Camtek (CAMT) Ramps AI-Driven Capacity on Strong Orders, Record 2025 Revenue
- Camtek sees rising AI-driven demand, reporting ~$45M recent orders and an expanding backlog driving 2026 production plans.
- Camtek is ramping operations to speed deliveries, scale service, align capacity and working capital, and shorten lead times.
- Camtek posted record $128.1M Q4, $496.1M FY revenue with ~50% gross margin; guides Q1 2026 ≈$120M.
Camtek Leans Into AI-Driven Capacity Build-Out
Equipment order pipeline and customer backlog signal a step-up in demand for Camtek’s inspection and metrology systems as chipmakers expand capacity for AI accelerators. The company says leading manufacturers are aggressively scaling fabs and testing capacity, driving an accelerating pipeline of equipment orders that positions Camtek at the “epicenter of the AI market,” CEO Rafi Amit says. Management highlights recent orders totaling about $45 million and says those wins, together with ongoing customer discussions, underpin expanding backlog and production planning for 2026.
Camtek is threading those order inflows into a targeted operational ramp that emphasizes faster deliveries and service scale-up to meet complex AI-related inspection requirements. The firm frames its products as critical to yield optimization for advanced packaging and logic assembly lines and is aligning capacity and working capital to shorten lead times. Executives say the combination of backlog and pipeline visibility supports both near-term revenue pacing and a more significant acceleration in the second half of 2026 as customer capacity projects move from planning to installation.
The company’s messaging underscores that the AI-driven cycle is not limited to a handful of orders but reflects broader capital expenditure programs across its customer base. Camtek is prioritizing factory readiness and aftermarket support to capture repeat business and to maintain gross-margin strength as shipments shift toward higher-throughput systems demanded by AI chip production. Management frames the near-term strategy as balancing revenue growth with operational leverage to convert expanding backlog into sustained cash generation.
Financial snapshot and margins
Camtek posts record revenue of $128.1 million in the fourth quarter and a record $496.1 million for full-year 2025. GAAP gross margin is 50.0% for Q4 and 50.5% for the year, with non-GAAP gross margins at 51.1% in Q4 and 51.6% for 2025. The company generates more than $61 million of cash from operating activities in the quarter.
Guidance and corporate positioning
Management projects 2026 to deliver double-digit revenue growth and guides Q1 2026 revenue at about $120 million, with growth in Q2 and stronger acceleration in the second half. Headquartered in Migdal HaEmek, Israel, Camtek (NASDAQ/TASE: CAMT) emphasizes robust backlog and margin stability as the basis for investment and capacity plans for the coming year.