Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

0001109138--12-31falseQ220242024-06-30IL

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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 ☒

 

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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

 

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Exhibit Number		Description of Exhibit
99.1		Unaudited interim condensed consolidated financial statements as of June 30, 2024.
99.2		Operating and Financial Review and Prospects.
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)

 

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Camtek Ltd. and its Subsidiaries

 

Interim Unaudited Condensed Consolidated Financial Statements as at June 30, 2024

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Contents

 

	Page
Interim Unaudited Condensed Consolidated Balance Sheets	F-3
Interim Unaudited Condensed Consolidated Statements of Income	F-4 to F-5
Interim Unaudited Condensed Consolidated Statements of Comprehensive Income	F-6
Interim Unaudited Condensed Consolidated Statements of Shareholders’ Equity	F-7
Interim Unaudited Condensed Consolidated Statements of Cash Flows	F-8 to F-9
Notes to the Interim Unaudited Condensed Consolidated Financial Statements	F-10 to F-20

 

F - 2

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Camtek Ltd. and its Subsidiaries

 

Interim Unaudited Condensed Consolidated Balance Sheets

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					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

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Camtek Ltd. and its Subsidiaries

 

Interim Unaudited Condensed Consolidated Statements of Operations

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(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

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Camtek Ltd. and its Subsidiaries

 

Interim Unaudited Condensed Consolidated Statements of Operations (contd.)

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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

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Camtek Ltd. and its Subsidiaries

 

Interim Unaudited Condensed Consolidated Statements of Comprehensive Income

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(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

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Camtek Ltd. and its Subsidiaries

 

Interim Unaudited Condensed Consolidated Statements of Shareholders’ Equity

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																						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

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Camtek Ltd. and its Subsidiaries

 

Interim Unaudited Condensed Consolidated Statements of Cash Flows

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(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

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Camtek Ltd. and its Subsidiaries

 

Interim Unaudited Condensed Consolidated Statements of Cash Flows

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(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

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Camtek Ltd. and its Subsidiaries

 

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

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(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

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Camtek Ltd. and its Subsidiaries

 

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

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(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

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Camtek Ltd. and its Subsidiaries

 

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

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(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

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Camtek Ltd. and its Subsidiaries

 

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

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(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
Matures after one year:
Corporate bonds			64,033				574				(3	)			64,604
Government bonds			8,815				157				-				8,972
			72,848				731				(3	)			73,576
			91,652				752				(12	)			92,392

 

The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Consolidated Balance Sheet classification, is as follows at June 30, 2024 and December 31, 2023:

 

		June 30, 2024
		Amortized Cost				Fair Value
		U.S. Dollars
Due within one year			23,629				23,615
Due after one through five years			52,239				51,937
Due after five through ten years			29,837				29,880
Total marketable securities			105,705				105,432

 

		December 31, 2023
		Amortized Cost				Fair Value
		U.S. Dollars (in thousands)
Due within one year			18,804				18,816
Due after one through five years			72,210				72,908
Due after five through ten years			638				668
Total marketable securities			91,652				92,392

 

F - 14

---

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)

 

The following table summarizes the estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position, at June 30, 2024 and December 31, 2023.

 

		In Unrealized Loss Position For Less Than 12 Months
June 30, 2024		Fair Value				Gross Unrealized Loss
		U.S. Dollars
Corporate bonds			73,903				(412	)
Government bonds			2,016				(2	)
			75,919				(414	)

 

		In Unrealized Loss Position For Less Than 12 Months
December 31, 2023		Fair Value				Gross Unrealized Loss
		U.S. Dollars
Corporate bonds			5,154				(12	)
			5,154				(12	)

 

The level in the fair value hierarchy within which an asset or liability is classified is based on the lowest level input that is significant to the fair value measurement in its entirety.

 

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, aggregated by the level in the fair-value hierarchy within which those measurements fall:

 

		June 30, 2024				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Description
		U.S. Dollars
Assets
Marketable securities (current assets)			23,615				1,000				22,615				-
Marketable securities (non-current assets			81,817				8,808				73,009				-
Total Assets			105,432				9,808				95,624				-

 

F - 15

---

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				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Description
		U.S. Dollars
Assets
Marketable securities (current assets)			18,816				6,988				11,828				-
Marketable securities (non-current assets			73,576				6,981				66,595				-
Total Assets			92,392				13,969				78,423				-

 

The Company’s accounting policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. In the periods ended June 30, 2024 and December 31, 2023, the Company invested in marketable securities.

 

Marketable securities are classified within Level 2 because these assets are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs.

 

C. Inventories

 

		June 30,				December 31,
		2024				2023
		U.S. Dollars
Components			60,438				55,598
Work in process			26,817				20,038
Finished products (including systems at customer locations not yet sold)			21,513				19,292
			108,768				94,928

 

Inventories are presented in:

 

		June 30,				December 31,
		2024				2023
		U.S. Dollars
Current assets			99,215				85,905
Long-term assets			9,553				9,023
			108,768				94,928

 

F - 16

---

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)

 

D. Other Current Assets

 

		June 30,				December 31,
		2024				2023
		U.S. Dollars
Interest receivable			13,355				8,386
Due from Government institutions and income tax receivables			7,696				3,690
Prepaid expenses and vendor downpayments			4,996				5,164
Other			1,001				2,308
			27,048				19,548

 

E. Property, Plant and Equipment, Net

 

		June 30,				December 31,
		2024				2023
		U.S. Dollars
Land			1,401				1,401
Building			21,733				20,730
Machinery and equipment			30,187				27,626
Office furniture and equipment			1,061				1,057
Computer equipment and software			6,386				6,542
Automobiles			431				429
Leasehold improvements			2,237				2,100
Right of use assets			7,002				7,187
			70,438				67,072
Less - accumulated depreciation			26,192				25,085
			44,246				41,987

 

F - 17

---

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)

 

F. Intangible Assets, Net

 

		June 30,				December 31,
		2024				2024
		U.S. Dollars
Cost:
Patent registration costs			2,434				2,308
Acquired technology			12,200				12,200
Acquired trade names			2,700				2,700
Acquired customer relationship			2,000				2,000
			19,334				19,208
Less accumulated amortization			4,189				2,271
Total intangible assets, net			15,145				16,937

 

G. Other Current Liabilities

 

