0001109138--12-31falseQ220242024-06-30IL
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 6-K
 
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
 
For the Month of September 2024
 
CAMTEK LTD.
(Translation of Registrant’s Name into English)
 
Ramat Gavriel Industrial Zone
 P.O. Box 544
 Migdal Haemek 23150
 ISRAEL
(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 ☒
 
 
SIGNATURE
 
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.
 
 
CAMTEK LTD.
(Registrant)
 
By: /s/ Moshe Eisenberg
——————————————
Moshe Eisenberg,
 Chief Financial Officer
 
Dated: September 10, 2024
 
 
Exhibit
Number
  
Description of Exhibit
 
 
101
  
The following financial information from Camtek Ltd.’s Report on Form 6-K, formatted in XBRL (eXtensible Business Reporting Language): (i) Unaudited interim condensed consolidated balance sheets on June 30, 2024 and December 31, 2023; (ii) Unaudited interim condensed consolidated statements of operations for the six months ended June 30, 2024 and 2023 and the year ended December 31, 2023; (iii) Unaudited interim condensed consolidated statements of comprehensive income for the six months ended June 30, 2024 and 2023 and the year ended December 31, 2023; (iv) Unaudited interim condensed consolidated statements of changes in shareholders’ equity for the six months ended June 30, 2024 and 2023 and the year ended December 31, 2023; (v) Unaudited interim condensed consolidated statements of cash flows for the six months ended June 30, 2024 and 2023 and the year ended December 31, 2023; and (vi) notes to the Unaudited interim condensed consolidated financial statements.
 
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Exhibit 99.1
 
Camtek Ltd.
and its Subsidiaries
 
Interim Condensed Consolidated
Financial Statements
As of June 30, 2024
(Unaudited)
 
Camtek Ltd. and its Subsidiaries
 
Interim Unaudited Condensed Consolidated Financial Statements as at June 30, 2024
Contents
 

F - 2

Camtek Ltd. and its Subsidiaries

 

Interim Unaudited Condensed Consolidated Balance Sheets
 
         
June 30,
    
December 31,
  
         
2024
    
2023
  
   
Note
    
U.S. Dollars (in thousands)
  
                   
Assets
                  
                   
Current assets
                  
Cash and cash equivalents
  
4A
 
    
86,201
      
119,968
  
Short-term deposits
          
256,250
      
215,250
  
Marketable securities
  
4B
 
    
23,615
      
18,816
  
Trade accounts receivable, net
          
68,151
      
87,300
  
Inventories
  
4C
 
    
99,215
      
85,905
  
Other current assets
  
4D
 
    
27,048
      
19,548
  
Total current assets
          
560,480
      
546,787
  
                       
Long term deposits
          
6,000
      
21,000
  
Marketable securities
  
4B
 
    
81,817
      
73,576
  
Long term inventory
  
4C
 
    
9,553
      
9,023
  
Deferred tax assets, net
          
2,642
      
2,642
  
Other assets, net
          
1,947
      
1,370
  
Property, plant and equipment, net
  
4E
 
    
44,246
      
41,987
  
Intangible assets, net
  
4F
 
    
15,145
      
16,937
  
Goodwill
          
74,345
      
74,345
  
Total non-current assets
          
235,695
      
240,880
  
Total assets
          
796,175
      
787,667
  
                       
Liabilities and shareholders’ equity
                      
Current liabilities
                      
Trade accounts payable
          
37,757
      
42,187
  
Other current liabilities
  
4G
 
    
69,777
      
54,487
  
Total current liabilities
          
107,534
      
96,674
  
                       
Long term liabilities
                      
Deferred tax liabilities, net
          
5,845
      
7,541
  
Other long-term liabilities
          
9,988
      
10,473
  
Convertible notes
  
4H
 
    
197,378
      
196,831
  
           
213,211
      
214,845
  
Total liabilities
          
320,745
      
311,519
  
                       
Shareholders’ equity
                      
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at June 30, 2024 and at December 31, 2023;
                      
