Camtek Sees 2027 Revenue Above $800 Million

Camtek Ltd. (CAMT) said it expects revenue to exceed $800 million in 2027, supported by a strong backlog and sales pipeline as demand for advanced-packaging inspection and metrology systems expands. The outlook follows more than $800 million of orders received during the first nine months of 2026, giving the company delivery visibility approximately one year ahead for the first time in its history.

For the third quarter of 2026, revenue reached $161.3 million, up 28% from $126.0 million a year earlier and 21% from $133.2 million in the second quarter. Non-GAAP operating income was $47.5 million, representing a 29.5% operating margin, while gross margin was 51.1%.

Advanced packaging and new systems support growth

Advanced-packaging applications accounted for 80% of third-quarter revenue, with the majority tied to AI-related demand. Camtek also said more than half of system revenue came from its newer Eagle G5 and Hawk products.

The order mix showed a similar concentration. About 80% of orders received since the beginning of 2026 were for advanced-packaging applications, and most were for high-end uses driven by AI demand. Outsourced semiconductor assembly and test providers, or OSATs, generated more than half of total orders.

Customers have been reserving delivery slots throughout 2027 for several months, according to the presentation. Camtek described order momentum as exceptionally strong, although the timing and conversion of orders into revenue remain part of its forward-looking expectations.

Revenue outlook points to a record 2027

Camtek guided for approximately $180 million of revenue in the fourth quarter and expects full-year 2026 revenue of about $595 million. Its initial 2027 outlook calls for revenue above $800 million, which the company expects would make 2027 a record year.

Over a longer horizon, Camtek is targeting approximately $1.2 billion in annual revenue in about three years. Management said expanded manufacturing capacity and operating infrastructure are intended to support significantly higher revenue levels. The company also plans to introduce AI-based software products in 2027 as an additional revenue stream.

Camtek said its growth strategy is centered on advanced packaging, where increasing device complexity requires more inspection and metrology steps and tools with more advanced capabilities. The company cited an installed base of about 4,000 systems and relationships with leading customers as competitive strengths.

Cash position rises as receivables expand

Cash, deposits and marketable securities totaled $877 million at Sept. 30, up from $851 million at the end of 2025. Net trade receivables increased to $166 million from $91 million, while inventory declined to $123 million from $128 million.

Current liabilities rose to $156 million from $107 million. Convertible notes, net, decreased to $489 million from $520 million, while total assets increased to $1.42 billion from $1.26 billion.

Camtek cautioned that its outlook and other forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. The company referred investors to the risk disclosures in its regulatory filings and said it does not undertake to update forward-looking statements unless required by law.