Ladies and gentlemen, thank you for standing by. I would like to welcome all of you to Camtek's Results Zoom webinar. My name is Kenny Green, and I'm part of the Investor Relations team at Camtek. All participants, other than the presenters, are currently muted. Following the presentation, I will provide some instructions for participating in the live question-and-answer session. I would like to remind everyone that this conference call is being recorded, and the recording will be available on Camtek's website from tomorrow. You should have all received by now the company's press release. If not, please view it on the company's website. With me today on the call, we have Mr. Rafi Amit, Camtek's CEO, Mr. Moshe Eisenberg, Camtek's CFO, and Mr. Ramy Langer, Camtek's COO. Rafi will open by providing an overview of Camtek's results and discuss recent quarterly trends. Moshe will then summarize the financial results of the quarter. Following that, Rafi, Moshe, and Ramy will be available to take your questions. Before we begin, I'd like to remind you that the statements made by management on this call will contain forward-looking statements within the meaning of the Federal Securities Laws. Those statements are subject to a range of changes, risks, and uncertainties that can cause actual results to vary materially. For more information regarding the risk factors that may impact Camtek's results, I would encourage you to review our earnings release and SEC filings, and specifically the forward-looking statements and risk factors identified in Camtek's 2024 Annual Results PR and other such risk factors discussed in the latest annual report on Form 20F, as published on March 21, 2024. Camtek does not undertake the obligation to update those forward-looking statements in light of new information or future events. Today's discussion of the financial results will be presented on a non-GAAP financial basis unless otherwise specified. As a reminder, a detailed reconciliation between GAAP and non-GAAP financial measures and results can be found in today's earnings release. I would like to hand the call over to Rafi Amit, Camtek's CEO. Rafi, please go ahead. Okay, thanks, Kenny. Hello everyone. Camtek concluded the first quarter with record performance. Q1 revenues reached $119 million, reflecting a year-over-year increase of more than 20%. The quarter also saw a significant improvement in gross margin, which rose to over 52%, contributing to a record operating income of over $37 million, a nearly 30% increase compared to the same period last year. The distribution of revenue was 45%-50% from high-performance computing applications and about 20% from other advanced packaging applications. The remaining revenue was distributed among CMOS image sensor, compound semiconductor, front-end applications, and general 2D applications. As OSATs began producing modules for the HPC market, it is challenging to determine which of our systems installed at OSATs were specifically intended for HPC modules versus other advanced packaging applications. As a result, we are providing a range. During the quarter, we sold systems to over 35 different customers, with many purchasing only one or two tools. This highlights the robustness and diversity of our business model. There is a broad consensus that the tariff policy and the geopolitical situation have created some uncertainties in the market environment. However, the tariff policy does not directly affect us in any material way, as most of our sales are not targeted at the U.S. market, and our manufacturing is based in Israel and Europe. That said, the geopolitical issues and tariff policy have been raising concern, particularly regarding their potential negative impact on the global economy and the demand for end products containing electronic components, and therefore affects visibility in our market. Regarding the impact on Camtek business, currently, we have not seen any impact on our business in terms of delays or order cancellation. We have a customer base spread across different regions, and we have technological leadership and maintain competitiveness. Regarding our guidance, we continue to see strong momentum heading into the second quarter, and based on current orders, our pipeline, and ongoing customer engagement, we are guiding Q2 2025 revenue in the range of $120 million-$123 million, representing approximately 18% year-over-year growth compared to the second quarter of 2024. In addition, we have a healthy backlog for Q3 and expect a solid quarter. Regarding the HPC segment, we continue to see ongoing investment in the HPC segment, with differing momentum across regions, some experiencing slower investment while others progress at a faster pace. Our customers, including OSATs, are consistently expanding their capacity in both CoWoS and CoWoS-like technologies, as well as HBM. Our primary growth engine for the upcoming years will be advanced packaging, particularly in high-performance computing, supporting the AI applications. New technologies are expected to be introduced. For example, HBM device makers are preparing for higher memory content, as well as transition to HBM4 next year. The