		June 30,				December 31,
		2024				2023
		U.S. Dollars
Commissions			12,617				13,588
Advances from customers and deferred revenues			26,585				14,701
Accrued employee compensation and related benefits			14,362				13,137
Accrued warranty costs (1)			3,713				3,397
Government institutions and income tax payable			7,633				5,316
Accrued expenses			3,133				2,661
Operating lease obligations			1,734				1,687
(1)         Changes in the accrued warranty costs are as follows:			69,777				54,487

 

		June 30,				December 31,
		2024				2023
		U.S. Dollars
Beginning of period			3,397				3,161
Accruals			3,453				5,505
Usage			(3,137	)			(5,269	)
Balance at end of period			3,713				3,397

 

F - 18

---

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)

 

H. Convertible Notes

 

The Convertible Senior Notes consisted of the following:

 

		June 30,				December 31,
		2024				2023
		U.S. Dollars
Liability:
Principle:			200,000				200,000
Unamortized issuance costs			(2,622	)			(3,169	)
Net carrying amount			197,378				196,831

 

As of June 30, 2024, the debt issuance costs of the Notes will be amortized over the remaining term of approximately 2.5 years.

 

The annual effective interest rate of the Notes is 0.56%. In the six-months ended June 30, 2024, $547 was recorded as amortization of debt issuance costs (In the year ended December 31, 2023 - $1,094).

 

As of June 30, 2024, the estimated fair value of the Notes, which the Company has classified as Level 2 financial instruments, is $441,843 (December 31, 2023 - $258,941). The estimated fair value was determined based on the quoted bid price of the Notes in an over-the-counter market on the last trading day of the reporting period.

 

As of June 30, 2024, the principal amount exceeded the if-converted value of the Notes by $241,843 (December 31, 2023, the principal amount exceeded the if-converted value of the Notes by $58,941).

 

F - 19

---

Camtek Ltd. and its Subsidiaries

 

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

---

(Amounts in thousands, except per share data)

 

Note 5 - Statements of Operations

 

A. Selling, general and administrative expenses

 

		Six months ended June 30,								Year ended December 31,
		2024				2023				2023
		U.S. Dollars
Selling (1)			23,004				17,910				36,896
General and administrative			7,690				6,127				13,855
			30,694				24,037				50,751
(1)      Including shipping and handling costs			2,029				1,025				2,744

 

B. Financial income (expenses), net

 

		Six months ended June 30,								Year ended December 31,
		2024				2023				2023
		U.S. Dollars
Interest income			11,812				11,838				24,051
Amortization of issuance costs of convertible notes			(547	)			(547	)			(1,094	)
Other, net (1)			(641	)			(427	)			(739	)
			10,624				10,864				22,218
(1)      Including foreign currency expense resulting from transactions not denominated in U.S. Dollars			(313	)			(172	)			(78	)

 

F - 20

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Exhibit 99.2

Operating and Financial Review and Prospects.

 

A.	Operating Results

 

General

 

The following discussion of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and the notes to those statements included therein, which have been prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP.

 

Overview

 

We design, develop, manufacture and market automated solutions dedicated for enhancing production processes and yield for the semiconductor fabrication market, principally based on core AOI technology.

 

We sell our systems worldwide. The vast majority of our sales are to manufacturers in the Asia Pacific region, including China, South East Asia, Korea and Taiwan, due to, among other factors, the migration of the electronic manufacturers into this region.

 

In the first half of 2024, our sales to customers in the Asia Pacific region accounted for approximately 89% of our total revenues.

 

In addition to revenues derived from the sale of systems and related products, we generate revenues from providing maintenance and support services for our products. We generally provide a one-year warranty with our systems. Accordingly, service revenues are not earned during the warranty period.

 

Critical Accounting Policies

 

Critical accounting policies are those that are, in management’s view, most important to the portrayal of a company’s financial condition and results of operations and most demanding judgment calls, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods. We believe our most critical accounting policies relate to:

 

Revenue Recognition. The Company’s contracts with its customers include performance obligations to provide its products or to service the installed products. A product sale contract may include an extended warranty (that is, for longer than the twelve-month standard warranty) as well as installation, both of which are considered separate performance obligations.

 

The Company recognizes revenue from contracts for sales of products when the Company transfers control of the product to the customer. This generally occurs upon shipment as pre-shipment calibration and testing processes ensure simplified and streamlined installation at the customer site. Revenues from the contract are recognized in an amount that reflects the consideration the Company expects to be entitled to receive once the product is operating in accordance with its specifications and signed documentation of the arrangement, such as a signed contract or purchase order, has been received. Payment terms with customers may vary, but are generally based on milestones within the delivery process such as shipping and installation. Payment terms do not include significant financing components.

 

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The Company does not incur costs in obtaining a contract except for agents’ commissions, which are incurred upon the recognition of revenues. Revenues are recognized over a period of less than a year and as such, there are no underlying sales commissions to be capitalized.

 

Service revenues consist mainly of contracts charged under time and material arrangements. Service revenues from maintenance contracts are recognized ratably over the contract period.

 

Contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to customers.

 

The Company’s multiple performance obligations consist of product sales, installation services and non-standard warranties. A fixed amount is deferred in respect of installation services for machines that have been recognized but not installed as of the balance sheet date. A non-standard warranty is one that is for a period longer than 12 months. Accordingly, income from a non-standard warranty is deferred as unearned revenue and is recognized ratably as revenue commencing with and over the applicable warranty term.

 

The Company records contract liabilities when the customer has been billed in advance of the Company completing its performance obligations. These amounts are recorded as deferred revenue in the Consolidated Balance Sheets.

 

Valuation of Accounts Receivable.  We review accounts receivable to determine which are doubtful of collection. In making this determination of the appropriate allowance for doubtful accounts, we consider information at hand regarding specific customers, including aging of the receivable balance, evaluation of the security received from customers, our history of write-offs, relationships with our customers and the overall credit worthiness of our customers. Changes in the credit worthiness of our customers, the general economic environment and other factors may impact the level of our future write-offs.

 

Valuation of Inventory.  Inventories consist of completed systems, partially completed systems and components, and are recorded at the lower of cost, determined by the moving – average basis, or market. We review inventory for obsolescence and excess quantities to determine that items deemed obsolete or excess inventory are appropriately reserved. In making the determination, we consider forecasted future sales or service/maintenance of related products and the quantity of inventory at the balance sheet date, assessed against each inventory item’s past usage rates and future expected usage rates. Changes in factors such as technology, customer demand, competing products and other matters could affect the level of our obsolete and excess inventory in the future.

