LPKF

German laser-equipment maker pivoting from Solar/Welding/Electronics to LIDE (Laser-Induced Deep Etching) for glass-core substrates in AI advanced packaging. Q1 2026 rev -32.4% to €17.1M with -€6.9M EBIT loss, but order intake +17% (book-to-bill 1.4) and first production LIDE orders guided Q2 2026 (mass prod 2027, high-volume 2029). >80% of major glass-substrate validators run LPKF kit.

• •2026-Q1 — Revenue €17.1M (-32.4% YoY); EBIT -€6.9M (vs -€3.9M prior year); order intake €24.1M (+17% YoY); book-to-bill 1.4. Solar segment collapse on China weakness drove the print; North Star cost program mitigated some impact.
• •2026 FY guide — Revenue €105-120M, adjusted EBIT margin -3.0% to +4.5% (midpoint negative). Implies flat-to-down full year despite improving order book.
• •2026-Q2 — First production LIDE orders guided (per Q1 2026 press release). Mass production glass substrates expected 2027; high-volume production 2029.
• •LIDE positioning — Equipment for through-glass via (TGV) drilling, ABF ablation, glass-to-glass welding across full glass-core substrate process chain. >80% of major glass-substrate validators use LPKF kit for process learning and scale-up. Intel guides glass substrates 2026-2030; TSMC building mini-line 2026 with Corning Taiwan; Samsung in R&D.
• •2025 FY — Net loss €14.35M on €123.48M revenue (-5.6% YoY). TTM revenue -12.2%, EPS -€0.71. Four operating segments: Development, Electronics, Welding, Solar.
• •Snapshot 2026-05-15: Xetra price €21.80 (LPK), 1y +156%, YTD peak +319%, mcap ~€594M (~$642M USD at ~1.08 EUR/USD). No P/E (unprofitable). 52w range €5.35-€29.90. Trades ~238% above 200DMA — most extreme deviation in stock history.
• •Setup tension: equipment moat is real and LIDE revenue ramp is dated (Q2 2026 first orders, 2027 mass prod), but core business is contracting -32% YoY and the multiple has discounted 2027-2029 cash flows perfectly — adjacent glass-substrate ramp dates have slipped before.