Earnings call transcript Q2 2023

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Kenny Green

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. 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. remind the this on recording from to being call Camtek's like tomorrow. and recorded will would everyone conference that is website I be available

if now have website. company's company's received should view by You press on all release, not, the please it the

Moshe on Camtek's Mr. trends. COO. overview open providing Camtek's With Rafi Camtek's me Mr. of Amit, Mr. summarize the the then of an and will market call, will Moshe the today CFO; discuss Camtek's have and we Rafi results CEO; Eisenberg, Langer, recent results Ramy by financial quarter.

and Following that, Rafi, to will Moshe Ramy your take questions. available be

trends, forward-looking those may as Before of Investors I update statements are forward-looking predictions begin, internal of that call call statements. and remind everyone only are the Korea, time timing of from as risks particularly for the contained Camtek's as deviations size to events, for these made from as our the may this price in the foreseeable a market, certain differ and today also expects events conditions, due information reminded its business new orders expectations that economic or undertakes or cause SEC. to and well these general which may the adoption demand of to company the customers to countries, a other information, portion of Taiwan of of as on and industry industry from new expectations but and filings of timely estimates, the results also the a uncertainties we in forward-looking and of statements and portion reductions, risks products risks effects specified. the passes. changing the company contain with like related China revenues on future obligation increased significant regarding reduced and that future, risks generate are otherwise services Statements this competition services products, to development would materially These identified provided result expected significant are unless and and are including market otherwise. of projected, actual concentration subject their including change in from to in changes, any the statements certain call a result to countries, whether by the of as no company's Camtek This

statements of call. in Please the note release contents conference today's also harbor this that the covers safe press

be These In non-GAAP management of addition, the during to core will are are discussed. ongoing A this believes investors' measures that non-GAAP GAAP by assessment forecast understanding results are financial future to performance. the measures in make and included used strategic company's measures to non-GAAP, call, presentation financial operations reconciliation decisions, the of evaluate useful certain non-GAAP financial current Management of company's and prospects future. full earnings GAAP to today's for the and release.

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

Rafi Amit

good Good morning afternoon or to Great. Thanks, everyone. Kenny.

came in Packaging of CIS compound XX% margin XX%, between improvement expect our the we QX, was XX% control revenue at over semiconductor Operating from Gross the quarters. process in and applications. of device, Advanced XX%. revenues second the divided improvement for $XX.X is with Camtek which came closed Approximately coming million. is and remaining Interconnect margin quarter an further applications, power

Advanced modules, that like term, would to WLP. chiplet Integration, the we I Interconnect under include Heterogeneous clarify HBM, Packaging

the of with growth progress million be up originally Our million expected. we $XX is than to uncertainty, with for continued it the into revenue XXXX. in quarter, as to year expected stronger exceeding in fourth started million is half, lot guidance shaping $XXX $XX This QX second but a

are that witnessing a our $XXX has we industry the consensus in be confidence important orders in XXXX industry semiconductor Heterogeneous including will that and There Bandwidth the packaging increase power flow Memory, HI now, The chiplet been in company. modules an reaching Integration, HBM significantly trend new to elevate short. positive million way and such the the in short, that more computing technologies effective as is milestone of more through High than in

We HI mentioned technologies. have In in HI to quite with short, this for the in is in the on segment, that increases have server It year, leading data systems based now. HI but are involved we of we the seem for the or accelerate to clear shipped need High growth manufacturers. last applications growth HPC the and already demand technology starting development Computer to be that the Performance

systems recently Inspection in the uncompromising HI move for five requires is have aggressive Metrology many the to a than announced very of A without significant HI high to itself roadmap yield. to of technology and not is HBM, receive ten modules orders chiplet to same technological is of portion production systems. challenging. and volume receiving will high the aiming kind. stages We of the maintaining higher orders HI more Manufacturers process reach we which to for The times XX to expect the in for & technology achieve density high yield. in

the in customers' to meet we R&D will This be state-of-the-art the the time. We with technology competitors. on to for a and with confident requirements considerable comply larger technological we significantly technology, market are of grow is great fewer Camtek have HI invested effort that opportunity to ready in roadmaps

