Press release
CAMTEK ANNOUNCES RESULTS FOR THE SECOND QUARTER OF 2024
Record revenues of $103 million; Q3 revenue guidance of $107-110 million, up ~35% YoY, driven by High Performance Computing applications MIGDAL HAEMEK,
About this update from Camtek Ltd.
[{"type":"text","content":"Record revenues of $103 million; Q3 revenue guidance of $107-110 million, up ~35% YoY, driven by High Performance Computing applications\nMIGDAL HAEMEK, Israel, Aug. 1, 2024 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the second quarter, ended June 30, 2024.\n\nHighlights of the Second Quarter of 2024\nRecord revenues of $102.6 million, a 39% year-over-year (YoY) increase;GAAP operating income of $25.9 million (up 73% YoY) and non-GAAP operating income of $30.8 million (up 69% YoY), representing operating margins of 25.2% and 30.0%, respectively;GAAP net income of $28.0 million and non-GAAP net income of $32.6 million; andStrong positive operating cash flow of $49.2 million. Forward-Looking Expectations\nManagement expects revenues in the third quarter of 2024 between $107-110 million, representing a 35% mid-point increase over the third quarter of 2023. Given the significant visibility and strong ongoing order flow, continued sequential growth is expected into the fourth quarter.\nManagement Comment \nRafi Amit, Camtek's CEO commented, \"I am very pleased with the quarterly results: year-over-year growth in revenue of 39% and strong operating margin of 30%. Our strong results were driven by the continued demand for high performance computing (HPC) applications, which accounted for over half of our business in the quarter.\"\nConcluded Mr. Amit, \"The main growth driver in the semiconductors market is HPC modules for Generative AI and we are well positioned to benefit from it.\n\"Looking ahead, demand for HPC modules, as well as industry analysts' forecasts of growing demand for end-products such as mobile phones and PCs, plus major investment by key countries in establishing new local semiconductor manufacturing facilities, all give us further confidence for continued growth in the coming quarters.\"\nSecond Quarter 2024 Financial Results \nRevenues for the second quarter of 2024 were 102.6 million. This compares to second quarter 2023 revenues of $73.8 million, a year-over-year growth of 39%.\nGross profit on a GAAP basis in the quarter totaled $51.1 million (49.9% of revenues), an increase of 46% compared to a gross profit of $35.0 million (47.4% of revenues) in the second quarter of 2023.\nGross profit on a non-GAAP basis in the quarter totaled $52.4 million (51.0% of re...