Camtek posts record Q3, guides Q4 ~$127M; GAAP loss on notes

Rhea-AI Filing Summary

Camtek Ltd. reported record Q3 2025 revenue of $126.0 million, up 12% year over year. GAAP gross profit was $63.0 million (50.0% margin) and non-GAAP gross profit was $64.9 million (51.5%). GAAP operating income reached $31.9 million (25.3% margin), while non-GAAP operating income was $37.6 million (29.9%).

Due to a debt transaction, Camtek recorded an $89 million loss tied to extinguishment of notes, resulting in a GAAP net loss of $53.2 million (−$1.16 per basic share). On a non-GAAP basis, net income was $40.9 million ($0.82 per diluted share), up 10% year over year. The company issued $500 million of 0% convertible senior notes in a private offering and used part of the proceeds to repurchase prior notes; cash, deposits and marketable securities totaled $794.0 million as of September 30, 2025. Management expects Q4 2025 revenue of around $127 million and projects $495 million for 2025, implying 15% growth over 2024.

Positive

• Guides 2025 revenue to $495 million, up 15% vs. 2024

Negative

• GAAP net loss of $53.2 million due to $89 million note extinguishment loss

Insights

Semiconductor capital equipment analyst

Solid growth and strong balance sheet; GAAP loss stems from debt action.

Camtek posted Q3 revenue of $126.0M (+12% YoY) with non-GAAP gross margin at 51.5%, reflecting resilient demand in inspection/metrology tied to AI-related applications. Non-GAAP operating income was $37.6M, and non-GAAP EPS reached $0.82.

The reported GAAP net loss of $53.2M was driven by a disclosed $89M loss from extinguishment of capital notes following a $500M 0% convertible issuance. Liquidity strengthened: cash, deposits and marketable securities were $794.0M as of Sept 30, 2025.

Management guides Q4 revenue around $127M and full-year 2025 at $495M 15% vs. 2024). Actual outcomes will depend on customer order timing and industry wafer fab equipment spending; subsequent disclosures may clarify 2026 cadence.

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 November 2025

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: November 10, 2025

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 THIRD QUARTER OF 2025

Another Strong Quarter Expected in Q4 with Revenues of around $127 million

MIGDAL HAEMEK, Israel – November 10, 2025 – Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), today announced its financial results for the third quarter ended September 30, 2025.

2025 Third Quarter Financial Highlights

• Record revenues of $126.0 million, a 12% YoY increase;

• GAAP gross margin of 50.0% and non-GAAP gross margin of 51.5%;

• GAAP operating income of $31.8 million (up 8% YoY) and non-GAAP operating income of $37.6 million (up 10% YoY), representing operating margins of 25.3% and 29.9%, respectively;

• $500 million raised via new offering of convertible notes;

• The GAAP results include a one-time capital loss of $89 million, net, related to the repurchase of 83% of the 2021 convertible notes which led to a GAAP net loss of $53.2 million and EPS of $(1.16); non-GAAP net income of $40.9 million (up 10% YoY); non-GAAP diluted EPS of $0.82; and

• Generated cash of over $34 million from operating activities.

Fourth Quarter Guidance

Based on current orders, sales pipeline, and ongoing customer engagements, Management expects Q4 2025 revenue to be around $127 million, representing annual 2025 revenues of $495 million, a record year for Camtek with expected strong growth of 15% over 2024.

Management Comment

Rafi Amit, Camtek’s CEO commented, “We are very pleased with our results and achievements this quarter. Similar to the prior quarters, Camtek continued to grow and deliver record performance, driven primarily by the ongoing increasing demand for high-performance computing for AI applications.”

Continued Mr. Amit, “With the recent industry-wide announcements regarding large scale investments in data centers and AI applications, supporting a positive outlook for sustained industry growth and wafer fab equipment spending, we anticipate that Camtek’s annual growth will continue in 2026. At this stage, we expect that the revenues will be more second half weighted, following a somewhat slower start to the year.”

Concluded Mr. Amit, “With Camtek’s leading market position and the cutting-edge technological capabilities that we have recently added, we are well positioned to capitalize on the massive AI investments and to pursue significant growth while increasing our market share over the coming years.”

Third Quarter 2025 Financial Results

Revenues for the third quarter of 2025 were $126.0 million. This compares to third quarter 2024 revenues of $112.3 million, a year-over-year growth of 12%.

