Newsroom

CAMTEK ANNOUNCES RECORD RESULTS FOR THE FOURTH QUARTER & FULL YEAR OF 2024

Q4 revenues of $117 million; Q1 2025 revenue guidance of $118-120 million, up ~23% YoY

MIGDAL HAEMEK, Israel – February 12, 2025 – Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), today announced its financial results for the fourth quarter and year ended December 31, 2024.

2024 Fourth Quarter Financial Highlights

  • Record revenues of $117.3 million, a 32% YoY increase;
  • GAAP operating income of $31.3 million (up 82% YoY) and non-GAAP operating income of $36.3 million (up 42% YoY), representing operating margins of 26.7% and 30.9%, respectively; and
  • GAAP net income of $33.0 million (up 59% YoY) and non-GAAP net income of $37.7 million (up 34% YoY); GAAP diluted EPS of $0.67 and non-GAAP diluted EPS of $0.77.

2024 Full-Year Financial Highlights

  • Record revenues of $429.2 million, a 36% YoY increase.
  • GAAP operating income of $108.1 million (up 65% YoY); non-GAAP operating income of $130.3 million (up 56% YoY), representing operating margins of 25.2% and 30.4%, respectively;
  • GAAP net income of $118.5 million (up 51% YoY); non-GAAP net income of $138.6 million (up 45% YoY); GAAP diluted EPS of $2.42 and non-GAAP diluted EPS of $2.83; and
  • Operating cash flow of $122.2 million in 2024, which led to a year-end total cash, short-term and long-term deposits and marketable securities balance of $501.2 million.

Forward-Looking Expectations

Management expects continued growth in 2025 with revenues in the first quarter of 2025 in the range of $118-120 million, representing approximately a 23% increase over first quarter of 2024 revenues.

Management Comment

Rafi Amit, Camtek’s CEO commented, “2024 was a year of a strong growth in revenue and even higher growth in profit. Looking ahead, Camtek ended 2024 with a record quarter and a strong backlog which indicates continued growth into 2025. As we enter 2025, we are excited to launch the technologically innovative Eagle G5 and Hawk systems that broaden our portfolio, enhance our competitiveness, and enable us to enter new markets.”

Continued Mr. Amit, “The growing demand for AI has positioned Camtek as a leader and facilitated our significant growth in 2024. We believe we will continue to capitalize on the increasing need for AI applications, which necessitate considerable investments in high-performance computing (HPC) hardware. We will further benefit as AI becomes integrated into mainstream devices like automobiles, robotics, PCs, and mobile phones.”

Fourth Quarter 2024 Financial Results

Revenues for the fourth quarter of 2024 were $117.3 million. This compares to fourth quarter 2023 revenues of $88.7 million, representing a year-over-year growth of 32%.

Gross profit on a GAAP basis in the quarter totaled $58.1 million (49.6% of revenues), an increase of 46% compared to a gross profit of $39.8 million (44.9% of revenues) in the fourth quarter of 2023.

Gross profit on a non-GAAP basis in the quarter totaled $59.3 million (50.6% of revenues), an increase of 36% compared to a gross profit of $43.7 million (49.2% of revenues) in the fourth quarter of 2023.

Operating income on a GAAP basis in the quarter totaled $31.3 million (26.7% of revenues), an increase of 82% compared to an operating income of $17.2 million (19.4% of revenues) in the fourth quarter of 2023.

Operating income on a non-GAAP basis in the quarter totaled $36.3 million (30.9% of revenues), an increase of 42% compared to $25.5 million (28.7% of revenues) in the fourth quarter of 2023.

Net income on a GAAP basis in the quarter totaled $33.0 million, or $0.67 per diluted share, an increase of 59% compared to net income of $20.8 million, or $0.42 per diluted share, in the fourth quarter of 2023.

Net income on a non-GAAP basis in the quarter totaled $37.7 million, or $0.77 per diluted share, an increase of 34% compared to a non-GAAP net income of $28.2 million, or $0.57 per diluted share, in the fourth quarter of 2023.

Full Year 2024 Results Summary

Revenues for 2024 were $429.2 million, a 36% increase compared to the $315.4 million as reported in 2023.

Gross profit on a GAAP basis totaled $209.9 million (48.9% of revenues), a 42% increase compared to $147.6 million (46.8% of revenues) in 2023.

Gross profit on a non-GAAP basis totaled $218.0 million (50.8% of revenues), a 43% increase compared to $152.7 million (48.4% of revenues) in 2023.

Operating income on a GAAP basis totaled $108.1 million (25.2% of revenues), a 65% increase compared to operating income of $65.4 million (20.7% of revenues) in 2023.

Operating income on a non-GAAP basis totaled $130.3 million (30.4% of revenues), a 56% increase compared to $83.3 million (26.4% of revenues) in 2023.

Net income on a GAAP basis totaled $118.5 million, or $2.42 per diluted share. This is an increase of 51% compared to net income of $78.6 million, or $1.61 per diluted share, in 2023.

Net income on a non-GAAP basis totaled $138.6 million, or $2.83 per diluted share. This is an increase of 45% compared to net income of $95.7 million, or $1.96 per diluted share, in 2023.

Cash and cash equivalents, short-term and long-term deposits, and marketable securities, as of December 31, 2024, were $501.2 million compared to $448.6 million as of December 31, 2023, and $488.7 million as of September 30, 2024. During the fourth quarter, the Company generated an operating cash flow of $16.2 million.

 

Conference Call

Camtek will host a video conference call/webinar today via Zoom, on Wednesday, February 12, 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_9cx6Ew0UQsucYsHDA_qMow

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.