 

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In the year 2024 we wrote-off inventory in the amount of approximately $1.5 million. The write-off amounts are included in the line item called "Cost of products sold", in the consolidated statements of operations. The write-offs create a new cost basis and are a permanent reduction of inventory cost. The write-offs in in 2024 were made against excess and slow-moving inventory. In the first half of 2023 there were no write-offs of inventory. Inventory that is not expected to be converted or consumed in the following 12 months is classified as non-current. As of June 30, 2024, a $9.6 million portion of our inventory was classified as non-current. Management periodically evaluates our inventory composition, giving consideration to factors such as the probability and timing of anticipated usage and the physical condition of the items, and then estimates a charge (reducing the inventory) to be provided for slow moving, technologically obsolete or damaged inventory. These estimates could vary significantly from actual requirements based upon future economic conditions, customer inventory levels or competitive factors that were not foreseen or did not exist when the inventory write-offs were established.

 

Intangible assets. Patent registration costs are capitalized at cost and amortized, beginning with the first year of utilization, over its expected life of ten years.

 

We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the long lived asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized as computed by subtracting the fair market value of the asset from its carrying value.

 

Provisions for contingent liabilities. A contingency (provision) in accordance with ASC Topic 450-10-05, Contingencies, is an existing condition or situation involving uncertainty as to the range of possible loss to the entity. A provision for claims is recognized if it is probable (likely to occur) that a liability has been incurred and the amount can be estimated reasonably. Provisions in general are highly judgmental, especially in cases of legal disputes. We assess the probability of an adverse event and if the probability is evaluated to be probable, we are required to fully provide for the total amount of the estimated contingent liability. We continually evaluate our pending provisions to determine if accruals are required. It is often difficult to accurately estimate the ultimate outcome of a contingent liability. Different variables can affect the timing and amount we provide for certain contingent liabilities. Our assessments are therefore subject to estimates made by us and our legal counsel, adverse revision in our estimates of the potential liability could materially impact our financial condition, results of operations or liquidity.

 

Valuation of Long Lived Assets. We apply ASC Subtopic 360-10, "Property, Plant and Equipment".  This Statement requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.  Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future cash flows expected to be generated by the asset.  If the carrying amount of the long lived asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized as computed by subtracting the fair market value of the asset from its carrying value. We prepare future cash flows based on our best estimates including projections and financial statements, future plans and growth estimates.

 

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Income Taxes. We account for income taxes under ASC Subtopic 740-10 Income Taxes – Overall.  Deferred tax assets or liabilities are recognized in respect of temporary differences between the tax bases of assets and liabilities and their financial reporting amounts as well as in respect of tax losses and other deductions which may be deductible for tax purposes in future years, based on tax rates applicable to the periods in which such deferred taxes will be realized. The rates applied are those enacted in law as of June 30, 2024. In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible and during which the carry-forwards are available. Valuation allowances are established when necessary to reduce deferred tax assets to the amount considered more likely than not to be realized.

 

Our financial statements include deferred tax assets, net, which are calculated according to the above methodology. If there is an unexpected critical deterioration in our operating results and forecasts, we would have to increase the valuation allowance with respect to those assets. We believe that it is more likely than not that those net deferred tax assets included in our financial statements will be realized in subsequent years.

 

Stock Option and Restricted Share Plans. We account for our employee stock-based compensation awards in accordance with ASC Topic 718, Compensation - Stock Compensation. ASC Topic 718 requires that all employee stock‑based compensation is recognized as a cost in the financial statements and that for equity-classified awards such cost is measured at the grant date fair value of the award. We estimate grant date fair value using the Black‑Scholes-Merton option‑pricing model. Forfeitures are recognized when they occur.    

 

Leases. On January 1, 2019, we adopted Accounting Standards Update No. 2016-02, Leases (Topic 842) (ASU 2016-02) using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application. Results and disclosure requirements for reporting periods beginning after January 1, 2019 are presented under Topic 842.

 

The adoption did not impact our beginning retained earnings, or prior year consolidated statements of income and statements of cash flows.

 

Under Topic 842, we determine if an arrangement is a lease at inception. ROU assets and lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. For this purpose, we consider only payments that are fixed and determinable at the time of commencement. As most of our leases do not provide an implicit rate, we use its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Our incremental borrowing rate is a hypothetical rate based on its understanding of what our credit rating would be (6.0% in 2024). Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise such options. When determining the probability of exercising such options, we consider contract-based, asset-based, entity-based, and market-based factors. Lease agreements may contain variable costs such as common area maintenance, insurance, real estate taxes or other costs. Variable lease costs are expensed as incurred on the consolidated statements of income. Our lease agreements generally do not contain any residual value guarantees or restrictive covenants.

 

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Operating lease ROU assets are presented as property, plant and equipment on the consolidated balance sheet. The current portion of operating lease liabilities is included in other current liabilities and the long-term portion is presented within long-term liabilities on the consolidated balance sheet.

 

For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

 

ROU assets for operating leases are periodically reduced by impairment losses. We use the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment – Overall, to determine whether an ROU asset is impaired, and if so, the amount of the impairment loss to recognize.

 

Comparison of Period to Period Results of Operations

 

The following table presents consolidated statement of operations data for the periods indicated as a percentage of total revenues from continuing operations:

 

		Six Months Ended June 30,
		2024				2023
Revenues			100.0	%			100.0	%
Cost of revenues			51.9	%			52.9	%
Gross profit			48.1	%			47.1	%
Operating expenses:
Research and development, net			9.1	%			10.7	%
Selling, general and administrative expenses			15.4	%			16.4	%
Total operating expenses			24.5	%			27.2	%
Operating income			23.6	%			19.9	%
Financial income, net			5.3	%			7.4	%
Income tax (expenses) benefit			(2.5	)%			(2.9	)%
Net income			26.4	%			24.5	%

---

Six months Ended June 30, 2024 compared to Six months ended June 30, 2023

 

Revenues. Revenues increased by 36.5% to $199.6 million in 2024 from $146.2 million in 2023. The increase is mainly due to the sale of a higher number of tools due to increased demand in the semiconductor market.

 

Gross Profit. Gross profit consists of revenues less cost of revenues, which includes the cost of components, production materials, labor, service related expenses, depreciation, factory and overhead expenses and provisions for warranties. These expenditures are partially affected by sales volume. Our total gross profit increased to $96.0 million in 2024 from $68.8 million in 2023, an increase of $27.2 million, or 39%. Our gross margin increased to 48.1% in 2024, compared to a gross margin of 47.1% in 2023.

