CAMT · Camtek Ltd.

Camtek Ltd. delivered Q1 2026 results with revenues of $121.7 million, reflecting a modest 2.5% year-over-year increase from $118.6 million, driven by sustained demand in semiconductor inspection and metrology equipment. GAAP gross margin held steady at 50.1%, while non-GAAP reached 51.0%, indicating consistent profitability despite pressures. Operating income declined to $27.3 million GAAP ($31.1 million non-GAAP) from prior year levels, primarily due to higher R&D expenses of $14.3 million (up from $10.4 million) and SG&A of $19.3 million, underscoring heavy investment in AI-based algorithms, software, and the recent Visual Layer acquisition. Net income came in at $31.6 million GAAP ($35.3 million non-GAAP), with diluted EPS of $0.63 and $0.70 respectively. Balance sheet remains robust with $849.7 million in cash, deposits, and marketable securities, down slightly from $851.1 million at year-end, supported by $3.1 million operating cash flow. CEO Rafi Amit highlighted unprecedented order momentum, boosting confidence for accelerated growth, with Q2 guidance of $129-131 million and over 25% H2 revenue surge versus H1. Investments in AI detection, metrology, and classification via Visual Layer integration position Camtek competitively in advanced packaging, HBM, and chiplet markets serving IDMs, OSATs, and foundries.