Camtek delivered a record quarter and then guided the market to an even stronger back half. The Israeli semiconductor inspection company posted its highest-ever revenue in the June quarter and told investors to expect a twenty percent sequential jump in the September quarter, driven by an order book that has surged past six hundred million dollars year to date. The advanced packaging segment, where chips are stacked and bonded into tighter, higher-performance packages, is the engine behind the acceleration.
The numbers are striking even by the standards of a semiconductor-equipment upcycle. Revenue reached one hundred and thirty-three million dollars, up ten percent sequentially and eight percent year over year, while non-GAAP operating margin held near twenty-seven percent despite the integration of a new acquisition. Management is guiding to a September quarter at one hundred and fifty-eight to one hundred and sixty million dollars, and to more than thirty percent growth in the second half versus the first half, with further growth into 2027.
The open question is how much of this acceleration is a durable share gain in advanced packaging versus a pull-forward of orders that could normalize once the current capacity build completes. The company's own framing, backed by a record backlog and year-to-date orders above six hundred million dollars, is that the visibility extends well into next year, but the stock's recent recovery from its lows suggests the market is still deciding whether to fully underwrite that visibility.