Camtek (CAMT) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 revenue of $123.3 million, up over 20% year-over-year, driven by high-performance computing and AI applications, with gross margin maintained at around 52%.

• Operating income exceeded $37 million non-GAAP, and net income reached $38.8 million or $0.79 per diluted share non-GAAP; GAAP net income was $33.7 million or $0.69 per share.

• Advanced packaging and new Eagle G5 and Hawk systems are fueling growth and market leadership.

• High-performance computing applications contributed 45%-50% of total revenue, with advanced packaging at 20%.

• Strong momentum and healthy order flow expected to continue into Q3 and Q4.

Financial highlights

• Q2 2025 revenue: $123.3 million, up 20% year-over-year.

• Gross margin: 50.8% GAAP, 51.9% non-GAAP; gross profit: $64 million.

• Operating income: $32 million GAAP (25.9% margin), $37.4 million non-GAAP (30.3% margin).

• Net income: $38.8 million non-GAAP ($0.79/share), $33.7 million GAAP ($0.69/share).

• Operating cash flow for Q2 2025 was $23.5 million; cash and equivalents totaled $543.9 million as of June 30, 2025.

Outlook and guidance

• Q3 2025 revenue expected at approximately $125 million, supporting a $500 million annualized run rate.

• Positive momentum and healthy pipeline projected for the second half of 2025, with major growth opportunities in new packaging technologies.

• HPC revenue mix expected to remain stable in the second half; China’s contribution to increase slightly from last year’s 30%.

• Too early to provide specific guidance for Q4 and 2026, but growth is anticipated if market conditions remain positive.