Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2021 | |
Document And Entity [Abstract] | |
Entity Registrant Name | CAMTEK LTD |
Entity Central Index Key | 0001109138 |
Current Fiscal Year End Date | --12-31 |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2021 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2021 |
Entity Address, Address Line One | Ramat Gavriel Industrial Zone |
Entity Address, Address Line Two | P.O. Box 544 |
Entity Address, Address Line Three | Migdal Haemek |
Entity Address Country | IL |
Entity Address, Postal Zip Code | 23150 |
Interim Unaudited Condensed Con
Interim Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 80,339 | $ 105,815 |
Short-term deposits | 109,000 | 72,000 |
Trade accounts receivable, net | 60,259 | 41,001 |
Inventories | 54,346 | 39,736 |
Other current assets | 4,411 | 3,366 |
Total current assets | 308,355 | 261,918 |
Long term deposits | 10,000 | 0 |
Long term inventory | 4,694 | 4,416 |
Deferred tax assets | 0 | 482 |
Other assets, net | 119 | 85 |
Property, plant and equipment, net | 20,377 | 20,398 |
Intangible assets, net | 602 | 609 |
Total Non current assets | 35,792 | 25,990 |
Total assets | 344,147 | 287,908 |
Current liabilities | ||
Trade accounts payable | 32,980 | 27,180 |
Other current liabilities | 48,348 | 30,204 |
Total current liabilities | 81,328 | 57,384 |
Long term liabilities | ||
Deferred tax liabilities, net | 186 | 0 |
Other long-term liabilities | 3,470 | 3,260 |
Total Non current liabilities | 3,656 | 3,260 |
Total liabilities | 84,984 | 60,644 |
Shareholders' equity | ||
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at June 30, 2021 and at December 31, 2020; 45,804,862 issued shares at June 30, 2021 and 45,365,354 at December 31, 2020; 43,712,486 shares outstanding at June 30, 2021 and 43,272,978 at December 31, 2020; | 172 | 171 |
Additional paid-in capital | 173,383 | 170,497 |
Retained earnings | 87,506 | 58,494 |
Total shareholders' equity before treasury stock | 261,061 | 229,162 |
Treasury stock, at cost (2,092,376 as of June 30, 2021 and December 31, 2020) | (1,898) | (1,898) |
Total shareholders' equity | 259,163 | 227,264 |
Total liabilities and shareholders' equity | $ 344,147 | $ 287,908 |
Interim Unaudited Condensed C_2
Interim Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - ₪ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common Stock, par value per share | ₪ 0.01 | ₪ 0.01 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, shares issued | 45,804,862 | 45,365,354 |
Common Stock, shares outstanding | 43,712,486 | 43,272,978 |
Treasury Stock, shares | 2,092,376 | 2,092,376 |
Interim Unaudited Condensed C_3
Interim Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||||
Revenues | $ 67,450 | $ 37,000 | $ 124,802 | $ 67,179 | $ 155,859 |
Cost of revenues | 32,456 | 20,057 | 60,831 | 36,679 | 82,628 |
Gross profit | 34,994 | 16,943 | 63,971 | 30,500 | 73,231 |
Research and development costs | 5,766 | 4,754 | 11,244 | 8,884 | 19,575 |
Selling, general and administrative expenses | 12,188 | 6,779 | 21,288 | 13,338 | 31,032 |
Total operating expenses | 17,954 | 11,533 | 32,532 | 22,222 | 50,607 |
Operating income | 17,040 | 5,410 | 31,439 | 8,278 | 22,624 |
Financial income, net | 176 | 276 | 562 | 651 | 775 |
Income from continuing operations before taxes | 17,216 | 5,686 | 32,001 | 8,929 | 23,399 |
Income tax expense | (1,564) | (378) | (2,989) | (841) | (1,621) |
Net income | $ 15,652 | $ 5,308 | $ 29,012 | $ 8,088 | $ 21,778 |
Net income per ordinary share: | |||||
Basic net earnings (in dollars per share) | $ 0.36 | $ 0.14 | $ 0.67 | $ 0.21 | $ 0.55 |
Diluted net earnings (in dollars per share) | $ 0.35 | $ 0.13 | $ 0.65 | $ 0.20 | $ 0.54 |
Weighted average number of ordinary shares outstanding (in thousands): | |||||
Basic (in shares) | 43,609 | 39,033 | 43,450 | 38,877 | 39,383 |
Diluted (in shares) | 44,750 | 39,945 | 44,612 | 39,785 | 40,372 |
Interim Unaudited Condensed C_4
