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, Feb. 18, 2026 /PRNewswire/ -- 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
2025 Full-Year Financial Highlights
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 http://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.
ABOUT CAMTEK LTD.
Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry. Camtek's systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end and up to the beginning of assembly (Post Dicing). Camtek's systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Heterogenous Integration, Memory and HBM, CMOS Image Sensors, Compound Semiconductors, MEMS, and RF, serving numerous industry's leading global IDMs, OSATs, and foundries.
With manufacturing facilities in Israel and Germany, and eight offices around the world, Camtek provides state of the art solutions in line with customers' requirements.
This press release is available at http://www.camtek.com
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek's current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, including our expectations and statements relating to the compound semiconductors market and our position in this market and the anticipated timing of delivery of the systems. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to, risks related to conditions in Israel, and the escalation of hostilities in the Middle East; the continued demand and future contribution of HBM and Chiplet applications and devices to the Company business resulting from, among other things, the field of AI surging worldwide across companies, industries and nations; formal or informal imposition by countries of new or revised export and/or import and doing-business regulations or sanctions, including but not limited to changes in U.S. trade policies, changes or uncertainty related to the U.S. government entity list and changes in the ability to sell products incorporating U.S originated technology, which can be made without prior notice, and our ability to effectively address such global trade issues and changes; risks related to fluctuations in foreign currency exchange rates; and those other factors discussed in our Annual Report on Form 20-F as published on March 19, 2025 as well as other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the Securities and Exchange Commission. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Camtek does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.
While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.
This press release provides financial measures that exclude: (i) share based compensation expenses; (ii) acquisition related expenses and )iii) expenses related to the extinguishment of convertible notes, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors.
Camtek Ltd.
P.O.Box 544, Ramat Gabriel Industrial Park
Migdal Ha'Emek 23150, ISRAEL
Tel: +972 (4) 604-8100 Fax: +972 (4) 644-0523
E-Mail: [email protected] Web site: http://www.camtek.com
CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
[email protected]
INTERNATIONAL INVESTOR RELATIONS
EK Global Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040
[email protected]
Camtek Ltd. and its subsidiaries
Consolidated Balance Sheets (Unaudited)
(In thousands)
December 31,
December 31,
2025
2024
U.S. Dollars
Assets
Current assets
Cash and cash equivalents
177,848
126,224
Short-term deposits
411,450
231,000
Marketable securities
78,862
30,813
Trade accounts receivable, net
90,829
99,471
Inventories
112,202
111,204
Other current assets
25,804
21,347
Total current assets
896,995
620,059
Long-term deposits
-
26,000
Marketable securities
182,941
87,115
Long-term inventory
15,569
11,879
Deferred tax asset, net
12,933
3,090
Other assets, net
1,881
2,001
Property, plant and equipment, net
65,107
54,196
Intangible assets, net
10,062
13,357
Goodwill
74,345
74,345
Total non- current assets
362,838
271,983
Total assets
1,259,833
892,042
Liabilities and shareholders' equity
Current liabilities
Trade accounts payable
33,676
46,630
Other current liabilities
73,749
77,280
Total current liabilities
107,425
123,910
Long-term liabilities
Deferred tax liabilities, net
1,261
5,606
Other long-term liabilities
14,311
15,366
Convertible notes
519,833
197,925
Total long-term liabilities
535,405
218,897
Total liabilities
642,830
342,807
Commitments and contingencies
Shareholders' equity
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at December 31, 2025
and at December 31, 2024;
47,920,509 issued shares at December 31, 2025 and 47,541,682 at December 31, 2024;
45,828,133 shares outstanding at December 31, 2025 and 45,449,306 at December 31, 2024
178
177
Additional paid-in capital
231,892
