Camtek (CAMT) investor relations material

Executive summary

• Q1 2026 revenue reached $121.7 million, up 2.5% year-over-year and slightly ahead of guidance, with strong order momentum and robust outlook for 2026–2027.

• AI-related products contributed about 50% of revenue, with another 20% from advanced packaging applications.

• Management highlights unprecedented demand, ongoing innovation in AI-based algorithms, and successful integration of Visual Layer acquisition.

• Record order intake and strong demand, especially from HBM manufacturers, underpin growth expectations.

Financial highlights

• Q1 2026 revenue was $121.7 million, up slightly year-over-year and above guidance.

• Gross margin was 51% (non-GAAP) and 50.1% (GAAP); gross profit was $62 million.

• Operating income was $31.1 million (non-GAAP, 25.5% margin) and $27.3 million (GAAP, 22.4% margin), both down 17% year-over-year.

• Net income for Q1 2026 was $35.3 million ($0.70 per diluted share, non-GAAP) and $31.6 million ($0.63, GAAP), both down year-over-year.

• Cash and equivalents stood at $850 million as of March 31, 2026.

Outlook and guidance

• Q2 2026 revenue guidance is $129–$131 million.

• Revenue in H2 2026 expected to be over 25% higher than H1, with potential upside depending on order timing.

• Gross margin expected to improve in H2 2026, driven by Hawk and Eagle G5 product contributions.

• Operating margin anticipated to return to around 30% in H2 2026.

• Significant revenue from HBM orders expected in both 2026 and 2027.