Interim Unaudited Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Ordinary Shares NIS 0.01 par value [Member] | Treasury capital [Member] | Additional paid-in capital [Member] | Retained capital [Member] | Total |
Balance, value at Dec. 31, 2019 | $ 157 | $ (1,898) | $ 101,327 | $ 36,716 | $ 136,302 |
Balance, shares at Dec. 31, 2019 | 40,742,355 | (2,092,376) | |||
Share-based compensation expense | $ 0 | $ 0 | 817 | 0 | 817 |
Exercise of share options | $ 0 | 58 | 0 | 58 | |
Exercise of share option, Shares | 23,557 | 0 | |||
Net income | $ 0 | $ 0 | 0 | 2,780 | 2,780 |
Balance, value at Mar. 31, 2020 | $ 157 | $ (1,898) | 102,202 | 39,496 | 139,957 |
Balance, shares at Mar. 31, 2020 | 40,765,912 | (2,092,376) | |||
Balance, value at Dec. 31, 2019 | $ 157 | $ (1,898) | 101,327 | 36,716 | 136,302 |
Balance, shares at Dec. 31, 2019 | 40,742,355 | (2,092,376) | |||
Net income | 8,088 | ||||
Balance, value at Jun. 30, 2020 | $ 158 | $ (1,898) | 103,428 | 44,804 | 146,492 |
Balance, shares at Jun. 30, 2020 | 41,124,714 | (2,092,376) | |||
Balance, value at Dec. 31, 2019 | $ 157 | $ (1,898) | 101,327 | 36,716 | 136,302 |
Balance, shares at Dec. 31, 2019 | 40,742,355 | (2,092,376) | |||
Net income | 21,778 | ||||
Balance, value at Dec. 31, 2020 | $ 171 | $ (1,898) | 170,497 | 58,494 | $ 227,264 |
Balance, shares at Dec. 31, 2020 | 45,365,354 | (2,092,376) | 43,272,978 | ||
Balance, value at Mar. 31, 2020 | $ 157 | $ (1,898) | 102,202 | 39,496 | $ 139,957 |
Balance, shares at Mar. 31, 2020 | 40,765,912 | (2,092,376) | |||
Share-based compensation expense | $ 0 | $ 0 | 951 | 0 | 951 |
Exercise of share options | $ 1 | $ 0 | 275 | 0 | 276 |
Exercise of share option, Shares | 358,802 | 0 | |||
Net income | $ 0 | $ 0 | 0 | 5,308 | 5,308 |
Balance, value at Jun. 30, 2020 | $ 158 | $ (1,898) | 103,428 | 44,804 | 146,492 |
Balance, shares at Jun. 30, 2020 | 41,124,714 | (2,092,376) | |||
Issuance of shares | $ 12 | $ 0 | 64,308 | 0 | 64,320 |
Issuance of shares, Shares | 4,025,000 | ||||
Share-based compensation expense | $ 0 | 0 | 2,467 | 0 | 2,467 |
Exercise of share options | $ 1 | $ 0 | 294 | 0 | 295 |
Exercise of share option, Shares | 215,640 | 0 | |||
Net income | $ 0 | $ 0 | 0 | 13,690 | 13,690 |
Balance, value at Dec. 31, 2020 | $ 171 | $ (1,898) | 170,497 | 58,494 | $ 227,264 |
Balance, shares at Dec. 31, 2020 | 45,365,354 | (2,092,376) | 43,272,978 | ||
Share-based compensation expense | $ 0 | $ 0 | 1,211 | 0 | $ 1,211 |
Exercise of share options | $ 0 | 161 | 0 | 161 | |
Exercise of share option, Shares | 57,227 | 0 | |||
Net income | $ 0 | $ 0 | 0 | 13,360 | 13,360 |
Balance, value at Mar. 31, 2021 | $ 171 | $ (1,898) | 171,869 | 71,854 | 241,996 |
Balance, shares at Mar. 31, 2021 | 45,422,581 | (2,092,376) | |||
Balance, value at Dec. 31, 2020 | $ 171 | $ (1,898) | 170,497 | 58,494 | $ 227,264 |
Balance, shares at Dec. 31, 2020 | 45,365,354 | (2,092,376) | 43,272,978 | ||
Net income | $ 29,012 | ||||
Balance, value at Jun. 30, 2021 | $ 172 | $ (1,898) | 173,383 | 87,506 | $ 259,163 |
Balance, shares at Jun. 30, 2021 | 45,804,862 | (2,092,376) | 43,712,486 | ||
Balance, value at Mar. 31, 2021 | $ 171 | $ (1,898) | 171,869 | 71,854 | $ 241,996 |
Balance, shares at Mar. 31, 2021 | 45,422,581 | (2,092,376) | |||
Share-based compensation expense | $ 0 | $ 0 | 1,470 | 0 | 1,470 |
Exercise of share options | $ 1 | $ 0 | 44 | 0 | 45 |
Exercise of share option, Shares | 382,281 | 0 | |||
Net income | $ 0 | $ 0 | 0 | 15,652 | 15,652 |
Balance, value at Jun. 30, 2021 | $ 172 | $ (1,898) | $ 173,383 | $ 87,506 | $ 259,163 |
Balance, shares at Jun. 30, 2021 | 45,804,862 | (2,092,376) | 43,712,486 |
Interim Unaudited Condensed C_5
Interim Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||||
Net income | $ 15,652 | $ 5,308 | $ 29,012 | $ 8,088 | $ 21,778 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 648 | 531 | 1,278 | 1,057 | 2,234 |
Deferred tax expense | 60 | 296 | 668 | 226 | 476 |
Loss on disposal of fixed assets | 11 | 0 | 31 | 0 | 0 |
Share based compensation expense | 1,470 | 951 | 2,681 | 1,768 | 4,235 |
