# EDGAR Filing Document

**Accession Number:** 0001109138
**File Stem:** 0001178913-23-000653
**Filing Date:** 2023-2
**Character Count:** 19245
**Document Hash:** 6efb64cb02b2a8f7e6bd001447987443
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001178913-23-000653.hdr.sgml**: 20230216

**ACCESSION NUMBER**: 0001178913-23-000653

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230216

**FILED AS OF DATE**: 20230216

**DATE AS OF CHANGE**: 20230216

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CAMTEK LTD
- **CENTRAL INDEX KEY:** 0001109138
- **STANDARD INDUSTRIAL CLASSIFICATION:** OPTICAL INSTRUMENTS & LENSES [3827]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** L3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-30664
- **FILM NUMBER:** 23637073

**BUSINESS ADDRESS:**
- **STREET 1:** INDUSTRIAL ZONE
- **STREET 2:** PO BOX 544
- **CITY:** MIGDAL HAEMEK
- **STATE:** L3
- **ZIP:** 23105
- **BUSINESS PHONE:** 972-4-604-8100

**MAIL ADDRESS:**
- **STREET 1:** INDUSTRIAL ZONE
- **STREET 2:** PO BOX 544
- **CITY:** MIGDAL HAEMEK
- **STATE:** L3
- **ZIP:** 23105

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#### UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION <br> Washington, D.C. 20549

### FORM 6-K

#### Report of Foreign Private Issuer<br> Pursuant to Rule 13a-16 or 15d-16<br> under the Securities Exchange Act of 1934

#### For the Month of February 2023
**CAMTEK LTD.**<br> (Translation of Registrant's Name into English)

**Ramat Gavriel Industrial Zone**<br> **P.O. Box 544**<br> **Migdal Haemek 23150**<br> **ISRAEL**<br> (Address of Principal Corporate Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities and Exchange Act of 1934.

Yes ☐ No ☒

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#### SIGNATURE
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. This Form 6-K, including all exhibits hereto, is hereby incorporated by reference into all effective registration statements filed by the registrant under the Securities Act of 1933.

<u>CAMTEK LTD.</u><br> (Registrant)<br>By: /s/ Moshe Eisenberg<br> ——————————————<br> Moshe Eisenberg,<br> *Chief Financial Officer*<br>

Dated: February 16, 2023

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| | |
|:---|:---|
| ![](image00002.jpg) | Camtek Ltd.<br> P.O.Box 544, Ramat Gabriel Industrial Park<br> Migdal Ha'Emek 23150, ISRAEL<br> Tel: +972 (4) 604-8100 Fax: +972 (4) 644-0523<br> E-Mail: Info@camtek.com Web site: http://www.camtek.com |

---

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| | |
|:---|:---|
| **CAMTEK LTD.**<br> Moshe Eisenberg, CFO<br> Tel: +972 4 604 8308<br> Mobile: +972 54 900 7100<br> <u>moshee@camtek.com</u> | **INTERNATIONAL INVESTOR RELATIONS**<br> EK Global Investor Relations<br> Ehud Helft<br> Tel: (US) 1 212 378 8040<br> <u>camtek@e</u><u>kgir.com</u> |

---

#### FOR IMMEDIATE RELEASE

#### CAMTEK ANNOUNCES RECORD RESULTS

#### FOR THE FOURTH QUARTER AND FULL YEAR OF 2022

#### Record annual revenue of $321 million, 19% YoY growth
<br> **MIGDAL HAEMEK, Israel –** February 16, 2023 – Camtek Ltd. (NASDAQ: CAMT; TASE: CAMT), today announced its financial results for the quarter and year ended December 31, 2022.

#### Highlights of the Fourth Quarter of 2022
• Revenues of $82.2 million; an 11% increase year-over-year;

• GAAP operating income of $20.5 million; non-GAAP operating income of $22.8 million, representing an operating margin of 24.9% and 27.8% respectively;

• GAAP net income of $21.7 million and non-GAAP net income of $24.0 million; and

• Strong operating cash flow of $19.6 million;

#### Highlights of the Full Year 2022
• Revenues of $320.9 million; a 19% increase year-over-year;

• GAAP operating income of $81.5 million; non-GAAP operating income of $92.0 million; representing operating margins of 25.4% and 28.7%, respectively;

• GAAP net income of $79.9 million; non-GAAP net income of $90.5 million; and

• Operating cash flow of $57.8 million in 2022, which led to a year-end total cash, short-term and long-term deposits balance of $479 million.

