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CAMTEK ANNOUNCES RECORD RESULTS FOR THE SECOND QUARTER OF 2025

1. Q2 revenues reached $123.3 million, up 20% YoY. 2. Gross margins remained strong around 52%, indicating investment efficiency. 3. CAMT anticipates Q3 revenue of $125 million, nearing half a billion annual run rate. 4. CEO emphasizes AI demand driving growth in advanced packaging segment. 5. Strong order flow supports optimistic outlook for fourth quarter 2025.

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FAQ

Why Very Bullish?

The significant revenue growth, robust margins, and a positive outlook signal strong company performance, reflecting a bullish sentiment historically observed when similar earnings reports yielded price increases.

How important is it?

The article outlines key financial metrics and growth projections, directly influencing investor perceptions of CAMT's valuation.

Why Long Term?

The growth momentum and new market opportunities may lead to sustained profitability, as seen in prior fiscal trends following strong earnings.

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Anticipates continued growth in Q3, with revenues of approximately $125 million, representing an annualized run rate of half a billion dollars , /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the second quarter ended June 30, 2025.  2025 Second Quarter Financial Highlights  Record revenues of $123.3 million, a 20% YoY increase; GAAP gross margin of 50.8% and non-GAAP gross margin of 51.9%;  GAAP operating income of $32.0 million (up 24% YoY) and non-GAAP operating income of $37.4 million (up 21% YoY), representing operating margins of 25.9% and 30.3%, respectively; and GAAP net income of $33.7 million (up 20% YoY) and non-GAAP net income of $38.8 million (up 19% YoY); GAAP diluted EPS of $0.69 and non-GAAP diluted EPS of $0.79. Forward-Looking Expectations  Management expects continued growth in the third quarter of 2025 with revenue of approximately $125 million, representing an annual run rate of half a billion dollars in revenue. Management Comment Rafi Amit, Camtek's CEO commented, "Camtek continues to deliver record performance in 2025, with 20% year-over-year growth in revenues and strong gross margins at around the 52% level, contributing to record quarterly operating income. Our ongoing growth continues to be driven primarily by the high-performance computing applications for AI." Continued Mr. Amit, "The Advanced Packaging segment is rapidly evolving with technological advancements, to support the requirements of the fast-paced evolution of High-Performance Computers for AI. The market for advanced packaging solutions that enable AI is projected to grow at a rapid rate in the coming years. We anticipate these new requirements to trigger an industry-wide upgrade cycle, fueling demand for next-generation inspection and metrology tools. Our recently introduced Eagle G5 and Hawk systems are built with a view of these new technological requirements and have, to date, been very well received by the market." Concluded Mr. Amit, "Looking ahead, in the third quarter we expect to reach our significant milestone and long-term goal of half a billion dollars in revenue, and we continue to have a healthy order flow and pipeline into the fourth quarter. Camtek has become a market leader in its domain. We believe that the new packaging technologies represent major growth opportunities for us in the coming years." Second Quarter 2025 Financial Results  Revenues for the second quarter of 2025 were $123.3 million. This compares to second quarter 2024 revenues of $102.6 million, a year-over-year growth of 20%.  Gross profit on a GAAP basis in the quarter totaled $62.2 million (50.8% of revenues), an increase of 22% compared to $51.1 million (49.9% of revenues) in the second quarter of 2024.  Gross profit on a non-GAAP basis in the quarter totaled $64.0 million (51.9% of revenues), an increase of 22% compared to $52.4 million (51.0% of revenues) in the second quarter of 2024.  Operating income on a GAAP basis in the quarter totaled $32.0 million (25.9% of revenues), an increase of 24% compared to $25.9 million (25.2% of revenues) in the second quarter of 2024.  Operating income on a non-GAAP basis in the quarter totaled $37.4 million (30.3% of revenues), an increase of 21% compared to $30.8 million (30.0% of revenues) in the second quarter of 2024. Net income on a GAAP basis in the quarter totaled $33.7 million, or $0.69 per diluted share, an increase of 21% compared to net income of $28.0 million, or $0.57 per diluted share, in the second quarter of 2024.  