Change in provision for doubtful debts | 0 | 0 | (33) | 0 | (87) |
Changes in operating assets and liabilities: | |||||
Trade accounts receivable, gross | (6,115) | (2,355) | (19,234) | (8,108) | (9,696) |
Inventories | (9,825) | (3,991) | (15,182) | (7,014) | (19,330) |
Due from related parties, net | (2) | 51 | (12) | 20 | 72 |
Other assets | (505) | (529) | (1,067) | (601) | (501) |
Trade accounts payable | 5,809 | 4,247 | 6,040 | 9,219 | 15,661 |
Other current liabilities | 12,653 | 6,569 | 18,397 | 7,765 | 10,686 |
Liability for employee severance benefits, net | 36 | 48 | 43 | 46 | 224 |
Net cash provided by operating activities | 19,892 | 11,126 | 22,622 | 12,466 | 25,752 |
Cash flows from investing activities: | |||||
Release from (investment in) short-term deposits | 6,000 | (27,500) | (37,000) | (17,500) | (20,500) |
Release from (investment in) long-term deposits | 0 | 0 | (10,000) | 0 | 0 |
Purchase of fixed assets | (802) | (365) | (1,268) | (775) | (2,410) |
Purchase of intangible assets | (13) | (122) | (45) | (126) | (216) |
Net cash provided by (used in) investing activities | 5,185 | (27,987) | (48,313) | (18,401) | (23,126) |
Cash flows from financing activities: | |||||
Share issuance, net | 1 | 0 | 0 | 0 | 64,288 |
Proceeds from exercise of share options | 44 | 276 | 206 | 334 | 629 |
Net cash provided by financing activities | 45 | 276 | 206 | 334 | 64,917 |
Effect of change in exchange rate on cash and cash equivalents | 270 | (32) | 9 | 23 | 225 |
Net increase (decrease) in cash and cash equivalents | 25,392 | (16,617) | (25,476) | (5,578) | 67,768 |
Cash and cash equivalents at beginning of the period | 54,947 | 49,086 | 105,815 | 38,047 | 38,047 |
Cash and cash equivalents at end of the period | 80,339 | 32,469 | 80,339 | 32,469 | 105,815 |
Supplementary cash flows information: | |||||
Income taxes paid | 44 | 12 | 153 | 211 | 546 |
Lease payments | 239 | 260 | 481 | 530 | 1,025 |
Non-cash transactions: | |||||
Fixed assets purchased with supplier credit | $ 321 | $ 162 | $ 321 | $ 162 | $ 159 |
Nature of Operations
Nature of Operations | 6 Months Ended |
Jun. 30, 2021 | |
Nature of Operations [Abstract] | |
Nature of Operations | Note 1 - Nature of Operations A. Camtek Ltd. (“Camtek” or the “Company”), an Israeli corporation, is jointly controlled 21.0% by Priortech Ltd., an Israeli corporation listed on the Tel-Aviv Stock Exchange and 17.9% by Chroma Ate Inc., a Taiwanese company (“Chroma”). Camtek provides automated and technologically advanced solutions dedicated to enhancing production processes, increasing product yield and reliability, and enabling and supporting customers’ latest technologies in the semiconductor fabrication industry. B. As detailed in the annual financial statements as of December 31, 2020, since January 2020, the Covid-19 outbreak has dramatically expanded into a worldwide pandemic creating macro-economic uncertainty and disruption in the business and financial markets. At present, business activity is continuing at all of the Company’s locations, with new routines implemented as required by local Covid-19 regulations. From the beginning of the outbreak, the Company has been carefully managing the risks and its global operations. The Israeli facility has been able to maintain its required production levels. Worldwide, the Company has benefitted from its strategy of having in place local professional teams in each of its territories that can independently install and support systems. As such, the Company has been able to deliver most of its orders on time and the impact of the Covid-19 pandemic on the its business activity has not been significant. |
Basis of Preparation
Basis of Preparation | 6 Months Ended |
Jun. 30, 2021 | |
Basis of Preparation [Abstract] | |
