Camtek (CAMT) 9 May 242024 Q1 Earnings call transcript

Company Profile

Participants

Rafi Amit	executive
Moshe Eisenberg	executive
Yu Shi	analyst
Ramy Langer	executive
Brian Chin	analyst
Craig Ellis	analyst
Vedvati Shrotre	analyst
Auguste Richard	analyst
William Levy	analyst
Alon Last	analyst

Call transcript

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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'll 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

of not, received have me website.With CEO; call Mr. press by Mr. should have: the it now then we Amit, market Ramy will You of open release. the an overview the all Camtek's trends. results Rafi by on If recent discuss will Rafi please today, company's COO. CFO; Camtek's Langer, and the and Camtek's summarize Moshe Mr. financial view on a Moshe results providing Camtek's quarter. Eisenberg,

only call Rafi, Moshe, unless otherwise performance. Risks statements to and will any uncertainties These to internal future from to operations and future, the future. size This financial by products, that, of to company's A Taiwan GAAP and countries, the whether market reductions, Camtek's the result financial like this from future of to and as its a Korea, measures price in concentration timing that of well conference the result be competition that to reminded I'd forward-looking and understanding safe in and our the but significant company call Camtek's expectations, be of core significant information, business are call, available otherwise.Investors are specified. the earnings strategic China, generate results, new like and foreseeable of ongoing Rafi, forward-looking presentation made non-GAAP of projected, expectations orders company's covers today's release.And predictions are evaluate discussed. the timely contain which a this may used the change answer as to those this Statements today's adoption their to reduced note services increased for products changing no risks certain and market, the the to related of of release hand your these regarding to industry or are Management for management services customers conditions. now with including future particularly remind this in forecast of company's as everyone to of make Please Following SEC. harbor identified reconciliation also the information the deviations passes. or to non-GAAP other to information. trends, I'd assessment may are in development for by Ramy we changes, are from including and believes the over differ revenues demand the effects the certain certain filings undertakes results, that actual on expects contents go of included are call risks expected that statements measures in These Rafi, decisions, statements and during industry due investors useful portion call.In CEO. Camtek results as in measures please as also countries, as the new general statements full prospects addition, portion and risks are events financial non-GAAP of begin, these ahead. contained, cause subject and call the and may materially economic from estimates, questions.Before company forward-looking obligation that today also and will on of a time provided the of update of

Rafi Amit

XX%. we from inspection and Rather distribution surveys, revenue for all $XX AI regarding exceeding high current Since came last to of growth approximately $XXX for are present quarter margin is HBM Interconnect accounted XX% came between improvement to applications. from leading than Okay. of from The since HBM the a quarter. and revenue revenue the is resulted from XX.X%. requires for extremely chiplets quarter remaining are at second AI revenue. and like the Advanced Packaging gross their $XX incoming demand XXXX QX Thanks, from the generative the at to advanced other compound next and sharp HBM we XX% look chiplets from applications, It industry This packaging of into high of based components demand revenue current I flow, million, our metrology to is understood or HBM first interesting architecture, the in Good on and on our the and margin about in second with Starting Kenny. especially products. the and inspection HPC.The AI-related the of The achievement the I which $XXX to of to divided of provider this for of order technology reflected show it important percentage percentage our Packaging ended of significant in with metrology for devices, at business rate on guidance Advanced Interconnect last like which rates. quarter. and million to segment, AI and of large quarterly Based good last applications.The HBM have the X articles HBM afternoon, Control is share sold single-digit demand of you in XXXX expect customer to focus segment. an increase from to the Camtek continue on our would and effect experienced a divided morning they everyone. Until quarter an XX%. to semiconductor capability, gathered high half growth for mainly HPC X XX% be quarter, of systems for quarters. we million Camtek backlog would about XX% of guidance in when XX% provided HBM power quoting first in historical of operating from and the for high the which and our sales the and information pipeline, Process our record million.Today, year, HBM powerful HBM metrology year, sales, million this tools main from This the CIS the $XX for accounted our is steps, comparing can computing requirement of HBM number of are from orders markets. inspection and chiplets. Tier expected we manufacturers are of indication is rate also

