0001213900-21-060127 | 6-K | XBRL Viewer

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Document And Entity Information	9 Months Ended
Document And Entity Information	Sep. 30, 2021
Document Information Line Items
Entity Registrant Name	Kornit Digital Ltd.
Document Type	6-K
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001625791
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Address, Address Line One	12 Ha’Amal Street
Entity Address, Address Line Two	Park Afek
Entity Address, City or Town	Rosh Ha’Ayin
Entity Address, Country	IL
Entity Address, Postal Zip Code	4824096
Entity File Number	001-36903

Interim Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 96,668	$ 125,777
Short-term bank deposits	241,103	224,804
Marketable securities	25,920	13,718
Trade receivables, net	49,866	51,566
Inventories	55,344	52,487
Other accounts receivable and prepaid expenses	11,148	9,178
Total current assets	480,049	477,530
LONG-TERM ASSETS:
Marketable securities	93,816	71,636
Deposits and other long-term assets	471	395
Severance pay fund	342	337
Deferred taxes	7,054	5,096
Property, plant and equipment, net	38,401	29,255
Operating lease right-of-use assets	22,122	21,053
Intangible assets, net	10,479	7,221
Goodwill	25,447	16,466
Total long-term assets	198,132	151,459
Total assets	678,181	628,989
CURRENT LIABILITIES:
Trade payables	30,630	32,016
Employees and payroll accruals	22,238	15,022
Deferred revenues and advances from customers	11,719	27,019
Operating lease liabilities	4,461	3,957
Other payables and accrued expenses	22,116	11,613
Total current liabilities	91,164	89,627
LONG TERM LIABILITIES:
Accrued severance pay	1,327	1,214
Operating lease liabilities	18,856	18,688
Other long-term liabilities	1,699	443
Total long-term liabilities	21,882	20,345
SHAREHOLDERS' EQUITY:
Ordinary shares of NIS 0.01 par value – Authorized: 200,000,000 shares at September 30, 2021 and December 31, 2020, respectively; Issued and Outstanding: 46,477,324 shares and 45,988,613 shares at September 30, 2021 and December 31, 2020, respectively	123	121
Additional paid in capital	520,884	488,208
Accumulated other comprehensive income	1,600	2,733
Retained earnings	42,528	27,955
Total shareholders' equity	565,135	519,017
Total liabilities and shareholders' equity	$ 678,181	$ 628,989

Interim Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Ordinary shares, par value (in Dollars per share)	$ 0.01	$ 0.01
Ordinary shares, shares authorized	200,000,000	200,000,000
Ordinary shares, shares issued	46,477,324	46,477,324
Ordinary shares, shares outstanding	45,988,613	45,988,613

Interim Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Revenues
Products	$ 206,682	$ 103,536
Services	27,776	17,504
Total revenues	234,458	121,040
Cost of revenues
Products	98,457	50,117
Services	26,477	20,066
Total cost of revenues	124,934	70,183
Gross profit	109,524	50,857
Operating expenses
Research and development, net	30,736	22,213
Sales and marketing	40,716	25,375
General and administrative	24,972	18,957
Total operating expenses	96,424	66,545
Operating income (loss)	13,100	(15,688)
Finance income, net	2,635	4,427
Income (loss) before taxes on income (tax benefit)	15,735	(11,261)
Taxes on income (tax benefit)	1,162	(577)
Net income (loss)	$ 14,573	$ (10,684)
Basic net earnings (losses) per share (in Dollars per share)	$ 0.32	$ (0.26)
Diluted net earnings (losses) per share (in Dollars per share)	$ 0.3	$ (0.26)

Interim Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 14,573	$ (10,684)
Change in unrealized gains (losses) on marketable securities:
Unrealized gains (losses) arising during the period, net of tax on income (tax benefit) of $(94) and $154, respectively	(1,149)	1,907
Gains reclassified into net income (loss)	(32)	(462)
Net change	(1,181)	1,445
Change in unrealized gains (losses) on cash flow hedges:
Unrealized gains (losses) arising during the period, net of tax on income (tax benefit) of $(2) and $11, respectively	(27)	130
Losses (gains) reclassified into net income (loss)	75	(130)
Net change	48
Foreign currency translation adjustment		161
Total other comprehensive income (loss), net of tax	(1,133)	1,606
Comprehensive income (loss)	$ 13,440	$ (9,078)

Interim Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Unrealized gains (losses)	$ (94)	$ 154
Unrealized gains (losses) net tax on income	$ (2)	$ 11

Interim Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Ordinary shares	Additional paid in capital	Accumulated other comprehensive income (loss)	Retained earnings	Total
Balance at Dec. 31, 2019	$ 105	$ 304,617	$ 843	$ 32,738	$ 338,303
Balance (in Shares) at Dec. 31, 2019	40,684,340
Issuance of ordinary shares in a public offering, net of issuance costs in an amount of $739	$ 14	162,531			162,545
Issuance of ordinary shares in a public offering, net of issuance costs in an amount of $739 (in Shares)	4,689,941
Exercise of options and vesting of restricted stock units	$ 1	4,941			4,942
Exercise of options and vesting of restricted stock units (in Shares)	257,235
Share-based compensation		7,310			7,310
Warrants to customers		3,564			3,564
Other comprehensive income			1,606		1,606
Net income/loss				(10,684)	(10,684)
Balance at Sep. 30, 2020	$ 120	482,963	2,449	22,054	507,586
Balance (in Shares) at Sep. 30, 2020	45,631,516
Balance at Dec. 31, 2020	$ 121	488,208	2,733	27,955	519,017
Balance (in Shares) at Dec. 31, 2020	45,988,613
Exercise of options and vesting of restricted stock units	$ 2	4,139			4,141
Exercise of options and vesting of restricted stock units (in Shares)	488,711
Share-based compensation		10,969			10,969
Warrants to customers		17,568			17,568
Other comprehensive income			(1,133)		(1,133)
Net income/loss				14,573	14,573
Balance at Sep. 30, 2021	$ 123	$ 520,884	$ 1,600	$ 42,528	$ 565,135
Balance (in Shares) at Sep. 30, 2021	46,477,324

Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 14,573	$ (10,684)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	4,945	3,411
Fair value of warrants deducted from revenues	17,568	3,564
Share-based compensation	10,969	7,310
Amortization of premium and accretion of discount on marketable securities, net	(1,620)	248
Realized gain on sale of marketable securities	(32)	(503)
Change in operating assets and liabilities:
Trade receivables, net	1,713	(7,933)
Other accounts receivables and prepaid expenses	(1,853)	(1,615)
Inventories	(3,765)	(9,529)
Operating lease right-of-use assets and liabilities, net	(397)
Deferred taxes	(1,866)	(823)
Deposits and long-term assets	(76)	38
Trade payables	(2,400)	571
Employees and payroll accruals	8,878	4,318
Deferred revenues and advances from customers	(15,350)	7,663
Other payables and accrued expenses	10,479	2,120
Accrued severance pay, net	108	81
Other long-term liabilities	1,256	48
Loss from sale and disposal of property and Equipment		75
Foreign currency translation loss on intercompany balances with foreign subsidiaries		(294)
Net cash provided by (used in) operating activities	43,130	(1,934)
Cash flows from investing activities:
Purchase of property, plant and equipment	(9,422)	(10,758)
Capitalization of software development costs		(121)
Proceeds from sale of property, plant and equipment		4
Cash paid in connection with acquisition, net of cash acquired	(14,991)	(15,059)
Investment in (proceeds from) bank deposits	(16,299)	43,192
Proceeds from sale of marketable securities		58,532
Proceeds from maturity of marketable securities	10,304	20,006
Investment in marketable securities	(44,310)	(18,542)
Net cash provided by (used in) investing activities	(74,718)	77,254
Cash flows from financing activities:
Exercise of employee stock options	4,141	4,942
Payments related to shares withheld for taxes	(1,662)	(82)
Proceeds from public offering, net of issuance costs		162,720
Net cash provided by financing activities	2,479	167,580
Foreign currency translation adjustments on cash and cash equivalents		37
Increase (decrease) in cash and cash equivalents	(29,109)	242,937
Cash and cash equivalents at the beginning of the period	125,777	40,743
Cash and cash equivalents at the end of the period	96,668	283,680
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment acquired in credit	1,907	382
Inventory transferred to be used as property and equipment	931	823
Issuance expenses on credit		739
Lease liabilities arising from obtaining right-of-use assets	$ 1,517	$ 2,769

General

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

GENERAL

NOTE 1:- GENERAL

Kornit Digital Ltd. (the “Company”) was incorporated in 2002 under the laws of the State of Israel. The Company and its subsidiaries develop, design and market digital printing solutions for the global printed textile industry. The Company’s and its subsidiaries’ solutions are based on their proprietary digital textile printing systems, ink and other consumables, associated software and value-added services.

The Company established wholly owned subsidiaries in Israel, the United States, Germany, Hong Kong, Japan and the United Kingdom. The Company's subsidiaries are engaged primarily in services, sales, and marketing, except for the Israeli subsidiary which is engaged primarily in research and development and manufacturing.

The Company depends on four major suppliers to supply certain components for the production of its products. If one of these suppliers fails to deliver or delays the delivery of the necessary components, the Company will be required to seek alternative sources of supply. A change in these suppliers could result in manufacturing delays, which could cause a possible loss of sales and, consequently, could adversely affect the Company's results of operations and financial position.

Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES

Unaudited interim consolidated financial statements:

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information. In the opinion of management, the unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair presentation of the Company's consolidated financial statements.

The balance sheet at December 31, 2020 has been derived from the audited consolidated financial statements of the Company at that date but does not include all information and footnotes required by U.S. GAAP for complete financial statements.

The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2020, included in the Company’s Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission ("SEC") on March 25, 2021. The significant accounting policies applied in the Company’s audited 2020 consolidated financial statements and notes thereto included in the Annual Report are applied consistently in these unaudited interim consolidated financial statements.

Use of estimates:

The preparation of the unaudited interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the interim consolidated financial statements and the reported amounts of revenues and expenses during the period. The Company's management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. Actual results could differ from those estimates.

On an ongoing basis, the Company's management evaluates estimates, including those related to intangible assets and goodwill, tax assets and liabilities, fair values of stock-based awards, inventory write-offs, warranty provision, allowance for credit losses and provision for rebates and returns. Such estimates are based on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.

The duration, scope and effects of the ongoing COVID-19 pandemic, government and other third-party responses to it, and the related macroeconomic effects, including to the Company’s business and the business of the Company’s suppliers and customers are uncertain, rapidly changing and difficult to predict. As a result, the Company’s accounting estimates and assumptions may change over time in response to this evolving situation. Such changes could result in future impairments of intangibles, long-lived assets, inventories, incremental credit losses on receivables and marketable securities, or an increase in the Company’s insurance liabilities as of the time of a relevant measurement event.

Business Combinations

9 Months Ended

Sep. 30, 2021

Business Combinations [Abstract]

BUSINESS COMBINATIONS

NOTE 3:- BUSINESS COMBINATIONS

On August 10, 2021, the Company consummated the acquisition, pursuant to an asset purchase agreement, of certain assets of Voxel8 Inc., an advanced additive manufacturing technology for textiles, which allows for digital fabrication of functional features with zonal control of material properties, in addition to utilizing high-performance elastomers adhering to inkjet technology. Under the agreement the Company purchased the associated assets for a total consideration of $14,991 in cash.

In addition, the Company incurred acquisition-related costs in a total amount of $194. Acquisition-related costs include legal, accounting, consulting fees and other external costs directly related to the acquisition. These transaction costs were included in general and administrative expenses in the consolidated statements of operations.

The main reasons for this acquisition are to strengthen the Company ability to explore potential existing and new lucrative markets such as functional apparel and footwear, as well as to be able to offer versatility of decorative capabilities enabling the production of various functional applications on textile substrates.

The Voxel8 acquisition was accounted for as a business combination in accordance with ASC 805 “Business Combinations”. ASC No. 805 requires recognition of assets acquired, liabilities assumed, and any non-controlling interest at the acquisition date, measured at their fair values as of that date. The excess of the fair value of the purchase price over the fair values of the identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Acquisition related costs are expensed to the statement of operations in the period incurred.

Under business combination accounting principles, the total purchase price was allocated to Voxel8’s net tangible and intangible assets based on their estimated fair values as set forth below. The excess of the purchase price over the net tangible and identifiable intangible assets was recorded as goodwill which is deductible for tax purposes,

The preliminary fair value estimates for the intangible assets acquired for Voxel8 acquisition were based upon preliminary calculations and valuations, and the estimates and assumptions for this acquisition are subject to change as the Company obtains additional information during the respective measurement period to the information that was existed as of the acquisition date (up to one year from the respective acquisition dates). The following table summarizes the purchase price allocation of Voxel8 Acquisition:

	Fair value		Amortization period (years)

Tangible Assets, net	$	1,448

Intangible assets:
Technology - Materials		1,795	6.5
Technology - Systems		1,767	8.5
Harvard License		1,000	8.5
Goodwill		8,981	Infinite

Total purchase price	$	14,991

Pro forma results of operations related to this acquisition have not been prepared because they are not material to the Company's consolidated statements of operations.

Marketable Securities

9 Months Ended

Sep. 30, 2021

Disclosure Text Block Supplement [Abstract]

MARKETABLE SECURITIES

NOTE 4:- MARKETABLE SECURITIES

The following tables summarize our marketable securities by significant investing categories:

	September 30, 2021
	Amortized cost		Gross unrealized gain		Gross unrealized loss			Fair value

Matures within one year:
Corporate debentures	$	23,688	$	209	$	-		$	23,897
Government debentures		2,007		16		-			2,023
		25,695		225		-			25,920

Matures after one year through four years:
Corporate debentures		83,016		869		(257	)		83,628
Government debentures		10,210		29		(51	)		10,188
		93,226		898		(308	)		93,816

Total	$	118,921	$	1,123	$	(308	)	$	119,736

	December 31, 2020
	Amortized Cost		Gross unrealized gain		Gross unrealized loss			Fair value

Matures within one year:
Corporate debentures	$	13,106	$	210	$	-		$	13,316
Government debentures		402		-		-			402
		13,508		210		-			13,718

