Technology
CAMTEK ANNOUNCES RESULTS FOR THE SECOND QUARTER OF 2024
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2 months agoon
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Record revenues of $103 million; Q3 revenue guidance of $107-110 million, up ~35% YoY, driven by High Performance Computing applications
MIGDAL 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.
Highlights of the Second Quarter of 2024
Record 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
Management 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.
Management Comment
Rafi 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.”
Concluded 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.
“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.”
Second Quarter 2024 Financial Results
Revenues 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%.
Gross 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.
Gross profit on a non-GAAP basis in the quarter totaled $52.4 million (51.0% of revenues), an increase of 48% compared to a gross profit of $35.4 million (48.0% of revenues) in the second quarter of 2023.
Operating income on a GAAP basis in the quarter totaled $25.9 million (25.2% of revenues), an increase of 73% compared to an operating income of $14.9 million (20.2% of revenues) in the second quarter of 2023.
Operating income on a non-GAAP basis in the quarter totaled $30.8 million (30.0% of revenues), an increase of 69% compared to $18.3 million (24.8% of revenues) in the second quarter of 2023.
Net income on a GAAP basis in the quarter totaled $28.0 million, or $0.57 per diluted share, an increase of 51% compared to net income of $18.5 million, or $0.39 per diluted share, in the second quarter of 2023.
Net income on a non-GAAP basis in the quarter totaled $32.6 million, or $0.66 per diluted share, an increase of 49% compared to a non-GAAP net income of $21.9 million, or $0.46 per diluted share, in the second quarter of 2023.
Cash and cash equivalents, short-term and long-term deposits, and marketable securities, as of June 30, 2024, were $453.9 million compared to $466.3 million as of March 31, 2024. During the second quarter, the Company generated an operating cash flow of $42.2 million.
Conference Call
Camtek will host a video conference call/webinar today via Zoom, on Thursday, August 1, 2024, at 09:00 ET (16:00 Israel time). Rafi Amit, CEO, Moshe Eisenberg, CFO, and Ramy Langer, COO will host the call and will be available to answer questions after presenting the results.
To participate in the webinar, please register using the following link, which will provide access to the video call: https://us06web.zoom.us/webinar/register/WN_ZoPdAmVCR4ed7p0O78BeUg
For those wishing to listen via phone, following registration, the dial in link will be sent. For any problems in registering, please email Camtek’s investor relations a few hours in advance of the call.
For those unable to participate, a recording will be available on Camtek’s website at http://www.camtek.com within a few hours after the call.
A summary presentation of the quarterly results will also be available on Camtek’s website.
ABOUT CAMTEK LTD.
Camtek is a developer and manufacturer of high-end inspection and metrology equipment for the semiconductor industry. Camtek’s systems inspect IC and measure IC features on wafers throughout the production process of semiconductor devices, covering the front and mid-end and up to the beginning of assembly (Post Dicing). Camtek’s systems inspect wafers for the most demanding semiconductor market segments, including Advanced Interconnect Packaging, Heterogenous Integration, Memory and HBM, CMOS Image Sensors, Compound Semiconductors, MEMS, and RF, serving numerous industry’s leading global IDMs, OSATs, and foundries.
With manufacturing facilities in Israel and Germany, and eight offices around the world, Camtek provides state of the art solutions in line with customers’ requirements.
This press release is available at http://www.camtek.com
This press release contains statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek’s current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including “believe,” “anticipate,” “should,” “intend,” “plan,” “will,” “may,” “expect,” “estimate,” “project,” “positioned,” “strategy,” and similar expressions that are intended to identify forward-looking statements, including statements relating to the compound semiconductors market and our position in this market and the anticipated timing of delivery of the systems. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to the effects of the evolving nature of the war situation in Israel, and the related evolving regional conflicts; the continued demand for HPC, HBM and Chiplet devices resulting from, among other things, the field of AI surging worldwide across companies, industries and nations; our dependency upon the semiconductor industry and the risk that unfavorable economic conditions or low capital expenditures may negatively impact our operating results; formal or informal imposition by countries of new or revised export and/or import and doing-business regulations or sanctions, including but not limited to changes in U.S. trade policies, changes or uncertainty related to the U.S. government entity list and changes in the ability to sell products incorporating U.S originated technology, which can be made without prior notice, and our ability to effectively address such global trade issues and changes; the risks relating to the concentration of a significant portion of our business in certain countries in the Asia Pacific Region, particularly China, Taiwan and Korea, some of which might be subject to the trade restrictions referred to above or involved in trade wars with countries which might impose such trade restrictions; changing industry and market trends; and those other factors discussed in our Annual Report on Form 20-F as published on March 21, 2024, as well as other documents that may be subsequently filed by Camtek from time to time with the Securities and Exchange Commission. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Camtek does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.
