The stock market and the boardroom are delivering conflicting signals at LPKF Laser & Electronics. While the shares have suffered a brutal 25% correction from their late-May peak, a shareholder rebellion is brewing over the company’s pace in commercializing its prized LIDE glass-substrate technology. Thursday’s annual general meeting will force management to address both stresses head‑on.
Friday’s close at €21.90 capped a fourth consecutive losing session, with the stock down 8.75% on the day alone and nearly 12% for the week. The relative-strength index has plunged to 20.3, deep in oversold territory, and the 30‑day annualized volatility stands at a staggering 149%. From the five‑year high of €29.20 reached at the end of May, the retreat exceeds 19%, erasing a chunk of the spectacular rally that had lifted the shares from a low of €5.35.
A clearer view of the company’s operating reality emerged from first‑quarter figures. Revenue slumped 32% year‑on‑year to €17.1 million, dragged down by the persistently weak solar segment. The EBIT loss widened to €6.9 million. Yet the order book tells a more hopeful story: order intake jumped to €24.1 million, producing a book‑to‑bill ratio of 1.4. That means LPKF is taking in new orders faster than it is invoicing, though translating that pipeline into revenue remains an open question.
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The technology that has ignited investor hopes is LIDE, a laser‑based method for processing glass substrates used in advanced semiconductor packaging. Management says it is in concrete talks with multiple customers about initial production tools and is expanding its portfolio to include solutions for singulating glass‑based packages and laser bonding. But the board has been careful to exclude any volume orders from its current guidance, warning that the timing of any ramp‑up depends on downstream qualification steps over which LPKF has only partial control.
At the same time, the North Star cost‑cutting program is weighing on near‑term profitability. Restructuring expenses are expected to consume 3% to 4% of full‑year revenue. For fiscal 2026, LPKF projects sales in a range of €105 million to €120 million and an adjusted EBIT margin of –3% to +4.5%. A return to double‑digit operating margins is not anticipated before 2028.
The AGM will be anything but routine. A prominent shareholder has formally applied to deny the board’s discharge, accusing CEO Klaus Fiedler’s team of moving too slowly on LIDE’s commercial rollout. The dissident is pushing for an immediate capital increase to fund more aggressive capacity expansion. Management recommends rejection of the counter‑motion, arguing that financial independence is essential in a volatile market. Meanwhile, the supervisory board has proposed appointing Dr. Arne Schneider, CEO of Elmos Semiconductor, to strengthen chip‑industry expertise. With the half‑year report due after the meeting, investors will soon learn whether the order‑book momentum can withstand internal turmoil and macroeconomic headwinds from the machinery sector.
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