 

Research and Development Costs. Research and development expenses consist primarily of salaries, materials consumption and costs associated with subcontracting certain development efforts. Total research and development expenses for 2024 increased to $18.1 million from $15.7 million in 2023 due to increased activity for improving capabilities and developing additional features and products.

 

Selling, General and Administrative Expenses. Selling, general and administrative expenses consist primarily of expenses associated with salaries, commissions, promotion and travel, professional services and rent costs. Our selling, general and administrative expenses increased in 2024 by 27.7% to $30.7 million from $24.0 million in 2023, mainly due to an increase in sales channels activity on increased revenues.

 

Financial Income (Expenses), Net. Financial income/expenses consist of interest, revaluation and other bank fees. We had net financial income of $10.6 million in 2024, compared to net financial income of $10.9 million in 2023.

 

Provision for Income Taxes. Income tax expense was $5.0 million in 2024 compared to expense of $4.2 million in 2023, mainly due to tax on increased income before taxes.

 

Net Income. We realized net income of $52.8 million in 2024 compared to net income of $35.8 million in 2023, in light of the factors discussed above.

 

B.          Liquidity and Capital Resources

 

Our cash and cash equivalent, short-term deposit and short-term marketable securities balances totalled approximately $366.1 million on June 30, 2024 and $354.0 million on December 31, 2023. In addition, there was $87.8 million and $94.6 million, respectively, in long-term deposits and long-term marketable securities. Our cash is invested in bank deposits spread among several banks, primarily in Israel whilst our investments in marketable securities consist of high-grade treasury, corporate and municipal bonds.

---

 

Our working capital was approximately $452.9 million at June 30, 2024 and $450.1 million at December 31, 2023. The increase is mainly attributed to the increase in short-term deposits and marketable securities, and inventory, offset by the decrease in cash and cash equivalents and trade accounts receivable and the increase in other current liabilities.

 

Our capital expenditures during the first half of 2024 were approximately $5.1 million, mainly in support of our operating activities.

 

Cash flow from operating activities

 

Net cash and cash equivalents provided by operating activities for the six months ended June 30, 2024, totalled $70.1 million. Net cash and cash equivalents provided by operating activities for the six months ended June 30, 2023 totalled $32.7 million.

 

During the first half of 2024, cash provided by operating activities was primarily attributable to the positive net income, the decrease in trade accounts receivable and the increase in other current liabilities, offset by the increase in inventory.

 

Cash flow from investing activities

 

Cash flow used in investing activities in the first half of 2024 was $43.7 million, primarily due to the purchase of short-term deposits and marketable securities, compared to $52.2 million provided in the first half of 2023.

 

Cash flow from financing activities

 

Cash flow used in financing activities the first half of 2024 was $60.0 million due to the dividend paid, compared to zero in the first half of 2023.

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Document and Entity Information	6 Months Ended
	Jun. 30, 2024
Document And Entity [Abstract]
Entity Registrant Name	CAMTEK LTD
Entity Central Index Key	0001109138
Current Fiscal Year End Date	--12-31
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Entity Address, Address Line One	Ramat Gavriel Industrial Zone
Entity Address, Address Line Two	P.O. Box 544
Entity Address, Address Line Three	Migdal Haemek
Entity Address Country	IL
Entity Address, Postal Zip Code	23150

Interim Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 86,201	$ 119,968
Short-term deposits	256,250	215,250
Marketable securities	23,615	18,816
Trade accounts receivable, net	68,151	87,300
Inventories	99,215	85,905
Other current assets	27,048	19,548
Total current assets	560,480	546,787
Long term deposits	6,000	21,000
Marketable securities	81,817	73,576
Long term inventory	9,553	9,023
Deferred tax assets, net	2,642	2,642
Other assets, net	1,947	1,370
Property, plant and equipment, net	44,246	41,987
Intangible assets, net	15,145	16,937
Goodwill	74,345	74,345
Total non-current assets	235,695	240,880
Total assets	796,175	787,667
Current liabilities
Trade accounts payable	37,757	42,187
Other current liabilities	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	197,378	196,831
Total Non current liabilities	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;	177	176
Additional paid-in capital	207,615	200,389
Accumulated other comprehensive income (loss)	(534)	129
Retained earnings	270,070	277,352
Total shareholders' equity before treasury stock	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

Interim Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - ₪ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common Stock, par value per share	₪ 0.01	₪ 0.01
Common Stock, shares authorized	100,000,000	100,000,000
Common Stock, shares issued	47,410,314	46,993,998
Common Stock, shares outstanding	45,317,938	44,901,622
Treasury Stock, Common, Shares	2,092,376	2,092,376

Interim Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Statement [Abstract]
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	30,694	24,037	50,751
Total operating expenses	48,840	39,709	82,221
Operating profit	47,123	29,128	65,412
Financial income, net	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
Net income per ordinary share:
Basic net earnings per share	$ 1.17	$ 0.8	$ 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

Interim Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 52,763	$ 35,784	$ 78,632
Other comprehensive income, net of tax:
Change in net unrealized gains on available-for-sale marketable securities	(663)	0	740
Deferred tax expense	0	0	(611)
Total other comprehensive income	(663)	0	129
Total comprehensive income	$ 52,100	$ 35,784	$ 78,761

