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Dec 31, 2025
Camtek Q4 2025 Earnings Report
Camtek reported record fourth quarter 2025 results with revenue growth, margin expansion, and increased profitability year over year.
Key Takeaways
Camtek delivered record Q4 2025 revenue of 128124000 with improved gross margins and higher net income, supported by strong demand across semiconductor markets.
Q4 revenue increased 9% year over year to 128124000.
GAAP gross margin expanded to 50.0% and non-GAAP gross margin reached 51.1%.
GAAP net income rose to 35897000 with diluted EPS of 0.71.
Operating cash flow was strong at 61200000 during the quarter.
Forward Guidance
Management expects 2026 to be a double-digit growth year, with first quarter 2026 revenue of around 120000000 and stronger growth in the second half of the year.
Positive Outlook
- Backlog and pipeline support double-digit revenue growth in 2026.
- Strong demand driven by AI-related semiconductor applications.
- Manufacturers expanding capacity, increasing equipment demand.
- Recent significant orders, including 45000000 announced recently.
- Confidence in accelerating growth through 2026.
Challenges Ahead
- Revenue growth weighted toward the second half of 2026.
- Exposure to geopolitical risks in Israel and the Middle East.
- Potential trade restrictions and export regulation risks.
- Foreign currency fluctuations may impact results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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