"we have experienced an unprecedented start to the year in terms of incoming orders"（CEO）
"we can already say that we expect a surge in revenue in the second half of 2026 with over 25% higher revenues compared with the first half"（CEO）
"I expect the gross margin to improve in the second half of the year, in line with our strong revenue forecast"（CFO）
"We expect operating margin to return to around 30% level in the second half of the year"（CFO）
Q&A Batch (1-5 of 6)
Q1 — Yu Shi
Topic: Visual Layer acquisition rationale, AI software revenue timing, China outlook
Key points:
Visual Layer developed unique annotation/classification tech; Camtek worked with them for over a year before acquisition.
AI capabilities (inspection/metrology) will be introduced in “very next few months”; key customers gave “enthusiastic feedback.”
Revenue contribution from AI capabilities expected in H2 2026; software packages can be sold to installed base (thousands of systems).
China business “healthy” and in “positive trend,” but major 2026 growth contribution will come from non-China markets.
Mgmt stance: Bullish — acquisition combines Visual Layer tech with in-house AI team; AI software seen as breakthrough for throughput/accuracy; China remains positive but not the primary growth driver.
Q2 — Brian Chin
Topic: Lead times, SAM expansion, growth flexibility
Key points:
Eagle lead time: ~3 months; Hawk lead time: 3–6 months; both have flexibility to respond to additional orders.
Current SAM: $1.5–$1.7 billion; 2027 SAM target: above $2 billion (additional ~$0.5 billion).
Main growth applications: inspection (2/3 of business), back-end line of front-end, compound semiconductors, CMOS image sensors, RF.
Mgmt stance: Bullish — supply chain has no issues; inventory being ramped to meet demand; AI technology expected to “leapfrog” inspection capabilities.
Advanced packaging segment lags front-end by 1–2 quarters; AI is the “engine” fueling growth.
Order flow described as “unprecedented”; growth visible across regions and applications (OSAT, 1s/2s).
U.S. chiplet IDM customer: share is “meaningful”; business expected to start in latter part of 2026 and into 2027.
Photonics: opportunities exist but magnitude is smaller than HBM/chiplets; early stage.
Mgmt stance: Bullish — market ramping clearly; strong position in both major chiplet customers; photonics a smaller but emerging opportunity.
Q4 — Ramy Langer (answering Shane Brett)
Topic: China competition, 2026 growth vs. peers
Key points:
In China, one “meaningful” local competitor; pressure expected at lower-end applications, but Camtek has large installed base and dominant OSAT position.
2026 growth measured against record 2025 revenues; company plans to increase market share in 2D and 3D advanced packaging.
Growth in H2 2026 and H1 2027 will be “very, very significant,” closer to peer growth rates of 50%+.
Mgmt stance: Bullish — no market share loss; strong China position; growth comparison affected by base effect; future growth aligns with industry.
Q5 — Ramy Langer (answering Edward Yang)
Topic: Israel operations, competitive differentiation
Key points:
Facility operates normally; team committed; no missed shipments; 100% performance; capacity being added in Germany.
Eagle G5 and Hawk: 30% of 2025 revenues came from these new machines; plan to at least double sales of these two products.
Differentiation: state-of-the-art mechanical/optical platform, breakthrough AI capabilities (with Visual Layer), flexibility/customization, best customer support.
Mgmt stance: Bullish — operations unaffected by geopolitical situation; new products gaining strong adoption; AI and service create sustainable competitive edge.