because we're talking about a fleet of upgrades.

我可以透露的是，去年之後，我們開始對部分投資組合進行初步升級。非常成功。他們看到了好處，並訂購了在 2026 年繼續升級的設備。這些更新需要時間。不是四分之一。需要幾個季度的時間，因為我們談論的是一系列升級改造。

Again, it shows the confidence in the solution. It shows that they need to grow the main benefit of the MAX really providing more capacity and they need more capacity to grow, which is a very good sign. And of course, we continue to evaluate together a new technology into the future.

這再次表明了我們對解決方案的信心。這表明他們需要擴大 MAX 的主要優勢，真正提供更大的運力，而他們也需要更大的運力來實現成長，這是一個非常好的跡象。當然，我們也會繼續共同評估未來新技術的發展前景。

Erik Woodring, Morgan Stanley.

艾瑞克‧伍德林，摩根士丹利。

Congrats on the solid execution to end the year here. Ronen, I would love for you to maybe help us understand where the Apollo story stands today. It's taken a few turns -- it took a few turns in 2025.

恭喜你們以如此精彩的表現為這一年畫上圓滿的句號。羅南，我希望你能幫我們了解阿波羅計畫如今的現狀。事情幾經波折——2025 年發生了一些波折。

Obviously, starting the year, I think we learned about the longer sales cycles with new customers. As we sit here today, what have you learned about the time to onboard and ramp these new customers to make sure that you can kind of maintain momentum in this product into 2026?

顯然，年初的時候，我認為我們了解到新客戶的銷售週期比較長。今天，您從新客戶的引入和使用過程中學到了什麼，以確保該產品能夠保持發展勢頭直至 2026 年？

And are these new customers using Apollo any differently than existing customers? Like if you have any cohort observations, I'd love to better understand that. And then a quick follow-up for Assaf, please.

這些新客戶在使用 Apollo 時與現有客戶有何不同？如果您有任何隊列研究觀察結果，我很想更了解一下。那麼，請問阿薩夫接下來的情況如何？

Okay. Excellent question. Look, remember that we started actually deploying the Apollo in 2024. 2024 was after the beta. And in the beginning, we actually deployed the Apollo mainly into existing customers, those that used to run digital, they have the ATLAS MAX and they have the digital workflow.

好的。問得好。記住，我們實際上是在 2024 年開始部署 Apollo 的。 2024 年是在 beta 版之後。最初，我們實際上主要將 Apollo 部署到現有客戶，也就是那些曾經運行數位化流程的客戶，他們擁有 ATLAS MAX 和數位化工作流程。

And the deployment was quite easy. Of course, we had to continue to improve the stability and the productivity, but we grew quite quickly in 2024 with those customers. But the aim of the Apollo was to go after an incremental market, not only in the one-off customer design, but really going after the screen and replace the screen analog technologies.

部署過程非常簡單。當然，我們必須繼續提高穩定性和生產力，但憑藉這些客戶，我們在 2024 年實現了相當快速的成長。但 Apollo 的目標是開拓增量市場，不僅針對一次性客戶設計，而且真正瞄準螢幕，取代螢幕模擬技術。

And this was the focus 2025. And what we have achieved in 2025, while 2024 was focused on a few customers with large fleet of Apollo. 2025 was focused on net new customers from the screen printers or penetrating for the first time with digital and taking the Apollo.

這就是2025年的重點。我們在2025年所取得的成就，與2024年專注於少數擁有大量Apollo設備的客戶不同，2024年我們專注於拓展來自絲網印刷商或首次涉足數位印刷並採用Apollo設備的新客戶。

And what we found out that the sales cycle is different. It's much easier to penetrate digital player because they have the workflow, they have the understanding, they already has the need with the screen market, you need to show them the need. You need to show them that the quality at least as good as screen market. You need to work with them on the workflow, you need to train them. It's a different mindset. Many of them are traditional.

