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  "documentTitle": "Kornit Digital Ltd. (KRNT)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2019-05-07 00:00:00",
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  "notes": "Uses a screenshot of a PA government environmental permit database to challenge revenue assumptions.",
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      "kind": "callout",
      "text": "48 machines permitted at $400k - $500k per new Avalanche 1000 machine, we estimate $19m - $25m of total revenue potential. Though based on Wall Street research close to the Company, 40 are believed to have been sold and installed following environmental delays started in 2017 that postponed deliveries to 2018 according to local media sources.1,2 This would equate to approximately $16m - $20m of Amazon sales associated with just the Norristown unit sales3,4",
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      "text": "48 machines permitted at $400k - $500k per new Avalanche 1000 machine, we estimate $19m - $25m of total revenue potential.",
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      "text": "PA Environmental Authorization Search Details",
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      "text": "Amazon revenue: $24.2m",
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      "text": "Amazon's revenues have been driven by new printer purchases for new manufacturing facilities; recently, a new facility opened in Norristown, PA where Woot! operates an Amazon Merch manufacturing facility. The opening of the facility was initially delayed due to “regulatory permitting issues” – according to Kornit – but we know them to be environmental issues based on further research. It is currently permitted for up to 48 printers, but by Wall Street’s estimate, 40 units have been sold. At the list price of $400K - $500K per printer, the new facility could have accounted for upwards of $19m - $25m of 2018 Amazon revenues at 48 units, or $16m - $20m of revenues at 40 units.",
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      "kind": "source-note",
      "text": "1) New machines price 2) “A new Amazon plant stalled in the Philly suburbs”, Philly.com, Sept 2017 3) “Pa. Approves Amazon’s Woot! Clothing Plant Near Norristown”, Philly.com, Nov 2018 4) William Blair Research Estimating 40 units sold",
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      "text": "Amazon Revenue Reported By Kornit",
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      "text": "Deep Dive Into Amazon Revenues",
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