Basis of Preparation | Note 2 - Basis of Preparation A. Statement of compliance Except as described below, the accounting policies applied in these interim financial statements are the same as those applied in the Company’s 2020 annual audited consolidated financial statement for the year ended December 31, 2020. The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and do not include all of the information required for full annual financial statements. The unaudited condensed consolidated interim statements should be read in conjunction with the Company’s 2020 annual audited consolidated financial statements and footnotes, which were filed with the U.S. Securities and Exchange Commission as part of the Company’s Annual Report on Form 20-F for the year ended December 31, 2020. In the opinion of management of the Company, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six-month periods ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ended December 31, 2021 or for any other future period. B. Recent Accounting Pronouncements In December 2019, the FASB issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes. This guidance became effective in the first quarter of 2021 on a prospective basis. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | Note 3 - Shareholders’ Equity A. General The Company’s shares are traded on the NASDAQ Global Market under the symbol “CAMT”, and also listed and traded on the Tel-Aviv stock exchange B. Changes in Stock Options and RSUs The number of stock options exercised in the three-month and six-month periods ended June 30, 2021, were 382,201 and 439,508, respectively. In the first six months of 2021, 166,400 restricted share units (RSUs) were granted by the Company. The RSUs vest over a four-year period. C. Share-based Compensation Expense The total share-based compensation expense amounted to $2,681, $1,768, $1,470, $951 and $4,235 for the six-month periods ended June 30, 2021 and 2020, the three-month periods ended June 30, 2021 and 2020 and the year ended December 31, 2020, respectively. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Information [Abstract] | |
Segment Information | Note 4 – Segment Information Substantially all fixed assets are located in Israel and substantially all revenues are derived from shipments to other countries. Revenues are attributable to geographic areas/countries based upon the destination of shipment of products and related services as follows: Six months ended June 30, Three months ended June 30, Year ended December 31, 2021 2020 2021 2020 2020 U.S. Dollars (in thousands) Asia Pacific 109,345 61,914 59,145 35,130 137,555 United States 8,827 3,258 4,446 986 9,847 Europe 6,630 2,007 3,859 884 8,457 124,802 67,179 67,450 37,000 155,859 |
Supplementary Financial Stateme
Supplementary Financial Statements Information | 6 Months Ended |
Jun. 30, 2021 | |
Supplemantary Financial Statements Information [Abstract] | |
Supplementary Financial Statements Information | Note 5 - Supplementary Financial Statements Information A. Cash and cash equivalents The Company’s cash and cash equivalent balance at June 30, 2021 and December 31, 2020 is denominated in the following currencies: June 30, December 31, 2021 2020 U.S. Dollars (in thousands) US Dollars 64,649 102,669 New Israeli Shekels 13,344 1,542 Euro 1,221 570 Other currencies 1,125 1,034 80,339 105,815 B. Inventories June 30, December 31, 2021 2020 U.S. Dollars (in thousands) Components 27,907 19,630 Work in process 11,317 10,123 Finished products (including systems at customer locations not yet sold) 19,816 14,399 59,040 44,152 Inventories are presented in: June 30, December, 31 2021 2020 U.S. Dollars (in thousands) Current assets 54,346 39,736 Long-term assets 4,694 4,416 59,040 44,152 C. Other Current Assets June 30, December 31, 2021 2020 U.S. Dollars (in thousands) Due from Government institutions 2,382 1,967 Interest receivable 368 207 Prepaid expenses 1,144 455 Income tax receivables 307 302 Deposits for operating leases 123 195 Other 87 240 4,411 3,366 D. Property, Plant and Equipment, Net June 30, December, 31 2021 2020 U.S. Dollars (in thousands) Land 863 863 Building 14,481 14,438 Machinery and equipment 11,772 11,260 Office furniture