我們發現銷售週期有所不同。打入數位玩家市場要容易得多，因為他們有工作流程，他們有理解，他們已經有了螢幕市場的需求，你需要向他們展示這種需求。你需要向他們證明，產品品質至少與市面上的同類產品一樣好。你需要和他們一起研究工作流程，你需要訓練他們。這是一種不同的思考方式。其中許多都是傳統做法。

So we worked very hard in 2025 to start building lighthouses. And within 2025, we already saw few of them going with the second Apollo or taking a fleet of Apollo and ATLAS MAX together, and we started to see successes. And what we see right now in all kinds of open houses that we have in those customers that they're becoming a lighthouse and they are telling the story to other screen printers, how it changed their business, and what benefit it provides them, and it wasn't too complex. So we've learned a lot.

因此，我們在 2025 年非常努力地開始建造燈塔。到 2025 年，我們已經看到一些飛船搭載了第二艘阿波羅飛船，或者同時搭載了阿波羅和 ATLAS MAX 飛船，並且我們開始看到成功。我們現在在各種開放日活動中看到，這些客戶正在成為燈塔，他們向其他網版印刷商講述他們的故事，講述它如何改變了他們的業務，以及它為他們帶來了什麼好處，而這並不太複雜。我們學到了很多。

We've learned the type of quality that they expect, the type of productivity that they expect, the different garments that they would like to run. We're focusing a lot on the workflow, how do we automate their workflow versus digital players are coming already with workflows are designed for digital.

我們已經了解了他們期望的品質類型、他們期望的生產力類型以及他們想要生產的不同服裝類型。我們非常關注工作流程，如何實現工作流程的自動化，而數位玩家的工作流程已經是為數位時代設計的。

So you will see some innovation on the workflow side as connection events, specifically addressing the screen market in order to make it easier for them and to shorten the sales cycle of penetrating and growing the screen market.

因此，您將在工作流程方面看到一些創新，例如連接事件，特別是針對螢幕市場，以便讓他們更容易進入和發展螢幕市場，並縮短銷售週期。

Okay. Awesome. And then Assaf, nice to, I guess, reach over the phone here. But I'd love to get your insights just at a high level of how we see better profitability in 2026? Obviously, you gave us what you think about revenue growth, but how should we be thinking about gross margins given AIC mix improves, that's higher profitability, ink and consumables growth should seemingly follow impressions at least somewhat.

好的。驚人的。然後，阿薩夫，很高興能透過電話聯絡你。但我很想了解您對我們如何在 2026 年獲得更高盈利能力的宏觀見解？顯然，您已經表達了您對收入成長的看法，但是考慮到 AIC 組合的改善（即更高的獲利能力），我們應該如何看待毛利率呢？墨水和耗材的成長似乎至少在某種程度上應該會跟隨印刷量的成長。

And then what's the approach to expenses this year? I'd just love to understand the moving pieces there.

那麼今年的支出計畫是什麼？我真的很想了解其中的運作機制。

Yes. Erik, thanks for the question. So I would say that our biggest growth driver is AIC. AIC has accretive gross margin to the overall company. And as it scales further, you should expect to see expansion continues.

是的。艾瑞克，謝謝你的提問。所以我認為，我們最大的成長動力來自AIC。AIC 為公司整體毛利率帶來了成長。隨著規模的進一步擴大，預計擴張將會持續。

With that, we have a very disciplined approach towards expenses and adjusting the expenses in line with our growth rates as we look into 2026. In '26, I would not expect to see significant deviation for our gross margins as AIC continues to scale. So you should expect reasonable levels as you're seeing now.

因此，我們對支出採取了非常嚴格的控制措施，並根據我們的成長率調整支出，展望 2026 年。2026 年，隨著 AIC 繼續擴大規模，我預計我們的毛利率不會有顯著偏差。所以你應該會預期目前的水平相當不錯。

In terms of OpEx, we are also not expecting any significant changes in OpEx for as long as we continue to grow as we expect. We remain very disciplined in our approach and in the way that we evaluate the impact of tariffs, the impact of foreign exchange and so on.

