Camtek Ltd. (NASDAQ: CAMT) reported record fourth‑quarter and full‑year 2025 financial results, with revenue rising to $128.1 million in Q4 and $496.1 million for the year, a 9% and 16% increase respectively over the same periods in 2024. Net income for the quarter was $35.9 million, or $0.71 per diluted share, while non‑GAAP net income reached $40.7 million, or $0.81 per diluted share.
The company’s non‑GAAP gross margin expanded to 51.1% in Q4, up from 50.6% in Q4 2024, and to 51.6% for the full year, up from 50.8% in 2024. The margin lift is attributed to a higher mix of high‑margin HPC inspection products, reflecting stronger demand for advanced packaging and AI infrastructure solutions.
Comparing to the prior year, Q4 2024 GAAP net income was $33.0 million and diluted EPS was $0.67, while full‑year 2024 GAAP net income was $118.5 million and diluted EPS was $2.42. The 2025 results therefore represent a solid acceleration in profitability across both quarterly and annual periods.
Management guided for double‑digit revenue growth in 2026, projecting first‑quarter revenue of about $120 million and signaling stronger second‑half momentum. The guidance was viewed by investors as a modest start to the year, contributing to a pre‑market decline in the company’s stock price.
The company also highlighted a $45 million Hawk platform order announced on February 10‑11, 2026, underscoring continued confidence from a leading IDM in Camtek’s high‑performance packaging technology.
"2025 is the year in which we reached the significant milestone of half a billion dollars in revenue with robust profitability metrics. We are positioned at the epicenter of the AI market which is experiencing exceptionally strong demand," said CEO Rafi Amit. "As we enter 2026, leading manufacturers across the ecosystem are in the process of aggressively expanding their manufacturing capacity. As a result, we are seeing a major... All have reinforced our confidence that 2026 is expected to be another double‑digit growth year for Camtek," he added.
The results reinforce Camtek’s strategic positioning in the AI and high‑performance computing markets. Strong demand from AI infrastructure customers, coupled with the company’s advanced packaging capabilities, has driven revenue growth and margin expansion. While the Q1 2026 guidance was perceived as a slower start, the overall outlook remains positive, with management confident in sustaining profitability through pricing power and operational leverage.
The Hawk platform order further demonstrates the company’s market leadership and its role in enabling advanced AI applications, positioning Camtek to benefit from accelerating investments in AI infrastructure.
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