Q2 record revenues of $133.2 million; Expects more than 30% growth in H2-26 vs. H1-26 and further growth into 2027
MIGDAL HAEMEK, Israel, Aug. 10, 2026 /PRNewswire/ -- Camtek Ltd. $(CAMT)$ (TASE: CAMT), today announced its financial results for the second quarter ended June 30, 2026.
2026 Second Quarter Financial Highlights
-- Record revenues of $133.2 million, a 8% YoY increase;
-- GAAP gross margin of 50.1% and non-GAAP gross margin of 51.4%;
-- GAAP operating income of $27.2 million and non-GAAP operating income of
$36.0 million, representing operating margins of 20.4% and 25.9%,
respectively; and
-- GAAP net income of $23.3 million and non-GAAP net income of $39.4
million; GAAP diluted EPS of $0.46 and non-GAAP diluted EPS of $0.78.
-- Completion of the acquisition of Visual Layer
Forward-Looking Expectations
Management expects continued growth in the third quarter of $158 to $160 million which represents an exceptional 20% growth quarter over quarter.
Given our strong order momentum and record backlog, management expects more than 30% growth in H2-26 vs. H1-26 followed by continued growth into 2027.
Management Comment
Rafi Amit, Camtek's CEO commented, "I am very pleased with the second quarter results which came ahead of our expectations. Since the beginning of 2026 we have experienced a growing momentum of order intake bringing the total amount of orders received since the beginning of the year to about $600M, with deliveries scheduled for 2026 and 2027. This exceptional order intake coupled with our strong market position in the AP segment is expected to result in phenomenal growth in our AP business of 45% half over half."
Concluded Mr. Amit, "The AI revolution is driving unprecedented demand for data centers. With AI adoption still in its early stages, we believe demand for AI compute infrastructure will continue to grow significantly. Our product development roadmap is closely aligned with the technology roadmaps of the industry leaders. Our strong customer engagement, combined with our expanding product portfolio and proven execution, gives us great confidence in our ability to deliver sustained growth in the years ahead."
Second Quarter 2026 Financial Results
Revenues for the second quarter of 2026 were $133.2 million. This compares to second quarter 2025 revenues of $123.3 million, a year-over-year growth of 8%.
Gross profit on a GAAP basis in the quarter totaled $66.7 million (50.1% of revenues), an increase of 6% compared to $62.2 million (50.8% of revenues) in the second quarter of 2025.
Gross profit on a non-GAAP basis in the quarter totaled $68.5 million (51.4% of revenues), an increase of 7% compared to $64.0 million (51.9% of revenues) in the second quarter of 2025.
Operating income on a GAAP basis in the quarter totaled $27.2 million (20.4% of revenues), a decrease of 15% compared to $32.0 million (25.9% of revenues) in the second quarter of 2025.
Operating income on a non-GAAP basis in the quarter totaled $36.0 million (27.0% of revenues), a decrease of 4% compared to $37.4 million (30.3% of revenues) in the second quarter of 2025.
Net income on a GAAP basis in the quarter totaled $23.3 million, or $0.46 per diluted share, a decrease of 31% compared to net income of $33.7 million, or $0.69 per diluted share, in the second quarter of 2025.
Net income on a non-GAAP basis in the quarter totaled $39.4 million, or $0.78 per diluted share, an increase of 2% compared to a non-GAAP net income of $38.8 million, or $0.79 per diluted share, in the second quarter of 2025.
Cash and cash equivalents, short-term and long-term deposits, and marketable securities, as of June 30, 2026, were $815.8 million compared to $849.7 million as of March 31, 2026. During the second quarter, the Company generated an operating cash flow of $12.2 million.
Conference Call
Camtek will host a video conference call/webinar today via Zoom, on August 10, 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_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 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; (ii) acquisition related expenses and (iii) one-time tax 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)
June 30, December 31,
--------- ------------
2026 2025
--------- ------------
U.S. Dollars
-----------------------
Assets
-----------------------------------------------
Current assets
Cash and cash equivalents 215,229 177,848
Short-term deposits 327,440 411,450
Marketable securities 87,695 78,862
Trade accounts receivable, net 153,921 90,829
Inventories 99,816 112,202
Other current assets 40,318 25,804
--------- ------------
Total current assets 924,419 896,995
--------- ------------
Marketable securities 185,473 182,941
Long-term inventory 16,979 15,569
Deferred tax asset, net 11,661 12,933
Other assets, net 1,802 1,881
Property, plant and equipment, net 59,359 55,090
Right of use assets, net 9,968 10,017
Intangible assets, net 16,654 10,062
Goodwill 112,737 74,345
--------- ------------
Total non-current assets 414,633 362,838
--------- ------------
Total assets 1,339,052 1,259,833
========= ============
Liabilities and shareholders' equity
-----------------------------------------------
Current liabilities
Trade accounts payable 48,402 33,676
Other current liabilities 76,936 73,749
--------- ------------
Total current liabilities 125,338 107,425
Long-term liabilities
Deferred tax liabilities, net - 1,261
Other long-term liabilities 15,054 14,311
Convertible notes 488,497 519,833
--------- ------------
Total long-term liabilities 503,551 535,405
--------- ------------
Total liabilities 628,889 642,830
--------- ------------
Commitments and contingencies
Shareholders' equity
Ordinary shares NIS 0.01 par value, 100,000,000
shares authorized at June 30, 2026 and at
December 31, 2025;
48,760,553 issued shares at June 30, 2026 and