就營運支出而言，只要我們繼續按照預期成長，我們預期營運支出也不會發生任何重大變化。我們在評估關稅影響、外匯影響等問題時，始終保持非常嚴謹的態度和方法。

Troy Jensen, Lake Street Capital Markets.

Troy Jensen，Lake Street Capital Markets。

It's actually Cantor Fitzgerald now, but gentleman, congrats on the great quarter and Assaf and Andy, nice working with you guys again. Quick, maybe just, Ronen, for you. Just looking back to that '25, can you just talk about the overall market? Do you think the industry is stagnant, you guys maintained share? Or was there growth and you guys lost share because of the AIC conversion? Or kind of any thoughts there would be great.

現在其實是 Cantor Fitzgerald 了，不過先生們，祝賀你們取得瞭如此出色的季度業績，Assaf 和 A​​​​ndy，很高興再次與你們合作。羅南，或許就這麼簡單，給你。回顧2025年，您能談談當時的整體市場狀況嗎？你認為這個產業停滯不前嗎？你們的市佔率卻保持住了？或者說，你們的業務成長是因為AIC轉換而失去了市場份額？或者，您有什麼想法也歡迎分享。

Thanks for the question. Look, the market is shifting. Market is really changing. We are talking with many, many brands, retailers, demand generators. They're all talking about -- in any boardroom talking about how they can stay relevant. Product life cycle is getting shorter and shorter, changing by the minute.

謝謝你的提問。你看，市場正在改變。市場變化真的很大。我們正在與眾多品牌、零售商和需求創造者進行洽談。在任何董事會會議室裡，大家都在談論如何保持競爭力。產品生命週期越來越短，每分鐘都在變化。

And the way that they were focusing in the past and producing in the past is not remit. And we see it in life. We see brands and retailers and demand generators moving production, nearshore and onshore, talking about how can they produced closer to the consumer without excess inventory, how they become more sustainable, how they can become more relevant by bringing new products to the market. And it's a clear change that we see.

他們過去關注和生產的方式已經不再適用。我們在生活中也能看到這一點。我們看到品牌、零售商和需求創造者正在將生產轉移到近岸和本土，討論如何在不積壓庫存的情況下更靠近消費者進行生產，如何提高可持續性，以及如何透過向市場推出新產品來提高相關性。我們看到的這種變化非常明顯。

We see some leading brands. And I mentioned Zumiez that the way that they change the fully move to vertical production. And we see more and more retailers and brands starting to move to on-demand production. This has become a necessity. This is not any more a discussion like what was in the past.

我們看到了一些領先品牌。我曾提到 Zumiez，他們正在徹底改變生產方式，轉向垂直生產。我們看到越來越多的零售商和品牌開始轉向按需生產。這已成為一種必然選擇。這已經不再是過去那種類型的討論了。

And of course, tariffs and the de minimis really pushed even further the move to onshore production. We see it also within our customers, they are gaining volume, which reflect in the impression volume. So overall, the trend is very, very clear. It's being now accelerated. It's obvious that fashion industry, apparel industry is going to change. It's going to change dramatically.

當然，關稅和最低限度限制也進一步推動了向陸上生產的轉移。我們也從客戶身上看到了這一點，他們的銷售量正在成長，這反映在了曝光量上。所以總的來說，趨勢非常非常明顯。現在正在加速推進。很顯然，時尚產業、服飾產業將會改變。情況將會發生巨大變化。

How fast is very difficult to forecast. But now with necessity, this world is moving to digital, like many, many other industries that we know that move to digital textile and fashion is not exceptional.

具體速度很難預測。但現在，迫於形勢，這個世界正在向數位轉型，就像我們知道的許多其他行業一樣，紡織和時尚產業也不例外。

All right, understood. Assaf, just for you, just to follow up on the cost question, too. Non-GAAP OpEx was $27 million. Would you assume that it's that number or higher going forward on a sequential basis?

