CAMTEK ANNOUNCES RECORD RESULTS FOR THE FOURTH QUARTER & FULL YEAR OF 2024

Rhea-AI Summary

Camtek reported record results for Q4 and full year 2024. Q4 revenues reached $117.3 million, up 32% YoY, with GAAP net income of $33.0 million and non-GAAP net income of $37.7 million. Full-year 2024 revenues were $429.2 million, a 36% increase from 2023.

The company achieved strong profitability metrics with Q4 GAAP operating margins of 26.7% and non-GAAP operating margins of 30.9%. Full-year GAAP EPS was $2.42, while non-GAAP EPS reached $2.83. Operating cash flow for 2024 totaled $122.2 million, resulting in a total cash and securities balance of $501.2 million by year-end.

Looking forward, management expects Q1 2025 revenues of $118-120 million, representing approximately 23% YoY growth. The company is launching new Eagle G5 and Hawk systems, positioning itself to capitalize on growing AI demand and high-performance computing hardware investments.

Positive

• Record Q4 2024 revenue of $117.3M, up 32% YoY
• Full-year revenue growth of 36% to $429.2M
• Q4 non-GAAP operating margin improved to 30.9%
• Strong cash position of $501.2M as of December 31, 2024
• Positive Q1 2025 guidance projecting 23% YoY growth
• Operating cash flow of $122.2M in 2024

Negative

• None.

Insights

Financial Analyst

Camtek's Q4 2024 results reveal a company firing on all cylinders, with multiple indicators pointing to sustainable growth momentum. The 32% revenue growth to $117.3M is impressive, but what's truly remarkable is the margin expansion story. The non-GAAP operating margin of 30.9% demonstrates exceptional operational leverage and manufacturing efficiency, significantly outperforming typical semiconductor equipment industry margins of 20-25%.

The company's robust cash generation deserves special attention. Operating cash flow of $122.2M for 2024 and a cash position of $501.2M (representing approximately 12.4% of market cap) provides substantial firepower for R&D investments and potential strategic acquisitions. This financial strength is particularly valuable in the capital-intensive semiconductor equipment industry, where continuous innovation is crucial.

The launch of Eagle G5 and Hawk systems represents a strategic expansion into new markets, particularly targeting advanced packaging applications important for AI and high-performance computing. This positions Camtek at the intersection of two powerful trends: the shift toward more sophisticated packaging solutions and the exponential growth in AI infrastructure demand.

Looking ahead, the Q1 2025 guidance of $118-120M suggests continued strong demand, with the 23% YoY growth projection indicating healthy order patterns despite the typically seasonal Q1. The company's increasing exposure to AI-driven demand provides a degree of insulation from traditional semiconductor cycles, potentially supporting more consistent growth patterns than historical norms.

Q4 revenues of $117 million; Q1 2025 revenue guidance of $118-120 million, up ~23% YoY

MIGDAL HAEMEK, Israel, Feb. 12, 2025 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the fourth quarter and year ended December 31, 2024.

2024 Fourth Quarter Financial Highlights

• Record revenues of $117.3 million, a 32% YoY increase;
• GAAP operating income of $31.3 million (up 82% YoY) and non-GAAP operating income of $36.3 million (up 42% YoY), representing operating margins of 26.7% and 30.9%, respectively; and
• GAAP net income of $33.0 million (up 59% YoY) and non-GAAP net income of $37.7 million (up 34% YoY); GAAP diluted EPS of $0.67 and non-GAAP diluted EPS of $0.77.

2024 Full-Year Financial Highlights

• Record revenues of $429.2 million, a 36% YoY increase.
• GAAP operating income of $108.1 million (up 65% YoY); non-GAAP operating income of $130.3 million (up 56% YoY), representing operating margins of 25.2% and 30.4%, respectively;
• GAAP net income of $118.5 million (up 51% YoY); non-GAAP net income of $138.6 million (up 45% YoY); GAAP diluted EPS of $2.42 and non-GAAP diluted EPS of $2.83; and
• Operating cash flow of $122.2 million in 2024, which led to a year-end total cash, short-term and long-term deposits and marketable securities balance of $501.2 million.