Matures after one year through four years:
Corporate debentures		63,611		1,815		(3	)		65,423
Government debentures		6,145		79		(11	)		6,213
		69,756		1,894		(14	)		71,636

Total	$	83,264	$	2,104	$	(14	)	$	85,354

Investments with continuous unrealized losses for less than 12 months and 12 months or greater and their related fair values were as follows:

	September 30, 2021
	Less than 12 months					12 months or greater				Total
	Fair value		Unrealized losses			Fair value		Unrealized losses		Fair value		Unrealized losses

Corporate debentures	$	42,248	$	(257	)	$	-	$	-	$	42,248	$	(257	)
Government debentures		8,649		(51	)		-		-		8,649		(51	)

Total	$	50,897	$	(308	)	$	-	$	-	$	50,897	$	(308	)

	December 31, 2020
	Less than 12 months					12 months or greater				Total
	Fair value		Unrealized Losses			Fair value		Unrealized Losses		Fair value		Unrealized Losses

Corporate debentures	$	3,821	$	(3	)	$	-	$	-	$	3,821	$	(3	)
Government debentures		3,002		(11	)		-		-		3,002		(11	)

Total	$	6,823	$	(14	)	$	-	$	-	$	6,823	$	(14	)

Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 5:- FAIR VALUE MEASUREMENTS

The Company measures its marketable securities and foreign currency derivative contracts at fair value. Marketable securities and foreign currency derivative contracts are classified within Level II as the valuation inputs are based on quoted prices and market observable data of similar instruments.

The below table sets forth the Company's assets and liabilities that were measured at fair value as of September 30, 2021 and December 31, 2020 by level within the fair value hierarchy.

Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

	As of September 30, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities	$	-	$	119,736	$	-	$	119,736
Foreign currency derivative contracts		-		62		-		62

Total financial assets	$	-	$	119,798	$	-	$	119,798

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities	$	-	$	85,354	$	-	$	85,354
Foreign currency derivative contracts		-		-		-		-

Total financial assets	$	-	$	85,354	$	-	$	85,354

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Inventories

9 Months Ended

Sep. 30, 2021

Inventories [Abstract]

INVENTORIES

NOTE 6:- INVENTORIES

	September 30,		December 31,
	2021		2020

Raw materials and components	$	23,919	$	18,026
Finished products (*)		31,425		34,461

	$	55,344	$	52,487

(*)

Including amounts of $5,578 and $10,628 as of September 30, 2021 and December 31, 2020, respectively, with respect to inventory delivered to customers for which revenue was not yet recognized.

Inventory write-offs amounted to $4,223 and $2,554 during the nine months ended September 30, 2021 and 2020, respectively.

Derivatives and Hedging Activities

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES AND HEDGING ACTIVITIES

NOTE 7:- DERIVATIVES AND HEDGING ACTIVITIES

The Company follows FASB ASC No. 815," Derivatives and Hedging" which requires companies to recognize all of their derivative instruments as either assets or liabilities in the statement of financial position at fair value. Accounting for changes in fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging transaction and further, on the type of hedging transaction. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation. Due to the Company's global operations, it is exposed to foreign currency exchange rate fluctuations in the normal course of its business. The Company used derivative financial instruments, specifically foreign currency forward and option contracts (“Hedging Contracts“), to manage exposure to foreign currency risks, by hedging a portion of the Company's forecasted expenses denominated in New Israeli Shekels expected to incur within a year. The effect of exchange rate changes on foreign currency hedging contracts is expected to partially offset the effect of exchange rate changes on the underlying hedged item.

For derivative instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains or losses from contracts that were not designated as hedging instruments are recognized in "financial income, net".

Derivative instruments notional amounts

The following table summarizes the notional amounts for hedged items, when transactions are designated as hedge accounting:

	September 30,		December 31,
	2021		2020

Cash flow hedge	$	9,276	$	-

Derivative instrument outstanding

As of September 30, 2021, and December 31, 2020, the fair value of the Company's outstanding forward and option contracts amounted to $62 and $0 which is included within "Other payables and accrued expenses" in the balance sheets.

Derivative instrument gains and losses

During the nine months ended September 30, 2021 and 2020, the company recorded pretax expenses of $9 and $24, respectively from derivatives designated in cash flow hedging relationships.

The Company's outstanding derivatives designated as cash flow hedging instruments, and their related gains and losses, are reported in the statement of cash flows as cash flows from operating activities.

The maximum length of time over which the Company hedges its exposure to the variability in future cash flows for forecasted transactions is less than 12 months.

The estimated net amount of the existing unrealized loss that is reported in accumulated other comprehensive income at the reporting date that is expected to be reclassified into earnings within the next 12 months is $48.

Commitments and Contingent Liabilities

9 Months Ended

Sep. 30, 2021

Commitments And Contingent Liabilities [Abstract]

COMMITMENTS AND CONTINGENT LIABILITIES

NOTE 8:- COMMITMENTS AND CONTINGENT LIABILITIES

Charges:

As of September 30, 2021, the Company has a line of credit with an Israeli bank for total borrowings of up to $2 million. This line of credit is unsecured and available provided that the Company maintains a 30% ratio of total tangible shareholders' equity to total tangible assets, and that the total credit use will be less than 70% of the Company and its subsidiaries’ receivables. Interest rates across this credit line varied from 0.3% to Prime (Israel Interbank Offered Rate) +0.7% (currently 2.3%) as of September 30, 2021.

As of September 30, 2021, the Company has not utilized its line of credit.

Purchase commitments:

As of September 30, 2021, the Company has purchase commitments from vendors in an amount of $54,683. These commitments are due primarily within one year.

Litigation:

From time to time, the Company is involved in various legal proceedings, claims and litigation that arise in the normal course of business. It is the opinion of management that the ultimate outcome of these matters will not have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Royalty Commitments:

Under the Company's agreement for purchasing print heads and other products, which was amended in 2016, the Company is obligated to pay 2.5% royalties of its annual ink revenues up to an annual maximum amount of $625.

Royalty expenses for the nine months ended September 30, 2021 and 2020 were $469 each.

Guarantees:

As of September 30, 2021, the Company provided five bank guarantees in a total amount of $575 for its rented facilities.

Earnings (Losses) Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

EARNINGS (LOSSES) PER SHARE

NOTE 9:- EARNINGS (LOSSES) PER SHARE

The following table sets forth the computation of basic and diluted net earnings (losses) per share:

	Nine months ended September 30,
	2021		2020
Numerator for basic and diluted net earnings (losses) per share:
Net income (loss)	$	14,573	$	(10,684	)

Weighted average shares outstanding:

Denominator for basic earnings (losses) per share		46,200,884		41,059,090

Effect of dilutive securities:
Share options, warrants and restricted share units		1,645,193		-
Denominator for diluted earnings (losses) per share		47,846,077		41,059,090

Basic earnings (losses) per share	$	0.32	$	(0.26	)

Diluted earnings (losses) per share	$	0.30	$	(0.26	)

No shares related to the outstanding options and RSUs were excluded from the calculation of diluted earnings per share due to their anti-dilutive effect for the nine months ended September 30, 2021. During the nine months ended September 30, 2020, the Company was in a loss position and therefore all its securities were antidilutive.