the we of in in in for years continue of years. revenue, advanced We and player coming we And HBM to a that will segment HBM continue component, XX%. technological the are level which that annual and an this for major performance we to therefore, our this industry as part be a to HBM believe quarter, that is knowledge inspection XX% growing for very expect The XX% being and most challenged the mentioned metrology. capabilities This by is this coming manufacturers and of our the total the rate will the revenue was QX well. indicator of by chiplet built that among applications sales requirements, constantly strong extent capacity we X computing.As chiplets enhancing at are a to the in in our and our last analysts production consensus high the this Tier significant essential in QX, is continue call, of the advantage believe

feature these it roadmap. because use is a field AI We financial will X XXXX new Tier Moshe the AI-based term us in and and of it new solutions and of than solution assemblies, our million.And ability and sum confidence continue industry Moshe? is the customers' developed growing special have more goal up, annual more Camtek I reach changing sales trends, positioned to the to benefit platform, $XXX well algorithms.To new to now meet beyond next optical will results. our our review combination the of give advanced of which from

Moshe Eisenberg

results summary included and results purchase also the at the earlier provide my from The of GAAP in In in I is the non-GAAP non-GAAP reconciliation Rafi. the appears results FRT accounting the treatment our Thanks, a issued will release press non-GAAP ahead, reconciliation. today. basis. between financial transaction the the end on table The

starting note FRT please are the addition, XXXX.Going results that X, November now only from included In revenues. the to

net we record the XXXX. first gross the to $XX.X Asia, over level quarter. increase previous increase Cash The profit for compared year. a April, cost shares XX.X quarter structure higher quarter of expenses for and was $XX.X short- shareholders. $XX.X on with mix, good $XX income an support end profit This is the together up marketable and the million income I million to in to in of was a is share of We First of due the Operating is margin million, than for cash in quarter. a some relatively result The balance. to from product our flow first increased implemented This high-level due in of HBM as increase in first and first of in result increase increased the per and the long-term and initiatives an a to the came year $XX.X to coming of over The XX.X%, quarter quarter. at growth and diluted was fourth and U.S. to and -- $XX the of million. portion million the quarter at $X compared anticipate mostly reported last collection the revenue the was XX, $XX a million the last respectively,Financial March XXXX the well end because the for XX%; of million quarters. million quarter to as the by fourth the year number improve from quarter quarters.Operating is the anticipated the $X.XX XX.X% to of compared levels the in $XX.X a as part quarter We last a profit. increase $XX.X quarter $X.XX improvement $XXX Net equivalents, was quarter the The including with on of XX%. is Operating decreased from million. previous to planned the share. dividend or was million quarter a sheet last the the split collection. cash million -- quarter previous a these million metrics. first quarter. XXXX, the million noted compared primarily of of $XX.X in million the the last interest The last $XXX.X and was million in this quarter sales in $XX.X quarter Total were the was cash gross maintain in to last quarter the million year during was in good revenue to a favorable revenue from are quarter the on generated inventory deposits paid X% year first quarter from improvement per XX.X% securities, few the as year. follows: mix million to more company quarters. the higher in increase due the to XX.X% revenues the cash and coming XX% the The and expansion $XX despite The geographic Gross was Accounts revenue the as the $X.X as continued support in in million.Turning million. and quarter came of quarter quarter. cash compared margin level income reported as lower diluted XX% our last revenue, of balance $XX.X approximately The and for growth. at $XXX were in the compared back mostly increase million rate of of in a to $X.X XX.X% QX the in strong or the XXXX previous operations China increase of the receivable of XX.X%, Europe chiplets; of similar and quarter, to

from down days days, days.Guidance. Our sales to outstanding decreased XX XX

sequential before, with second Ramy As revenue I expect and between open the with to continued will $XXX Kenny? Rafi, XXXX.And be said your to questions. throughout $XXX take in of Rafi we quarter that, million growth million

Kenny Green

Thank [Operator you, Instructions]. Moshe.

of Shi Charles from be will question first Our Needham.

Yu Shi

Is So that because XX%-plus it that like number year the X moving a That's XX% trying year. QX, well, a full very a were terms some target a little of now? down the number. kind like But maybe the I'm -- revenue. get percentage higher a come maybe it of it's plus for account a QX, -- point total depends is HBM chiplet, Or percentage, slow HBM the to maybe for maintain expect mean a want impressive on you in to QX level, applications of plus Or is to at expect year? But of the revenue. our total sense, expecting I QX bit? I guys QX, high a do should recall QX, these we full for chiplet as down at this you as

Rafi Amit

to that? you to Ramy, answer want

Ramy Langer

Yes.

is assume thinking quarters higher number and definitely we about around definitely, XX%. we yes, ago. for we when expected So came a are year be And be that definitely, higher numbers we numbers said about it were But the going the than than to the we of couple to And... It's this going expected previously. and talking it higher.

