Thursday, October 12, 2023 11:22:10 AM
Expecting continued growth fueled by chiplet modules and HBM driven by AI
MIGDAL HAEMEK, Israel – July 31, 2023 – Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), today announced its financial results for the second quarter ended June 30, 2023.
Highlights of the Second Quarter of 2023
Quarterly revenues of $73.8 million; ahead of expectations;
GAAP operating income of $14.9 million; non-GAAP operating income of $18.3 million, representing an operating margin of 20.2% and 24.8% respectively;
GAAP net income of $18.5 million and non-GAAP net income of $21.9 million;
Positive operating cash flow of $15.6 million.
Forward-Looking Expectations
Management expects third quarter revenues to be $77-79 million with continued growth in the fourth quarter and into 2024.
Management Comment
Rafi Amit, Camtek’s CEO commented, “We are pleased to see the improvement in our results from the first quarter, in terms of both revenues and margins. We are particularly encouraged by the momentum in the industry and the flow of orders. In addition to our recently reported 42 system orders received, a tier one HBM (High Bandwidth Memory) manufacturer has placed an order for 10 systems, and more orders for HBM applications are in the pipeline. We expect that chiplet modules and HBM will account for over 30% of our business in 2024.
Continued Mr Amit, “This will translate into initial growth in the second half of 2023 and to a full extent in 2024, that we believe will be a record year for Camtek. The momentum is fueled by the major industry investment in AI. Camtek’s role as a key equipment supplier to the manufacturers of chiplet modules and HBM will benefit from this trend. With new technologies in the industry and the business momentum, we believe that 2024 will be an important step in reaching our next milestone of becoming a 500-million-dollar company.”
Second Quarter 2023 Financial Results
Revenues for the second quarter of 2023 were $73.8 million, a decrease of 7% compared to the second quarter of 2022.
Gross profit on a GAAP basis in the quarter totaled $35.0 million (47.4% of revenues), compared to a gross profit of $40.2 million (50.5% of revenues) in the second quarter of 2022. Gross profit on a non-GAAP basis in the quarter totaled $35.4 million (48.0% of revenues), compared to $40.5 million (50.9% of revenues) in the second quarter of 2022.
Operating profit on a GAAP basis in the quarter totaled $14.9 million (20.2% of revenues), compared to an operating profit of $20.9 million (26.2% of revenues) in the second quarter of 2022. Operating profit on a non-GAAP basis in the quarter totaled $18.3 million (24.8% of revenues), compared to $23.8 million (29.9% of revenues) in the second quarter of 2022.
Net income on a GAAP basis in the quarter totaled $18.5 million, or $0.38 per diluted share, compared to net income of $19.2 million, or $0.40 per diluted share, in the second quarter of 2022. Net income on a non-GAAP basis in the quarter totaled $21.9 million, or $0.45 per diluted share, compared to non-GAAP net income of $22.1 million, or $0.46 per diluted share, in the second quarter of 2022.
Cash and cash equivalents, short-term and long-term deposits, as of June 30, 2023 were $506.3 million compared to $492.7 million as of March 31, 2023. During the quarter, Camtek generated $15.6 million in operating cash flow.
Conference Call
Camtek will host a video conference call today via Zoom, July 31, 2023, at 9:00 am ET (16:00 Israel time).
Rafi Amit, CEO, Moshe Eisenberg, CFO and Ramy Langer, COO will host the call and will be available to answer questions after presenting the results.
To participate in the call, please register using the following link, which will email the link with which to access the video call:
https://us06web.zoom.us/webinar/register/WN_pV6GHff9Se2rqbF_JJbxLw
For those wishing to listen via phone, following registration, the dial-in link will be sent.
For those unable to participate, a recording will be available on Camtek’s website at https://www.camtek.com within a few hours after the call.
A summary presentation of the quarterly results will also be available on Camtek’s website.
Recent CAMT News
- Camtek TO REPORT FIRST QUARTER 2024 FINANCIAL Results ON MAY 9, 2024 • PR Newswire (US) • 04/24/2024 01:00:00 PM
- Camtek Receives an Order for approximately $25M from a tier-1 manufacturer for High Bandwidth Memory (HBM) • PR Newswire (US) • 03/25/2024 12:15:00 PM
- Camtek Declares a Cash Dividend of $1.33 per Share • PR Newswire (US) • 03/21/2024 01:35:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/20/2024 12:00:05 PM
- CAMTEK ANNOUNCES RESULTS FOR THE FOURTH QUARTER AND FULL YEAR OF 2023 • PR Newswire (US) • 02/20/2024 11:45:00 AM
- Camtek TO REPORT fourth Quarter AND FULL YEAR 2023 FINANCIAL Results ON february 20, 2024 • PR Newswire (US) • 02/07/2024 01:00:00 PM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 01/31/2024 11:12:29 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 01/30/2024 01:00:20 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 01/24/2024 05:20:10 PM
- Camtek Announces Participation in THE 26th Annual Needham Growth Conference In New York • PR Newswire (US) • 01/04/2024 11:00:00 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 12/26/2023 02:09:11 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/21/2023 04:00:12 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 12/21/2023 12:20:04 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/18/2023 11:03:13 AM
- Camtek Receives Order for 25 Metrology & Inspection Systems from a Leading OSAT for Advanced Packaging Applications • PR Newswire (US) • 12/18/2023 11:00:00 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 11/21/2023 02:30:53 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/14/2023 06:00:12 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/14/2023 11:26:42 AM
- CAMTEK ANNOUNCES RESULTS FOR THE THIRD QUARTER OF 2023 • PR Newswire (US) • 11/14/2023 11:15:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/13/2023 02:51:25 PM
- Camtek Receives Order for 28 Systems from a tier-1 manufacturer for High Bandwidth Memory (HBM) and Heterogenous Integration (HI) Applications • PR Newswire (US) • 11/13/2023 02:40:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/01/2023 12:14:12 PM
- Camtek Announces the Closing of its Acquisition of FRT Metrology • PR Newswire (US) • 11/01/2023 12:00:00 PM
- Camtek Schedules THIRD Quarter 2023 Results Release and Conference Call for NOVEMBER 14, 2023 • PR Newswire (US) • 10/24/2023 12:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/27/2023 10:02:04 AM
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