Camtek (CAMT) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 revenue of $126 million, up 12% year-over-year, driven by strong demand in high-performance computing, AI applications, and advanced packaging.

• Management expects Q4 2025 revenue around $125–127 million and full-year 2025 revenue of $495 million, a 15% increase over 2024.

• Positioned for continued growth in 2026, with expectations of a stronger second half due to industry-wide AI and data center investments.

• Continued leadership in HBM market, with tools qualified and installed at all major HBM manufacturers.

• New products Eagle G5 and OAK expected to contribute 30% of 2025 revenue, with further growth anticipated.

Financial highlights

• Q3 2025 revenue: $126 million, up 12% year-over-year and sequentially.

• Non-GAAP gross margin: 51.5%; GAAP gross margin: 50.0%.

• Non-GAAP operating income: $37.6 million (up 10% YoY); GAAP operating income: $31.8 million (up 8% YoY).

• Non-GAAP net income: $40.9 million ($0.82 per diluted share), up from $30 million ($0.75 per share) last year; GAAP net loss of $53.2 million due to a one-time $89 million capital loss.

• Cash and equivalents: $794 million as of September 30, 2025.

Outlook and guidance

• Q4 2025 revenue expected around $125–127 million; full-year revenue to reach $495 million, up 15% over 2024.

• 2026 revenue expected to be weighted toward the second half, with growth driven by data center and AI investments.

• Gross margin anticipated to gradually improve as new products ramp.