Camtek (CAMT) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 revenue of $128.1 million (up 9% YoY) and full-year revenue of $496.1 million (up 16% YoY).

• Positioned at the center of strong AI-driven demand, with about 50% of annual revenue from AI-related products and major manufacturers expanding capacity.

• Management expects double-digit revenue growth in 2026, with significant acceleration in the second half and strong order pipeline.

Financial highlights

• Q4 2025 gross profit was $65.4 million, with a non-GAAP gross margin of 51.1% and GAAP gross margin of 50.0%.

• Q4 2025 non-GAAP net income was $40.7 million ($0.81 per diluted share), and GAAP net income was $35.9 million ($0.71 per share).

• FY 2025 non-GAAP net income was $159.0 million ($3.26 per share), while GAAP net income was $50.7 million ($1.05 per share), impacted by a one-time $88.7 million loss from extinguishment of capital notes.

• Cash and equivalents at year-end were $851.1 million, up from $794 million in the previous quarter and $448.6 million YoY.

• Q4 2025 operating cash flow was $61.2 million, with FY 2025 operating cash flow at $142.6 million.

Outlook and guidance

• Q1 2026 revenue guidance is around $120 million, with growth expected to accelerate in the second half of 2026.

• 2026 is expected to be a double-digit growth year, supported by a robust order pipeline and recent $45 million in new orders.

• Gross margin is expected to improve in the second half of 2026, supported by higher ASPs and supply chain efficiencies.

• R&D investment will increase OpEx in the first half of 2026 to capture future opportunities.