#### Forward-Looking Expectations
Management expects revenues in the first quarter of 2023 between $71-74 million, representing a mid-point 6% decline from the first quarter of 2022.

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#### Management Comment
**Rafi Amit, Camtek's CEO commented**, "I am pleased to report record revenues for the fifth year in a row. In the last two years our revenues have more than doubled, while our operating profit has more than tripled. We remain well positioned in the fastest growing segments of our industry such as Heterogenous Integration and Compound Semiconductors, and we expect to benefit from this growth in the future."

**Continued Mr. Amit**, "We believe that our leading position in the specific segments, broad and diversified customer base and long-term strategic relationships with customers will enable us to again outperform the wafer fabrication equipment (WFE) which is predicted to decline by 20-30% in 2023."

#### Fourth Quarter 2022 Financial Results
**Revenues** for the fourth quarter of 2022 were $82.2 million. This compares to fourth quarter 2021 revenues of $74.2 million, a growth of 11%.

**Gross profit** on a GAAP basis in the quarter totaled $39.9 million (48.6% of revenues), up 6% compared to a gross profit of $37.6 million (50.7% of revenues) in the fourth quarter of 2021.

**Gross profit on a non-GAAP basis** in the quarter totaled $40.2 million (49.0% of revenues), up 6% compared to a gross profit of $37.8 million (50.9% of revenues) in the fourth quarter of 2021.

**Operating profit** on a GAAP basis in the quarter totaled $20.5 million (24.9% of revenues), an increase of 6% compared to an operating profit of $19.3 million (26.0% of revenues) in the fourth quarter of 2021.

**Operating profit on a non-GAAP basis** in the quarter totaled $22.8 million (27.8% of revenues), an increase of 9% compared to $20.9 million (28.2% of revenues) in the fourth quarter of 2021.

**Net income on a GAAP basis** in the quarter totaled $21.7 million, or $0.45 per diluted share, compared to net income of $12.8 million, or $0.28 per diluted share, in the fourth quarter of 2021.

**Net income on a non-GAAP basis** in the quarter totaled $24.0 million, or $0.50 per diluted share, compared to a non-GAAP net income of $19.7 million, or $0.43 per diluted share, in the fourth quarter of 2021.

#### Full Year 2022 Results Summary
**Revenues** for 2022 were $320.9 million, an increase of 19.0% over the $269.7 million reported in 2021.

**Gross profit** on a GAAP basis totaled $159.9 million (49.8% of revenues), an increase of 16% compared to $137.4 million (50.9% of revenues) in 2021.

**Gross profit on a non-GAAP basis** totaled $161.1 million (50.2% of revenues), an increase of 17% compared to $138.0 million (51.2% of revenues) in 2021.

**Operating income** on a GAAP basis totaled $81.5 million (25.4% of revenues), an increase of 15% compared to operating income of $70.9 million (26.3% of revenues) in 2021.

**Operating income on a non-GAAP basis** totaled $92.0 million (28.7% of revenues), an increase of 20% compared to $76.7 million (28.4% of revenues) in 2021.

**Net income** on a GAAP basis totaled $79.9 million, or $1.66 per diluted share. This is an increase of 33% compared to net income of $60.3 million, or $1.34 per diluted share, in 2021.

**Net income on a non-GAAP basis** totaled $90.5 million, or $1.88 per diluted share. This is an increase of 27% compared to net income of $71.4 million, or $1.59 per diluted share, in 2021.

**Cash and cash equivalents, short-term and long-term deposits,** as of December 31, 2022, were $478.7 million compared to $429.9 million as of December 31, 2021 and $460.3 million as of September 30, 2022. During the fourth quarter, the Company generated an operating cash flow of $19.6 million.

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#### Conference Call
Camtek will host a video conference call/webinar today via Zoom, February 16, 2023, at 9:00 am ET (16:00 Israel time).

Rafi Amit, CEO, Moshe Eisenberg, CFO and Ramy Langer, COO will host the call and will be available to answer questions after presenting the results.

To participate in the webinar, please register using the following link, which will provide access to the video call:

<u>https://us06web.zoom.us/webinar/register/WN_JOji55tsT0KhNgNVI7MaLg</u>

For those wishing to listen via phone, following registration, the dial in link will be sent.

