LPKF Laser: Shareholders Face a Critical AGM as Short Interest Soars and LIDE Delivery Timelines Stretch
Published on 05/28/2026 at 04:01 | Redaktion boerse-global.deLPKF Laser & Electronics enters a pivotal period this week, with its annual general meeting on June 4 in Hanover set to be anything but routine. The gathering comes as the stock, which has surged 319% since the start of the year, faces intensifying short-selling pressure and a shareholder revolt over the company's strategic direction. The AGM's agenda includes a contested proposal to deny management discharge and demand an immediate capital increase to accelerate expansion into semiconductor packaging, a move the supervisory board has recommended rejecting.
The pushback from activist shareholders accompanies a sharp increase in bearish bets. Voleon Capital Management raised its net short position to 2.13% of outstanding shares on May 26, just a day after its previous disclosure. The fund first crossed the 0.5% reporting threshold in late April and has since more than quadrupled its position, climbing from 1.70% within a few weeks to the current level. Marshall Wace is also known to be short the stock. The timing is notable: the shares had touched a five-year high of €29.20 two days earlier before plunging 8.3% to €25.40 on Wednesday. By Thursday, the stock had slipped further to €25.20, still some 68% above its 50-day moving average. The relative strength index now stands at 25.7, technically oversold territory.
The rally, however, rests on a fragile operational foundation. First-quarter revenue slumped 32.4% to €17.1 million, while the EBIT loss nearly doubled to €6.9 million from €3.9 million a year earlier. Order intake did recover to €24.1 million, yielding a book-to-bill ratio of 1.4, but the full-year guidance of €105 million to €120 million in sales explicitly excludes any large orders from the advanced packaging segment. Restructuring costs of 3% to 4% of revenue are expected for 2026, with the Fürth plant already closed and welding and solar production being consolidated in Suhl.
Should investors sell immediately? Or is it worth buying LPKF Laser?
The technology fuelling the market's enthusiasm is the LIDE process, a patented method for precision glass substrate processing that is seen as a key enabler for next-generation chip packaging. Management expects first production contracts in the second quarter of 2026, with a meaningful ramp-up not before 2027 and high-volume output unlikely before 2029. The disconnect between long-term promise and near-term results is a central theme in the shareholder dispute.
One notable bullish signal: CEO Klaus Fiedler purchased around €42,000 worth of LPKF shares on May 20 at €21.00 each, well below the current market price. The insider buy comes as the stock remains 374% above its 52-week low of €5.35.
The supervisory board is also set for a change, with Dr. Arne Schneider, CEO of Elmos Semiconductor, nominated to replace the outgoing Dr. Dirk Michael Rothweiler. No dividend will be paid; the €7.6 million balance sheet profit will be carried forward. Looking ahead, Fiedler is scheduled to speak at the SdK investor forum on June 18, and the half-year report is due on July 23. By then, the market will know whether the first LIDE contracts have materialised in the second quarter as hoped, and whether the intensifying short-selling battle forces a reassessment of the stock's sky-high valuation.
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LPKF Laser Stock: New Analysis - 28 May
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