LPKF Laser's Cost-Cutting Drive Meets a Still-Deepening Loss
Published on 11/01/2026 at 16:22 | Editorial boerse-global.de
LPKF Laser has wrapped up the first phase of its North Star efficiency programme, yet the milestone arrives against a backdrop of widening red ink — a combination that leaves investors weighing promised savings against a business still bleeding on the top line.
Nine-Month Figures Show the Scale of the Damage
Revenue for the first nine months of 2026 came in at EUR 60.3 million, a drop of 28.1% from the prior-year period. Reported EBIT stood at EUR -12.8 million. Even after adjustments, the operating result remained firmly negative at EUR -8.9 million — a reminder that stripping out one-off items narrows the loss but does nothing to conjure a profit.
Management pinned the weakness on two familiar culprits: a soft solar business and postponed orders in Advanced Packaging. Those forces hit both volume and earnings, and the report offers no evidence yet of a return to profitability.
Should investors sell immediately? Or is it worth buying LPKF Laser?
Order Book and a Letter of Intent
At 30 September 2026, the backlog amounted to EUR 31.9 million. LPKF also disclosed a letter of intent from a leading Asian manufacturer in Advanced Packaging, valued in the mid-single-digit millions of euros. That document points to potential future business, but it is not a booked order — a distinction shareholders should keep firmly in mind before treating it as secured revenue.
Savings Are Coming, Just Not Yet
The completed first wave of North Star is a step in execution, not proof of an earnings uplift. LPKF expects annual cost savings of just over EUR 8 million, with the new organisational structure scheduled to go live on 1 January 2027. The planned job cuts and operational changes have been discussed with the works council, according to the company. Cost reductions of this kind can cushion the blow from missing revenue; they cannot replace it.
Guidance Holds — and It Still Points to Losses
For the full year 2026, LPKF reiterated its adjusted revenue forecast of EUR 93 million to EUR 100 million, a range it had trimmed roughly a month earlier. The confirmation keeps the existing framework in place rather than raising expectations. The projected adjusted EBIT margin remains between -7.0% and -2.5%, meaning even the favourable end of the range envisages no adjusted operating profit for the year.
Analyst Support Cuts Against the Numbers
Montega reaffirmed its buy rating on Friday, along with a price target of EUR 22.00. On that same trading day, the stock fell 7.7%. The recommendation reflects a positive view of the equity, not confirmation that a turnaround has already taken hold. Until the losses narrow and margins turn positive, the fundamental picture — not the broker's vote of confidence — remains the yardstick by which LPKF will be judged.
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