For those unable to participate, a recording will be available on Camtek's website at <u>http://www.camtek.com</u> within a few hours after the call.

A summary presentation of the quarterly results will also be available on Camtek's website.

#### ABOUT CAMTEK LTD.
Camtek is a leading manufacturer of metrology and inspection equipment and a provider of software solutions serving the Advanced Packaging, Memory, CMOS Image Sensors, MEMS, RF and other segments in the mid end of the semiconductor industry.

Camtek provides dedicated solutions and crucial yield-enhancement data, enabling manufacturers to improve yield and drive down their production costs.

With eight offices around the world, Camtek has best-in-class sales and customer support organization, providing tailor-made solutions in line with customers' requirements.

This press release is available at <u>http://www.camtek.com</u>

 

<br> ** 

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 *** 

<br> *This press release contains statements that may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on Camtek's current beliefs, expectations and assumptions about its business and industry, all of which may change. Forward-looking statements can be identified by the use of words including "believe," "anticipate," "should," "intend," "plan," "will," "may," "expect," "estimate," "project," "positioned," "strategy," and similar expressions that are intended to identify forward-looking statements, including our expected revenue for the first quarter of 2023 and full year 2023 and statements relating to the compound semiconductors market and our position in this market our expense structure and our target operating model. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Camtek to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause our actual results to differ materially from those contained in the forward-looking statements include, but are not limited to, the impact of any new or revised export and/or import and doing-business regulations or sanctions, such as changes in U.S. trade policies; the risks relating to the concentration of a significant portion of our business in certain countries in the Asia Pacific Region, particularly China (which is our largest territory), Taiwan and Korea; the impact of the war in Ukraine, rising inflation, rising interest rates, volatile exchange rates and commodities' prices, and continuing or new effects as a result of the COVID-19 pandemic; our dependency upon the semiconductor industry and the risk that unfavorable economic conditions or low capital expenditures may negatively impact our operating results; anticipated trends and impacts related to industry component and substrate shortages and other supply chain challenges; the future purchase, use, and availability of components supplied by third parties; impurities and other disruptions to our customers' operations, which could lower production yields or interrupt manufacturing, and could result in the cancellation or delay of purchases of our products; and those other factors discussed in our Annual Report on Form 20-F and other documents filed by the Company with the SEC as well as other documents that may be subsequently filed by Camtek from time to time with the SEC.** 

*While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Camtek's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Camtek does not assume any obligation to update any forward-looking statements unless required by law.*

*This press release provides financial measures that exclude: (i) share based compensation expenses; and (ii) tax settlement expenses, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management uses both GAAP and non-GAAP measures when evaluating the business internally and therefore felt it is important to make these non-GAAP adjustments available to investors. A reconciliation between the GAAP and non-GAAP results appears in the tables at the end of this press release.*

** 

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CAMTEK LTD. and its subsidiaries

Consolidated Balance Sheets

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#### (In thousands)

#### <br>

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| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2022 | 2021 |
|  | U.S. Dollars | U.S. Dollars |
| **<u>Assets</u>** |  |  |
| **Current assets** |  |  |
| Cash and cash equivalents | **148156** | 241943 |
| Short-term deposits | **251500** | 156000 |
| Trade accounts receivable, net | **80611** | 57825 |
| Inventories | **65541** | 58759 |
| Other current assets | 11156 | 5653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 556964 | 520180 |
|  Long-term deposits | **79000** | 32000 |
|  Long-term inventory | **5357** | 5150 |
|  Deferred tax asset, net | **1004** | 227 |
|  Other assets, net | **1024** | 190 |
|  Fixed assets, net | **33141** | 25400 |
|  Intangible assets, net | 597 | 610 |
|  | 120123 | 63577 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total assets** | 677087 | 583757 |
| **<u>Liabilities and shareholders' equity</u>** |  |  |
| **Current liabilities** |  |  |
| Trade accounts payable | **31667** | 33550 |
| Other current liabilities | 56833 | 56137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | **88500** | 89687 |
| **Long-term liabilities** |  |  |
| Other long-term liabilities | **8748** | 5800 |
| Convertible notes | 195737 | 194643 |
|  | 204485 | 200443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 292985 | 290130 |
| **Commitments and contingencies** |  |  |
| **Shareholders' equity** |  |  |
| Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at December 31, 2022 and at December 31, 2021; |  |  |
| 46,505,318 issued shares at December 31, 2022 and 45,939,019 at December 31, 2021; |  |  |
| 44,412,942 shares outstanding at December 31, 2022 and 43,846,643 at December 31, 2021 | <br> **175** | <br> 172 |
| Additional paid-in capital | **187105** | 176582 |
| Retained earnings | 198720 | 118771 |
|  | **386000** | 295525 |
|  Treasury stock, at cost (2,092,376 as of December 31, 2022 and December 31, 2021) | (1898) | (1898) |
| Total shareholders' equity | 384102 | 293627 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities and shareholders' equity** | 677087 | 583757 |

