Kornit Digital Issues Second-Annual Impact Report; Reaffirms Commitment to Impact Strategy Focused on Long-Term Industry Change

Rhea-AI Summary

Kornit Digital Ltd. (NASDAQ: KRNT) has released its 2021 Impact Report, showcasing significant progress in sustainability and ESG initiatives. Key achievements include a 16% reduction in GHG emissions intensity and a remarkable 57% decrease in non-hazardous waste intensity. The report emphasizes Kornit's commitment to transforming the fashion industry through its dual role as an accountable participant and a leader. Notable advancements in Diversity, Equity, and Inclusion (DEI) were also reported, with an increase in women in management from 30% to 35%.

Positive

• 16% reduction in GHG emissions intensity from 9.11 to 7.68 MTCO2-e.
• 57% reduction in non-hazardous waste intensity from 33 tons to 14 tons.
• 20% reduction of VOC in Robusto Inkset and 30% in Eco Ink/Green.
• Increase in women in management from 30% to 35%.
• 88% of employees feel respected and free to be authentic at work.

Negative

• None.

• Details key 2021 accomplishments, including reductions in energy and waste, advancements in community engagement and Diversity, Equity, and Inclusion (DEI)
  
• Kornit’s impact strategy reflects dual role as accountable participant and as leader empowering the global fashion and textiles industry to a sustainable and ethical future
  

LAS VEGAS, Oct. 19, 2022 (GLOBE NEWSWIRE) -- PRINTING United Expo – Kornit Digital Ltd. (NASDAQ: KRNT) (“Kornit” or the “Company”), a worldwide market leader in sustainable, on-demand digital fashion^x and textile production technologies, today unveiled its Impact Report for 2021 highlighting progress made against goals and further expanding its commitment to a long-term strategy designed to transform the world of fashion and textiles into one that is more sustainable. The comprehensive analysis details Kornit’s performance related to climate action, waste management, green chemistry, and diversity in the workplace, as well as other areas of the Company’s Environmental, Social, and corporate Governance (ESG) framework.

Omer Kulka, Chief Marketing Officer at Kornit Digital, stated, “Innovation is key to our sustainability efforts, including how we develop our systems and inks, deliver software and services, and engage our employees and communities. This second annual report highlights our steadfast commitment to being a leader in fostering a global community—bringing together employees, customers, and partners—that is both ethical and accountable for creating a more sustainable industry and future.”

Key Accomplishments Against Baseline (2021)
Kornit’s ongoing dedication to improving ESG practices within its own operations has resulted in Company-wide achievements in the areas of:

Climate Action and Waste Management*

• ~16% reduction in GHG emissions intensity from x 9.11-e to 7.68 MTCO2-e
• 39% reduction in hazardous waste intensity from 1.7 tons to 1.04 tons
• 57% reduction in non-hazardous waste intensity from 33 tons to 14 tons
  

Green Chemistry

• Complete elimination of Acute Toxic Amines (CLP category 1, 2, 3) CMR
• 20% reduction of VOC level in Robusto Inkset and 30% of VOC in Eco Ink/Green

DEI and Community Engagement

• An increase in women in management, from 30% to 35%
• Reporting 88% of employees feeling respected and free to be authentic at work

*Intensity measures are per $1 million of revenue.

Kornit Digital’s Impact Strategy
Propelled by an ambition to make a positive impact across all areas of its business and throughout the fashion and textile industries, Kornit further adjusted its Impact Strategy this year towards more expansive, longer-term goals and objectives. Kornit’s refined strategy reflects the Company's dual role as a change agent in the industry—both as a leader empowering the fashion industry to be more sustainable, and as an accountable participant responsible for embracing social and environmental change to make the world a better place.

The holistic strategy accounts for both roles, across two fundamental pillars—"Enable the Change” and “Be the Change”—and incorporates both social and environmental KPIs designed to meet the Company’s goals and respond to stakeholders’ input, as well as industry and ecosystem needs:

• Enable the Change: Accounts for the ways Kornit’s innovative technology enables on-demand, sustainable fashion, while aiming to help reduce and ultimately eliminate over-production and associated hazardous environmental impacts. The Company’s solutions not only use less resources, but also remove negative impacts in the form of effluents and other harmful inputs as compared to traditional printing methods. Sample KPIs include:
  
  
  • Planet: By 2030, innovate and build a richer suite of products and tools that facilitate further expansion of on-demand production
    
  • People: By 2030, develop and implement a “Kornit Index” for inclusiveness in all partnerships with fashion designers
    
    
• Be the Change: Chronicles the progress made in Kornit’s business operations, as well as future goals, including with respect to green chemistry strategy, measurable reductions in energy emissions, employee health and wellness, community engagement and giving, and diversity, equity, and inclusion. Sample KPIs include:
  
