CAMTEK ANNOUNCES RECORD RESULTS FOR THE THIRD QUARTER OF 2025

Another Strong Quarter Expected in Q4 with Revenues of around $127 million

MIGDAL HAEMEK, Israel, Nov. 10, 2025 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the third quarter ended September 30, 2025.

2025 Third Quarter Financial Highlights

Fourth Quarter Guidance

Based on current orders, sales pipeline, and ongoing customer engagements, Management expects Q4 2025 revenue to be around $127 million, representing annual 2025 revenues of $495 million, a record year for Camtek with expected strong growth of 15% over 2024.

Management Comment

Rafi Amit, Camtek's CEO commented, "We are very pleased with our results and achievements this quarter. Similar to the prior quarters, Camtek continued to grow and deliver record performance, driven primarily by the ongoing increasing demand for high-performance computing for AI applications."

Continued Mr. Amit, "With the recent industry-wide announcements regarding large scale investments in data centers and AI applications, we anticipate that Camtek's annual growth will continue in 2026. At this stage, we expect that the revenues will be more second half weighted, following a somewhat slower start to the year."

Concluded Mr. Amit, "With Camtek's leading market position and the cutting-edge technological capabilities that we have recently added, we are well positioned to capitalize on the massive AI investments and to pursue significant growth while increasing our market share over the coming years."

Third Quarter 2025 Financial Results

Revenues for the third quarter of 2025 were $126.0 million. This compares to third quarter 2024 revenues of $112.3 million, a year-over-year growth of 12%.

Gross profit on a GAAP basis in the quarter totaled $63.0 million (50.0% of revenues), an increase of 13% compared to $55.9 million (49.7% of revenues) in the third quarter of 2024.

Gross profit on a non-GAAP basis in the quarter totaled $64.9 million (51.5% of revenues), an increase of 14% compared to $57.1 million (50.8% of revenues) in the third quarter of 2024.

Operating income on a GAAP basis in the quarter totaled $31.9 million (25.3% of revenues), an increase of 7% compared to $29.6 million (26.4% of revenues) in the third quarter of 2024.

Operating income on a non-GAAP basis in the quarter totaled $37.6 million (29.9% of revenues), an increase of 10% compared to $34.2 million (30.4% of revenues) in the third quarter of 2024.

During the third quarter, Camtek issued $500 million of 0% coupon convertible senior notes in a private offering and used some of the proceeds to repurchase notes from a prior offering. Consequently, a loss of $89 million was recorded in the GAAP results.

Net loss on a GAAP basis in the quarter, which includes the aforementioned loss, totaled $53.2 million, or ($1.16) per basic share, compared to net income of $32.7 million, or $0.66 per diluted share, in the third quarter of 2024.

Net income on a non-GAAP basis in the quarter totaled $40.9 million, or $0.82 per diluted share, an increase of 10% compared to a non-GAAP net income of $37.0 million, or $0.75 per diluted share, in the third quarter of 2024.

Cash and cash equivalents, short-term and long-term deposits, and marketable securities, as of September 30, 2025, were $794.0 million compared to $ 543.9 million as of June 30, 2025. During the third quarter, the Company generated an operating cash flow of $34.3 million. In addition, as mentioned earlier, Camtek raised $219 million, net, in new convertible debt, replacing a prior series of convertible debt.

Conference Call

Camtek will host a video conference call/webinar today via Zoom, on November 10, 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_aq_SOaEvTAiVDABZPEc9Eg

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 http://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.

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 industries' 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, the effects of the war situation in Israel, and the related evolving regional conflicts; the continued demand and future contribution of HPC, 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 geographies; 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; our dependency on the semiconductor industry and the risk that adverse economic conditions, reduced capital expenditures, or cyclical downturns may negatively impact our results; the concentration of our business in certain Asia Pacific countries, particularly China, Taiwan, and Korea, which may be subject to trade restrictions, regulatory changes, or geopolitical tensions; 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.

Moshe Eisenberg, CFO

Tel: +972 4 604 8308

Mobile: +972 54 900 7100

moshee@camtek.com

INTERNATIONAL INVESTOR RELATIONS

EK Global Investor Relations

Ehud Helft

Tel: (US) 1 212 378 8040

camtek@ekgir.com

CAMTEK LTD. and its subsidiaries

Consolidated Balance Sheets (Unaudited)

(In thousands)

September 30,

December 31,

2025

2024

U.S. Dollars

Assets

Current assets

Cash and cash equivalents

199,671

126,224

Short-term deposits

382,450

231,000

Marketable securities

57,373

30,813

Trade accounts receivable, net

112,502

99,471

Inventories

126,492

111,204

Other current assets

21,337

21,347

Total current assets

899,825

620,059

Long-term deposits

20,000

26,000

Marketable securities

134,460

87,115

Long-term inventory

16,131

11,879

Deferred tax asset, net

10,858

3,090

Other assets, net

2,493

2,001

Property, plant and equipment, net

62,214

54,196

Intangible assets, net

10,736

13,357

Goodwill

74,345

Total non- current assets

331,237

271,983

Total assets

1,231,062

892,042

Liabilities and shareholders' equity

Current liabilities

Trade accounts payable

33,232

46,630

Other current liabilities

85,463

77,280

Total current liabilities

118,695

123,910

Long-term liabilities

Deferred tax liabilities, net

5,606

Other long-term liabilities

15,220

15,366

Convertible notes

519,111

197,925

Total long-term liabilities

534,331

218,897

Total liabilities

653,026

342,807

Commitments and contingencies

Shareholders' equity

Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at

September 30, 2025, and at December 31, 2024;

