SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
(Translation of Registrant’s Name into English)
P.O. Box 544
Migdal Haemek 23150
ISRAEL
(Address of Principal Corporate Offices)
CAMTEK LTD.
(Registrant) By: /s/ Moshe Eisenberg
Moshe Eisenberg,
Chief Financial Officer |
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Camtek Ltd.
P.O.Box 544, Ramat Gabriel Industrial Park
Migdal Ha’Emek 23150, ISRAEL
Tel: +972 (4) 604-8100 Fax: +972 (4) 644-0523
E-Mail: [email protected] Web site: http://www.camtek.com
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CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
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INTERNATIONAL INVESTOR RELATIONS
EK Global Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040 |
• |
Record revenues of $123.3 million, a 20% YoY increase;
|
• |
GAAP gross margin of 50.8% and non-GAAP gross margin of 51.9%;
|
• |
GAAP operating income of $32.0 million (up 24% YoY) and non-GAAP operating income of $37.4 million (up 21% YoY), representing operating margins of 25.9% and 30.3%, respectively; and
|
• |
GAAP net income of $33.7 million (up 20% YoY) and non-GAAP net income of $38.8 million (up 19% YoY); GAAP diluted EPS of $0.69 and non-GAAP diluted EPS of $0.79.
|
June 30,
|
December 31,
|
|||||||
2025
|
2024
|
|||||||
U.S. Dollars
|
||||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
192,028
|
126,224
|
||||||
Short-term deposits
|
204,000
|
231,000
|
||||||
Marketable securities
|
39,965
|
30,813
|
||||||
Trade accounts receivable, net
|
112,018
|
99,471
|
||||||
Inventories
|
133,709
|
111,204
|
||||||
Other current assets
|
21,218
|
21,347
|
||||||
Total current assets
|
702,938
|
620,059
|
||||||
Long-term deposits
|
20,000
|
26,000
|
||||||
Marketable securities
|
87,867
|
87,115
|
||||||
Long-term inventory
|
15,359
|
11,879
|
||||||
Deferred tax asset, net
|
3,711
|
3,090
|
||||||
Other assets, net
|
2,060
|
2,001
|
||||||
Property, plant and equipment, net
|
56,805
|
54,196
|
||||||
Intangible assets, net
|
11,656
|
13,357
|
||||||
Goodwill
|
74,345
|
74,345
|
||||||
Total non- current assets
|
271,803
|
271,983
|
||||||
Total assets
|
974,741
|
892,042
|
||||||
Liabilities and shareholders’ equity
|
||||||||
Current liabilities
|
||||||||
Trade accounts payable
|
40,895
|
46,630
|
||||||
Other current liabilities
|
89,080
|
77,280
|
||||||
Total current liabilities
|
129,975
|
123,910
|
||||||
Long-term liabilities
|
||||||||
Deferred tax liabilities, net
|
5,210
|
5,606
|
||||||
Other long-term liabilities
|
14,600
|
15,366
|
||||||
Convertible notes
|
198,472
|
197,925
|
||||||
Total long-term liabilities
|
218,282
|
218,897
|
||||||
Total liabilities
|
348,257
|
342,807
|
||||||
Commitments and contingencies
|
||||||||
Shareholders’ equity
|
||||||||
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at June 30, 2025 and at December 31, 2024;
|
||||||||
47,794,821 issued shares at June 30, 2025 and 47,541,682 at December 31, 2024;
|
||||||||
45,702,445 shares outstanding at June 30, 2025 and 45,449,306 at December 31, 2024
|
178
|
177
|
||||||
Additional paid-in capital
|
223,206
|
214,931
|
||||||
Accumulated other comprehensive income (loss)
|
1,170
|
203
|
||||||
Retained earnings
|
403,828
|
335,822
|
||||||
628,382
|
551,133
|
|||||||
Treasury stock, at cost (2,092,376 shares as of June 30, 2025 and December 31, 2024)
|
(1,898
|
)
|
(1,898
|
)
|
||||
Total shareholders' equity
|
626,484
|
549,235
|
||||||
Total liabilities and shareholders' equity
