Company Overview - Camtek (CAMT) shares increased by 9% to close at $81.55, with a notable trading volume compared to normal sessions, and a total gain of 15.2% over the past four weeks [1] - The company is experiencing growth due to its diversified customer base and strong market position in advanced packaging, particularly in high-performance computing (HPC) applications that support AI [1] Earnings Expectations - Camtek is projected to report quarterly earnings of $0.79 per share, reflecting a year-over-year increase of 19.7% [2] - Expected revenues for the upcoming quarter are $121.65 million, which is an 18.6% increase from the same quarter last year [2] Stock Performance Insights - Trends in earnings estimate revisions are closely linked to short-term stock price movements, indicating potential strength in Camtek's stock [3] - The consensus EPS estimate for Camtek has remained stable over the last 30 days, suggesting that the stock's price may not continue to rise without changes in earnings estimates [4] Industry Context - Camtek is part of the Zacks Electronics - Measuring Instruments industry, where inTest Corporation (INTT) also operates, having seen a 4.8% increase in its stock price to $7.25, with a 15% return over the past month [4] - inTest's consensus EPS estimate has remained unchanged at -$0.04, representing a significant year-over-year decline of 150%, and it currently holds a Zacks Rank of 4 (Sell) [5]

Company Performance - Camtek's stock closed at $70.33, down 4.23% from the previous trading session, underperforming the S&P 500, which lost 1.13% [1] - Prior to this trading day, Camtek's shares had increased by 10.42%, outperforming the Computer and Technology sector's gain of 7.36% and the S&P 500's gain of 3.55% [1] Earnings Expectations - The upcoming earnings report for Camtek is expected to show an EPS of $0.79, reflecting a 19.7% increase compared to the same quarter last year [2] - Revenue is anticipated to reach $121.65 million, indicating an 18.58% rise from the year-ago quarter [2] Fiscal Year Projections - For the entire fiscal year, earnings are projected at $3.2 per share and revenue at $488.2 million, representing increases of 13.07% and 13.74% respectively from the prior year [3] - Recent changes in analyst estimates suggest a favorable outlook on Camtek's business health and profitability [3] Valuation Metrics - Camtek is currently trading at a Forward P/E ratio of 22.96, which is lower than the industry average of 27.46, indicating a potential discount [6] - The company has a PEG ratio of 1.82, compared to the industry average of 1.87, suggesting a reasonable valuation relative to expected earnings growth [7] Industry Context - The Electronics - Measuring Instruments industry, part of the Computer and Technology sector, has a Zacks Industry Rank of 199, placing it in the bottom 20% of over 250 industries [8] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [8]

