Camtek secures $260M in HBM orders as AI packaging inspection becomes critical

Camtek's inspection tools have become the hidden bottleneck in AI chip production, with $260 million in HBM orders proving demand is accelerating.

Camtek's metrology and inspection tools, which verify that advanced chip packages are built correctly, are now essential infrastructure for AI accelerators as the industry stacks high-bandwidth memory and logic chiplets together.

"We have already received order and forecast from two HBM manufacturers for our 3D metrology and 2D inspection steps, representing expected revenue exceeding $260 million for 2026 and 2027," Chief Executive Officer Rafi Amit said on the company's earnings call.

Camtek reported Q1 2026 revenue of $121.66 million, beating consensus, with non-GAAP earnings per share of $0.70. Second-quarter guidance landed at $129 million to $131 million. Management said second-half 2026 revenue should run more than 25% higher than the first half. AI-related products already drive about 50% of revenue, with another 20% from other advanced packaging applications.

The company sees its total addressable market expanding to more than $2 billion by 2027. Camtek shares closed at $142.50 on July 2, up 62.82% over the past year but down 24.01% from a recent peak near $216. Analyst consensus targets $187.25, implying roughly 31% upside.

Why AI packaging needs precision inspection

High-bandwidth memory stacks and 2.5D chiplet assemblies fail if bumps, warpage, or micro-defects go undetected. Camtek's Eagle G5 and Hawk platforms handle both 2D inspection and 3D metrology, and accounted for 30% of 2025 revenue with revenue expected to double in 2026. The company's Visual Layer acquisition layers AI-based detection and classification on top of that hardware. Research and development spending jumped to $14.32 million from $10.36 million year over year to fund the push.

In late June, Camtek announced more than $105 million in new multi-system orders, including $55 million tied to AI applications and $50 million for Hawk inspection platforms supporting advanced packaging and HBM solutions. The influx from Tier-1 manufacturers reinforces the company's role in critical packaging workflows.

Peer context and competitive landscape

The closest listed comparison is Onto Innovation, which competes directly in advanced-packaging inspection and metrology. Onto carries a $15.3 billion market cap, a trailing price-to-earnings ratio of 143, and is up 94.84% year to date. Front-end giant Lam Research posted Q3 fiscal 2026 revenue of $5.84 billion, with Chief Executive Officer Tim Archer saying "AI-driven demand reshapes the semiconductor industry." Both confirm the capital expenditure wave Camtek is riding.

Camtek trades at a forward P/E of about 43, compared with Onto at 41 and KLA at 72. The discount to its recent peak reflects investor concern about customer concentration and the cyclical nature of equipment spending. But the $260 million HBM backlog provides rare multiyear visibility for a company of Camtek's size.

What to watch next

The key variables for the second half of 2026 are order timing from HBM customers, margin recovery toward the 30% operating level management has guided to, and whether the company can diversify beyond its concentrated customer base. If AI-driven advanced packaging demand holds, Camtek's installed base expansion could offset the cyclicality that has historically weighed on semiconductor equipment stocks.

This article is for informational purposes only and does not constitute investment advice.