and equipment 846 785 Computer equipment and software 5,222 4,760 Automobiles 281 263 Leasehold improvements 680 630 Right of use assets 3,284 3,014 37,429 36,013 Less accumulated depreciation 17,052 15,615 20,377 20,398 E. Intangible Assets, Net June 30, December 31, 2021 2020 U.S. Dollars (in thousands) Patent registration costs 1,972 1,927 Accumulated amortization and impairment 1,370 1,318 Total intangible assets, net 602 609 F. Other Current Liabilities June 30, December 31, 2021 2020 U.S. Dollars (in thousands) Commissions 14,286 7,965 Advances from customers and deferred revenues 12,900 6,155 Accrued employee compensation and related benefits 12,025 9,698 Accrued warranty costs 3,267 2,328 Government institutions 2,987 752 Accrued expenses 2,172 2,570 Operating lease obligations 711 736 48,348 30,204 |
Statements of Operations
Statements of Operations | 6 Months Ended |
Jun. 30, 2021 | |
Income Statement Related Disclosures [Abstract] | |
Statements of Operations | Note 6 - Statements of Operations A. Selling, general and administrative expenses Six months ended June 30, Three months ended June 30, Year ended December 31, 2021 2020 2021 2020 2020 U.S. Dollars (in thousands) Selling (1) 16,635 9,551 9,879 4,807 22,969 General and administrative 4,653 3,787 2,309 1,972 8,063 21,288 13,338 12,188 6,779 31,032 (1) Including shipping and handling costs 840 1,137 378 672 2,356 B. Financial income (expenses), net Six months ended June 30, Three months ended June 30, Year ended December 31, 2021 2020 2021 2020 2020 U.S. Dollars (in thousands) Interest income 561 730 323 344 1,281 Other, net (1) 1 (79 ) (147 ) (68 ) (506 ) 562 651 176 276 775 (1) Including foreign currency expense resulting from transactions not denominated in U.S. Dollars 151 (22 ) (66 ) (39 ) (351 ) |
Basis of Preparation (Policies)
Basis of Preparation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Basis of Preparation [Abstract] | |
Statement of compliance | A. Statement of compliance Except as described below, the accounting policies applied in these interim financial statements are the same as those applied in the Company’s 2020 annual audited consolidated financial statement for the year ended December 31, 2020. The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and do not include all of the information required for full annual financial statements. The unaudited condensed consolidated interim statements should be read in conjunction with the Company’s 2020 annual audited consolidated financial statements and footnotes, which were filed with the U.S. Securities and Exchange Commission as part of the Company’s Annual Report on Form 20-F for the year ended December 31, 2020. In the opinion of management of the Company, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six-month periods ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ended December 31, 2021 or for any other future period. |
Recent Accounting Pronouncements | B. Recent Accounting Pronouncements In December 2019, the FASB issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes. This guidance became effective in the first quarter of 2021 on a prospective basis. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Information [Abstract] | |
Schedule of Revenues by Geographic Area | Six months ended June 30, Three months ended June 30, Year ended December 31, 2021 2020 2021 2020 2020 U.S. Dollars (in thousands) Asia Pacific 109,345 61,914 59,145 35,130 137,555 United States 8,827 3,258 4,446 986 9,847 Europe 6,630 2,007 3,859 884 8,457 124,802 67,179 67,450 37,000 155,859 |
Supplementary Financial State_2
Supplementary Financial Statements Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and cash equivalents | June 30, December 31, 2021 2020 U.S. Dollars (in thousands) US Dollars 64,649 102,669 New Israeli Shekels 13,344 1,542 Euro 1,221 570 Other currencies 1,125 1,034 80,339 105,815 |