47,410,314 issued shares at June 30, 2024 and 46,993,998 at December 31, 2023;
                      
45,317,938 shares outstanding at June 30, 2024 and 44,901,622 at December 31, 2023;
  
3
      
177
      
176
  
Additional paid-in capital
          
207,615
      
200,389
  
Accumulated other comprehensive income (loss)
          
(534
)
    
129
  
Retained earnings
          
270,070
      
277,352
  
           
477,328
      
478,046
  
Treasury stock, at cost (2,092,376 shares as of June 30, 2024 and December 31, 2023)
          
(1,898
)
    
(1,898
)
                       
Total shareholders' equity
          
475,430
      
476,148
  
                       
Total liabilities and shareholders' equity
          
796,175
      
787,667
  
 
The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.
 

F - 3

Camtek Ltd. and its Subsidiaries

 

Interim Unaudited Condensed Consolidated Statements of Operations
(In thousands, except per share data)
 
         
Six months ended
June 30,
    
Year ended
December 31,
  
         
2024
    
2023
    
2023
  
   
Note
    
U.S. dollars
    
U.S. dollars
  
                               
Revenues
          
199,601
      
146,215
      
315,375
  
Cost of revenues
          
103,638
      
77,378
      
167,742
  
                               
Gross profit
          
95,963
      
68,837
      
147,633
  
                               
Research and development costs
          
18,146
      
15,672
      
31,470
  
Selling, general and
                              
 administrative expenses
  
5A
 
    
30,694
      
24,037
      
50,751
  
           
48,840
      
39,709
      
82,221
  
                               
Operating profit
          
47,123
      
29,128
      
65,412
  
                               
Financial income, net
  
5B
      
10,624
      
10,864
      
22,218
  
                               
Income before income taxes
          
57,747
      
39,992
      
87,630
  
                               
Income tax expense
          
(4,984
)
    
(4,208
)
    
(8,998
)
                               
Net income
          
52,763
      
35,784
      
78,632
  
 

F - 4

Camtek Ltd. and its Subsidiaries

 

Interim Unaudited Condensed Consolidated Statements of Operations (contd.)
Net income per ordinary share:
 
         
Six months ended
June 30,
    
Year ended
December 31,
  
          2024     2023     2023  
   
Note
    
U.S. dollars
    
U.S. dollars
  
                         
Basic net earnings per share
          
1.17
      
0.80
      
1.76
  
                               
Diluted net earnings per share
          
1.08
      
0.74
      
1.63
  
                               
Weighted average number of
                              
  ordinary shares outstanding
                              
  (in thousands):
                              
                               
Basic
          
45,160
      
44,562
      
44,725
  
                               
Diluted
          
49,283
      
48,531
      
48,863
  
 
The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.
 

F - 5

Camtek Ltd. and its Subsidiaries

 

Interim Unaudited Condensed Consolidated Statements of Comprehensive Income
(In thousands)
 
   
Six months ended
June 30,
    
Year ended
December 31,
  
   
2024
    
2023
    
2023
  
   
U.S. dollars
    
U.S. dollars
  
                   
Net income
    
52,763
      
35,784
      
78,632
  
Other comprehensive income (loss), net of tax:                        
Change in net unrealized gains on available-for-sale marketable securities
     (663 )    
-
       740  
Deferred tax expense
    
-
      
-
      
(611
)
Total other comprehensive income (loss)
    
(663
)
    
-
      
129
  
                         
Total comprehensive income
    
52,100
      
35,784
      
78,761
  
 
The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.
 

