Q1 revenues of $121.7 million; Expects over 25% revenue growth in 2H26 versus 1H26 based on strong order momentum
Q2 revenue guidance of $129-131 million
MIGDAL HAEMEK, Israel, May 12, 2026 /PRNewswire/ — Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the first quarter ended March 31, 2026.
2026 First Quarter Financial Highlights
Revenues of $121.7 million, a slight year-over-year increase;GAAP gross margin of 50.1% and non-GAAP gross margin of 51.0%;GAAP operating income of $27.3 million and non-GAAP operating income of $31.1 million, representing operating margins of 22.4% and 25.5%, respectively; andGAAP net income of $31.6 million and non-GAAP net income of $35.3 million; GAAP diluted EPS of $0.63 and non-GAAP diluted EPS of $0.70.
Forward-Looking Expectations
Based on Camtek’s backlog and pipeline, guidance for the second quarter is for revenues between $129 million and $131 million. Expects a significant increase in second half 2026 with revenues expected to grow by over 25% versus first half 2026 revenues.
Management Comment
Rafi Amit, Camtek’s CEO commented, “I’m pleased to share that we have experienced an unprecedented start to the year in terms of incoming orders. This exceptional demand has substantially improved our confidence regarding the results over the remainder of 2026 and provides us with a strong foundation as we already start to look ahead into 2027.”
Continued Mr. Amit, “Camtek continues to invest heavily in innovation in advanced AI-based algorithms and software capabilities. Leveraging our dedicated AI expert team and our strategic collaboration with Visual Layer whose acquisition we recently closed, we have developed additional cutting-edge capabilities in detection, metrology, and classification. These new capabilities are already demonstrating breakthrough performance, and we believe will further strengthen our competitive edge.”
Mr. Amit concluded, “Based on the strong market demand we have experienced, we expect a surge in revenues in the second half of 2026, with revenues expected to grow by over 25% compared with the first half.”
First Quarter 2026 Financial Results
Revenues for the first quarter of 2026 were $121.7 million. This compares to first quarter 2025 revenues of $118.6 million, representing a year-over-year growth of 2.5%.
Gross profit on a GAAP basis in the quarter totaled $60.9 million (50.1% of revenues), similar to a gross profit of $60.6 million (51.0% of revenues) in the first quarter of 2025.
Gross profit on a non-GAAP basis in the quarter totaled $61.9 million (51.0% of revenues), similar to a gross profit of $61.8 million (52.1% of revenues) in the first quarter of 2025.
Operating income on a GAAP basis in the quarter totaled $27.3 million (22.4% of revenues), a decrease of 17% compared to an operating income of $32.7 million (27.6% of revenues) in the first quarter of 2025.
Operating income on a non-GAAP basis in the quarter totaled $31.1 million (25.5% of revenues), a decrease of 17% compared to $37.3 million (31.5% of revenues) in the first quarter of 2025.
Net income on a GAAP basis in the quarter totaled $31.6 million, or $0.63 per diluted share, a decrease of 8% compared to net income of $34.3 million, or $0.70 per diluted share, in the first quarter of 2025.
Net income on a non-GAAP basis in the quarter totaled $35.3 million, or $0.70 per diluted share, a decrease of 9% compared to a non-GAAP net income of $38.7 million, or $0.79 per diluted share, in the first quarter of 2025.
Cash and cash equivalents, short-term and long-term deposits, and marketable securities, as of March 31, 2026, were $849.7 million compared to $851.1 million as of December 31, 2025, and $522.6 million as of March 31, 2025. During the first quarter, the Company generated an operating cash flow of $3.1 million.
Conference Call
Camtek will host a video conference call/webinar today via Zoom, on May 12, 2026, 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_Ny2_wROuSXmYAH3JpArfaA
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, Heterogeneous 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 our future earnings and guidance, the compound semiconductors market and our position in this market. 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, risks related to the ongoing hostilities in the Middle East; the impact of disruptions to global shipment and supply chain, including but not limited to increased risk and disruption around the Strait of Hormuz, and broader impacts on energy and freight markets; the continued demand and future contribution of 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 nations; 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; risks related to fluctuations in foreign currency exchange rates; and those other factors discussed in our Annual Report on Form 20-F as published on March 19, 2026, 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. The results reported in this press-release are preliminary unaudited results, and investors should be aware of possible discrepancies between these results and the audited results to be reported, due to various factors.
