Camtek Ltd. (NASDAQ:CAMT) reported a second-quarter FY23 revenue decline of 7.3% year-on-year to $73.758 million, beating the consensus of $72.380 million.
Non-GAAP EPS of $0.45 beats the consensus of $0.42.
“We are particularly encouraged by the momentum in the industry and the flow of orders,” said Rafi Amit, Camtek’s CEO.
The non-GAAP gross margin contracted 290 bps to 48% as the non-GAAP profit declined by 12.6%.
The company held $506.3 million in cash and equivalents and generated $15.6 million in operating cash flow.
Order Inflow Update
“In addition to our recently reported 42 system orders received, a tier one HBM (High Bandwidth Memory) manufacturer has placed an order for 10 systems, and more orders for HBM applications are in the pipeline. We expect that chiplet modules and HBM will account for over 30% of our business in 2024,” Amit added.
Outlook
Management expects Q3 revenues to be $77 million-$79 million, with continued growth in Q4 and 2024. The consensus for Q3 stands at $73.32 million.
Camtek expects 2024 will be a vital step year in becoming a company worth $500 million.
Price Action: CAMT shares are trading lower by 3.38% premarket to $45.69 premarket on the last check Monday.
