[6-K] Camtek Ltd Current Report (Foreign Issuer)

Rhea-AI Filing Summary

Q2 2025 highlights: Camtek posted record revenue of $123.3 m (+20% YoY). GAAP gross margin 50.8%; non-GAAP 51.9%. GAAP operating income $32.0 m (+24%); non-GAAP $37.4 m (30.3% margin). GAAP net income $33.7 m (+21%), diluted EPS $0.69; non-GAAP EPS $0.79. Cash, deposits & securities climbed to $543.9 m, fuelled by $23.5 m operating cash flow.

Guidance & strategy: Management targets Q3 revenue of ≈$125 m, placing the company on a $0.5 bn annual run-rate. Growth is tied to AI-driven advanced-packaging demand; newly launched Eagle G5 and Hawk inspection systems are seeing strong market reception.

Balance-sheet snapshot: Assets $974.7 m, equity $626.5 m, convertible notes $198.5 m. R&D and SG&A costs rose YoY but remain supportive of expanding top-line and 51-52% gross-margin profile.

Insights

Financial Analyst

TL;DR: Record revenue, solid margins and upbeat Q3 outlook signal continued earnings momentum—overall positive.

Revenue growth outpaced expense inflation, expanding operating profit 24% YoY. Cash reserves of $544 m (≈88% of annual sales) offer strategic flexibility while leverage is modest, limited to $198 m in convertibles. Guidance implies sequential growth and a milestone half-billion run-rate, suggesting order book strength. Gross margin held above 50% despite product ramp, evidencing pricing power. Risks stem from geopolitical exposure to Israel/Asia and cyclical cap-ex, but current metrics support valuation upside.

Semiconductor Industry Specialist

TL;DR: AI packaging wave is translating into tangible sales; Camtek’s toolset is well-timed and competitively positioned.

Camtek’s 20% YoY surge mirrors the broader rush to scale HBM, chiplet and advanced-interconnect capacity. Management notes industry-wide upgrade cycles, and early adoption of Eagle G5/Hawk platforms validates technology fit. 52% non-GAAP gross margin is robust for capital equipment, indicating limited price pressure. With customers clustered in Taiwan, Korea and China, export controls remain a watch-item, yet no order shrinkage is evident. If AI cap-ex persists, Camtek could outgrow peers over the next 12–18 months.

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 August 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: August 5, 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 SECOND QUARTER OF 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 – August 5, 2025 – 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.

CAMTEK LTD. and its subsidiaries

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

CAMTEK LTD. and its subsidiaries

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				2.62
Weighted average number of
ordinary shares outstanding:
Basic			45,622				45,160				45,682				45,246				45,279
Diluted			49,306				49,283				49,327				49,310				49,369

Camtek Ltd.

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

(1)          During the six-month period ended June 30, 2025, the Company recorded acquisition-related expenses of $1.3 million, consisting of: (1) $1.2 million amortization of intangible assets acquired recorded under cost of revenues line item. (2) $0.6 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (3) $0.6 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.

During the three-month period ended June 30, 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 six-month period ended June 30, 2024, the Company recorded acquisition-related expenses of $4.0 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) $1.2 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $0.6 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) $1.6 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.

During the three-month period ended June 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.