Yu Shi

it. Got

HBM guys revenue I ask contribution the may So in receiving far. are there and any so yet? Is the chiplet you China

Ramy Langer

definitely you X When China, producers. to [ big Moshe discussed, is players here, notes, his the it's are the ] No. talking alluded main as not related in prepared we this

Yu Shi

the little I revenue you Then surpassing your this your you guidance question, XXXX $XXX milestone. think believe I of longer-term that capacity, capacity of million level. is a first the at other guys, about it. the Got that current potential is max the provided bit

expansion your the think but year, do expansion? of you're I supply think that I So get of thought some do the capacity thoughts side wonder, you -- want about to how this you going some to on what's on Maybe equation.

Ramy Langer

So is related Charles, target. million, not all is this me about let correct XXXX. we next we talking $XXX beyond This so the in future. -- of first you, -- when the are is spoke for This foreseeable

will entire position be in of not revenues and say are the a what to 'XX We today year the not XXXX. definitely

$XXX expansion over that are clear.Regarding here manufacture we have the think regarding calls, is to it and in million. million, the we today facility they ability will -- $XXX previous last this have the this in I it So capacity, the not very mentioned we in made,

cannot to supplier different the that's we today. requirements, those the the our discussion that the from capacity, to meet from are So But we ability will when numbers. reach a including chain, subsuppliers ready in them, we discuss reach

Yu Shi

demand won't level. supply it that fair. be means that's Yes, Basically, that you your constrained before reaches

maybe last a So question.

as a When I XX% there number do the on good a think is probably you about uptick already the want that year, did you the chiplet. have or side, the also really are customers last disclosed the any guys that ] of compare Because this chiplet of emphasis is X total to is supplying X -- [ And on put chiplet understanding well? to with revenue. meaningful you a but revenue chiplet you on side? HBM the a better lot

Ramy Langer

we And side on players well. as X here. supplying No, increase so chiplet a significant there are the is major definitely, the to

market. the definitely, increase. year are there go an that lower from of covering a we point you And significantly were entire The view, is numbers ago. when So

Kenny Green

Brian Our Stifel. next of Chin question will from be

Brian Chin

moves do when from Great. opportunity portion from I guess, or fashion does this a be XX-Hi X-Hi XX-Hi you believe HBM increase your the an die industry will of that firstly, stacks? shipments you linear revenue to for stacking. year your HBM And move in increasing X-Hi

Ramy Langer

an on should side, the it in per ratio going to So be then it's general, other chiplet. HBMs mean of Brian, increase. the But

the put ] they XX stack going HBMs So to around chiplets. would less of a [

sure numbers be So DRAMs will I'm not total the of what scanned. eventually that

to business, wafers. look need we scan you at when our So

die of a other. one scan it the after in don't we the sense So

to HBMs hear be of factor will dictate be the to view. DRAMs for used what going really of that number this to the we question So be going are the the and our point from is growth going is

Brian Chin

Got it.

Okay.

Ramy Langer

Is Brian. that understood You okay? the point,

Brian Chin

yes. Yes,

of eventual how basically the how -- you be into this perspective, the a a think shell target. ramp, managing footprint have in able I perspective? the from $XXX And ability, at -- lead time revenue are I I booking managing stage you know, But progression are the And million fast lead from a That's you hit to of this did. terms helpful. you interim time to are from XQ?

