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Camtek (CAMT) investor relations material
Camtek Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record Q4 2025 revenue of $128.1 million (up 9% YoY) and full-year revenue of $496.1 million (up 16% YoY).
Positioned at the center of strong AI-driven demand, with about 50% of annual revenue from AI-related products and major manufacturers expanding capacity.
Management expects double-digit revenue growth in 2026, with significant acceleration in the second half and strong order pipeline.
Financial highlights
Q4 2025 gross profit was $65.4 million, with a non-GAAP gross margin of 51.1% and GAAP gross margin of 50.0%.
Q4 2025 non-GAAP net income was $40.7 million ($0.81 per diluted share), and GAAP net income was $35.9 million ($0.71 per share).
FY 2025 non-GAAP net income was $159.0 million ($3.26 per share), while GAAP net income was $50.7 million ($1.05 per share), impacted by a one-time $88.7 million loss from extinguishment of capital notes.
Cash and equivalents at year-end were $851.1 million, up from $794 million in the previous quarter and $448.6 million YoY.
Q4 2025 operating cash flow was $61.2 million, with FY 2025 operating cash flow at $142.6 million.
Outlook and guidance
Q1 2026 revenue guidance is around $120 million, with growth expected to accelerate in the second half of 2026.
2026 is expected to be a double-digit growth year, supported by a robust order pipeline and recent $45 million in new orders.
Gross margin is expected to improve in the second half of 2026, supported by higher ASPs and supply chain efficiencies.
R&D investment will increase OpEx in the first half of 2026 to capture future opportunities.
- Strong 2025 growth and AI-driven demand position the company for $750M revenue targets.CAMT
Investor presentation5 Mar 2026 - Rapid growth in semiconductor inspection, fueled by AI and HPC, targets $750M revenue.CAMT
Investor presentation18 Feb 2026 - Record Q2 revenue and margin growth driven by HPC demand, with strong outlook into 2025.CAMT
Q2 20242 Feb 2026 - Record Q3 revenue and profit growth, strong HPC demand, and robust outlook for 2025.CAMT
Q3 202415 Jan 2026 - Strong growth in advanced packaging and AI drives record revenues and a $500M target for 2025.CAMT
Investor Presentation7 Jan 2026 - Record revenue and profit growth in 2024, with strong AI-driven outlook for 2025.CAMT
Q4 202419 Dec 2025 - Record Q2 2025 results, strong AI and HPC demand, and new products drive positive outlook.CAMT
Q2 202523 Nov 2025 - Record Q1 2025 results and double-digit growth outlook driven by advanced packaging and AI.CAMT
Q1 202519 Nov 2025 - Record Q3 2025 results and strong outlook reflect robust HPC and AI-driven demand.CAMT
Q3 202514 Nov 2025
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