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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 https://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.