Camtek Ltd. (CAMT) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. I would like to welcome all of you to Camtek's results Zoom webinar. My name is Kenny Green and I'm part of the Investor Relations team at Camtek.

各位女士、先生，感謝各位耐心等候。我謹代表公司歡迎各位參加 Camtek 業績 Zoom 線上說明會。我叫 Kenny Green，是 Camtek 投資人關係團隊的一員。

All participants other than the presenters are currently muted. Following the formal presentation, I will provide some instructions for participating in the live question-and-answer session. I would like to remind everyone that this conference call is being recorded and the recording will be available from the link in the earnings press release and on Camtek's website from tomorrow.

除簡報人員外，所有與會者目前皆已靜音。在正式簡報結束後，我將提供參與即時問答環節的相關指引。提醒各位，本次電話會議將進行錄音，錄音將自明日起透過財報新聞稿中的連結以及 Camtek 官網提供。

You should have all received by now the company's press release. If not, please view it on the company's website. With me today on the call, we have Mr. Rafi Amit, CEO, Mr. Moshe Eisenberg, CFO, and Mr. Rami Langa, COO.

各位現在應該都已收到公司的新聞稿。若尚未收到，請至公司網站查閱。今天與我一同參與會議的有：執行長 Rafi Amit 先生、財務長 Moshe Eisenberg 先生，以及營運長 Rami Langa 先生。

Before we begin, I'd like to remind you that the statements made by management on this call will contain forward-looking statements within the meaning of the federal securities laws. Those statements are subject to a range of changes, risks, and uncertainties that can cause actual results to vary materially. For more information regarding the risk factors that may impact Camtek's results, please review Camtek's earnings release and SEC filings and specifically the forward-looking statements and risk factors identified in the results press release issued earlier today and such other factors discussed in Camtek's most recent annual report on SEC Form 20-F.

在開始之前，我想提醒各位，管理層在本次會議中的發言將包含符合聯邦證券法意義之「前瞻性陳述」。這些陳述可能受到各種變動、風險與不確定性影響，導致實際結果出現重大差異。如需了解可能影響 Camtek 業績的風險因素，請查閱 Camtek 的財報新聞稿與向 SEC 提交的文件，特別是今日稍早發布之業績新聞稿中所載的前瞻性陳述與風險因素，以及 Camtek 最近一期向 SEC 提交的 Form 20-F 年報中討論的其他因素。

Camtek does not undertake the obligation to update these forward-looking statements in light of new information or future events. Today's discussion of the financial results will be presented on a non-GAAP financial basis unless otherwise specified. As a reminder, a detailed reconciliation between GAAP and non-GAAP financial results can be found in today's earnings release.

Camtek 不承擔因新資訊或未來事件而更新上述前瞻性陳述之義務。除非另有說明，今日對財務結果的討論將以非 GAAP 財務基礎呈現。提醒各位，GAAP 與非 GAAP 財務結果之間的詳細調節表可於今日的財報新聞稿中查閱。

And now I'd like to hand the call over to Mr. Rafi Amit, Camtek, CEO. Rafi, please go ahead.

接下來我想把電話交給 Camtek 執行長Rafi Amit 先生。Rafi，請開始。

Hello, everyone. I am delighted with our second quarter results and even more excited about the exceptional momentum we are seeing across our business. More importantly, the expectations we share with you on our previous call regarding the second-half of 2026 and our leadership position in the advanced packaging market are now becoming a reality.

各位好。我對我們第二季的業績感到非常滿意，也對我們在整體業務上所看到的卓越動能更加振奮。更重要的是，我們在上一次電話會議中與各位分享的、關於 2026 年下半年以及我們在先進封裝市場領導地位的展望，如今正逐步成為現實。

As you will hear through today's call. But first thing first, let's begin with our second quarter financial results. Second quarter revenue reached a record of $133 million, exceeding our guidance. Gross margin was 51.4%, and operating income totaled $36 million.

各位將在今天的會議中聽到更多內容。不過首先，讓我們先從第二季財務結果開始。第二季營收創下 1.33 億美元的歷史新高，超出我們的指引。毛利率為 51.4%，營業利益合計 3,600 萬美元。

Approximately 75% of our revenue was generated from the advanced packaging segment, with the majority supporting AI-related applications. The remaining revenue was generated across a diverse range of 2D inspection applications, including photonic and various 2D inspection applications.

