CAMT

Image source: The Motley Fool. Monday, Aug. 10, 2026 at 9:00 a.m. ET Investor Relations-Kenny Green Chief Executive Officer-Rafi Amit Chief Financial Officer-Moshe Eisenberg Chief Operating Officer-Ramy Langer Kenny Green: Ladies and gentlemen, thank you for standing by. I would like to welcome all of you to Camtek's results Zoom webinar. My name is Kenny Green, and I'm part of the Investor Relations team at Camtek. [Operator Instructions] I would like to remind everyone that this conference call is being recorded, and the recording will be available from the link in the earnings press release and on Camtek's website from tomorrow. You should have all received by now the company's press release. If not, please view it on the company's website. With me today on the call, we have Mr. Rafi Amit, CEO; Mr. Moshe Eisenberg, CFO; and Mr. Ramy Langer, COO. Before we begin, I'd like to remind you that the statements made by management on this call will contain forward-looking statements within the meaning of the federal securities laws. Those statements are subject to a range of changes, risks and uncertainties that can cause actual results to vary materially. For more information regarding the risk factors that may impact Camtek's results, please review Camtek's earnings release and SEC filings and specifically the forward-looking statements and risk factors identified in the results press release issued earlier today and such other factors discussed in Camtek's most recent annual report on SEC Form 20-F. Camtek does not undertake the obligation to update these forward-looking statements in light of new information or future events. Today's discussion of the financial results will be presented on a non-GAAP financial basis unless otherwise specified. As a reminder, a detailed reconciliation between GAAP and non-GAAP financial results can be found in today's earnings release. And now I'd like to hand the call over to Mr. Rafi Amit, Camtek's CEO. Rafi, please go ahead. Rafi Amit: Hello, everyone. I am delighted with our second quarter results and even more excited about the exceptional momentum we are seeing across our business. More importantly, the expectation we shared with you on our previous call regarding the second half of 2026 and our leadership position in the Advanced Packaging market are now becoming a reality, as you will hear through today's call. But first thing first, let's begin with our second quarter financial results. Second quarter revenue reached a record of $133 million, exceeding our guidance. Gross margin was 51.4% and operating income totaled $36 million. Approximately 75% of our revenue was generated from the Advanced Packaging segment, with the majority supporting AI-related applications. The remaining revenue was generated across a diverse range of 2D inspection application, including photonic and various 2D inspection applications. Now let me return to the point I made at the beginning of the call. Earlier this year, we communicated that we expected the second half of 2026 to be significantly stronger than the first half. That expectation has materialized. Since the beginning of the year, we have experienced a significant acceleration in order intake, bringing total orders received year-to-date to more than $600 million with deliveries scheduled through the remainder of 2026 and into 2027. This exceptional level of order intake has significantly improved our business visibility for the remainder of 2026 and well into 2027, giving us increased confidence in our outlook. Our leading position in the Advanced Packaging market is expected to drive approximately 45% growth in our Advanced Packaging business in the second half of 2026 compared with the first half. Looking at the year from another perspective, we expect our Advanced Packaging revenue in the fourth quarter to be approximately 70% higher than the first quarter, reflecting the strong acceleration in demand. In the second quarter, approximately 50% of our systems revenue were generated by the new generation platform, the Eagle G5 and the Hawk. We expect the contribution from these products to continue increasing over the coming quarters as customer adoption accelerated. Let me provide some additional color on the more than $600 million orders we have received since the beginning of the year. Approximately 80% of these orders are Advanced Packaging applications. The industry transition to HBM4 together with continued capacity expansion has resulted in significant order from multiple leading HBM manufacturers. In parallel, the ongoing expansion of 2.5D and 3D IC packaging capacity is creating a substantial growth opportunity for Camtek, as reflected by the large multisystem orders we have already received from leading foundries, IDMs and OSATs. Notably, OSATs accounted for more than 50% of our total order intake. Another existing market emerging as a meaningful growth opportunity for Camtek is photonics, including silicon photonics and compound semiconductor. We have already received multisystem orders from several customers in this market, and we expect photonics to become an incredibly important contributor to our growth in the coming years. This brings me to our outlook. We expect third quarter revenue to be in the range of $158 million to $160 million, representing an exceptional 20% sequential increase over the second quarter. Given our strong order momentum and record backlog, we expect to deliver more than 30% growth in H2 2026 versus H1 2026, followed by continued growth into 2027. It is also important to highlight that we are continuing to expand our core product portfolio with new platform configuration and application-specific module that will enable us to address additional applications and markets where we have not previously competed. Example, including a high-resolution backside inspection module and fluorescence illumination technology for detecting organic residue. In the metrology space, we are also launching a new platform, NanoProf, which will significantly expand our metrology capabilities and enable us to address with existing and emerging process step. The Hawk, combined with its enhanced optical capabilities and our breakthrough AI technology, is further strengthening our competitive position and enabling us to penetrate additional process steps, including hybrid bonding as well as other fast-growing emerging applications. We look forward to discuss this development in greater detail at our investor breakfast in October at SEMICON West. I'm also pleased to report that we are successfully managing the operational challenges created by this unprecedented level of demand. We prepare well in advance by expanding our production capacity and strengthening our supply chain, enabling us to meet customer delivery schedule while supporting our continued growth. At the same time, we are preparing the organization for the next stage of growth by further expanding our manufacturing capacity, system integration capabilities, sales organization and customer support infrastructure to support substantially higher annual revenue level. Let me conclude by summarizing our key messages. The AI revolution is driving unprecedented demand for data center, compute capacity and power infrastructure. With AI adoption still in its early stage, we believe demand for AI compute infrastructure will continue to grow significantly, supporting sustained investment in AI data center and advanced semiconductor manufacturing. Camtek is exceptionally well positioned to benefit from the expected growth over the coming years. We have hundreds of system installed at the world's leading customer, and we work closely with them to develop inspection and metrology solutions tailored to their evolving technology requirements. Our product development road map is closely aligned with the technology road maps of these industry leaders. This strong customer engagement, combined with our expanding product portfolio and proven execution giving us great confidence in our ability to deliver sustained growth in the year ahead. And now Moshe will review the financial results. Moshe? Moshe Eisenberg: Thanks, Rafi. In my financial summary ahead, I will provide the results on a non-GAAP basis. The reconciliation between the GAAP results and the non-GAAP results appear in the table at the end of the press release issued earlier today. Second quarter revenues came in at a record level of $133.2 million, an 8% increase year-on-year and 10% compared with the first quarter of 2026. The geographic revenue split for the quarter was as follows. Asia accounted for 92% and the rest of the world, 8%. Gross profit for the quarter was $68.5 million. The gross margin for the quarter was 51.4%, similar to the previous quarter. Operating expenses in the quarter were $32.5 million compared to $30.9 million in the previous quarter. The main area which has increased is R&D. This is around the investment in new technologies and additional resources from the Visual Layer acquisition in order to strengthen our AI offering. Our operating profit in the quarter was $36 million compared to $31.1 million in the first quarter. Operating margin was 27% compared to 25.5%. In line with our forecast for a strong second half, the leverage we have in the model together with the improved product mix toward the Eagle Gen5 and the Hawk is expected to result in a gradual improvement across all profitability metrics in the next few quarters. Financial income for the quarter was $7 million compared to $8.1 million in the first -- in the previous quarter. The main reason was devaluation of certain balance sheet items due to the weakness of the U.S. dollar versus the Israeli shekel. Net income for the second quarter of 2026 was $39.4 million or $0.78 per