CAMTEK ANNOUNCES RECORD RESULTS FOR THE FOURTH QUARTER & FULL YEAR 2025

Rhea-AI Summary

Camtek (NASDAQ: CAMT) reported record revenues of $128.1M in Q4 2025 (up 9% YoY) and $496.1M for full-year 2025 (up 16% YoY). GAAP gross margin was ~50% and non-GAAP gross margin ~51%. Q4 GAAP net income was $35.9M and full-year GAAP net income was $50.7M (down 43% YoY); full-year non-GAAP net income was $159.0M (up 15% YoY). GAAP diluted EPS was $1.05 for 2025 and non-GAAP diluted EPS was $3.26. The company generated over $61M cash from operations and expects double-digit revenue growth in 2026.

Positive

• Record full-year revenue of $496.1M (+16% YoY)
• Record Q4 revenue of $128.1M (+9% YoY)
• Strong gross margins: GAAP ~50%, non-GAAP ~51%
• Generated > $61M cash from operating activities
• Full-year non-GAAP net income $159.0M (+15% YoY)

Negative

• Full-year GAAP net income declined 43% YoY to $50.7M
• Large GAAP vs non-GAAP earnings gap: GAAP EPS $1.05 vs non-GAAP EPS $3.26

News Market Reaction – CAMT

+0.34%

22 alerts

+0.34% Session close to close

+17.5% Peak in 4 hr 56 min

$7.80B Market Cap

0.7x Rel. Volume

In the Feb 18 session, CAMT gained 0.34%, reflecting a mild positive market reaction. Argus tracked a peak move of +17.5% during that session. Our momentum scanner triggered 22 alerts that day, indicating elevated trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights record Q4 2025 revenue of $128.1M and full-year revenue of $496.1M, wit...

Analysis

This announcement highlights record Q4 2025 revenue of $128.1M and full-year revenue of $496.1M, with both GAAP and non-GAAP gross margins around the 50–51% range. While quarterly GAAP net income grew, full-year GAAP profit of $50.7M declined 43% YoY even as non-GAAP earnings rose, underscoring the importance of adjusting for one-off items. Against a backdrop of prior record quarters and strong AI-related demand, investors may focus on the sustainability of growth, profitability mix, and how guidance for 2026 supports the existing uptrend.

Key Figures

Q4 2025 revenue: $128.1M 2025 revenue: $496.1M Q4 GAAP gross margin: 50.0% +5 more

8 metrics

Q4 2025 revenue $128.1M Record quarterly revenue, up 9% YoY

2025 revenue $496.1M Record full-year revenue, up 16% YoY

Q4 GAAP gross margin 50.0% Fourth quarter 2025

Q4 non-GAAP gross margin 51.1% Fourth quarter 2025

Q4 GAAP net income $35.9M Fourth quarter 2025, up 9% YoY

Q4 non-GAAP net income $40.7M Fourth quarter 2025, up 8% YoY

Q4 GAAP diluted EPS $0.71 Fourth quarter 2025

2025 GAAP net income $50.7M Full-year 2025, down 43% YoY

Previous Earnings Reports

5 past events · Latest: 2025-11-10 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
2025-11-10	Q3 2025 earnings	Positive	-6.7%	Record Q3 revenue and strong non-GAAP results despite GAAP loss.
2025-08-05	Q2 2025 earnings	Positive	-8.7%	Record Q2 revenue and margins driven by AI-related demand.
2025-05-13	Q1 2025 earnings	Positive	-0.8%	Record Q1 revenue and strong GAAP and non-GAAP profitability.
2025-02-12	FY 2024 earnings	Positive	-0.4%	Record Q4 and 2024 results with robust margins and cash flow.
2024-11-12	Q3 2024 earnings	Positive	+7.7%	Record Q3 2024 revenues with strong operating and net income growth.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings releases with strong growth have often seen negative next-day reactions, with 4 of the last 5 earnings moves down.

Recent Company History

Over the past year, Camtek has repeatedly reported record quarterly and annual results, with revenues rising from $429.2M in 2024 to guidance and prints around the half‑billion annual run-rate in 2025. Growth is driven by advanced packaging and AI-related inspection demand. Prior earnings on Feb 12, 2025, May 13, 2025, Aug 5, 2025, and Nov 10, 2025 all highlighted double-digit revenue increases and strong margins, yet four of five saw negative price reactions within 24 hours, showing a pattern of selling into strong financial news.

