Camtek Stock Earnings Reports

Camtek reported Q1 2026 revenue of $121.7M, gross margin of 51% and non-GAAP operating income of $31.1M. Management highlighted an "unprecedented" start to 2026 with very strong incoming orders and an already-committed order/forecast from two HBM customers representing expected revenue exceeding $260M for 2026–2027. Approximately 50% of Q1 revenue was AI-related products and another ~20% came from advanced packaging applications. Camtek reiterated Q2 revenue guidance of $129M–$131M and expects a surge in H2 2026 — over 25% higher revenues vs. H1 2026 — with potential upside depending on timing. New product platforms (Gen 5/Eagle G5 and Hawk) and the recently completed acquisition of Visual Layer (AI software/algorithm team) are central to management’s growth thesis; these platforms comprised ~30% of last year’s revenue and are expected to double in 2026. The company has strong cash and liquidity (cash, deposits and marketable securities of ~$850M) and is optimizing inventory ($116.7M) while preparing to increase inventory to support growth. Management sees sufficient supply-chain capacity and quoted typical lead times ~3 months for Eagle and 3–6 months for Hawk. China remains a positive but more competitive market; Camtek expects continued healthy business there while growth this cycle will be driven broadly by OSATs, AI/HPC customers and other regions. Management expects gross and operating margins to improve in H2 2026 (operating margin targeted to return to ~30%), driven by higher volumes and mix, and continues to invest in R&D, sales/marketing and AI integration. Risks noted include macro / regional uncertainties and supply/timing of order deliveries.