47,858,633 issued shares at September 30, 2025, and 47,541,682 at

December 31, 2024;

45,766,257 shares outstanding at September 30, 2025, and 45,449,306 at

December 31, 2024

178

177

Additional paid-in capital

227,589

214,931

Accumulated other comprehensive income (loss)

1,520

203

Retained earnings

350,647

335,822

579,934

551,133

Treasury stock, at cost (2,092,376 shares as of September 30, 2025, and

December 31, 2024)

(1,898)

Total shareholders' equity

578,036

549,235

Total liabilities and shareholders' equity

1,231,062

892,042

CAMTEK LTD. and its subsidiaries

Consolidated Statements of Income (Unaudited)

(in thousands)

Nine months ended

Three months

Year ended

September 30,

ended September 30,

December 31,

2025

2024

2025

2024

U.S. dollars

Revenues

367,948

311,941

125,993

112,340

429,234

Cost of revenues

181,731

160,122

62,951

56,484

219,283

Gross profit

186,217

151,819

63,042

55,856

209,951

Operating expenses:

Research and development

35,289

27,916

13,453

9,770

38,287

Selling, general and administrative

54,409

47,134

17,744

16,440

63,595

Total operating expenses

89,698

75,050

31,197

26,210

101,882

Operating income

96,519

76,769

31,845

29,646

108,069

Financial income, net

16,901

16,994

6,526

6,370

23,169

Other expenses

(100,932)

Income (loss) before income taxes

12,488

93,763

(62,561)

36,016

131,238

Income tax benefit (expense)

2,337

(8,257)

9,380

(3,273)

(12,723)

Net income (loss)

14,825

85,506

(53,181)

32,743

118,515

Nine months ended

Three months

Year ended

Earnings per share information:

September 30,

ended September 30,

December 31,

2025

2024

2025

2024

U.S. dollars

Basic net earnings (loss) per share (in US dollars)

0.32

1.89

(1.16)

0.72

2.62

Diluted net earnings (loss) per share (in US dollars)

0.32

1.73

(1.16)

0.66

2.42

Weighted average number of

ordinary shares outstanding :

Basic

45,655

45,176

45,755

45,365

45,279

Diluted

49,502

49,333

45,755

49,437

49,369

Camtek Ltd.

Reconciliation of GAAP To Non-GAAP results

(In thousands, except share data)

Nine Months ended

Three Months ended

Year ended

September 30,

December 31,

2025

2024

2025

2024

U.S. dollars

Reported net income attributable to Camtek Ltd. on GAAP basis

14,825

85,506

(53,181)

32,743

118,515

Acquisition of FRT-related expenses (1)

2,268

4,684

968

650

5,334

Loss from extinguishment of Capital Notes (2)

88,682

Share-based compensation

12,586

10,723

4,383

3,614

14,775

Non-GAAP net income

118,361

100,913

40,852

37,007

138,624

Non–GAAP net income per

diluted share

2.42

2.05

0.82

0.75

2.83

Gross margin on GAAP basis

50.6 %

48.7 %

50.0 %

49.7 %

49.6 %

Reported gross profit on GAAP basis

186,217

151,819

63,042

55,856

209,951

Acquisition of FRT-related expenses (1)

2,285

5,192

1,065

610

5,802

Share-based compensation

2,094

1,602

750

596

2,197

Non- GAAP gross profit

190,596

158,613

64,857

57,062

217,950

Non-GAAP gross margin

51.8 %

50.8 %

51.5 %

50.8 %

Reported operating income attributable to Camtek Ltd. on GAAP basis

96,519

76,769

31,845

29,646

108,069

Acquisition of FRT related expenses (1)

3,239

6,527

1,383

928

7,455

Share-based compensation

12,586

10,723

4,383

3,614

14,775

Non-GAAP operating income

112,344

94,019

37,611

34,188

130,299

(1) During the nine-month period ended September 30, 2025, the Company recorded acquisition-related expenses of $2.3 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) $1.8 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $1.0 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (4) $1.0 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.

During the three-month period ended September 30, 2025, the Company recorded acquisition-related expenses of $1.0 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) $0.6 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $0.3 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (4) $0.4 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.

During the nine-month period ended September 30, 2024, the Company recorded acquisition-related expenses of $4.7 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) $1.8 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $0.9 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) $1.8 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.

During the three-month period ended September 30, 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.

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.

(2) During the nine-month and three-month periods ended September 30, 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.