outcome is expected to drive new tools requirements with better technical capabilities. We believe we are in a very strong competitive position, supported by the successful launch of two new models, the Eagle G5 and the Hawk, both of which have been extremely well received and highly valued by our customers. These two models bring cutting-edge technology to the market, and we expect them to account for a significant portion of our revenue this year. This is a significant milestone reflecting the strong confidence our customers have in our latest technologies. A noteworthy example of our customers' recognition and support of our technology is the recently announced Intel EPYC Supplier Award. The Intel EPYC Award honors top performances in Intel's supply chain for their commitment to EPYC performance, excellent partnership, inclusion, and continuous improvement. Out of thousands of Intel suppliers globally, only a few hundred qualify to participate in the EPYC Supplier Program. To earn the Intel EPYC Supplier Award, companies must not only meet but exceed Intel's highest expectations and achieve ambitious strategic objectives that align with Intel's core priorities. In conclusion, we are fully aware of the global business uncertainty, and we remain in close dialogue with our customers to continuously assess and monitor the situation. However, I believe that Camtek diversifies the customer base, technological edge, and our strong market position in the advanced packaging market provides us with great resilience compared to our peers. We are a leading provider of AOI systems, offering highly competitive capabilities in the advanced packaging market, with a particular focus on the fastest-growing segment of the HPC. Our customer base is geopolitically diverse, and we are proud to serve over 200 active customers worldwide. The unique combination of scale and flexibility is a key reason why many customers choose to work with us over larger competitors who are often slower to respond. Now, Moshe will review the financial results. Moshe? Thanks, Rafi. First quarter revenues came in at a record $118.6 million, an increase of 22% compared with the first quarter of 2024. The geographic revenue split for the quarter was Asia 91% and the rest of the world 9%. Gross profit for the quarter was $61.8 million. The gross margin for the quarter was 52.1%, an improvement from 50.6% reported both in the first quarter of last year and previous quarter. This is on the high end of our range, supported by a favorable mix in the quarter. Operating expenses in the quarter were $24.4 million compared to $20.2 million in the first quarter of last year and $23.1 million in the previous quarter. In the last few quarters, we have been increasing our R&D and sales and SG&A expenses to support the growth in revenue. Operating profit in the quarter was $37.3 million compared to the $29 million reported in the first quarter of last year and $36.3 million in the fourth quarter. The increase is due to the increase in gross profit, partially offset by the increase in operating expenses. Operating margin was 31.5% compared to the 29.9% and 30.9%, respectively. Financial income for the quarter was $5.4 million, a decrease from the $5.6 million reported last year and from the $6.2 million in the previous quarter. The decrease was caused by exchange rate differences versus the US dollars. Net income in the first quarter of 2025 was $38.7 million or $0.79 per diluted share. This is compared to a net income of $31.3 million or $0.64 per share in the first quarter of last year. Total diluted number of shares as of the end of the first quarter was 49.3 million. Turning to some high-level balance sheet and cash flow metrics, we generated $23.6 million in cash from operations in the quarter, cash and cash equivalents, including short and long-term deposits and marketable securities. As of the end of the quarter, we were $523 million. This compared with $501 million at the end of the fourth quarter. Inventory level increased to $141.5 million from $123.1 million. The increase over the quarter is mainly a result of building inventory for the two newly introduced products, the Eagle G5 and Hawk, to support their sales in the coming quarters, which is expected to be significant. Account receivable remained stable at around $100 million, which represents 77 days outstanding. As Rafi said before, we expect revenue of between $120-$123 million in the second quarter. With that, Rafi, Ramy, and I will be open to take your questions. Kenny? Thank you, Moshe. At this time, we'll begin the question and answer session. If you have a question, please raise your hand via the Zoom platform. I will introduce you and ask you to unmute, after which you may ask your questions. As we have a lot of people on the call, we'll take a few moments to poll your questions. Our first question will be from Charles Shi of Needham. Charles, please go ahead. Thanks, Kenny. Good afternoon, Rafi, Moshe, Ramy. My first question, your competitor reported not long ago, and they talked about KLA, your largest process control competitor, coming into their field more around the submicron defect detection. I believe