Camtek, Q3 2026 Earnings Call Transcript

Camtek posted record Q3 2026 revenue of $161.3 million, up 28% year over year, with operating margin rising to 29.5%. Advanced packaging generated about 80% of revenue, largely driven by AI demand, while its Eagle G5 and Hawk platforms contributed about 57% of systems revenue. Strong orders and customers securing delivery slots into 2027 provide roughly a year of visibility; management expects Q4 revenue of about $180 million and 2027 revenue above $800 million.

The company targets $1.2 billion in annual revenue within about three years, mainly through organic growth, with operating margins of 34%–36%. Management expects gross margins to improve gradually from Q1 2027 as pricing, product mix, cost reductions, software and services contribute. Industry-wide component shortages and higher input costs are creating near-term pressure, though Camtek expects to meet delivery schedules and believes the supply issues may ease within three to six months. Initial AI-based software revenue is expected in 2027.