diluted share. This is compared to a net income of $35.5 million or $0.70 per share in the previous quarter. Total diluted number of shares as of the end of the second quarter was 51.5 million. Turning to some high-level balance sheet and cash flow metrics. Cash and cash equivalents, including short- and long-term deposits and marketable securities as of June 30, 2026, were $815.8 million. We generated $12.2 million in cash from operations in the quarter. As a result of the increased business volume, accounts receivables increased to $153.9 million compared to $131.7 million in the previous quarter. DSO increased to 105 days. No change to the inventory level this quarter. However, we do expect it to grow in the coming quarters to support the forecasted strong growth in revenues. As Rafi said before, we expect revenues of $158 million to $160 million in the third quarter with sequential double-digit growth in Q4 and further growth into 2027. This represents over 30% second half 2026 growth versus the first half. Before we open the call for questions, I would like to announce that Camtek will be hosting an investors and analyst breakfast presentation at SEMICON West. It will take place on Wednesday, October 14, 2026, at 7:00 a.m. Camtek's management will present our market outlook, strategy and technology road map. A formal invitation with additional details will follow, and we look forward to seeing you -- many of you there. And with that, Rafi, Ramy and I will be open to take your questions. Kenny? Kenny Green: [Operator Instructions] Our first question will be from Brian Chin of Stifel. Brian Chin: Great. Congratulations on the good results and outlook. Maybe first, just to clarify some statements you made. Like you said that and also in the release that 70% -- you'll see 70% -- you expect 70% growth in AP, Advanced Packaging, over Q4 this year over Q1 this year. And so if I kind of run that math, do you expect AP, or Advanced Packaging, could be, again, kind of 75% of total revenue in Q4, similar to how it was in Q2? And then can I use that to sort of imply what your 4Q revenue will be? Ramy Langer: So let me try and clarify the question. So first of all, yes, we do see gradual increase of our Advanced Packaging business compared to other businesses that we have. So we expect that at the end of this year, we will probably 80% of our revenues will go toward Advanced Packaging. And yes, you are correct, the revenues -- the Advanced Packaging revenues in the first quarter compared to the fourth quarter, we expect growth of 70%. Brian Chin: Okay. That's helpful. I can place the math based on that. And then just kind of more broadly, obviously, 70% very steep ramp going through the year. So from a supply chain and manufacturing standpoint, can you maybe break down what's enabling the company to match and keep pace with the strong demand growth? Are you tapping into some of that manufacturing capacity that you've spoken about in Europe? And also kind of lastly, do you think any customers -- even though all the bookings from here on out sounds like they might be more '27 versus '26. Do you think any customers will want delivery sooner than '27? And do you think you could fulfill any of that upside? Ramy Langer: So first of all, let's talk about our capacity. So we've done a lot of work, and like Rafi discussed it in the opening statements, and we are well ready to ramp the business. We have all the subcontractors and supply chain in place, and we are very confident about our ability to ship the machines on time and we don't see any issues or obstacles when we discuss capacity. Regarding the order inflows, then it's really customer dependent. We are still seeing some orders from '26, yes, but there are very few. Most of the orders that we are getting today and will be getting in the second half of the year will be for '27. Moshe Eisenberg: And I think, Brian, maybe one point from my end, it's important to mention that with respect to 2027, we are building a nice backlog already. And obviously, the visibility has significantly improved in the last few months. Brian Chin: Great. Maybe just one last kind of piggyback off, and I'll hop off. But you alluded again, reiterated that Hawk and probably Eagle Gen5, both will be significantly higher in the mix, at least 50% of revenue now into the second half. In terms of that 30% plus second half sequential, how much -- how would you break that down in terms of ASP? Because Hawk obviously has a much higher ASP versus volume? Ramy Langer: It's very hard. We didn't do the math before the meeting. So it's hard to give you an accurate answer. But definitely, there is going to be an improvement in ASPs as we go along. Kenny Green: Our next question will be from Matt Prisco of Cantor. Matthew Prisco: I guess to start, looking into 2027, you're talking about this increasing visibility, obviously, very strong orders. So how do we think about that visibility today? Where can you actually see into? And how do you think about growth into 2027? I think you're going to exit the year at a quarterly plus 35%, 40% year-over-year growth. So is something like that's sustainable into and through next year? Ramy Langer: Well, first of all, I think it's a very good sign that at this stage of the year, in the -- really in the beginning of the second quarter, we already have visibility into 2027. All in all, we're talking to customers. Our customers are planning increased capacity in 2027. They are very optimistic about 2027. It's too early in the game to say today what will be the forecast, what do we expect in '27. But definitely, we're into a good start. The fact that we see increased growth into 2027. That's definitely a good sign at the time that we are talking about it. Matthew Prisco: That's helpful. And then maybe updated thoughts on China dynamics and how to think about revenue trajectory there, growth potential through this year, maybe set up into next year and thoughts on the competitive environment. Ramy Langer: Look, our China business has been, I would say, stable over the last few couple of years. And in general, China is continuing to invest in semiconductors. We expect the business there to continue to be strong. Definitely, it's good opportunities there. And I think this is more or less what I can comment at this stage. Kenny Green: Our next question is from Jim Schneider of Goldman Sachs. James Schneider: I was wondering if you could maybe comment on the DRAM and HBM exposure you see specifically heading into the back half of this year and into 2027. As you mentioned, there's many of your customers who are expanding capacity. Can you maybe talk about the profile of that relative to the rest of your Advanced Packaging business? And specifically comment on your exposure to some of the China-based players in the market, such as CXMT? Ramy Langer: So all in all, we spoke about $600 million in order. So let me try to draw some color there, and then we can talk about the HBM business. So we said 80% for Advanced Packaging. I think this indicates the strength of our business in the Advanced Packaging space. And with that, OSAT is a very strong business. Over 50% of the business goes to OSAT. A lot of them are doing Advanced Packaging. As we talk about the HBM, we spoke about the strength of our business already in the previous call when we discussed the $260 million of POs and forecast that we had. Out of the $600 million, over 20% is from HBM players. And we do have additional strong forecasts into 2027 in this segment. Now of course, we cannot talk about names of customers. This is something that we are not allowed to speak about. James Schneider: That's helpful. And then could you maybe talk a little bit about the OpEx trend you expect over the coming quarters? You clearly had the Visual Layer acquisition impacting things. So maybe talk about given, if you see, for example, strong sales growth into 2027 at X percent, what fraction of that sales growth would fall through to the bottom line or what fraction -- or what increase in OpEx you would expect? Moshe Eisenberg: Okay. Jim, this is Moshe. We definitely plan to see some increase in our OpEx level, but not to the extent that it will exceed the revenue growth. So the leverage that we have in the model will play a major role in the improved profitability in the next few quarters ahead. And we definitely plan to improve both the gross margin, but even more the operating margin levels. Now maybe just to give you some color, most of the growth that we are going to see in the OpEx will be on the R&D level with the acquisition of Visual Layer. This adds a few hundreds of thousands of dollars to the R&D. And we plan to continue to invest in R&D, that's for sure. Kenny Green: Our next question will be from Vedvati Shrotre from Evercore. Vedvati Shrotre: The first one I have is on the silicon photonics business and opportunity. Could you talk about how big of a revenue opportunity this could be? And what kind of applications are you getting involved in with silicon photonics? Ramy Langer: This is Ramy. So we -- if you look at the $600 million orders that we talked about, 5% is photonics. So it's a nice number to start. And this is really a market that's just taking off now. So definitely, there is a potential there. And I think we will get more orders to this specific market as we go on this year. So I think '27 will be more than the 5% I just mentioned. When we talk about the applications, so basically, there are 2, and Rafi spoke about it, there are basically 2, I would say, main segments when you talk about photonics. Obviously, the silicon photonics. And this is, I would say, it's an area that we already sold quite a few machines into and we are selling, and this is part of the 5% we