Interim Unaudited Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Ordinary Shares NIS 0.01 par value [Member]		Treasury Shares [Member]	Additional paid-in capital [Member]	Accumulated Other Comprehensive Income (loss) [Member]	Retained earnings [Member]	Total
Balance, value at Dec. 31, 2022	$ 175		$ (1,898)	$ 187,105	$ 0	$ 198,720	$ 384,102
Balance, shares at Dec. 31, 2022	46,505,318		(2,092,376)
Share-based compensation expense	$ 0		$ 0	6,521	0	0	6,521
Exercise of share options and RSUs	$ 0	[1]	$ 0	0	0	0	0
Exercise of share options and RSUs, shares	306,186		0
Unrealised gain on investments							0
Deferred tax expense							0
Net income	$ 0		$ 0	0	0	35,784	35,784
Balance, value at Jun. 30, 2023	$ 175		$ (1,898)	193,626	0	234,504	426,407
Balance, shares at Jun. 30, 2023	46,811,504		(2,092,376)
Balance, value at Dec. 31, 2022	$ 175		$ (1,898)	187,105	0	198,720	384,102
Balance, shares at Dec. 31, 2022	46,505,318		(2,092,376)
Share-based compensation expense							12,598
Unrealised gain on investments							740
Deferred tax expense							(611)
Net income							78,632
Balance, value at Dec. 31, 2023	$ 176		$ (1,898)	200,389	129	277,352	$ 476,148
Balance, shares at Dec. 31, 2023	46,993,998		(2,092,376)				44,901,622
Balance, value at Jun. 30, 2023	$ 175		$ (1,898)	193,626	0	234,504	$ 426,407
Balance, shares at Jun. 30, 2023	46,811,504		(2,092,376)
Share-based compensation expense	$ 0		$ 0	6,077	0	0	6,077
Share-based compensation adjustment	0		0	505		0	505
Exercise of share options and RSUs	$ 1		$ 0	181	0	0	182
Exercise of share options and RSUs, shares	182,494		0
Unrealised gain on investments	$ 0		$ 0	0	740	0	740
Deferred tax expense	0		0	0	(611)	0	(611)
Net income	0		0	0	0	42,848	42,848
Balance, value at Dec. 31, 2023	$ 176		$ (1,898)	200,389	129	277,352	$ 476,148
Balance, shares at Dec. 31, 2023	46,993,998		(2,092,376)				44,901,622
Share-based compensation expense	$ 0		$ 0	7,198	0	0	$ 7,198
Exercise of share options and RSUs	$ 1		$ 0	28	0	0	29
Exercise of share options and RSUs, shares	416,316		0
Dividend paid	$ 0		$ 0	0	0	(60,045)	(60,045)
Unrealised gain on investments	0		0	0	(663)	0	(663)
Deferred tax expense							0
Net income	0		0	0	0	52,763	52,763
Balance, value at Jun. 30, 2024	$ 177		$ (1,898)	$ 207,615	$ (534)	$ 270,070	$ 475,430
Balance, shares at Jun. 30, 2024	47,410,314		(2,092,376)				45,317,938
[1] Represents an amount less than $1,000

Interim Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended			12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 52,763	$ 42,848	$ 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	0		233	6
Share based compensation expense	7,198	6,077	6,521	12,598
Change in provision for doubtful debts	112		0	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)		0	(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	1,295		0	(101,781)
Proceeds from (investment in) short-term deposits	(41,000)		57,000	36,250
Proceeds from (investment in) long-term deposits	15,000		0	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)		0	(103,528)
Redemption of marketable securities	11,950		0	11,876
Net cash provided by (used in) investing activities	(43,667)		52,158	(107,453)
Cash flows from financing activities:
Proceeds from exercise of share options	29		0	182
Dividend payment	(60,045)		0	0
Net cash provided by (used in) financing activities	(60,016)		0	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	232,787	148,156	148,156
Cash and cash equivalents at end of the period	86,201	119,968	232,787	119,968
Acquisition of subsidiary, consolidated for the first time:
Working capital (excluding cash and cash equivalents)		(15,288)		(15,288)
Fixed assets, net		(1,615)		(1,615)
Intangible assets		(16,900)		(16,900)
Goodwill		(74,345)		(74,345)
Deferred taxes liabilities, net		7,157		7,157
Working capital adjustments		(1,295)		(1,295)
Non-cash adjustments				(102,286)
Increase in goodwill against share-based compensation		$ 505		505
Acquisition of subsidiary consolidated for the first time	1,295		0	(101,781)
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

Nature of Operations	6 Months Ended
	Jun. 30, 2024
Nature of Operations [Abstract]
Nature of Operations	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.

Basis of Preparation	6 Months Ended
	Jun. 30, 2024
Basis of Preparation [Abstract]
Basis of Preparation	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.

Shareholders' Equity	6 Months Ended
	Jun. 30, 2024
Shareholders' Equity [Abstract]
Shareholders' Equity	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.

