CAMTEK ANNOUNCES RESULTS FOR THE THIRD QUARTER OF 2026

Q3 record revenues of $161.3 million; Expects revenues of ~$180 million in Q4 2026; Initial outlook of over $800 million in 2027

MIGDAL HAEMEK, Israel, Nov. 4, 2026 — Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the third quarter ended September 30, 2026.

2026 Third Quarter Financial Highlights

• Record revenues of $161.3 million, a 21% QoQ increase;
• GAAP gross margin of 50.0% and non-GAAP gross margin of 51.1%;
• GAAP operating income of $39.8 million and non-GAAP operating income of $47.5 million, representing operating margins of 24.7% and 29.5%, respectively;
• GAAP net income of $42.8 million and non-GAAP net income of $50.3 million; GAAP diluted EPS of $0.84 and non-GAAP diluted EPS of $0.99; and
• Strong positive operating cash flow of $71.1 million in the quarter.

Forward-Looking Expectations

Management reiterates the guidance it provided in conjunction with its investor and analyst breakfast event held in October. Management expects continued growth in the fourth quarter with revenues of approximately $180 million, representing approximately 40% year-over-year growth and bringing full-year 2026 revenue to approximately $595 million.

As previously announced, management provided initial outlook for 2027 revenue to exceed $800 million, representing growth of approximately 35% over 2026, supported by strong order backlog and sales pipeline.

Management Comment

Rafi Amit, Camtek's CEO, commented: "Our record third-quarter results reflect the exceptional strength of our business and the sustained momentum that continues into the fourth quarter of 2026 and extends well into 2027.

These results further reinforce the key messages we shared at our recent Investor and Analyst Breakfast event. Camtek operates in some of the fastest-growing segments of the semiconductor industry, particularly high-end advanced packaging driven by the rapidly expanding demand for AI.

Since the event, our business momentum continued across all key indicators, further reinforcing our confidence in achieving our business targets."

Concluded Mr. Amit, "For the first time in our history, we have visibility a year ahead giving us confidence in our growth outlook and trajectory."

Third Quarter 2026 Financial Results

Revenues for the third quarter of 2026 were $161.3 million. This compares to third quarter 2025 revenues of $126.0 million, a year-over-year growth of 28%.

Gross profit on a GAAP basis in the quarter totaled $80.6 million (50.0% of revenues), an increase of 28% compared to $63.0 million (50.0% of revenues) in the third quarter of 2025.

Gross profit on a non-GAAP basis in the quarter totaled $82.3 million (51.1% of revenues), an increase of 27% compared to $64.9 million (51.5% of revenues) in the third quarter of 2025.

Operating income on a GAAP basis in the quarter totaled $39.8 million (24.7% of revenues), an increase of 25% compared to $31.8 million (25.3% of revenues) in the third quarter of 2025.

Operating income on a non-GAAP basis in the quarter totaled $47.5 million (29.5% of revenues), an increase of 26% compared to $37.6 million (29.9% of revenues) in the third quarter of 2025.

Net income on a GAAP basis in the quarter totaled $42.8 million, or $0.84 per diluted share, compared to a net loss of $53.2 million, or $1.16 per diluted share, in the third quarter of 2025.

Net income on a non-GAAP basis in the quarter totaled $50.3 million, or $0.99 per diluted share, an increase of 23% compared to a non-GAAP net income of $40.9 million, or $0.82 per diluted share, in the third quarter of 2025. 

Cash and cash equivalents, short-term deposits and marketable securities, as of September 30, 2026, were $877.1 million compared to $815.8 million as of June 30, 2026. During the third quarter, the Company generated an operating cash flow of $71.1 million.

Conference Call

Camtek will host a video conference call/webinar today via Zoom, on November 4, 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_A25RpmzhT76YdX-pp3Jrwg

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, Heterogeneous 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; (iii) restructuring of facilities expenses; and (iv) 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.

CAMTEK LTD. and its subsidiaries
Condensed Interim Consolidated Balance Sheets (Unaudited)
(In thousands)
	September 30,			December 31,
	2026			2025
	U.S. Dollars
Assets
Current assets
Cash and cash equivalents		280,647			177,848
Short-term deposits		255,990			411,450
Marketable securities		69,884			78,862
Trade accounts receivable, net		166,239			90,829
Inventories		105,255			112,202
Other current assets		33,733			25,804
Total current assets		911,748			896,995
Marketable securities		270,567			182,941
Long-term inventory		17,790			15,569
Deferred tax asset, net		12,937			12,933
Other assets, net		1,976			1,881
Property, plant and equipment, net		61,497			55,090
Right of use assets, net		9,930			10,017
Intangible assets, net		16,031			10,062
Goodwill		112,737			74,345
Total non-current assets		503,465			362,838
Total assets		1,415,213			1,259,833
Liabilities and shareholders' equity
Current liabilities
Trade accounts payable		59,690			33,676
Other current liabilities		96,091			73,749
Total current liabilities		155,781			107,425
Long-term liabilities
Deferred tax liabilities, net		-			1,261
Other long-term liabilities		15,768			14,311
Convertible notes		489,184			519,833
Total long-term liabilities		504,952			535,405
Total liabilities		660,733			642,830
Commitments and contingencies
Shareholders' equity
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at September 30, 2026 and at December 31, 2025;
48,817,615 issued shares at September 30, 2026 and 47,920,509 at December 31, 2025;
46,725,239 shares outstanding at September 30, 2026 and 45,828,133 at December 31, 2025		181			178
Additional paid-in capital		278,570			231,892
Accumulated other comprehensive income (loss)		(6,702)			287
Retained earnings		484,329			386,544
		756,378			618,901
Treasury stock, at cost (2,092,376 shares as of September 30, 2026 and December 31, 2025)		(1,898)			(1,898)
Total shareholders' equity		754,480			617,003
Total liabilities and shareholders' equity		1,415,213			1,259,833

