CAMTEK ANNOUNCES RESULTS FOR THE FIRST QUARTER OF 2026

Rhea-AI Summary

Camtek (NASDAQ: CAMT) reported Q1 2026 revenues of $121.7 million, a slight year-over-year increase. GAAP gross margin was 50.1% and non-GAAP gross margin 51.0%.

GAAP operating income reached $27.3 million and non-GAAP $31.1 million, with operating margins of 22.4% and 25.5%, respectively. GAAP net income was $31.6 million and non-GAAP $35.3 million, translating to GAAP diluted EPS of $0.63 and non-GAAP diluted EPS of $0.70. Q2 2026 revenue guidance is $129–131 million, and the company expects over 25% revenue growth in 2H26 versus 1H26, supported by strong order momentum.

Positive

• Q1 2026 revenue of $121.7 million, with year-over-year increase
• GAAP gross margin of 50.1% and non-GAAP margin of 51.0%
• GAAP operating income $27.3 million and non-GAAP $31.1 million
• GAAP net income $31.6 million and non-GAAP $35.3 million
• GAAP diluted EPS of $0.63 and non-GAAP EPS of $0.70
• Q2 2026 revenue guidance of $129–131 million, above Q1 revenue
• Expectation of over 25% revenue growth in 2H26 versus 1H26

Negative

• Q1 2026 revenue showed only a slight year-over-year increase

News Market Reaction – CAMT

-15.83% 2.8x vol

62 alerts

-15.83% Session close to close

-16.7% Trough in 27 hr 13 min

$9.66B Market Cap

2.8x Rel. Volume

In the May 12 session, CAMT declined 15.83%, reflecting a significant negative market reaction. Argus tracked a trough of -16.7% from its starting point during tracking. Our momentum scanner triggered 62 alerts that day, indicating high trading interest and price volatility. Trading volume was elevated at 2.8x the daily average, suggesting increased selling activity.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock dropped -15.8% in the session following this news. A negative reaction despite solid Q1 20...

Analysis

The stock dropped -15.8% in the session following this news. A negative reaction despite solid Q1 2026 margins and >25% 2H26 growth guidance would fit a pattern: the last five earnings events averaged a -3.25% move, often diverging from strong fundamentals. With shares trading close to their 52-week high and well above the 200-day MA, expectations may have been elevated, making the stock vulnerable to disappointment or profit-taking around results.

Key Figures

Q1 2026 revenue: $121.7M 2H26 revenue growth outlook: over 25% Q2 2026 revenue guidance: $129–131M +5 more

8 metrics

Q1 2026 revenue $121.7M Revenues of $121.7 million, slight year-over-year increase

2H26 revenue growth outlook over 25% Expects over 25% revenue growth in 2H26 vs 1H26

Q2 2026 revenue guidance $129–131M Q2 revenue guidance of $129-131 million

GAAP gross margin 50.1% GAAP gross margin of 50.1% in Q1 2026

Non-GAAP gross margin 51.0% Non-GAAP gross margin of 51.0% in Q1 2026

GAAP operating income $27.3M GAAP operating income of $27.3 million; margin 22.4%

GAAP net income $31.6M GAAP net income of $31.6 million in Q1 2026

Non-GAAP diluted EPS $0.70 Non-GAAP diluted EPS of $0.70 in Q1 2026

Previous Earnings Reports

5 past events · Latest: Feb 18 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 18	Q4/FY 2025 earnings	Positive	+0.3%	Record Q4 and 2025 revenues with strong margins and growth outlook.
Nov 10	Q3 2025 earnings	Positive	-6.7%	Record Q3 revenue, strong non-GAAP profits, large one-time GAAP loss.
Aug 05	Q2 2025 earnings	Positive	-8.7%	Record Q2 revenue, expanding margins, AI-driven advanced packaging demand.
May 13	Q1 2025 earnings	Positive	-0.8%	Record Q1 revenue, strong net income and guidance for continued growth.
Feb 12	Q4/FY 2024 earnings	Positive	-0.4%	Record 2024 results with high growth, strong margins and cash generation.