約 75% 的營收來自先進封裝部門，其中大多數用於支援 AI 相關應用。其餘營收則來自多元的 2D 檢測應用，包括光子學以及各類 2D 檢測應用。

Now, let me return to the point I made at the beginning of the call. Earlier this year, we communicated that we expected the second-half of 2026 to be significantly stronger than the first half.

現在，讓我回到我在會議一開始提到的重點。今年稍早，我們曾表示預期 2026 年下半年將顯著強於上半年。

That expectation has materialized. Since the beginning of the year, we have experienced a significant acceleration in order intake, bringing total orders received year to date to more than $600 million, with deliveries scheduled through the remainder of 2026 and into 2027.

這項預期已經實現。自年初以來，我們的接單出現顯著加速，使得今年迄今累計接單總額超過 6 億美元，交付排程涵蓋 2026 年剩餘期間並延伸至 2027 年。

This exceptional level of order intake has significantly improved our business visibility for the remainder of 2026 and well into 2027, giving us increased confidence in our outlook. Our leading position in the advanced packaging market is expected to drive approximately. 45% growth in our advanced packaging business in the second-half of 2026 compared with the first half.

如此卓越的接單水準，顯著提升了我們對 2026 年剩餘期間以及 2027 年相當長一段時間的業務能見度，並增強了我們對前景的信心。我們在先進封裝市場的領先地位，預期將推動約2026 年下半年相較上半年先進封裝業務成長 45%。

Looking at the year from another perspective, we expect our advanced packaging revenue in the fourth quarter to be approximately 70% higher than the first quarter, reflecting the strong acceleration in demand. In the second quarter, approximately 50% of our systems revenue was generated by the new generation platform, the Eagle G5 and the ORC.

從另一個角度來看，我們預期第四季的先進封裝營收將較第一季高出約 70%，反映需求的強勁加速。第二季中，約 50% 的系統營收來自新一代平台，即 Eagle G5 與 ORC。

We expect the contribution from these products to continue increasing over the coming quarters as customer adoption accelerated. Let me provide some additional color. On the more than $600 million orders we have received since the beginning of the year.

隨著客戶採用加速，我們預期這些產品的貢獻度將在未來幾季持續提升。我再補充一些背景說明。就我們自年初以來收到的超過 6 億美元訂單而言。

Approximately 80% of these orders are advanced packaging applications. The industry transitioned to HBM4 together with continued capacity expansion has resulted in significant order from multiple leading HBM manufacturers.

其中約 80% 的訂單屬於先進封裝應用。產業轉向 HBM4，加上持續的產能擴張，已帶動多家領先 HBM 製造商下達大量訂單。

In parallel, the ongoing expansion of 2.5D and 3D IC packaging capacity is creating a substantial growth opportunity for Camtek as reflected by the large multi-system orders we have already received from leading foundries, IDMs and OSATs. Notably, OSATs accounted for more than 50% of our total order intake.

同時，2.5D 與 3D IC 封裝產能的持續擴張，正為 Camtek 帶來可觀的成長機會，這也反映在我們已從領先晶圓代工廠、IDM 與 OSAT 收到的大型多機台訂單上。值得注意的是，OSAT 佔我們總接單量超過 50%。

Another existing market emerging as a meaningful growth opportunity for Camtek is photonics, including silicon photonics and compound semiconductor. We have already received multi-system orders from several customers in this market, and we expect photonics to become an incredibly important contributor to our growth in the coming years.

另一個既有市場也正浮現為 Camtek 具意義的成長機會，即光子學（photonics），包括矽光子與化合物半導體。我們已從該市場的多家客戶收到多機台訂單，並預期光子學將在未來幾年成為推動我們成長極為重要的貢獻來源。

This brings me to our outlook. We expect third-quarter revenue to be in the range of $158 million to $160 million, representing an exceptional 20% sequential increase over the second quarter. Given our strong order momentum and record backlog, we expect to deliver more than 30% growth in. H2 2026 versus H1 2026, followed by continued growth into 2027.

接下來談到我們的展望。我們預期第三季營收將介於 1.58 億至 1.60 億美元之間，較第二季季增達到卓越的 20%。鑑於強勁的接單動能與創紀錄的在手訂單，我們預期2026 年下半年相較上半年將實現超過 30% 的成長，並在 2027 年持續成長。

It is also important to highlight that we are continuing to expand our core product portfolio with new platform configuration. And application-specific module that will enable us to address additional applications and markets where we have not previously competed. Examples including a high-resolution backside inspection module and fluorescence illumination technology for detecting organic residue.