好的，明白了。阿薩夫，特地為你解答一下費用問題。非GAAP營運支出為2700萬美元。您認為未來每季這個數字會是這個數值還是更高？

I would say that you should not expect any significant changes as we move forward. Obviously, we have a certain exposure to FX. We also hedged. So the exposure is somewhat contained.

我認為，隨著我們不斷向前發展，您不應該期待任何重大變化。顯然，我們有一定的外匯風險敞口。我們也進行了對沖。因此，風險在一定程度上是可控的。

We are also well positioned. And in our plans, we've assumed that FX would remain at reasonably similar levels to what it is today. So I would not expect any material changes.

我們的優勢地位也相當有利。在我們的計劃中，我們假設外匯匯率將保持在與目前大致相似的水平。因此，我預計不會有任何實質的變化。

Okay. If you look at just in the model, too, on that FX, was that all kind of in the R&D? It looks like that had a big sequential growth.

好的。如果單從模型來看，例如 FX，那是不是都是研發過程中的成果？看起來它經歷了大幅的連續成長。

It's mostly on the operational side. We have a significant team in Israel that is being paid in the local currency, not necessarily just R&D.

主要涉及營運方面。我們在以色列有一個規模龐大的團隊，他們的薪水以當地貨幣支付，而且不一定只用於研發。

All right. Understood. If I could get one last question. You guys kind of mentioned cash and use funds and inorganic opportunities. What types of like applications or technology, Ronen, do you think you guys would be interested for you guys to absorb?

好的。明白了。如果可以的話，我想問最後一個問題。你們剛才提到了現金、資金使用以及非有機成長機會。羅南，你覺得你們會對哪些類型的應用或技術感興趣，並希望學習它們？

Yes. So in general, we need to wait to see in Connection. I expect to see you at Connection because we are going to have a lot of unwilling new technologies. I'm going to say that it will be across the board. It will be on the direct-to-garment. It will be on the roll-to-roll. It will be on workflow. It will be on new application.

是的。所以總的來說，我們需要等待連線狀態更新。我希望能在 Connection 大會上見到你，因為我們將要面對許多不情願的新科技。我認為這種情況將會全面發生。它將採用直噴印花工藝。它將採用卷對卷的方式。它將納入工作流程。它將透過新的應用程式提交。

Think about it. Kornit was always in the decoration area. We will continue to bring innovation on the decoration, but we are taking it to the technical area as well with new capability, with new chemistry, with new processes. We are taking it to the functional area after the technical, and you will see some tractional revolution that we are bringing with our technology and even to the smart area, smart apparel, but you will see some innovation at Connection.

想想看。科尼特一直都在裝飾區。我們將繼續在裝飾方面進行創新，同時也將創新帶入技術領域，運用新的技術、新的化學方法和新的工藝。在科技領域之後，我們將把科技應用到功能領域，您將會看到我們的科技帶來的一些實際的變革，甚至在智慧領域，例如智慧服裝領域，您也會在 Connection 中看到一些創新。

Overall, it will be a breakthrough capability that we are bringing. It will be unique. We are the only one what we are going to present in terms of technology and innovation. We will be unique in the market. We will approach new market segments. It will be a major differentiator versus other things that you can see in the market.

總而言之，這將是我們帶來的突破性能力。它將是獨一無二的。在科技和創新方面，我們將是唯一一家展示我們所展示內容的公司。我們將成為市場上獨一無二的存在。我們將開拓新的市場領域。它將成為與其他市場上的產品相比的主要區別因素。

Specifically, I'm going to say that there will be a lot of focus also on the sports market and sports innovation at the event. So other than that, again, I welcome all of you to join us. It will give you the opportunity not only to see the technology, but to interact with many of our customers, prospects, brands and retailers that will be there and major brands that will be there and they tell the stories. So you're all welcome to join us.

具體來說，我要說的是，本次活動也將聚焦在體育市場和體育創新。除此之外，我再次歡迎各位加入我們。這將使您有機會不僅親眼目睹這項技術，還能與眾多客戶、潛在客戶、品牌和零售商互動，以及眾多主要品牌代表將出席並講述他們的故事。歡迎大家加入我們。

Jim Ricchiuti, Needham & Co.