Shareholders' Equity

9 Months Ended

Sep. 30, 2021

Stockholders' Equity Note [Abstract]

SHAREHOLDERS’ EQUITY

NOTE 10:- SHAREHOLDERS' EQUITY

Company's shares:

Ordinary shares:

Each ordinary share confers equal rights to dividends and bonus shares, and to participate in the distribution of surplus assets upon liquidation in proportion to the par value of that share regardless of any premium paid thereon, all subject to the provisions of the Company's articles of association. Each ordinary share confers its holder the right to participate in the general meeting of the Company and one vote in the voting.

On September 16, 2020, the Company closed a follow on and secondary offering where 2,999,999 ordinary shares were sold in the transaction to the public for an aggregate net proceeds of $161,981, net of underwriting discounts, commissions and offering expenses. In addition, 1,689,942 ordinary shares issued pursuant to exercise of warrants, were sold by the Company’s global customer. The Company did not receive any of the proceeds from the sale of these ordinary shares.

Share option and RSU's plans:

A summary of the Company's share option activity for the nine months ended September 30, 2021 and related information is as follows:

	Number of shares upon exercise			Weighted average exercise price		Weighted- average remaining contractual term (in years)		Aggregate intrinsic value

Outstanding as of January 1, 2021		686,456		$	18.66		6.87	$	48,375
Granted		5,005			125.25		-		-
Exercised		(217,547	)		19.04		-		11,951
Forfeited		(21,935	)		19.12		-		-

Outstanding as of September 30, 2021		451,979		$	19.60		6.08	$	56,296

Exercisable at end of period		296,525		$	15.32		5.38	$	38,203

As of September 30, 2021, the Company had $2,069 of unrecognized compensation expense related to non-vested stock options expected to be recognized over a weighted average period of 1.95 years.

A summary of the Company’s RSUs activity is as follows:

	Nine months ended
	September 30, 2021

Unvested as of January 1, 2021		834,321
Granted		242,685
Vested		(271,164	)
Forfeited		(71,884	)
Unvested as of September 30, 2021		733,958

The weighted average fair values at grant date of RSUs granted during the nine months ended September 30, 2021 was $108.90

As of September 30, 2021, the Company had $39,023 of unrecognized compensation expense related to RSUs expected to be recognized over a weighted average period of 2.85 years.

The Company's Board of Directors has approved Equity Incentive Plans pursuant to which the Company is authorized to issue to employees, directors and officers of the Company and its subsidiaries (the "optionees") options to purchase ordinary shares of NIS 0.01 par value each, at an exercise price equal to at least the fair market value of the ordinary shares at the date of grant. 25% of total options are exercisable one year after the date determined for each optionee and a further 6.25% become exercisable at the end of each subsequent three-month period over the following 3 years.

Under the Equity Incentive Plans, beginning in 2017, the Company grants Restricted Stock Units (“RSUs”). The RSUs generally vest over a period of four years of employment. Options and RSUs that have vested are exercisable for up to 10 years from the grant date of the options or RSU to each employee. Options and RSUs that are cancelled or forfeited before expiration become available for future grants.

As of September 30, 2021, an aggregate of 4,111,196 ordinary shares are available for future grants.

The following table sets forth the total share-based compensation expense included in the consolidated statements of operations for the nine months ended September 30, 2021 and 2020:

	Nine months ended September 30,
	2021		2020

Cost of products	$	1,000	$	772
Cost of services		750		568
Research and development, net		1,810		1,243
Sales and marketing		3,651		2,150
General and administrative		3,758		2,577

Total share-based compensation expense	$	10,969	$	7,310

On January 10, 2017, the Company signed a master purchase agreement with Amazon Inc. (the "Agreement") under which 2,932,176 warrants to purchase ordinary shares of the Company at an exercise price of $13.04 per share were issued to Amazon as a customer incentive. The warrants are subject to vesting as a function of payments for purchased products and services of up to $150 million over a five year period beginning on May 1, 2016, with the shares vesting incrementally each time Amazon makes a payment totaling $5 million to the Company. On September 16, 2020 Amazon Inc. exercised 2,162,463 warrants in a cashless manner and sold the 1,689,942 ordinary shares received upon exercise. As of September 30, 2021, 769,713 warrants are exercisable under the Agreement.

On September 14, 2020, the Company signed an amendment to the master purchase agreement (the "Amended Agreement") with Amazon Inc. under which an additional 3,401,028 warrants to purchase ordinary shares of the Company at an exercise price of $59.26 per share were issued to Amazon as a customer incentive. The warrants are subject to vesting as a function of payments for purchased products and services of up to $400 million over a five-year period beginning in January 2021, with the shares vesting incrementally each time Amazon makes a payment totaling $5 million to the Company. As of September 30, 2021, 427,559 warrants are exercisable under the Amended Agreement.

The Company recognized a reduction to revenues of $17,568 and $3,564 during the nine months ended September 30, 2021, and 2020, respectively, due to the accounting impact of Amazon’s warrants.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Accumulated other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2021

Accumulated Other Comprehensive Income Loss [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

NOTE 11:- ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the changes in accumulated balances of other comprehensive income (loss), net of taxes:

	Unrealized gain (loss) on marketable securities			Unrealized gain on cash flow hedges			Foreign currency translation adjustment		Total
	Unaudited
Nine months ended September 30, 2021:
Beginning balance	$	1,933		$	-		$	800	$	2,733
Other comprehensive income (loss) before reclassifications		(1,149	)		(27	)		-		(1,176	)
Amounts reclassified from accumulated other comprehensive income		(32	)		75			-		43
Net current period other Comprehensive income (loss)		(1,181	)		48			-		(1,133	)
Ending Balance	$	752		$	48		$	800	$	1,600

Revenue Recognition

9 Months Ended

Sep. 30, 2021

Revenue Recognition [Abstract]

REVENUE RECOGNITION

NOTE 12:- REVENUE RECOGNITION

Revenue disaggregated by revenue source for the nine months ended September 30, 2021 and 2020, consists of the following:

	Nine months ended September 30,
	2021		2020

Systems	$	139,979	$	55,266
Ink and consumables		66,703		48,270
Services		14,620		10,566
Service contracts and software subscriptions		13,156		6,938

Total revenue	$	234,458	$	121,040

The following table presents revenue disaggregated by geography based on customer location:

	Nine months ended September 30,
	2021		2020

U.S	$	157,523	$	71,471
EMEA		52,745		31,581
Asia Pacific		17,129		10,624
Other		7,061		7,364

Total revenue	$	234,458	$	121,040

Remaining performance obligations represents contracted revenues that have not yet been recognized, which includes deferred revenues and non-cancelable contracts that will be invoiced and recognized as revenue in future periods. The following table represents the remaining performance obligations as of September 30, 2021, which are expected to be satisfied and recognized in future periods:

	Remainder of 2021		2022		2023 and thereafter
Product	$	12,672	$	-	$	-
Services		2,769		3,735		400

Total	$	15,441	$	3,735	$	400

Contract liabilities include amounts received from customers for which revenue has not yet been recognized. Contract liabilities amounted to $11,824 and $27,156 as of September 30, 2021 and December 31, 2020, respectively and are presented under deferred revenues and advances from customers and other long-term liabilities. During the nine months ended September 30, 2021, the Company recognized revenues in the amount of $16,535 which have been included in the contract liabilities at January 1, 2021.