同樣重要的是，我們正持續以新的平台配置擴充核心產品組合，並推出應用特定模組，使我們得以切入過去未曾競爭的更多應用與市場。例如高解析度背面檢測模組，以及用於偵測有機殘留物的螢光照明技術。

In the metrology space, we are also launching a new platform, Nanoprof, which will significantly expand our metrology capabilities and enable us to address with existing and emerging. Process step.

在計量領域，我們也將推出一個新平台 Nanoprof，這將大幅擴展我們的計量能力，並使我們能夠以現有與新興的方式加以因應。製程步驟。

The Hawk, combined with its enhanced optical capabilities and our breakthrough AI technology, is further strengthening our competitive position and enabling us to penetrate additional process steps, including hybrid bonding, as well as other fast-growing emerging applications.

Hawk 結合其強化的光學能力與我們突破性的 AI 技術，正進一步鞏固我們的競爭地位，並使我們能夠切入更多製程步驟，包括混合鍵合（hybrid bonding），以及其他快速成長的新興應用。

We look forward to discuss this development in greater detail at our investor breakfast in October at Semicon West. I am also pleased to report that we are successfully managing the operational challenges created by this unprecedented level of demand. We prepare well in advance by expanding our production capacity and strengthening our supply chain, enabling us to meet customer delivery schedule while supporting our continued growth.

我們期待在 10 月於 Semicon West 舉行的投資人早餐會上，更深入地討論這項進展。我也很高興報告，我們正成功管理這一前所未有需求水準所帶來的營運挑戰。我們透過提前擴充產能並強化供應鏈來做好準備，使我們能在支持持續成長的同時，滿足客戶的交付時程。

At the same time, we are preparing the organization for the next stage of growth by further expanding our manufacturing capacity, system integration capabilities, sales organization and customer support infrastructure to support substantially higher annual revenue level.

同時，我們也在為下一階段的成長做組織準備，進一步擴充製造產能、系統整合能力、銷售組織與客戶支援基礎設施，以支援顯著更高的年度營收水準。

Let me conclude by summarizing our key messages.

最後，讓我以總結我們的關鍵訊息作結。

The AI revolution is driving unprecedented demand for data center, compute capacity, and power infrastructure. With AI adoption still in its early stage, we believe demand for AI compute infrastructure will continue to grow significantly, supporting sustained investment in AI data center and advanced semiconductor manufacturing.

AI 革命正推動資料中心、運算能力與電力基礎設施出現前所未有的需求。由於 AI 的採用仍處於早期階段，我們相信對 AI 運算基礎設施的需求將持續大幅成長，並支撐對 AI 資料中心與先進半導體製造的持續投資。

Camtek is exceptionally well positioned to benefit from the expected growth over the coming years. We have hundreds of systems installed at the world's leading customer, and we work closely with them to develop inspection and metrology solutions tailored to their evolving technology requirements. Our product development roadmap is closely aligned with the technology roadmaps of these industry leaders.

Camtek 在未來幾年預期的成長中具備極佳的受益定位。我們在全球領先客戶處已安裝數百套系統，並與其密切合作，開發符合其不斷演進技術需求的檢測與計量解決方案。我們的產品開發藍圖與這些產業領導者的技術路線圖高度一致。

This strong customer engagement, combined with our expanding products, portfolio and proven execution, giving us great confidence in our ability to deliver sustained growth in the year ahead.

這種強勁的客戶互動，加上我們持續擴展的產品組合與經驗證的執行力，讓我們對於在未來一年實現持續成長的能力充滿信心。

Now Moshe will review the financial results. Moshe.

現在由 Moshe 來回顧財務結果。Moshe。

Thanks, Rafi. In my financial summary ahead, I will provide the results on a non-GAAP basis. The reconciliation between the GAAP results and the non-GAAP results appear in the table at the end of the press release issued earlier today.

謝謝你，Rafi。在接下來的財務摘要中，我將以非 GAAP 基礎提供結果。GAAP 與非 GAAP 結果之間的調節表，已列於今日稍早發布之新聞稿末尾的表格中。

Second quarter revenues came in at a record level of $133.2 million. An 8% increase year-on-year and 10% compared with the first quarter of 2026. The geographic revenue split for the quarter was as follows, Asia accounted for 92% and the rest of the world 8%. Gross profit for the quarter was $68.5 million.