Financial Data and Key Metrics Changes - The company reported record revenues of $119 million for Q1, reflecting a year-over-year increase of over 20% [6] - Gross margin improved to over 52%, contributing to a record operating income of over $37 million, a nearly 30% increase compared to the same period last year [7] - Net income for Q1 was $38.7 million, or $0.79 per diluted share, compared to $31.3 million, or $0.64 per share in the same quarter last year [17] Business Line Data and Key Metrics Changes - Revenue distribution was approximately 45-50% from high-performance computing (HPC) applications and about 20% from other advanced packaging applications [7] - The company sold systems to over 35 different customers during the quarter, indicating a robust and diverse business model [9] Market Data and Key Metrics Changes - Geographic revenue split for the quarter was 91% from Asia and 9% from the rest of the world [15] - The company has not seen any material impact from geopolitical issues or tariff policies, as most sales are not targeted at the US market [9] Company Strategy and Development Direction - The primary growth engine for the upcoming years will be advanced packaging, particularly in HPC supporting AI applications [11] - The company is focused on maintaining competitiveness through technological leadership and has successfully launched two new models, the Eagle G5 and the Hawk, which are expected to account for a significant portion of revenue this year [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong momentum heading into Q2, guiding revenues in the range of $120 million to $123 million, representing approximately 18% year-over-year growth [10] - The company remains in close dialogue with customers to continuously assess and monitor the global business uncertainty [13] Other Important Information - The company generated $23.6 million in cash from operations, with cash and cash equivalents totaling $523 million at the end of the quarter [18] - Inventory levels increased to $141.5 million, primarily due to building inventory for the newly introduced products [19] Q&A Session Summary Question: Concerns about larger competitors like KLA entering the market - Management stated that they have engaged with KLA and demonstrated that their systems are highly competitive, emphasizing their ability to meet specific market requirements quickly [24] Question: Product positioning in HBM4 and customer preferences - Management indicated that customers typically prefer to buy new equipment rather than upgrade existing tools, and they believe they are well-positioned to meet customer needs with both the Hawk and Eagle models [28] Question: HPC revenue outlook for the full year - Management expects HPC to continue being a strong segment, maintaining a similar revenue range as in Q1 [31] Question: Growth outlook for the back half of the year - Management expressed confidence in solid business for Q3, supported by a healthy backlog and pipeline [36] Question: Update on new products and customer feedback - Management reported positive customer feedback and increased orders for both the Eagle G5 and Hawk, expecting significant revenues from these products [40] Question: Gross margin expectations moving forward - Management anticipates gross margins to remain in the 51-52% range, with improvements expected as new products ramp up [44] Question: Market share in HPC and competitive landscape - Management believes they have maintained or grown market share, particularly in 2D applications, and are well-positioned against competitors [68] Question: Order dynamics and revenue guidance - Management noted some uncertainty in the market but has not experienced material impacts on business operations [73] Question: Inorganic growth opportunities - Management is actively looking for acquisition opportunities but emphasized that organic growth remains a priority [80]

Financial Data and Key Metrics Changes - Q1 2025 revenues reached $119 million, reflecting a year-over-year increase of over 20% [5] - Gross margin improved to over 52%, contributing to a record operating income of over $37 million, a nearly 30% increase compared to the same period last year [6] - Net income for Q1 2025 was $38.7 million, or $0.79 per diluted share, compared to $31.3 million, or $0.64 per share in Q1 2024 [15] - Operating margin was 31.5%, compared to 29.9% in Q1 2024 [15] Business Line Data and Key Metrics Changes - Revenue distribution: 45-50% from high-performance computing (HPC) applications, about 20% from other advanced packaging applications, and the remainder from CMOS image sensors, compound semiconductors, and general 2D applications [6] - The company sold systems to over 35 different customers, indicating a robust and diverse business model [7] Market Data and Key Metrics Changes - Geographic revenue split for the quarter was 91% from Asia and 9% from the rest of the world [13] - The company has not seen any material impact from geopolitical issues or tariff policies, as most sales are not targeted at the US market [7] Company Strategy and Development Direction - The primary growth engine for the upcoming years will be advanced packaging, particularly in HPC supporting AI applications [9] - The company is positioned strongly in the advanced packaging market, with a focus on technological leadership and competitiveness [12] - New technologies are expected to drive new tool requirements, particularly with the transition to HBM4 [10] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are uncertainties in the market due to geopolitical issues, they have not experienced delays or order cancellations [8] - The company expects Q2 2025 revenue in the range of $120 million to $123 million, representing approximately 18% year-over-year growth [8] - Management remains optimistic about the growth potential in both HPC and advanced packaging markets [48] Other Important Information - The company generated $23.6 million in cash from operations, with cash and cash equivalents totaling $523 million at the end of the quarter [16] - Inventory levels increased to $141.5 million, primarily due to building inventory for newly introduced products [16] Q&A Session Summary Question: Concerns about competition from KLA - Management expressed confidence in their competitive position, highlighting their ability to meet specific market requirements faster than larger competitors [21][22] Question: Product positioning for HBM4 - Management indicated that customers typically prefer to buy new equipment rather than upgrade existing tools, and they are well-positioned with both the Hawk and Eagle product lines [25][26] Question: HPC revenue outlook for the full year - Management expects HPC to continue to be a strong segment, maintaining a similar revenue range as seen in Q1 [28] Question: Growth outlook for the back half of the year - Management is optimistic about growth, supported by a healthy backlog and pipeline [32] Question: Update on new products - Management reported positive customer feedback and increased orders for the new products, expecting significant revenue contributions in 2025 [36][37] Question: Gross margin outlook - Management expects gross margins to remain within the 51-52% range, with improvements anticipated as new products ramp up [40] Question: Impact of tariffs on competition - Management does not foresee any competitive advantage from tariffs, as they are monitoring the situation closely [41] Question: Trends in HPC and COAS - Management noted growth in both HPC and COAS markets, with optimism about future demand [45][46] Question: Market share in HPC - Management believes they have maintained or grown their market share, particularly in 2D applications [64] Question: Order dynamics and visibility - Management indicated that while there is some caution in the market, they have not experienced material impacts on business [70]

