Camtek stock tests 2027 growth outlook after record Q3

Camtek reported record third-quarter revenue on November 4, 2026, as demand for semiconductor inspection and metrology equipment remained strong in advanced packaging and artificial-intelligence applications. The company expects another step up in the final quarter and has set an initial 2027 revenue outlook above 800 million US dollars.

According to Camtek's release carried by PR Newswire, revenue for the quarter ended September 30 rose to 161.3 million US dollars from 126.0 million US dollars a year earlier, an increase of 28 percent. Revenue also advanced 21 percent from the second quarter, setting a new quarterly record.

Margins And Cash Flow In Focus

GAAP gross margin held at 50.0 percent, while non-GAAP gross margin was 51.1 percent. GAAP operating income increased 25 percent to 39.8 million US dollars, producing a 24.7 percent operating margin. On a non-GAAP basis, operating income reached 47.5 million US dollars and the margin was 29.5 percent.

GAAP net income came to 42.8 million US dollars, or 0.84 US dollars per diluted share, compared with a loss of 53.2 million US dollars, or 1.16 US dollars per share, in the year-earlier quarter. Non-GAAP net income rose to 50.3 million US dollars, or 0.99 US dollars per diluted share, from 40.9 million US dollars, or 0.82 US dollars per share. The adjusted figures exclude items such as share-based compensation and acquisition-related expenses.

Operating cash flow was 71.1 million US dollars in the quarter. Cash, short-term deposits and marketable securities totaled 877.1 million US dollars at September 30, compared with 815.8 million US dollars at the end of June.

2027 Outlook Tests Order Conversion

Management expects fourth-quarter revenue of about 180 million US dollars, representing roughly 40 percent year-over-year growth and implying full-year 2026 revenue of about 595 million US dollars. The initial 2027 outlook calls for revenue above 800 million US dollars, or growth of approximately 35 percent over the 2026 expectation, supported by the order backlog and sales pipeline.

Chief Executive Rafi Amit said the quarter reflected sustained momentum into the fourth quarter and 2027. He pointed to high-end advanced packaging and rising demand linked to artificial intelligence, while the company said it had visibility a year ahead for the first time.

For investors, the outlook shifts attention from demand to execution. Camtek must convert its backlog into shipments while protecting margins amid supply-chain costs, customer timing and the cyclicality of semiconductor capital spending. The reported GAAP results also benefit from a comparison with a prior-year quarter that included a substantial loss, making the operating and revenue trends more informative than the headline earnings swing alone.

Camtek stock traded at 95.38 euros on Lang & Schwarz at 10:16 CET on Friday, November 13, 2026.

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