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Camtek Ltd.

Consolidated Statements of Income

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#### (in thousands, except share data)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Three Months ended December 31, | Three Months ended December 31, |
|  | 2022 | 2021 | 2022 | 2021 |
|  | U.S. dollars | U.S. dollars | U.S. dollars | U.S. dollars |
| **Revenues** | **320909** | 269659 | **82175** | 74171 |
| Cost of revenues | 161053 | 132315 | 42229 | 36591 |
| **Gross profit** | 159856 | 137344 | 39946 | 37580 |
| Research and development costs | **28859** | 23473 | **6684** | 6699 |
| Selling, general and administrative expense | 49499 | 42973 | 12801 | 11567 |
|  | **78358** | 66446 | **19485** | 18266 |
| **Operating income** | 81498 | 70898 | 20461 | 19314 |
| Financial income, net | 6690 | 1030 | 3801 | 119 |
| **Income before income taxes** | 88188 | 71928 | 24262 | 19433 |
| Income taxes expense | (8239) | (11651) | (2589) | (6673) |
| **Net income** | 79949 | 60277 | 21673 | 12760 |

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#### Net income per ordinary share:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  | **Three Months ended December 31,**  | **Three Months ended December 31,**  |
|  | **2022** | **2021** | **2022** | **2021** |
|  | **U.S. dollars**  | **U.S. dollars**  | **U.S. dollars**  | **U.S. dollars**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic net earnings** | 1.81 | 1.38 | 0.49 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diluted net earnings** | 1.66 | 1.34 | 0.45 | 0.28 |
|  **Weighted average number of** |  |  |  |  |
|  **&nbsp;&nbsp;&nbsp;&nbsp;ordinary shares outstanding:** |  |  |  |  |
| **Basic** | 44158 | 43644 | 44397 | 43845 |
| **Diluted** | 48229 | 45035 | 48332 | 46301 |

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Reconciliation of GAAP To Non-GAAP results

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#### (In thousands, except share data)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Year ended December 31, | Year ended December 31, | Three Months ended December 31, | Three Months ended December 31, |
|  | 2022 | 2021 | 2022 | 2021 |
|  | U.S. dollars | U.S. dollars | U.S. dollars | U.S. dollars |
|  **Reported net income attributable to Camtek Ltd. on GAAP basis** | <br> **79949** | <br> 60277 | <br> **21673** | <br> 12760 |
|  Tax settlement (1) | **-** | 5305 | **-** | 5305 |
| Share-based compensation | **10523** | 5815 | **2371** | 1622 |
| **Non-GAAP net income** | 90472 | 71397 | 24044 | 19687 |
| **Non–GAAP net income per diluted share** | 1.88 | 1.59 | 0.50 | 0.43 |
| **Gross margin on GAAP basis** | 49.8<br>**%** | 50.9% | 48.6<br>**%** | 50.7% |
| **Reported gross profit on GAAP basis** | **159856** | 137344 | **39946** | 37580 |
| Share-based compensation | **1217** | 653 | **295** | 179 |
| **Non-GAAP gross margin** | 50.2<br>**%** | 51.2% | 49.0<br>**%** | 50.9% |
| **Non-GAAP gross profit** | 161073 | 137997 | 40241 | 37759 |
| **Reported operating income (loss) attributable to Camtek Ltd. on GAAP basis** | <br>**81498** | <br>70898 | <br>**20461** | <br>19314 |
| Share-based compensation | **10523** | 5815 | **2371** | 1622 |
| **Non-GAAP operating income** | 92021 | 76713 | 22832 | 20936 |

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<br> (1) In February 2022 the Company reached a settlement with the Israeli Tax Authorities and recorded a one-time tax expense in respect of its historical exempt earnings.

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