Core Insights - Camtek (CAMT) reported quarterly earnings of $0.79 per share, exceeding the Zacks Consensus Estimate of $0.77 per share, and up from $0.63 per share a year ago [1][2] - The company posted revenues of $118.64 million for the quarter, slightly missing the Zacks Consensus Estimate by 0.30%, but up from $97.01 million year-over-year [3] - The stock has underperformed the market, losing about 14.3% since the beginning of the year compared to the S&P 500's decline of -0.6% [4] Earnings Performance - The earnings surprise for the recent quarter was 2.60%, and the company has surpassed consensus EPS estimates in all four of the last quarters [2] - The current consensus EPS estimate for the upcoming quarter is $0.78, with expected revenues of $120.85 million, and for the current fiscal year, the estimate is $3.16 on revenues of $485.55 million [8] Industry Context - Camtek operates within the Zacks Electronics - Measuring Instruments industry, which is currently ranked in the bottom 10% of over 250 Zacks industries [9] - The industry outlook can significantly impact stock performance, with research indicating that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [9] Future Outlook - The estimate revisions trend for Camtek is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [7] - The upcoming earnings call will be crucial for assessing future earnings expectations and management's commentary [4][5]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934 For the Month of May 2025 CAMTEK LTD. (Translation of Registrant's Name into English) Ramat Gavriel Industrial Zone P.O. Box 544 Migdal Haemek 23150 ISRAEL (Address of Principal Corporate Offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 2 ...

Core Viewpoint - Camtek Ltd. reported strong financial results for Q1 2025, with revenues of $118.6 million, a 22% increase year-over-year, and expects continued growth in Q2 2025 with revenue guidance of $120-123 million, representing a growth of approximately 17-20% year-over-year [1][3]. Financial Highlights - Q1 2025 revenues were $118.6 million compared to $97.0 million in Q1 2024, marking a 22% year-over-year growth [5]. - GAAP gross profit for Q1 2025 was $60.6 million, or 51.0% of revenues, up 35% from $44.8 million (46.2% of revenues) in Q1 2024 [5][8]. - Non-GAAP gross profit was $61.8 million (52.1% of revenues), a 26% increase from $49.2 million (50.7% of revenues) in Q1 2024 [6][8]. - GAAP operating income reached $32.7 million (27.6% of revenues), a 54% increase from $21.2 million (21.9% of revenues) in Q1 2024 [6][8]. - Non-GAAP operating income was $37.3 million (31.5% of revenues), a 29% increase from $29.0 million (29.9% of revenues) in Q1 2024 [7][8]. - GAAP net income was $34.3 million, or $0.70 per diluted share, up 38% from $24.8 million, or $0.50 per diluted share, in Q1 2024 [7][8]. - Non-GAAP net income totaled $38.7 million, or $0.79 per diluted share, a 24% increase from $31.3 million, or $0.64 per diluted share, in Q1 2024 [9]. Operational Insights - The primary growth driver for Camtek is advanced packaging, particularly in high-performance computing (HPC) to support AI applications [4]. - The company successfully launched two new models, the Eagle G5 and the Hawk, which support the latest packaging technologies and have received positive feedback from customers [4]. - The company has not experienced material impacts from geopolitical issues or tariff uncertainties, with manufacturing operations in Israel and Europe and sales concentrated in Asia [4]. Cash Position - As of March 31, 2025, cash and cash equivalents, short-term and long-term deposits, and marketable securities totaled $522.6 million, an increase from $501.2 million as of December 31, 2024, and $467.0 million as of March 31, 2024 [10]. - The company generated an operating cash flow of $23.6 million during the first quarter [10]. Company Overview - Camtek Ltd. develops and manufactures high-end inspection and metrology equipment for the semiconductor industry, serving various market segments including Advanced Interconnect Packaging and Heterogeneous Integration [13]. - The company operates manufacturing facilities in Israel and Germany, with a global presence through eight offices [14].

