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- **Record Q3 Performance**: $126M revenue (+12% YoY), 51.5% gross margin, $37.6M operating income.
- **2026 Growth Outlook**: 15%+ revenue growth, second-half weighted, driven by HPC and advanced packaging.
- **New Product Momentum**: Eagle G5 and Hawk tools contribute ~30% of 2025 revenue, with 2026 ASPs up 20%+.
- **Market Leadership**: 70%+ share in 3D metrology, reference tool for all HBM4 manufacturers.
- **Balance Sheet Strength**: $794M cash, $500M convertible notes, no debt maturities until 2028.
- **R&D Investment**: $27.2M in Q3, 18% YoY growth, targeting AI-driven inspection algorithms.


**【CEO Summary Section】**
- Q3 2025 revenue reached a record $126 million, up 12% year-over-year, driven by high-performance computing (HPC) and advanced packaging applications.
- Gross margin maintained at 51.5%, with operating income of $37.6 million.
- 2026 outlook: Revenue expected to grow 15% annually, with a second-half weighted ramp due to timing lag in customer investments.
- New product launches (Eagle G5, Hawk) targeting 3D metrology and 2D inspection, contributing ~30% of 2025 revenue.

**【CFO Financial Commentary】**
- Q3 net income: $40.9 million ($0.82 per share), up 36% YoY.
- Cash position: $794 million, up 46% YoY, supported by $500 million convertible notes issuance.
- Operating expenses: $27.2 million, up 18% YoY, driven by R&D investments.
- 2026 guidance: Revenue ~$495 million, with HPC applications accounting for ~50% of total.

**【Q&A Highlights】**
- **HPC Market**: 2026 HBM investments expected to double, with Camtek as the reference tool for 3D metrology at all HBM manufacturers.
- **Competitive Position**: 70%+ market share in 3D metrology for HBM4, and 45% of revenue from high ASP tools (Eagle G5, Hawk).
- **Inorganic Growth**: Executive Chairman dedicated to M&A, with 40+ potential targets in inspection, metrology, and software.
- **Shipping Costs**: Normalized after 2024 surge, with no expected disruptions in 2026.
- **Hybrid Bonding**: Early-stage adoption, with ~10% of advanced packaging revenue from fan-out applications.


Camtek Ltd. (CAMT) Q3 2025 Earnings Call Transcript

- **Record Q2 Performance**: $123.3M revenue (+20% YoY), 51.9% gross margin, $38.8M net income.
- **HPC Dominance**: 45-50% of revenue from HPC, with 30%+ from new Hawk/Eagle G5 systems.
- **Q3 Guidance**: $125M revenue (5x annualized run rate), supported by $544M cash reserves.
- **HBM4 Leadership**: Pre-qualified for hybrid bonding, with 2026 customer ramps expected.
- **China Expansion**: 2025 China revenue to exceed 35%, driven by advanced packaging adoption.

**【CEO Summary Section】**
- Q2 2025 revenue reached $123.3 million, up 20% YoY, with HPC applications contributing 45-50% of total revenue.
- New products (Hawk and Eagle G5) generated ~30% of Q2 revenue, with expectations for higher contribution in 2026.
- Q3 2025 revenue guidance of $125 million (annualized $500 million run rate), driven by advanced packaging and HBM demand.
- MicroProf metrology system adoption expanded, with 30+ installations at a Tier 1 customer.

**【CFO Financial Commentary】**
- Gross margin maintained at 51.9%, with operating income of $37.4 million.
- Net income of $38.8 million ($0.79 EPS), up 19% YoY, supported by strong cash flow ($23 million from operations).
- Cash reserves of $544 million, with inventory increasing to $149 million to support new product ramps.
- One-time shipping costs of $0.5 million related to Iran conflict resolved, normalizing OpEx.

**【Q&A Key Highlights】**
- **HPC & China Contribution**: HPC mix expected to remain ~45-50% in H2, with China revenue growing to ~35-40% of total (from ~30% in 2024).
- **Competition with KLA**: Camtek's Hawk/Eagle G5 systems outperform on throughput and defect detection, maintaining market share in advanced packaging.
- **HBM4 Ramp-Up**: Initial customer forecasts for HBM4 qualify in early 2026, with Hawk systems pre-qualified for hybrid bonding requirements.
- **OSAT Growth**: Major OSATs increasing CoWoS-like production, driving 20-30% of advanced packaging revenue in 2025.
- **2026 Outlook**: HPC market growth (~25% YoY) and new product adoption position Camtek for continued double-digit revenue growth.