吉姆·里奇烏蒂，尼德姆公司

I was wondering if I can get an update on the direct-to-fabric market. I'm assuming that was probably a more challenging area of the business.

我想了解一下直噴印花市場的最新情況。我猜想那可能是公司裡比較具有挑戰性的領域。

In 2025, it sounds like you're looking to introduce some new products into that market. How do we think about that and the timing? Is that second half '26? Or can you give us some color on that?

聽起來您打算在 2025 年向該市場推出一些新產品。我們該如何看待這個問題以及時機？那是2026年的下半年嗎？或是可以給我們詳細介紹一下嗎？

Yes. So indeed, 2025 wasn't a great year for the roll-to-roll business. We had higher expectations. What I can say is that we are starting the year with much stronger pipeline, first of all, with a tangible pipeline that we can convert and we feel much more confidence.

是的。所以，2025 年對於卷對卷印刷行業來說確實不是個好年。我們原本期望更高。我可以肯定地說，今年我們有更強大的銷售管道，首先，我們擁有切實可行的銷售管道，我們可以將其轉化為實際訂單，這讓我們更有信心。

Now this confidence is not only about the pipeline. It's also about the new market that we invested in 2025, specifically in the footwear market with new players that are entering this market. Part of this innovation you will see in Connection, again, about the footwear is revolutionary what we brought to this market, and this will continue to expand.

現在這種信心不僅體現在管線建設上。這也關係到我們在 2025 年投資的新市場，特別是鞋類市場，以及正在進入該市場的新玩家。您將在 Connection 中再次看到這種創新的一部分，關於鞋類，我們為這個市場帶來了革命性的創新，而這種創新也將繼續擴大。

On the technical market, we are getting to new market segment on the technical, and you will see some innovative applications there and the functional in the sports market, which there's some big news that hopefully will come later this year, working with some the biggest brands of the world on functional apparel that it all relates also to the roll-to-roll business.

在技​​術市場方面，我們正在進入技術領域的新市場細分，您將看到一些創新的應用；在運動市場方面，有一些重大消息預計在今年稍後公佈，我們正在與一些世界頂級品牌合作開發功能性服裝，這一切都與卷對卷業務有關。

We are going to unveil some new technology, both in terms of the systems but also in terms of the process chemistry, but also some features that will enable our customers to enter to new applications, very innovative applications that till today, traditionally, was done by analog and digital can do it much faster, much better with unleashing the flexibility and better economics.

我們將推出一些新技術，包括系統、製程化學以及一些功能，這些功能將使我們的客戶能夠進入新的應用領域，這些應用非常具有創新性，迄今為止，傳統上都是透過類比和數位方式完成的，而數位方式可以更快、更好地完成這些應用，並釋放靈活性和更好的經濟效益。

So we are much more confident that 2026 will be a year that we will start to see a very nice growth on the roll-to-roll business. And definitely, late second half of the year and getting into 2027, this is where we would expect to see acceleration in this market.

因此，我們更有信心，2026 年將是卷對卷業務開始出現非常好的成長的一年。可以肯定的是，在今年下半年末以及進入 2027 年之際，我們預計這個市場將會加速成長。

Can you talk about the -- there were some targeted price increases, I think, that the company called out in the last earnings call. Were those fully realized in Q4? Or will there be some benefit from that in the early part of 2026?

您能談談——我認為，該公司在上次財報電話會議上提到了一些有針對性的價格上漲。這些目標在第四季完全實現了嗎？或者說，到 2026 年初，這會有一些好處嗎？

So this is a gradual process that the company is evaluating and executing. I think that we remain committed to the guidance that we've given and everything is reflected within that guidance. So yes, that's --

所以這是一個公司正在評估和執行的漸進過程。我認為我們仍然堅持我們已經給予的指導方針，一切都體現在這些指導方針中。是的，就是這樣。--

Yes, I would just say, as we mentioned in the last call, we implemented a small price increase to our installed base due to the tariffs. We already implemented it, and we are running it at the beginning of the year. Overall, the market received it with fully acceptance, and we are running and it's baked into the model.