Supplementary Financial Statements Information	6 Months Ended
	Jun. 30, 2024
Supplemantary Financial Statements Information [Abstract]
Supplementary Financial Statements Information	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         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   Matures after one year:                                 Corporate bonds     64,033       574       (3 )     64,604   Government bonds     8,815       157       -       8,972       72,848       731       (3 )     73,576         91,652       752       (12 )     92,392     The amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security, regardless of the Consolidated Balance Sheet classification, is as follows at June 30, 2024 and December 31, 2023:       June 30, 2024       Amortized Cost     Fair Value       U.S. Dollars                     Due within one year     23,629       23,615   Due after one through five years     52,239       51,937   Due after five through ten years     29,837       29,880   Total marketable securities     105,705       105,432         December 31, 2023       Amortized Cost     Fair Value       U.S. Dollars (in thousands)   Due within one year     18,804       18,816   Due after one through five years     72,210       72,908   Due after five through ten years     638       668   Total marketable securities     91,652       92,392     The following table summarizes the estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position, at June 30, 2024 and December 31, 2023.       In Unrealized Loss Position For Less Than 12 Months   June 30, 2024   Fair Value     Gross Unrealized Loss       U.S. Dollars                 Corporate bonds     73,903       (412 ) Government bonds     2,016       (2 )       75,919       (414 )       In Unrealized Loss Position For Less Than 12 Months   December 31, 2023   Fair Value     Gross Unrealized Loss       U.S. Dollars                 Corporate bonds     5,154       (12 )       5,154       (12 )   The level in the fair value hierarchy within which an asset or liability is classified is based on the lowest level input that is significant to the fair value measurement in its entirety.   The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, aggregated by the level in the fair-value hierarchy within which those measurements fall:       June 30, 2024     Quoted Prices in Active Markets for Identical Assets (Level 1)       Significant Other Observable Inputs (Level 2)     Significant Unobservable Inputs (Level 3)                                       Description                     U.S. Dollars                             Assets                         Marketable securities (current assets)     23,615       1,000       22,615       -   Marketable securities (non-current assets     81,817       8,808       73,009       -   Total Assets     105,432       9,808       95,624       -         December 31, 2023     Quoted Prices in Active Markets for Identical Assets (Level 1)       Significant Other Observable Inputs (Level 2)     Significant Unobservable Inputs (Level 3)                                       Description                     U.S. Dollars                             Assets                         Marketable securities (current assets)     18,816       6,988       11,828       -   Marketable securities (non-current assets     73,576       6,981       66,595       -   Total Assets     92,392       13,969       78,423       -     The Company’s accounting policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. In the periods ended June 30, 2024 and December 31, 2023, the Company invested in marketable securities.   Marketable securities are classified within Level 2 because these assets are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs.   C. Inventories       June 30,     December 31,       2024     2023       U.S. Dollars                     Components     60,438       55,598   Work in process     26,817       20,038   Finished products (including systems at customer locations not yet sold)     21,513       19,292                           108,768       94,928     Inventories are presented in:       June 30,     December 31,       2024     2023       U.S. Dollars                     Current assets     99,215       85,905   Long-term assets     9,553       9,023                           108,768       94,928     D. Other Current Assets       June 30,     December 31,       2024     2023       U.S. Dollars                 Interest receivable     13,355       8,386   Due from Government institutions and income tax receivables     7,696       3,690   Prepaid expenses and vendor downpayments     4,996       5,164   Other     1,001       2,308                           27,048       19,548     E. Property, Plant and Equipment, Net       June 30,     December 31,       2024     2023       U.S. Dollars                 Land     1,401       1,401   Building     21,733       20,730   Machinery and equipment     30,187       27,626   Office furniture and equipment     1,061       1,057   Computer equipment and software     6,386       6,542   Automobiles     431       429   Leasehold improvements     2,237       2,100   Right of use assets     7,002       7,187         70,438       67,072                     Less - accumulated depreciation     26,192       25,085                           44,246       41,987     F. Intangible Assets, Net       June 30,     December 31,       2024     2024       U.S. Dollars   Cost:             Patent registration costs     2,434       2,308   Acquired technology     12,200       12,200   Acquired trade names     2,700       2,700   Acquired customer relationship     2,000       2,000         19,334       19,208                     Less accumulated amortization     4,189       2,271                     Total intangible assets, net     15,145       16,937     G. Other Current Liabilities       June 30,     December 31,       2024     2023       U.S. Dollars                 Commissions     12,617       13,588   Advances from customers and deferred revenues     26,585       14,701   Accrued employee compensation and related benefits     14,362       13,137   Accrued warranty costs (1)     3,713       3,397   Government institutions and income tax payable     7,633       5,316   Accrued expenses     3,133       2,661   Operating lease obligations     1,734       1,687                     (1)         Changes in the accrued warranty costs are as follows:     69,777       54,487         June 30,     December 31,       2024     2023       U.S. Dollars                 Beginning of period     3,397       3,161   Accruals     3,453       5,505   Usage     (3,137 )     (5,269 )                   Balance at end of period     3,713       3,397     H. Convertible Notes   The Convertible Senior Notes consisted of the following:       June 30,     December 31,       2024     2023       U.S. Dollars           Liability:             Principle:     200,000       200,000   Unamortized issuance costs     (2,622 )     (3,169 ) Net carrying amount     197,378       196,831     As of June 30, 2024, the debt issuance costs of the Notes will be amortized over the remaining term of approximately 2.5 years.   The annual effective interest rate of the Notes is 0.56%. In the six-months ended June 30, 2024, $547 was recorded as amortization of debt issuance costs (In the year ended December 31, 2023 - $1,094).   As of June 30, 2024, the estimated fair value of the Notes, which the Company has classified as Level 2 financial instruments, is $441,843 (December 31, 2023 - $258,941). The estimated fair value was determined based on the quoted bid price of the Notes in an over-the-counter market on the last trading day of the reporting period.   As of June 30, 2024, the principal amount exceeded the if-converted value of the Notes by $241,843 (December 31, 2023, the principal amount exceeded the if-converted value of the Notes by $58,941).

Statements of Operations	6 Months Ended
	Jun. 30, 2024
Income Statement Related Disclosures [Abstract]
Statements of Operations	Note 5 - Statements of Operations   A. Selling, general and administrative expenses       Six months ended June 30,     Year ended December 31,       2024     2023     2023       U.S. Dollars                       Selling (1)     23,004       17,910       36,896   General and administrative     7,690       6,127       13,855                                   30,694       24,037       50,751                             (1)      Including shipping and handling costs     2,029       1,025       2,744     B. Financial income (expenses), net       Six months ended June 30,     Year ended December 31,       2024     2023     2023       U.S. Dollars           Interest income     11,812       11,838       24,051   Amortization of issuance costs of convertible notes     (547 )     (547 )     (1,094 ) Other, net (1)     (641 )     (427 )     (739 )                                 10,624       10,864       22,218                             (1)      Including foreign currency expense resulting from transactions not denominated in U.S. Dollars     (313 )     (172 )     (78 )

Basis of Preparation (Policies)	6 Months Ended
	Jun. 30, 2024
Basis of Preparation [Abstract]
Statement of compliance	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.