Camtek Ltd. (CAMT) Q2 2025 Earnings Call Transcript

- **Record Q1 Growth**: $119M revenue (+20% YoY), 52.1% gross margin, and $38.7M net income highlight strong execution.
- **HPC Dominance**: 45%-50% of revenue from HPC, with OSATs expanding CoWoS and HBM capacity.
- **New Product Success**: Eagle G5 and Hawk driving orders, with 2025 revenue contributions expected.
- **Resilience in China**: Strong performance despite industry concerns, no tariff impact.
- **$500M Target Near**: 2025 guidance near target, with organic growth and new products leading the way.


**【CEO Summary Section】**
- Q1 2025 revenue reached $119 million, up 20% YoY, with gross margin improving to 52.1%.
- HPC applications accounted for 45%-50% of revenue, driven by OSAT expansion in CoWoS and HBM technologies.
- New products Eagle G5 and Hawk contributed significantly, with orders for both expected to drive 2025 revenue growth.
- Received Intel EPIC Supplier Award, highlighting supply chain excellence and customer trust.
- Q2 2025 revenue guidance of $120-123 million reflects 18% YoY growth, with solid Q3 backlog.

**【CFO Financial Commentary】**
- Q1 2025 GAAP revenue was $118.6 million, up 22% YoY, with non-GAAP net income of $38.7 million ($0.79 EPS).
- Gross margin expanded to 52.1%, supported by favorable product mix and cost control.
- Cash reserves reached $523 million, with inventory increasing to $141.5 million to support new product ramps.
- Operating expenses rose 21% YoY to $24.4 million, driven by R&D and sales investments.

**【Q&A Key Points】**
- **Competitive Position**: Confident in ability to outpace KLA with flexible, high-performance tools like Hawk (low footprint, high throughput) and Eagle G5.
- **HBM4 Transition**: Customers prioritizing new tools over upgrades, with 2026 seeing margin accretion from new product shipments.
- **China Market**: Business remains strong, no impact from tariffs; maintains healthy share in region.
- **$500M Target**: On track for 2025, with organic growth (new products, FRT acquisition) and potential M&A opportunities.
- **Tariff Risks**: Minimal direct impact, but cautious on global economic visibility.


Camtek (CAMT)-13 May 25-2025 Q1 Earnings call transcript

- **Record Q4 Growth**: $117M revenue (32% YoY), $36.3M operating profit (42% YoY). Full year 2024 revenue up 36% to $429M. 
- **HPC Dominance**: 50%+ HPC contribution in Q1 2025, $10M+ orders secured. TSMC capacity expansion to unlock OSAT growth. 
- **New Product Momentum**: 
  - **Eagle G5**: In production, targeting 2D/3D applications. 
  - **Hawk**: Launching next week, targeting 500M+ microbumps/wafer with 2x ASP of Eagle. 
- **Financial Strength**: $501M cash, 77-day DSO. 2025 Q1 guidance: $118-120M (25% YoY). 
- **Risks**: TSMC interposer shortages, China revenue stabilization at 30-35%. 


**【CEO Opening Remarks】**
- Q4 2024 revenue: $117M (32% YoY growth), operating income: $36.3M (42% YoY growth). Full year 2024 revenue: $429M (36% YoY growth), operating income: $130M (56% YoY growth). 
- HPC segment to account for ~50% of Q1 2025 revenue, with $10M+ orders already secured for HPC-related products. 
- New product launches: Eagle G5 in production, OAK system to be launched at Semicon Korea next week. 
- 2025 revenue guidance: $118-120M Q1, ~25% YoY growth. 

**【CFO Financial Review】**
- Q4 2024 non-GAAP net income: $37.7M ($0.77/share), up 33% YoY. Full year 2024 net income: $139M (45% YoY growth). 
- Gross margin: 50.6% (stable vs. Q3 2024), operating expenses: $23.1M (27% YoY growth). 
- Cash reserves: $501.2M, up 2.6% QoQ. DSO: 77 days (improved from 90 days YoY). 
- China revenue contribution: 30% in 2024 (down from 47% in 2023), expected to remain ~30-35% in 2025. 

**【Q&A Key Takeaways】**
- **HPC Market**: TSMC doubling capacity in 2025, creating opportunities for OSATs to expand HPC module production. Hybrid bonding adoption expected to accelerate in 2027-2028. 
- **Product Pipeline**: 
  - **Eagle G5**: Higher throughput, winning orders in 2D and 3D applications. 
  - **Hawk**: Targets high-end applications (e.g., 500M+ microbumps/wafer), ASP 2x Eagle, ~$200M TAM. 
- **Capacity Constraints**: TSMC interposer shortages limiting HBM 4 adoption, but capacity expansion expected to resolve by mid-2025. 
- **Mobile Chiplets**: Potential 2026-2027 opportunity, but visibility limited. 
- **Gross Margin**: New products (Eagle G5/Hawk) accretive to margins, full impact visible in 2026. 
- **Backlog**: Q1 2025 orders >$118M, H2 2025 backlog building but still early to quantify. 


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