discussed. And then there is the compound semi. When we talked actually about the diodes, the -- there are all kind of diodes that are being used for the transceivers and receivers. That's a different segment, different -- I would say, the characterization of these applications are different. But that's, I would say, the main 2 segments that we are seeing today in this specific market. Vedvati Shrotre: Understood. And of the -- for my second question, of the $600 million orders, could you provide any color on how this splits '27 versus '26? And what I'm really trying to ask is, do you see revenue accelerate in second half -- sorry, the first half '27 versus second half '26? Ramy Langer: What we can see today, and it is really early in the game. We definitely see growth into -- business continuing to grow into 2027, but really this is really initial -- we will need more time as we continue the year. It's definitely a strong start for '27. And as I said for one of my previous questions, we are talking to customers. We are all talking about increasing capacity in 2027. So the signal is very positive from the market. We still need time to really digest this information and really build it into a full picture. This will take at least 1 more quarter to 2 quarters until we'll have the full picture of '27. Kenny Green: Our next question is from Denis Pyatchanin from Needham. Denis Pyatchanin: Maybe we can start on your non-Advanced Packaging business. Could you give us an update on what you're seeing into the end of 2026 and maybe into early 2027? Ramy Langer: On what? Moshe Eisenberg: Non-AP. Ramy Langer: On the non-AP. Denis Pyatchanin: Yes, non-AP. Ramy Langer: So the non-AP, I think, first of all, I think the photonics is a good signal of a new market that we're seeing. I would say the business is stable. I would say even I can say with certain, I would say, small growth. But definitely, there are opportunities. There -- and we'll need to -- we'll see as things go by. We have some orders for CMOS Image Sensors that are significant. There are some signs there of some recovery, I would say, in the stable business, the consumer business that is not really very strong today what you're seeing there. I would say, it is stable, but there are good signs for '27 that we'll see some growth on specific areas. Denis Pyatchanin: And then for my follow-up, maybe we can talk about the profitability metrics you discussed. So I think you said that they would be improving in the next few quarters. Could you provide some more details on how these will be achieved and perhaps quantify them if possible? Moshe Eisenberg: So with respect to the gross margin, we are exiting Q2 with 51.4%. We certainly hope that we will get anywhere between 52.5% to 53% exiting the year. And with respect to the operating margin, we are looking into an operating margin of between 30% to 32% at the end of this year. Kenny Green: Our next question is -- will be from Michael Mani from Bank of America. Michael Mani: Yes, I wanted to start on the OSAT business. If you look at the overall CapEx trends for the back-end market, I think they're growing something like 45% to 50% this year. Some of your customers in that segment are expanding CapEx even faster. So first, how should we compare your growth in the OSAT opportunity this year and even potentially the next year relative to those very strong CapEx trends we're seeing? And second, related to OSATs, it seems like a lot of your competitors have been more vocal about some of the progress that they're making there this year, especially as that market moves to more sophisticated architectures and capabilities. Could you talk about the competitive landscape and how you see that evolving as competition intensifies? Ramy Langer: Michael, so first of all, obviously, we are hearing what our competitors are saying. We are aware of where they are and the applications that they are doing. Let me start from the basics. We are very -- we have a dominant position in the OSATs market, something that we've had for quite a few years, very good relationship. And this relates when we talk about OSAT, this is the growth of the 2.5 IC (sic) [ 2.5D IC ] and 3D IC manufacturing and all the other applications that we have been discussing. Definitely, this provides us with a very good opportunity for further growth. 50% of our business goes to the OSATs business. This is also reflected in the $600 million orders that we have received so far. So we feel very, very comfortable that with the increase of CapEx by the OSATs, we will have a very good -- very strong intake of orders we expect, and we're actually in discussions with some of our customers for additional orders for 2027. So definitely, our position is strong. We are very competitive there. And I don't think we are going -- we feel very comfortable about the business and our market position there. Michael Mani: And just for my follow-up, I wanted to ask on the progress you're seeing in some of your newer systems. So it seems like relative to maybe a couple of quarters ago, a higher mix of the business is going toward Hawk and some of these other newer systems this year. It seems like they're doing better than expected. So could you break down where that traction -- incremental traction is coming from, from like an applications perspective or customers or end markets versus like the beginning of the year, where are you seeing more progress with these new tools than you expected? Ramy Langer: Okay. So first of all, yes, we have spent a lot of R&D in our new products, the Hawk and the Eagle G5. And definitely, their performance is superior, and we are very, very confident that we can continue and take market share and go to new process steps with this equipment. And when we look at the target application, let me start with the Hawk. The Hawk definitely is for high-volume applications. And I think the HBM is a very good example where we are selling more and more Hawks. It is really targeted there. It can go to the high-end applications. It will go to the applications that will be required in 1 or 2 years. So definitely, this is the right machine at the right place. When we talk about the Eagle G5, I think there, it's not only better profitability, but the performance of the machine from the resolution and optical point of view, the throughput or I would say the cost of ownership is better. And definitely, we're seeing a lot of our customers that have been buying Eagles and want to stay with the Eagle, switching over to the Gen5 that provide them better cost of ownership, but also being able to address applications down the road. So we are very confident with both of these products. Kenny Green: Our next question will be from Shane Brett of Morgan Stanley. Shane Brett: So If I assume HPC was 55% of your revenue in Q2, I think your guidance implies Advanced packaging revenue grows 30% this year and HPC closer to 40%. Just within HPC, is there one end market that has been growing higher than the 40%? And do you have any early expectations on HBM versus other end markets next year? Ramy Langer: So, Shane, let me try and understand. I didn't fully what you want to understand, but let me try and give you some insights on what you discussed. So first of all, on the business, yes, 50% of our business, over 50%, 55% plus goes to the, I would say, the HPC or AI-related products and another 20 like -- 20% goes to, what we call, conventional Advanced Packaging. The Advanced Packaging will grow by 70% this year. And we'll actually reach also the growth will go -- the HPC area will probably grow faster and will reach probably closer to 60% by the end of the year. Did I answer your question? Shane Brett: Yes. So I guess, just to clarify that. So for the full year, total Advanced Packaging revenue should grow kind of, give or take, 30% of which HPC should be growing 40% for calendar '26? Moshe Eisenberg: So are you now referring '25 to '26? Shane Brett: Correct, correct. Moshe Eisenberg: Okay. So we're talking anywhere between 35% to 45% between the Advanced Packaging and within the Advanced Packaging, the AI-related business. That's correct. Bear in mind that last year was a record year for Camtek. So we are starting off from a high bar. Shane Brett: Got it. And my question was kind of just within the HPC portion, is it HBM or sort of 2.5D logic that's driving the growth? Ramy Langer: Yes, of course. There are 2 aspects for it. One side is the HBM. On the other side, what we call CoWoS and CoWoS-like applications. These are the 2 main segments for what we call AI-related products or HPC. Shane Brett: Got it. And is there any color as to which one is growing faster this year? Ramy Langer: No, I think both roughly. Eventually, it's the same thing. And I think they're growing at similar pace. It really depends also which customer is adding capacity and which is not. So it is really hard to judge. Both are expanding very fast. Shane Brett: Got it. Understood. And just for my follow-up, there's been a few questions on China, but just China was 49% of revenue for you last year. Could you help us ballpark where it could be this year? Moshe Eisenberg: I would say that we expect the level of revenue from China to be anywhere between 45 -- 45-ish kind of this year, given the fact that we see nice growth also from other areas. And I just want to go back to the question about the Advanced Packaging, just to mention that, again, the reason that we are looking into the comparison between Q4 and Q1 is to emphasize the point that Rafi mentioned earlier today -- earlier in this call about the fact that it took a couple of quarters of lagging between -- until the growth came to our market. And now we see the growth coming in to the full degree. And in the