是的，正如我們在上次通話中提到的，由於關稅問題，我們對已安裝的產品進行了小幅提價。我們已經實施了該計劃，並在年初開始運作。總體而言，市場對此表示完全接受，我們正在積極運營，並且它已經融入我們的模式中。

Okay. And one last question, just a quick one. In '26, would you expect more activity with new customers or just greater multiunit deployments with existing given some of the traction you saw with new customers last year?

好的。最後一個問題，就一個簡單的問題。鑑於去年您在新客戶方面取得的一些進展，您預計 2026 年會有更多的新客戶活動，還是只會增加現有客戶的多單元部署？

It is a mix. We -- as I mentioned, in 2025, 40% of dealers were with new customers. Almost every one of them, we expect to grow in 2026. So it will be repeated itself on top of some of our key customers that continue to grow if it's for upgrade, if it's for additional systems. But our focus is, of course, on penetrating the screen market and penetrating in the roll-to-roll into new markets.

它是混合的。正如我之前提到的，到 2025 年，40% 的經銷商將擁有新客戶。我們預計其中幾乎所有產品在 2026 年都會成長。因此，對於一些持續成長的關鍵客戶而言，無論是升級還是增加系統，這種情況都會反覆出現。當然，我們的重點是打入螢幕市場，並透過卷對卷方式打入新市場。

By definition, penetrating to the screen market and the roll-to-roll mostly will come from net new customers. So we expect many net new customers adding into 2026. And of course, later on, each one of them can take multiple systems.

根據定義，打入螢幕市場和卷對卷市場主要依靠新增客戶。因此，我們預計到 2026 年將新增大量淨客戶。當然，以後他們每個人都可以擁有多個系統。

Chris Moore, CJS Securities.

克里斯摩爾，CJS證券。

So obviously, the shift to AIC slows the revenue growth near term, talking about low single digits today. Given where you sit and the pace of progression on ARR, likely two to three years before that annual revenue growth starts to pick up? Or just kind of any thoughts on how you're looking at that?

顯然，轉向AIC會在短期內減緩收入成長，目前來看，成長率只有個位數。鑑於你目前的狀況以及 ARR 的成長速度，可能需要兩到三年時間，年度營收成長才會開始加速？或者你對這個問題有什麼看法？

Yes. So first of all, look, the ARR by itself is $25 million ending this year is a major milestone. It's starting to be also significant in terms of revenue per quarter, and we ended the year with $50 million of revenue. This revenue has higher -- is accretive in terms of gross margin to the mix of the gross margin. And we expect that this growth margin will expand as the program will continue to grow.

是的。首先，你看，ARR 本身在今年年底就達到了 2,500 萬美元，這是一個重要的里程碑。從季度收入來看，它也開始變得非常重要，我們最終以 5000 萬美元的收入結束了這一年。此項收入較高，對毛利率構成有增益作用。我們預計，隨著專案的持續發展，這個成長空間將會擴大。

So it will have a major contribution both in revenue, gross margin, but the predictability is very important. Each one of those deals usually is being signed for five years commitment. So we have five-year horizon of those deals. So with a clear commitment.

因此，它將在收入和毛利率方面做出重大貢獻，但可預測性非常重要。這些協議通常都為期五年。因此，我們對這些交易的期限為五年。因此，我們需要做出明確的承諾。

And the ARR that we are reporting is the minimum commitment on the contract. Of course, customers can print more impression and deliver additional. So this is a significant milestone.

我們報告的年度經常性收入是合約規定的最低承諾額。當然，客戶可以增加印刷量並交付更多。這是一個重要的里程碑。

Now we believe that we will start seeing a faster growth in the top-line revenue once the AIC or the ARR will reach around $50 million. So now we are at $25 million. When we will reach to the $50 million of the ARR, the AIC revenue will be such so significant that we will start to see acceleration on the top line versus where we see today.

