CAMTEK LTD
For the period ended May 13, 2025. Filed May 13, 2025.
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May 13, 2025 · Filed May 13, 2025
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Contents
(In thousands, except share data)
| Three months ended March 31, · Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2024 | |
| U.S. dollars · U.S. dollars | |||
| Reported net income attributable to Camtek Ltd. on GAAP basis | 34,311 | 24,799 | 118,515 |
| Acquisition of FRT-related expenses (1) | 650 | 3,384 | 5,334 |
| Share-based compensation | 3,710 | 3,118 | 14,775 |
| Non-GAAP net income | 38,671 | 31,301 | 138,624 |
| Non –GAAP net income per share, diluted | 0.79 | 0.63 | 2.83 |
| Gross margin on GAAP basis | 51.0% | 46.1% | 49.6% |
| Reported gross profit on GAAP basis | 60,564 | 44,723 | 209,951 |
| Acquisition of FRT-related expenses (1) | 610 | 3,972 | 5,802 |
| Share-based compensation | 584 | 398 | 2,197 |
| Non-GAAP gross profit | 61,758 | 49,093 | 217,950 |
| Non- GAAP gross margin | 52.1% | 50.6% | 50.8% |
| Reported operating income attributable to Camtek Ltd. on GAAP basis | 32,700 | 21,238 | 108,069 |
| Acquisition of FRT-related expenses (1) | 928 | 4,671 | 7,455 |
| Share-based compensation | 3,710 | 3,118 | 14,775 |
| Non-GAAP operating income | 37,338 | 29,027 | 130,299 |
(1) During the three-month period ended March 31, 2025, 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 three-month period ended March 31, 2024, the Company recorded acquisition-related expenses of $3.4 million, consisting of: (1) inventory written-up to fair value in purchase accounting charges of $3.4 million, for both periods. This amount recorded under cost of revenues line item. (2) $0.6 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $0.3 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) $1.3 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
During the year ended December 31, 2024, the Company recorded acquisition-related expenses of $5.3 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) $2.4 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $1.3 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) $2.1 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
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