Camtek (CAMT) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $133.2 million, up 8% year-over-year and 10% sequentially, exceeding guidance.

• Advanced Packaging accounted for 75% of Q2 revenue, mainly for AI products, and is expected to reach 80% by Q4.

• Order intake surpassed $600 million year-to-date, providing strong visibility and backlog into 2027.

• Completed the Visual Layer acquisition, expanding product portfolio and AI capabilities.

• Strong customer engagement and product portfolio expansion support long-term growth.

Financial highlights

• Q2 2026 gross margin was 51.4%, with gross profit of $68.5 million.

• Operating income reached $36 million, with non-GAAP operating margin at 27% and GAAP at 20.4%.

• Net income for Q2 was $39.4 million ($0.78 per diluted share) non-GAAP, and $23.3 million ($0.46 per share) GAAP.

• Cash and equivalents totaled $815.8 million as of June 30, 2026; $12.2 million generated from operations in Q2.

• Inventory rose to $128 million, while trade receivables decreased to $91 million.

Outlook and guidance

• Q3 2026 revenue guidance: $158–$160 million, a 20% sequential increase over Q2.

• H2 2026 revenue expected to grow over 30% versus H1; Q4 advanced packaging revenue projected to be 70% higher than Q1.

• Continued strong order momentum and backlog, with growth expected into 2027.