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

Pattern Detected

Earnings releases have generally been positive but often met with flat or negative next-day moves, with 4 divergences vs news tone and only 1 alignment.

Recent Company History

Recent earnings history shows a series of record or strong quarters: Q4 2024 revenue at $117.3M, Q1 2025 at $118.6M, Q2 2025 at $123.3M, Q3 2025 at $126.0M, and Q4 2025 at $128.1M. These reports featured high gross margins, solid net income, and guidance pointing to continued growth. Today’s Q1 2026 results and guidance extend this pattern of sustained expansion and profitability.

Key Terms

gaap, non-gaap, gross margin, operating income, +3 more

7 terms

gaap financial

"GAAP gross margin of 50.1% and non-GAAP gross margin of 51.0%;GAAP operating"

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 50.1% and non-GAAP gross margin of 51.0%;GAAP operating"

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

gross margin financial

"GAAP gross margin of 50.1% and non-GAAP gross margin of 51.0%;"

Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.

View in glossary

operating income financial

"GAAP operating income of $27.3 million and non-GAAP operating income of $31.1"

Operating income is the profit a company earns from its regular business activities after subtracting the costs directly related to running the business, such as wages, rent, and supplies. It shows how well the core operations are performing, ignoring income or expenses from non-regular activities like investments or one-time events. Investors use it to assess the company's efficiency and profitability from its main work.

View in glossary

operating margins financial

"representing operating margins of 22.4% and 25.5%, respectively; and"

Operating margins show how much profit a company makes from its core business activities after covering the costs directly related to those activities. It is calculated by dividing operating profit by total revenue, expressed as a percentage. This measure helps investors understand how efficiently a company is managing its operations and generating profit from its main activities.

diluted eps financial

"GAAP diluted EPS of $0.63 and non-GAAP diluted EPS of $0.70."

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.

revenue guidance financial

"Q2 revenue guidance of $129-131 millionMIGDAL HAEMEK, Israel, May 12, 2026"

Revenue guidance is a public estimate a company gives of how much sales it expects to earn over an upcoming period. Think of it like a weather forecast for a business’s income: it helps investors set expectations, compare actual results against promises, and decide whether the stock is priced fairly or likely to move up or down. Clear guidance reduces uncertainty and can significantly influence investor confidence and market value.

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

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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; and
• GAAP 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.

FAQ

What were Camtek (NASDAQ: CAMT) revenues for Q1 2026?

Camtek reported Q1 2026 revenues of $121.7 million, reflecting a slight year-over-year increase. According to Camtek, this revenue level forms the base for expected stronger growth in the second half of 2026, supported by ongoing order momentum and customer demand.

What margins did Camtek (CAMT) achieve in Q1 2026?

Camtek reported a GAAP gross margin of 50.1% and a non-GAAP gross margin of 51.0% in Q1 2026. According to Camtek, GAAP operating margin reached 22.4% and non-GAAP operating margin 25.5%, reflecting solid profitability on its inspection and metrology business.

What were Camtek’s Q1 2026 EPS and net income results (CAMT)?

Camtek reported GAAP diluted EPS of $0.63 and non-GAAP diluted EPS of $0.70 for Q1 2026. According to Camtek, GAAP net income was $31.6 million and non-GAAP net income $35.3 million, demonstrating strong earnings relative to its quarterly revenue base.

What is Camtek’s Q2 2026 revenue guidance for CAMT stock investors?

Camtek forecasts Q2 2026 revenues of $129–131 million, implying sequential growth versus Q1 2026. According to Camtek, this guidance reflects current order trends and supports its expectation for a stronger second half of 2026 compared with the first half.

How much revenue growth does Camtek expect in 2H26 versus 1H26?

Camtek expects over 25% revenue growth in the second half of 2026 compared with the first half. According to Camtek, this outlook is based on strong order momentum, suggesting higher system shipments and demand visibility later in the year for CAMT shareholders.

Is Camtek showing year-over-year revenue growth in Q1 2026?

Yes, Camtek reported Q1 2026 revenues of $121.7 million, a slight year-over-year increase. According to Camtek, while Q1 growth was modest, the company anticipates significantly higher revenue growth in 2H26 versus 1H26 as orders convert to shipments.