Camtek (CAMT) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 revenue of $117.3M (up 32% YoY) and full-year revenue of $429.2M (up 36% YoY).

• Q4 GAAP net income rose 59% YoY to $33.0M; full-year GAAP net income up 51% YoY to $118.5M.

• Operating income for Q4 was $36.3M (up 42% YoY); full-year operating income reached $130M (up 56% YoY).

• Strong backlog and new product launches (Eagle G5, Hawk) position for continued growth in 2025.

• AI-driven demand and expansion into new markets expected to fuel further growth.

Financial highlights

• Q4 gross margin: 50.6%, up from 49.2% YoY; operating margin: 30.9% (vs. 28.7% YoY).

• Q4 net income: $37.7M ($0.77/diluted share), up from $28.2M ($0.57/share) YoY.

• Cash and equivalents at year-end: $501.2M; annual cash from operations: $122M.

• Q4 2024 GAAP diluted EPS: $0.67; non-GAAP diluted EPS: $0.77.

• Inventory and accounts receivable increased to support anticipated sales growth.

Outlook and guidance

• Q1 2025 revenue guidance: $118M–$120M, representing ~23–25% YoY growth.

• Expect 2025 to be a growth year, outpacing the 5% WFE market growth estimate.

• Strong backlog for the first half of 2025, with the second half's backlog building.

• Gross margin accretion from new products (Hawk, Eagle G5) expected to be more visible in 2026.