Forward-Looking Expectations

Management expects continued growth in 2025 with revenues in the first quarter of 2025 in the range of $118-120 million, representing approximately a 23% increase over first quarter of 2024 revenues.

Management Comment

Rafi Amit, Camtek's CEO commented, "2024 was a year of a strong growth in revenue and even higher growth in profit. Looking ahead, Camtek ended 2024 with a record quarter and a strong backlog which indicates continued growth into 2025. As we enter 2025, we are excited to launch the technologically innovative Eagle G5 and Hawk systems that broaden our portfolio, enhance our competitiveness, and enable us to enter new markets."

Continued Mr. Amit, "The growing demand for AI has positioned Camtek as a leader and facilitated our significant growth in 2024. We believe we will continue to capitalize on the increasing need for AI applications, which necessitate considerable investments in high-performance computing (HPC) hardware. We will further benefit as AI becomes integrated into mainstream devices like automobiles, robotics, PCs, and mobile phones."

Fourth Quarter 2024 Financial Results

Revenues for the fourth quarter of 2024 were $117.3 million. This compares to fourth quarter 2023 revenues of $88.7 million, representing a year-over-year growth of 32%.

Gross profit on a GAAP basis in the quarter totaled $58.1 million (49.6% of revenues), an increase of 46% compared to a gross profit of $39.8 million (44.9% of revenues) in the fourth quarter of 2023.

Gross profit on a non-GAAP basis in the quarter totaled $59.3 million (50.6% of revenues), an increase of 36% compared to a gross profit of $43.7 million (49.2% of revenues) in the fourth quarter of 2023.

Operating income on a GAAP basis in the quarter totaled $31.3 million (26.7% of revenues), an increase of 82% compared to an operating income of $17.2 million (19.4% of revenues) in the fourth quarter of 2023.

Operating income on a non-GAAP basis in the quarter totaled $36.3 million (30.9% of revenues), an increase of 42% compared to $25.5 million (28.7% of revenues) in the fourth quarter of 2023.

Net income on a GAAP basis in the quarter totaled $33.0 million, or $0.67 per diluted share, an increase of 59% compared to net income of $20.8 million, or $0.42 per diluted share, in the fourth quarter of 2023.

Net income on a non-GAAP basis in the quarter totaled $37.7 million, or $0.77 per diluted share, an increase of 34% compared to a non-GAAP net income of $28.2 million, or $0.57 per diluted share, in the fourth quarter of 2023. 

Full Year 2024 Results Summary

Revenues for 2024 were $429.2 million, a 36% increase compared to the $315.4 million as reported in 2023.

Gross profit on a GAAP basis totaled $209.9 million (48.9% of revenues), a 42% increase compared to $147.6 million (46.8% of revenues) in 2023. 

Gross profit on a non-GAAP basis totaled $218.0 million (50.8% of revenues), a 43% increase compared to $152.7 million (48.4% of revenues) in 2023. 

Operating income on a GAAP basis totaled $108.1 million (25.2% of revenues), a 65% increase compared to operating income of $65.4 million (20.7% of revenues) in 2023.  

Operating income on a non-GAAP basis totaled $130.3 million (30.4% of revenues), a 56% increase compared to $83.3 million (26.4% of revenues) in 2023.

Net income on a GAAP basis totaled $118.5 million, or $2.42 per diluted share. This is an increase of 51% compared to net income of $78.6 million, or $1.61 per diluted share, in 2023.

Net income on a non-GAAP basis totaled $138.6 million, or $2.83 per diluted share. This is an increase of 45% compared to net income of $95.7 million, or $1.96 per diluted share, in 2023.

Cash and cash equivalents, short-term and long-term deposits, and marketable securities, as of December 31, 2024, were $501.2 million compared to $448.6 million as of December 31, 2023, and $488.7 million as of September 30, 2024. During the fourth quarter, the Company generated an operating cash flow of $16.2 million.

