CAMTEK LTD (CAMT): Financial results for Q3 2026
CAMTEK LTD (CAMT) furnished an SEC Form 6-K — earnings release. Yes ☐ No ☒ SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. This Form 6-K, including all exhibits hereto, is hereby incorporated by r
How this was made
The 30-second read
Why it matters
The earnings release provides fresh quantitative data on revenue growth, margins, and cash flow, all of which are better than the prior year and support the company's forward outlook.
Market read
Camtek's strong Q3 performance and reaffirmed 2027 revenue target signal continued growth in the semiconductor equipment market, potentially influencing peer valuations.
What to watch
Potential supply‑chain constraints or macro‑economic slowdown could temper growth despite strong quarterly numbers.
Q3 record revenues of $161.3 million; Expects revenues of ~$180 million in Q4 2026; Initial outlook of over $800 million in 2027
Record third-quarter revenue grew 28% year over year and 21% sequentially, while GAAP and non-GAAP operating income increased 25% and 26%, respectively. Management reiterated approximately $180 million of Q4 revenue and its initial 2027 outlook for revenue to exceed $800 million.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 revenueGAAP | $161.3M | 21% | 28% |
| Q3 2026 cost of revenuesGAAP | $80.69M | – | – |
| Q3 2026 gross profitGAAP | $80.6M | – | 28% |
| Q3 2026 gross marginGAAP | 50.0% | – | – |
| Q3 2026 gross profitnon-GAAP | $82.3M | – | 27% |
| Q3 2026 gross marginnon-GAAP | 51.1% | – | – |
| Q3 2026 research and development expenseGAAP | $17.91M | – | – |
| Q3 2026 selling, general and administrative expenseGAAP | $22.85M | – | – |
| Q3 2026 total operating expensesGAAP | $40.77M | – | – |
| Q3 2026 operating incomeGAAP | $39.8M | – | 25% |
| Q3 2026 operating marginGAAP | 24.7% | – | – |
| Q3 2026 operating incomenon-GAAP | $47.5M | – | 26% |
| Q3 2026 operating marginnon-GAAP | 29.5% | – | – |
| Q3 2026 financial income, netGAAP | $7.09M | – | – |
| Q3 2026 income tax benefit (expense)GAAP | −$4.09M | – | – |
| Q3 2026 net income (loss)GAAP | $42.8M | – | – |
| Q3 2026 diluted net earnings (loss) per shareGAAP | $0.84 per diluted share | – | – |
| Q3 2026 basic net earnings (loss) per shareGAAP | $0.92 | – | – |
| Q3 2026 net incomenon-GAAP | $50.3M | – | 23% |
| Q3 2026 non-GAAP net income per diluted sharenon-GAAP | $0.99 | – | – |
| Nine months ended September 30, 2026 revenueGAAP | $416.2M | – | – |
| Nine months ended September 30, 2026 gross profitGAAP | $208.2M | – | – |
| Nine months ended September 30, 2026 gross marginGAAP | 50.0% | – | – |
| Nine months ended September 30, 2026 operating incomeGAAP | $94.33M | – | – |
| Nine months ended September 30, 2026 net incomeGAAP | $97.78M | – | – |
| Nine months ended September 30, 2026 diluted net earnings per shareGAAP | $1.94 | – | – |
| Nine months ended September 30, 2026 non-GAAP net incomenon-GAAP | $125.0M | – | – |
| Nine months ended September 30, 2026 non-GAAP net income per diluted sharenon-GAAP | $2.45 | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Q4 2026; full-year 2026; 2027 outlook
- Revenueapproximately $180 million in Q4 2026; approximately $595 million for full-year 2026; exceed $800 million in 2027
- NoteQ4 2026 revenue represents approximately 40% year-over-year growth.
- Note2027 revenue represents growth of approximately 35% over 2026.
- Note2027 outlook is supported by strong order backlog and sales pipeline.
What drove it
- Management cited high-end advanced packaging driven by rapidly expanding demand for AI.
- Management said momentum continued across all key indicators following its October investor and analyst breakfast event.
- Management cited strong order backlog and sales pipeline in support of the 2027 outlook.
- Camtek identified HBM and Chiplet applications and devices as relevant to its business.
Concerns
- GAAP gross margin was 50.0%, unchanged from the third quarter of 2025, while non-GAAP gross margin was 51.1% versus 51.5%.
- GAAP operating margin was 24.7% versus 25.3% in the third quarter of 2025, and non-GAAP operating margin was 29.5% versus 29.9%.
- The release identifies risks from ongoing hostilities in the Middle East, global shipment and supply-chain disruption, export and import regulations or sanctions, U.S. trade-policy changes, and foreign-currency fluctuations.
- Reported results are preliminary unaudited results and may differ from audited results.
- Non-GAAP measures exclude share-based compensation expenses, acquisition-related expenses, restructuring of facilities expenses, and one-time tax expenses.
What to watch
- Delivery of approximately $180 million of Q4 2026 revenue.
- Progress toward approximately $595 million of full-year 2026 revenue.
- Order backlog and sales-pipeline conversion supporting revenue expected to exceed $800 million in 2027.
- Gross-margin and operating-margin trends following the year-over-year declines in non-GAAP gross margin and both GAAP and non-GAAP operating margin.
- Demand contribution from advanced packaging, AI, HBM and Chiplet applications.
Balance sheet and cash flow
- Cash and cash equivalents, short-term deposits and marketable securities were $877.1 million as of September 30, 2026, compared to $815.8 million as of June 30, 2026.