F - 6

Camtek Ltd. and its Subsidiaries

 

Interim Unaudited Condensed Consolidated Statements of Shareholders’ Equity
 
                           
Accumulated
              
   
Ordinary Shares
    
Number of
          
Additional
    
Other
          
Total
  
   
NIS 0.01 par value
    
Treasury
    
Treasury
    
paid-in
    
Comprehensive
    
Retained
    
shareholders'
  
   
Number of
    
U.S. Dollars
    
Shares
     Shares    
capital
    
Income (loss)
     earnings    
equity
  
   
Shares Issued
    
(in thousands)
          
U.S. Dollars (in thousands)
  
                                                 
Balances at
                                                
December 31, 2022
    
46,505,318
      
175
      
(2,092,376
)
    
(1,898
)
    
187,105
      
-
      
198,720
      
384,102
  
                                                                 
Share-based
                                                                
 compensation
                                                                
 expense
    
-
      
-
      
-
      
-
      
6,521
      
-
      
-
      
6,521
  
Exercise of share
                                                                
 options and RSUs
    
306,186
      
*
      
-
      
-
      
-
      
-
      
-
      
-
  
Net income
    
-
      
-
      
-
      
-
      
-
      
-
      
35,784
      
35,784
  
                                                                 
Balances at
                                                                
June 30, 2023
    
46,811,504
      
175
      
(2,092,376
)
    
(1,898
)
    
193,626
      
-
      
234,504
      
426,407
  
                                                                 
Share-based
                                                                
 compensation
                                                                
 expense
    
-
      
-
      
-
      
-
      
6,077
      
-
      
-
      
6,077
  
Exercise of share
                                                                
 options and RSUs
    
182,494
      
1
      
-
      
-
      
181
      
-
      
-
      
182
  
Share-based
                                                                
 compensation adjustment
    
-
      
-
      
-
      
-
      
505
      
     
-
      
505
  
Unrealised gain on investments
    
-
      
-
      
-
      
-
      
-
      
740
      
-
      
740
  
Deferred tax expense
    
-
      
-
      
-
      
-
      
-
      
(611
)
    
-
      
(611
)
Net income
    
-
      
-
      
-
      
-
      
-
      
-
      
42,848
      
42,848
  
Balances at
                                                                
December 31, 2023
    
46,993,998
      
176
      
(2,092,376
)
    
(1,898
)
    
200,389
      
129
      
277,352
      
476,148
  
                                                                 
Share-based
                                                                

 compensation

                                                                

 expense

    
-
      
-
      
-
      
-
      
7,198
      
-
      
-
      
7,198
  
Exercise of share                                                                
 options and RSUs
    
416,316
      
1
      
-
      
-
      
28
      
-
      
-
      
29
  
Unrealised gain on investments
    
-
      
-
      
-
      
-
      
-
      
(663
)
    
-
      
(663
)
Dividend paid
    
-
      
-
      
-
      
-
      
-
      
-
      
(60,045
)
    
(60,045
)
Net income
    
-
      
-
      
-
      
-
      
-
      
-
      
52,763
      
52,763
  
                                                                 
Balances at
                                                                
June 30, 2024
    
47,410,314
      
177
      
(2,092,376
)
    
(1,898
)
    
207,615
      
(534
)
    
270,070
      
475,430
  
 
The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.
 
*Represents an amount less than $1,000
 

F - 7

Camtek Ltd. and its Subsidiaries

 

Interim Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)
 
   
Six months ended
June 30,
    
Year ended
December 31,
  
    2024     2023    
2023
  
   
U.S. dollars
    
U.S. dollars
  
                   
Cash flows from operating activities:
                  
Net income
    
52,763
      
35,784
      
78,632
  
Adjustments to reconcile net income to net
                        
cash provided by operating activities:
                        
Depreciation and amortization
    
5,040
      
2,406
      
5,784
  
Deferred tax expense
    
(1,696
)
    
280
      
(1,254
)
Amortization of debt issuance costs
    
547
      
547
      
1,094
  
Loss on disposal of fixed assets
    
-
      
233
      
6
  
Share based compensation expense
    
7,198
      
6,521
      
12,598
  
Change in provision for doubtful debts
    
112
      
-
      
100
  
                         
Changes in operating assets and liabilities:
                        
Trade accounts receivable
    
19,267
      
1,829
      
(1,890
)
Inventories
    
(14,467
)
    
171
      
(13,692
)
Due from related parties
    
(1
)
    