Conference Call

Camtek will host a video conference call/webinar today via Zoom, on Wednesday, February 12, 2025, 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_9cx6Ew0UQsucYsHDA_qMow

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 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 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 statements relating to the compound semiconductors market and our position in this market and the anticipated timing of delivery of the systems. 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 the effects of the evolving nature of the war situation in Israel, and the related evolving regional conflicts; the continued demand for HPC, HBM and Chiplet devices resulting from, among other things, the field of AI surging worldwide across companies, industries and nations; our dependency upon the semiconductor industry and the risk that unfavorable economic conditions or low capital expenditures may negatively impact our operating results; risks related to the Company's ability to effectively maneuver global trade issues and changes either in the U.S., Israel, or elsewhere in trade and export regulations, tariffs, and license policies, including formal or informal imposition by countries of new or revised export and/or import and doing-business regulations or sanctions, and further including 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; the risks relating to the concentration of a significant portion of our business in certain countries in the Asia Pacific Region, particularly China, Taiwan and Korea, some of which might be subject to the trade restrictions referred to above or involved in trade wars with countries which might impose such trade restrictions; changing industry and market trends; and those other factors discussed in our Annual Report on Form 20-F as published on March 21, 2024, 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; and (ii) acquisition related 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.

 

 

 

CAMTEK LTD. and its subsidiaries
Consolidated Balance Sheets
(In thousands)
			December 31,					December 31,
			2024					2023
			U.S. Dollars
Assets
Current assets
Cash and cash equivalents			126,224					119,968
Short-term deposits			231,000					215,250
Marketable securities			30,813					18,816
Trade accounts receivable, net			99,471					87,300
Inventories			111,204					85,905
Other current assets			21,347					19,548
Total current assets			620,059					546,787
Long-term deposits			26,000					21,000
Marketable securities			87,115					73,576
Long-term inventory			11,879					9,023
Deferred tax asset, net			3,090					2,642
Other assets, net			2,001					1,370
Property, plant and equipment, net			54,196					41,987
Intangible assets, net			13,357					16,937
Goodwill			74,345					74,345
Total non- current assets			271,983					240,880
Total assets			892,042					787,667
Liabilities and shareholders' equity
Current liabilities
Trade accounts payable	46,630							42,187
Other current liabilities	77,280							54,487
Total current liabilities	123,910							96,674
Long-term liabilities
Deferred tax liabilities, net	5,606							7,541
Other long-term liabilities	15,366							10,473
Convertible notes	197,925							196,831
Total long-term liabilities	218,897							214,845
Total liabilities	342,807							311,519
Commitments and contingencies
Shareholders' equity
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at December 31, 2024 and at December 31, 2023;
47,541,682 issued shares at December 31, 2024 and 46,993,998 at December 31, 2023;
45,449,306 shares outstanding at December 31, 2024 and 44,901,622 at December 31, 2023	177							176
Additional paid-in capital	214,931							200,389
Accumulated other comprehensive income	203							129
Retained earnings	335,822							277,352
	551,133							478,046
Treasury stock, at cost (2,092,376 as of December 31, 2024 and December 31, 2023)	(1,898)							(1,898)
Total shareholders' equity	549,235							476,148
Total liabilities and shareholders' equity	892,042							787,667

 

 

 

Camtek Ltd.
Consolidated Statements of Income
(in thousands, except share data)
		Year ended December 31,				Three Months ended December 31,
		2024		2023		2024		2023
		U.S. dollars				U.S. dollars
Revenues		429,234		315,375		117,293		88,690
Cost of revenues		219,283		167,742		59,161		48,902
Gross profit		209,951		147,633		58,132		39,788
Research and development costs		38,287		31,470		10,371		8,042
Selling, general and administrative expense		63,595		50,751		16,461		14,527
		101,882		82,221		26,832		22,569
Operating income		108,069		65,412		31,300		17,219
Financial income, net		23,169		22,218		6,175		5,682
Income before income taxes		131,238		87,630		37,475		22,901
Income taxes expense		(12,723)		(8,998)		(4,466)		(2,111)
Net income		118,515		78,632		33,009		20,790

