Camtek closed Q4 2025 with a record $128.1 million in revenue, a 9% increase year-over-year, achieving a gross margin of 51.1% and operating margin of 28.6%. Full-year revenue reached $496.9 million, up 16%, with full-year gross margin at 51.6% and operating margin at 30%, marking its first near-$500 million revenue milestone.

Management set Q1 2026 revenue guidance at approximately $120 million, characterizing the start of the year as slower with stronger performance expected in the second half. First-half gross margin is forecast around 50.5%–51.5%, with margin expansion in H2, while operating expenses will rise in H1 due to elevated R&D investment.

AI-related semiconductor demand is driving Camtek’s order pipeline, highlighted by a recent $25 million Hawk system order from an IDM customer, bringing that customer’s total to $45 million. The shift to HBM4 memory is seen as a major opportunity, given its denser structures and higher inspection needs, positioning Camtek as a reference for 3D metrology.

Camtek’s Hawk and Eagle G5 platforms comprised about 30% of 2025 revenue and are expected to exceed 50% in 2026. Hawk targets customers requiring very high throughput and accuracy, while Eagle G5 remains popular for flexible OSAT applications. Dozens of each system have been installed over the past year, supported by ongoing R&D enhancements.