fourth quarter, we are going to see 80% of our business coming from Advanced Packaging. Kenny Green: Our next question will be from Ed Yang of Oppenheimer. Edward Yang: The 45% half-on-half growth in Advanced Packaging, can you just qualitatively characterize whether that's market growth, share gain or just higher process control intensity? Ramy Langer: Edward, so I think it's -- the bottom line, I think it's both. I think we are gaining share in certain areas. And definitely, there is a lot of capacity being added to the market. And when you look at the growth, it's coming from all the different applications. There is a lot of growth that has been discussed on the HBM side and on the CoWoS and CoWoS-like applications. And definitely, we see also the fan-out and fan-in. There is a lot of capacity out there that is being added. So the market overall for the Advanced Packaging is very strong and continues to be strong. Edward Yang: And also, just going back to this question on the outlook for 2027 and understand that you're still fine-tuning your forecast, but rough cuts, do you think Camtek's growth should track overall WFE? Or do you think that your Advanced Packaging and share gain should allow you to outgrow WFE? Ramy Langer: So if you look historically, we're always better than the WFE. What is happening this year, and it's -- we've seen it before already at the beginning of the cycle or the end of the cycle, it's our business lags. And as a result, it is very, very difficult to say this year how the WFE versus what we will do. And -- but if you look at, I would say, a little bit longer time, we'll take, let's say, from the second quarter of this year to the second quarter of next year, I believe that we will be doing similar or better than the WFE. Kenny Green: Our next question will be from Gus Richard of Northland. Auguste Richard: Just real quick, your book-to-bill in the first half is quite strong. And I'm just wondering if you could give a little bit of color on the shape of that booking. So did that happen in Q2 mostly? And is that momentum carrying into Q3? Ramy Langer: I think this order flow started in the first quarter, and it's been steady ever since. It sometimes shifts by a couple of weeks. But all in all, it has been growing steadily. Auguste Richard: Got it. And then just on the product side, you've talked about the NanoProf. Could you talk about what that product is for and just some description of what metrology steps it might cover? Ramy Langer: So the NanoProf is a very important product because this is a product where we believe through this product, we'll be able to significantly increase our footprint in the metrology area. If you recall, 3 years ago, we bought a company in Germany called FRT. We have been working with this company, developing new application. And on -- one of the key highlights was to take their own product and come out with a brand-new product that is based also on technologies developed in Camtek, much more stable, much faster with new capabilities we didn't have before. We finally completed this product. We started to install it in the first quarter of this year at selected customers. And we believe that based on this new platform, we will be able to significantly increase the revenues, win new application and process steps. And definitely, that's a market that when you're looking at Advanced Packaging and some of the applications that will be required in the future, it's definitely going to help us to increase our footprint in the Advanced Packaging. Auguste Richard: And as I recall it, it's for wafer shape bow and that sort of thing. Is that correct? Ramy Langer: That's one of the, I would say, the older applications work, and there is a lot of wafer topography. There's a lot of applications that are related to there. And there are a few new applications that it's still not time to discuss. Kenny Green: Our next question is from Tom O'Malley of Barclays. Tom, are you there? Tom, are you able to -- Tom, we don't hear you. Okay. So I think we'll -- that actually brings us to the end of our Q&A. So Rafi, if you have any closing statements, please go ahead. Rafi Amit: Okay. I want to express my gratitude to all of you for your ongoing interest in our business. A special thanks goes to our employees and the management team for their outstanding performance to our investors. I appreciate your long-term support. I look forward to seeing you in October at San Francisco Show -- in SEMICON Show in San Francisco. Thank you, and goodbye. Before you buy stock in Camtek, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Camtek wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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This article first appeared on GuruFocus. Release Date: August 10, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record Q2 2026 revenue of $133 million, exceeding guidance, with 75% from advanced packaging driven by AI applications. Exceptional order intake of over $600 million year-to-date, with 80% from advanced packaging, providing strong visibility into 2027. Expectation of 45% growth in advanced packaging revenue in H2 2026 vs H1, with Q4 advanced packaging revenue projected to be 70% higher than Q1. New product platforms (Eagle G5, ORC, Hawk) are gaining traction, contributing 50% of systems revenue in Q2, with continued adoption expected. Emerging growth opportunities in photonics (silicon photonics, compound semiconductors) with multi-system orders already received, positioning for future growth. Strong financial performance with operating margin improving to 27% in Q2, and expectations of gradual profitability improvements due to product mix and operational leverage. Successful management of operational challenges from high demand, with expanded production capacity and supply chain to meet customer delivery schedules. High customer concentration in Asia (92% of revenue), posing geographic concentration risk. Accounts receivable increased to $153.9 million with DSO rising to 105 days, indicating potential cash flow pressure from increased business volume. Financial income decreased to $7 million due to US dollar weakness against the Israeli shekel, impacting balance sheet items. Operating expenses increased to $32.5 million, primarily due to higher R&D investments, which could pressure margins if revenue growth slows. Inventory levels are expected to grow in coming quarters to support forecasted growth, potentially tying up capital and increasing holding costs. Dependence on the AI and advanced packaging market, which, while growing, is subject to cyclicality and potential demand fluctuations. The company faces operational challenges from unprecedented demand, which could strain resources and execution capabilities if not managed effectively. Warning! GuruFocus has detected 3 Warning Signs with CAMT. Is CAMT fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide more details on the record order intake of over $600 million year-to-date and the visibility it provides for the second half of 2026 and into 2027?A: Rafi Amit (CEO) confirmed that the exceptional order momentum has significantly improved business visibility. Approximately 80% of these orders are for advanced packaging applications, driven by the industry transition to HBM4 and continued capacity expansion. The company expects advanced packaging revenue in Q4 to be roughly 70% higher than Q1, and overall H2 2026 revenue to grow over 30% versus H1, with continued growth into 2027. Q: What is driving the significant demand from OSATs, and how does this impact your revenue mix?A: Rafi Amit (CEO) highlighted that OSATs accounted for more than 50% of the total order intake. This is driven by the ongoing expansion of 2.5D and 3D IC packaging capacity, which has resulted in large multi-system orders from leading foundries, IDMs, and OSATs. This diversification strengthens Camtek's position in the advanced packaging market. Q: Can you elaborate on the growth potential in the photonics market and the specific opportunities you are seeing?A: Rafi Amit (CEO) identified photonics, including silicon photonics and compound semiconductors, as an emerging and meaningful growth opportunity. The company has already received multi-system orders from several customers in this market and expects photonics to become an incredibly important contributor to growth in the coming years, expanding their total addressable market. Q: What is the expected contribution from the new generation platforms, the Eagle G5 and the ORC, in the coming quarters?A: Rafi Amit (CEO) stated that approximately 50% of systems revenue in Q2 was generated by these new platforms. The contribution is expected to continue increasing as customer adoption accelerates. The improved product mix towards the Eagle Gen 5 and the Hawk is also expected to drive a gradual improvement in profitability metrics. Q: How is Camtek managing the operational challenges associated with this unprecedented level of demand?A: Rafi Amit (CEO) explained that the company prepared in advance by expanding production capacity and strengthening its supply chain. They are also preparing for the next stage of growth by further expanding manufacturing capacity, system integration capabilities, sales organization, and customer support infrastructure to support substantially higher annual revenue levels. Q: Can you provide more color on the new product launches, specifically the Nanoprof platform and the new inspection modules?A: Rafi Amit (CEO) detailed that they are launching a new metrology platform called Nanoprof, which will significantly expand their metrology capabilities. They are also introducing a high-resolution backside inspection module and fluorescence illumination technology for detecting