While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek’s views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.
This press release provides financial measures that exclude: (i) share based compensation expenses; and (ii) acquisition related expenses and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors. A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release. The results reported in this press-release are preliminary unaudited results, and investors should be aware of possible discrepancies between these results and the audited results to be reported, due to various factors.
Consolidated Balance Sheets
(In thousands)
June 30,
December 31,
2024
2023
U.S. Dollars
Assets
Current assets
Cash and cash equivalents
86,201
119,968
Short-term deposits
256,250
215,250
Marketable securities
23,615
18,816
Trade accounts receivable, net
68,151
87,300
Inventories
99,215
85,905
Other current assets
27,048
19,548
Total current assets
560,480
546,787
Long-term deposits
6,000
21,000
Marketable securities
81,817
73,576
Long-term inventory
9,553
9,023
Deferred tax asset, net
2,642
2,642
Other assets, net
1,947
1,370
Property, plant and equipment, net
44,246
41,987
Intangible assets, net
15,145
16,937
Goodwill
74,345
74,345
Total non- current assets
235,695
240,880
Total assets
796,175
787,667
Liabilities and shareholders’ equity
Current liabilities
Trade accounts payable
37,757
42,187
Other current liabilities
69,777
54,487
Total current liabilities
107,534
96,674
Long-term liabilities
Deferred tax liabilities, net
5,845
7,541
Other long-term liabilities
9,988
10,473
Convertible notes
197,378
196,831
Total long-term liabilities
213,211
214,845
Total liabilities
320,745
311,519
Commitments and contingencies
Shareholders’ equity
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at June 30,
2024 and at December 31, 2023;
47,410,314 issued shares at June 30, 2024 and 46,993,998 at December 31,
2023;
45,317,938 shares outstanding at June 30, 2024 and 44,901,622 at
December 31, 2023
177
176
Additional paid-in capital
207,090
200,389
Accumulated other comprehensive income (loss)
(9)
129
Retained earnings
270,070
277,352
477,328
478,046
Treasury stock, at cost (2,092,376 shares as of June 30, 2024 and December
31, 2023)
(1,898)
(1,898)
Total shareholders’ equity
475,430
476,148
Total liabilities and shareholders’ equity
796,175
787,667
Camtek Ltd.
Consolidated Statements of Operations
(in thousands, except share data)
Six months ended
June 30,
Three months
ended June 30,
Year ended
December 31,
2024
2023
2024
2023
2023
U.S. dollars
U.S. dollars
U.S. dollars
Revenues
199,601
146,215
102,591
73,758
315,375
Cost of revenues
103,638
77,378
51,447
38,785
167,742
Gross profit
95,963
68,837
51,144
34,973
147,633
Operating expenses:
Research and development costs
18,146
15,672
9,196
8,118
31,470
Selling, general and administrative costs
30,694
24,037
16,063
11,922
50,751
Total operating expenses
48,840
39,709
25,259
20,040
82,221
Operating income
47,123
29,128
25,885
14,933
65,412
Financial income, net
10,624
10,864
5,014
5,754
22,218
Income before income taxes
57,747
39,992
30,899
20,687
87,630
Income tax expense
(4,984)
(4,208)
(2,935)
(2,148)
(8,998)
Net income
52,763
35,784
27,964
18,539
78,632
Earnings per share information:
Six months ended
June 30,
Three months
ended June 30,
Year ended
December 31,
2024
2023
2024
2023
2023
U.S. dollars
U.S. dollars
U.S. dollars
Basic net earnings per share
1.17
0.80
0.62
0.42
1.76
Diluted net earnings per share
1.08
0.74
0.57
0.38
1.63
Weighted average number of
ordinary shares outstanding
(in thousands):
Basic
45,160
44,562
45,246
44,572
44,725
Diluted
49,283
48,531
49,310
48,628
48,863
Camtek Ltd.