CAMTEK LTD. and its subsidiaries
Condensed Interim Consolidated Statement of Income (unaudited)
(in thousands)
		Nine months ended September 30,		Three months ended September 30,		Year ended December 31,
		2026	2025	2026	2025	2025
		U.S. dollars		U.S. dollars		U.S. dollars
Revenues		416,196	367,948	161,294	125,993	496,072
Cost of revenues		207,963	181,731	80,692	62,951	245,755
Gross profit		208,233	186,217	80,602	63,042	250,317
Operating expenses:
Research and development		48,920	35,289	17,913	13,453	48,345
Selling, general and administrative		64,984	54,409	22,853	17,744	73,769
Total operating expenses		113,904	89,698	40,766	31,197	122,114
Operating income		94,329	96,519	39,836	31,845	128,203
Financial income, net		22,216	16,901	7,090	6,526	25,064
Other expenses		-	(100,932)	-	(100,932)	(100,932)
Income (loss) before income taxes		116,545	12,488	46,926	(62,561)	52,335
Income tax benefit (expense)		(18,760)	2,337	(4,091)	9,380	(1,613)
Net income (loss)		97,785	14,825	42,835	(53,181)	50,722

Earnings (loss) per share information:
	Nine months ended September 30,		Three months ended September 30,		Year ended December 31,
	2026	2025	2026	2025	2025
	U.S. dollars		U.S. dollars		U.S. dollars
Basic net earnings (loss) per share (in US dollars)	2.10	0.32	0.92	(1.16)	1.11
Diluted net earnings (loss) per share (in US dollars)	1.94	0.32	0.84	(1.16)	1.04
Weighted average number of
ordinary shares outstanding:
Basic	46,566	45,655	46,705	45,755	45,703
Diluted	51,462	49,502	51,498	45,755	49,970

CAMTEK LTD. and its subsidiaries
Reconciliation of GAAP To Non-GAAP results
(In thousands, except share data)
	Nine Months ended  September 30,		Three Months ended September 30,		Year ended December 31,
	2026	2025	2026	2025	2025
	U.S. dollars		U.S. dollars		U.S. dollars
Reported net income attributable to Camtek Ltd. on GAAP basis	97,785	14,825	42,835	(53,181)	50,722
Acquisition-related expenses (1)	4,699	2,268	640	968	2,801
One-time Tax expenses	7,700	-	-	-	-
Restructuring of facilities	1,118	-	1,118	-	-
Loss from extinguishment of Capital Notes (2)	-	88,682	-	88,682	88,682
Share-based compensation	13,696	12,586	5,701	4,383	16,819
Non-GAAP net income	124,998	118,361	50,294	40,852	159,024
Non-GAAP net income per diluted share	2.45	2.42	0.99	0.82	3.26
Gross margin on GAAP basis	50.0 %	50.6 %	50.0 %	50.0 %	50.4 %
Reported gross profit on GAAP basis	208,233	186,217	80,602	63,042	250,317
Acquisition-related expenses (1)	2,812	2,285	1,105	1,065	2,895
Share-based compensation	1,777	2,094	638	750	2,806
Non-GAAP gross profit	212,822	190,596	82,345	64,857	256,018
Non-GAAP gross margin	51.1 %	51.8 %	51.1 %	51.5 %	51.6 %
Reported operating income attributable to Camtek Ltd. on GAAP basis	94,329	96,519	39,836	31,845	128,203
Acquisition-related expenses (1)	6,586	3,239	1,966	1,383	4,000
Share-based compensation	13,696	12,586	5,701	4,383	16,819
Non-GAAP operating income	114,611	112,344	47,503	37,611	149,022

(1)           During the nine-month period ended September 30, 2026, the Company recorded acquisition-related expenses of $4.7 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) $1.8 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $0.3 million of compensation-related expenses recorded under research and development expenses line item. (4) $0.2 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) $0.8 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
     During the three-month period ended September 30, 2026, 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) $0.2 million of compensation-related expenses recorded under research and development expenses line item. (3) $0.1 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (4) $0.2 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
     During the nine-month period ended September 30, 2025, the Company recorded acquisition-related expenses of $2.3 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) $1.8 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $1.0 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (4) $1.0 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
     During the three-month period ended September 30, 2025, the Company recorded acquisition-related expenses of $1.0 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) $0.3 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (4) $0.4 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 nine-month and three-month periods ended September 30, 2025 and 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.
Moshe Eisenberg, CFO 
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
[email protected] 

Camtek Ltd.
P.O.Box 544, Ramat Gabriel Industrial Park
Migdal Ha'Emek 23150, ISRAEL
Tel: +972 (4) 604-8100   Fax: +972 (4) 644-0523
E-Mail: [email protected]  Web site: http://www.camtek.com

INTERNATIONAL INVESTOR RELATIONS   
EK Global Investor Relations
Ehud Helft 
Tel: (US) 1 212 378 8040
[email protected]

SOURCE Camtek Ltd.