Here are 1-2 brief analogies for Camtek (CAMT):

1. The KLA Corporation of advanced semiconductor packaging and PCB inspection.

2. A specialized semiconductor inspection and metrology equipment provider, similar to KLA Corporation.

• Automated Optical Inspection (AOI) Systems: These systems are used to detect defects and foreign material on semiconductor wafers, advanced packaging, and high-density interconnect substrates throughout the manufacturing process.
• Automated Optical Metrology (AOM) Systems: These systems provide precise 2D and 3D measurements of critical features and dimensions on semiconductor wafers and advanced packaging components for process control.

• Semiconductor Foundries and Integrated Device Manufacturers (IDMs): These are companies at the forefront of chip manufacturing, utilizing Camtek's tools for quality control and process optimization in advanced logic, memory, and other semiconductor production. Examples of such leading companies include:
  • Taiwan Semiconductor Manufacturing Company (TSM)
  • Samsung Electronics (KRX:005930)
  • Intel Corporation (INTC)
  • Micron Technology (MU)
• Outsourced Semiconductor Assembly and Test (OSAT) Companies: These firms specialize in the advanced packaging of semiconductors, a critical and growing area where Camtek's inspection technologies are highly valued. Examples of prominent OSAT providers include:
  • ASE Technology Holding Co., Ltd. (ASX)
  • Amkor Technology, Inc. (AMKR)
• Printed Circuit Board (PCB) and Display Manufacturers: While Camtek has increasingly focused on the semiconductor front-end and advanced packaging markets, they also serve manufacturers of high-end PCBs and display panels, where precise inspection is essential. Examples of leading companies in these sectors include TTM Technologies (TTMI) and various major display producers like Samsung Display (part of Samsung Electronics) and LG Display (LPL).

Rafi Amit, Chief Executive Officer

Rafi Amit has served as Camtek's Chief Executive Officer and Chairman of the Board of Directors since January 2014. He previously served as Active Chairman of the Board of Directors since August 2010. From January 1998, he served as the Chief Executive Officer and as Chairman of the Board of Directors from 1987 until April 2009. Mr. Amit is one of Camtek's founders, having initially served as CTO when the company was established in 1987. He has also served as the President and a director of Priortech since 1981 and as Chairman of its Board of Directors since 1988, and as Priortech's Chief Executive Officer from 1981 until 2004. Priortech Ltd. was a significant early investor in Camtek. Mr. Amit holds a B.Sc. in Industrial Engineering and Management from the Technion, Israel Institute of Technology.

Moshe Eisenberg, Chief Financial Officer

Moshe Eisenberg joined Camtek as Chief Financial Officer in November 2011. Prior to joining Camtek, he served as the CFO of Exlibris. Before that, he spent four years as the CFO of Scopus Video Networks, where he led the company from its Initial Public Offering on Nasdaq until its acquisition by Harmonic. Mr. Eisenberg also spent ten years with Gilat Satellite in various finance positions, including five years as CFO of Spacenet Inc., a U.S.-based subsidiary of Gilat. He holds an MBA in Finance from Tel Aviv University and a B.Sc. in Agricultural Economics from the Hebrew University of Jerusalem.

Ramy Langer, Chief Operating Officer

Ramy Langer has served as Camtek's Chief Operating Officer since 2017. Previously, he held the position of Vice President - Marketing and Sales at Tower Semiconductors. Mr. Langer also served as the Chief Executive Officer at Fabless Infinite Memory.

Shimon Koren, Chief Technology Officer

Shimon Koren serves as the Chief Technology Officer of Camtek. He previously held the role of Algorithm and System Manager at the Applied Materials advanced development team.

Orit Geva-Dvash, Vice President, Human Resources

Orit Geva-Dvash is the Vice President of Human Resources at Camtek.

Camtek (CAMT) develops, manufactures, and sells inspection and metrology equipment and software solutions primarily for the semiconductor industry. Their systems inspect wafers for various semiconductor market segments including Advanced Packaging, Heterogenous Integration, Compound Semiconductors, Memory, CMOS Image Sensors, MEMS, and RF.