Key Terms

gaap, non-gaap, diluted eps, yoy

4 terms

gaap financial

"GAAP gross margin of 50.0% and non-GAAP gross margin of 51.1%"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

non-gaap financial

"GAAP gross margin of 50.0% and non-GAAP gross margin of 51.1%"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

diluted eps financial

"GAAP diluted EPS of $0.71 and non-GAAP diluted EPS of $0.81"

Diluted earnings per share (EPS) shows how much profit a company makes for each share of stock, assuming all possible shares from stock options or convertible securities are used. It provides a more conservative estimate than basic EPS, accounting for potential share increases that could dilute ownership. Investors use diluted EPS to get a clearer picture of a company's true profitability on a per-share basis.

yoy financial

"Record revenues of $128.1 million, a 9% YoY increase"

Year-over-year (YoY) measures how a financial number—like revenue, profit, or sales—has changed compared with the same period one year earlier, usually expressed as a percentage. It helps investors strip out regular seasonal swings (like holiday sales) by comparing apples to apples, so they can see whether a company’s underlying performance is truly improving, weakening, or holding steady. Think of it as checking this month’s report card against last year’s same month to spot real trends.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Record revenues: $128.1 million for Q4 & $496.1 million for 2025; Expects double-digit revenue growth in 2026

MIGDAL HAEMEK, Israel, Feb. 18, 2026 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the fourth quarter and year ended December 31, 2025.

 

2025 Fourth Quarter Financial Highlights

• Record revenues of $128.1 million, a 9% YoY increase;
• GAAP gross margin of 50.0% and non-GAAP gross margin of 51.1%, versus gross margins of 49.6% and 50.6% respectively, in the fourth quarter of 2024;
• GAAP net income of $35.9 million (up 9% YoY) and non-GAAP net income of $40.7 million (up 8% YoY);
• GAAP diluted EPS of $0.71 and non-GAAP diluted EPS of $0.81; and
• Generated cash of over $61 million from operating activities.

2025 Full-Year Financial Highlights

• Record revenues of $496.1 million, a 16% YoY increase;
• GAAP gross margin of 50.5% and non-GAAP gross margin of 51.6%, versus gross margins of 48.9% and 50.8% respectively, in 2024;
• GAAP net income of $50.7 million (down 43% YoY) and non-GAAP net income of $159.0 million (up 15% YoY); and
• GAAP diluted EPS of $1.05 and non-GAAP diluted EPS of $3.26.

Forward-Looking Expectations

Based on the backlog, pipeline of orders and discussion with customers, Camtek expects 2026 to be a double-digit growth year.

Management expects first quarter 2026 revenues of around $120 million, with growth expected in the second quarter and more significant growth in the second half of 2026.

Management Comment

Rafi Amit, Camtek's CEO, commented, "2025 is the year in which we reached the significant milestone of half a billion dollars in revenue with robust profitability metrics. We are positioned at the epicenter of the AI market which is experiencing exceptionally strong demand."

Mr. Amit continued, "As we enter 2026, leading manufacturers across the ecosystem are in the process of aggressively expanding their manufacturing capacity. As a result, we are seeing a major and accelerating increase in the demand for Camtek's equipment."

Concluded Mr. Amit, "This increased demand is demonstrated partly by a series of orders received, such as those totaling $45 million which we announced last week, as well as by our growing pipeline and ongoing discussions with our customers. All have reinforced our confidence that 2026 is expected to be another double-digit growth year for Camtek."

Fourth Quarter 2025 Financial Results

Revenues for the fourth quarter of 2025 were $128.1 million, compared to $117.3 million in the fourth quarter of 2024, representing a 9% year-over-year increase.

Gross profit on a GAAP basis in the quarter totaled $64.1 million (50.0% of revenues), compared to $58.1 million (49.6% of revenues) in the fourth quarter of 2024.

Gross profit on a non-GAAP basis in the quarter totaled $65.4 million (51.1% of revenues), compared to $59.3 million (50.6% of revenues) in the fourth quarter of 2024.

Operating income on a GAAP basis in the quarter totaled $31.7 million (24.7% of revenues), compared to $31.3 million (26.7% of revenues) in the fourth quarter of 2024.

Operating income on a non-GAAP basis in the quarter totaled $36.7 million (28.6% of revenues), compared to $36.3 million (30.9% of revenues) in the fourth quarter of 2024.

Net income on a GAAP basis in the quarter totaled $35.9 million, or $0.71 per diluted share, compared to $33.0 million, or $0.67 per diluted share, in the fourth quarter of 2024.