organic residue. These new products will enable them to address additional applications and markets where they have not previously competed. Q: What is the outlook for gross margins and operating leverage in the second half of 2026?A: Moshe Eisenberg (CFO) stated that the gross margin for Q2 was 51.4%, similar to the previous quarter. However, with the strong second-half forecast, the leverage in the model, and the improved product mix, they expect a gradual improvement across all profitability metrics in the next few quarters. Q: Can you explain the increase in operating expenses and the impact of the Visual Layer acquisition?A: Moshe Eisenberg (CFO) noted that operating expenses increased to $32.5 million, primarily due to increased R&D investment. This investment is focused on new technologies and additional resources from the Visual Layer acquisition to strengthen their AI offering, which is a key competitive differentiator. Q: What is the expected revenue growth trajectory for Q3 and Q4 of 2026?A: Moshe Eisenberg (CFO) guided Q3 revenue to be in the range of $158 million to $160 million, representing a 20% sequential increase. He also expects sequential double-digit growth in Q4, which aligns with the company's expectation of over 30% growth in H2 2026 versus H1. Q: How is the company's cash position and balance sheet supporting this growth?A: Moshe Eisenberg (CFO) reported cash and cash equivalents, including deposits and marketable securities, of $815.8 million as of June 30, 2026. While cash from operations was $12.2 million in the quarter, the company expects inventory levels to grow in the coming quarters to support the forecasted strong revenue growth, reflecting a strategic investment to meet customer demand. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Onto Innovation surged 6% Tuesday and is up 85% year to date, riding AI-driven demand for its HBM and advanced packaging inspection tools. Camtek's record $133 million quarter and $600 million in YTD bookings, plus NVIDIA's $500 billion AI infrastructure financing deal, confirm accelerating demand across the semiconductor supply chain. It sounds nuts, but SoFi1 is giving new Active Invest users up to $3,000 in stock for a limited time, and all it takes is a $50 deposit to get started.2 See for yourself (Sponsor) Shares of Onto Innovation (NYSE:ONTO) are trading higher midday Tuesday, up 5.9% to $308.51 from Monday's close of $291.35. The semiconductor process control name is riding a positive AI supply chain read-through from peer Camtek's blowout quarter and a broader bid across the group. The primary catalyst is a direct read-through from Camtek (NASDAQ:CAMT), which reported Q2 2026 results on August 10, 2026. Camtek posted record revenue of $133.24 million, topping the $130.19 million consensus, with non-GAAP EPS of $0.78 versus the $0.76 estimate. The bigger tell for Onto investors was the order book. CEO Rafi Amit disclosed that year-to-date bookings have crossed $600 million, with deliveries stretching into 2027. Camtek guided Q3 revenue to $158 million to $160 million, roughly 20% sequential growth, and flagged Advanced Packaging revenue growing approximately 70% between Q1 and Q4 2026. Amit noted the surge is driven by AI-linked HBM memory and chiplet architectures. That is the same tailwind powering Onto's Dragonfly and Atlas platforms. Camtek is running into strength that Onto had already flagged in its own May 5, 2026 Q1 FY2026 8-K filing. Onto delivered record revenue of $291.95 million, up 9.5% year over year, and non-GAAP EPS of $1.42, in line with estimates. Advanced nodes revenue climbed 13% sequentially. SoFi Active Invest is offering a limited-time promotion. Open an account, fund it with $50 or more, and you could receive up to $3,000 in complimentary stock for Active Invest accounts. See for yourself by clicking here now. (Sponsor) Management guided Q2 FY2026 revenue to $320 million to $330 million, with non-GAAP EPS of $1.65 to $1.73 and non-GAAP operating margin of 28% to 28.6%. The advanced nodes segment is positioned for roughly 25% full-year growth. CEO Mike Plisinski pointed to the Dragonfly G5 inspection system landing qualifications at both a 2.5D logic customer and an HBM customer, alongside a second logic win for the Atlas G6 metrology system in gate-all-around. Those are the exact process nodes where AI capacity is being built. Sentiment across the AI supply chain also benefited from reports Tuesday that NVIDIA (NASDAQ:NVDA) is partnering with Apollo, BlackRock, and other Wall Street firms on a financing platform reportedly aimed at mobilizing more than $500 billion in third-party capital for AI infrastructure. Wells Fargo maintained an Overweight rating with a $315 price target, and analysts described the move as reinforcing NVIDIA's position and turning compute into an investable asset class. If that capital flows through into more data center buildouts, the metrology and inspection tools that qualify HBM stacks and 2.5D logic packages, Onto's core business, sit directly in the path. Onto's move today extends what has already been a strong run. Shares are up roughly 85% year to date and roughly 183% over the past year through Monday's close. The market cap sits near $15.14 billion. Camtek, for its part, is up roughly 49% year to date and jumped 13.1% over the past week heading into today. Other stocks in the semiconductor and advanced packaging space are also rallying today. Cohu (Nasdaq: COHU) is up 4.8%. The company offers optical inspection and metrology, which gets a read-through from Camtek's results. The next major data point is Onto's Q2 FY2026 earnings report, where investors will be looking for confirmation of the $320 million to $330 million revenue guide and any commentary on advanced packaging order flow that would echo Camtek's $600 million YTD bookings tally. Between now and then, keep an eye on whether today's gains hold into the close and whether the stock reclaims its recent highs. Looking to grow your money but unsure where to begin? SoFi Active Invest is offering a limited-time promotion—open a new Active Invest account, fund it with $50 or more, and you could receive up to $3,000 in complimentary stock. From $0 commission trading3 to fractional shares4 and automated investing, this app is designed to simplify investing for everyone, whether you’re just starting or already experienced. Its easy to sign up and secure your bonus.(Sponsor) Contact [email protected] for any questions or corrections.

Camtek Ltd. reported past second-quarter 2026 results with record revenue of US$133.24 million, up from US$123.32 million a year earlier, while net income fell to US$23.31 million and diluted EPS from continuing operations declined to US$0.46. Management pointed to strong AI-related advanced packaging demand, substantial order momentum, and the completed Visual Layer acquisition as key drivers supporting its growth ambitions and margin targets. We’ll now examine how record advanced packaging revenue driven by AI demand could reshape Camtek’s existing investment narrative and risk profile. The latest GPUs need a type of rare earth metal called Neodymium and there are only 28 companies in the world exploring or producing it. Find the list for free. To own Camtek today, you need to believe its AI-driven advanced packaging exposure can offset earnings volatility and heavy Asia concentration. The latest quarter reinforces that AI-related demand is a key short term catalyst, with record revenue and strong order momentum partly offsetting softer net income. At the same time, the biggest near term risk remains concentration in a small set of AI and HBM customers, where any CapEx pause or supplier switch could quickly pressure growth. Among recent announcements, the US$55 million multi-system order from a tier 1 OSAT and the additional Hawk orders for an HBM player stand out. Together with management’s expectation that advanced packaging could be about 80% of revenue by year end, these contracts tie directly into the current earnings beat and guidance, strengthening the near term AI packaging catalyst while also heightening exposure to a narrower set of HPC and HBM customers. Yet behind the strong AI packaging story, investors should also be aware that... Read the full narrative on Camtek (it's free!) Camtek's narrative projects $821.7 million revenue and $367.0 million earnings by 2029. This requires 18.1% yearly revenue growth and a $318.9 million earnings increase from $48.1 million today. Uncover how Camtek's forecasts yield a $187.25 fair value, a 18% upside to its current price. While the baseline view treats AI packaging as a key growth driver, the most optimistic analysts were already modeling about US$948.3 million of revenue and US$369.4 million of earnings by 2029, which is a far more bullish narrative that this latest AI fueled quarter could either reinforce or call into question, depending on how you interpret the concentration and cyclicality risks. Explore 5 other fair value estimates on Camtek - why the stock might be worth as much as 39% more than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Camtek research is our analysis highlighting 1 key reward and 3 important warning signs that could impact your investment decision. Our free Camtek research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Camtek's overall financial health at a glance. Early movers are already taking notice. See the stocks they're targeting before they've flown the coop: The future of work is here. Discover the 37 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation. AI is about to change healthcare. These 43 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. We've uncovered the 9 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include CAMT. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Camtek (CAMT) came out with quarterly earnings of $0.78 per share, beating the Zacks Consensus Estimate of $0.76 per share. This compares to earnings of $0.79 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +2.63%. A quarter ago, it was expected that this maker of automatic optical inspection and process enhancement systems would post earnings of $0.69 per share when it actually produced earnings of $0.7, delivering a surprise of +1.45%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Camtek, which belongs to the Zacks Electronics - Measuring Instruments industry, posted revenues of $133.24 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.31%. This compares to year-ago revenues of $123.32 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Camtek shares have added about 46.1% since the beginning of the year versus the S&P 500's gain of 13.3%. While Camtek has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Camtek was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.93 on $149.41 million in revenues for the coming quarter and $3.47 on $569.63 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Electronics - Measuring Instruments is currently in the top 3% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Anterix (ATEX), another stock in the broader Zacks Computer and Technology sector, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 11. This wireless communications company is expected to post quarterly loss of $0.55 per share in its upcoming report, which represents a year-over-year change of -14.6%. The consensus EPS estimate for the quarter has been revised 4.1% higher over the last 30 days to the current level. Anterix's revenues are expected to be $1.97 million, up 38.4% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Camtek Ltd. (CAMT) : Free Stock Analysis Report Anterix Inc. (ATEX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Applied Materials AMAT is scheduled to report third-quarter fiscal 2026 results on Aug. 13. For the fiscal third quarter, AMAT expects revenues to be $8.95 billion (+/- $500 million). The Zacks Consensus Estimate for revenues is pegged at $9 billion, suggesting an increase of 23.3% from the year-ago quarter. Applied Materials projects non-GAAP earnings per share of $3.36 (+/- $0.20) per share. The Zacks Consensus Estimate for earnings is pegged at $3.36 per share, indicating an increase of 35.5% from the year-ago quarter’s reported figure. The figure has been revised upward in the past 30 days. Image Source: Zacks Investment Research AMAT has an impressive earnings surprise history. AMAT beat the Zacks Consensus Estimate in each of the past four quarters, with an average earnings surprise of 6%. Applied Materials, Inc. price-eps-surprise | Applied Materials, Inc. Quote Our proven model predicts an earnings beat for AMAT this earnings season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is the case here. Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate ($3.41 per share) and the Zacks Consensus Estimate ($3.36 per share), is +1.52%. Zacks Rank: AMAT carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here. Applied Materials’ third quarter of fiscal 2026 results are expected to benefit from the acceleration of AI infrastructure spending and the growing complexity of semiconductor manufacturing. The company’s exposure to leading-edge foundry-logic, DRAM and advanced packaging is likely to have remained a key driver of momentum in the to-be-reported quarter. Demand for wafer fabrication equipment is expected to have remained strong as cloud service providers continue to expand AI infrastructure and chipmakers increase capacity. Applied Materials is also seeing customers find ways to expand cleanroom capacity, creating opportunities for equipment deliveries. This trend is likely to have supported growth in the third quarter. The transition toward gate-all-around architectures should have remained another important catalyst. Applied Materials’ broad portfolio of deposition, etch, inspection and materials engineering solutions positions it well as chipmakers adopt increasingly complex transistor structures. Its recently launched GAA products could further strengthen its position as these technologies move toward broader adoption. DRAM is also likely to remain a strong contributor as AI workloads drive demand for memory and customers invest in architectures. At the same time, advanced packaging is gaining importance as chipmakers increasingly rely on 3D stacking and high-bandwidth memory to improve AI system performance and efficiency. Applied Materials’ positioning in these areas should support momentum. Applied Global Services is expected to have benefited from higher fab utilization, a growing installed base and demand for advanced services that improve production, yield and efficiency. Overall, the third quarter should reflect strength across Applied Materials’ AI-related markets, with customer visibility and technology transitions supporting the growth trajectory. Applied Materials shares have gained 109.8% year to date, outperforming the Zacks Electronics – Semiconductors industry’s growth of 32.8%. Image Source: Zacks Investment Research Let us now look at the value Applied Materials offers to its investors at current levels. AMAT is currently trading at a premium with a forward 12-month price-to-sales (P/S) of 10.54X compared with the industry’s 5.35X. A Value score of D substantiates its premium price. Image Source: Zacks Investment Research Applied Materials is seeing AI adoption broaden and diversify, which is pushing wafer fab equipment spending toward leading-edge foundry-logic, DRAM and advanced packaging. Management expects these three areas to drive more than 80% of year-on-year total WFE growth in calendar 2026, with a similar profile in 2027. The company also expects its semiconductor equipment business to grow more than 30% in calendar 2026 as customers expand cleanroom capacity and accelerate equipment pull-ins. AI computing is increasing DRAM intensity, and management noted that leading-edge logic and DRAM fabs are running at full capacity. In the second quarter of fiscal 2026, DRAM revenues within Semiconductor Systems were $1.7 billion, up 18% year over year, with management pointing to strength in DRAM wiring, patterning and peripheral logic steps. The company also expects DRAM and advanced packaging to be central drivers of WFE growth in 2026 and 2027. Applied Materials commands a broad portfolio of offerings and hence competes with KLA Corporation KLAC, Lam Research LRCX and Camtek CAMT in the WFE and testing market. Applied Materials and KLA Corporation offer similar solutions, such as Wafer Inspection, Yield Enhancement and Process Control inspection systems, while Camtek stands at the forefront of semiconductor inspection and metrology solutions. Camtek is focused on high-performance computing modules, advanced packaging and silicon carbide technologies. Lam Research develops Atomic Layer Deposition tools like AT200M, AT410 and AT650P that are similar to the devices made by Applied Materials. While Camtek, Lam Research and KLA Corporation overlap with Applied Materials, AMAT’s broad product portfolio enables it to seamlessly integrate its equipment across multiple processes. Applied Materials’ integration of equipment across multiple processes reduces reliance on any single technology cycle and enables it to price its product stack better to protect margins. Moreover, AMAT’s DRAM offerings are gaining traction as customers are aggressively investing in 6F² nodes supported by rising demand for high bandwidth memory DRAM, driven by AI workloads. Overall, Applied Materials’ exposure to AI-driven semiconductor investment, rising process complexity and advanced packaging provides a strong foundation for sustained growth. Its leadership across leading-edge logic, DRAM and packaging, combined with expanding services and improving customer visibility, should support durable demand, margin expansion and stronger execution through the current cycle. Given these dynamics, it is safe to accumulate this stock at present. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Applied Materials, Inc. (AMAT) : Free Stock Analysis Report KLA Corporation (KLAC) : Free Stock Analysis Report Lam Research Corporation (LRCX) : Free Stock Analysis Report Camtek Ltd. (CAMT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Camtek Ltd.? Here are five stocks we like better. Record revenue and strong demand: Camtek reported second-quarter 2026 revenue of $133.2 million, up 8% year over year and 10% sequentially. About 75% came from advanced packaging, largely tied to artificial intelligence applications, and orders since the start of the year exceeded $600 million. Accelerating outlook: The company forecast third-quarter revenue of $158 million to $160 million, or roughly 20% sequential growth, and expects advanced-packaging revenue to rise about 45% in the second half of 2026. Advanced packaging is projected to represent approximately 80% of total revenue by year-end, with growth continuing into 2027. Profitability and product expansion: Non-GAAP operating margin improved to 27%, while net income rose to $39.4 million; Camtek is targeting 30% to 32% operating margins by year-end. Newer Eagle G5 and Hawk systems accounted for about half of systems revenue, while MicroProf metrology and photonics products provide additional growth opportunities. 