Exhibit 99.1

Camtek Ltd.

and its Subsidiaries

Interim Condensed Consolidated

Financial Statements

As of June 30, 2023

(Unaudited)

Camtek Ltd. and its Subsidiaries

Interim Unaudited Condensed Consolidated Financial Statements as at June 30, 2023

Contents

	Page
Interim Unaudited Condensed Consolidated Balance Sheets	F-3
Interim Unaudited Condensed Consolidated Statements of Operations	F-4 to F-5
Interim Unaudited Condensed Consolidated Statements of Shareholders’ Equity	F-6
Interim Unaudited Condensed Consolidated Statements of Cash Flows	F-7 to F-8
Notes to the Interim Unaudited Condensed Consolidated Financial Statements	F-9 to F-16

F - 2

Camtek Ltd. and its Subsidiaries

Interim Unaudited Condensed Consolidated Balance Sheets

					June 30,				December 31,
					2023				2022
		Note			U.S. Dollars (in thousands)
Assets
Current assets
Cash and cash equivalents		4A				232,787				148,156
Short-term deposits						198,500				251,500
Trade accounts receivable						79,025				80,611
Inventories		4B				61,207				65,541
Other current assets		4C				14,998				11,156
Total current assets						586,517				556,964
Long term deposits						75,000				79,000
Long term inventory		4B				7,125				5,357
Deferred tax assets						724				1,004
Other assets						2,557				1,024
Property, plant and equipment, net		4D				37,131				33,141
Intangible assets, net		4E				602				597
Total non-current assets						123,139				120,123
Total assets						709,656				677,087
Liabilities and shareholders’ equity
Current liabilities
Trade accounts payable						31,238				31,667
Other current liabilities		4F				45,529				56,833
Total current liabilities						76,767				88,500
Long term liabilities
Other long-term liabilities						10,198				8,748
Convertible notes		4G				196,284				195,737
						206,482				204,485
Total liabilities						283,249				292,985
Shareholders’ equity
Ordinary shares NIS 0.01 par value, 100,000,000 shares authorized at June 30, 2023 and at December 31, 2022;
46,811,504 issued shares at June 30, 2023 and 46,505,318 at December 31, 2022;
44,719,128 shares outstanding at June 30, 2023 and 44,412,942 at December 31, 2022;		3				175				175
Additional paid-in capital						193,626				187,105
Retained earnings						234,504				198,720
						428,305				386,000
Treasury stock, at cost (2,092,376 shares as of June 30, 2023 and December 31, 2022)						(1,898	)			(1,898	)
Total shareholders' equity						426,407				384,102
Total liabilities and shareholders' equity						709,656				677,087

The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.

F - 3

Camtek Ltd. and its Subsidiaries

Interim Unaudited Condensed Consolidated Statements of Operations

(In thousands, except per share data)

					Six months ended June 30,								Year ended December 31,
					2023				2022				2022
		Note			U.S. dollars								U.S. dollars
Revenues						146,215				156,744				320,909
Cost of revenues						77,378				76,693				161,053
Gross profit						68,837				80,051				159,856
Research and development costs						15,672				15,199				28,859
Selling, general and  administrative expenses		5A				24,037				24,451				49,499
						39,709				39,650				78,358
Operating income						29,128				40,401				81,498
Financial income, net		5B				10,864				860				6,690
Income before income taxes						39,992				41,261				88,188
Income tax expense						(4,208	)			(3,700	)			(8,239	)
Net income						35,784				37,561				79,949

F - 4

Camtek Ltd. and its Subsidiaries

Interim Unaudited Condensed Consolidated Statements of Operations (contd.)

Net income per ordinary share:

					Six months ended June 30,								Year ended December 31,
					2023				2022				2022
		Note			U.S. dollars								U.S. dollars
Basic net earnings per share						0.80				0.86				1.81
Diluted net earnings per share						0.74				0.78				1.66
Weighted average number of ordinary shares outstanding   (in thousands):
Basic						44,562				43,929				44,158
Diluted						48,531				48,150				48,229

The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.

F - 5

Camtek Ltd. and its Subsidiaries

Interim Unaudited Condensed Consolidated Statements of Shareholders’ Equity

		Ordinary Shares								Number of								Additional								Total
		NIS 0.01 par value								Treasury				Treasury				paid-in				Retained				shareholders'
		Number of				U.S. Dollars				Shares				Shares				earnings				earnings				equity
		Shares Issued				(in thousands)								U.S. Dollars (in thousands)
Balances at
December 31, 2021			45,939,019				172				(2,092,376	)			(1,898	)			176,582				118,771				293,627
Share-based
compensation
expense			-				-				-				-				5,592				-				5,592
Exercise of share
options and RSUs			416,840				2				-				-				-				-				2
Net income			-				-				-				-				-				37,561				37,561
Balances at
June 30, 2022			46,355,859				174				(2,092,376	)			(1,898	)			182,174				156,332				336,782
Share-based
compensation
expense			-				-				-				-				4,931				-				4,931
Exercise of share
options and RSUs			149,459				1				-				-				-				-				1
Net income			-				-				-				-				-				42,388				42,388
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

The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.

