Camtek Ltd. Files 20-F Annual Report for Fiscal Year 2023

TL;DR

<b>Camtek Ltd. has submitted its 20-F annual report detailing its 2023 financial performance and operational status.</b>

AI Summary

CAMTEK LTD (CAMT) filed a Foreign Annual Report (20-F) with the SEC on March 21, 2024. Camtek Ltd. filed its 20-F annual report for the fiscal year ending December 31, 2023. The filing includes financial data and business operations for the period. Systems at customer locations not yet sold amounted to $8,626 as of December 31, 2023. Other, net includes foreign currency income (expense) of $(78) in 2023. The company is incorporated in L3 and its fiscal year ends on December 31.

Why It Matters

For investors and stakeholders tracking CAMTEK LTD, this filing contains several important signals. This 20-F filing provides a comprehensive overview of Camtek's financial health and business activities for the fiscal year 2023, crucial for investors assessing the company's performance and outlook. The report contains specific financial figures and operational details, including inventory at customer locations and foreign currency impacts, which are important for understanding the company's revenue recognition and cost management.

Risk Assessment

Risk Level: medium — CAMTEK LTD shows moderate risk based on this filing. The filing is a standard annual report (20-F), which typically contains a broad range of information but does not indicate immediate financial distress or significant positive developments on its own.

Analyst Insight

Review the detailed financial statements and risk factors within the 20-F filing to understand Camtek's performance drivers and potential challenges for the upcoming fiscal year.

Key Numbers

• 2023 — Fiscal Year End (Conformed period of report)
• 2024-03-21 — Filing Date (Filed as of date)
• $8,626 — Systems at customer locations not yet sold (As of December 31, 2023)
• $5,664 — Systems at customer locations not yet sold (As of December 31, 2022)
• $(78) — Other, net (foreign currency) (For the year ended December 31, 2023)
• $(351) — Other, net (foreign currency) (For the year ended December 31, 2022)
• $58 — Other, net (foreign currency) (For the year ended December 31, 2021)

Key Players & Entities

• CAMTEK LTD (company) — Filer name
• 20-F (regulator) — Form type
• 20231231 (date) — Conformed period of report
• 20240321 (date) — Filed as of date
• 0001109138 (company) — Central Index Key
• 3827 (industry) — Standard Industrial Classification
• MIGDAL HAEMEK (location) — Business address city
• $8,626 (dollar_amount) — Systems at customer locations not yet sold as of December 31, 2023

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 20-F filing.
• 2024-03-21: Filing Date — Date the 20-F report was officially submitted to the SEC.

Filing Documents

• zk2431123.htm (20-F) — 2768KB
• exhibit_2-1.htm (EX-2.1) — 21KB
• exhibit_4-5.htm (EX-4.5) — 1148KB
• exhibit_8-1.htm (EX-8.1) — 8KB
• exhibit_12-1.htm (EX-12.1) — 7KB
• exhibit_12-2.htm (EX-12.2) — 7KB
• exhibit_13-1.htm (EX-13.1) — 4KB
• exhibit_15-1.htm (EX-15.1) — 3KB
• exhibit_97-1.htm (EX-97.CLAWBACKPOLICY) — 38KB
• image0.jpg (GRAPHIC) — 3KB
• 0001178913-24-001028.txt (&nbsp;) — 13787KB
• camt-20231231_cal.xml (EX-101.CAL) — 76KB
• camt-20231231_def.xml (EX-101.DEF) — 230KB
• camt-20231231_lab.xml (EX-101.LAB) — 877KB
• camt-20231231_pre.xml (EX-101.PRE) — 472KB
• camt-20231231.xsd (EX-101.SCH) — 74KB
• zk2431123_htm.xml (XML) — 2515KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No TABLE OF CONTENTS PAGE PART I Item 1. Identity of Directors, Senior Management and Advisers. 5 Item 2. Offer Statistics and Expected Timetable. 5 Item 3. Key Information. 5 Item 4. Information on the Company. 21 Item 4A. Unresolved Staff Comments 30 Item 5. Operating and Financial Review and Prospects. 30 Item 6. Directors, Senior Management and Employees 38 Item 7. Major Shareholders and Related Party Transactions. 60 Item 8. Financial Information. 62 Item 9. The Offer and Listing. 62 Item 10. Additional Information. 63 Item 11.

Quantitative and Qualitative Disclosures about

Quantitative and Qualitative Disclosures about Market Risk 76 Item 12.

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities. 77 PART II Item 13. Defaults, Dividend Arrearages and Delinquencies. 77 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds. 77 Item 15.