Supplementary Financial Statements Information (Tables)	6 Months Ended
	Jun. 30, 2024
Cash and Cash Equivalents [Abstract]
Schedule of cash and cash equivalents	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
Schedule of marketable securities	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       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   Matures after one year:                                 Corporate bonds     64,033       574       (3 )     64,604   Government bonds     8,815       157       -       8,972       72,848       731       (3 )     73,576         91,652       752       (12 )     92,392
Schedule of amortized cost and estimated fair value of marketable securities classified by the maturity date listed on the security	June 30, 2024       Amortized Cost     Fair Value       U.S. Dollars                     Due within one year     23,629       23,615   Due after one through five years     52,239       51,937   Due after five through ten years     29,837       29,880   Total marketable securities     105,705       105,432         December 31, 2023       Amortized Cost     Fair Value       U.S. Dollars (in thousands)   Due within one year     18,804       18,816   Due after one through five years     72,210       72,908   Due after five through ten years     638       668   Total marketable securities     91,652       92,392
Schedule of estimated fair value and gross unrealized holding losses of marketable securities, aggregated by investment instrument and period of time in an unrealized loss position	In Unrealized Loss Position For Less Than 12 Months   June 30, 2024   Fair Value     Gross Unrealized Loss       U.S. Dollars                 Corporate bonds     73,903       (412 ) Government bonds     2,016       (2 )       75,919       (414 )       In Unrealized Loss Position For Less Than 12 Months   December 31, 2023   Fair Value     Gross Unrealized Loss       U.S. Dollars                 Corporate bonds     5,154       (12 )       5,154       (12 )
Schedule of fair value, assets and liabilities measured on recurring basis	June 30, 2024     Quoted Prices in Active Markets for Identical Assets (Level 1)       Significant Other Observable Inputs (Level 2)     Significant Unobservable Inputs (Level 3)                                       Description                     U.S. Dollars                             Assets                         Marketable securities (current assets)     23,615       1,000       22,615       -   Marketable securities (non-current assets     81,817       8,808       73,009       -   Total Assets     105,432       9,808       95,624       -       December 31, 2023     Quoted Prices in Active Markets for Identical Assets (Level 1)       Significant Other Observable Inputs (Level 2)     Significant Unobservable Inputs (Level 3)                                       Description                     U.S. Dollars                             Assets                         Marketable securities (current assets)     18,816       6,988       11,828       -   Marketable securities (non-current assets     73,576       6,981       66,595       -   Total Assets     92,392       13,969       78,423       -
Schedule of inventories	June 30,     December 31,       2024     2023       U.S. Dollars                     Components     60,438       55,598   Work in process     26,817       20,038   Finished products (including systems at customer locations not yet sold)     21,513       19,292                           108,768       94,928       June 30,     December 31,       2024     2023       U.S. Dollars                     Current assets     99,215       85,905   Long-term assets     9,553       9,023                           108,768       94,928
Schedule of other current assets	June 30,     December 31,       2024     2023       U.S. Dollars                 Interest receivable     13,355       8,386   Due from Government institutions and income tax receivables     7,696       3,690   Prepaid expenses and vendor downpayments     4,996       5,164   Other     1,001       2,308                           27,048       19,548
Schedule of property, plant and equipment, net	June 30,     December 31,       2024     2023       U.S. Dollars                 Land     1,401       1,401   Building     21,733       20,730   Machinery and equipment     30,187       27,626   Office furniture and equipment     1,061       1,057   Computer equipment and software     6,386       6,542   Automobiles     431       429   Leasehold improvements     2,237       2,100   Right of use assets     7,002       7,187         70,438       67,072                     Less - accumulated depreciation     26,192       25,085                           44,246       41,987
Schedule of intangible assets, net	June 30,     December 31,       2024     2024       U.S. Dollars   Cost:             Patent registration costs     2,434       2,308   Acquired technology     12,200       12,200   Acquired trade names     2,700       2,700   Acquired customer relationship     2,000       2,000         19,334       19,208                     Less accumulated amortization     4,189       2,271                     Total intangible assets, net     15,145       16,937
Schedule of other current liabilities	June 30,     December 31,       2024     2023       U.S. Dollars                 Commissions     12,617       13,588   Advances from customers and deferred revenues     26,585       14,701   Accrued employee compensation and related benefits     14,362       13,137   Accrued warranty costs (1)     3,713       3,397   Government institutions and income tax payable     7,633       5,316   Accrued expenses     3,133       2,661   Operating lease obligations     1,734       1,687                     (1)         Changes in the accrued warranty costs are as follows:     69,777       54,487
Schedule of accrued warranty costs	June 30,     December 31,       2024     2023       U.S. Dollars                 Beginning of period     3,397       3,161   Accruals     3,453       5,505   Usage     (3,137 )     (5,269 )                   Balance at end of period     3,713       3,397
Scheduled of convertible senior notes	June 30,     December 31,       2024     2023       U.S. Dollars           Liability:             Principle:     200,000       200,000   Unamortized issuance costs     (2,622 )     (3,169 ) Net carrying amount     197,378       196,831

Statements of Operations (Tables)	6 Months Ended
	Jun. 30, 2024
Income Statement Related Disclosures [Abstract]
Schedule of selected selling, general and administrative expenses data	Six months ended June 30,     Year ended December 31,       2024     2023     2023       U.S. Dollars                       Selling (1)     23,004       17,910       36,896   General and administrative     7,690       6,127       13,855                                   30,694       24,037       50,751                             (1)      Including shipping and handling costs     2,029       1,025       2,744
Schedule of selected financial income (expenses) data	Six months ended June 30,     Year ended December 31,       2024     2023     2023       U.S. Dollars           Interest income     11,812       11,838       24,051   Amortization of issuance costs of convertible notes     (547 )     (547 )     (1,094 ) Other, net (1)     (641 )     (427 )     (739 )                                 10,624       10,864       22,218                             (1)      Including foreign currency expense resulting from transactions not denominated in U.S. Dollars     (313 )     (172 )     (78 )

Nature of Operations (Narrative) (Details)	Jun. 30, 2024
Priortech Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	21.20%
Chroma Ate Inc [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	17.30%

Shareholders' Equity (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended			12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Payment Arrangement, Expense	$ 7,198	$ 6,077	$ 6,521	$ 12,598
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted	416,316
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted	183,329
Vesting period	4 years

Supplementary Financial Statements Information (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Term of debt issuance costs amortization	2 years 6 months
Debt interest rate	0.56%
Amortization of debt issuance costs	$ 547	$ 547	$ 1,094
Estimated fair value of the notes classified as Level 2 financial instruments	441,843		258,941
Exceeded principal amount	$ 241,843		$ 58,941
Short-Term Investments [Member]
Debt Instrument [Line Items]
Debt interest rate	6.11%

Supplementary Financial Statements Information (Currencies) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 86,201	$ 119,968
Cash and Cash Equivalents [Member] | United States Of America Dollar [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	73,637	113,190
Cash and Cash Equivalents [Member] | New Israeli Shekel [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	4,065	2,795
Cash and Cash Equivalents [Member] | Other Currencies [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 8,499	$ 3,983

Supplementary Financial Statements Information - Marketable Securities (Schedule of marketable securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 105,705	$ 91,652
Unrealized Gains	141	752
Unrealized Losses	(414)	(12)
Fair Value	105,432	92,392
Matures within one year [Member]
Marketable Securities [Line Items]
Amortized Cost	23,629	18,804
Unrealized Gains	18	21
Unrealized Losses	(32)	(9)
Fair Value	23,615	18,816
Matures within one year [Member] | Corporate bonds [Member]
Marketable Securities [Line Items]
Amortized Cost	22,645	9,821
Unrealized Gains	2	7
Unrealized Losses	(32)	(9)
Fair Value	22,615	9,819
Matures within one year [Member] | Government bonds [Member]
Marketable Securities [Line Items]
Amortized Cost	984	8,983
Unrealized Gains	16	14
Unrealized Losses	0	0
Fair Value	1,000	8,997
Matures after one year [Member]
Marketable Securities [Line Items]
Amortized Cost	82,076	72,848
Unrealized Gains	123	731
Unrealized Losses	(382)	(3)
Fair Value	81,817	73,576
Matures after one year [Member] | Corporate bonds [Member]
Marketable Securities [Line Items]
Amortized Cost	73,278	64,033
Unrealized Gains	111	574
Unrealized Losses	(380)	(3)
Fair Value	73,009	64,604
Matures after one year [Member] | Government bonds [Member]
Marketable Securities [Line Items]
Amortized Cost	8,798	8,815
Unrealized Gains	12	157
Unrealized Losses	(2)	0
Fair Value	$ 8,808	$ 8,972