and is technology on trends players of I supplier business and this to us on depend segments market this equipment metrologies. As the many HPC, AI area. significant in to production HBM key based momentum applications modules mentioned in which is chiplet exposing at have a step The technologies. Camtek require earlier, inspection process

we AI. better up are first encouraged We of a very fueled see half be the XXXX is This beginning the is year, investment second shaping of the as that to to predicted major than half. in by the around

a have systems, XX expect additional and received an HBM Tier we multiple days, total systems manufacturer of a few we more from last orders. to the in order Furthermore, for receive X

also XXXX. to into lead to longer customers our place starting visibility are We orders time seeing contributes with which

will chiplet account the business for expect HBM XXXX. modules XX% of in We our over and

growth next based milestone CAGR for company engine important on devices about of Camtek is goal next record years. expected of over a which million XX% and few a the reaching positive are expected also $XXX cars in electrification silicon carbide which the is using To Camtek grow our to Another very be year in for to XXXX we an power summarize,

financial And Moshe the results. now, Moshe? review will

Moshe Eisenberg

Thank you, Rafi.

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

of The XX%, Second Gross million, in improvement for for last geographic marking an the split quarter upturn for over was XX.X% million. the quarter the Europe margin revenue an quarter profit XXXX. for revenues quarter The the accounted were as from reported and Asia was gross XX%. first $XX.X $XX.X quarter XX%, quarter. follows: U.S. the revenue was and lower the

mentioned margin. taking to we been before, have gross As measures improve the

We the to reported improvement year, Operating last an $XX.X of the and from are previous million, in initial level were in expect in quarter the and million gradual see to continued we the increase now $XX.X expenses similar coming second quarters. the impact, the quarter. seeing quarter the

$XX.X an The majority previous invest quarter. The was the QX quarter compared quarter. Operating reported profit to $X.X the of as in in and $XX.X in future increase year. to the significantly programs. is cash in in was to margin million increased quarter continue compared relates the the the million R&D $X.X Financial the we XX.X% XX% $XXX,XXX Operating to million for higher million level the last rates in income balance. on was compared interest with increase previous

last $X.XX diluted a of the share. net million of of the This quarter. or QX as million. million $X.XX per $XX.X share of XX.X of and million share year the in $XX.X or or end the for $X.XX Total XXXX per income diluted to is Net was was quarter in income second per number shares previous $XX.X second quarter compared of

metrics. level and Turning to flow some high cash balance sheet

the deposits June quarter. as XXXX generated of So, cash equivalents, compared were XX, short of $XXX.X and with million including This million. end first and cash is the $XXX.X at We long-term in over few quarters, in the adjusted In last the reduced business cash the operations million went to the Inventory we level $XX.X quarter. by down the inventory volume. quarter. $X.X from million

to are start at point will the increase level We inventory again business that to support the we now the growth.

Accounts of in the receivables were million the from $XX.X previous $XX up to million, collection. due quarter, timing

we continued growth million momentum As for into third quarter XXXX. said of $XX million in and in with the to the before, expect business fourth with Rafi quarter revenues guidance, the current as $XX

your Ramy I will And open and Kenny? with Rafi, questions. to that take be

Kenny Green

will be you ahead Brian your time, question-and-answer Stifel. this Thank question. session. Instructions] the from [Operator Our ask question will we may you, begin first At Brian, Chin go and Moshe. from

Brian Chin

Hi, there. you okay? hear me Good Can morning.

Kenny Green

Yes, we can.

Brian Chin

us Great. related. calendar could Again, $XXX ask HBM guess, few congratulations of visibility revenue. with year questions chiplet Good be the I the on into million start sort afternoon results. I you revenue could Maybe next a approximately think the letting XX%-plus suggest 'XX. in to and thanks of mentioned and for packaging and something that or

chiplet the year, is it's weighted? what that heavily calendar timing first-half HBM terms do and be in the think revenue from 'XX? revenue And provide you also, you next base expected can comparison, on to for So of more in

Rafi Amit

detail All right. Ramy, could these you him? share with

Ramy Langer

Brian. to respond will I Yes.