Reconciliation of GAAP To Non-GAAP results
(In thousands, except share data)
Six Months ended
June 30,
Three Months ended
June 30,
Year ended
December 31,
2024
2023
2024
2023
2023
U.S. dollars
U.S. dollars
U.S. dollars
Reported net income attributable to
Camtek Ltd. on GAAP basis
52,763
35,784
27,964
18,539
78,632
Acquisition of FRT related expenses (1)
4,034
–
650
–
4,550
Share-based compensation
7,109
6,520
3,991
3,326
12,525
Non-GAAP net income
63,906
42,304
32,605
21,865
95,707
Non–GAAP net income per diluted share
1.30
0.87
0.66
0.44
1.96
Gross margin on GAAP basis
48.1 %
47.1 %
49.9 %
47.4 %
46.8 %
Reported gross profit on GAAP basis
95,963
68,837
51,144
34,973
147,633
Acquisition of FRT related expenses (1)
4,582
–
610
–
3,492
Share-based compensation
1,006
807
608
415
1,591
Non- GAAP gross profit
101,551
69,644
52,362
35,388
152,716
Non-GAAP gross margin
50.9 %
47.6 %
51.0 %
48.0 %
48.4 %
Reported operating income attributable
to Camtek Ltd. on GAAP basis
47,123
29,128
25,885
14,933
65,412
Acquisition of FRT related expenses (1)
5,599
–
928
–
5,406
Share-based compensation
7,109
6,520
3,991
3,326
12,525
Non-GAAP operating income
59,831
35,648
30,804
18,259
83,343
(1) During the six-month period ended June 30, 2024, the Company recorded acquisition-related expenses of $4.0 million, consisting of: (1) inventory written-up to fair value in purchase accounting charges of $3.4 million. This amount is recorded under cost of revenues line item. (2) $1.2 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $0.6 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (4) $0.4 million re-organization expenses, recorded under the general and administrative expenses line item. (5) $1.6 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
During the three-month period ended June 30, 2024, the Company recorded acquisition-related expenses of $0.6 million, consisting of: (1) $0.6 million amortization of intangible assets acquired recorded under cost of revenues line item. (2) $0.3 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (3) $0.3 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
During the year ended December 31, 2023, the Company recorded acquisition expenses of $4.5 million, consisting of: (1) inventory written-up to fair value in purchase accounting charges of $2.2 million. This amount was recorded under cost of revenues line item. (2) $0.4 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) Inventory write-off of $0.9 million recorded under costs of revenues line item. (4) $0.2 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (5) Acquisition expenses of $1.7 million recorded under general and administrative expenses line item. (6) $0.9 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
CAMTEK LTD.
Moshe Eisenberg, CFO
Tel: +972 4 604 8308
Mobile: +972 54 900 7100
moshee@camtek.com
INTERNATIONAL INVESTOR RELATIONS
EK Global Investor Relations
Ehud Helft
Tel: (US) 1 212 378 8040
camtek@ekgir.com
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SOURCE Camtek Ltd.
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QR CODE LABELS MARKET SHARE
The Asia-Pacific region dominates the QR code labels market, driven by the widespread use of QR codes for mobile payments and inventory management, particularly in China and Japan. North America follows, with increasing adoption in retail, marketing, and healthcare. Europe is also a key market, driven by the rising demand for contactless payment solutions and digital marketing initiatives. The Middle East and Africa are emerging markets, especially in mobile payments and product traceability applications.
Key Companies:
Lintec CorporationCCL IndustriesPacktica SDNLabel LogicHibiscusData LabelAdvanced LabelsCoast Label CompanyLabel ImpressionsConsolidated LabelAvery
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