214,931
Accumulated other comprehensive income
287
203
Retained earnings
386,544
335,822
618,901
551,133
Treasury stock, at cost (2,092,376 as of December 31, 2025 and December 31, 2024)
(1,898)
(1,898)
Total shareholders' equity
617,003
549,235
Total liabilities and shareholders' equity
1,259,833
892,042
Camtek Ltd. and its subsidiaries
Consolidated Statements of Income (unaudited)
(in thousands)
Year ended December 31,
Three Months ended December 31,
2025
2024
2025
2024
U.S. dollars
U.S. dollars
Revenues
496,072
429,234
128,124
117,293
Cost of revenues
245,755
219,283
64,024
59,161
Gross profit
250,317
209,951
64,100
58,132
Operating expenses:
Research and development
48,345
38,287
13,056
10,371
Selling, general and administrative
73,769
63,595
19,360
16,461
Total operating expenses
122,114
101,882
32,416
26,832
Operating income
128,203
108,069
31,684
31,300
Financial income, net
25,064
23,169
8,163
6,175
Other expenses
(100,932)
-
-
-
Income before income taxes
52,335
131,238
39,847
37,475
Income tax expense
(1,613)
(12,723)
(3,950)
(4,466)
Net income
50,722
118,515
35,897
33,009
Net income per ordinary share:
Year ended December 31,
Three Months ended December 31,
2025
2024
2025
2024
U.S. dollars
U.S. dollars
Basic net earnings
1.11
2.62
0.78
0.73
Diluted net earnings
1.04
2.42
0.71
0.67
Weighted average number of
ordinary shares outstanding:
Basic
45,703
45,279
45,814
45,428
Diluted
49,970
49,369
51,337
49,503
Reconciliation of GAAP To Non-GAAP results
(In thousands, except share data)
Year ended December 31,
Three Months ended December 31,
2025
2024
2025
2024
U.S. dollars
U.S. dollars
Reported net income attributable to Camtek Ltd. on GAAP basis
50,722
118,515
35,897
33,009
Acquisition of FRT related expenses (1)
2,801
5,334
533
650
Loss from extinguishment of Capital Notes (2)
88,682
-
-
-
Share-based compensation
16,819
14,775
4,233
4,052
Non-GAAP net income
159,024
138,624
40,663
37,711
Non–GAAP net income per diluted share
3.26
2.83
0.81
0.77
Gross margin on GAAP basis
Reported gross profit on GAAP basis
50.4%
250,317
49.6%
209,951
51.0%
64,100
50.6%
58,132
Acquisition of FRT-related expenses (1)
2,895
5,802
610
610
Share-based compensation
2,806
2,197
712
595
Non-GAAP gross margin
51.6 %
50.8 %
51.0 %
50.6 %
Non-GAAP gross profit
256,018
217,950
65,422
59,337
Reported operating income (loss) attributable
to Camtek Ltd. on GAAP basis
128,303
108,069
31,783
31,300
Acquisition of FRT-related expenses (1)
4,000
7,455
761
928
Share-based compensation
16,819
14,775
4,233
4,052
Non-GAAP operating income
149,122
130,299
36,777
36,280
(1) During the year ended December 310, 2025, the Company recorded acquisition-related expenses of $2.8 million, consisting of: (1) inventory written-up to fair value in purchase accounting charges of $0.5 million. This amount is recorded under cost of revenues line item. (2) $2.4 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $1.1 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (4) $1.2 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
During the three-month period ended December 31, 2025, the Company recorded acquisition-related expenses of $0.5 million, consisting of: (1) $0.6 million amortization of intangible assets acquired recorded under cost of revenues line item. (2) $0.2 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (4) $0.2 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
During the year ended December 31, 2024, the Company recorded acquisition-related expenses of $5.3 million, consisting of: (1) inventory written-up to fair value in purchase accounting charges of $3.4 million. This amount is recorded under cost of revenues line item. (2) $2.4 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $1.3 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (4) $0.4 million re-organization expenses, recorded under the general and administrative expenses line item. (5) $2.1 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
During the three-month period ended December 31, 2024, the Company recorded acquisition-related expenses of $0.6 million, consisting of: (1) $0.6 million amortization of intangible assets acquired recorded under cost of revenues line item. (2) $0.3 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (3) $0.3 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
(2) During the year ended December 31, 2025, the Company recorded a loss of $88.7 million, consisting of: (1) $100.9 million from the extinguishment of Capital Notes recorded under the other expenses line item. (2) $12.3 million tax benefit recorded under the income tax benefit line item.
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SOURCE Camtek Ltd.