Net income on a non-GAAP basis in the quarter totaled $40.7 million, or $0.81 per diluted share, compared to $37.7 million, or $0.77 per diluted share, in the fourth quarter of 2024.

During the fourth quarter, the Company generated an operating cash flow of $61.2 million.

Full Year 2025 Results Summary

Revenues for 2025 were $496.1 million, a 16% increase compared to $429.2 million in 2024.

Gross profit on a GAAP basis totaled $250.3 million (50.5% of revenues), compared to $209.9 million (48.9% of revenues) in 2024.

Gross profit on a non-GAAP basis totaled $256.0 million (51.6% of revenues), compared to $218.0 million (50.8% of revenues) in 2024.

Operating income on a GAAP basis totaled $128.2 million (25.8% of revenues), compared to $108.1 million (25.2% of revenues) in 2024.

Operating income on a non-GAAP basis totaled $149.0 million (30.0% of revenues), compared to $130.3 million (30.4% of revenues) in 2024.

Net income on a GAAP basis totaled $50.7 million, or $1.05 per diluted share, compared to $118.5 million, or $2.42 per diluted share, in 2024.

Net income on a non-GAAP basis totaled $159.0 million, or $3.26 per diluted share, compared to $138.6 million, or $2.83 per diluted share, in 2024.

Operating cash flow for 2025 was $142.6 million.

Cash and cash equivalents, short-term and long-term deposits, and marketable securities, as of December 31, 2025, were $851.1 million compared to $448.6 million as of December 31, 2024.

Conference Call

Camtek will host a video conference call/webinar today via Zoom, on Wednesday, February 18, 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 prior to the call by using the following link, which will provide a link to the call:

https://us06web.zoom.us/webinar/register/WN_8oP6rft2SXqXOGqssWL4Ww 

For those wishing to listen via phone, following registration, a dial in link will also 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 accompanying 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 industry's 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, risks related to conditions in Israel, and the escalation of hostilities in the Middle East; 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, 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; (ii) acquisition related expenses and )iii) expenses related to the extinguishment of convertible notes, 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.

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

 

Camtek Ltd. and its subsidiaries
Consolidated Balance Sheets (Unaudited)
(In thousands)
	December 31,			December 31,
	2025			2024
	U.S. Dollars
Assets
Current assets
Cash and cash equivalents		177,848			126,224
Short-term deposits		411,450			231,000
Marketable securities		78,862			30,813
Trade accounts receivable, net		90,829			99,471
Inventories		112,202			111,204
Other current assets		25,804			21,347
Total current assets		896,995			620,059
Long-term deposits		-			26,000
Marketable securities		182,941			87,115
Long-term inventory		15,569			11,879
Deferred tax asset, net		12,933			3,090
Other assets, net		1,881			2,001
Property, plant and equipment, net		65,107			54,196
Intangible assets, net		10,062			13,357
Goodwill		74,345			74,345
Total non- current assets		362,838			271,983
Total assets		1,259,833			892,042
Liabilities and shareholders' equity
Current liabilities
Trade accounts payable	33,676				46,630
Other current liabilities	73,749				77,280
Total current liabilities	107,425				123,910
Long-term liabilities
Deferred tax liabilities, net	1,261				5,606
Other long-term liabilities	14,311				15,366
Convertible notes	519,833				197,925
Total long-term liabilities	535,405				218,897
Total liabilities	642,830				342,807
Commitments and contingencies
Shareholders' equity
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at December 31, 2025 and at December 31, 2024;
47,920,509 issued shares at December 31, 2025 and 47,541,682 at December 31, 2024;
45,828,133 shares outstanding at December 31, 2025 and 45,449,306 at December 31, 2024	178				177
Additional paid-in capital	231,892				214,931
Accumulated other comprehensive income	287				203
Retained earnings	386,544				335,822
	618,901				551,133
Treasury stock, at cost (2,092,376 as of December 31, 2025 and December 31, 2024)	(1,898)				(1,898)
Total shareholders' equity	617,003				549,235
Total liabilities and shareholders' equity	1,259,833				892,042

 

 