Group 1 - Camtek Ltd. will release its financial results for the first quarter of 2025 on May 13, 2025 [1] - A video conference call will be hosted by the CEO, CFO, and COO on the same day at 9:00 am ET to discuss the results [2] - The call will be available for replay shortly after its conclusion through a provided link or on Camtek's website [3] Group 2 - Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry [4] - The company's systems inspect integrated circuits and measure features on wafers throughout the semiconductor production process [4] - Camtek serves demanding market segments including Advanced Interconnect Packaging, Heterogeneous Integration, and CMOS Image Sensors, among others [4]

Core Viewpoint - The average brokerage recommendation (ABR) for Camtek (CAMT) is 1.33, indicating a consensus leaning towards a "Strong Buy" [2]. However, reliance solely on this recommendation may not be prudent due to potential biases in brokerage ratings [5][10]. Brokerage Recommendations - Camtek has an ABR of 1.33, with seven out of nine recommendations classified as "Strong Buy" and one as "Buy," representing 77.8% and 11.1% of total recommendations respectively [2]. - The ABR is calculated based on recommendations from nine brokerage firms, suggesting a strong positive sentiment towards Camtek [2]. Limitations of Brokerage Recommendations - Studies indicate that brokerage recommendations often lack success in guiding investors towards stocks with the highest price increase potential [5]. - Analysts from brokerage firms may exhibit a positive bias due to vested interests, leading to a higher number of favorable ratings compared to negative ones [6][10]. Zacks Rank vs. ABR - The Zacks Rank, which is based on earnings estimate revisions, is a more reliable indicator of near-term stock performance compared to the ABR [8][11]. - The Zacks Rank is updated more frequently and reflects timely changes in earnings estimates, while the ABR may not always be current [12]. Current Earnings Estimates for Camtek - The Zacks Consensus Estimate for Camtek's current year earnings has decreased by 1.8% to $3.16 over the past month, indicating growing pessimism among analysts [13]. - Due to the decline in earnings estimates, Camtek has received a Zacks Rank of 4 (Sell), suggesting caution despite the favorable ABR [14].

Group 1 - Khaveen Investments is a global investment advisory firm serving high-net-worth individuals, corporations, associations, and institutions [1] - The firm offers comprehensive services including market and security research, business valuation, and wealth management [1] - The flagship Macroquantamental Hedge Fund maintains a diversified portfolio across various asset classes, geographies, sectors, and industries [1] Group 2 - The investment approach integrates top-down and bottom-up analysis, blending global macro, fundamental, and quantitative strategies [1] - Core expertise lies in disruptive technologies such as Artificial Intelligence, Cloud Computing, 5G, Autonomous and Electric Vehicles, FinTech, Augmented and Virtual Reality, and the Internet of Things (IoT) [1]