it's part of the 2D AOI market, and especially around HPC type of applications. Do you or do you not worry about larger competitors like KLA coming after your market, especially 3D metrology? We'd love to hear some of your insights. Thank you. Ramy, could you start? Yes, I will address it. Hi, Charles, and thank you for the question. You know we've already engaged with KLA on multiple occasions and have consistently demonstrated that our systems are highly competitive. The advanced packaging is a highly dynamic market and demands equipment customizations, and I would say very rapid responsiveness. Camtek is a mid-sized company, and as such, it is well positioned to better meet the specific requirements of this unique market. On top of it, our latest products, the Hawk and the Eagle G5, offer competitive advantages, and we are confident in our ability to continue and expand our business and market share in this and facing the competition coming from KLA. I want to summarize it again. You know we have a unique combination of scale and flexibility that is a key reason why many customers choose to work with us over the large competitors who are often slower to respond. Thank you, Ramy. Another question, Rafi, I think you talked about HBM4, new technical requirement. I want to ask you or anyone on your team, how do you think about the product positioning in HBM4? Because you have two new products, Eagle G5 versus Hawk, and as I understand, the ASP throughput are very different between those two platforms. More importantly, I think going to HBM4, as your customers look to, I mean, either upgrade the technology, expand capacity, do you think they're going to lean towards buying new tools from you, especially the new platforms, or do you provide a potentially upgrade path for them to maybe upgrade the existing install base to really meet the new technical requirement? Thank you. You know, Charles, people here buy new equipment. They do not tend to upgrade the current equipment. I think we are in a very good position. No doubt, some customers will want the Hawk in order to provide the best possible performance and specifically throughput at a lower footprint. That is definitely an advantage and one of the reasons we developed the Hawk. I think there will be a combination of those customers for specific applications that will take the Hawk. While I think the Eagle, with its very large install base in this market, I believe some of the customers will still want to go with the new versions of the Eagle. I think this even puts us in a much better position compared with our competitors that we are here really with multiple selections or multiple products approach as we enter this market. Thank you. Maybe lastly, do you want to, every quarter, I think some of us are going to ask this question. HPC revenue, 45%-50% of the total revenue Q1. What's the current view for the full year? How much will HPC account for the total revenue on a full year basis based on the current outlook right now? Thank you. You know it's very hard to talk you know how long, but at least in the foreseeable future, I think we'll be in a similar range. You know this can differ from quarter to quarter. It's really based on shipments. Overall, the HPC continues to be a strong segment of us, and we see the growth potential, and there's no further comments on it. Thanks. Thanks, thanks, Charles. Our next question is going to be from Matt Prisco from Cantor Fitzgerald. Matt, you may go ahead and talk. Thanks for taking the question. With the healthy backlog that you outlined in the 3Q, how are you now thinking about growth overall into the back half of the year? Can you maybe walk us through the primary puts and takes you're thinking through today and perhaps what type of visibility you have from customers at this point? Thanks. I think we said it very clearly in our prepared notes, and I want to be able to share more light. But you know we gave the guidance of increased revenues in the second quarter there. Obviously, we really understand where the business is going to. As we go into the third quarter, we see a solid business as well, the backlog, the pipeline. So we feel very comfortable about this as well. To go beyond that, it is very hard in our business, and we will be in a better position to discuss the fourth quarter, I believe, in a couple of months. Thank you. Maybe an update on where you stand on your new products. It sounds like you're calling for now significant revenue in 2025. It sounds like a little more than three months ago, and you're talking tens of millions outlined previously. I guess what has changed versus three months ago there? Can you talk about any new orders, customer feedback, new applications that may be opening? Any additional color would be great. Thank you. Yeah. Definitely on the new products aspect, definitely we have a lot of good news. I think we're seeing performance as we expected from the new machines. They're really meeting exactly the specification. In certain cases, you know, do even better than what we expected. Yes, customers are continuing to order. We've received more orders for both products. I think on the G5, definitely