Camtek Ltd. reported record revenues of $126.0 million for the third quarter of 2025, marking a 12.0% year-over-year increase. The company posted a GAAP gross margin of 50.0% and a non-GAAP gross margin of 51.5%. GAAP operating income was $31.8 million, up 8.0% from the prior year, while non-GAAP operating income reached $37.6 million, up 10.0%. Camtek raised $500.0 million through a new offering of convertible notes and used a portion of the proceeds to repurchase previous notes, resulting in a one-time GAAP capital loss of $89.0 million. This led to a GAAP net loss of $53.2 million, or $(1.16) per share, but non-GAAP net income rose 10.0% to $40.9 million, or $0.82 per diluted share. The company generated $34.3 million in operating cash flow during the quarter. Cash and cash equivalents, short- and long-term deposits, and marketable securities totaled $794.0 million as of September 30, 2025, compared to $543.9 million as of June 30, 2025. Camtek expects fourth quarter 2025 revenue of approximately $127.0 million and annual 2025 revenues of about $495.0 million.