CAMT Camtek Ltd

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 6-K

 

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934

 

For the Month of November 2023

 

CAMTEK LTD.
(Translation of Registrant’s Name into English)

 

Ramat Gavriel Industrial Zone
P.O. Box 544
Migdal Haemek 23150
ISRAEL
(Address of Principal Corporate Offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒ Form 40-F ☐

 

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities and Exchange Act of 1934.

 

Yes ☐ No ☒

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. This Form 6-K, including all exhibits hereto, is hereby incorporated by reference into all effective registration statements filed by the registrant under the Securities Act of 1933.

 

Dated: November 14, 2023

FOR IMMEDIATE RELEASE

 

CAMTEK ANNOUNCES RESULTS FOR THE THIRD QUARTER OF 2023

Revenue of $80.5 million; Continued growth expected in the fourth quarter and into 2024

MIGDAL HAEMEK, Israel – November 14, 2023 – Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), announced today its financial results for the third quarter ended September 30, 2023.

Highlights of the Third Quarter of 2023

 

 

 

 

 

 

Forward-Looking Expectations

For the fourth quarter, management expects continued organic growth and, together with the contribution from the FRT business, Camtek’s fourth quarter revenue is expected to be at a record of between $87-89 million.

Management Comment

Rafi Amit, Camtek’s CEO commented, “Since the beginning of the third quarter we have received orders for 240 systems including an order announced yesterday for 28 systems from a tier-one customer for the inspection and metrology of High Bandwidth Memory and Heterogeneous Integration applications. Most of the orders are for installation during 2024. This healthy backlog, with additional expected orders in the pipeline, points to a year of growth for Camtek and we expect record revenue in 2024.”

Third Quarter 2023 Financial Results

Revenues for the third quarter of 2023 were $80.5 million, an increase of 9% from the previous quarter and a decrease of 2% compared to the third quarter of 2022.

Gross profit on a GAAP basis in the quarter totaled $39.0 million (48.5% of revenue), compared to a gross profit of $39.9 million (48.6% of revenue) in the third quarter of 2022. Gross profit on a non-GAAP basis in the quarter totaled $39.4 million (49.0% of revenue), compared to $40.2 million (49.0% of revenue) in the third quarter of 2022.

Operating profit on a GAAP basis in the quarter totaled $19.1 million (23.7% of revenue), compared to an operating profit of $20.6 million (25.2% of revenue) in the third quarter of 2022. Operating profit on a non-GAAP basis in the quarter totaled $22.2 million (27.6% of revenue), compared to $23.2 million (28.3% of revenue) in the third quarter of 2022.

Net income on a GAAP basis in the quarter totaled $22.1 million, or $0.46 per diluted share, compared to net income of $20.7 million, or $0.43 per diluted share, in the third quarter of 2022. Net income on a non-GAAP basis in the quarter totaled $25.2 million, or $0.52 per diluted share, compared to non-GAAP net income of $23.3 million, or $0.48 per diluted share, in the third quarter of 2022.

Cash and cash equivalents, short-term and long-term deposits and marketable securities, as of September 30, 2023 were $517.1 million compared to $506.3 million as of June 30, 2023. It is noted that $100 million was paid out in the fourth quarter following the close of the acquisition of FRT. During the third quarter, Camtek generated $12.4 million in operating cash flow.

Conference Call

Camtek will host a video conference call today via Zoom, November 14, 2023, at 9:00 am 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 call, please register using the following link well in advance of the call, which will email the link with which to access the call:

For those wishing to listen via phone, following registration, a dial-in link will also be sent.

 

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.

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 the current beliefs, expectations and assumptions of Camtek Ltd. (“we,” “us” and “our”). Forward-looking statements include our expected revenue for fourth quarter and full year 2023 and 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, although not all forward-looking statements contain these identifying words. 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. Our actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including the effect of the evolving nature of the recent war in Gaza between Israel and the Hamas; the impact of war in Ukraine, rising inflation, rising interest rates, volatile exchange rates and commodities’ prices, ; our dependency upon the semiconductor industry and the risk that unfavorable economic conditions or low capital expenditures may negatively impact our operating results; anticipated trends and impacts related to industry component and substrate shortages and other supply chain challenges; the future purchase, use, and availability of components supplied by third parties; impurities and other disruptions to our customers’ operations, which could lower production yields or interrupt manufacturing, and could result in the cancellation or delay of purchase of our products; 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 (which is our largest territory), 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; reduced demand for our products; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC.

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 share based compensation 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.

 

CAMTEK LTD. and its subsidiaries

(In thousands)

(in thousands, except share data)

(In thousands, except share data)

		Nine Months ended September 30,								Three Months ended September 30,								Year ended December 31,
		2023				2022				2023				2022				2022
		U.S. dollars								U.S. dollars								U.S. dollars
Reported net income attributable to Camtek Ltd. on GAAP basis			57,842				58,276				22,058				20,715				79,949
Share-based compensation			9,657				8,152				3,137				2,560				10,523
Non-GAAP net income			67,499				66,428				25,195				23,275				90,472
Non–GAAP net income per diluted share			1.39				1.25				0.51				0.48				1.88
Gross margin on GAAP basis			47.5	%			50.2	%			48.5	%			48.6	%			49.8	%
Reported gross profit on GAAP basis			107,845				119,910				39,008				39,859				159,856
Share-based compensation			1,196				922				389				295				1,217
Non- GAAP gross profit			109,041				120,832				39,397				40,154				161,073
Non-GAAP gross margin			48.1	%			50.6	%			49.0	%			49.0	%			50.2	%
Reported operating income attributable to Camtek Ltd. on GAAP basis			48,193				61,037				19,065				20,636				70,898
Share-based compensation			9,657				8,152				3,137				2,560				5,815
Non-GAAP operating income			57,850				69,189				22,202				23,196				76,713

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