Camtek Ltd. (NASDAQ:CAMT) Q1 2022 Earnings Conference Call May 12, 2022 9:00 AM ET
Company Participants
Rafi Amit – Chief Executive Officer
Ramy Langer – Chief Operating Officer
Moshe Eisenberg – Chief Financial Officer
Kenny Green – Investor Relations
Conference Call Participants
Brian Chin – Stifel, Nicolaus & Company
Thomas O'Malley – Barclays Corporations & Investment Bank
Charles Shi – Needham & Company
Jamie Zakalik – Bank of America Securities
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 will provide some instructions for participating in the live Q&A session. I would like to remind everyone that this conference call is being recorded and the recording will be available on Camtek's website.
Kenny Green
You should have all now received the company's press release. If not, please view it on the company's website. With me today on the call, we have Mr. Rafi Amit, Camtek's CEO, Mr. Moshe Eisenberg, Camtek's CFO, and Mr. Ramy Langer, Camtek's COO. Rafi will open by providing an overview of Camtek's results and discuss recent market trends. Moshe will then summarize the financial results of the quarter. Following that, Rafi, Moshe, and Ramy will be able to take your questions.
Before we begin, I would like to remind everyone that certain information provided on this call are internal company estimates unless otherwise specified. And with that, I'd now like to hand the call over to Rafi. Rafi, please go ahead.
Rafi Amit
Thanks, Kenny. Good morning or good afternoon for everyone. As we announced a few weeks a go, we started 2022 with strong [Indiscernible] and with impressive flow of orders. We continue with this momentum. And 2022 looks like another year of growth. Revenue in Q1 was over $77 million. This represents a growth of 35% over the first quarter last year. Gross margin was 52% on a high end of our model and operating margin of 28.8% is in line with our midterm target financial model.
Furthermore, despite the ongoing negative global geo -political environment, the company has received order of more than $150 million since the beginning of the year. The orders were received from a broad range of customers. And will be used for various application such as advanced interconnect packaging, including [Indiscernible], compound semi, front-end CIS. This [Indiscernible] our expectation for another record year with year-over-year revenue growth of mid to high teens.