Controls and Procedures

Controls and Procedures. 77 Item 16A. Audit Committee Financial Expert. 78 Item 16B. Code of Ethics. 78 Item 16C. Principal Accountant Fees and Services. 78 Item 16D. Exemption From the Listing Standards for Audit Committees 79 Item 16E. Purchases of Equity Securities By the Issuer and Affiliated Purchasers 79 Item 16F. Change in Registrant's Certifying Accountant 79 Item 16G. Corporate Governance 79 Item 16H. Mine Safety Disclosure 80 Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 80 Item 16J. Insider Trading Policies 80 Item 16K. Cybersecurity 80 PART III Item 17.

Financial Statements

Financial Statements. 81 Item 18.

Financial Statements

Financial Statements. 81 Item 19. Exhibits. 82 3 INTRODUCTION Definitions In this Annual Report, unless the context otherwise requires: references to " Camtek ," the " Company ," " us ," " we ", " our " and the " Registrant " refer to Camtek Ltd., an Israeli company, and its consolidated subsidiaries (unless otherwise indicated); references to " ordinary shares ," " our shares " and similar expressions refer to the Registrant's ordinary shares, NIS 0.01 nominal (par) value per share; references to " dollars ," " U.S. Dollars ", " USD " and " $ " are to United States Dollars; references to " shekels " and " NIS " are to New Israeli Shekels, the Israeli currency; references to the " Companies Law " are to Israel's Companies Law, 5759-1999; references to the " Israeli Securities Law " are to Israel's Securities Law, 5728-1968; references to the " SEC " are to the United States Securities and Exchange Commission; and references to the " Nasdaq Rules " are to rules of the Nasdaq Global Market. Cautionary Language Regarding Forward-Looking Statements This Annual Report on Form 20-F includes certain statements that are intended to be, and are hereby identified as, "forward-looking statements" within the meaning of the Securities Act of 1933, as amended (the " Securities Act ") and the Securities Exchange Act of 1934, as amended (the " Exchange Act "), and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current expectations and projections about future events.

Forward-looking statements can be identified by the use of forward-looking

Forward-looking statements can be identified by the use of forward-looking terminology words such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "seeks," "strategy," "potential" or "continue" or the negative or other variations of these words, or other comparable words or phrases, but are not the only way these statements are identified. These statements discuss future expectations, plans and events, contain projections of results of operations or of financial condition or state other "forward-looking" information. When a forward-looking statement includes an underlying assumption, we caution that, while we believe the assumption to be reasonable and make it in good faith, assumed facts almost always vary from actual results, and the difference between a forward-looking statement and actual results can be material. Forward-looking statements may be found in Item 4. "Information on the Company" and Item 5. "Operating and Financial Review and Prospects" and in this Annual Report generally. Our actual results could differ materially from those anticipated in these statements as a result of various factors, including all the risks discussed in "Risk Factors" and other cautionary statements in this Annual Report. All of our forward-looking statements are qualified by and should be read in conjunction with those disclosures. These statements are only predictions that represent our views only as of the date they are made and may change as time passes. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this Annual Report might not occur. Except as may be required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 4 PART I Item 1. Identity of Directors, Senior Management and Advisers. Not applicable. Item 2. Offer Statistics a

Risk Factors

Risk Factors There is a high degree of risk associated with our Company and business. If any of the following risks occur, our business, revenues, operating results and financial condition could be materially adversely affected and the trading price of our ordinary shares could decline. Below are some of the main risks factors and challenges that we have been facing and may further face, which could have an adverse effect on our business, results of operations and financial condition: Risk Factors Related to Our Business, Markets, and Industry Our business could be materially disrupted by negative effects on the semiconductor industry, including as a result of economic, political, legal, regulatory and other changes, in the global or local markets in which we operate. As part of the semiconductor industry we face greater risks due to the unique nature of the semiconductor business, as strategically important industry to many countries and international in nature. The semiconductor industry, including the semiconductor equipment industry, relies on a global supply chain. Political, geopolitical, economic and financial crises and instabilities have in the past negatively affected the semiconductor industry and its end markets and could do so again in the future. Prolonged or increased use of trade barriers may result in a decrease in the growth of the global economy and semiconductor industry and could cause turmoil in global markets, which in turn often results in declines in our customers' electronic products sales and could decrease demand for our products and services. Such circumstances could have a negative effect on our ability to sell to, ship products to, collect payments from, and support customers in certain regions based on trade restrictions, embargoes, logistics restrictions and export control law restrictions. We may also experience a shortage of certain semiconductor components, increased costs, and delays in shipments due to supply chain disruptio

View Full Filing

View this 20-F filing on SEC EDGAR