|
974,741
|
892,042
|
Six months ended
June 30,
|
Three months
ended June 30,
|
Year ended
December 31,
|
||||||||||||||||||
2025
|
2024
|
2025
|
2024
|
2024
|
||||||||||||||||
U.S. dollars
|
U.S. dollars
|
U.S. dollars
|
||||||||||||||||||
Revenues
|
241,955
|
199,601
|
123,317
|
102,591
|
429,234
|
|||||||||||||||
Cost of revenues
|
118,780
|
103,638
|
60,706
|
51,447
|
219,283
|
|||||||||||||||
Gross profit
|
123,175
|
95,963
|
62,611
|
51,144
|
209,951
|
|||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development
|
21,836
|
18,146
|
11,474
|
9,196
|
38,287
|
|||||||||||||||
Selling, general and administrative
|
36,665
|
30,694
|
19,163
|
16,063
|
63,595
|
|||||||||||||||
Total operating expenses
|
58,501
|
48,840
|
30,637
|
25,259
|
101,882
|
|||||||||||||||
Operating income
|
64,674
|
47,123
|
31,974
|
25,885
|
108,069
|
|||||||||||||||
Financial income, net
|
10,375
|
10,624
|
4,942
|
5,014
|
23,169
|
|||||||||||||||
Income before income taxes
|
75,049
|
57,747
|
36,916
|
30,899
|
131,238
|
|||||||||||||||
Income tax expense
|
(7,043
|
)
|
(4,984
|
)
|
(3,221
|
)
|
(2,935
|
)
|
(12,723
|
)
|
||||||||||
Net income
|
68,006
|
52,763
|
33,695
|
27,964
|
118,515
|
Earnings per share information:
|
Six months ended
June 30,
|
Three months
ended June 30,
|
Year ended
December 31,
|
|||||||||||||||||
2025
|
2024
|
2025
|
2024
|
2024
|
||||||||||||||||
U.S. dollars
|
U.S. dollars
|
U.S. dollars
|
||||||||||||||||||
Basic net earnings per share (in US dollars)
|
1.49
|
1.17
|
0.74
|
0.62
|
2.62
|
|||||||||||||||
Diluted net earnings per share (in US dollars)
|
1.39
|
1.08
|
0.69
|
0.57
|
2.62
|
|||||||||||||||
Weighted average number of
|
||||||||||||||||||||
ordinary shares outstanding:
|
||||||||||||||||||||
Basic
|
45,622
|
45,160
|
45,682
|
45,246
|
45,279
|
|||||||||||||||
Diluted
|
49,306
|
49,283
|
49,327
|
49,310
|
49,369
|
Six Months ended
June 30,
|
Three Months ended
June 30,
|
Year ended
December 31,
|
||||||||||||||||||
2025
|
2024
|
2025
|
2024
|
2024
|
||||||||||||||||
U.S. dollars
|
U.S. dollars
|
U.S. dollars
|
||||||||||||||||||
Reported net income attributable to Camtek Ltd. on GAAP basis
|
68,006
|
52,763
|
33,695
|
27,964
|
118,515
|
|||||||||||||||
Acquisition of FRT related expenses (1)
|
1,300
|
4,034
|
650
|
650
|
5,334
|
|||||||||||||||
Share-based compensation
|
8,203
|
7,109
|
4,493
|
3,991
|
14,775
|
|||||||||||||||
Non-GAAP net income
|
77,509
|
63,906
|
38,838
|
32,605
|
138,624
|
|||||||||||||||
Non–GAAP net income per diluted share
|
1.57
|
1.30
|
0.79
|
0.66
|
2.83
|
|||||||||||||||
Gross margin on GAAP basis
|
50.9
|
%
|
48.1
|
%
|
50.8
|
%
|
49.9
|
%
|
49.6
|
%
|
||||||||||
Reported gross profit on GAAP basis
|
123,175
|
95,963
|
62,611
|
51,144
|
209,951
|
|||||||||||||||
Acquisition of FRT related expenses (1)
|
1,220
|
4,582
|
610
|
610
|
5,802
|
|||||||||||||||
Share-based compensation
|
1,344
|
1,006
|
763
|
608
|
2,197
|
|||||||||||||||
Non- GAAP gross profit
|
125,729
|
101,551
|
63,984
|
52,362
|
217,950
|
|||||||||||||||
Non-GAAP gross margin
|
52.0
|
%
|
50.9
|
%
|
51.9
|
%
|
51.0
|
%
|
50.8
|
%
|
||||||||||
Reported operating income attributable to Camtek Ltd. on GAAP basis
|
64,674
|
47,123
|
31,974
|
25,885
|
108,069
|
|||||||||||||||
Acquisition of FRT related expenses (1)
|
1,856
|
5,599
|
928
|
928
|
7,455
|
|||||||||||||||
Share-based compensation
|
8,203
|
7,109
|
4,493
|
3,991
|
14,775
|
|||||||||||||||
Non-GAAP operating income
|
74,733
|
59,831
|
37,395
|
30,804
|
130,299
|