Gross profit on a GAAP basis in the quarter totaled $63.0 million (50.0% of revenues), an increase of 13% compared to $55.9 million (49.7% of revenues) in the third quarter of 2024.

Gross profit on a non-GAAP basis in the quarter totaled $64.9 million (51.5% of revenues), an increase of 14% compared to $57.1 million (50.8% of revenues) in the third quarter of 2024.

Operating income on a GAAP basis in the quarter totaled $31.9 million (25.3% of revenues), an increase of 7% compared to $29.6 million (26.4% of revenues) in the third quarter of 2024.

Operating income on a non-GAAP basis in the quarter totaled $37.6 million (29.9% of revenues), an increase of 10% compared to $34.2 million (30.4% of revenues) in the third quarter of 2024.

During the third quarter, Camtek issued $500 million of 0% coupon convertible senior notes in a private offering and used some of the proceeds to repurchase notes from a prior offering. Consequently, a loss of $89 million was recorded in the GAAP results.

Net loss on a GAAP basis in the quarter, which includes the aforementioned loss, totaled $53.2 million, or ($1.16) per basic share, compared to net income of $32.7 million, or $0.66 per diluted share, in the third quarter of 2024.

Net income on a non-GAAP basis in the quarter totaled $40.9 million, or $0.82 per diluted share, an increase of 10% compared to a non-GAAP net income of $37.0 million, or $0.75 per diluted share, in the third quarter of 2024.

Cash and cash equivalents, short-term and long-term deposits, and marketable securities, as of September 30, 2025, were $794.0 million compared to $ 543.9 million as of June 30, 2025. During the third quarter, the Company generated an operating cash flow of $34.3 million. In addition, as mentioned earlier, Camtek raised $219 million, net, in new convertible debt, replacing a prior series of convertible debt.

Conference Call

Camtek will host a video conference call/webinar today via Zoom, on November 10, 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_aq_SOaEvTAiVDABZPEc9Eg

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 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; (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)

		September 30,				December 31,
		2025				2024
		U.S. Dollars
Assets
Current assets
Cash and cash equivalents			199,671				126,224
Short-term deposits			382,450				231,000
Marketable securities			57,373				30,813
Trade accounts receivable, net			112,502				99,471
Inventories			126,492				111,204
Other current assets			21,337				21,347
Total current assets			899,825				620,059
Long-term deposits			20,000				26,000
Marketable securities			134,460				87,115
Long-term inventory			16,131				11,879
Deferred tax asset, net			10,858				3,090
Other assets, net			2,493				2,001
Property, plant and equipment, net			62,214				54,196
Intangible assets, net			10,736				13,357
Goodwill			74,345				74,345
Total non- current assets			331,237				271,983
Total assets			1,231,062				892,042
Liabilities and shareholders’ equity
Current liabilities
Trade accounts payable			33,232				46,630
Other current liabilities			85,463				77,280
Total current liabilities			118,695				123,910
Long-term liabilities
Deferred tax liabilities, net			-				5,606
Other long-term liabilities			15,220				15,366
Convertible notes			519,111				197,925
Total long-term liabilities			534,331				218,897
Total liabilities			653,026				342,807
Commitments and contingencies
Shareholders’ equity
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at September 30, 2025, and at December 31, 2024;
47,858,633 issued shares at September 30, 2025, and 47,541,682 at December 31, 2024;
45,766,257 shares outstanding at September 30, 2025, and 45,449,306 at December 31, 2024			178				177
Additional paid-in capital			227,589				214,931
Accumulated other comprehensive income (loss)			1,520				203
Retained earnings			350,647				335,822
			579,934				551,133
Treasury stock, at cost (2,092,376 shares as of September 30, 2025, and December 31, 2024)			(1,898	)			(1,898	)
Total shareholders' equity			578,036				549,235
Total liabilities and shareholders' equity			1,231,062				892,042

CAMTEK LTD. and its subsidiaries

Consolidated Statements of Income (Unaudited)

(in thousands)