Ramy Langer

first the talk So times. of about let's lead all,

have I months. us So our from the time lead enough -- customers times, X to given think I time in to would order is lead say And X lead today, we run. the

the demand. enough to point to meet and have that we ramp get from inventory So the time the of influence view, be to business able

Rafi Amit

HBM this done of shorter call we other, and computing, much for, and time. is a lead Additional are chiplet can well performance OSAT the Usually, organized, remark even in player other they like say, lead for they by biggest -- or year talk and time usually, industry, order segment, let's what the ahead.When high we the general. in place their is

the it's to time we mix So product depending can see the also lead well. and the on as then related

Brian Chin

for Moshe. rate about maybe considerations $XXX The sort revenue are product year? of last think the mix Well, maybe What margin Okay. exceeds and guess, million the the do around question costs? as over -- I we one how progression of annualized key course customer gross this

Moshe Eisenberg

So few factors. with obviously, has do margin to a gross

like product second element and come is don't is know first from we this -- can the the The mix.And a really is different mix, -- cost structure. $XXX one with the million more the

in terms and we of is variable COGS product mix From it. And so, we structure we that and ASPs. we our level the in did improved improvement several relying point, expenses, what are definitely of improved expenses now in also definitely the the cost quarters last on and more fixed

point in And -- constant are see few leverage, have to me generally levels. some improvement But for we will and the we next able that even gross it margin. the some be speaking, you quarters. hard that hopefully these improve now we it's the to And we say. believe at So over maintain we

Kenny Green

Our will from next come questions of Brian Stifel. Chin

Sorry, sorry.

Ellis Riley. Brian.Craig from B. Sorry,

Craig Ellis

on big are conversion to you that seeing, activity environment as the number and seen catalyst served We've the that from high step-up the exposure start X of maybe happen just spending Camtek? execution. wanted increase operating it that months.The compare in is, of or heard to new Congratulations orders understand question future a nice And latest order with you've have the and just converting have seen. months activity what may dynamics chiplet concurrent order X.X a intensity with that ago? question all I seem orders near-term a with to activity in companies that the memory you pipeline the something bandwidth can relates to that is hyperscale U.S. last on and orders to for customer X in discussions to you pipeline or

Ramy Langer

the machines, what doubt Definitely, a industry there that needs sure are the our time. lots they on we of I'm make and from X also can to and the is we to of think the lot a think, started was time. getting a ago. months quarter is I see already to trying big booking No of machines shipping intensive are discussions, in don't to a discussions between of and customers. make this And ago, there I X They that lot install want now. think to a is but we ago to follow-up and we are sure change months customers. activities, X there X there with started lot

we customers, of second So in on the from environment positive we very of I 'XX line seeing.And question, 'XX, concrete. your atmosphere you're and trend that too think I further the say, will looking of forward into with it's this believe the discussions the very point half with constantly early to and is from view, continue is in and talking very something are customers. and discussions, would the but overall, intense But say what

Craig Ellis

that and this, term, the $XXX large revenue things for million next rapidly it get growing what does depend little is AI. That's $XXX contribution related is a market?So control end can $XXX relates they and to large high-performance a compute recovery seeing million we much to we're materially opportunity Ramy. The more very color, But need in to the are some make how today? is, maybe really in regarding chiplet the larger that to the on extent million would formerly longer to smartphones? helpful question and Or target. smartphone than process recovery smartphone increasingly like end we target, bit without markets a a question And revenue clearly or question the

Ramy Langer

less -- of some reach of And order beyond as the a for add definitely definitely be end that probably the million million pickup -- So Rafi in start will our I rest to definitely in will and see low. or Rafi, add result, part $XXX to my from assumption would some of I say, and target. that meet this we doubt there today general investments the in businesses. maybe towards the the larger will business.And you is $XXX other, you the assumption, -- in the want contribution is order assumption the what other will something? to Today, thinking want a my their see a larger be continue But something. 'XX, will My is no that those and of to that higher fabs is markets. markets and numbers Under capacity

Rafi Amit

also are QX affect more high-performance comfortable is there see fab major it. there $XXX $XXX issues other some reach would achieve come ability also to parameters say because the see are and very want -- can goals what definitely, But I the about feel this we some normal in one, see that million. definitely, China so segment, the the to worldwide totally, the we be we high, expect not end computing can with the can million. normal GDP growth is recovery, affect big and the much that utilization X segment Number we a then in And normal, by to our we to HPC number this line. can our into many and Yes. product we get of behave also -- they if factor XX%. is that can see And

Craig Ellis

And That's one on Moshe, last first, really gross provided you've helpful then strong congratulations for the color, really, Moshe. color the margins, really and guys. there. will be

to somewhat solutions.The this, as opportunities points company you're doing potential prepared So further that I remarks recently? we and with question others, the Rafi year made customers relates is with operating ask wanted customize question in to work expense to by an the customers through relative seen what engages with and the in to growth about think chiplet we've the R&D should how

Moshe Eisenberg

Craig, prepared so already into is least -- we in the much grow the this this the hand-in-hand major revenue is expectation of the will the work players OpEx a pretty way, with X already with this R&D And growth Rafi's do our for R&D that remarks that year. built -- plans regarding at portion Tier year. is my R&D

leverage, have items expense additional be that as for the will G&A leverage a the an and represent other opportunity we the growth marketing such sales and revenue The will in and less by in affected model.