Net income on a non-GAAP basis in the quarter totaled $38.8 million, or $0.79 per diluted share, an increase of 19% compared to a non-GAAP net income of $32.6 million, or $0.66 per diluted share, in the second quarter of 2024.  Cash and cash equivalents, short-term and long-term deposits, and marketable securities, as of June 30, 2025, were $543.9 million compared to $522.6 million as of March 31, 2025. During the second quarter, the Company generated an operating cash flow of $23.5 million. Conference Call Camtek will host a video conference call/webinar today via Zoom, on August 5, 2025, at 09:00 ET (16:00 Israel time). Rafi Amit, CEO, Moshe Eisenberg, CFO, and Ramy Langer, COO will host the call and will be available to answer questions after presenting the results.  To participate in the webinar, please register using the following link, which will provide access to the video call: https://us06web.zoom.us/webinar/register/WN_vO7fjrtzSI2vxwrecVbQNQ. For those wishing to listen via phone, following registration, the dial in link will be sent. For any problems in registering, please email Camtek's investor relations a few hours in advance of the call.  For those unable to participate, a recording will be available on Camtek's website at http://www.camtek.com within a few hours after the call. A summary presentation of the quarterly results will also be available on Camtek's website.  ABOUT CAMTEK LTD. Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry. Camtek's systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end and up to the beginning of assembly (Post Dicing). Camtek's systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Heterogenous Integration, Memory and HBM, CMOS Image Sensors, Compound Semiconductors, MEMS, and RF, serving numerous industries' leading global IDMs, OSATs, and foundries. With manufacturing facilities in Israel and Germany, and eight offices around the world, Camtek provides state of the art solutions in line with customers' requirements. This press release is available at http://www.camtek.com. This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek's current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, including our expectations and statements relating to the compound semiconductors market and our position in this market and the anticipated timing of delivery of the systems. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to, the effects of the evolving nature of the war situation in Israel, and the related evolving regional conflicts; the continued demand and future contribution of HPC, HBM and Chiplet applications and devices to the Company business resulting from, among other things, the field of AI surging worldwide across companies, industries and geographies; formal or informal imposition by countries of new or revised export and/or import and doing-business regulations or sanctions, including but not limited to changes in U.S. trade policies, changes or uncertainty related to the U.S. government entity list and changes in the ability to sell products incorporating U.S. originated technology, which can be made without prior notice, and our ability to effectively address such global trade issues and changes; our dependency on the semiconductor industry and the risk that adverse economic conditions, reduced capital expenditures, or cyclical downturns may negatively impact our results; the concentration of our business in certain Asia Pacific countries, particularly China, Taiwan, and Korea, which may be subject to trade restrictions, regulatory changes, or geopolitical tensions; and those other factors discussed in our Annual Report on Form 20-F as published on March 19, 2025 as well as other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the Securities and Exchange Commission. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Camtek does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law. While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.  This press release provides financial measures that exclude: (i) share based compensation expenses; and (ii) acquisition related expenses and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors. A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release.  