現在我們相信，一旦年度投資金額 (AIC) 或年度經常性收入 (ARR) 達到 5,000 萬美元左右，我們將開始看到營收更快成長。現在我們已經募集到了2500萬美元。當我們達到 5000 萬美元的 ARR 時，AIC 收入將非常可觀，我們將開始看到營收成長速度比現在更快。

Got it. That's helpful. What about -- from a geographic standpoint, geographic mix, do you expect your revenue to be much different two to three years from now?

知道了。那很有幫助。從地理分佈和地理組成來看，您預計兩到三年後您的收入會有很大不同嗎？

No. We still see the fastest growth in the Americas, specifically North America. While it's the largest territories and work in revenue, it's also the fastest growing territories for us. We see that EMEA is catching up. And now with the new technologies that we are bringing both on the DTG and the roll-to-roll, we expect to see some acceleration in Asia, specifically around the footwear, specifically around the sports market and technical market.

不。我們仍然看到美洲，特別是北美，成長速度最快。雖然它是我們業務範圍最廣、收入最高的地區，但它也是我們成長最快的地區。我們看到歐洲、中東和非洲地區正在迎頭趕上。現在，隨著我們在 DTG 和卷對卷生產中引入的新技術，我們預計在亞洲，尤其是在鞋類市場、運動市場和技術市場，將會出現一些加速成長。

But in the next two to three years, Americas will continue to lead and probably will continue to be the fastest-growing region for us.

但在未來兩到三年內，美洲將繼續保持領先地位，並且可能仍將是我們成長最快的地區。

Got it. Helpful. Last one for me is just are you hearing anything in terms of competitors looking to create similar AIC model?

知道了。很有幫助。最後一個問題是，您是否聽說有競爭對手正在考慮創建類似的AIC模式？

We have some rumors. We have competitors saying that they can provide it as well. Tangibly, we don't see it. We think that it will be very difficult for them from a cash flow perspective to go forward with it. This is -- AIC is not just a financial model. It's a change of DNA. There's a ton of tools around it. There's a lot of AI to support it. There's a change of the entire mindset of the service organization and support and customer success.

我們有一些傳聞。我們的競爭對手也聲稱他們能夠提供這種服務。實際上，我們看不到它。我們認為，從現金流的角度來看，他們很難繼續推進這個專案。這說明—AIC 不僅僅是一個金融模型。這是DNA的改變。圍繞它有很多工具。有很多人工智慧技術可以為此提供支援。服務組織、支援和客戶成功部門的整個思維方式都改變了。

We are much stronger today as a team, as an organization, in terms of ways that we are supporting our customers. We're getting great feedback on the TCE reports for our customers about the way we're supporting them, that we are much more proactive. This model forced us to be in partnership with our customers only when a customer is being successful, we are successful. When they are printing more, we are earning more. So it's holding hand together.

如今，無論從團隊或組織層面，我們在支援客戶方面都更加強大了。我們收到了很多關於客戶 TCE 報告的正面回饋，他們表示我們為他們提供支援的方式非常積極主動。這種模式迫使我們與客戶建立夥伴關係，只有當客戶成功時，我們才能成功。他們印的錢越多，我們賺的錢就越多。所以他們手牽手。

We don't see this capability from any other company in the market, and we don't see it as of today. We might see it in the future.

我們在市場上沒有看到其他公司具備這種能力，至少目前還沒有。我們將來或許會看到它。

Tavy Rosner, Barclays.

Tavy Rosner，巴克萊銀行。

I wanted to welcome Assaf and welcome back, Andy. It's great to have you back with the company. Two very quick ones. Most of them have been asked. I wanted to ask about footwear.

我想歡迎阿薩夫，也歡迎安迪回來。很高興你回到公司。兩個非常簡短的問題。他們中的大多數人都被問過了。我想諮詢一下關於鞋類的問題。

How do you see the market as an opportunity? And what are the solutions that Kornit had to address the opportunity?