it provided us a few advantages over the competition in areas that we felt that we were not strong enough. I think the market is reacting very, very positively for it. In specific applications, we're able to take more business than we expected previously. On the Hawk, yes, it's gone through application and through the evaluations. We got excellent feedback from our customers. We got orders, and we are shipping them. As we said, it will be significant revenues in this year for both product lines. Both product lines will produce significant revenues, and that's definitely a great result. You know, it shows also what we discussed a quarter ago, that our customers have confidence in products that we bring to the market, and we definitely are showing it, and we are shipping those products as we speak. Thank you. Thanks, Matt. Our next question is from Tom O'Malley from Barclays. Tom, you may go ahead and ask. Guys, this is Kyle Bluestein on for Tom O'Malley. Thank you for taking our question. On the gross margin front, you guys talked about hitting a higher point with new mix. Can you kind of talk about some of the puts and takes going forward, and especially as you ramp these new product lines, when you expect them to be accretive to margins and kind of how that shapes through the year? Okay. So you know we've mentioned in the prepared remarks that the gross margin improvement is a result of the product mix. You know we expect next quarter to be within the 51%-52% range as well. As we are starting to ship more and more units from the new products, both the G5 and the Hawk, this will have a positive contribution to the gross margin gradually. We expect to see a more significant improvement to the gross margin only next year, but still you know we are definitely on the high end of the gross margin level. Very helpful. Thank you. For my follow-up on the tariff point, you guys mentioned that you're not really seeing any headwinds from your business just based off of your manufacturing locations and your customer mix. On the flip side, do you guys see opportunities for share gains versus some of your competitors that may be having more impacts from tariffs or uncertainty in this environment? First of all, you know you've seen the news. I mean, this is something that is changing every day. I think in this case, there is a 90-day truce that they decided only to go down to 10% or whatever the numbers are. This is something that is changing. We do not see any competitive advantage here or anything that is going to change the picture. We are monitoring the situation. Thank you. Thanks. Our next question is going to be from Blayne Curtis of Jefferies. Blayne, please go ahead. Thanks for taking my question. I wanted to go back to HPC. I think you mentioned maybe you can talk about HBM versus kind of CoWoS outlook. You mentioned some different geographic trends. It seems like one of the Korean customers is digesting. Is that what you're seeing? I guess in HBM, are you seeing strength elsewhere? You know these are two questions while I try and bundle them. Obviously, you know our expectations in both applications, both markets are based on discussions with customers, market analysts, and you know trying and understanding where this market is going. You know if I look at the HBM, definitely there is growth going to be in the forthcoming years. You know the application today is primarily the AI, the server-based AI, which continues to fuel, you know, the HBM DRAM needs and also, in this case, also the CoWoS. As you go down the road and you look at the longer term, there are going to be consumer devices such as AI-powered laptops, smartphones. They are going to enter the market. These emerging applications are still today in the early stages, but they are expected to generate substantial demand in the longer term. Now, again, so this is one aspect. Then there is the transition for HBM3 to HBM4. Now, this brings additional opportunities with more inspection and metrology steps in the manufacturing process. And when you look at the HBM in 2027, there is going to be a major change in the density of the memory. Again, that's going to be a very big opportunity for added capacity. I think on the CoWoS, the good news, and I think, as we said, as Rafi said in the prepared notes, there is the move from, you know, today the main foundries that dominate the CoWoS capacity to the OSATs. We are already getting business from OSATs that are doing similar technologies. So definitely, both of these applications are tied together. We are very optimistic about this market. I want to say something specifically about the HBM. We are shipping tools to HBM for 3D metrology and 2D inspection in 2025, and we're expecting to ship in 2026 as well. All in all, the building blocks of the HPC are both healthy. Of course, you know it's too early enough to talk about the growth rates every year. If we look at the long term, both segments are going to grow significantly over the foreseeable future. Thanks for that. Maybe I wanted to ask about the trends outside of advanced packaging. I guess if I did the math right, it seems like in the March quarter it is up 20%. Can