CAMTEK LTD
For the period ended Nov 10, 2025. Filed Nov 10, 2025.
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Nov 10, 2025 · Filed Nov 10, 2025
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Contents
(In thousands, except share data)
| Nine Months ended September 30, · Three Months ended September 30, · Year ended December 31, | |||||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2024 | |
| U.S. dollars · U.S. dollars · U.S. dollars | |||||
| Reported net income attributable to Camtek Ltd. on GAAP basis | 14,825 | 85,506 | (53,181) | 32,743 | 118,515 |
| Acquisition of FRT-related expenses (1) | 2,268 | 4,684 | 968 | 650 | 5,334 |
| Loss from extinguishment of Capital Notes (2) | 88,682 | - | 88,682 | - | - |
| Share-based compensation | 12,586 | 10,723 | 4,383 | 3,614 | 14,775 |
| Non-GAAP net income | 118,361 | 100,913 | 40,852 | 37,007 | 138,624 |
| Non–GAAP net income per diluted share | 2.42 | 2.05 | 0.82 | 0.75 | 2.83 |
| Gross margin on GAAP basis | 50.6% | 48.7% | 50.0% | 49.7% | 49.6% |
| Reported gross profit on GAAP basis | 186,217 | 151,819 | 63,042 | 55,856 | 209,951 |
| Acquisition of FRT-related expenses (1) | 2,285 | 5,192 | 1,065 | 610 | 5,802 |
| Share-based compensation | 2,094 | 1,602 | 750 | 596 | 2,197 |
| Non- GAAP gross profit | 190,596 | 158,613 | 64,857 | 57,062 | 217,950 |
| Non-GAAP gross margin | 51.8% | 50.8% | 51.5% | 50.8% | 50.8% |
| Reported operating income attributable to Camtek Ltd. on GAAP basis | 96,519 | 76,769 | 31,845 | 29,646 | 108,069 |
| Acquisition of FRT related expenses (1) | 3,239 | 6,527 | 1,383 | 928 | 7,455 |
| Share-based compensation | 12,586 | 10,723 | 4,383 | 3,614 | 14,775 |
| Non-GAAP operating income | 112,344 | 94,019 | 37,611 | 34,188 | 130,299 |
(1) During the nine-month period ended September 30, 2025, the Company recorded acquisition-related expenses of $2.3 million, consisting of: (1) inventory written-up to fair value in purchase accounting charges of $0.5 million. This amount is recorded under cost of revenues line item. (2) $1.8 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $1.0 million amortization of intangible assets acquired recorded under sales and marketing expenses line item. (4) $1.0 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
During the three-month period ended September 30, 2025, the Company recorded acquisition-related expenses of $1.0 million, consisting of: (1) inventory written-up to fair value in purchase accounting charges of $0.5 million. This amount is 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 reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
During the nine-month period ended September 30, 2024, the Company recorded acquisition-related expenses of $4.7 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) $1.8 million amortization of intangible assets acquired recorded under cost of revenues line item. (3) $0.9 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) $1.8 million reversal of tax provision related to the above adjustment, recorded under the tax expense line item.
During the three-month period ended September 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, 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.
(2) During the nine-month and three-month periods ended September 30, 2025, the Company recorded a loss of $88.7 million, consisting of: (1) $100.9 million from the extinguishment of Capital Notes recorded under the other expenses line item. (2) $12.3 million tax benefit recorded under the income tax benefit line item.
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