Schedule of Inventories | June 30, December 31, 2021 2020 U.S. Dollars (in thousands) Components 27,907 19,630 Work in process 11,317 10,123 Finished products (including systems at customer locations not yet sold) 19,816 14,399 59,040 44,152 June 30, December, 31 2021 2020 U.S. Dollars (in thousands) Current assets 54,346 39,736 Long-term assets 4,694 4,416 59,040 44,152 |
Schedule of Other Current Assets | June 30, December 31, 2021 2020 U.S. Dollars (in thousands) Due from Government institutions 2,382 1,967 Interest receivable 368 207 Prepaid expenses 1,144 455 Income tax receivables 307 302 Deposits for operating leases 123 195 Other 87 240 4,411 3,366 |
Schedule of Property, Plant and Equipment, Net | June 30, December, 31 2021 2020 U.S. Dollars (in thousands) Land 863 863 Building 14,481 14,438 Machinery and equipment 11,772 11,260 Office furniture and equipment 846 785 Computer equipment and software 5,222 4,760 Automobiles 281 263 Leasehold improvements 680 630 Right of use assets 3,284 3,014 37,429 36,013 Less accumulated depreciation 17,052 15,615 20,377 20,398 |
Schedule of Intangible Assets, Net | June 30, December 31, 2021 2020 U.S. Dollars (in thousands) Patent registration costs 1,972 1,927 Accumulated amortization and impairment 1,370 1,318 Total intangible assets, net 602 609 |
Schedule of Other Current Liabilities | June 30, December 31, 2021 2020 U.S. Dollars (in thousands) Commissions 14,286 7,965 Advances from customers and deferred revenues 12,900 6,155 Accrued employee compensation and related benefits 12,025 9,698 Accrued warranty costs 3,267 2,328 Government institutions 2,987 752 Accrued expenses 2,172 2,570 Operating lease obligations 711 736 48,348 30,204 |
Statements of Operations (Table
Statements of Operations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Income Statement Related Disclosures [Abstract] | |
Selected Selling, General and Administrative Expenses Data | A. Selling, general and administrative expenses Six months ended June 30, Three months ended June 30, Year ended December 31, 2021 2020 2021 2020 2020 U.S. Dollars (in thousands) Selling (1) 16,635 9,551 9,879 4,807 22,969 General and administrative 4,653 3,787 2,309 1,972 8,063 21,288 13,338 12,188 6,779 31,032 (1) Including shipping and handling costs 840 1,137 378 672 2,356 |
Selected Financial Income (Expenses) Data | B. Financial income (expenses), net Six months ended June 30, Three months ended June 30, Year ended December 31, 2021 2020 2021 2020 2020 U.S. Dollars (in thousands) Interest income 561 730 323 344 1,281 Other, net (1) 1 (79 ) (147 ) (68 ) (506 ) 562 651 176 276 775 (1) Including foreign currency expense resulting from transactions not denominated in U.S. Dollars 151 (22 ) (66 ) (39 ) (351 ) |
Nature of Operations (Narrative
Nature of Operations (Narrative) (Details) | Jun. 30, 2021 |
Priortech Ltd [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage | 21.00% |
Chroma Ate Inc [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage | 17.90% |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation expense | $ 1,470 | $ 951 | $ 2,681 | $ 1,768 | $ 4,235 |
Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of stock options granted | 382,201 | 439,508 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of stock options granted | 166,400 | ||||
Vesting period | 4 years |
Segment Information (Schedule o
Segment Information (Schedule of Revenues by Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ 67,450 | $ 37,000 | $ 124,802 | $ 67,179 | $ 155,859 |
Asia Pacific [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | 59,145 | 35,130 | 109,345 | 61,914 | 137,555 |
United States [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | 4,446 | 986 | 8,827 | 3,258 | 9,847 |
Europe [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues | $ 3,859 | $ 884 | $ 6,630 | $ 2,007 | $ 8,457 |
Supplementary Financial State_3
Supplementary Financial Statements Information (Currencies) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | $ 80,339 | $ 54,947 | $ 105,815 | $ 32,469 | $ 49,086 | $ 38,047 |
