Camtek (CAMT) Q1 2026 Earnings Call — May 12, 2026

Source: Camtek Q1 2026 earnings press release (PRNewswire, May 12, 2026) + Yahoo Finance / Motley Fool transcript excerpts.

Rafi Amit (CEO): Hello, everyone. We are pleased with our first quarter results and the exceptional momentum we are seeing across our business. First quarter revenue reached $121.7 million, a slight year-over-year increase and slightly ahead of our guidance, with gross margin of 51% and operating income of $31 million.

The main theme of this quarter is the significant acceleration in order intake we have seen since the beginning of the year, driven by the industry transition to HBM4 and the continued expansion of 2.5D and 3D IC packaging capacity. This has resulted in strong multisystem orders from leading foundries, IDMs and OSATs, significantly improving our business visibility for the remainder of 2026 and into 2027.

The gross margin for the quarter was 51%, similar to the previous quarter. We expect the gross margin to improve in the second half of the year, in line with our strong revenue forecast and the contribution of the Hawk and the Eagle G5, which are expected to double in revenues versus last year. Together, they account for 30% of our revenue last year, and we expect revenue from this platform to double in 2026.

Our leading position in the Advanced Packaging market is expected to drive strong growth in the second half of 2026 compared with the first half, based on strong order momentum. We expect over 25% revenue growth in the second half of 2026 versus the first half.

Moshe Eisenberg (CFO): First quarter revenues were $121.7 million, slightly above the midpoint of our guidance. GAAP gross margin was 50.1% and non-GAAP gross margin was 51.0%. Non-GAAP operating income totaled $31 million, representing a non-GAAP operating margin of 25.5%. Non-GAAP net income was $35.3 million, or $0.70 per diluted share. GAAP net income was $31.6 million, or approximately $0.61 per diluted share.

We ended the quarter with a strong balance sheet, including approximately $672 million of cash, cash equivalents, short-term deposits and marketable securities.

Looking ahead, we expect second quarter revenue to be in the range of $129 million to $131 million, reflecting continued strong demand from our Advanced Packaging customers.

Q&A Highlights (condensed from transcript)

• Q: Order momentum and Advanced Packaging visibility? A: Order intake has accelerated significantly since the start of the year, particularly from HBM4 transition and 2.5D/3D IC packaging expansion. OSATs are a major share of order intake. Visibility extends into 2027.
• Q: Gross margin trajectory? A: Gross margin is expected to improve in the second half of the year, driven by the strong revenue forecast and the higher-margin contribution of the Hawk and Eagle G5 platforms.
• Q: HBM exposure? A: HBM is a meaningful driver of the strong order intake from multiple leading HBM manufacturers; the transition to HBM4 is creating substantial multisystem orders.
• Q: China outlook? A: China remains a key region; the mix is expected to evolve over the course of the year as Advanced Packaging growth accelerates.