-
      
(3
)
Other assets
    
(9,371
)
    
(5,375
)
    
(6,766
)
Trade accounts payable
    
(4,713
)
    
(231
)
    
10,121
  
Other current liabilities
    
15,467
      
(9,449
)
    
(5,406
)
                         
   Net cash provided by operating activities
    
70,146
      
32,716
      
79,324
  
                         
Cash flows from investing activities:
                        
Acquisition of subsidiary consolidated for the first time (a)
    
1,295
      
-
      
(101,781
)
Proceeds from (investment in) short-term deposits
    
(41,000
)
    
57,000
      
36,250
  
Proceeds from (investment in) long-term deposits
    
15,000
      
-
      
58,000
  
Purchase of fixed assets
    
(5,133
)
    
(4,782
)
    
(8,097
)
Purchase of intangible assets
    
(126
)
    
(60
)
    
(173
)
Purchase of marketable securities
    
(25,653
)
    
-
      
(103,528
)
Redemption of marketable securities
    
11,950
      
-
      
11,876
  
                         
Net cash provided by (used in) investing activities
    
(43,667
)
    
52,158
      
(107,453
)
 

F - 8

Camtek Ltd. and its Subsidiaries

 

Interim Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)
 
   
Six months ended
June 30,
    
Year ended
December 31,
  
   
2024
    
2023
    
2023
  
   
U.S. dollars
    
U.S. dollars
  
                   
Cash flows from financing activities:
                  
Proceeds from exercise of share options
    
29
      
-
      
182
  
Dividend payment
    
(60,045
)
    
-
      
-
  
                         
Net cash provided by (used in) financing activities
    
(60,016
)
    
-
      
182
  
Effect of change in exchange rate on cash and cash equivalents
    
(230
)
    
(243
)
    
(241
)
                         
Net increase (decrease) in cash and cash equivalents
    
(33,767
)
    
84,631
      
(28,188
)
Cash and cash equivalents at beginning of the period
    
119,968
      
148,156
      
148,156
  
Cash and cash equivalents at end of the period
    
86,201
      
232,787
      
119,968
  
 
   
Year ended
December 31, 2023
  
(a) Acquisition of subsidiary, consolidated for the first time:
  
U.S. Dollars
  
Working capital (excluding cash and cash equivalents)
    
(15,288
)
Fixed assets, net
    
(1,615
)
Intangible assets
    
(16,900
)
Goodwill
    
(74,345
)
Deferred taxes liabilities, net
    
7,157
  
Working capital adjustments
    
(1,295
)
     
(102,286
)
Increase in goodwill against share-based compensation
    
505
  
     
(101,781
)
 
   
Six months ended
June 30,
    
Year ended
December 31,
  
   
2024
    
2023
    
2023
  
   
U.S. dollars
    
U.S. dollars
  
                   
Supplementary cash flows information:
                  
   Income taxes paid
    
4,497
      
9,626
      
13,807
  
   Interest received
    
6,125
      
6,911
      
18,685
  
   Lease payments
    
1,040
      
735
      
1,854
  
                         
Non-cash transactions:
                  
Fixed assets purchased with supplier credit
    
550
      
371
      
267
  
 
The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.
 

F - 9

Camtek Ltd. and its Subsidiaries

 

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

(Amounts in thousands, except per share data)

Note 1 - Nature of Operations
 
   
Camtek Ltd. (“Camtek” or the “Company”), an Israeli corporation, is jointly controlled 21.2% by Priortech Ltd., an Israeli corporation listed on the Tel-Aviv Stock Exchange and 17.3% by Chroma Ate Inc., a Taiwanese company (“Chroma”). Camtek provides automated and technologically advanced solutions dedicated to enhancing production processes, increasing product yield and reliability, and enabling and supporting customers’ latest technologies in the semiconductor fabrication industry.

 

F - 10

Camtek Ltd. and its Subsidiaries

 

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

(Amounts in thousands, except per share data)

 

Note 2 - Basis of Preparation
 
A. Statement of compliance
 
The accounting policies applied in these interim financial statements are the same as those applied in the Company’s 2023 annual audited consolidated financial statements for the year ended December 31, 2023.
 
