Press release
CAMTEK ANNOUNCES RESULTS FOR THE THIRD QUARTER OF 2024
Record revenues of $112 million; Q4 revenue guidance of ~$115 million, up 30% YoY, primarily driven by High Performance Computing applications MIGDAL HAEMEK,
About this update from Camtek Ltd.
[{"type":"text","content":"Record revenues of $112 million; Q4 revenue guidance of ~$115 million, up 30% YoY, primarily driven by High Performance Computing applications\nMIGDAL HAEMEK, Israel, Nov. 12, 2024 /PRNewswire/ -- Camtek Ltd. (NASDAQ: CAMT) (TASE: CAMT), today announced its financial results for the third quarter, ended September 30, 2024.\n\nHighlights of the third quarter of 2024\nRecord revenues of $112.3 million, a 40% year-over-year (YoY) increase;GAAP operating income of $29.6 million (up 56% YoY) and non-GAAP operating income of $34.2 million (up 56% YoY), representing operating margins of 26.4% and 30.6%, respectively;GAAP net income of $32.7 million and non-GAAP net income of $37.0 million; andStrong positive operating cash flow of $35.8 million. Forward-Looking Expectations\nManagement expects revenues in the fourth quarter of 2024 of approximately $115 million, which would represent a 30% increase over revenues in the fourth quarter of 2023, with sequential growth in Q1 2025. \nManagement Comment\nRafi Amit, Camtek's CEO commented, \"I am very pleased with the results of the third quarter and especially happy with the positive response to the introduction of our new product in September, the Eagle G5, as reflected by the $20 million orders announced last week. We recently introduced to certain key customers an additional new and advanced platform for the next generation of Advanced Packaging for which we have already received initial orders.\n\"Looking ahead, the demand in the HPC segment remains healthy. We expect the overall contribution of HPC to our business this year to be around 50% and expect it to be a major growth driver in 2025 as well. We also see an increased demand for a wide range of other applications.\"\nContinued Mr. Amit, \"Based on our current order flow, backlog, and pipeline, our revenue guidance for the fourth quarter is around $115 million dollars. Given our guidance for the fourth quarter, 2024 is expected to be a record year for Camtek with revenue around $427 million, which would represent 35% growth YoY.\"\nThird Quarter 2024 Financial Results \nRevenues for the third quarter of 2024 were $112.3 million. This compares to third quarter 2023 revenues of $80.5 million, a year-over-year growth of 40%.\nGross profit on a GAAP basis in the quarter totaled $55.9 million (49.7% of revenues), an increase of 43% compa...