you maybe just talk about where you're seeing strengths and kind of your outlook as you look to the June quarter? If we look outside of just the 45%-50%, definitely there is the advanced packaging, and that's anywhere between 15%-20% additional business. This goes to the conventional applications. You know if it is fan-out, that's still a strong market. There are other applications from damp inspection and so forth. These are applications that will continue to grow. No doubt, this is a business we're going to enjoy in the foreseeable future. Then there is something 35%, what I call 2D applications. It goes from general 2D application to front-end, still compound semi, and even got some, you know, a bit of CMOS image sensors. That's a business that they're sort of picking up a little bit this year. If you want to look, and I want to talk a little bit as we've spoken in previous quarters, as you can see, our 2D business is very, very strong. Do not forget that out of the 70% of what we call advanced packaging, a lot of it is inspection. Overall, our inspection business is much larger than our 3D metrology business. That I would give you a little bit and overall about the entire business. I believe that the next quarter will be similar. Thanks so much. Thanks. Our next question will be from Brian Chin of Stifel. Brian, please go ahead. Thanks. Good afternoon. Thanks for letting us ask a few questions. Maybe first question, just to clarify, does the solid quarter in respect to third quarter mean flat or higher sequential revenue? Also, following up on the last few questions, is the company expecting year-over-year improvement in logic or CoWoS revenue in 2025? What portion of your HPC advanced packaging revenue is likely to be CoWoS versus HBM this year? Let's start from the end and go backwards. First of all, we don't give details exactly how much the HBM versus the CoWoS, this is changing from quarter to quarter. We just provide the overall number for high-performance computing. Both, as I said in my previous remarks, both segments are healthy. As to the revenues from 2025, the overall revenues, when we are talking 45%-50%, obviously this is on increased revenues compared to last year. You know we will need to see how much is Q4 coming out, the final, in order to give the numbers. At least at this stage, the business is higher than it was in 2025. Obviously, we need to see in 2024. As we move forward, we will be able to give you more information. Definitely in Q3, you asked a question. I think it is too early in the game to say exactly how it will be compared to Q2. As we said, it is solid. We have building the backlog. We have the pipeline in place. This is very positive. To give numbers, we will only provide them at the end of the next quarter. Okay. Fair enough. And then just quickly for maybe the follow-up. I think, Ramy, when you spoke about change in HBM density in 2027, are you specifically referring to hybrid bonding? And how would you assess the competitive landscape and Camtek's positioning once that transition occurs? No, no. I'm referring to something totally different. If you look at the density of the HBM compared for GPU, it's today it's about 288 gigabytes. It's supposed to go to be closer to a terabyte. This is from the internal what the NVIDIA GPU will require in order to run optimally. The memory that is going to be required in 2027 is going to be significantly higher than is currently being used. This is nothing to do with the manufacturing process. Regarding hybrid bonding, as we said in previous calls, I don't think it will take some time until we should see hybrid bonding in our markets in very high volumes. Once it is here, we see that as an opportunity. We are already supplying machines to pilot lines. We are going to be part of this application. There are many steps doing hybrid bonding that I think that we're going to do both in inspection and metrology. Okay. Thank you. Thanks, Brian. Our next question is from Gus Richard of Northland. Gus, you may go ahead and ask. Yes. Thanks for fitting me in. I was hoping you could give us an idea of what your market share in HPC was from, say, last year and maybe a few years before and what the trajectory has been. It's a very hard question, Gus. I don't know the number. If I look at it, I think in most of the cases that I can just recall from the top of my head, I think we have maintained the market or have grown it by going into more and more, I would say, 2D applications. I think we are on a positive trajectory in this market. I think when we move to the OSATs, I think this trajectory will be even more positive as we should be doing both the 3D metrology and a lot of the inspection steps. Looking forward, as I said, and I referred to the competition coming with KLA, I think we have a very, very strong market position. We are leveraging a very strong, very, very strong position in the 3D metrology into the inspection portion. I think we will continue to leverage it and increase our market share as we go along. Yes, it is competitive. I think we're very well positioned from all the different reasons that we discussed earlier. Got it. That was helpful. Thank