CAMTEK ANNOUNCES RECORD RESULTS FOR THE SECOND QUARTER OF 2025

Rhea-AI Summary

Camtek (NASDAQ: CAMT) reported outstanding Q2 2025 financial results, with record revenues of $123.3 million, marking a 20% year-over-year increase. The company achieved impressive GAAP gross margins of 50.8% and non-GAAP gross margins of 51.9%. GAAP operating income rose 24% to $32.0 million, while non-GAAP operating income increased 21% to $37.4 million.

The company's growth is primarily driven by high-performance computing applications for AI, with strong demand for advanced packaging solutions. Camtek's newly introduced Eagle G5 and Hawk systems are well-received in the market. Management anticipates Q3 2025 revenues of approximately $125 million, representing an annual run rate of half a billion dollars.

The company maintains a robust financial position with $543.9 million in cash and equivalents as of June 30, 2025, and generated an operating cash flow of $23.5 million in Q2.

Positive

• Record quarterly revenue of $123.3 million, up 20% year-over-year
• Strong gross margins at 51.9% (non-GAAP)
• Operating income increased 24% to $32.0 million
• Healthy cash position of $543.9 million
• Generated $23.5 million in operating cash flow
• Expected Q3 revenue growth to $125 million
• Strong market position in AI-driven advanced packaging solutions

Negative

• None.

Insights

Financial Analyst

Camtek reports exceptional Q2 with 20% YoY growth, strong margins, and continued momentum in advanced packaging for AI applications.

Camtek's Q2 2025 results showcase remarkable financial strength across all key metrics. Revenue reached a record $123.3 million, representing 20% year-over-year growth. This performance is underpinned by robust gross margins of 51.9% (non-GAAP), demonstrating the company's pricing power and operational efficiency.

The company's profitability metrics are particularly impressive. Non-GAAP operating income increased 21% to $37.4 million, yielding an outstanding operating margin of 30.3%. This translates to non-GAAP EPS of $0.79, up 19% YoY. The company's ability to grow earnings faster than revenue signals excellent operational leverage and cost management.

Camtek's balance sheet remains exceptionally strong with $543.9 million in cash and investments, an increase of $21.3 million from the previous quarter. The $23.5 million in quarterly operating cash flow highlights the business's ability to convert profits into cash, providing significant flexibility for future R&D investments, potential acquisitions, or shareholder returns.

Forward guidance is equally positive, with Q3 revenue projected at approximately $125 million, representing an annualized run rate of $500 million - a significant milestone for the company. The ongoing strength is driven primarily by high-performance computing applications for AI, positioning Camtek at the intersection of two powerful growth trends: advanced semiconductor packaging and artificial intelligence infrastructure.

The company's strategic focus on next-generation inspection and metrology tools for advanced packaging technologies positions it to capitalize on the industry-wide upgrade cycle driven by AI computing requirements. The recently introduced Eagle G5 and Hawk systems appear well-aligned with market needs, as evidenced by management's comments about healthy order flow extending into Q4 2025.

Anticipates continued growth in Q3, with revenues of approximately $125 million, representing an annualized run rate of half a billion dollars

MIGDAL HAEMEK, Israel, Aug. 5, 2025 /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
moshee@camtek.com 

INTERNATIONAL INVESTOR RELATIONS 
EK Global Investor Relations
Ehud Helft 
Tel: (US) 1 212 378 8040
camtek@ekgir.com 

 

 

 

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 ended June 30,		Three months ended June 30,		Year ended December 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 ended June 30,		Three months ended June 30,		Year ended December 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 ended June 30,		Three Months ended June 30,		Year ended December 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

 

 

 

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SOURCE Camtek Ltd.

FAQ

What were Camtek's (CAMT) Q2 2025 earnings results?

Camtek reported Q2 2025 revenues of $123.3 million (up 20% YoY), with GAAP net income of $33.7 million ($0.69 per diluted share) and non-GAAP net income of $38.8 million ($0.79 per diluted share).

What is Camtek's revenue guidance for Q3 2025?

Camtek expects Q3 2025 revenue of approximately $125 million, representing an annual run rate of half a billion dollars.

How much cash does Camtek (CAMT) have as of Q2 2025?

As of June 30, 2025, Camtek had $543.9 million in cash and cash equivalents, short-term and long-term deposits, and marketable securities.

What is driving Camtek's growth in 2025?

Camtek's growth is primarily driven by high-performance computing applications for AI and advanced packaging solutions, with their new Eagle G5 and Hawk systems meeting new technological requirements.

What was Camtek's operating margin in Q2 2025?

Camtek achieved a GAAP operating margin of 25.9% and a non-GAAP operating margin of 30.3% in Q2 2025.