Logo: https://mma.prnewswire.com/media/1534463/Camtek_logo.jpg CAMTEK LTD.Moshe Eisenberg, CFO Tel: +972 4 604 8308 Mobile: +972 54 900 7100 [email protected]  INTERNATIONAL INVESTOR RELATIONS EK Global Investor Relations Ehud Helft Tel: (US) 1 212 378 8040 [email protected]  Consolidated Balance Sheets (unaudited) (In thousands) June 30, December 31, 2025 2024 U.S. Dollars Assets Current assets Cash and cash equivalents 192,028 126,224 Short-term deposits 204,000 231,000 Marketable securities 39,965 30,813 Trade accounts receivable, net 112,018 99,471 Inventories 133,709 111,204 Other current assets 21,218 21,347 Total current assets 702,938 620,059 Long-term deposits 20,000 26,000 Marketable securities 87,867 87,115 Long-term inventory 15,359 11,879 Deferred tax asset, net 3,711 3,090 Other assets, net 2,060 2,001 Property, plant and equipment, net 56,805 54,196 Intangible assets, net 11,656 13,357 Goodwill 74,345 74,345     Total non- current assets 271,803 271,983 Total assets 974,741 892,042 Liabilities and shareholders' equity Current liabilities Trade accounts payable 40,895 46,630 Other current liabilities 89,080 77,280 Total current liabilities 129,975 123,910 Long-term liabilities Deferred tax liabilities, net 5,210 5,606 Other long-term liabilities 14,600 15,366 Convertible notes 198,472 197,925     Total long-term liabilities 218,282 218,897 Total liabilities 348,257 342,807 Commitments and contingencies Shareholders' equity Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at June 30, 2025 and at December 31, 2024; 47,794,821 issued shares at June 30, 2025 and 47,541,682 at December 31, 2024; 45,702,445 shares outstanding at June 30, 2025 and 45,449,306 at December 31, 2024 178 177 Additional paid-in capital 223,206 214,931 Accumulated other comprehensive income (loss) 1,170 203 Retained earnings 403,828 335,822 628,382 551,133 Treasury stock, at cost (2,092,376 shares as of June 30, 2025 and December 31, 2024) (1,898) (1,898) Total shareholders' equity 626,484 549,235 Total liabilities and shareholders' equity 974,741 892,042 Consolidated Statements of Income (unaudited) (in thousands) Six months endedJune 30, Three monthsended June 30, Year endedDecember 31, 2025 2024 2025 2024 2024 U.S. dollars U.S. dollars U.S. dollars Revenues 241,955 199,601 123,317 102,591 429,234 Cost of revenues 118,780 103,638 60,706 51,447 219,283 Gross profit 123,175 95,963 62,611 51,144 209,951 Operating expenses: Research and development 21,836 18,146 11,474 9,196 38,287 Selling, general and administrative 36,665 30,694 19,163 16,063 63,595 Total operating expenses 58,501 48,840 30,637 25,259 101,882 Operating income 64,674 47,123 31,974 25,885 108,069 Financial income, net 10,375 10,624 4,942 5,014 23,169 Income before income taxes 75,049 57,747 36,916 30,899 131,238 Income tax expense (7,043) (4,984) (3,221) (2,935) (12,723) Net income  68,006 52,763 33,695 27,964 118,515 Earnings per share information: Six months endedJune 30, Three monthsended June 30, Year endedDecember 31, 2025 2024 2025 2024 2024 U.S. dollars U.S. dollars U.S. dollars Basic net earnings per share (in US dollars) 1.49 1.17 0.74 0.62 2.62 Diluted net earnings per share  (in US dollars) 1.39 1.08 0.69 0.57 2.63 Weighted average number of   ordinary shares outstanding   (in thousands): Basic 45,622 45,160 45,682 45,246 45,279 Diluted 49,306 49,283 49,327 49,310 49,369 Reconciliation of GAAP To Non-GAAP results (In thousands, except share data) Six Months endedJune 30, Three Months ended June 30, Year endedDecember 31, 2025 2024 2025 2024 2024 U.S. dollars U.S. dollars U.S. dollars Reported net income attributable to     Camtek Ltd. on GAAP basis 68,006 52,763 33,695 27,964 118,515 Acquisition of FRT related expenses (1) 1,300 4,034 650 650 5,334 Share-based compensation 8,203 7,109 4,493 3,991 14,775 Non-GAAP net income 77,509 63,906 38,838 32,605 138,624 Non–GAAP net income per diluted share 1.57 1.30 0.79 0.66 2.83 Gross margin on GAAP basis 50.9 % 48.1 % 50.8 % 49.9 % 49.6 % Reported gross profit on GAAP basis 123,175 95,963 62,611 51,144 209,951 Acquisition of FRT related expenses (1) 1,220 4,582 610 610 5,802 Share-based compensation 1,344 1,006 763 608 2,197 Non- GAAP gross profit 125,729 101,551 63,984 52,362 217,950 Non-GAAP gross margin 52.0 % 50.9 % 51.9 % 51.0 % 50.8 % Reported operating income attributable to Camtek Ltd. on GAAP basis 64,674 47,123 31,974 25,885 108,069 Acquisition of FRT related expenses (1) 1,856 5,599 928 928 7,455 Share-based compensation 8,203 7,109 4,493 3,991 14,775 Non-GAAP operating income 74,733 59,831 37,395 30,804 130,299 SOURCE Camtek Ltd. 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