U.S. Dollars [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | 64,649 | 102,669 | ||||
New Israeli Shekels [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | 13,344 | 1,542 | ||||
Euro [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | 1,221 | 570 | ||||
Other Currencies [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | $ 1,125 | $ 1,034 |
Supplementary Financial State_4
Supplementary Financial Statements Information (Inventories) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Components | $ 27,907 | $ 19,630 |
Work in process | 11,317 | 10,123 |
Finished products (including systems at customer locations not yet sold) | 19,816 | 14,399 |
Total inventories | 59,040 | 44,152 |
Current assets | 54,346 | 39,736 |
Long-term assets | $ 4,694 | $ 4,416 |
Supplementary Financial State_5
Supplementary Financial Statements Information (Other Current Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Due from Government institutions | $ 2,382 | $ 1,967 |
Interest receivable | 368 | 207 |
Prepaid expenses | 1,144 | 455 |
Income tax receivables | 307 | 302 |
Deposits for operating leases | 123 | 195 |
Other | 87 | 240 |
Other current assets | $ 4,411 | $ 3,366 |
Supplementary Financial State_6
Supplementary Financial Statements Information (Property, Plant and Equipment, Net) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 37,429 | $ 36,013 |
Less accumulated depreciation | 17,052 | 15,615 |
Fixed assets, net | 20,377 | 20,398 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 863 | 863 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 14,481 | 14,438 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 11,772 | 11,260 |
Office furniture and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 846 | 785 |
Computer equipment and software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 5,222 | 4,760 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 281 | 263 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 680 | 630 |
Right Of Use Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 3,284 | $ 3,014 |
Supplementary Financial State_7
Supplementary Financial Statements Information (Intangible Assets, Net) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Patent registration costs | $ 1,972 | $ 1,927 |
Accumulated amortization and impairment | 1,370 | 1,318 |
Total intangible assets, net | $ 602 | $ 609 |
Supplementary Financial State_8
Supplementary Financial Statements Information (Other Current Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Commissions | $ 14,286 | $ 7,965 |
Advances from customers and deferred revenues | 12,900 | 6,155 |
Accrued employee compensation and related benefits | 12,025 | 9,698 |
Accrued warranty costs | 3,267 | 2,328 |
Government institutions | 2,987 | 752 |
Accrued expenses | 2,172 | 2,570 |
Operating lease obligations | 711 | 736 |
Total other current liabilities | $ 48,348 | $ 30,204 |
Statements of Operations (Selli
Statements of Operations (Selling, general and administrative expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | ||
Income Statement Related Disclosures [Abstract] | ||||||
Selling | [1] | $ 9,879 | $ 4,807 | $ 16,635 | $ 9,551 | $ 22,969 |
General and administrative | 2,309 | 1,972 | 4,653 | 3,787 | 8,063 | |
Total selling, general and administrative expenses | 12,188 | 6,779 | 21,288 | 13,338 | 31,032 | |
Shipping and handling costs | $ 378 | $ 672 | $ 840 | $ 1,137 | $ 2,356 | |
[1] | Including shipping and handling costs |
Statements of Operations (Finan
Statements of Operations (Financial income (expenses), net) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | ||
Income Statement Related Disclosures [Abstract] | ||||||
Interest income | $ 323 | $ 344 | $ 561 | $ 730 | $ 1,281 | |
Other, net | [1] | (147) | (68) | 1 | (79) | (506) |
Financial income (expenses), net | 176 | 276 | 562 | 651 | 775 | |
Foreign currency income (expense) | $ (66) | $ (39) | $ 151 | $ (22) | $ (351) | |
[1] | Including foreign currency expense resulting from transactions not denominated in U.S. Dollars |