LPKF Laser: Halving the LIDE Market Forecast Fails to Offset a 38% Revenue Hit
Published on 07/23/2026 at 17:32 | Redaktion boerse-global.de
LPKF Laser & Electronics SE found itself in an uncomfortable spotlight on Thursday as its first-half 2026 results landed with a thud, sending shares sliding 19.46% to €13.45. The selloff erased gains from earlier in the week, when the stock had jumped 9.42% to €15.98 on July 21, and widened the gap to its 50-day moving average to a stark -29.29%. The paper now sits 55.46% below its 52-week high, a brutal retreat for a company that had been riding high on the promise of its LIDE technology.
The numbers behind the move are unsparing. Group revenue for the first six months collapsed 38.3% year-on-year to €36.5 million, down from €59.2 million in the prior-year period. The operating result (EBIT) swung to a loss of €14.1 million, compared with a loss of just €1.7 million a year earlier. The second quarter alone delivered an operating deficit of €7.2 million, a jarring reversal from the €2.2 million profit booked in the same quarter of 2025. On an adjusted basis, Q2 EBIT came in at -€4.8 million.
Management pointed squarely at the solar segment as the culprit, citing persistent investment hesitancy among customers in that market. The weakness was already visible in the first quarter, when revenue fell to €17.1 million and EBIT landed at -€6.9 million. Yet there was a flicker of hope at the time: order intake had risen to €24.1 million by the end of March.
LIDE Gets a Massive Market Upgrade
Despite the operational bleeding, the company is doubling down on its long-term bet. LPKF announced a sweeping upward revision of the total addressable market for its LIDE (Laser Induced Deep Etching) technology, which is used in advanced packaging for glass-core substrates in AI applications. The TAM is now estimated at roughly €1.7 billion by 2030, more than tripling the previous forecast of €500 million.
Should investors sell immediately? Or is it worth buying LPKF Laser?
That upgrade sits at the heart of the “North Star” transformation program, under which LPKF aims to secure its first high-volume series orders for next-generation chip architectures before the end of 2026. The restructuring effort, however, has been a drag on near-term results, with costs related to headcount reductions and severance packages weighing on first-half earnings. The company said the first phase of planned job cuts has now been completed, which should ease cost pressures going forward.
Guidance Holds as Analysts Turn Bullish
Management is standing by its full-year 2026 outlook, projecting group revenue between €105 million and €120 million and an adjusted EBIT margin ranging from -3.0% to +4.5%. The wide spread implies a dramatic second-half recovery is baked into the plan — or at least the delivery of some substantial backlog orders.
Analysts at Montega AG are buying the narrative. On July 23, they upgraded LPKF shares from “Hold” to “Buy” and lifted their price target from €15.00 to €22.00, arguing that the impending ramp-up of LIDE in the semiconductor market will eventually overshadow the current earnings weakness. The upgrade comes two months after CEO Dr. Klaus Fiedler put his own money on the line, purchasing 2,000 shares at €21.00 in May.
LPKF Laser at a turning point? This analysis reveals what investors need to know now.
Investors now face a waiting game. The next scheduled checkpoint arrives on October 29, when the company releases its third-quarter interim statement. Between now and then, the market will be watching for any sign that the LIDE commercialization engine is finally turning over — because the current share price suggests patience is wearing thin.
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