1Q26 Beat & Raise. Expect Order Momentum to Accelerate

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1Q26 Beat & Raise. Expect Order Momentum to Accelerate

Technology | Semiconductors and Semiconductor Equipment

May 13, 2026

Camtek Ltd Vedvati Shrotre, CFA Mark Lipacis 415-800-0187 214-459-4007

CAMT | $174.63 Vedvati.Shrotre@evercoreisi.com Mark.Lipacis@evercoreisi.com

Outperform | Target Price/Base Case: $200.00 (from

$190.00)

Earnings Report

1Q26 Beat & Raise. Expect Order

Company Statistics

Momentum to Accelerate 52-Week Range $47.41 - $129.41

Market Capitalization (M) $8,003 MarQ Revs/EPS were 125bps/230bps higher vs. consensus and JunQ

Enterprise Value (M) $7,820 Rev/EPS outlook is 295bps/420bps higher. Despite the beat-and-raise,

Dividend Yield 0.0% CAMT traded down -15% as growth outlook of ~15%YY appears muted

Net Cash/Share $(3.98) relative to peers. We believe this is largely due to shorter lead times of

Shares Outstanding (M) 45.8 tools limiting order visibility. We continue to view CAMT as HBM

beneficiary and expect to see upward revision to AP revs as order

momentum accelerates through the year.

Earnings Summary

2H26 Outlook. Mgmt. expects 2H26 Revs to grow ~25% vs. 1H26

2025 2026E 2027E

driven by strength in HBM and Chiplet packaging revs. We expect

Revenue (M) Q1 $119 $122A $184A CAMT’s revs to grow 17%, with HBM + Chiplet revs growing 35%,

Q2 $123 $130 $187

Q3 $126 $149 $180 capturing 55% of total revs. While CAMT’s rev growth is muted relative

Q4 $128 $182 $173 to peer AP rev growth (KLAC ~57%; ONTO>50%), we believe the gap

CY $496 $582 $724 is largely due to shorter lead times limiting visibility rather than share

Cons Revenue (M) Q1 $119 $122A $168A loss. With lead time of ~3-to-6 months, we see potential for upward

Q2 $123 $129 $171 revisions to AP revs through the year.

Q3 $126 $149 $173

Q4 $128 $169 $174 Order Momentum.