Provision for returns amounted to $2,238 and $1,759 as of September 30, 2021 and December 31, 2020, respectively.

Taxes on Income

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

TAXES ON INCOME

NOTE 13:- TAXES ON INCOME

The main reconciling items between the theoretical and actual tax rate during the nine months ended September 30, 2021, derives mainly from: tax expense related to the Company's foreign subsidiaries income at different tax rates, deferred tax benefit recognized in Israel related to current losses at Preferred Enterprise reduced tax rates and permanent differences.

The Company is currently subject to a tax audit for the years 2013 to 2019 by the Israeli Tax Authority, or ITA. In respect of the years 2013-2014, the Company has been issued a tax order, concerning which it appealed to the district court. The ITA also issued assessments for the years 2015 until 2019, on which the Company filed an objection, and the ITA has to determine whether to accept the objection or issue a tax order for the years 2015-2019 as well. The Company’s management, based on a legal opinion received from its legal counsels, believes that it has adequately provided for any reasonably foreseeable outcome related to the ITA tax audits. Nevertheless, the ITA may disagree with its positions taken in its tax returns for any other years as well, and the Company may be subject to additional tax liabilities, which could have a material adverse effect on the Company’s results of operations.

The U.S and German subsidiaries received final tax assessment through 2014 and 2016, respectively, and the Hong Kong, UK and Japan subsidiaries have not received a final tax assessment since inception.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Transactions with Related Parties

9 Months Ended

Sep. 30, 2021

TRANSACTIONS WITH RELATED PARTIES

NOTE 14:- TRANSACTIONS WITH RELATED PARTIES

The Company's policy is to enter into transactions with related parties on terms that, on the whole, are no less favorable than those available from unaffiliated third parties. Based on the Company’s experience in the business sectors in which it operates and the terms of its transactions with unaffiliated third parties, the Company believes that all of the transactions described below met this policy at the time they occurred.

Fritz Companies Israel T. Ltd. ("Fritz")

Fritz is a logistics company which is owned, in part, by the Chairman of the Board since March 2018. The Company has an ongoing logistic contract with Fritz. During the nine months ended September 30, 2021 and 2020 logistic service fees amounted to $3,481 and $2,659, respectively. As of September 30, 2021, and December 31, 2020, the Company had trade payables balances due to this related party in amounts of $587 and $1,546, respectively.

Accord Insurance Agency Ltd. ("Accord")

The Company maintains a business relationship with Accord Insurance Agency Ltd., or Accord, a company which is an insurance agency that is owned in part and controlled, by the Chairman of the Board. Accord is the Company's insurance agent for most of its insurance policies. During the nine months ended September 30, 2021 and 2020 total premium under the contracts was $289 and $742, respectively.

Priority Software Ltd. ("Priority")

Priority is the Company’s ERP solution provider, which is owned, in part, by a few of the Company’s Board members. During the nine months ended September 30, 2021 and 2020 maintenances fees and additional licenses acquired amounted to $172 and $61 respectively As of September 30, 2021 and December 31, 2020, the Company had trade payables balances due to this related party in amount of $0 and $65, respectively.

Tritone Technologies Ltd. (“Tritone”)

On September 13, 2020, the Company entered into a sublease agreement with Tritone Technologies Ltd., whose CEO is a director of the Company and whose one of its shareholders is an equity fund controlled by the chairman of the Board, for the sublease of 192 square meters in Rosh Ha’Ayin. The term of the lease is 24 months until September 12, 2022, with an option to extend the term by additional 12 months. The rent under the sublease is approx. $2 per month. The sublease agreement is carried out on a “back-to-back” basis, as the Company pays over the rent that it receives directly to its landlord. As of September 30, 2021 and December 31, 2020, the Company had a trade receivable balance due from this related party in an amount of $5 and $3, respectively.

Magalcom Ltd. (“Magalcom”)

The Company entered into a transaction with Magalcom which is owned, in part and controlled, by the Chairman of the Board, for the replacement of communication equipment in its conference rooms. Total consideration to be paid to Magalcom pursuant to this transaction is approximately $650. During the nine months ended September 30, 2021 and 2020 service fees amounted to $518 and $0 respectively. As of September 30, 2021 and December 31, 2020, the Company had a trade payables balance due to this related party in an amount of $404 and $9, respectively.

Accounting Policies, by Policy (Policies)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Unaudited interim consolidated financial statements

Unaudited interim consolidated financial statements:

Use of estimates

Use of estimates:

Business Combinations (Tables)

9 Months Ended

Sep. 30, 2021

Business Combinations [Abstract]

Schedule of fair value estimates for the intangible assets acquired

	Fair value		Amortization period (years)

Tangible Assets, net	$	1,448

Intangible assets:
Technology - Materials		1,795	6.5
Technology - Systems		1,767	8.5
Harvard License		1,000	8.5
Goodwill		8,981	Infinite

Total purchase price	$	14,991

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2021

Disclosure Text Block Supplement [Abstract]

Schedule of marketable securities by significant investing categories

	September 30, 2021
	Amortized cost		Gross unrealized gain		Gross unrealized loss			Fair value

Matures within one year:
Corporate debentures	$	23,688	$	209	$	-		$	23,897
Government debentures		2,007		16		-			2,023
		25,695		225		-			25,920

Matures after one year through four years:
Corporate debentures		83,016		869		(257	)		83,628
Government debentures		10,210		29		(51	)		10,188
		93,226		898		(308	)		93,816

Total	$	118,921	$	1,123	$	(308	)	$	119,736

	December 31, 2020
	Amortized Cost		Gross unrealized gain		Gross unrealized loss			Fair value

Matures within one year:
Corporate debentures	$	13,106	$	210	$	-		$	13,316
Government debentures		402		-		-			402
		13,508		210		-			13,718

Matures after one year through four years:
Corporate debentures		63,611		1,815		(3	)		65,423
Government debentures		6,145		79		(11	)		6,213
		69,756		1,894		(14	)		71,636

Total	$	83,264	$	2,104	$	(14	)	$	85,354

Schedule of continuous unrealized losses for less than 12 months and 12 months or greater and their related fair values

	September 30, 2021
	Less than 12 months					12 months or greater				Total
	Fair value		Unrealized losses			Fair value		Unrealized losses		Fair value		Unrealized losses

Corporate debentures	$	42,248	$	(257	)	$	-	$	-	$	42,248	$	(257	)
Government debentures		8,649		(51	)		-		-		8,649		(51	)

Total	$	50,897	$	(308	)	$	-	$	-	$	50,897	$	(308	)

	December 31, 2020
	Less than 12 months					12 months or greater				Total
	Fair value		Unrealized Losses			Fair value		Unrealized Losses		Fair value		Unrealized Losses

Corporate debentures	$	3,821	$	(3	)	$	-	$	-	$	3,821	$	(3	)
Government debentures		3,002		(11	)		-		-		3,002		(11	)

Total	$	6,823	$	(14	)	$	-	$	-	$	6,823	$	(14	)

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

	As of September 30, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities	$	-	$	119,736	$	-	$	119,736
Foreign currency derivative contracts		-		62		-		62

Total financial assets	$	-	$	119,798	$	-	$	119,798

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Marketable securities	$	-	$	85,354	$	-	$	85,354
Foreign currency derivative contracts		-		-		-		-

Total financial assets	$	-	$	85,354	$	-	$	85,354

Inventories (Tables)

9 Months Ended

Sep. 30, 2021

Inventories [Abstract]

Schedule of inventories

	September 30,		December 31,
	2021		2020

Raw materials and components	$	23,919	$	18,026
Finished products (*)		31,425		34,461

	$	55,344	$	52,487

(*)

Including amounts of $5,578 and $10,628 as of September 30, 2021 and December 31, 2020, respectively, with respect to inventory delivered to customers for which revenue was not yet recognized.

Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of transactions are designated as hedge accounting

	September 30,		December 31,
	2021		2020

Cash flow hedge	$	9,276	$	-

Earnings (Losses) Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted net earnings per share

	Nine months ended September 30,
	2021		2020
Numerator for basic and diluted net earnings (losses) per share:
Net income (loss)	$	14,573	$	(10,684	)

Weighted average shares outstanding:

Denominator for basic earnings (losses) per share		46,200,884		41,059,090

Effect of dilutive securities:
Share options, warrants and restricted share units		1,645,193		-
Denominator for diluted earnings (losses) per share		47,846,077		41,059,090

Basic earnings (losses) per share	$	0.32	$	(0.26	)

Diluted earnings (losses) per share	$	0.30	$	(0.26	)

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2021

Stockholders' Equity Note [Abstract]

Summary of company's share option activity

	Number of shares upon exercise			Weighted average exercise price		Weighted- average remaining contractual term (in years)		Aggregate intrinsic value

Outstanding as of January 1, 2021		686,456		$	18.66		6.87	$	48,375
Granted		5,005			125.25		-		-
Exercised		(217,547	)		19.04		-		11,951
Forfeited		(21,935	)		19.12		-		-

Outstanding as of September 30, 2021		451,979		$	19.60		6.08	$	56,296

Exercisable at end of period		296,525		$	15.32		5.38	$	38,203

Summary of the RSUs activity

	Nine months ended
	September 30, 2021

Unvested as of January 1, 2021		834,321
Granted		242,685
Vested		(271,164	)
Forfeited		(71,884	)
Unvested as of September 30, 2021		733,958

Schedule of share based compensation expense

	Nine months ended September 30,
	2021		2020

Cost of products	$	1,000	$	772
Cost of services		750		568
Research and development, net		1,810		1,243
Sales and marketing		3,651		2,150
General and administrative		3,758		2,577

Total share-based compensation expense	$	10,969	$	7,310

Accumulated other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2021

Accumulated Other Comprehensive Income Loss [Abstract]

Schedule of changes in accumulated balances of other comprehensive income (loss)

	Unrealized gain (loss) on marketable securities			Unrealized gain on cash flow hedges			Foreign currency translation adjustment		Total
	Unaudited
Nine months ended September 30, 2021:
Beginning balance	$	1,933		$	-		$	800	$	2,733
Other comprehensive income (loss) before reclassifications		(1,149	)		(27	)		-		(1,176	)
Amounts reclassified from accumulated other comprehensive income		(32	)		75			-		43
Net current period other Comprehensive income (loss)		(1,181	)		48			-		(1,133	)
Ending Balance	$	752		$	48		$	800	$	1,600

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2021

Revenue Recognition [Abstract]

Schedule of Revenue disaggregated by revenue source

	Nine months ended September 30,
	2021		2020

Systems	$	139,979	$	55,266
Ink and consumables		66,703		48,270
Services		14,620		10,566
Service contracts and software subscriptions		13,156		6,938

Total revenue	$	234,458	$	121,040

Schedule of revenue disaggregated by geography based on customer location

	Nine months ended September 30,
	2021		2020

U.S	$	157,523	$	71,471
EMEA		52,745		31,581
Asia Pacific		17,129		10,624
Other		7,061		7,364

Total revenue	$	234,458	$	121,040

Schedule of remaining performance obligations represents contracted revenues

	Remainder of 2021		2022		2023 and thereafter
Product	$	12,672	$	-	$	-
Services		2,769		3,735		400

Total	$	15,441	$	3,735	$	400

General (Details)	9 Months Ended
General (Details)	Sep. 30, 2021
Accounting Policies [Abstract]
Number of suppliers	4

Business Combinations (Details) - USD ($) $ in Thousands	9 Months Ended
Business Combinations (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Aug. 10, 2021
Business Combinations [Abstract]
Total consideration		$ 14,991
Total incurred acquisition related costs	$ 194

Business Combinations (Details) - Schedule of fair value estimates for the intangible assets acquired $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Business Acquisition [Line Items]
Tangible Assets, net Fair value	$ 1,448
Goodwil Fair value	$ 8,981
Goodwill Amortization period (years)	Infinite
Total purchase price Fair value	$ 14,991
Technology - Materials [Member]
Business Acquisition [Line Items]
Intangible Assets, net Fair value	$ 1,795
Intangible Assets, net Amortization period (years)	6 years 6 months
Technology - Systems [Member]
Business Acquisition [Line Items]
Intangible Assets, net Fair value	$ 1,767
Intangible Assets, net Amortization period (years)	8 years 6 months
Harvard License [Member]
Business Acquisition [Line Items]
Intangible Assets, net Fair value	$ 1,000
Intangible Assets, net Amortization period (years)	8 years 6 months

Marketable Securities (Details) - Schedule of marketable securities by significant investing categories - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Matures within one year:
Amortized cost	$ 118,921	$ 83,264
Gross unrealized gain	1,123	2,104
Gross unrealized loss	(308)	(14)
Fair value	119,736	85,354
Matures within one year Corporate debentures [Member]
Matures within one year:
Amortized cost	23,688	13,106
Gross unrealized gain	209	210
Gross unrealized loss
Fair value	23,897	13,316
Matures within one year, Government debentures [Member]
Matures within one year:
Amortized cost	2,007	402
Gross unrealized gain	16
Gross unrealized loss
Fair value	2,023	402
Matures within one year [Member]
Matures within one year:
Amortized cost	25,695	13,508
Gross unrealized gain	225	210
Gross unrealized loss
Fair value	25,920	13,718
Matures after one year through four years Corporate debentures [Member]
Matures within one year:
Amortized cost	83,016	63,611
Gross unrealized gain	869	1,815
Gross unrealized loss	(257)	(3)
Fair value	83,628	65,423
Matures after one year through four years Government debentures [Member]
Matures within one year:
Amortized cost	10,210	6,145
Gross unrealized gain	29	79
Gross unrealized loss	(51)	(11)
Fair value	10,188	6,213
Matures after one year through four years [Member]
Matures within one year:
Amortized cost	93,226	69,756
Gross unrealized gain	898	1,894
Gross unrealized loss	(308)	(14)
Fair value	$ 93,816	$ 71,636