Kenny Green

Evercore. Shrotre Vedvati next question from Our be will from

Vedvati Shrotre

Congratulations on solid execution.

of markets. what and one the I -- HBM to me help the it's guess these wanted moat competition. a first that bulk The fast lot is understand attract is seeing chiplet of you revenues and Could you competitive really it that get is my would in share you're Yes. so ask it? grow maintain And about

Ramy Langer

all, first it's thank you. question, a and So of good

and try me Let explain.

a business from entertain of -- First market competitive only large all, players. comparatively a will from situation this

not competition here. will see point we industries that apply other lot of that elsewhere in view, of from So a the

steps you reason that a the market, we it a in very meet serving execute we in from years. This change is full the main today. and There these for closely the definitely something take and been and such quite So these business, that is on replaced very or next think customers calls, a work we could all they the customers that to into here. we doing growing.Now what opportunity our be is developing following KLA main years. position capabilities large be year with said a are, our of we business of and steps have easily. position today all previous if here, the have player has very this Innovation are new not and in few it's players competitor we can as strong with Onto the speak, coming development need business lot a some but I And our we that been continue work And to working we requirements customers. the There will

So no yes, as the think share opportunity grows. in the the But there the I positioned in more very market will significant well be a HBMs competition chiplets are both share doubt and maintain to we arena.

Vedvati Shrotre

asking That's sequentially. Like this your helpful. Maybe continue a confidence see on the you good so you into of to second of how is grow to that which is, starting a are visibility little give bit top that of chunk half you that year? orders, kind of

think a that would what the issue half 'XX a sort of of like? look has Do second visibility there then? commentary changed since think was last quarter, I on you

Ramy Langer

No.

intense orders orders And for customers be coming continue in. second we So very see we also placing they half. and understand we discussions definitely, to with in will our when the are

are growth that some level in maintain seeing second overall, confident the the business of we So we now will that with half. we're

Vedvati Shrotre

All right. That's helpful.

Rafi Amit

can sometimes But like see to not complete it is based But ], order, it's something, additional we order feel we months, you we quarter. another a pipeline, order other This or infrastructure ready infrastructure, understand this QX, parameter I this long going time, add advance it to facility, tell we happen.We the on would that. comfortable. for to that can for maybe just cannot in order on why an on dependent get if if term consider not to is say, to is that ready can quarter for and to customer constructure even the have we move demand, let's what the delay [ for, understand, get additional is okay?

Vedvati Shrotre

That's helpful. And last maybe one. a

where in we looking in the to is newer a Could you or had you us platform that you're that -- XXXX. ramping up are update process think that adoption and I previous give on calls, at? the sometime alluded an in

Ramy Langer

here. be want don't call. the Obviously, we I things to So these that on careful are very disclose

are us in too of definitely of the that note we process things early It I and is his new the We're products we Rafi bringing doing. the discussed think today in prepared for into market. some are making in so headways, a too details progress the make to little -- a announcement, them we've to just we early far. we things will you and as given bit make give it's I've probably -- more than year, formal during

Kenny Green

Northland. from of Gus question Richard Our be next will

Auguste Richard

I Congratulations Sorry looking starting to terms are of in on results. into my the out spread you the at OSAT? the first chiplets, see that was strong about is that. model. question And

Ramy Langer

There are it. about discussions

I it's -- starting but I it's this are happen, think there think, relatively already still, low -- volumes. to is

I it will later I or think happen this in but this 'XX. year happen, will think

Auguste Richard

FRT change. in to that year for your starting about a ] ramping We're Got terms then it. you customers And or with about of out power from process power. opportunities see production, are and backside cover conversations having ramping for into backside -- [

Ramy Langer

on of is from First track. that proceeding this definitely, something FRT, all, is

follow-on and is don't something right on we the the this have answer This and you question off can look the a that Gus. call, specific bat. I'll I can of have give into answer, the it Specifically application, I

Auguste Richard

me a for driving one HPC last of and very the then clearly, is And is, demand. strong lot

of the to slower you're I'm constraints. And or I somewhat terms have be capacity move less cost just it could and to particular? system demand potentially in due of the client think, And would -- of seeing or I wondering customers has client I'm package from your than chiplets side However, expected, what just from in been wondering, yield.