you. You know, this is sort of when I think about you getting designed into a line, when a customer makes a decision, a tool decision, you know, are you getting designed into a full line? Is it specific applications in line, or is it a generational decision where, you know, how do customers split the mix between yourself and other vendors in the market? I think that when they start to design the initial one for the buying reasons, they usually start with certain applications, but they know what you can do. From what I see, our customer, it's evolving. I think one of the reasons that we're successful is that our customers know that if there is a new application, even that the machine did not exactly was designed that needs some upgrades or changes or upgrades, we will be there to support them. I think this is a major part in the purchasing decisions that the customer makes when he understands there are a lot of unknowns. I think from that point of view, I think it's a plus on our side. Got it. And that's it for me. Thank you. Thank you, Gus. Thanks, Gus. Our next question is from Craig Ellis of B. Riley. Craig, please go ahead and ask your question. Yeah. Thanks for taking the question. Good afternoon, team. I wanted to start out just understanding how order intensity and dynamics are tracking as we look at what transpired in 1Q and how things are trending 2Q to date. With regard to order dynamics, as you look at what's coming in, how much of orders are coming in more on a turns basis for current quarter versus pipelining out to help that solid 3Q or even beyond that into 4Q? There is some uncertainty in the market. As usual, during such times, customers are more cautious to release POs well in advance. Now, it's too early to say if this will have any impact on our business, especially given the latest news about the tariff discussions. In any event, when I look at the situation, we have not experienced any material impact on our business in terms of delays or order cancellations. I would say this describes the situation currently. Got it. Thank you, Ramy. The second question is really related to the target revenue level that the company has had for some time, $500 million. If we annualize guidance, it looks like we're within about 3% of that. Congratulations on all the progress made over the last year or two in that regard. The question, team, is more about how you're setting the sites and where you're setting the sites for your team as we look out to 2026 and 2027. How should investors and analysts think about the level of revenue that's possible for the business at this point with the $500 million target now getting so close and any color on specific drivers or dynamics like that that we would get to higher levels of attainment? I think there are two aspects for it. I would say the more a little bit longer term and things that are up to us, we have spent over the last year a lot of efforts in building the infrastructure to manufacture over $500 million in terms of clean rooms here and also in Germany. From the capability to manufacture from all the different aspects, we're ready. Now, on top of it, we've introduced two new product lines, the G5 and the Hawk that we spoke a lot about. You can see that within one year of the introduction, we are going to achieve significant revenues of these two products. These two products open to us applications that we could not do before. Actually, what we have done, if you take from the inspection and metrology equipment we have made in here, the Eagle and the Hawk, are going to be able to address more applications. Definitely, we can see ourselves growing the business into new applications. On top of that, we have the acquisition we made at FRT that is also going very well, getting into new applications, doing things that we could not do before. Also, this is very nicely tied into our current business. If I look at the things that we have achieved that I just discussed, I think from a business point of view, we are no doubt positioned to pass this milestone and further improve significantly business over the $500 million milestones. Maybe, Rafi, you want to add something. No, the target of $500 million definitely is a target that we will execute. As we always said, it may take a half year, one year, two years, but it's definitely depend on the market condition. Assuming the WFE grow and the demand for equipment grows, we definitely can achieve it because we maintain our market share. We increase our market share. We haven't lost any market share yet. In this position, it's just a matter of the semiconductor growth rate, specifically in the advanced packaging and other applications that we are a leading provider. Yeah, a good position to be in, indeed, Rafi. If I could ask a follow-up to that, you're always extremely helpful in commenting on strategic matters. The business is doing a great job generating cash. We're at $520 million in cash and equivalents, $320 million net debt. The question is, how are you thinking about inorganic growth, which you've executed well in the past? Is the team working on a funnel now? To what extent could something be actionable? Help us understand