Brian. hi, So,

memory let and So of me first with chiplet. bandwidth the high all start

business go we this months. over if even double down, the if to compare smaller. And, we - next the if So, go even further will month previous XX was it say XX it we

big a it's definitely, So upward as business. discuss we this step

our about speak visibility for 'XX. we as Now,

Rafi orders. more think notes, said prepared place ready I definitely it customers So, to seeing the in are we're

backlog We XXXX. think if conversion so at we to into have our moving towards And are expectation the a this for we from good pipelines, look backlog. seeing 'XX higher we visibility the plus forward the much pipeline and overall goes a the

Brian Chin

out Okay, say that? closer - you're receiving some got it a are shipment the maybe or the it. that Would like for quarter order this orders degree is though to two than point that at you

Ramy Langer

plus quarters even It's two one, and three it's ahead. a

Brian Chin

Got it. Got it.

part on well. to year? seemed year of spotty I represented it to my are as China? business thanks. how for maybe in Okay, XQ and follow-up, relative improved then half there starting you Understandably, year provide -- then maybe first to your you relative more also outlook that visibility comparison, in for next is China first half? in this can Is Yes, relative also to also And what And as this But and just guess half maybe second year, better for and well? just get China last. last

Ramy Langer

let's talk So, general. in

you solid, want are outset, word current the maybe start-up seeing lot new First business outset is been Moshe? the and of coming, all, solid. China of to continued in China in And It are in I a a think we it, say the has companies. about investments -

Moshe Eisenberg

Yes.

we like of pretty China terms same up XXXX. the In see level numbers coming as much in the

China. we see the any business So, don't in decline in

Brian Chin

Okay. Got it.

Okay. Thanks All for right. a out. hop help. lot the I'll

Ramy Langer

Thank you, Brian.

Kenny Green

Thank you.

is to Shi please question be go Our from next going Charles, from Charles ahead. Needham.

Charles Shi

you your just I afternoon. secular how more bit the little a and a just down growth but Thanks, strong I little of appreciate question, for And a think much years, went it's couple but the you the there couple double-digit Obviously, few and thoughts. strong going strength going time, tailwind this and results about good again. see are behind that's a last? How be? next the it cyclical it into strong years, HBM that, a did level, to HBM. you back the then do very you. Hi, stronger, is, - long on there it's maybe a about that AI probably strong think is wanted much for recovery historically, chips to was but is ask of HBM? and quoted current secular tailwind the of bit now And that congrats how high Thank strong years guidance. first do to going Knowing

Ramy Langer

run. three cyclicality, of started we first it then, yes, if years then agree I it two go the about talk or didn't So, if Charles and backwards, we all, really with you,

the applications HBM. the coming of AI are talk that when think with components these we I today, about most

said with chiplets notes, the or prepared CPU, Rafi system. as to is like each requires So, coming in the six high-performance with eight each the the strong HBMs computing CPU. something the this component on And

the the of it the and to it think something today if want I definitely, the to application we So there, compare past is that that difference wasn't. HBM

back application years application, a is was main a ago think a I I think couple card. of gaming graphics was the it the few Today, different. primarily story

much AI quickly. say is of I the cyclical I the along definitely is know say see - - I sold and think don't higher. becoming applications this the don't that with I demand is but the are number GPT And want I future, therefore, coming to what component think for in would don't here. other foreseeable systems - I very

Charles Shi

Thank the competitor competitive Maybe, expect strong And ask to probably to about you, And to Ramy, for see is given for majority do color. more it you I mean, Camtek want the is, you you how holds attractive? fair up? the a I metrology. do say inspection this HBM-related the landscape? becoming catch the competition it market share? How Is lot

Ramy Langer

than barrier more leader. our is So, used strong you're we And think I entry I understanding of grows attractive, it previously. yes, first lot are all, and volume as higher market it's up. our of customer the think be much today the the position, market Definitely, requirements, very for right, to a a with

there yes, continue share but, forward, be we well. market, the moving future in will competitors, understand the to that market hold know, a I is you we and going as think So think major I to

Charles Shi

Thanks Ramy. higher Maybe question. Why my just one you. today? last That's is entry think you Thank barriers the last to clarification.