第二季營收創下 1.332 億美元的歷史新高，年增 8%，較 2026 年第一季成長 10%。本季營收的地理區域分布如下：亞洲占 92%，世界其他地區占 8%。本季毛利為 6,850 萬美元。

The gross margin for the quarter was 51.4%, similar to the previous quarter. Operating expenses in the quarter were $32.5 million compared to $30.9 million in the previous quarter. The main area which has increased is R&D.

本季毛利率為 51.4%，與上一季相近。本季營業費用為 3,250 萬美元，上一季為 3,090 萬美元。增加的主要項目為研發（R&D）。

This is around the investment in new technologies and additional resources from the visual layer acquisition in order to strengthen our AI offering. Our operating profit in the quarter was $36 million compared to $31.1 million in the first quarter.

這主要與新技術投資，以及因收購 Visual Layer 而增加的額外資源有關，以強化我們的 AI 產品供給。本季營業利益為 3,600 萬美元，第一季為 3,110 萬美元。

Operating margin was 27% compared to 25.5%. In line with our forecast for a strong second-half, the leverage we have in the model, together with the improved product mix towards the Eagle Gen. 5 and the Hawk is expected to result in a gradual improvement across all profitability metrics in the next few quarters.

營業利益率為 27%，相較之下前一季為 25.5%。依據我們對下半年強勁表現的預測，模型中的營運槓桿，加上產品組合朝向 Eagle Gen.5 與 Hawk 的改善，預期將在未來幾季帶動各項獲利指標逐步提升。

Financial income for the quarter was $7 million, compared to $8.1 million in the previous quarter. The main reason was devaluation of certain balance sheet items due to the weakness of the US dollars versus the Israeli shekel.

本季財務收入為 700 萬美元，上一季為 810 萬美元。主要原因是由於美元兌以色列謝克爾走弱，導致部分資產負債表項目出現貶值。

Net income for the second quarter of 2026 was $39.4 million or $0.78 per diluted share. This is compared to a net income of $35.5 million or $0.70 per share in the previous quarter. Total diluted number of shares as of the end of the second quarter was $51.5 million.

2026 年第二季淨利為 3,940 萬美元，或每股稀釋後盈餘 0.78 美元。相較之下，上一季淨利為 3,550 萬美元，或每股 0.70 美元。第二季末稀釋後總股數為 5,150 萬股。

To some high-level balance sheet and cash flow metrics. Cash and cash equivalents, including short and long-term deposits and marketable securities, as of June 30, 2026, were $815.8 million. We generated $12.2 million in cash from operations in the quarter.

接著看一些資產負債表與現金流的高層次指標。截至 2026 年 6 月 30 日，現金及約當現金（包含短期與長期存款及有價證券）為 8.158 億美元。本季我們由營運活動產生的現金為 1,220 萬美元。

As a result of the increased business volume, accounts receivables increased to $153.9 million compared to $131.7 million in the previous quarter. DSO increased to 105 days. No change to the inventory level this quarter however, we do expect it to grow in the coming quarters to support the forecasted strong growth in revenues.

由於業務量增加，應收帳款增加至 1.539 億美元，上一季為 1.317 億美元。DSO 增加至 105 天。本季存貨水準沒有變化；不過，我們預期未來幾季將會增加，以支援預測中的營收強勁成長。

As Rafi said before, we expect revenues of $158 million to $160 million in the third quarter with sequential double-digit growth in Q4 and further growth into 2027. This represents over 30% second-half 2026 growth versus the first half.

如 Rafi 先前所說，我們預期第三季營收為 1.58 億至 1.60 億美元，第四季將呈現連續的雙位數成長，並在 2027 年進一步成長。這代表 2026 年下半年相較上半年成長超過 30%。

The call for questions, I would like to announce that Camtek will be hosting an Investors and Analysts Breakfast presentation at Semicon West. It will take place on Wednesday, October 14, 2026, at 7 A.M.

在進入問答之前，我想宣布 Camtek 將在 Semicon West 舉辦投資人與分析師早餐簡報會。活動將於 2026 年 10 月 14 日（星期三）上午 7 點舉行。

Camtek's management will present our Market Outlook Strategy and Technology Roadmap. A formal invitation with additional details will follow, and we look forward to seeing many of you there. And with that, Rafi Rami and I will be open to take your questions. Kenny?

Camtek 管理團隊將介紹我們的市場展望、策略與技術路線圖。後續將寄發包含更多細節的正式邀請函，我們期待在現場見到各位。接下來，Rafi、Rami 和我將開放回答各位的問題。Kenny？