NASDAQ$CAMT
Camtek Ltd · Q3 2025 earnings
Q3 2025 earnings · · Before market open · Investor relations
Briefing
Camtek record Q3 revenue $126.0M (+12% YoY) with non-GAAP EPS $0.82 despite convertible note loss
Camtek reported record Q3 2025 revenue of $126.0 million, up 12% from $112.3 million a year ago, driven by sustained demand for high-performance computing and AI-related inspection equipment. GAAP gross margin was 50.0% and non-GAAP gross margin 51.5%; non-GAAP operating income was $37.6 million (29.9% margin). A $89 million loss from repurchasing prior convertible notes drove a GAAP net loss of $53.2 million ($(1.16) EPS), while non-GAAP net income was $40.9 million ($0.82 diluted EPS). The company raised $500 million in new 0% convertible notes and generated $34.3 million of operating cash flow; cash and investments totaled $794.0 million. Management guided Q4 2025 revenue around $127 million, implying record full-year 2025 revenue of $495 million (+15% over 2024).
- Record Q3 revenue $126.0M (+12% YoY); non-GAAP EPS $0.82 on $40.9M net income
- Non-GAAP operating margin 29.9%; GAAP net loss $(53.2)M from convertible note extinguishment
- Raised $500M in new convertible notes; cash and investments $794.0M
- Operating cash flow $34.3M in the quarter
- Q4 revenue guide ~$127M; FY2025 revenue expected ~$495M (+15% YoY)
Headline financials
Revenue & EPS history
Camtek · Revenue · Quarterly
$126M
Revenue by segment
Camtek · $122M total across 1 segment · Q1 2026
- Semiconductor inspection and metrology systems$122M—100.0%
Forward guidance
Camtek expects Q4 2025 revenue around $127 million, implying full-year 2025 revenue of approximately $495 million (+15% over 2024), with 2026 growth expected to be second-half weighted.
Tailwinds
- AI and data-center capex tailwinds support sustained wafer fab equipment demand
- Strong order pipeline underpins near-term revenue visibility
Headwinds
- GAAP results distorted by one-time convertible note extinguishment loss
- Management expects somewhat slower start to 2026 before second-half acceleration
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q3 2025
-1.4%
Avg return
Earnings day
-1.7%
Avg return
5 days after
+0.5%
Avg return
30 days after
40%
23 / 57 earnings
Positive
+13.2%
Q1 2017
Best reaction
-19.9%
Q2 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -15.9% | -19.0% | -11.4% | |
| Q4 2025 | +0.5% | -2.5% | +5.7% | |
| Q3 2025 | -6.7% | -19.2% | +1.7% | |
| Q2 2025 | -8.7% | -14.1% | -19.2% | |
| Q1 2025 | -0.9% | -4.7% | +6.1% | |
| Q4 2024 | -0.4% | -0.7% | -24.6% | |
| Q3 2024 | +1.5% | -5.9% | -6.3% | |
| Q2 2024 | -19.9% | -18.1% | -13.3% | |
| Q1 2024 | +7.2% | +11.5% | +29.7% | |
| Q3 2023 | -4.7% | -5.7% | -4.6% | |
| Q2 2023 | -0.5% | -0.7% | +24.7% | |
| Q1 2023 | -4.3% | +0.5% | +13.6% | |
| Q4 2022 | +1.9% | -1.6% | +1.0% | |
| Q3 2022 | -5.1% | -4.7% | -8.8% | |
| Q2 2022 | +1.4% | +3.2% | -1.3% | |
| Q1 2022 | +3.5% | +4.6% | -0.6% | |
| Q4 2021 | -8.8% | -3.2% | -22.6% | |
| Q3 2021 | -7.0% | -1.3% | +7.4% | |
| Q2 2021 | -0.7% | +2.9% | +12.2% | |
| Q1 2021 | +1.7% | -1.3% | +6.9% | |
| Q4 2020 | -4.3% | +1.7% | +0.8% | |
| Q3 2020 | -0.4% | -1.6% | +2.9% | |
| Q2 2020 | -2.9% | -1.5% | -2.9% | |
| Q1 2020 | +3.2% | +4.8% | +14.4% | |
| Q4 2019 | -0.9% | -10.9% | -41.9% | |
| Q3 2019 | -8.1% | -6.2% | -3.4% | |
| Q2 2019 | -1.8% | -4.4% | +2.9% | |
| Q1 2019 | -5.3% | -5.8% | -19.7% | |
| Q4 2018 | +11.2% | +12.4% | +12.0% | |
| Q3 2018 | +5.1% | +3.2% | +7.4% | |
| Q2 2018 | -1.4% | -9.9% | -6.9% | |
| Q1 2018 | +4.2% | +7.4% | +18.3% | |
| Q4 2017 | -6.2% | -8.2% | -5.4% | |
| Q3 2017 | +7.8% | +5.1% | -1.1% | |
| Q2 2017 | -4.1% | -4.5% | -12.8% | |
| Q1 2017 | +13.2% | +16.6% | +43.9% | |
| Q4 2016 | +5.8% | +3.6% | +5.0% | |
| Q3 2016 | +2.8% | +2.5% | +7.4% | |
| Q2 2016 | +4.1% | +11.0% | +4.1% | |
| Q1 2016 | -18.4% | — | — | |
| Q4 2015 | +4.0% | — | — | |
| Q3 2015 | -0.4% | — | — | |
| Q2 2015 | -1.7% | — | — | |
| Q1 2015 | +0.3% | — | — | |
| Q4 2014 | +2.3% | — | — | |
| Q1 2013 | -6.8% | — | — | |
| Q4 2012 | -3.6% | — | — | |
| Q2 2012 | -2.8% | — | — | |
| Q1 2012 | +3.7% | — | — | |
| Q4 2011 | -7.2% | — | — | |
| Q4 2010 | -7.2% | — | — | |
| Q4 2009 | -7.2% | — | — | |
| Q3 2011 | +9.3% | — | — | |
| Q2 2011 | +0.9% | — | — | |
| Q1 2011 | -2.2% | — | — | |
| Q2 2010 | +1.3% | — | — | |
| Q1 2010 | +0.0% | — | — |
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