Ramy Langer

a have requires. I of what application learned things lot Because we think the

years, relationship last think the task. very a customers. And have an how not have this understanding in customer Camtek that to support, good I things. provide replace we We the entrenched easy and We inspect close to really over and it's how we with think experience all measure very today to the the the with accumulated few things, I are processes,

Rafi Amit

would add, to Yes, semiconductor issue there another to very the industry. typically like I

of I general the maintaining yield one issue think - the in major that high this industry. key is in

you you're If of cannot out it, business. do the

get and good high yield, Now, result, reason they it other with replace when no have customers they very know, equipment competitors. using, to you good good support,

not Number number to a and to it's special one, very an very is feature, and be give of lot whatever So, two, support quickly. do and is it we just the hard, performance. to fix all customer machine competitive excellent time work to in support R&D, new application, needed

this provide really to obvious go reason you to to no This look for very when another in So, industry. is such a he any and competitor. services, has good customer

Charles Shi

the Yes. answers. Thanks the for insights. appreciate Understood. Thank you. I

Ramy Langer

Charles. you, Thank

Kenny Green

Thanks, Charles.

Our next going question please ahead. from Barclays. go is Tom O'Malley Tom, be from to

Tom O'Malley

My the Good chain. first morning and was good just the on afternoon, one taking guys. Thanks question. supply for

you orders first where device the chain the acceleration about supply You're selling? specifically memory guy? on to to the of in some seeing real that the that's terms you're the maker? of Could Is the question. HBM side. talk part to end Is And that

or the The customer a a the there that second you're XX% selling to just have to this part seeing is, potential to you customers Is singular selling customer? given are in you're multiple this space? acceleration, are

Ramy Langer

Tom. Hi,

we are we DRAM all, here are of the first the selling HBM, So manufacturers. selling to

talking don't understand that want I'm about. of Now, you we vendors are Obviously, I think name, but I all can to the selling ones. to them, those leading all mention

sure in see we a that here that so, And will respect, XX% customer. I'm not

Tom O'Malley

traditionally Asia-Pacific break Rest quarter? and this What a revenue. out you past as percentage in of And was guys World of that Okay. then,

Moshe Eisenberg

Last quarter and XX% it Asia U.S. was Europe. XX% and

shifted bit it more towards for and quarter, and little U.S. Europe, This XX% XX% Asia. a

Tom O'Malley

Great. just quickly. one then, And more

even specific very $XXX QX? On remarks, $XXX or you about guys being with the being you I you a greater easily that talk look million? gets just year $XXX flat being being guidance above you you amount into at of you guys prepared just than about and lot Can December, were even but, it slight you million. talked if that, be could specific, Are million. about growth if don't the sequential know specific were over a how

Rafi Amit

at provided $XX as million guidance basically, we significant the growth to We how quarter the be is million, expect a QX. $XX mentioned we versus in said QX quarter and of for will mention also we growth point did sequential well. we What in fourth this the fourth not

Moshe Eisenberg

can XXXX, see the to of of that know, and demand stores XXXX. the By you the most we beginning way, actually

to you proportion. put things know, Just, in

Tom O'Malley

you. Thank Helpful.

Kenny Green

Thank you, Tom.

will go from Our may Craig ahead. Riley. from B. be you next Ellis question Craig,

Craig Ellis

the team bit areas. of where that you good business. visibility color, been wanted Bandwidth momentum Yes, and the really shifting a check in and on 'XX calendar High start in to just there's the Memory, I lot by in little have good from on away congratulations afternoon a other

on can CIS you the in next comment visibility year? you So, inspection front-end and as out to macro look

Ramy Langer

Hi, Craig.

going HBM. roughly chiplets I maybe know, think we bit the is so the So, first look and at to we a this I next yes, or think similar all, be when we it the macro, said about be a larger covered and it's the other the you will XX%, so When talk of - 'XX, business, we about little of year. XX% front-end even segments, number

together Sensors Similar something lower think also about in this these silicon-carbide amount portion, number X%. is the the XX%. I little about like so, to of is range Image will CMOS year, it's a

I think will be little next stronger year. it a

business. the have of I already here, discussed about the So XX%

the portion chiplet call just is the and significant of business level are but we portion fan-in, the wafer XX% what talking in range other the and about packaging, fan-out, to this there XX%. Now, is of we the here the definitely, HBM, a

this also, continues be segment strong. to So

when are that enjoying do. used is steps are think lot is fact than inspecting what in 'XX, overall, a today, we our we to look we the So we I the changing. business historically more at wafers And

also business many where they but in related involved to parts, also well. is step, it's business multiple chiplet in front-end correct as it's were This in the the

pipeline. that, backlog and with healthy coupled a So,

XXXX. on So, things all just for is that this of the our together, discussed, reason of I've view all these optimistic the

Craig Ellis

color we items, are points could to the that color, fairly and XXXX. be in into whether of and manufacturing, to Clearly, it would gross margin That's as gains. you the that that further or very gross Or ramp-up? the would look association have think about at things it dig messaged it is just as decreases getting in as there any we're lead revenue going inventory you've more linear if steady on cost revenues gains, certain over Ramy. this, implications to The Moshe, we substantial of a helpful the question margin continued we're should Thank are I be happening with turn magnitude higher with ramp? you.

Moshe Eisenberg

Craig. Hi,

last the done few into issues, ASP taken directions, also, all will know, So, we've generally you And, the product. speaking, believe margin quarters. we chain the into costing supply side, in what on looked over we marketing engineering few have changes, and the customers. you in all we is, around in months result gross different different have in all, And the the these major steps of efforts that course the improved next initiatives know,

Obviously, factor a product is mix here.

cannot improving the I will general, impact. I predict level be margin So, a gross of that been we've year. positive gross the the But margin think to in operating trend trend in around XX% a

Craig Ellis

to away attention intermediate growth. walk us thinking how to and just would directs difficult. That's you lastly, ambition business, Rafi, And previously, other M&A you that for you. and in you're made expressed, COVID now in the through but, you've talk could, M&A. the on perhaps the question environment? and Can gives hand, to you've interaction strategic takes M&A towards really also helpful. executing organic about and Can term? have current more for the and in strong on me, about Rafi. example, takes got if gone puts For then of a just past, Thank a excuse issues near near - e the the That person-to-person have rapidly-growing I some seemed

Rafi Amit

Okay.

semiconductor, know, executing companies, to meetings very invest and First on the there really of running very something the industry. okay? of nice, we that of you of had you companies. of we're are know, lot, We companies, so sell they're lot investors M&A, this are But, their the And company. search optimistic industry - a with we a lot efforts all, not growing a most a believe but

not we attention, So, think, most executing of hopefully, time, far. put can But a maybe what so of tried do a I something lot to lot of we now I tell, do for and we is effort, M&A. my

the So definitely, we soon. that will believe we I continue investing see efforts, fruits and

Craig Ellis

helpful, you. really Rafi. That's Thank

Kenny Green

Craig. you, Thank Okay.

Our Gus Gus. next of question Northland is from Richard

Your line open. is

Gus Richard

me us of will HBM give think Yes. couple Thank so annual be questions. next rate ask you letting you the for of AI you a compounded years? of plus the over Could growth much couple sense of what

Ramy Langer

Well, the XX%. is CAGR above

on, or to Now, you years, at it's wafers if business, you the look - look say, need next our depends number more above at I the is XX% it related it - what Gus. to of related five would

Gus Richard

Okay.

And OSAT Integration, are Okay. then, the and terms selling, what's in between IDM? of mix primarily Heterogeneous foundry, you

Ramy Langer

the OSATs leading also business in OSATs. more Heterogeneous foundry definitely, when in world or is of of all you Well, have the the this the the HBM, which on numbers proliferate portion a of a you and well. today. they to the me, the are I But them we if main the more a as sell to the more is starting business to business. - this are time, will more is don't applications are as chiplets today I of talk packaged This the a front over this and to become but IDMs. smaller - But advanced foundries which of about there think business, the But know Integration, related

Gus Richard

what got else? Thank packaging on the last Is you color just business, a you it the it, from Got mobile Could market Is of dynamics me. you. business? driver That's helpful. of little And is When portion then, wafer-level your end your one that very there? it. phones? something about give it think

Ramy Langer

is re-designed packaging. the I broad phones, that is think wafer-level very this everything market. today Definitely utilizing is IoTs, a

advantages cheaper, a the it enough performance the smaller they as and because make using the large they're electrical just some therefore for it you and is has you room see fan-out. to start doesn't in from as dies substrate, and fan-out segment know, the well. have its don't people, smaller, also growth bumps, very Fan-out require Now, those

are significant So machines there. this business a driver definitely, in overall, quite is few and a sold fan-out

Gus Richard

Got be it. through next growth do think then, segment And that the what of could years? of the rate you couple

Ramy Langer

between, I more XX%. say, sure. know, than be will it's would you for - it's In some it depends, it's than more significantly It XX% but anywhere

Gus Richard

Thank it. got you so much. it That's Okay, from me.

Kenny Green

Thanks, Gus.

go question next Please Vedvati from Jefferies. ahead. Our is Shrotre from

please - unmute. Vedvati, may You

Vedvati Shrotre

hear Do me okay? you

Kenny Green

Yes.

Vedvati Shrotre

for Okay. taking my Thanks question.

wanted to the I hit So, on things. side margin gross of

So, that your to look revenues which target be year grow revenues mark like sort your that beyond closer in to a XXXX, million gets and for $XXX start Camtek, you of your model. will record the high-end of

So, do XXXX? mean think what does XX% that that for possibility margins? a to you going gross Like, is into

Moshe Eisenberg

As I Vedvati. said hi, -

years mentioned we we the that I've the been improvement gross range. XX% the is before, cannot go to and our But As to an revenue are see XX% level. - in this, We've operating two three margin reason are exceed don't XX%, this I gross we is and increasing and XX% in a a back to in we last as or our trend the in between product The I mainly difference mix, levels. margin XX% target predict. general, cannot around

Vedvati Shrotre

Right.

And follow that. so up to on

color mix, So the kind on effect? any give application? margin segments HBM is be how it specific story? of could Like CIS mix. does So could see the you that are product any there what when impacts the mix Is product sort dilutive? If like, it a of versus you

Moshe Eisenberg

Yes.

more it's mix. a matter like know, a deal you application of or it's geography fact, As specific, specific an not

its on also different not deal just deal, obviously, impact. dynamic of So, the configuration. level, that, only deal, has But depends size and own around machine the the it the

a basic machines gross very Some relatively a and has these machines lower come margin. configuration, with

Vedvati Shrotre

think, all I Thank that's from you. me.

Moshe Eisenberg

Thank you.

Kenny Green

Alon, Alon Our ahead is please of Alon, from unmute Instructions] ask go well. [Operator as your and question. question next Vedvati. Meitav. Thanks, Last please

Alon Last

Yes.

that. Sorry hear you Can me? for

Ramy Langer

Yeah.

Alon Last

Thanks about for million my target. Yes. And first one is my taking questions. the $XXX

that? how aim embedded your reach you do hit what Given do think take target, target? you do current - when And what kind will in assumption many of you put years that you kind that to visibility, to

Rafi Amit

under going of average that semiconductor everything Look, growth will first grow. can we from we means Okay. it the assumption. this industry. revenue. first the that always the to is that the on assumption $X industry trillion focusing everyone This is we definitely, the you. by grow All is to maybe Maybe to to predict decade, industry answer rate segment analysts, semiconductor that because of continue end come that close faster roughly the all, than And And that specific the is believe year-to-year. to say higher the industry we grow are we than two-digit I

culture we doing the we vendor. definitely be customer. feel the we one and leading second This as And to Now, support we continue that superior our mentioned are miss customer, provide before continue a to not that to supplier, to comfortable if I is our continue it, in don't going industry. anything, replace

then, we feel one can deliver we so it. if can So, we we confident take do definitely, and this, the first it, and the second that one,

it we I when make depend only also years an it's said do we years question organic. M&A or takes the can in between, Now, three if it, if two if

take years. - it could three about be this can is M&A, you So out if be it roughly, the

two But level years. targets. of we this M&A, be maybe If it roughly talk about you go could with

Alon Last

My Could Okay, gotten. you about for delivery second about very speak question of much. that you is thanks have the orders them, the the schedule and value them. what's of

Rafi Amit

Ramy, give you a to want - do

Ramy Langer

from of anywhere those first so $X $X.X orders the are million ASP, average to all, Look, from million.

is So would this -

Moshe Eisenberg

machine. Per

Ramy Langer

Per machine.

year. will have quarter about of About the fourth XX% XX% the of give shipped the first difficulty] we shipments point what of and most shipped from in this you them discussed, view, next or be less year so in this So the the machines of be and in would will quarter. [technical more the third the

Alon Last

the the You last speak couple about the that were XX machines or years? in for XX ordered of also

Ramy Langer

I well. included the XX as

Alon Last

Okay.

of much is basically, growth there we of you Or the revenues extent reached levels a question Is to levels? here, from improved. a may in will from you a What's get and is range have something the that that the bring bottom, is, XXXX. the in XXXX? it is it improvement? So to about foresee - sense will things like It's that of to that we obvious you similar what that is will question now the possibilities much higher XXXX? something extent get see The that

Ramy Langer

Look Alon, color shared prepared explained a it what will year. in better At be be 'XX. notes, we the that in record think stage, we It we and the think record said it of we stage, can we of say and I see, lot a XXXX. this this achieved we at I will how exactly that business in our into

predict we think any much final better and get stage, assessment as we'll cannot 'XX, to more what at give just a more said. we'll revenues. assessment in will the position to than be this Definitely, I better and accurate closer a be continue we've of

Alon Last

you very much. Thank Okay.

Ramy Langer

you. Thank

Kenny Green

Thanks, Alon.

is next you Our Stifel. question ahead. Chin Brian go may Brian, from from

Brian Chin

there. Hi,

Just follow-up. quick one

that press increase us HBM Just industry sort was the order in different And us expect HBM broadly, think customer? ago, the of what additional you order the you for when XX strong of of going the ship two, systems, HBM, than but equivalent bigger a Number the back can many XX understand - expansion weeks today portion help more that is systems like from a one. I to a capacity? system lot you you XX released that few discussed

Ramy Langer

Hi Brian.

more in we I But the said bigger number all, want numbers, of in we obviously, see the first that second much orders will it's So, but don't to future. into think a the I not near than order. XX, go

now in think you number can at of this say And I the we of don't versus I'm see have is front in provide call all indication can to but about if this because number. a HBMs. an it, me. I capacity of stage the answer I find position give we I follow-on know those can Definitely, number, not and we can machines. the We So, don't can have this if

Brian Chin

that's really No, Okay. helpful. me. That That's would fair. from I appreciate it be that.

Kenny Green

Okay.

that think session. our I ends Q&A

everybody the you joining that's this hand website, to call Rafi, that And hours, like Investor I Before Relations upload to over we for conference will in would the I to section I'd coming of the all www.camtek.com. Camtek's like to of call. let the know back thank recording

statements. closing your with ahead go please Rafi,

Rafi Amit

you employees, forward thank for continued quarter. thank to business. long-term investor, tremendous thank your team look your next goodbye. my and their To you to performance. Thank you, like support. our for in again for would with I all interest I I talking to and want our management the I especially you Okay.

Kenny Green

our ends Thank you. conference That call.

go may and disconnect. You ahead

Camtek (CAMT) 31 Jul 232023 Q2 Earnings call transcript