The Q1 print shows a clear divergence: modest revenue growth but declining profitability (operating income -17%, net income -8%). The strong order momentum and >25% 2H26 growth guidance are bullish forward signals, but the reported quarter's earnings miss is a real negative. Watch the Q2 earnings call for order backlog details and margin trajectory — if the 2H26 ramp materializes, the current earnings trough could be a buying opportunity, but the stock may sell off initially on the earnings decline.
Price Chart
Executive Summary
Camtek reported Q1 2026 revenue of $121.7M (+2.5% YoY), but GAAP operating income fell 17% to $27.3M and GAAP net income fell 8% to $31.6M ($0.63 diluted EPS). The company guided Q2 revenue of $129-131M and expects >25% revenue growth in 2H26 vs 1H26 based on strong order momentum, but the reported quarter shows declining profitability despite modest top-line growth.
Key Facts
- Q1 2026 revenue of $121.7M, up 2.5% YoY from $118.6M
- GAAP operating income of $27.3M, down 17% YoY from $32.7M
- GAAP net income of $31.6M ($0.63 diluted EPS), down 8% YoY from $34.3M ($0.70 diluted EPS)
- Non-GAAP net income of $35.3M ($0.70 diluted EPS), down 9% YoY from $38.7M ($0.79 diluted EPS)
- Q2 2026 revenue guidance of $129-131M
- Company expects >25% revenue growth in 2H26 vs 1H26 based on strong order momentum
- Cash and equivalents of $849.7M as of March 31, 2026
- Operating cash flow of $3.1M in Q1 2026
- GAAP gross margin of 50.1% vs 51.0% in Q1 2025
- Non-GAAP gross margin of 51.0% vs 52.1% in Q1 2025
Financial Impact
Q1 revenue $121.7M (+2.5% YoY); GAAP operating income $27.3M (-17% YoY); GAAP net income $31.6M (-8% YoY); Q2 guidance $129-131M
Risk Factors
- Declining operating income and net income despite revenue growth — margin compression is a real concern
- Forward guidance of >25% 2H26 growth is aspirational and depends on order conversion — execution risk is high
- Operating cash flow of only $3.1M on $121.7M revenue suggests working capital drag or collection issues
- Geopolitical risks from Middle East hostilities and potential trade restrictions on semiconductor equipment
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001178913-26-002569 |
| Document: 0001178913-26-002569-index-headers.html | 0001178913-26-002569 |
| Document: 0001178913-26-002569-index.html | 0001178913-26-002569 |
| Document: 0001178913-26-002569.txt | 0001178913-26-002569 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | Press Release | $133.09 | awaiting T+20 | — | $128.90 (−3.15%) |
Oct 20, 2026 7d ago | SC 13G/A | $127.90 | awaiting T+20 | — | $128.90 (+0.78%) |
Oct 19, 2026 8d ago | SC 13G/A | $128.94 | awaiting T+20 | — | $128.90 (−0.03%) |
Oct 19, 2026 8d ago | SC 13G | $128.94 | awaiting T+20 | — | $128.90 (−0.03%) |
Oct 14, 2026 13d ago | 6-K | $135.72 | awaiting T+20 | — | $128.90 (−5.03%) |
Oct 14, 2026 13d ago | 6-K | $135.72 | awaiting T+20 | — | $128.90 (−5.03%) |
Aug 18, 2026 10w ago | Insider Cluster | $155.84 $138.59 | ▲ +11.07% | ▲ +9.32% | $128.90 (+17.29%) |
Aug 17, 2026 10w ago | Insider Cluster | $171.80 $134.66 | ▼ −21.62% | ▼ −19.64% | $128.90 (−24.97%) |
Aug 13, 2026 10w ago | Insider Cluster | $172.81 $147.97 | ▼ −14.37% | ▼ −12.63% | $128.90 (−25.41%) |
Aug 10, 2026 11w ago | 6-K | $158.10 $147.01 | ▼ −7.01% | ▼ −6.10% | $128.90 (−18.47%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers