Camtek Reports Second Quarter 2021 Results
Record results: $67.5 million Revenue, up 82% YoY; 27% Operating margin; Expects continued growth for the second half of 2021 MIGDAL HAEMEK, Israel – August 4, 2021 – Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), today announced its financial results for the second quarter of 2021. Highlights of the Second Quarter of 2021
- Revenues of $67.5 million, an 82% increase year-over-year;
- GAAP gross margin of 51.9%; non-GAAP gross margin of 52.1%;
- GAAP operating income of $17.0 million (25.3% of revenue); non-GAAP operating income of $18.5 million (27.4% of revenue);
- GAAP net income of $15.7 million; non-GAAP net income of $17.1 million; and
- Strong positive operating cash flow of $19.9 million.
Forward-Looking Expectations Management expects continued growth for the second half of 2021 with revenues for the third quarter to be between $69-71 million, implying over 80% growth year-over-year for the first nine months of 2021. Management Comment Rafi Amit, Camtek’s CEO, commented, “I am excited by the strong growth in revenue and profitability in the first half of 2021. We are experiencing unprecedented momentum in our business which we expect to continue through the second half of the year. We have a healthy backlog and this provides us visibility of continued strong demand into the beginning of 2022.” Continued Mr. Amit, “We are in the process of expanding our production capacity to address our customers’ demands and our long-term growth strategy. As a result, we are increasing our inventory levels and headcount to support the heightened demand.”