3 Small-Cap Semiconductor Stocks With Explosive Upside Camtek (NASDAQ:CAMT) reported record second-quarter 2026 revenue of $133.2 million, exceeding its guidance and rising 8% from a year earlier and 10% sequentially, as demand for advanced packaging inspection and metrology equipment accelerated. Chief Executive Officer Rafi Amit said about 75% of second-quarter revenue came from advanced packaging, primarily supporting artificial intelligence-related applications. The remainder came from 2D inspection applications, including silicon photonics. The company said it has received more than $600 million in orders since the start of 2026, with deliveries scheduled through the rest of the year and into 2027. → MarketBeat Week in Review – 08/03 - 08/07 The Outlook for 3 Non-U.S. Chip Stocks That Soared in 2025 Camtek said approximately 80% of year-to-date orders were tied to advanced packaging. Amit cited the semiconductor industry's transition to HBM4 memory and continuing capacity expansions for 2.5D and 3D integrated-circuit packaging as major sources of demand. More than half of the company's order intake came from outsourced semiconductor assembly and test providers, or OSATs, according to management. The company also reported significant orders from foundries, integrated device manufacturers and high-bandwidth-memory producers. → Quantum Earnings Week: Winners and Losers Are Finally Emerging 2 Semiconductor Stocks That Could Break Out in 2025 Chief Operating Officer Ramy Langer said more than 20% of the $600 million in orders came from HBM customers, while OSATs represented more than 50% of the total. He said both HBM and CoWoS and CoWoS-like applications are expanding rapidly as part of AI-related and high-performance-computing demand. The company expects advanced packaging revenue to grow about 45% in the second half of 2026 compared with the first half. Management also expects fourth-quarter advanced packaging revenue to be roughly 70% higher than in the first quarter, with advanced packaging projected to account for about 80% of total revenue by year-end. → Take-Two’s Q1 Results Leave GTA 6 Bulls Stuck in the Fog of War For the third quarter, Camtek forecast revenue of $158 million to $160 million, representing about 20% sequential growth from the second quarter. The company expects more than 30% growth in the second half of 2026 compared with the first half, followed by continued growth into 2027. Langer said most new orders received in the second half of the year are expected to be for 2027 delivery, though the company is still receiving a limited number of orders for 2026. On a non-GAAP basis, Camtek reported second-quarter gross profit of $68.5 million and gross margin of 51.4%, consistent with the prior quarter. Operating income was $36 million, compared with $31.1 million in the first quarter, while operating margin increased to 27% from 25.5%. Chief Financial Officer Moshe Eisenberg said operating expenses rose to $32.5 million from $30.9 million in the prior quarter, with the main increase in research and development. He attributed part of that increase to investments in new technologies and additional resources from the Visual Layer acquisition, intended to strengthen Camtek's AI capabilities. Net income totaled $39.4 million, or $0.78 per diluted share, compared with $35.5 million, or $0.70 per share, in the first quarter. Financial income declined to $7 million from $8.1 million, which Eisenberg said reflected the devaluation of certain balance-sheet items as the U.S. dollar weakened against the Israeli shekel. Camtek ended June with $815.8 million in cash, cash equivalents, short- and long-term deposits, and marketable securities. It generated $12.2 million in operating cash flow during the quarter. Accounts receivable rose to $153.9 million from $131.7 million in the first quarter, and days sales outstanding increased to 105 days. Management said inventory was unchanged during the quarter but is expected to increase in coming quarters to support anticipated revenue growth. Eisenberg said the company expects improved product mix from the Eagle G5 and Hawk systems, as well as operating leverage from higher sales, to support profitability gains. Camtek is targeting gross margin of 53% to 55% and operating margin of 30% to 32% by the end of 2026. Camtek said its newer Eagle G5 and Hawk platforms represented about 50% of systems revenue in the second quarter, with their contribution expected to rise over coming quarters. Langer said the Hawk system is targeted at high-volume applications, including HBM, while the Eagle G5 offers improved resolution, optics, throughput and cost of ownership compared with earlier Eagle systems. The company is also expanding its portfolio through a high-resolution backside-inspection module, fluorescence illumination technology for detecting organic residue, and a new metrology platform called MicroProf. Langer said MicroProf has been installed at selected customers since the first quarter and is designed to expand Camtek's metrology footprint, including in advanced packaging applications. Photonics represented about 5% of the company’s year-to-date orders. Management identified silicon photonics and compound semiconductor applications, including components used in transceivers and receivers, as emerging opportunities. Langer said Camtek expects photonics to become a larger contributor in 2027. Management said China business has remained stable over the past several years and expects revenue from China to account for roughly 45% of total revenue in 2026, compared with 49% in the prior year. Camtek said it has expanded production capacity and supply-chain capabilities to meet delivery requirements and is continuing to invest in manufacturing, system integration, sales and customer-support infrastructure. Camtek Ltd. (NASDAQ: CAMT) is a provider of automated inspection and metrology solutions for the semiconductor and printed circuit board (PCB) industries. The company develops, manufactures and markets a suite of inline and stand-alone systems that perform high‐resolution 2D and 3D measurements, defect review and process control. Its products are used by integrated device manufacturers, foundries, OSAT (outsourced semiconductor assembly and test) providers, and PCB fabricators to optimize yield, improve product quality and reduce production costs. Camtek's core offerings include wafer inspection systems that detect and classify defects on patterned wafers, patterned wafer metrology tools for overlay and critical dimension measurements, and advanced packaging inspection platforms for 3D ICs and fan-out wafer-level packaging. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Camtek Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Q2 record revenues of $133.2 million; Expects more than 30% growth in H2-26 vs. H1-26 and further growth into 2027 MIGDAL HAEMEK, Israel, Aug. 10, 2026 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the second quarter ended June 30, 2026. 2026 Second Quarter Financial Highlights Record revenues of $133.2 million, a 8% YoY increase; GAAP gross margin of 50.1% and non-GAAP gross margin of 51.4%; GAAP operating income of $27.2 million and non-GAAP operating income of $36.0 million, representing operating margins of 20.4% and 25.9%, respectively; and GAAP net income of $23.3 million and non-GAAP net income of $39.4 million; GAAP diluted EPS of $0.46 and non-GAAP diluted EPS of $0.78. Completion of the acquisition of Visual Layer Forward-Looking Expectations Management expects continued growth in the third quarter of $158 to $160 million which represents an exceptional 20% growth quarter over quarter. Given our strong order momentum and record backlog, management expects more than 30% growth in H2-26 vs. H1-26 followed by continued growth into 2027. Management Comment Rafi Amit, Camtek's CEO commented, "I am very pleased with the second quarter results which came ahead of our expectations. Since the beginning of 2026 we have experienced a growing momentum of order intake bringing the total amount of orders received since the beginning of the year to about $600M, with deliveries scheduled for 2026 and 2027. This exceptional order intake coupled with our strong market position in the AP segment is expected to result in phenomenal growth in our AP business of 45% half over half." Concluded Mr. Amit, "The AI revolution is driving unprecedented demand for data centers. With AI adoption still in its early stages, we believe demand for AI compute infrastructure will continue to grow significantly. Our product development roadmap is closely aligned with the technology roadmaps of the industry leaders. Our strong customer engagement, combined with our expanding product portfolio and proven execution, gives us great confidence in our ability to deliver sustained growth in the years ahead." Second Quarter 2026 Financial Results Revenues for the second quarter of 2026 were $133.2 million. This compares to second quarter 2025 revenues of $123.3 million, a year-over-year growth of 8%. Gross profit on a GAAP basis in the quarter totaled $66.7 million (50.1% of revenues), an increase of 6% compared to $62.2 million (50.8% of revenues) in the second quarter of 2025. Gross profit on a non-GAAP basis in the quarter totaled $68.5 million (51.4% of revenues), an increase of 7% compared to $64.0 million (51.9% of revenues) in the second quarter of 2025. Operating income on a GAAP basis in the quarter totaled $27.2 million (20.4% of revenues), a decrease of 15% compared to $32.0 million (25.9% of revenues) in the second quarter of 2025. Operating income on a non-GAAP basis in the quarter totaled $36.0 million (27.0% of revenues), a decrease of 4% compared to $37.4 million (30.3% of revenues) in the second quarter of 2025. Net income on a GAAP basis in the quarter totaled $23.3 million, or $0.46 per diluted share, a decrease of 31% compared to net income of $33.7 million, or $0.69 per diluted share, in the second quarter of 2025. Net income on a non-GAAP basis in the quarter totaled $39.4 million, or $0.78 per diluted share, an increase of 2% compared to a non-GAAP net income of $38.8 million, or $0.79 per diluted share, in the second quarter of 2025. Cash and cash equivalents, short-term and long-term deposits, and marketable securities, as of June 30, 2026, were $815.8 million compared to $849.7 million as of March 31, 2026. During the second quarter, the Company generated an operating cash flow of $12.2 million. Conference Call Camtek will host a video conference call/webinar today via Zoom, on August 10, 2026, at 09:00 ET (16:00 Israel time). Rafi Amit, CEO, Moshe Eisenberg, CFO, and Ramy Langer, COO will host the call and will be available to answer questions after presenting the results. To participate in the webinar, please register using the following link, which will provide access to the video call: https://us06web.zoom.us/webinar/register/WN_vO7fjrtzSI2vxwrecVbQNQ For those wishing to listen via phone, following registration, the dial in link will be sent. For any problems in registering, please email Camtek's investor relations a few hours in advance of the call. For those unable to participate, a recording will be available on Camtek's website at http://www.camtek.com within a few hours after the call. A summary presentation of the quarterly results will also be available on Camtek's website. ABOUT CAMTEK LTD. Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry. Camtek's systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end and up to the beginning of assembly (Post Dicing). Camtek's systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Heterogenous Integration, Memory and HBM, CMOS Image Sensors, Compound Semiconductors, MEMS, and RF, serving numerous industries' leading global IDMs, OSATs, and foundries. With manufacturing facilities in Israel and Germany, and eight offices around the world, Camtek provides state of the art solutions in line with customers' requirements. This press release is available at http://www.camtek.com This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek's current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, including our expectations and statements relating to our future earnings and guidance, the compound semiconductors market and our position in this market. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to,  risks related to the ongoing hostilities in the Middle East; the impact of disruptions to global shipment and supply chain, including but not limited to increased risk and disruption around the Strait of Hormuz, and broader impacts on energy and freight markets; the continued demand and future contribution of HBM and Chiplet applications and devices to the Company business resulting from, among other things, the field of AI surging worldwide across companies, industries and nations; formal or informal imposition by countries of new or revised export and/or import and doing-business regulations or sanctions, including but not limited to changes in U.S. trade policies, changes or uncertainty related to the U.S. government entity list and changes in the ability to sell products incorporating U.S originated technology, which can be made without prior notice, and our ability to effectively address such global trade issues and changes; risks related to fluctuations in foreign currency exchange rates; and those other factors discussed in our Annual Report on Form 20-F as published on March 19, 2026, as well as other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the Securities and Exchange Commission. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Camtek does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law. While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law. This press release provides financial measures that exclude: (i) share based compensation expenses; (ii) acquisition related expenses and (iii) one-time tax expenses and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors. A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release. The results reported in this press-release are preliminary unaudited results, and investors should be aware of possible discrepancies between these results and the audited results to be reported, due to various factors. (1) During the six-month period ended June 30, 2026, the Company recorded acquisition-related expenses of $1.3 million, consisting of: (1) inventory written-up to fair value in purchase accounting charges of $0.5 million. This amount is recorded under cost of revenues line item. (2) $1.2 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $0.2 million of compensation-related expenses recorded under research and development expenses line item. (4) $0.1 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (5) $2.6 million one-time M&A expenses recorded under G&A line item. (6) $0.6 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item. During the three-month period ended June 30, 2026, the Company recorded acquisition-related expenses of $0.8 million, consisting of: (1) inventory written-up to fair value in purchase accounting charges of $0.5 million. This amount is recorded under cost of revenues line item. (2) $0.6 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $0.2 million of compensation-related expenses recorded under research and development expenses line item. (4) $0.1 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (5) $2.6 million one-time M&A expenses recorded under G&A line item. (6) $0.4 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item. During the six-month period ended June 30, 2025, the Company recorded acquisition-related expenses of $1.3 million, consisting of: (1) $1.2 million amortization of intangible assets acquired recorded under cost of revenues line item. (2) $0.6 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (3) $0.6 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item. During the three-month period ended June 30, 2025, the Company recorded acquisition-related expenses of $0.6 million, consisting of: (1) $0.6 million amortization of intangible assets acquired recorded under cost of revenues line item. (2) $0.3 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (3) $0.3 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item. During the year ended December 31, 2025, the Company recorded acquisition-related expenses of $2.8 million, consisting of: (1) inventory written-up to fair value in purchase accounting charges of $0.5 million. This amount is recorded under cost of revenues line item. (2) $2.4 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $1.1 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (4) $1.2 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item. (2) During the year ended December 31, 2025, the Company recorded a loss of $88.7 million, consisting of: (1) $100.9 million from the extinguishment of Capital Notes recorded under the other expenses line item. (2) $12.3 million tax benefit recorded under the income tax benefit line item. Camtek Ltd.P.O.Box 544, Ramat Gabriel Industrial ParkMigdal Ha'Emek 23150, ISRAELTel: +972 (4) 604-8100 Fax: +972 (4) 644-0523E-Mail: [email protected] Web site: http://www.camtek.com CAMTEK LTD.Moshe Eisenberg, CFOTel: +972 4 604 8308Mobile: +972 54 900 [email protected] INTERNATIONAL INVESTOR RELATIONS EK Global Investor RelationsEhud HelftTel: (US) 1 212 378 [email protected] Logo - https://mma.prnewswire.com/media/1534463/Camtek_logo.jpg View original content:https://www.prnewswire.com/news-releases/camtek-announces-results-for-the-second-quarter-of-2026-302847042.html

MIGDAL HA'EMEK, Israel, July 20, 2026 /PRNewswire/ -- Camtek Ltd. (Nasdaq: CAMT) (TASE: CAMT) announced that it will be releasing its second quarter 2026 results on Monday, August 10, 2026. The Company will host a video conference call later that same day via Zoom, starting at 9:00 am ET. Rafi Amit, Chief Executive Officer, Moshe Eisenberg, Chief Financial Officer and Ramy Langer, Chief Operating Officer will host the call and will be available to answer questions after presenting the results and a few opening remarks. To participate in the Zoom call, please register at the following link: https://us06web.zoom.us/webinar/register/WN_a_Na02dbSo-7hZ5je-P39g Following registration, registrants will be sent the link to the conference call which is accessible either via the Zoom app, or alternatively from a dial-in telephone number. If you have an issue with registration, please contact the Camtek investor relations team, well in advance of the call. For those unable to participate, the call will be available for replay through the same link, or from a link to the recording on Camtek's website, beginning within a few hours following the end of the call. ABOUT CAMTEK LTD. Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry. Camtek's systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end and up to the beginning of assembly (Post Dicing). Camtek's systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Heterogenous Integration, Memory and HBM, CMOS Image Sensors, Compound Semiconductors, MEMS, and RF, serving numerous industry's leading global IDMs, OSATs, and foundries. With manufacturing facilities in Israel and Germany, and eight offices around the world, Camtek provides state of the art solutions in line with customers' requirements. This press release is available at www.camtek.com CAMTEK LTD. Moshe Eisenberg, CFOTel: +972 4 604 8308Mobile: +972 54 900 [email protected] INTERNATIONAL INVESTOR RELATIONS EK Global Investor RelationsEhud HelftTel: (US) 1 212 378 [email protected] Logo - https://mma.prnewswire.com/media/1534463/5913101/Camtek_logo.jpg View original content:https://www.prnewswire.com/news-releases/camtek-to-report-second-quarter-2026-financial-results-on-monday-august-10-2026-302829627.html