Marketable Securities (Details) - Schedule of investments with continuous unrealized losses for less than 12 months and 12 months or greater and their related fair values - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Marketable Securities (Details) - Schedule of investments with continuous unrealized losses for less than 12 months and 12 months or greater and their related fair values [Line Items]
Less than 12 months, Fair value	$ 50,897	$ 6,823
Less than 12 months, Unrealized losses	(308)	(14)
12 months or greater, Fair value
12 months or greater, Unrealized losses
Fair value	50,897	6,823
Unrealized losses	(308)	(14)
Corporate debentures [Member]
Marketable Securities (Details) - Schedule of investments with continuous unrealized losses for less than 12 months and 12 months or greater and their related fair values [Line Items]
Less than 12 months, Fair value	42,248	3,821
Less than 12 months, Unrealized losses	(257)	(3)
12 months or greater, Fair value
12 months or greater, Unrealized losses
Fair value	42,248	3,821
Unrealized losses	(257)	(3)
Government debentures [Member]
Marketable Securities (Details) - Schedule of investments with continuous unrealized losses for less than 12 months and 12 months or greater and their related fair values [Line Items]
Less than 12 months, Fair value	8,649	3,002
Less than 12 months, Unrealized losses	(51)	(11)
12 months or greater, Fair value
12 months or greater, Unrealized losses
Fair value	8,649	3,002
Unrealized losses	$ (51)	$ (11)

Fair Value Measurements (Details) - Schedule of assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Assets:
Marketable securities	$ 119,736	$ 85,354
Foreign currency derivative contracts	62
Total financial assets	119,798	85,354
Fair Value, Inputs, Level 1 [Member]
Assets:
Marketable securities
Foreign currency derivative contracts
Total financial assets
Fair Value, Inputs, Level 2 [Member]
Assets:
Marketable securities	119,736	85,354
Foreign currency derivative contracts	62
Total financial assets	119,798	85,354
Fair Value, Inputs, Level 3 [Member]
Assets:
Marketable securities
Foreign currency derivative contracts
Total financial assets

Inventories (Details) - USD ($) $ in Thousands	9 Months Ended
Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020
Inventories [Abstract]
Inventory related to differed revenues	$ 5,578
Inventory write - offs	$ 4,223	$ 2,554

Inventories (Details) - Schedule of inventories - USD ($)
$ in Thousands

Sep. 30, 2021

Dec. 31, 2020

Schedule of inventories [Abstract]

Raw materials and components

$ 23,919

$ 18,026

Finished products

^[1]

31,425

34,461

Inventories

$ 55,344

$ 52,487

[1]	Including amounts of $5,578 and $10,628 as of September 30, 2021 and December 31, 2020, respectively, with respect to inventory delivered to customers for which revenue was not yet recognized.

Derivatives and Hedging Activities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair value of outstanding forward and option	$ 62	$ 0
Pretax income from derivatives designated in cash flow hedging relationships	9		$ 24
Estimated net amount of existing gains reported in accumulated other comprehensive income	$ 48

Derivatives and Hedging Activities (Details) - Schedule of transactions are designated as hedge accounting - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Schedule of transactions are designated as hedge accounting [Abstract]
Cash flow hedge	$ 9,276

Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Commitments And Contingent Liabilities [Abstract]
Lines of credit maximum borrowings	$ 2,000
Interest rate, description	This line of credit is unsecured and available provided that the Company maintains a 30% ratio of total tangible shareholders' equity to total tangible assets, and that the total credit use will be less than 70% of the Company and its subsidiaries’ receivables. Interest rates across this credit line varied from 0.3% to Prime (Israel Interbank Offered Rate) +0.7% (currently 2.3%) as of September 30, 2021.
Purchase commitments	$ 54,683
Royalties percentage	2.50%
Maximum amount of royalties payment	$ 625
Royalty expense	469	$ 469
Actual guaranteed rent	$ 575

Earnings (Losses) Per Share (Details) - Schedule of computation of basic and diluted net earnings per share - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Numerator for basic and diluted net earnings (losses) per share:
Net income (loss) (in Dollars)	$ 14,573	$ (10,684)
Weighted average shares outstanding:
Denominator for basic earnings (losses) per share	46,200,884	41,059,090
Effect of dilutive securities:
Share options, warrants and restricted share units	1,645,193
Denominator for diluted earnings (losses) per share	47,846,077	41,059,090
Basic earnings (losses) per share (in Dollars per share)	$ 0.32	$ (0.26)
Diluted earnings (losses) per share (in Dollars per share)	$ 0.3	$ (0.26)

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

+ Details

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	9 Months Ended
	Sep. 14, 2020	Jan. 10, 2017	May 01, 2016	Sep. 16, 2020	Sep. 30, 2021	Sep. 30, 2020
Shareholders' Equity (Details) [Line Items]
Aggregate net proceeds				$ 161,981
Unrecognized compensation expense					$ 2,069
Weighted average vesting period					1 year 11 months 12 days
Ordinary shares available for future grant (in Shares)					4,111,196
Exercise price (in Dollars per share)	$ 59.26
Vasting payments	$ 5,000		$ 5,000
Class of warrant exercisable (in Shares)				2,162,463
Ordinary shares received exercise (in Shares)				1,689,942
Additional warrants to purchase	3,401,028
Purchased products and services	$ 400,000
Warrants are exercisable					$ 427,559
Recognized reduction revenues					$ 17,568	$ 3,564
Master Purchase Agreement [Member]
Shareholders' Equity (Details) [Line Items]
Warrants to purchase ordinary shares (in Shares)		2,932,176
Exercise price (in Dollars per share)		$ 13.04
Payments for purchased products and services			$ 150,000
Class of warrant exercisable (in Shares)					769,713
Restricted Stock Units (RSUs) [Member]
Shareholders' Equity (Details) [Line Items]
Unrecognized compensation expense					$ 39,023
Weighted average vesting period					2 years 10 months 6 days
Weighted average fair value of options granted (in Dollars per share)					$ 108.9
Options exercisable, description					The Company's Board of Directors has approved Equity Incentive Plans pursuant to which the Company is authorized to issue to employees, directors and officers of the Company and its subsidiaries (the "optionees") options to purchase ordinary shares of NIS 0.01 par value each, at an exercise price equal to at least the fair market value of the ordinary shares at the date of grant. 25% of total options are exercisable one year after the date determined for each optionee and a further 6.25% become exercisable at the end of each subsequent three-month period over the following 3 years. Under the Equity Incentive Plans, beginning in 2017, the Company grants Restricted Stock Units (“RSUs”). The RSUs generally vest over a period of four years of employment. Options and RSUs that have vested are exercisable for up to 10 years from the grant date of the options or RSU to each employee. Options and RSUs that are cancelled or forfeited before expiration become available for future grants.
IPO [Member]
Shareholders' Equity (Details) [Line Items]
Ordinary shares sold (in Shares)				2,999,999
Net proceeds from offering				$ 1,689,942