The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and do not include all of the information required for full annual financial statements. The unaudited condensed consolidated interim statements should be read in conjunction with the Company’s 2023 annual audited consolidated financial statements and footnotes, which were filed with the U.S. Securities and Exchange Commission as part of the Company’s Annual Report on Form 20-F for the year ended December 31, 2023.
 
In the opinion of management of the Company, the accompanying unaudited condensed financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of June 30, 2024, and its results of operations for the six months ended June 30, 2024, and 2023, and cash flows for the six months ended June 30, 2024, and 2023. The condensed balance sheet at December 31, 2023, was derived from the audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

 

F - 11

Camtek Ltd. and its Subsidiaries

 

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

(Amounts in thousands, except per share data)

 

Note 3 - Shareholders’ Equity
 
A. General
 
The Company’s shares are traded on the NASDAQ Global Market under the symbol “CAMT”, and also listed and traded on the Tel-Aviv stock exchange.
 
B. Changes in Stock Options and RSUs
 
The number of stock options exercised in the six-month period ended June 30, 2024, was 416,316.
 
In the first six months of 2024, 183,329 restricted share units (RSUs) were granted by the Company. The RSUs vest over a four-year period.
 
C. Share-based Compensation Expense
 
The total share-based compensation expense amounted to $7,198, $6,521, and $12,598 for the six-month periods ended June 30, 2024 and 2023 and the year ended December 31, 2023, respectively.

 

F - 12

Camtek Ltd. and its Subsidiaries

 

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

(Amounts in thousands, except per share data)

 

Note 4 - Supplementary Financial Statements Information
 
A. Cash and cash equivalents
 
The Company’s cash and cash equivalent balance at June 30, 2024 and December 31, 2023 is denominated in the following currencies:
 
   
June 30,
    
December 31,
  
   
2024
    
2023
  
   
U.S. Dollars
  
             
US Dollars
    
73,637
      
113,190
  
New Israeli Shekels
    
4,065
      
2,795
  
Other currencies
    
8,499
      
3,983
  
                 
     
86,201
      
119,968
  
 
Short-term deposits are bank deposits in US Dollars with an original maturity of more than three months and remaining term at the balance sheet date of no more than twelve months. As of June 30, 2024, the average annual interest rate was 6.11%.
 
B. Marketable Securities
 
Summary of marketable securities amortized cost, unrealized gains, unrealized losses, and fair value as of June 30, 2024 and December 31, 2023:
 
   
June 30, 2024
  
   
U.S. Dollars
  
Marketable Securities
  
Amortized Cost
    
Unrealized Gains
    
Unrealized Losses
    
Fair Value
  
Matures within one year:
                        
Corporate bonds
    
22,645
      
2
      
(32
)
    
22,615
  
Government bonds
    
984
      
16
      
-
      
1,000
  
     
23,629
      
18
      
(32
)
    
23,615
  
Matures after one year:
                                
Corporate bonds
    
73,278
      
111
      
(380
)
    
73,009
  
Government bonds
    
8,798
      
12
      
(2
)
    
8,808
     
82,076
      
123
      
(382
)
    
81,817
  
     
105,705
      
141
      
(414
)
    
105,432
  

 

F - 13

Camtek Ltd. and its Subsidiaries

 

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

(Amounts in thousands, except per share data)

 

Note 4 - Supplementary Financial Statements Information (cont’d)
 
B. Marketable Securities (cont’d)
 
   
December 31, 2023
  
   
U.S. Dollars
  
Marketable Securities
  
Amortized Cost
    
Unrealized Gains
    
Unrealized Losses
    
Fair Value
  
Matures within one year:
                        
Corporate bonds
    
9,821
      
7
      
(9
)
    
9,819
  
Government bonds
    
8,983
      
14
      
-
      
8,997
  
     
18,804
      
21
      
(9
)
    
18,816