- Cash and cash equivalents were $280,647 (in thousands) as of September 30, 2026, compared to $177,848 (in thousands) as of December 31, 2025.
- Short-term deposits were $255,990 (in thousands) as of September 30, 2026, compared to $411,450 (in thousands) as of December 31, 2025.
- Current marketable securities were $69,884 (in thousands) as of September 30, 2026, compared to $78,862 (in thousands) as of December 31, 2025.
- Non-current marketable securities were $270,567 (in thousands) as of September 30, 2026, compared to $182,941 (in thousands) as of December 31, 2025.
- Trade accounts receivable, net were $166,239 (in thousands) as of September 30, 2026, compared to $90,829 (in thousands) as of December 31, 2025.
- Inventories were $105,255 (in thousands) as of September 30, 2026, compared to $112,202 (in thousands) as of December 31, 2025.
- Total assets were $1,415,213 (in thousands) as of September 30, 2026, compared to $1,259,833 (in thousands) as of December 31, 2025.
- Convertible notes were $489,184 (in thousands) as of September 30, 2026, compared to $519,833 (in thousands) as of December 31, 2025.
- Total liabilities were $660,733 (in thousands) as of September 30, 2026, compared to $642,830 (in thousands) as of December 31, 2025.
- Total shareholders' equity was $754,480 (in thousands) as of September 30, 2026, compared to $617,003 (in thousands) as of December 31, 2025.
- The Company generated operating cash flow of $71.1 million during the third quarter.
Analysis
Camtek reported record Q3 2026 revenue of $161.3 million, up 28% from $126.0 million in the third quarter of 2025 and up 21% sequentially. The company attributed its momentum to high-end advanced packaging and expanding AI demand. Management also cited strong order backlog and sales pipeline as support for continued growth.
Profitability expanded in dollars but showed modest year-over-year margin pressure. GAAP gross profit increased 28% to $80.6 million while gross margin held at 50.0%. Non-GAAP gross profit rose 27% to $82.3 million, but non-GAAP gross margin was 51.1%, compared with 51.5% in the prior-year quarter. GAAP operating income increased 25% to $39.8 million, while the GAAP operating margin was 24.7% versus 25.3%. Non-GAAP operating income increased 26% to $47.5 million and the non-GAAP operating margin was 29.5% versus 29.9%.
GAAP net income was $42.8 million, or $0.84 per diluted share, versus a net loss of $53.2 million, or $1.16 per diluted share, in the third quarter of 2025. The prior-year GAAP result included an $88.7 million loss from extinguishment of Capital Notes. Non-GAAP net income increased 23% to $50.3 million and non-GAAP diluted EPS was $0.99, compared with $0.82. For the first nine months, revenue was $416,196 (in thousands), while GAAP operating income was $94,329 (in thousands), below $96,519 (in thousands) in the comparable prior-year period.
Liquidity remained substantial, with cash and cash equivalents, short-term deposits and marketable securities of $877.1 million as of September 30, 2026, compared with $815.8 million as of June 30, 2026. The company generated $71.1 million of operating cash flow in the quarter. Convertible notes were $489,184 (in thousands) at September 30, 2026, compared with $519,833 (in thousands) at December 31, 2025.
Management reiterated approximately $180 million of Q4 2026 revenue, described as approximately 40% year-over-year growth, and approximately $595 million of full-year 2026 revenue. Its initial 2027 revenue outlook remains above $800 million, representing approximately 35% growth over 2026. The central execution points are conversion of backlog and pipeline, sustained AI and advanced-packaging demand, and preservation of margins as revenue scales.
Management, verbatim
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.
Rafi Amit, Camtek’s CEO
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.
Rafi Amit, Camtek’s CEO
For the first time in our history, we have visibility a year ahead giving us great confidence in our outlook and trajectory.
Rafi Amit, Camtek’s CEO
Not in the filing
stated, not guessed- Revenue by operating segment was not reported.
- Free cash flow was not reported.
- Capital-return activity, including share repurchases and dividends, was not reported.
- Q3 2026 revenue prior-quarter amount was not reported.
- Q3 2026 operating cash flow prior-year and prior-quarter comparisons were not reported.
- Q4 2026 gross-margin, operating-expense and tax-rate guidance was not reported.
- Previous-release outlook was not provided, so no comparison of actual results with prior guidance is available.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Camtek Ltd., a NASDAQ‑listed provider of semiconductor inspection and metrology equipment, filed a Form 6‑K with its Q3 2026 results.
Ticker impact
Camtek Ltd. reported record Q3 2026 revenue of $161.3M, strong margins and issued its 2027 outlook above $800M.
likely modest upside as investors price in robust results and issued outlook
The earnings beat and solid cash flow provide fresh positive data; no guidance downgrade, so market may bid the stock higher.
Market effects
Highlights strength in high‑end semiconductor inspection and advanced packaging, supporting equipment suppliers.
Boosts Israeli tech sector sentiment and may benefit related US‑listed semiconductor equipment firms.
Reinforces demand trends for AI‑driven chip manufacturing worldwide.
Counterpoint
If the market has already priced in AI‑driven demand, the reaffirmed outlook may not translate into further upside.
Key entities
- ExecutiveRafi Amit
Camtek CEO who commented on the record results and future outlook.
- ExecutiveMoshe Eisenberg
Camtek CFO and signatory of the filing.