Shareholders' Equity (Details) - Summary of company's share option activity $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares
Summary of company's share option activity [Abstract]
Number of Options, Outstanding, Beginning balance \| shares	686,456
Weighted average exercise price Outstanding, Beginning balance \| $ / shares	$ 18.66
Weighted- average remaining contractual term, Outstanding, Beginning balance	6 years 10 months 13 days
Aggregate intrinsic value, Outstanding, Beginning balance \| $	$ 48,375
Number of shares upon exercise, Outstanding, Ending balance \| shares	451,979
Weighted average exercise price, Outstanding, Ending balance \| $ / shares	$ 19.6
Weighted- average remaining contractual term, Outstanding, Ending balance	6 years 29 days
Aggregate intrinsic value, Outstanding, Ending balance \| $	$ 56,296
Number of shares upon exercise, Exercisable \| shares	296,525
Weighted average exercise price, Exercisable \| $ / shares	$ 15.32
Weighted- average remaining contractual term, Exercisable	5 years 4 months 17 days
Aggregate intrinsic value, Exercisable \| $	$ 38,203
Number of shares upon exercise, Granted \| shares	5,005
Weighted average exercise price, Granted \| $ / shares	$ 125.25
Weighted-Average Remaining Contractual Term, Granted
Aggregate intrinsic value, Granted \| $
Number of shares upon exercise, Exercised \| shares	(217,547)
Weighted average exercise price, Exercised \| $ / shares	$ 19.04
Weighted-Average Remaining Contractual Term, Exercised
Aggregate intrinsic value, Exercised \| $	$ 11,951
Number of shares upon exercise, Forfeited \| shares	(21,935)
Weighted average exercise price, Forfeited \| $ / shares	$ 19.12
Weighted-Average Remaining Contractual Term, Forfeited
Aggregate intrinsic value, Forfeited \| $

Shareholders' Equity (Details) - Summary of the RSUs activity - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2021 shares
Shareholders' Equity (Details) - Summary of the RSUs activity [Line Items]
Unvested at beginning of year	834,321
Granted	242,685
Vested	(271,164)
Forfeited	(71,884)
Unvested at the end of the year	733,958

Shareholders' Equity (Details) - Schedule of share based compensation expense - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Shareholders' Equity (Details) - Schedule of share based compensation expense [Line Items]
Total share-based compensation expense	$ 10,969	$ 7,310
Cost of products [Member]
Shareholders' Equity (Details) - Schedule of share based compensation expense [Line Items]
Total share-based compensation expense	1,000	772
Cost of services [Member]
Shareholders' Equity (Details) - Schedule of share based compensation expense [Line Items]
Total share-based compensation expense	750	568
Research and development, net [Member]
Shareholders' Equity (Details) - Schedule of share based compensation expense [Line Items]
Total share-based compensation expense	1,810	1,243
Sales and marketing [Member]
Shareholders' Equity (Details) - Schedule of share based compensation expense [Line Items]
Total share-based compensation expense	3,651	2,150
General and administrative [Member]
Shareholders' Equity (Details) - Schedule of share based compensation expense [Line Items]
Total share-based compensation expense	$ 3,758	$ 2,577

Accumulated other Comprehensive Income (Loss) (Details) - Schedule of changes in accumulated balances of other comprehensive income (loss)	9 Months Ended
	Sep. 30, 2021 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 2,733
Other comprehensive income (loss) before reclassifications	(1,176)
Amounts reclassified from accumulated other comprehensive income	43
Net current period other Comprehensive income (loss)	(1,133)
Ending Balance	1,600
Unrealized gain (loss) on marketable securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	1,933
Other comprehensive income (loss) before reclassifications	(1,149)
Amounts reclassified from accumulated other comprehensive income	(32)
Net current period other Comprehensive income (loss)	(1,181)
Ending Balance	752
Unrealized gain on cash flow hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance
Other comprehensive income (loss) before reclassifications	(27)
Amounts reclassified from accumulated other comprehensive income	75
Net current period other Comprehensive income (loss)	48
Ending Balance	48
Foreign currency translation adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	800
Other comprehensive income (loss) before reclassifications
Amounts reclassified from accumulated other comprehensive income
Net current period other Comprehensive income (loss)
Ending Balance	$ 800

Revenue Recognition (Details) - USD ($) $ in Thousands	9 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Revenue Recognition [Abstract]
Contract liabilities	$ 11,824	$ 27,156
Recognized revenues	16,535
Provision for returns	$ 2,238	$ 1,759

Revenue Recognition (Details) - Schedule of Revenue disaggregated by revenue source - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 234,458	$ 121,040
Systems [Member]
Disaggregation of Revenue [Line Items]
Total revenue	139,979	55,266
Ink and consumables [Member]
Disaggregation of Revenue [Line Items]
Total revenue	66,703	48,270
Services [Member]
Disaggregation of Revenue [Line Items]
Total revenue	14,620	10,566
Service contracts and software subscriptions [Member]
Disaggregation of Revenue [Line Items]
Total revenue	$ 13,156	$ 6,938

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income after deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References + Details

Revenue Recognition (Details) - Schedule of revenue disaggregated by geography based on customer location - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Revenue Recognition (Details) - Schedule of revenue disaggregated by geography based on customer location [Line Items]
Total revenue	$ 234,458	$ 121,040
U.S [Member]
Revenue Recognition (Details) - Schedule of revenue disaggregated by geography based on customer location [Line Items]
Revenue	157,523	71,471
EMEA [Member]
Revenue Recognition (Details) - Schedule of revenue disaggregated by geography based on customer location [Line Items]
Revenue	52,745	31,581
Asia Pacific [Member]
Revenue Recognition (Details) - Schedule of revenue disaggregated by geography based on customer location [Line Items]
Revenue	17,129	10,624
Other [Member]
Revenue Recognition (Details) - Schedule of revenue disaggregated by geography based on customer location [Line Items]
Revenue	$ 7,061	$ 7,364

Revenue Recognition (Details) - Schedule of remaining performance obligations represents contracted revenues $ in Thousands	Sep. 30, 2021 USD ($)
Remainder of 2021 [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total	$ 15,441
Remainder of 2021 [Member] \| Product [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total	12,672
Remainder of 2021 [Member] \| Services [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total	2,769
2023 and thereafter [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total	400
2023 and thereafter [Member] \| Product [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total
2023 and thereafter [Member] \| Services [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total	400
2022 [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total	3,735
2022 [Member] \| Services [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total	$ 3,735

Transactions with Related Parties (Details) - USD ($) $ in Thousands	8 Months Ended	9 Months Ended
	Sep. 13, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Transactions with Related Parties (Details) [Line Items]
Trade payables balances		$ 30,630		$ 32,016
Tritone technologies, description	The rent under the sublease is approx. $2 per month. The sublease agreement is carried out on a “back-to-back” basis, as the Company pays over the rent that it receives directly to its landlord. As of September 30, 2021 and December 31, 2020, the Company had a trade receivable balance due from this related party in an amount of $5 and $3, respectively.
Consideration to be paid description		Total consideration to be paid to Magalcom pursuant to this transaction is approximately $650. During the nine months ended September 30, 2021 and 2020 service fees amounted to $518 and $0 respectively. As of September 30, 2021 and December 31, 2020, the Company had a trade payables balance due to this related party in an amount of $404 and $9, respectively.
Fritz Companies Israel T. Ltd [Member]
Transactions with Related Parties (Details) [Line Items]
Logistic service fees		$ 3,481	$ 2,659
Trade payables balances		587		1,546
Acord Insurance Agency Ltd [Member]
Transactions with Related Parties (Details) [Line Items]
Total premium		289	742
Priority Software Ltd.[Member]
Transactions with Related Parties (Details) [Line Items]
Additional licenses		172	$ 61
Trade payables balances due to this related party		$ 0		$ 65