*Represents an amount less than $1,000

F - 6

Camtek Ltd. and its Subsidiaries

Interim Unaudited Condensed Consolidated Statements of Cash Flows

(In thousands)

		Six months ended June 30,								Year ended December 31,
		2023				2022				2022
		U.S. dollars								U.S. dollars
Cash flows from operating activities:
Net income			35,784				37,561				79,949
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization			2,406				1,849				4,094
Deferred tax expense			280				110				(777	)
Amortization of debt issuance costs			547				547				1,094
Loss on disposal of fixed assets			233				-				-
Share based compensation expense			6,521				5,592				10,523
Change in provision for doubtful debts			-				-				(7	)
Changes in operating assets and liabilities:
Trade accounts receivable			1,829				(14,252	)			(21,984	)
Inventories			171				(13,512	)			(9,518	)
Due from related parties			-				(2	)			-
Other assets			(5,375	)			(2,079	)			(6,337	)
Trade accounts payable			(231	)			1,244				(2,113	)
Other current liabilities			(9,449	)			(4,111	)			2,875
Net cash provided by operating activities			32,716				12,947				57,799
Cash flows from investing activities:
Redemption (investment) of short-term deposits			57,000				(179,000	)			(95,500	)
Investment of long-term deposits			-				(15,000	)			(47,000	)
Purchase of fixed assets			(4,782	)			(3,786	)			(8,197	)
Purchase of intangible assets			(60	)			(28	)			(97	)
Net cash provided by (used in) investing activities			52,158				(197,814	)			(150,794	)

Cash flows from financing activities:
Proceeds from exercise of share options			-				2				3
Net cash provided by financing activities			-				2				3
Effect of change in exchange rate on cash and cash equivalents			(243	)			(1,037	)			(795	)
Net increase (decrease) in cash and cash equivalents			84,631				(185,902	)			(93,787	)
Cash and cash equivalents at beginning of the period			148,156				241,943				241,943
Cash and cash equivalents at end of the period			232,787				56,041				148,156

F - 7

Camtek Ltd. and its Subsidiaries

Interim Unaudited Condensed Consolidated Statements of Cash Flows

(In thousands)

 

		Six months ended June 30,								Year ended December 31,
		2023				2022				2022
		U.S. dollars								U.S. dollars
Supplementary cash flows information:
Income taxes paid			9,626				454				11,836
Interest received			6,911				1,030				4,293
Lease payments			735				689				1,480
Non-cash transactions:
Fixed assets purchased with supplier credit			371				680				569

The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.

F - 8

Camtek Ltd. and its Subsidiaries

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

(Amounts in thousands, except per share data)

Note 1 - Nature of Operations

A. Camtek Ltd. (“Camtek” or the “Company”), an Israeli corporation, is jointly controlled 21.5% by Priortech Ltd., an Israeli corporation listed on the Tel-Aviv Stock Exchange and 17.5% 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 - 9

Camtek Ltd. and its Subsidiaries

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

(Amounts in thousands, except per share data)

Note 2 - Basis of Preparation

A.          Statement of compliance

Except as described below, the accounting policies applied in these interim financial statements are the same as those applied in the Company’s 2022 annual audited consolidated financial statement for the year ended December 31, 2022.

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 2022 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, 2022.

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, 2023, and its results of operations for the three months and nine months ended June 30, 2023, and 2022, and cash flows for the six months ended June 30, 2023, and 2022. The condensed balance sheet at December 31, 2022, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

F - 10

Camtek Ltd. and its Subsidiaries

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

(Amounts in thousands, except per share data)

Note 3 - Shareholders’ Equity

A.          General

The Company’s shares are traded on the NASDAQ Global Market under the symbol “CAMT”, and also listed and traded on the Tel-Aviv stock exchange

B.          Changes in Stock Options and RSUs

The number of stock options exercised in the six-month period ended June 30, 2023, was 306,186.

In the first six months of 2023, 509,231 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 $6,521, $5,592, and $10,523 for the six-month periods ended June 30, 2023 and 2022 and the year ended December 31, 2022, respectively.

F - 11

Camtek Ltd. and its Subsidiaries

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

(Amounts in thousands, except per share data)

Note 4 - Supplementary Financial Statements Information

A.          Cash and cash equivalents

The Company’s cash and cash equivalent balance at June 30, 2023 and December 31, 2022 is denominated in the following currencies:

		June 30,				December 31,
		2023				2022
		U.S. Dollars (in thousands)
US Dollars			226,172				139,644
New Israeli Shekels			4,416				4,008
Other currencies			2,199				4,504
			232,787				148,156

Short-term deposits are bank deposits in US Dollars with terms at the investment date of 3-12 months with average annual interest rates of 5.05%.

