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Camtek Announces Results for the First Quarter Of 2024

Q2 revenue guidance of $100-102 million – 37% YoY growth – driven by HBM and Chiplets

MIGDAL HAEMEK, Israel – May 9, 2024 – Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), today announced its financial results for the first quarter, ended March 31, 2024.

Highlights of the First Quarter of 2024

  • Record revenues of $97.0 million, a 34% year-over-year (YoY) increase;
  • GAAP operating income of $21.2 million (up 50% YoY) and non-GAAP operating profit of $29.0 million (up 67% YoY), representing operating margins of 21.9% and 9%, respectively;
  • GAAP net income of $24.8 million and non-GAAP net income of $31.3 million; and
  • Strong positive operating cash flow of $20.2 million.

Forward-Looking Expectations

Management expects revenues in the second quarter of 2024 between $100-102 million, representing a 37% mid-point increase over the second quarter of 2023. Given the significant visibility and strong ongoing order flow, continued sequential growth is expected throughout 2024.

Management Comment

Rafi Amit, Camtek’s CEO commented, “I am pleased with the record revenues in the first quarter driven by strong demand for HBM and chiplets applications, which accounted for 60% of our business. The field of AI is changing our industry and Camtek is well positioned to benefit from this transformative trend. AI technology needs High Performance Computing (HPC) capabilities, which are based on architectures utilizing High Bandwidth Memory (HBM) and Chiplet devices as key components. The on-going surge in demand for HPC and our leading position at all tier-1 manufacturers continue to be the main drivers behind our strong results and outlook.”

Concluded Mr. Amit, “Looking beyond 2024, as AI continues to transform the industry, we are very confident in our ability to capitalize on the trend and grow towards the milestone of annual sales in excess of $500 million.”

 

First Quarter 2024 Financial Results

Revenues for the first quarter of 2024 were $97.0 million. This compares to first quarter 2023 revenues of $72.5 million, a year-over-year growth of 34%.

Gross profit on a GAAP basis in the quarter totaled $44.7 million (46.1% of revenues), an increase of 32% compared to a gross profit of $33.9 million (46.7% of revenues) in the first quarter of 2023.

Gross profit on a non-GAAP basis in the quarter totaled $49.1 million (50.6% of revenues), an increase of 43% compared to a gross profit of $34.3 million (47.3% of revenues) in the first quarter of 2023.

Operating profit on a GAAP basis in the quarter totaled $21.2 million (21.9% of revenues), an increase of 50% compared to an operating profit of $14.2 million (19.6% of revenues) in the first quarter of 2023.

Operating profit on a non-GAAP basis in the quarter totaled $29.0 million (29.9% of revenues), an increase of 67% compared to $17.4 million (24.0% of revenues) in the first quarter of 2023.

Net income on a GAAP basis in the quarter totaled $24.8 million, or $0.51 per diluted share, an increase of 21% compared to net income of $17.2 million, or $0.36 per diluted share, in the first quarter of 2023.

Net income on a non-GAAP basis in the quarter totaled $31.3 million, or $0.64 per diluted share, an increase of 53% compared to a non-GAAP net income of $20.4 million, or $0.42 per diluted share, in the first quarter of 2023.

Cash and cash equivalents, short-term and long-term deposits, and marketable securities, as of March 31, 2024, were $466.3 million compared to $448.6 million as of December 31, 2023. During the first quarter, the Company generated an operating cash flow of $20.2 million.

Conference Call

Camtek will host a video conference call/webinar today via Zoom, on Thursday, May 9, 2024, 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_alZuWboVTLiwN27dla1wKA

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.