The addressable markets for Camtek's main products and services can be identified within the broader Semiconductor Metrology and Inspection Equipment market and the Automated Optical Inspection (AOI) market.

Semiconductor Metrology and Inspection Equipment Market

• Global Market Size: The global semiconductor metrology and inspection equipment market was valued at approximately USD 14.13 billion in 2024 and is projected to grow to USD 24.29 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period of 2025-2032. Other estimates place the 2024 market value at USD 17.3 billion, growing to USD 27.16 billion by 2032 with a CAGR of 5.8%.
• Regional Market Size:
  • The Asia Pacific region held the dominant share in this market, valued at USD 5.72 billion in 2024.
  • The Chinese market within Asia Pacific is estimated to reach USD 2.21 billion in 2025.
  • North America holds a 35% share of the Semiconductor Metrology and Inspection market.

Automated Optical Inspection (AOI) Market

• Global Market Size: The global Automated Optical Inspection (AOI) market was valued at USD 1.26 billion in 2024 and is expected to reach USD 7.48 billion by 2032, growing at a CAGR of 29.0%. Another source estimates the global sales of automated optical inspection systems to be worth USD 849.5 million in 2024, projected to reach USD 2,067.0 million by 2034, with a CAGR of 9.3%.
• Regional Market Size:
  • Asia-Pacific leads the Automated Optical Inspection market with a 49.8% share.
  • North America is anticipated to experience the fastest growth during the forecast period.

• High-Performance Computing (HPC) and AI Applications: Camtek anticipates sustained high demand from the high-performance computing (HPC) segment, which includes advanced artificial intelligence (AI) packaging applications like high-bandwidth memory (HBM) and chiplets. This segment is expected to remain a major growth driver, projected to contribute around 50% of the company's business in 2025.
• New Product Launches (Eagle G5 and Hawk Systems): The successful introduction and strong customer reception of new inspection systems, such as the Eagle G5 and Hawk, are significant drivers. These advanced platforms are expected to constitute approximately 30% of total revenue in the current year, with an even greater contribution projected for 2026. The Hawk system is specifically noted to increase Camtek's total available market by at least $200 million.
• Advanced Packaging Market Expansion: Beyond HPC, broader trends in advanced packaging, including hybrid bonding, fine-pitch micro bumps, and 2D/3D metrology, are identified as multi-year growth opportunities. The observed shift of CoWoS-like production towards Outsourced Semiconductor Assembly and Test (OSAT) companies is also seen as beneficial for Camtek.
• Growth in Asian Markets, particularly China: Asia continues to be a dominant region for Camtek's revenue, with China expected to contribute significantly. The company anticipates ongoing growth in China's market contributions and a broader geographic diversity in manufacturing, which will enhance revenue streams.
• Recurring Revenue from After-Sales Services: Camtek also benefits from a steady stream of revenue generated through after-sales services, including maintenance and upgrades. This dual revenue model strengthens long-term client relationships and ensures a consistent income flow as technologies evolve and manufacturing needs change.

Share Repurchases

• Camtek announced its intention to repurchase approximately $167.1 million of its 0% senior convertible notes due 2026 for approximately $267.0 million in cash.
• This repurchase is part of the allocation of proceeds from a $425 million private offering of 0.00% Convertible Senior Notes due 2030.

Share Issuance

• In September 2025, Camtek priced an upsized private offering of $425 million of 0.00% Convertible Senior Notes due 2030, which are convertible into cash, ordinary shares, or a combination thereof.
• The offering included an option for initial purchasers to acquire an additional $75 million in notes.
• In November 2020, the company completed a public offering of 4,025,000 ordinary shares at $17.00 per share, resulting in net proceeds of $64.3 million.

Outbound Investments

• In October 2023, Camtek completed the acquisition of FRT.
• Proceeds from the September 2025 convertible notes offering are allocated for general corporate purposes, including potential acquisitions.

Capital Expenditures

• A portion of the net proceeds from the $425 million convertible senior notes offering in September 2025 is designated for general corporate purposes, including capital expenditures.
• Camtek's Annual Report on Form 20-F published in March 2025 noted that low capital expenditures in the industry could negatively impact the company's results.