B.          Inventories
 

		June 30,				December 31,
		2023				2022
		U.S. Dollars (in thousands)
Components			34,158				43,017
Work in process			15,444				13,951
Finished products (including systems at customer locations not yet sold)			18,730				13,930
			68,332				70,898

Inventories are presented in:

		June 30,				December 31,
		2023				2022
		U.S. Dollars (in thousands)
Current assets			61,207				65,541
Long-term assets			7,125				5,357
			68,332				70,898

 

F - 12

Camtek Ltd. and its Subsidiaries

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

(Amounts in thousands, except per share data)

Note 4 - Supplementary Financial Statements Information (cont’d)

C.          Other Current Assets

		June 30,				December 31,
		2023				2022
		U.S. Dollars (in thousands)
Interest receivable			7,048				3,979
Prepaid expenses			4,315				3,832
Due from Government institutions			2,875				2,598
Other			760				747
			14,998				11,156

D.          Property, Plant and Equipment, Net

		June 30,				December 31,
		2023				2022
		U.S. Dollars (in thousands)
Land			863				863
Building			20,345				18,490
Machinery and equipment			22,590				19,121
Office furniture and equipment			997				934
Computer equipment and software			6,218				6,256
Automobiles			396				396
Leasehold improvements			2,080				1,894
Right of use assets			5,845				6,087
			59,334				54,041
Less accumulated depreciation			22,203				20,900
			37,131				33,141

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)

E.          Intangible Assets, Net

		June 30,				December 31,
		2023				2022
		U.S. Dollars (in thousands)
Patent registration costs			2,195				2,135
Accumulated amortization and impairment			1,593				1,538
Total intangible assets, net			602				597

F.          Other Current Liabilities

		June 30,				December 31,
		2023				2022
		U.S. Dollars (in thousands)
Commissions			18,789				18,048
Advances from customers and deferred revenues			7,199				12,825
Accrued employee compensation and related benefits			10,506				11,941
Accrued warranty costs (1)			3,041				3,161
Government institutions and income tax payable			2,844				7,991
Accrued expenses			1,884				1,570
Operating lease obligations			1,266				1,297
			45,529				56,833

(1)          Changes in the accrued warranty costs are as follows:

		June 30,				December 31,
		2023				2022
		U.S. Dollars (in thousands)
Beginning of year			3,161				3,265
Accruals			2,721				5,823
Usage			(2,841	)			(5,927	)
Balance at end of year			3,041				3,161

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)

G.          Convertible Notes

The Convertible Senior Notes consisted of the following:

		June 30,				December 31,
		2023				2022
		U.S. Dollars (in thousands)
Liability:
Principle:			200,000				200,000
Unamortized issuance costs			3,716				4,263
Net carrying amount			196,284				195,737

As of June 30, 2023, the debt issuance costs of the Notes will be amortized over the remaining term of approximately 3.5 years.

The annual effective interest rate of the Notes is 0.56%. In the six-months ended June 30, 2023, $547 was recorded as amortization of debt issuance costs (In the year ended December 31, 2022 - $1,094).

As of June 30, 2023, the estimated fair value of the Notes, which the Company has classified as Level 2 financial instruments, is $179,154 (December 31, 2022 - $152,565). 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, 2023, the principal amount exceeded the if-converted value of the Notes by $20,846 (December 31, 2022, the principal amount exceeded the if-converted value of the Notes by $47,435).

F - 15

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,
		2023				2022				2022
		U.S. Dollars (in thousands)
Selling (1)			17,910				18,840				38,249
General and administrative			6,127				5,611				11,250
			24,037				24,451				49,499
(1)         Including shipping and handling costs			1,025				980				2,294

B.          Financial income (expenses), net

		Six months ended June 30,								Year ended December 31,
		2023				2022				2022
		U.S. Dollars (in thousands)
Interest income			11,838				2,488				8,648
Amortization of issuance costs of convertible notes			(547	)			(547	)			(1,094	)
Other, net (1)			(427	)			(1,081	)			(864	)
			10,864				860				6,690
(1)         Including foreign currency expense resulting from transactions not denominated in U.S. Dollars			(172	)			(871	)			(351	)

Note 6 – Subsequent Events

On September 18, 2023, the Company announced it has entered into an agreement to acquire the FRT Metrology business of FormFactor, Inc. The acquisition is expected to close during the fourth quarter of 2023, subject to the satisfaction of customary closing conditions. The purchase price is $100 million in cash, subject to customary purchase price adjustments.

F - 16