 

 

 

Net income per ordinary share:
		Year ended December 31,				Three Months ended December 31,
		2024		2023		2024		2023
		U.S. dollars				U.S. dollars
Basic net earnings		2.62		1.76		0.73		0.46
Diluted net earnings		2.42		1.61		0.67		0.42
Weighted average number of ordinary shares outstanding:
Basic		45,279		44,725		45,428		44,882
Diluted		49,369		48,863		49,503		49,149

 

 

 

Reconciliation of GAAP To Non-GAAP results
(In thousands, except share data)
		Year ended December 31,				Three Months ended December 31,
		2024		2023		2024		2023
		U.S. dollars				U.S. dollars
Reported net income attributable to    Camtek Ltd. on GAAP basis		118,515		78,632		33,009		20,790
Acquisition of FRT related expenses (1)		5,334		4,550		650		4,550
Share-based compensation		14,775		12,525		4,052		2,868
Non-GAAP net income		138,624		95,707		37,711		28,208
Non–GAAP net income per diluted share		2.83		1.96		0.77		0.57
Gross margin on GAAP basis Reported gross profit on GAAP basis		49.6%  209,951		46.8% 147,633		50.6%  58,132		44.9% 39,788
Acquisition of FRT-related expenses (1)		5,802		3,492		610		3,492
Share-based compensation		2,197		1,591		595		395
Non-GAAP gross margin		50.8 %		48.4 %		50.6 %		49.2 %
Non-GAAP gross profit		217,950		152,716		59,337		43,675
Reported operating income (loss) attributable to Camtek Ltd. on GAAP basis		108,069		65,412		31,300		17,219
Acquisition of FRT-related expenses (1)		7,455		5,406		928		5,406
Share-based compensation		14,775		12,525		4,052		2,868
Non-GAAP operating income		130,299		83,343		36,280		25,493

 

 

(1) During the year ended December 31, 2024, the Company recorded acquisition-related expenses of $5.3 million, consisting of: (1) inventory written-up to fair value in purchase accounting charges of $3.4 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) $1.3 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (4) $0.4 million re-organization expenses, recorded under the general and administrative expenses line item. (5) $2.1 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.

During the three-month period ended December 31, 2024, 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 and three-month period ended December 31, 2023, the Company recorded acquisition expenses of $4.5 million, consisting of: (1) inventory written-up to fair value in purchase accounting charges of $2.2 million. This amount was recorded under cost of revenues line item. (2) $0.4 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) Inventory write-off of $0.9 million recorded under costs of revenues line item. (4) $0.2 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (5) Acquisition expenses of $1.7 million recorded under general and administrative expenses line item. (6) $0.9 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.

CAMTEK LTD.	INTERNATIONAL INVESTOR RELATIONS
Moshe Eisenberg, CFO	EK Global Investor Relations
Tel: +972 4 604 8308	Ehud Helft
Mobile: +972 54 900 7100	Tel: (US) 1 212 378 8040
moshee@camtek.com	camtek@ekgir.com

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SOURCE Camtek Ltd.

FAQ

What were Camtek's (CAMT) Q4 2024 revenue and earnings?

Camtek reported Q4 2024 revenue of $117.3 million with GAAP EPS of $0.67 and non-GAAP EPS of $0.77.

What is Camtek's (CAMT) revenue guidance for Q1 2025?

Camtek expects Q1 2025 revenues in the range of $118-120 million, representing approximately 23% growth year-over-year.

How much cash does Camtek (CAMT) have as of December 31, 2024?

Camtek had $501.2 million in cash, short-term and long-term deposits, and marketable securities as of December 31, 2024.

What was Camtek's (CAMT) operating cash flow for 2024?

Camtek generated operating cash flow of $122.2 million in 2024.

What new products is Camtek (CAMT) launching in 2025?

Camtek is launching the Eagle G5 and Hawk systems in 2025, which will broaden their portfolio and enable entry into new markets.