Core Insights - Camtek expects 2026 to be another year of double-digit growth, driven by a strong order pipeline and customer discussions regarding next-generation devices [2][5] - The company reported record results for Q4 and the full year, with Q4 revenue reaching $128 million, a 9% year-over-year increase, and full-year revenue totaling $496 million, reflecting a 16% growth [4][5] Revenue Guidance - For Q1 2026, Camtek guided revenue to be around $120 million, indicating a slower start to the year but with confidence in stronger performance in the second half [3][5] - The company anticipates that revenue will be more weighted towards the second half of 2026, supported by ongoing customer demand [3][5] Demand Drivers - AI-related semiconductor demand is identified as the primary growth engine, particularly as memory suppliers expand production capacity for AI applications [6] - The transition to HBM4 is seen as a significant opportunity, with increased metrology and inspection requirements [8] Product Positioning - The Hawk and Eagle G5 platforms have been widely deployed, with Hawk expected to account for a larger share of future capacity builds due to its high throughput capabilities [9][11] - Hawk and Eagle G5 are projected to contribute at least 50% of revenue in 2026, up from about 30% in 2025 [11] Financial Performance - Full-year gross margin was 51.6% and operating margin was 30%, with Q4 gross margin at 51.1% and operating margin at 28.6% [4][12] - The company ended 2025 with $851.1 million in cash and cash equivalents, reflecting strong operating cash flow and improved accounts receivable [15] Competitive Positioning - Camtek has maintained its market share and aims to expand further into inspection and metrology steps, particularly as advanced packaging adoption increases [17]