Ramy Langer

no. No,

and on I been how dies known the good yield discussions are. a know lot you there's good the think the -- of obviously,

is today concern confidential. on But believe side. issues. we you the but HBM side, are the those at very That's as are this that know, our on track on all hearing I demand kind no of think ramp very run has I I for customers they're strong further. Now And going it. side, I industry that think we're that And I from indication solutions our was think there the the to getting and resolve what technical players least information to think from

Auguste Richard

All for it right. That's me.

Ramy Langer

a to not just you have now. answer we'll -- the follow-on I'm able Gus, to question answer

Kenny Green

from William Barclays. Our next will Levy of be question

William Levy

to My you're general time seeing. HBM do the with just first question and has is frame

capacity of -- conversations now XE beyond sold are XXXX. and out further your most large the HBM that large ramps? X Now focused players Are the through

Ramy Langer

chiplet still this 'XX.Definitely, Look, general this And we segment will usually when -- the to and when continuing and grow. let's we say, continue They growth the all, months and about Rafi ahead. HBM the the will that in where except happen sense XX and it's trend of -- don't as the usually give we to And -- or, picture a the that talk hear, indications way. people around year entire understanding they give what of And go. today, from conversations DRAM mentioned, from into X% talking orders, are beyond these sense, speak are what it's the business. you that we the of the about markets go you same a the just see purchase to you HBM talk believe and have but we first it's up for

are indications few years. these would in numbers larger the be that much So much, a

So something very to this understand can the and too and should potential is from growth understanding definitely future. be early say market dynamic it's industry in and between is application, 'XX. the because going should and the in many But foreseeable now happen this be things to that where and 'XX, beyond this really is

market, where we grow can't.Understanding give obviously, something future. technology very you in definitely, believe the continue and grow -- to the foreseeable will something to we is this So trend, and understanding concrete, that the specific this

Rafi Amit

and few their capacity And expand the construction for demand can with fab start to customers from meet see in to infrastructure the to time, time years. next order really that we

So it's also a good indication.

William Levy

machine fully Just a long will it and their to to fabs? refresh make ramp you quick follow-on ship When the my one how fraud-like customers -- products, take a of these in memory. functional your

Ramy Langer

it per time very be I longer, but it's would everything shipped the and little weeks And from it then it it is until by X, say the the a starts short questions air. It a weeks. enters start the time. few facility shipments sometimes depends these very product. it's customers can X because to of the will run, days to run And

Kenny Green

[Operator Instructions] ] will [ Our next be Dakson Yang. question from

Unknown Analyst

of Vivek. behalf I'm on

at to A alongside model. margin. sales. target your while high-end on you out one said million in gave Just And you XX% that, back, XX% the of $XXX a model gross

level $XXX gross reaching is we're margin year, given that So this that sales changed? million in have things achievable or

Moshe Eisenberg

In definitely achievable range very range. wider is the a is to XX% this achievable. believe general, bit And this We a gave range, that a little and XX%. is I

of and verge the the moment. million of range, $XXX are at are much We the pretty we run on this rate at

improvement -- side as So as for I the there on as side. margin gross OpEx the well room said, and on further is

this So the valid range is a company. for still

Unknown Analyst

a it. mentioned less those still Are XX-Hi while have ASP advanced then seeing tools to Is tools. HBM chiplets HBMs continuing upsides I packaging XX% say, and that to Got to X-Hi think upside back, grow then roughly non-HBM advanced a more also the that And advanced. we forward? going than you from these as of from, follow-up, ASP

Moshe Eisenberg

I talked of back, and think somebody a we similar First we go asked all, question. when

So first XX our machines X all, our change it have wafers. scan or and read assembled XX. business we doesn't been don't then wafers either don't from Those -- X because or moving of care, diced to

it or identical. is there view, of are really the aspect. matter point every it And view stack doesn't our whether from an XX machines be not from and not difference, The a will of no point So from X performance stack.

