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. $(CAMT)$ (TASE: CAMT), today announced its financial results for the fourth quarter and year ended December 31, 2025.
2025 Fourth Quarter Financial Highlights
-- Record revenues of $128.1 million, a 9% YoY increase;
-- GAAP gross margin of 50.0% and non-GAAP gross margin of 51.1%, versus
gross margins of 49.6% and 50.6% respectively, in the fourth quarter of
2024;
-- GAAP net income of $35.9 million (up 9% YoY) and non-GAAP net income of
$40.7 million (up 8% YoY);
-- GAAP diluted EPS of $0.71 and non-GAAP diluted EPS of $0.81; and
-- Generated cash of over $61 million from operating activities.
2025 Full-Year Financial Highlights
-- Record revenues of $496.1 million, a 16% YoY increase;
-- GAAP gross margin of 50.5% and non-GAAP gross margin of 51.6%, versus
gross margins of 48.9% and 50.8% respectively, in 2024;
-- GAAP net income of $50.7 million (down 43% YoY) and non-GAAP net income
of $159.0 million (up 15% YoY); and
-- GAAP diluted EPS of $1.05 and non-GAAP diluted EPS of $3.26.
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: Info@camtek.com Web site: http://www.camtek.com
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)
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 50.4% 49.6% 51.0% 50.6%
basis 250,317 209,951 64,100 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.
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February 18, 2026 06:10 ET (11:10 GMT)