Camtek Ltd. and its subsidiaries Consolidated Statements of Income (unaudited)
(in thousands)
	Year ended December 31,		Three Months ended December 31,
	2025	2024	2025	2024
	U.S. dollars		U.S. dollars
Revenues	496,072	429,234	128,124	117,293
Cost of revenues	245,755	219,283	64,024	59,161
Gross profit	250,317	209,951	64,100	58,132
Operating expenses:
Research and development	48,345	38,287	13,056	10,371
Selling, general and administrative	73,769	63,595	19,360	16,461
Total operating expenses	122,114	101,882	32,416	26,832
Operating income	128,203	108,069	31,684	31,300
Financial income, net	25,064	23,169	8,163	6,175
Other expenses	(100,932)	-	-	-
Income before income taxes	52,335	131,238	39,847	37,475
Income tax expense	(1,613)	(12,723)	(3,950)	(4,466)
Net income	50,722	118,515	35,897	33,009

 

 

Net income per ordinary share:
	Year ended December 31,		Three Months ended December 31,
	2025	2024	2025	2024
	U.S. dollars		U.S. dollars
Basic net earnings	1.11	2.62	0.78	0.73
Diluted net earnings	1.04	2.42	0.71	0.67
Weighted average number of
ordinary shares outstanding:
Basic	45,703	45,279	45,814	45,428
Diluted	49,970	49,369	51,337	49,503

 

 

Reconciliation of GAAP To Non-GAAP results
(In thousands, except share data)
	Year ended December 31,		Three Months ended December 31,
	2025	2024	2025	2024
	U.S. dollars		U.S. dollars
Reported net income attributable to Camtek Ltd. on GAAP basis	50,722	118,515	35,897	33,009
Acquisition of FRT related expenses (1)	2,801	5,334	533	650
Loss from extinguishment of Capital Notes (2)	88,682	-	-	-
Share-based compensation	16,819	14,775	4,233	4,052
Non-GAAP net income	159,024	138,624	40,663	37,711
Non–GAAP net income per diluted share	3.26	2.83	0.81	0.77
Gross margin on GAAP basis Reported gross profit on GAAP basis	50.4% 250,317	49.6%  209,951	51.0%  64,100	50.6%  58,132
Acquisition of FRT-related expenses (1)	2,895	5,802	610	610
Share-based compensation	2,806	2,197	712	595
Non-GAAP gross margin	51.6 %	50.8 %	51.0 %	50.6 %
Non-GAAP gross profit	256,018	217,950	65,422	59,337
Reported operating income (loss) attributable to Camtek Ltd. on GAAP basis	128,303	108,069	31,783	31,300
Acquisition of FRT-related expenses (1)	4,000	7,455	761	928
Share-based compensation	16,819	14,775	4,233	4,052
Non-GAAP operating income	149,122	130,299	36,777	36,280
(1) During the year ended December 310, 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. During the three-month period ended December 31, 2025, 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) $0.2 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (4) $0.2 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item. During the year ended December 31, 2024, the Company recorded acquisition-related expenses of $5.3 million, consisting of: (1) inventory written-up to fair value in purchase accounting charges of $3.4 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) $1.3 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (4) $0.4 million re-organization expenses, recorded under the general and administrative expenses line item. (5) $2.1 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item. During the three-month period ended December 31, 2024, 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. (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.

 

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SOURCE Camtek Ltd.

FAQ

What were Camtek (CAMT) Q4 2025 revenues and growth?

Camtek reported $128.1 million in Q4 2025 revenue, a 9% year-over-year increase. According to the company, the quarter set a new record for quarterly revenue and contributed to record full-year sales of $496.1 million.

How did Camtek (CAMT) perform on GAAP vs non-GAAP earnings in 2025?

GAAP net income for 2025 was $50.7M, down 43% year-over-year; non-GAAP net income was $159.0M, up 15% year-over-year. According to the company, adjustments explain the substantial GAAP/non-GAAP divergence.

What margins did Camtek (CAMT) report for Q4 and full-year 2025?

Camtek reported GAAP gross margins around 50.0%–50.5% and non-GAAP gross margins around 51.1%–51.6%. According to the company, margins improved modestly versus 2024.

How much cash did Camtek (CAMT) generate from operations in Q4 2025?

Camtek generated over $61 million of cash from operating activities. According to the company, operating cash generation supported liquidity and capital deployment during 2025.

What is Camtek's (CAMT) guidance for 2026 revenue growth?

Camtek expects double-digit revenue growth in 2026. According to the company, management anticipates continued demand that should support above-single-digit to double-digit top-line expansion year over year.

What were Camtek's (CAMT) reported EPS figures for full-year 2025?

Full-year GAAP diluted EPS was $1.05 and non-GAAP diluted EPS was $3.26 for 2025. According to the company, non-GAAP adjustments materially increased the reported per-share non-GAAP result.