Supplementary Financial Statements Information - Marketable Securities (Schedule of amortized cost and estimated fair value of marketable securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Amortized Cost, Due within one year	$ 23,629	$ 18,804
Amortized Cost, Due after one through five years	52,239	72,210
Amortized Cost, Due after five through ten years	29,837	638
Amortized Cost, Total marketable securities	105,705	91,652
Fair Value, Due within one year	23,615	18,816
Fair Value, Due after one through five years	51,937	72,908
Fair Value, Due after five through ten years	29,880	668
Fair Value, Total marketable securities	$ 105,432	$ 92,392

Supplementary Financial Statements Information - Marketable Securities (Schedule of summarizes estimated fair value and gross unrealized holding losses of marketable securities) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
In Unrealized Loss Position For Less Than 12 Months, Fair Value	$ 75,919	$ 5,154
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Loss	(414)	(12)
Corporate bonds [Member]
Marketable Securities [Line Items]
In Unrealized Loss Position For Less Than 12 Months, Fair Value	73,903	5,154
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Loss	(412)	$ (12)
Government bonds [Member]
Marketable Securities [Line Items]
In Unrealized Loss Position For Less Than 12 Months, Fair Value	2,016
In Unrealized Loss Position For Less Than 12 Months, Gross Unrealized Loss	$ (2)

Supplementary Financial Statements Information - Fair Value Measurements (Schedule of fair value, assets and liabilities measured on recurring basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets, Fair Value Disclosure [Abstract]
Marketable securities (current assets)	$ 23,615	$ 18,816
Marketable securities (non-current assets)	81,817	73,576
Fair Value, Recurring [Member]
Assets, Fair Value Disclosure [Abstract]
Marketable securities (current assets)	23,615	18,816
Marketable securities (non-current assets)	81,817	73,576
Total Assets	105,432	92,392
Fair Value, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets, Fair Value Disclosure [Abstract]
Marketable securities (current assets)	1,000	6,988
Marketable securities (non-current assets)	8,808	6,981
Total Assets	9,808	13,969
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets, Fair Value Disclosure [Abstract]
Marketable securities (current assets)	22,615	11,828
Marketable securities (non-current assets)	73,009	66,595
Total Assets	95,624	78,423
Fair Value, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets, Fair Value Disclosure [Abstract]
Marketable securities (current assets)	0	0
Marketable securities (non-current assets)	0	0
Total Assets	$ 0	$ 0

Supplementary Financial Statements Information (Inventories) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Components	$ 60,438	$ 55,598
Work in process	26,817	20,038
Finished products (including systems at customer locations not yet sold)	21,513	19,292
Total inventories	108,768	94,928
Current assets	99,215	85,905
Long-term assets	$ 9,553	$ 9,023

Supplementary Financial Statements Information (Other Current Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Interest receivable	$ 13,355	$ 8,386
Due from Government institutions and income tax receivables	7,696	3,690
Prepaid expenses and vendor downpayments	4,996	5,164
Other	1,001	2,308
Other current assets	$ 27,048	$ 19,548

Supplementary Financial Statements Information (Property, Plant and Equipment, Net) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 70,438	$ 67,072
Less accumulated depreciation	26,192	25,085
Property, Plant and Equipment, Net	44,246	41,987
Land [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,401	1,401
Building [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	21,733	20,730
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	30,187	27,626
Office furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,061	1,057
Computer equipment and software [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	6,386	6,542
Automobiles [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	431	429
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	2,237	2,100
Right of use assets [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 7,002	$ 7,187

Supplementary Financial Statements Information (Intangible Assets, Net) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Patent registration costs	$ 2,434	$ 2,308
Acquired technology	12,200	12,200
Acquired trade names	2,700	2,700
Acquired customer relationship	2,000	2,000
Intangible assets at cost	19,334	19,208
Less accumulated amortization	4,189	2,271
Total intangible assets, net	$ 15,145	$ 16,937

Supplementary Financial Statements Information (Other Current Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities, Current [Abstract]
Commissions	$ 12,617	$ 13,588
Advances from customers and deferred revenues	26,585	14,701
Accrued employee compensation and related benefits	14,362	13,137
Accrued warranty costs	3,713	3,397	$ 3,161
Government institutions and income tax payable	7,633	5,316
Accrued expenses	3,133	2,661
Operating lease obligations	1,734	1,687
Total other current liabilities	$ 69,777	$ 54,487

Supplementary Financial Statements Information (Accrued warranty costs) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Accounts Payable and Accrued Liabilities, Current [Abstract]
Beginning of period	$ 3,397	$ 3,161
Accruals	3,453	5,505
Usage	(3,137)	(5,269)
Balance at end of period	$ 3,713	$ 3,397

Supplementary Financial Statements Information (Convertible Notes) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [Abstract]
Principle	$ 200,000	$ 200,000
Unamortized issuance costs	(2,622)	(3,169)
Net carrying amount	$ 197,378	$ 196,831

Statements of Operations (Selling, general and administrative expenses) (Details) - USD ($) $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Statement Related Disclosures [Abstract]
Selling	[1]	$ 23,004	$ 17,910	$ 36,896
General and administrative		7,690	6,127	13,855
Total selling, general and administrative expenses		30,694	24,037	50,751
Shipping and handling costs		$ 2,029	$ 1,025	$ 2,744
[1] Including shipping and handling costs

Statements of Operations (Financial income (expenses), net) (Details) - USD ($) $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Statement Related Disclosures [Abstract]
Interest income		$ 11,812	$ 11,838	$ 24,051
Amortization of issuance costs of convertible notes		(547)	(547)	(1,094)
Other, net	[1]	(641)	(427)	(739)
Financial income (expenses), net		10,624	10,864	22,218
Foreign currency expense		$ (313)	$ (172)	$ (78)
[1] Including foreign currency expense resulting from transactions not denominated in U.S. Dollars

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