Camtek (CAMT) Q3 2025 earnings summary

Executive summary

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

• Gross margin reached 51.5%, with operating income of $37.6 million and non-GAAP net income of $40.9 million.

• Strong cash position of $794 million as of September 30, 2025, bolstered by a $500 million convertible notes offering.

• Leadership maintained in HBM market, with tools qualified for HBM4 at all manufacturers.

• New products Eagle G5 and OAK expected to contribute 30% of 2025 revenue and drive future growth.

Financial highlights

• Q3 2025 revenue was $126 million, a 12% increase year-over-year and sequentially.

• Gross margin was 51.5% (non-GAAP), with GAAP gross margin at 50.0%.

• Operating profit was $37.6 million (non-GAAP), with operating margin at 30% (non-GAAP 29.9%).

• Net income for Q3 2025 was $40.9 million (non-GAAP), or $0.82 per diluted share.

• Cash and equivalents stood at $794 million as of September 30, 2025, up from $543.9 million in Q2.

Outlook and guidance

• Q4 2025 revenue expected around $125–127 million, with full-year 2025 revenue guidance at $495 million, representing 15% growth over 2024.

• 2026 revenue expected to be weighted toward the second half, with continued industry growth and investments in wafer fab equipment.

• Gross margin anticipated to gradually improve as higher-margin products increase in sales mix.