Camtek Ltd.

What does Camtek make?
Camtek makes automated optical inspection and metrology systems for the semiconductor industry. The company's systems inspect and measure semiconductor wafers throughout the production process, covering front-end, mid-end, and post-dicing stages. Camtek's equipment is used in advanced packaging, HBM, CMOS image sensors, MEMS, compound semiconductors, and RF applications. The fifth-generation Eagle platform detects 150-nanometer defects and inspects 500 million bumps at small pitch.

Is Camtek publicly traded?
Yes. Camtek Ltd. is listed on both NASDAQ and the Tel Aviv Stock Exchange (TASE) under ticker CAMT. The company has a broad institutional and retail shareholder base with no single controlling shareholder.

Who founded Camtek?
Camtek was founded in 1987 in Israel by Rafi Ziv. The company was initially focused on automated optical inspection for the printed circuit board industry before expanding into semiconductor inspection in the 1990s.

Where is Camtek headquartered?
Camtek is headquartered in Migdal HaEmek, Israel, in the northern part of the country. The company operates R&D and manufacturing facilities in Israel and has sales and service offices in the United States, Taiwan, South Korea, China, Japan, and other major semiconductor markets.

What is Camtek's annual revenue?
Camtek reported record revenue of $496.1 million for fiscal year 2025, a 16 percent increase from $429.2 million in FY2024. Non-GAAP net income was $159.0 million, or $3.26 per diluted share. In Q1 2026, revenue was $121.7 million, and the company guided Q2 2026 revenue to $129 to $131 million.

Why has Camtek grown rapidly?
Camtek has benefited from the growth of AI computing, which drives demand for advanced packaging technologies including HBM, chiplets, and heterogeneous integration. Approximately 50 percent of Camtek's revenue is generated from products supporting AI applications. The company expects 2026 to be another double-digit growth year, with second half revenue expected to grow by over 25 percent compared to the first half.

Who owns Camtek?
Camtek Ltd. is publicly traded on NASDAQ and TASE with a broad institutional and retail shareholder base. No single shareholder holds a controlling stake. Rafi Amit serves as CEO.

Camtek was founded in 1987 in Israel by Rafi Ziv. The company was established to develop automated optical inspection systems for the printed circuit board (PCB) industry, addressing the growing need for automated quality control in electronics manufacturing.

Camtek expanded into semiconductor inspection in the 1990s, developing AOI systems for semiconductor wafer inspection. The company listed on NASDAQ and the Tel Aviv Stock Exchange, providing capital for international expansion and R&D investment.

Through the 2000s and 2010s, Camtek focused increasingly on the semiconductor market, developing advanced inspection and metrology systems for a growing range of semiconductor applications. The company expanded its product portfolio to address advanced packaging, MEMS, CMOS image sensors, and other specialized semiconductor segments.

A significant milestone was the acquisition of FRT (Fries Research and Technology), a German metrology company, which expanded Camtek's portfolio into surface metrology and added the MicroProf product line. The integration of FRT broadened Camtek's addressable market and added capabilities in compound semiconductors, power devices, and front-end applications.

Camtek experienced significant growth in the early 2020s, driven by strong demand for advanced packaging inspection equipment. The growth of AI computing drove demand for HBM and other advanced packaging technologies, which in turn drove demand for Camtek's inspection and metrology systems. Revenue grew from $155.9 million in FY2020 to $269.7 million in FY2021, $320.9 million in FY2022, $315.4 million in FY2023, and $429.2 million in FY2024.

In FY2025, Camtek achieved record results. Revenue reached $496.1 million, a 16 percent year-over-year increase. Non-GAAP gross margin was 51.6 percent, and non-GAAP operating margin was 30 percent. Non-GAAP net income was $159.0 million, or $3.26 per diluted share, up 15 percent from FY2024. Operating cash flow was $142.6 million. Cash and cash equivalents, deposits, and marketable securities reached $851.1 million as of December 31, 2025, nearly double the $448.6 million at the end of FY2024.

In Q1 2026, Camtek reported revenue of $121.7 million, a 2.5 percent year-over-year increase. Non-GAAP gross margin was 51.0 percent. The company guided Q2 2026 revenue to $129 to $131 million and expects revenue to grow by over 25 percent in the second half of 2026 compared to the first half, driven by strong order momentum. The company announced $45 million in new orders in the weeks preceding its May 2026 earnings release.

Camtek maintains environmental, social, and governance programs with the following commitments:

• Environmental Management: ISO 14001:2015 certified for environmental management. The company achieved a 15 percent reduction in carbon emissions from 2022 to 2024 and reduced water consumption by 42 percent from 2022 to 2024 (7,853 cubic meters in 2024).
• Health and Safety: ISO 45001:2018 certified for occupational health and safety. The company maintains comprehensive EHS policies and procedures.
• Quality Management: ISO 9001:2015 certified for quality management.
• Diversity and Inclusion: Women in new hires increased from 6 percent in 2021 to 19 percent in 2024. The company supports education, environmental preservation, and community welfare programs.
• Governance: Listed on NASDAQ and TASE with independent audit committee oversight. The company operates under a formal Code of Ethics and Business Conduct and adheres to applicable standards, laws, and regulations.

• Intel's 2025 EPIC Supplier Award: Recognition from Intel for supplier excellence
• ISO 14001:2015: Environmental Management certification
• ISO 45001:2018: Occupational Health and Safety certification
• ISO 9001:2015: Quality Management certification

Export Control Regulations: As an Israeli semiconductor equipment company, Camtek is subject to export control regulations that govern the sale of advanced semiconductor equipment to certain countries, particularly China. The tightening of US export controls on semiconductor technology to China has created uncertainty regarding Camtek's ability to sell equipment to Chinese customers. The company's 20-F filing identifies the concentration of substantial majority of sales in the Asia Pacific region, with China as the largest territory, as a key risk factor.

AI Revenue Concentration Risk: Approximately 50 percent of Camtek's revenue is generated from products supporting AI applications. The company's 20-F filing explicitly identifies a slowdown or contraction in AI-related semiconductor investment as a risk factor that could materially and adversely affect the business, results of operations, and financial condition. This concentration creates both upside potential and downside risk.

Geopolitical Exposure: The company faces risks from regional instabilities and continued hostilities, global trade policy changes beyond its control, and supply chain disruptions. The 20-F filing notes exposure to fluctuations in currency exchange rates and the impact of global economic trends including changing inflation, rising interest rates, and economic slowdown.

Cyclical Revenue Volatility: Camtek is subject to the cyclical nature of semiconductor capital spending, which can cause significant revenue volatility. The company's revenue has fluctuated historically, with FY2023 revenue ($315.4 million) declining from FY2022 ($320.9 million) before resuming growth in FY2024 ($429.2 million) and FY2025 ($496.1 million).