  
  • Planet: By 2030, reduce the Company’s greenhouse gas (GHG) emission intensity
    by 75% (based on revenue against 2021 baseline)
    
  • People: By 2025, achieve full gender pay parity within the Company

Mr. Kulka concluded, “Since our founding in 2002, Kornit has dedicated itself to creating lasting change in our industry. Our renewed impact strategy further holds us accountable to that vision. In addition to our efforts to reduce our overall environmental impact, we’re focused on the health, safety, and wellbeing of everyone using our products; improving the lives of our people in the workplace; and positively contributing to the industry and society. While we believe progress has been made, we know there’s more work to be done and we look forward to driving positive change for our business, our industry, and the ecosystem at large.”

The Kornit Digital Impact Report 2021 outlines the Company’s progress to date, as well as future goals and plans focused on addressing waste, chemicals, GHG emissions, energy, product development, employee training, diversity and inclusion, and the company’s supply chain. It generally follows Global Reporting Initiative standards core reporting framework option and Sustainability Accounting Standards Board reporting standards for the Professional and Commercial Services sector.

Kornit is officially unveiling the report during a press event at PRINTING United Expo 2022. Download the complete report today.

About Kornit Digital
Kornit Digital (NASDAQ: KRNT) is a worldwide market leader in sustainable, on-demand, digital fashion^x and textile production technologies. The company is writing the operating system for fashion with end-to-end solutions including digital printing systems, inks, consumables, and an entire global ecosystem that manages workflows and fulfillment. Headquartered in Israel with offices in the USA, Europe, and Asia Pacific, Kornit Digital serves customers in more than 100 countries and states worldwide. To learn more about how Kornit Digital is boldly transforming the world of fashion and textiles, visit www.kornit.com.

Kornit Media Contact
Craig Librett
Public Relations
Craig.librett@kornit.com

Kornit Investor Contact
Andrew G. Backman
Global Head of Investor Relations
andrew.backman@kornit.com

Forward Looking Statements
This release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Kornit Digital’s sustainability goals and its plans, intentions, expectations, assumptions, goals and beliefs regarding its business. These statements include all matters that are not historical fact and may be identified by the use of words such as “believes”, “expects”, “anticipates”, “intends”, “estimates”, “should”, “will”, “shall”, “may”, “is likely to”, “plans”, “targets,” “goals,” “outlook”, “target”, “KPI” or similar expressions, including variations and the negatives thereof or comparable terminology. These forward-looking statements include, among other things, statements about expectations in connection with the Company’s environmental, social and governance (“ESG”) initiatives, including the targets and goals set forth in this release. Kornit Digital (the “Company”) cautions that its forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those expressed in, or implied or projected by, the forward-looking information and statements in this release. Important factors that could cause actual results to differ from those anticipated in these forward-looking statements include, among other things: the extent of the Company’s ability to meet its ESG goals and targets set forth in this release, including with respect to the reduction GHG emissions intensity, the achievement of gender pay parity and the expansion of on-demand production; the extent of the Company’s ability to meet other ESG goals or targets; the extent of the Company’s ability to maintain a healthy and safe environment for the Company’s employees; natural disasters, national security circumstances and public health pandemics or epidemics (such as COVID-19); competition in the industries in which Kornit Digital operates; the degree of the Company’s success in developing, introducing and selling new or improved products, technologies and product enhancements; the extent of the Company’s ability to continue to increase sales of its systems, ink and consumables; the extent of the Company’s ability to leverage its global infrastructure build-out; the development of the market for digital textile printing; the availability of alternative ink; competition; sales concentration; changes to its relationships with suppliers; the extent of the Company’s success in marketing; and those additional factors referred to under "Risk Factors" in Item 3.D of the Company's Annual Report on Form 20-F for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission, or the SEC, on March 30, 2022, as supplemented from time to time. In light of these and other risks, uncertainties and assumptions, the forward-looking events described in this release may not occur. The forward-looking statements speak only as of the date of this release. The Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

FAQ

What are Kornit Digital's key accomplishments outlined in the 2021 Impact Report?

Kornit Digital reported a 16% reduction in GHG emissions intensity and a 57% reduction in non-hazardous waste intensity, among other achievements.

How did Kornit Digital's diversity efforts change in 2021?

The report indicates an increase in women in management from 30% to 35%.

When was Kornit Digital's 2021 Impact Report released?

The report was unveiled on October 19, 2022, during the PRINTING United Expo.

What is Kornit Digital's stock symbol?

Kornit Digital is traded under the stock symbol KRNT.

What is the focus of Kornit Digital's Impact Strategy?

The strategy aims to drive sustainability in the fashion industry, emphasizing both social and environmental changes.