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Sep 30, 2025
Camtek Q3 2025 Earnings Report
Camtek reported record Q3 2025 results despite a one-time GAAP net loss driven by convertible notes restructuring.
Key Takeaways
Camtek achieved record revenue and strong non-GAAP profitability in Q3 2025, although GAAP results showed a net loss due to a one-time $89M capital loss related to convertible debt repurchase.
Record quarterly revenue of $126 million, up 12% YoY
Non-GAAP net income reached $40.9 million, with $0.82 EPS
GAAP net loss of $53.2 million due to $89 million one-time loss
Strong demand driven by AI and high-performance computing segments
Forward Guidance
Camtek expects continued growth into Q4 2025, driven by strong demand for AI and data center technologies, projecting revenue around $127 million.
Positive Outlook
- Q4 revenue guidance of approximately $127 million
- 2025 full-year revenue expected to reach $495 million, a record
- Strong AI and data center demand expected to sustain growth
- Continued investment in cutting-edge inspection technologies
- Strategic positioning in semiconductor and HPC markets
Challenges Ahead
- Revenues in 2026 expected to be weighted toward second half
- Slower start anticipated for early 2026
- Large one-time GAAP loss impacting short-term profitability
- Exposure to geopolitical and regulatory risks in APAC
Historical Earnings Impact
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Avg. Return Before/After Earnings
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