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CAMT Nasdaq· Camtek Ltd
Earnings report Q1 2024

Camtek Reports 8% Year-over-Year Revenue Growth in Q4 2023

Segments of revenue

In the fourth quarter of 2023, Camtek reported revenues of $88.7 million, representing an 8% increase compared to the same quarter in 2022.

Strengths

Camtek's strong performance in the fourth quarter can be attributed to the high demand for high performance computing (HPC). The company's CEO, Rafi Amit, stated that the record fourth-quarter revenues of $315 million for the full year 2023 were primarily driven by the strong position with tier-1 customers manufacturing High Bandwidth Memory (HBM) and chiplet devices for AI applications. Additionally, Camtek completed the acquisition of FRT during the quarter, which is expected to contribute to the company's future results.

Challenges

While Camtek reported revenue growth in the fourth quarter, there was a slight decrease in gross profit on both GAAP and non-GAAP basis compared to the same period in 2022. The gross profit on a GAAP basis was $39.8 million (44.9% of revenues) in Q4 2023, slightly lower than the $39.9 million (48.6% of revenues) in Q4 2022. Similarly, the gross profit on a non-GAAP basis was $43.7 million (49.2% of revenues) in Q4 2023, compared to $40.2 million (49.0% of revenues) in Q4 2022.

Noteworthy

Camtek's management expects strong growth in the first quarter of 2024, with revenues projected to be between $93-95 million. This represents a 30% mid-point increase over the first quarter of 2023. The company anticipates 2024 to be a record year for Camtek, even without the contribution of FRT to its results.

Summary

Camtek reported an 8% year-over-year revenue growth in the fourth quarter of 2023, reaching $88.7 million. The company's strong performance can be attributed to the high demand for high performance computing, particularly in the HBM and chiplet devices for AI applications. Despite a slight decrease in gross profit, Camtek remains confident in its future growth prospects and expects 2024 to be a record year. The recent acquisition of FRT is also expected to contribute to the company's results going forward.

Source documents

Form 6-K  filed on Feb 20, 2024
444 pages scanned

Reference data

Company financials Q1 revenue 88.7M
Analyst estimates Q1 EPS beat by 8.22%
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