		Nine months ended September 30,								Three months ended September 30,								Year ended December 31,
		2025				2024				2025				2024				2024
		U.S. dollars								U.S. dollars								U.S. dollars
Revenues			367,948				311,941				125,993				112,340				429,234
Cost of revenues			181,731				160,122				62,951				56,484				219,283
Gross profit			186,217				151,819				63,042				55,856				209,951
Operating expenses:
Research and development			35,289				27,916				13,453				9,770				38,287
Selling, general and administrative			54,409				47,134				17,744				16,440				63,595
Total operating expenses			89,698				75,050				31,197				26,210				101,882
Operating income			96,519				76,769				31,845				29,646				108,069
Financial income, net			16,901				16,994				6,526				6,370				23,169
Other expenses			(100,932	)			-				(100,932	)			-				-
Income (loss) before income taxes			12,488				93,763				(62,561	)			36,016				131,238
Income tax benefit (expense)			2,337				(8,257	)			9,380				(3,273	)			(12,723	)
Net income (loss)			14,825				85,506				(53,181	)			32,743				118,515

Earnings per share information:		Nine months ended September 30,								Three months ended September 30,								Year ended December 31,
		2025				2024				2025				2024				2024
		U.S. dollars								U.S. dollars								U.S. dollars
Basic net earnings (loss) per share (in US dollars)			0.32				1.89				(1.16	)			0.72				2.62
Diluted net earnings (loss) per share (in US dollars)			0.32				1.73				(1.16	)			0.66				2.42
Weighted average number of
ordinary shares outstanding:
Basic			45,655				45,176				45,755				45,365				45,279
Diluted			49,502				49,333				45,755				49,437				49,369

Camtek Ltd.

Reconciliation of GAAP To Non-GAAP results

(In thousands, except share data)

		Nine Months ended September 30,								Three Months ended September 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			14,825				85,506				(53,181	)			32,743				118,515
Acquisition of FRT-related expenses (1)			2,268				4,684				968				650				5,334
Loss from extinguishment of Capital Notes (2)			88,682				-				88,682				-				-
Share-based compensation			12,586				10,723				4,383				3,614				14,775
Non-GAAP net income			118,361				100,913				40,852				37,007				138,624
Non–GAAP net income per diluted share			2.42				2.05				0.82				0.75				2.83
Gross margin on GAAP basis			50.6	%			48.7	%			50.0	%			49.7	%			49.6	%
Reported gross profit on GAAP basis			186,217				151,819				63,042				55,856				209,951
Acquisition of FRT-related expenses (1)			2,285				5,192				1,065				610				5,802
Share-based compensation			2,094				1,602				750				596				2,197
Non- GAAP gross profit			190,596				158,613				64,857				57,062				217,950
Non-GAAP gross margin			51.8	%			50.8	%			51.5	%			50.8	%			50.8	%
Reported operating income attributable to Camtek Ltd. on GAAP basis			96,519				76,769				31,845				29,646				108,069
Acquisition of FRT related expenses (1)			3,239				6,527				1,383				928				7,455
Share-based compensation			12,586				10,723				4,383				3,614				14,775
Non-GAAP operating income			112,344				94,019				37,611				34,188				130,299

(1) During the nine-month period ended September 30, 2025, the Company recorded acquisition-related expenses of $2.3 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) $1.8 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $1.0 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (4) $1.0 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.

During the three-month period ended September 30, 2025, the Company recorded acquisition-related expenses of $1.0 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) $0.6 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $0.3 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (4) $0.4 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.

During the nine-month period ended September 30, 2024, the Company recorded acquisition-related expenses of $4.7 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) $1.8 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $0.9 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) $1.8 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.

During the three-month period ended September 30, 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.

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.

(2) During the nine-month and three-month periods ended September 30, 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

What were Camtek (CAMT) Q3 2025 revenues and growth?

Q3 2025 revenues were $126.0 million, a 12% year-over-year increase.

What guidance did Camtek provide for Q4 and full-year 2025?

Management expects Q4 2025 revenue of around $127 million and full-year 2025 revenue of $495 million, up 15% from 2024.

Why did Camtek report a GAAP net loss in Q3 2025?

A recorded $89 million loss from extinguishment of notes led to a GAAP net loss of $53.2 million.

What were Camtek’s Q3 2025 profitability metrics?

GAAP gross profit was $63.0 million (50.0% margin); non-GAAP gross profit was $64.9 million (51.5%). Non-GAAP net income was $40.9 million ($0.82 per diluted share).

How did Camtek’s balance sheet change as of September 30, 2025?

Cash, deposits and marketable securities totaled $794.0 million; the company issued $500 million of 0% convertible senior notes.

What drove demand for Camtek’s systems in Q3 2025?

Management cited increasing demand for high-performance computing for AI applications as a key driver.