LPKF Reports H1 2026 Revenue Decline, Reaffirms Full-Year Forecast and Sees Significant Growth Potential in Advanced Packaging

LPKF Laser & Electronics SE operated in a persistently challenging macroeconomic and geopolitical environment during the first half of 2026, reporting revenue of EUR 36.5 million, down 38.3% from the prior-year figure of EUR 59.2 million. The primary cause of the decline is significantly lower revenue in the Solar segment, as customers hold back on investments amid the anticipated technology shift toward perovskite cells. In the second quarter, revenue fell from EUR 33.8 million to EUR 19.3 million. EBIT amounted to EUR -14.1 million in the first half of the year (previous year: EUR -1.7 million), while adjusted EBIT was EUR -10.4 million. The difference is primarily attributable to restructuring and severance expenses, as well as changes in the value of stock options granted.

Despite the weak figures, LPKF is further expanding its position in the market for Advanced Packaging with glass through its LIDE (Laser Induced Deep Etching) technology. The company conducted a comprehensive reassessment of the addressable market in Advanced Packaging and now estimates that the Total Addressable Market (TAM) for its process solutions could grow to approximately EUR 1.7 billion by 2030 (previous estimate: EUR 500 million). Key drivers include the AI-driven expansion of high-performance computers and the associated increase in wafer starts. In the second quarter, LPKF received an order for a LIDE system from a leading specialty glass manufacturer that intends to use the technology to qualify for future supply chains in Advanced Packaging. Additionally, Penn State University ordered a LIDE system to demonstrate glass substrates for industrial semiconductor applications.

The North Star transformation program, led by CFO Peter Mummler, achieved important milestones in the first half of the year. The first wave of workforce reduction was completed in the second quarter, and the future organizational and process structure was significantly refined across sites. “North Star is a key lever for lowering our cost base, increasing our resilience, and at the same time securing our innovative strength,” said Mummler. The goal is to establish clear responsibilities and process-driven workflows, enabling sustainable cost reduction and a competitive structure for profitable growth.

Segment performance varied. In the Development segment, revenue was slightly below the prior-year level, but order intake increased significantly, with solid demand from defense and research institutions. The Electronics segment saw significantly higher revenue and order intake despite a weak second quarter, driven by demand for precise laser cutting of printed circuit boards. The Solar segment confirmed expectations of a challenging year, with revenue and order intake well below the prior-year level, but LPKF considers itself well-positioned to benefit from the subsequent ramp-up following the technology shift to perovskites. In the Welding segment, revenue was significantly lower, and earnings turned negative; however, structural adjustments are taking effect, evidenced by strong capacity utilization driven by large-scale projects in smart robotics.

Looking ahead, LPKF faces a challenging second half but expects positive momentum, particularly in the Solar and Electronics segments. The Management Board confirms the full-year forecast of consolidated revenue of EUR 105 to 120 million and an adjusted EBIT margin between -3.0% and 4.5%. The company aims to achieve a sustainable double-digit EBIT margin by 2028, driven by LIDE and its expansion in Advanced Packaging. Despite current weakness in solar orders, LPKF expects the transition to perovskite technology to be a promising growth area. The company is implementing significant structural adjustments to position itself as resilient and competitive amid ongoing economic uncertainty.

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