您如何看待這個市場帶來的機會？那麼，Kornit有哪些解決方案來抓住這個機會呢？

Tavy, great to hear from you again. And the footwear is a new market for Kornit. Kornit is the only company that's innovating in the footwear in the digital space. I can tell you that we had major meetings with some of the leading sports brand around the world, and they are super impressed with the capabilities that we are bringing to the market. We're actually enabling the footwear, specifically the sports footwear to become -- to unleash the creativity to produce any type of footwear in terms of design without the limitation of quantities.

Tavy，很高興再次收到你的消息。鞋類是 Kornit 的一個新市場。Kornit 是唯一一家在數位領域進行鞋類創新的公司。我可以告訴大家，我們與世界一些領先的運動品牌舉行了重要會議，他們對我們為市場帶來的產品能力印象深刻。我們實際上是在推動鞋類，特別是運動鞋的發展——釋放創造力，生產任何類型的鞋類，而不受數量限制。

You will see it in Connection. You will see the type of design that we are creating and the things that being sold today, there are more than 1 million pairs of shoes that are already being sold today in the market. And in terms of market opportunity, we believe the opportunity in front of us is something like 2 billion impressions in this footwear that we can capture.

您將在“連接”中看到它。你會看到我們正在創造的設計類型以及如今正在銷售的產品，目前市場上已經售出了超過100萬雙鞋。就市場機會而言，我們認為擺在眼前的機會大約是 20 億次鞋類產品曝光機會。

We see consistent growth within my customer, both in terms of utilization of the system, the production, but adding more capacities and our funnel and pipeline is getting stronger and stronger.

我們看到我的客戶持續成長，無論是在系統使用率、生產方面，或是在增加產能方面，我們的銷售管道和管道都變得越來越強大。

There are no further questions at this time. I would like to turn the floor back over to Mr. Ronen Samuel, CEO, for closing comments.

目前沒有其他問題了。我謹將發言權交還給執行長羅南·塞繆爾先生，請他作總結發言。

Okay. So thank you. And before we close the call, I really want to thank, first of all, the entire Kornit team, also, our customers, the partnership that we have with customers, and all the partners that help us to make 2025 a year of many achievements. While there are certainly more work to do ahead, we are very much focusing on the work ahead. I'm truly excited about what we have accomplished as a team together in 2025, and I'm really looking forward for 2026 into those areas that I mentioned in the call.

好的。所以，謝謝你。在結束通話之前，我首先要感謝 Kornit 的全體成員，還要感謝我們的客戶，感謝我們與客戶的合作關係，以及所有幫助我們使 2025 年成為碩果累累的一年的合作夥伴。雖然未來肯定還有更多工作要做，但我們目前非常專注於未來的工作。我對我們團隊在 2025 年的成就感到非常興奮，並且非常期待 2026 年在我電話會議中提到的那些領域取得進展。

I would like to thank for all your support and being on this call, and I would like to remind all of you that we are looking forward to see you at Connection in April. It will be a milestone event and there will be Kornit before and after. So looking forward to see all of you. Thank you very much.

感謝大家的支持和參與本次電話會議，同時提醒大家，我們期待在四月的 Connection 大會上見到大家。這將是一場里程碑式的事件，Kornit 將會在事件前後發生。非常期待見到大家。非常感謝。

Great. Thank you, Ronen. Thank you, Assaf. And thank you all for joining us today. As always, please reach out to me directly should you have any follow-up questions. And as Ronen said, we are looking forward to seeing everybody at Connections in April. [Sati], can you close the call, please? Thank you.

偉大的。謝謝你，羅南。謝謝你，阿薩夫。感謝各位今天蒞臨現場。如有任何後續問題，請隨時直接與我聯絡。正如羅南所說，我們期待四月在Connections大會上見到大家。 [薩蒂]，請你結束通話好嗎？謝謝。

Certainly. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

當然。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。