Jul. 23 at 6:19 PM
$LPK /
$LPKFF: Weak financials, but the AI packaging opportunity remains interesting.
H1 results:
Revenue: -38.3% YoY to €36.5M
Adjusted EBIT: -€10.4M
FCF: -€11.5M
Cash: €4.0M vs €10.0M
The bigger story is the potential ramp ahead.
$LPK sees 2026 as a “positioning year,” with volume growth expected in 2027-28.
Key catalysts:
First ramp orders expected in H2 2026, including LIDE systems for specialty-glass customers.
TAM expanded from ~€500M to ~€1.7B, driven by AI/HPC growth, glass structuring, and advanced packaging.
FY26 guidance of €105-120M revenue implies a major H2 acceleration.
The ecosystem is moving:
$TSM
$AMD
Samsung Electro-Mechanics
SKC/Absolics
Timeline:
H2 2026 — ramp orders
2027 — glass core production + revenue conversion
2028+ — higher volume
Risks remain: cash constraints and potential dilution.
But if AI drives the next generation of packaging,
$LPK could become an important supplier.
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