Topic: 2026 revenue timing (H1 vs H2) and R&D expense trajectory
Key points:
Delivery time is 3–4 months maximum, making near-term prediction difficult; pipeline and customer discussions indicate H2 2026 will be stronger than H1.
2026 is confirmed as a growth year, but no solid Q1 guidance can be provided at this stage.
Q3 2025 R&D expense increased; R&D will remain at elevated levels and may increase as a percentage of revenue as revenue grows, with no major decline expected.
Mgmt stance: Bullish on 2026 growth, cautious on H1 2026 visibility due to short delivery lead times.
Q2 — Brian Chin
Topic: China strength in 2025 and HBM4 tool-of-record status
Key points:
China strength driven by OSAT investments; China expected to remain healthy in 2026.
HBM business growing >30% annually, expected to double in 3 years; Camtek is tool of record for all 3D metrology at all HBM4 manufacturers, and for several 2D inspection steps at different manufacturers.
No weakness in China; HPC continues very strong.
Mgmt stance: Bullish on China and HBM4 position, with no sign of moderation.
Q3 — Matthew Prisco
Topic: H1 vs H2 2026 weighting and HPC revenue contribution
Key points:
Confidence in H2 2026 based on detailed customer pipeline discussions and market understanding; time lag expected to be short.
HPC (high-performance computing) was roughly 50% of business; expected to maintain that share over the longer period, with growth in HBM and CoWoS.
HBM4 is inspection/metrology intensive due to tighter bumps and higher density.
Mgmt stance: Bullish on HPC growth and H2 2026 ramp, supported by customer pipeline and industry trends.
Q4 — Craig Ellis
Topic: Manufacturing capacity for H2 2026 ramp and M&A strategy
Key points:
Added significant capacity ~1 year ago; adding capacity in Europe as buffer; currently running 2 shifts, can extend to third shift.
Inventory reduced via more efficient material flow; sufficient material on hand; shipping costs back to normal.
M&A: Executive Chairman Lior Aviram spends 100% of time on M&A; ~40 potential target companies identified; discussions ongoing weekly; expects more results in 2026.
Mgmt stance: Bullish on capacity readiness and M&A pipeline; neutral on near-term M&A disclosure.
Q5 — Matthew Pan
Topic: AI supply chain conversations and WFE spend as % of AI compute investments
Key points:
Conversations with all relevant HPC manufacturers and customers are positive; 2026 growth expected, but timing of ramp is uncertain.
WFE as % of AI compute investments: sees comments ranging from high single digits to low double digits, but too early to provide a specific number.
Mgmt stance: Bullish on industry direction, cautious on quantifying WFE percentage for 2026.
Q&A Batch (6-8 of 8)
Q6 — Ezra Weener
Topic: HPC business composition & Hawk upgrade impact
Key points:
HPC (CoWos + HBM + chiplet) is treated as one bundled business; orders can shift quarterly by vendor, with OSATs adding complexity.
HPC remains strong in Q4 and is expected to be ~50% of revenue in 2026, with no pattern change.
Hawk upgrade: throughput improvement for 3D metrology and inspection, changes coming “very soon”; Hawk already in production at multiple customer sites.
Mgmt stance: Bullish — Hawk is the best equipment in its segment, improved version will strengthen market position.
Q7 — Michael Mani
Topic: Tool utilization & gross margin trajectory for 2026
Key points:
Company does not know customer utilization rates; all shipped machines are installed and taken into production with no idle units observed.
Gross margin should gradually improve over next few quarters as more Hawk and Gen 5 products (higher gross margin) ship; slower quarters may impact but general trend is improvement from current levels (current ~51%-52% range).
Mgmt stance: Neutral-to-bullish — industry healthy (no slowdown), margins improving with product mix.
No market share lost to competitors; strong position in 3D (reference tool for all 3D metrology at all HBM vendors and OSATs), gaining share in 2D and new applications.
Advanced packaging ~70% of revenue: ~50% HPC, ~20% conventional advanced packaging (primarily fan-out); non-HPC outperformed HPC in 2025 and is expected to be similar in 2026.
Hybrid bonding: moderate revenue contribution in 2026; few machines at major customer sites for pilot/preproduction; meaningful volumes expected in 2027.
Mgmt stance: Bullish — targeting increased market share in both 3D and 2D, hybrid bonding is a long-term opportunity.