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CAMTEK ANNOUNCES RECORD RESULTS FOR THE FIRST QUARTER OF 2025

Q1 revenues of $118.6 million with strong profitability;

Expects continued growth in Q2 2025 with revenue guidance of $120-123 million


MIGDAL HAEMEK, Israel – May 13, 2025 – Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), today announced its financial results for the first quarter ended March 31, 2025.

2025 First Quarter Financial Highlights

  • Record revenues of $118.6 million, a 22% YoY increase;
  • GAAP gross margin of 51.0% and non-GAAP gross margin of 52.1%;
  • GAAP operating income of $32.7 million (up 54% YoY) and non-GAAP operating income of $37.3 million (up 29% YoY), representing operating margins of 27.6% and 31.5%, respectively; and
  • GAAP net income of $34.3 million (up 38% YoY) and non-GAAP net income of $38.7 million (up 24% YoY); GAAP diluted EPS of $0.70 and non-GAAP diluted EPS of $0.79.

Forward-Looking Expectations

Management expects continued growth in the second quarter of 2025 revenue range of $120-123 million, representing approximately a growth of 17-20%, year-over-year.

Management Comment

Rafi Amit, Camtek’s CEO commented, “We have kicked off 2025 with record quarterly revenues and significantly improved profitability. Our primary growth driver for the coming years is advanced packaging, with a strong emphasis on high-performance computing (HPC) to support AI applications. This includes emerging technologies such as the projected upcoming transition from HBM3e to HBM4 devices next year, as well as the next generation of CoWoS and CoWoS-like solutions. These innovations are expected to create increased demand for new tools with enhanced technical capabilities.”

Continued Mr. Amit, “We are well-positioned competitively, strengthened by the successful launch of two new models: the Eagle G5 and the Hawk. Both systems support the new and latest packaging technologies and have been very well received by our customers, who value their advanced performance and versatility.”

Mr. Amit concluded, “Regarding the geopolitical landscape and tariff uncertainty, we have not experienced any material impact on our business in terms of delays or order cancellations. With our manufacturing operations located in Israel and Europe, and the majority of our sales concentrated in Asia, we expect our exposure to tariffs to be immaterial.”

First Quarter 2025 Financial Results

Revenues for the first quarter of 2025 were $118.6 million. This compares to first quarter 2024 revenues of $97.0 million, representing a year-over-year growth of 22%.

Gross profit on a GAAP basis in the quarter totaled $60.6 million (51.0% of revenues), an increase of 35% compared to a gross profit of $44.8 million (46.2% of revenues) in the first quarter of 2024.

Gross profit on a non-GAAP basis in the quarter totaled $61.8 million (52.1% of revenues), an increase of 26% compared to a gross profit of $49.2 million (50.7% of revenues) in the first quarter of 2024.

Operating income on a GAAP basis in the quarter totaled $32.7 million (27.6% of revenues), an increase of 54% compared to an operating income of $21.2 million (21.9% of revenues) in the first quarter of 2024.

Operating income on a non-GAAP basis in the quarter totaled $37.3 million (31.5% of revenues), an increase of 29% compared to $29.0 million (29.9% of revenues) in the first quarter of 2024.

Net income on a GAAP basis in the quarter totaled $34.3 million, or $0.70 per diluted share, an increase of 38% compared to net income of $24.8 million, or $0.50 per diluted share, in the first quarter of 2024.

Net income on a non-GAAP basis in the quarter totaled $38.7 million, or $0.79 per diluted share, an increase of 24% compared to a non-GAAP net income of $31.3 million, or $0.64 per diluted share, in the first quarter of 2024.

Cash and cash equivalents, short-term and long-term deposits, and marketable securities, as of March 31, 2025, were $522.6 million compared to $501.2 million as of December 31, 2024, and $467.0 million as of March 31, 2024. During the first quarter, the Company generated an operating cash flow of $23.6 million.

Conference Call

Camtek will host a video conference call/webinar today via Zoom, on May 13, 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_VOFAWbAeRqiMCPBMWSJtDQ

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 https://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.