how you're thinking about inorganic avenues to grow the business. Thank you. First of all, you know we maintain and we put a lot of focus on all the opportunity in the organic growth. We made one acquisition. This acquisition also performed nicely and maintained our expectation. This is going well. We continue working on additional acquisition. Probably you know it's not a secret. There are not so many companies in the semiconductor that are for acquisition or for acquiring. We continue looking for that. Maybe hopefully, we can do something. Without considering the acquisition, we believe we can achieve the $500 million target within this year, the next year, very soon. As I said, as long as the market condition remains stable, we have no insurance for any big crisis. If, as all the analysts are expecting, the semiconductor grows over by the end of the decade to come to a trillion, and definitely, we can do it. We can do it. As I said, we are maintaining very good market share. We increase our market share. And we have a very good relationship with customers. We can continue to organically grow. In addition to that, hopefully, we can add with any acquisition that we will execute, it will be over this number. Thanks, Rafi. Thanks, team. Thank you. Thanks, Craig. Next question will be from Vivek Arya from Bank of America. Vivek, please go ahead. This is Michael Mani on for Vivek Arya. Thank you for taking our questions. To start, I know the company has been talking about TSMC's clean room capacity constraints and how that could be a gating factor to the business in the near term to medium term. On that front, has the company seen any improvement in those constraints? At least what I hear, I don't think there are any constraints now on our customer's side to increase the capacity. I don't think this is an issue. Did you? Any further questions? Just fine, Vivek again. We lost him for a sec. Just. Vivek, are you still there? Vivek, you're muted. Let's go back. Hi, sorry, can you hear me? Yeah, we can hear you. Sorry about that. Yeah, sorry, my system muted itself. Yeah, okay, thank you for that clarification. For my next question, you've talked about your CoWoS opportunity expanding to the OSATs. As we think about the progression of CoWoS to more advanced variations, like CoWoS L, for example, how does that impact your opportunity? If you could tie that back specifically to where your Hawk tool may be seeing greater traction, that would be great too. Thank you. First of all, the CoWoS L brings to us additional steps and the opportunities. From our point of view, the new variation of CoWoS are good news. This is from the variations. From the OSATs point of view, they will add capacity, and they will start with a certain version and move to other versions. Some of them have their specific technologies that are similar to CoWoS. All in all, I do not think that they have any limitations in coming up with very competitive CoWoS technologies. I can tell you from what I see in the market, I mean, this is volume business, and we are shipping quite a few products to these OSATs. I think this is already happening. It is not something that will happen in the future. It is already happening as we speak. Great. Thank you. If I could ask a quick follow-up, on your business related to China, what should we expect for your China business this year? How much is it declining, if at all? I think we've heard from some of your peers in the space that it could be down. They're seeing their sales down like 10-20%. Is that the kind of right ballpark to think? Are you seeing more opportunities in that region in general as some of your peers could be faced with export restrictions and maybe there might be parts of that market they're unable to address? Thank you. It's very hard for me to say what we're getting new versus our peers. I can tell you that historically, our business in China was strong, and it continues to be strong. We have one very good market share at a specific customer. As Rafi alluded earlier, we have not lost any market share at any of our major customers. I think from that point of view, our business continues to be strong. Now, Moshe, maybe you can refer to— no, we don't see it. At this point, we definitely don't see any weakness in this region. The business still looks healthy in the next few quarters ahead. Michael? Mike. Yes, thank you. That answers all my questions. Thank you. Thanks, Mike. Okay, that will end the question and answer session. Before I hand back over to Rafi for his closing statements, I would like to let everyone know that in the next few hours, we will upload the recording of the conference call to the investor relations section of Camtek's website at camtek.com. I would like to thank everybody for joining this call. With that, Rafi, please your closing statement. Okay. I would like to extend my sincere gratitude to all of you for your continued interest in our business. Especially, thanks goes to our dedicated employees and outstanding management team for their tremendous performance. To our investor, I deeply appreciate your ongoing long-term support. I look forward to speaking with you again next quarter.