CAMTEK LTD. and its subsidiaries
Condensed Interim Consolidated Balance Sheets (Unaudited)
(In thousands)
March 31,
December 31,
2026
2025
U.S. Dollars
Assets
Current assets
Cash and cash equivalents
199,597
177,848
Short-term deposits
380,440
411,450
Marketable securities
90,224
78,862
Trade accounts receivable, net
131,743
90,829
Inventories
99,975
112,202
Other current assets
35,505
25,804
Total current assets
937,484
896,995
Marketable securities
179,488
182,941
Long-term inventory
16,764
15,569
Deferred tax asset, net
12,933
12,933
Other assets, net
1,572
1,881
Property, plant and equipment, net
55,857
55,090
Right of use assets, net
10,243
10,017
Intangible assets, net
9,374
10,062
Goodwill
74,345
74,345
Total non- current assets
360,576
362,838
Total assets
1,298,060
1,259,833
Liabilities and shareholders’ equity
Current liabilities
Trade accounts payable
34,305
33,676
Other current liabilities
77,964
73,749
Total current liabilities
112,269
107,425
Long-term liabilities
Deferred tax liabilities, net
819
1,261
Other long-term liabilities
14,633
14,311
Convertible notes
487,811
519,833
Total long-term liabilities
503,263
535,405
Total liabilities
615,532
642,830
Commitments and contingencies
Shareholders’ equity
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at March
31, 2026 and at December 31, 2025;
46,044,477 shares outstanding at March 31, 2026 and 45,828,133 at
December 31, 2025
180
178
Additional paid-in capital
267,735
231,892
Accumulated other comprehensive income (loss)
(1,678)
287
Retained earnings
418,189
386,544
684,426
618,901
Treasury stock, at cost (2,092,376 as of March 31, 2026 and December 31,
2025)
(1,898)
(1,898)
Total shareholders’ equity
682,528
617,003
Total liabilities and shareholders’ equity
1,298,060
1,259,833
CAMTEK LTD. and its subsidiaries
Condensed Interim Consolidated Statement of Income (unaudited)
(in thousands)
Three months ended
March 31,
Year ended
December 31,
2026
2025
2025
U.S. dollars
Revenues
121,659
118,638
496,072
Cost of revenues
60,730
58,074
245,755
Gross profit
60,929
60,564
250,317
Operating expenses:
Research and development
14,323
10,362
48,345
Selling, general and administrative
19,340
17,502
73,769
Total operating expenses
33,663
27,864
122,114
Operating profit
27,266
32,700
128,203
Financial income, net
8,149
5,433
25,064
Other expenses
–
–
(100,932)
Income before incomes taxes
35,415
38,133
52,335
Income tax expense
(3,770)
(3,822)
(1,613)
Net income
31,645
34,311
50,722
Basic net earnings per share (in US dollars)
0.68
0.75
1.11
Diluted net earnings per share (in US dollars)
0.63
0.70
1.04
Weighted average number of
ordinary shares outstanding:
Basic
46,348
45,561
45,703
Diluted
51,471
49,286
49,970
CAMTEK LTD. and its subsidiaries
(In thousands, except share data)
Three months ended
March 31,
Year ended
December 31,
2026
2025
2025
U.S. dollars
U.S. dollars
Reported net income attributable to
Camtek Ltd. on GAAP basis
31,645
34,311
50,722
Acquisition of FRT-related expenses (1)
489
650
2,801
Loss from extinguishment of Capital Notes (2)
–
–
88,682
Share-based compensation
3,122
3,710
16,819
Non-GAAP net income
35,256
38,671
159,024
Non –GAAP net income per share, diluted
0.70
0.79
3.26
Gross margin on GAAP basis
50.1 %
51.0 %
50.4 %
Reported gross profit on GAAP basis
60,929
60,564
250,317
Acquisition of FRT-related expenses (1)
610
610
2,895
Share-based compensation
452
584
2,806
Non-GAAP gross profit
61,991
61,758
51.6 %
Non- GAAP gross margin
51.0 %
52.1 %
256,018
Reported operating income attributable to
Camtek Ltd. on GAAP basis
27,266
32,700
128,303
Acquisition of FRT-related expenses (1)
692
928
4,000
Share-based compensation
3,122
3,710
16,819
Non-GAAP operating income
31,080
37,338
149,122
(1) During the three-month period ended March 31, 2026, the Company recorded acquisition-related expenses of $0.5 million, consisting of: (1) $0.6 million amortization of intangible assets acquired recorded under cost of revenues line item. (2) $0.1 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (3) $0.2 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
During the three-month period ended March 31, 2025, the Company recorded acquisition-related expenses of $0.6 million, consisting of: (1) $0.6 million amortization of intangible assets acquired recorded under cost of revenues line item. (2) $0.3 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (3) $0.3 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
During the year ended December 31, 2025, the Company recorded acquisition-related expenses of $2.8 million, consisting of: (1) inventory written-up to fair value in purchase accounting charges of $0.5 million. This amount is recorded under cost of revenues line item. (2) $2.4 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $1.1 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (4) $1.2 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
(2) During the year ended December 31, 2025, the Company recorded a loss of $88.7 million, consisting of: (1) $100.9 million from the extinguishment of Capital Notes recorded under the other expenses line item. (2) $12.3 million tax benefit recorded under the income tax benefit line item.
Camtek Ltd.
P.O.Box 544, Ramat Gabriel Industrial Park
Migdal Ha’Emek 23150, ISRAEL
Tel: +972 (4) 604-8100 Fax: +972 (4) 644-0523
E-Mail: Info@camtek.com Web site: http://www.camtek.com
CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com
INTERNATIONAL INVESTOR RELATIONS
EK Global Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040
camtek@ekgir.com
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SOURCE Camtek Ltd.
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