Record 2025 for Camtek (NASDAQ: CAMT) with $496.1M revenue

Rhea-AI Filing Summary

Camtek Ltd. reported record results for 2025, with revenues rising 16% to $496.1M and fourth-quarter revenue up 9% year over year to $128.1M. GAAP gross margin improved to 50.5%, while non-GAAP gross margin reached 51.6%, reflecting strong profitability.

Non-GAAP net income grew to $159.0M, or $3.26 per diluted share, compared with $138.6M and $2.83 in 2024. GAAP net income declined to $50.7M due mainly to an $88.7M loss from extinguishment of capital notes. Operating cash flow was $142.6M, and cash, deposits and marketable securities reached $851.1M as of December 31, 2025. Management expects double-digit revenue growth in 2026 and guides first-quarter 2026 revenue to around $120M, citing strong AI-driven demand and recent orders totaling $45M.

Positive

• Record growth and profitability: 2025 revenue rose 16% to $496.1M, with non-GAAP gross margin at 51.6% and non-GAAP net income up to $159.0M ($3.26 per diluted share).
• Strong balance sheet and cash generation: Operating cash flow reached $142.6M in 2025, and cash, deposits and marketable securities grew to $851.1M as of December 31, 2025.
• Upbeat 2026 outlook: Management expects double-digit revenue growth in 2026 and guides Q1 2026 revenue to around $120M, supported by AI-driven demand and recent $45M in orders.

Negative

• GAAP earnings hit by capital notes extinguishment: GAAP net income fell to $50.7M from $118.5M in 2024, driven mainly by an $88.7M loss from extinguishment of capital notes.
• Higher long-term leverage: Convertible notes liability increased from $197.9M to $519.8M as of December 31, 2025, significantly raising long-term financial obligations.

Insights

Equity Analyst

Camtek posts record 2025 revenue and strong cash generation, with upbeat 2026 growth guidance.

Camtek delivered record 2025 revenue of $496.1M, up 16%, as AI-related semiconductor demand supported both equipment sales and margins. Non-GAAP gross margin improved to 51.6%, and non-GAAP operating income increased to $149.1M, indicating solid underlying profitability.

GAAP net income dropped to $50.7M from $118.5M, largely because of an $88.7M loss on extinguishment of capital notes, a non-recurring item. At the same time, cash, deposits and marketable securities grew to $851.1M, while operating cash flow reached $142.6M in 2025.

Management expects 2026 to be a double-digit growth year, guiding first-quarter 2026 revenue to around $120M and pointing to accelerating AI-related demand and recent orders of $45M. Future filings will show how this backlog and pipeline convert into sustained revenue and earnings growth over 2026.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934

For the Month of February 2026

CAMTEK LTD.
(Translation of Registrant’s Name into English)

Ramat Gavriel Industrial Zone
P.O. Box 544
Migdal Haemek 23150
ISRAEL
(Address of Principal Corporate Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒  Form 40-F ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities and Exchange Act of 1934.

Yes ☐ No ☒

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. This Form 6-K, including all exhibits hereto, is hereby incorporated by reference into all effective registration statements filed by the registrant under the Securities Act of 1933.

CAMTEK LTD.
(Registrant)

By: /s/ Moshe Eisenberg
——————————————
Moshe Eisenberg,
Chief Financial Officer

Dated: February 18, 2026

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

FOR IMMEDIATE RELEASE

 CAMTEK ANNOUNCES RECORD RESULTS FOR THE

FOURTH QUARTER & FULL YEAR 2025

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

revenue growth in 2026

MIGDAL HAEMEK, Israel – February 18, 2026 – 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. 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

		Year ended December 31,								Three Months ended December 31,
		2025				2024				2025				2024
		U.S. dollars								U.S. dollars
Net income per ordinary share:
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

Camtek Ltd. and its subsidiaries

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			50.4	%			49.6	%			51.0	%			50.6	%
Reported gross profit on GAAP basis			250,317				209,951				64,100				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.

FAQ

How did Camtek Ltd. (CAMT) perform financially in 2025?

Camtek reported record 2025 revenue of $496.1 million, up 16% from 2024. GAAP gross margin improved to 50.5%, while non-GAAP gross margin reached 51.6%, and non-GAAP net income rose to $159.0 million, or $3.26 per diluted share.

What were Camtek Ltd.’s (CAMT) fourth-quarter 2025 results?

In Q4 2025, Camtek generated $128.1 million in revenue, a 9% increase year over year. GAAP gross profit was $64.1 million (50.0% margin), and non-GAAP net income was $40.7 million, or $0.81 per diluted share, showing solid quarterly profitability.

Why did Camtek Ltd.’s (CAMT) GAAP net income decline in 2025?

GAAP net income fell to $50.7 million from $118.5 million mainly due to an $88.7 million loss from extinguishment of capital notes. This consisted of $100.9 million in other expenses, partially offset by a $12.3 million tax benefit related to the transaction.

What is Camtek Ltd.’s (CAMT) outlook for 2026 revenue?

Camtek expects double-digit revenue growth in 2026. Management guides first-quarter 2026 revenues to around $120 million and anticipates additional growth in the second quarter, with more significant expansion in the second half of 2026, supported by strong AI-driven demand.

How strong is Camtek Ltd.’s (CAMT) cash position at year-end 2025?

As of December 31, 2025, Camtek held $851.1 million in cash, cash equivalents, short- and long-term deposits, and marketable securities. Operating cash flow for 2025 was $142.6 million, reflecting robust cash generation from its semiconductor inspection and metrology business.

What were Camtek Ltd.’s (CAMT) operating margins in 2025?

In 2025, Camtek’s GAAP operating income was $128.2 million, or 25.8% of revenue. On a non-GAAP basis, operating income reached $149.0 million, representing a 30.0% operating margin, indicating strong efficiency and profitability in its operations during the year.