47,920,509 at December 31, 2025;
46,668,177 shares outstanding at June 30, 2026
and 45,828,133 at December 31, 2025 181 178
Additional paid-in capital 272,741 231,892
Accumulated other comprehensive income (loss) (2,355) 287
Retained earnings 441,494 386,544
--------- ------------
712,061 618,901
Treasury stock, at cost (2,092,376 shares as of
June 30, 2026 and December 31, 2025) (1,898) (1,898)
--------- ------------
Total shareholders' equity 710,163 617,003
--------- ------------
Total liabilities and shareholders' equity 1,339,052 1,259,833
========= ============
CAMTEK LTD. and its subsidiaries
Condensed Interim Consolidated Statement of Income (unaudited)
----------------------------------------------------------------------------
(in thousands)
Six months ended Three months Year ended
June 30, ended June 30, December 31,
------------------- ----------------- -------------
2026 2025 2026 2025 2025
---------- ------- -------- ------- -------------
U.S. dollars U.S. dollars U.S. dollars
------------------- ----------------- -------------
Revenues 254,902 241,955 133,243 123,317 496,072
Cost of revenues 127,271 118,780 66,541 60,706 245,755
---------- ------- -------- ------- -------------
Gross profit 127,631 123,175 66,702 62,611 250,317
---------- ------- -------- ------- -------------
Operating expenses:
Research and
development 31,007 21,836 16,684 11,474 48,345
Selling, general and
administrative 42,131 36,665 22,791 19,163 73,769
---------- ------- -------- ------- -------------
Total operating
expenses 73,138 58,501 39,475 30,637 122,114
Operating income 54,493 64,674 27,227 31,974 128,203
---------- ------- -------- ------- -------------
Financial income, net 15,126 10,375 6,977 4,942 25,064
Other expenses - - - - (100,932)
---------- ------- -------- ------- -------------
Income before income
taxes 69,619 75,049 34,204 36,916 52,335
---------- ------- -------- ------- -------------
Income tax expense (14,669) (7,043) (10,899) (3,221) (1,613)
---------- ------- -------- ------- -------------
Net income 54,950 68,006 23,305 33,695 50,722
========== ======= ======== ======= =============
Earnings per share Six months ended Three months Year ended
information: June 30, ended June 30, December 31,
------------------- ----------------- -------------
2026 2025 2026 2025 2025
--------- -------- -------- ------- -------------
U.S. dollars U.S. dollars U.S. dollars
------------------- ----------------- -------------
Basic net earnings per
share (in US dollars) 1.18 1.49 0.50 0.74 1.11
Diluted net earnings
per share (in
US dollars) 1.09 1.39 0.46 0.69 1.04
Weighted average number
of
ordinary shares
outstanding:
Basic 46,496 45,622 46,643 45,682 45,703
Diluted 51,433 49,306 51,520 49,327 49,970
CAMTEK LTD. and its subsidiaries
Reconciliation of GAAP To Non-GAAP results
------------------------------------------------------------------------------
(In thousands, except share data)
Six Months ended Three Months ended Year ended
June 30, June 30, December 31,
------------------ -------------------- -------------
2026 2025 2026 2025 2025
-------- -------- --------- --------- -------------
U.S. dollars U.S. dollars U.S. dollars
------------------ -------------------- -------------
Reported net income
attributable to
Camtek Ltd. on GAAP
basis 54,950 68,006 23,305 33,695 50,722
Acquisition-related
expenses (1) 4,059 1,300 3,570 650 2,801
One-time Tax expenses 7,700 - 7,700 - -
Loss from
extinguishment of
Capital Notes (2) - - - - 88,682
Share-based
compensation 7,995 8,203 4,873 4,493 16,819
Non-GAAP net income 74,704 77,509 39,448 38,838 159,024
======== ======== ========= ========= =============
Non--GAAP net income
per diluted share 1.48 1.57 0.78 0.79 3.26
Gross margin on GAAP
basis 50.1 % 50.9 % 50.1 % 50.8 % 50.4 %
Reported gross profit
on GAAP basis 127,631 123,175 66,702 62,611 250,317
Acquisition-related
expenses (1) 1,707 1,220 1,097 610 2,895
Share-based
compensation 1,139 1,344 687 763 2,806
Non- GAAP gross
profit 130,477 125,739 68,486 63,984 256,018
Non-GAAP gross margin 51.2 % 52.0 % 51.4 % 51.9 % 51.6 %
======== ======== ========= ========= =============
Reported operating
income attributable
to Camtek Ltd. on
GAAP basis 54,493 64,674 27,227 31,974 128,203
Acquisition-related
expenses (1) 4,620 1,856 3,928 928 4,000
Share-based
compensation 7,995 8,203 4,873 4,493 16,819
Non-GAAP operating
income 67,108 74,733 36,028 37,395 149,022
======== ======== ========= ========= =============
(1) During the six-month period ended June 30, 2026, the Company recorded acquisition-related expenses of $1.3 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) $1.2 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $0.2 million of compensation-related expenses recorded under research and development expenses line item. (4) $0.1 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (5) $2.6 million one-time M&A expenses recorded under G&A line item. (6) $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, 2026, the Company recorded acquisition-related expenses of $0.8 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) $0.6 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $0.2 million of compensation-related expenses recorded under research and development expenses line item. (4) $0.1 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (5) $2.6 million one-time M&A expenses recorded under G&A line item. (6) $0.4 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, 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 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
Logo - https://mma.prnewswire.com/media/1534463/Camtek_logo.jpg
View original content:https://www.prnewswire.com/news-releases/camtek-announces-results-for-the-second-quarter-of-2026-302847042.html
SOURCE Camtek Ltd.