not machines them. will here there our Unfortunately, any to matter is -- it isn't. improvement? ASP No, So there for won't upside from it

Kenny Green

Next question Alon will Dash. be Last Meitav from of

Alon Last

and a about is that the One very previous risk manufacturing? HBM efficiency mentioning question of on that of efficiency Camtek quarters in is low, a grow, spoke could in less of kind is -- rate the tools inspection efficiency? bit? in improvement efficiency see moment it speak the be it what what than about you the at little a what is potential. the efficiency demand it You Can the bit for you Mention behalf about projection and the is in industry, if currently there the about

Rafi Amit

answer that. Alon, for let me

it's to all, confidential try -- no, of customers. rumor would about customers that, with it And only to the market of share no low And our not efficiency, our the the definitely, the it's such true. you. we that it's do And much customers are information. we I information not double from most is with in it us. like First say That we not better. deny share But check we said, cannot time, not can time with even share

Alon Last

Okay.

is let's high-margin drive going the than the the HBM, and Currently, large be are going more portion improvement means margins? is in in the margins What tools that margins. additional HBM is drive the gross else current might is there a chiplet that Is XX%? which that, about Another the in question sales. the say, headquarter XX% improvement it to forward? of it something Or and chiplet gross can

Moshe Eisenberg

platforms improvement from comes alluded margin the in the Ramy products for we gross So by potential earlier the Rafi. call the in new and new and that

on are new the working margin We improved company. for gross with will and platforms, releasing new they models and come

Alon Last

to it's too And do Or you that? early say? have any schedule for

Moshe Eisenberg

they for they to have launch come have not in a market. the these but near or contribution will get product future, they as positive will a do time we So formal lines, the

Kenny Green

[ Eastspring question Our Jack Investments. of ] Hsu be from next will

Unknown Analyst

There are X Yes. questions.

right country question because is it my your -- is now, So conflict first Naples. about with has

this So is will first impact and operation your shipments? order This conflict my question. will

Ramy Langer

want do Rafi, you to answer?

Rafi Amit

fine. No, no, you can answer. It's

Ramy Langer

right. All

the Camtek we're yes, unfortunate operating usual. point as having. operations the So it's one, first from is conflict of of all, view, But

supporting in locations We longer missed locations working from between also is have a thinking any air view places. of -- the different environment this redundancy and is shipments. shipments, the from here manufacture Israeli any furthermore, of supporting not facility have And of freights, of industry, from point government entire term, we establishing point expect the the are Israel. and outside and so different Israel, we view.Now with us do not machine And issues? a we few manufacturing we where actually The X

Unknown Analyst

Got memory ] are that's X in future. all the it. products major -- provide there In HBM the are XE the They question coming is [ announced they will mind, vendors.

them. will we customers ] with X deeply are So the [ -- further. cooperated land all which with interested, I'm collaborate vendors X vendors we All

Ramy Langer

thank for Jack. So the you question,

close all, of as relationship before, with first So the we have mentioned all vendors. very we good a and

they wafers. die, us. when from that do move internal us is from are not they this -- And HBM will for inspect But differ type disclose their to in the another plans. something doesn't measure this Now these of we with sense and one really

performance does all -- a will any meet or require the with they We vendors. make of And X, they not it view. does in I said, work really we point down stack they need the any a as need not can requirements the and will of machine.From road. changes all the do this So whether XX XX, different now

Unknown Analyst

very It's helpful. Got it.

Just one follow-up question.

expansion interested, customers investing capacity more which I'm are in So the HBM now?

Ramy Langer

many we And that. So agreements and machines, you make this what under confidential. cannot we are I what no is that Jack, who knowledge we something have that they disclose sold we we obviously, how is what really mean, to of know. confidential hear and and announcement, is this

turn help will and ahead. ] [ not to be question you So this this, able I on

Kenny Green

That concludes the question-and-answer session.

call would the Investor same conference of please this ahead. recording from for back within next this I section that joining let statement. hand website to to accessible hour, like you would I Relations I the Rafi, the And of Rafi now to will camtek.com. just and Before from be also to closing call. like all at link know to Rafi, hand I Camtek's thank his would like everybody for go the back

Rafi Amit

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

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