LPKF Laser & Electronics (LPK) H1 2024 earnings summary

Executive summary

• Revenue increased 15% year-over-year to €55.2M in H1 2024, mainly driven by the Solar segment, with Q2 results in line with forecasts.

• Adjusted EBIT improved to -€5.1M from -€7.1M, with EBIT margin at -10.0% versus -14.9% prior year.

• Order intake declined 8% year-over-year to €61.1M, and order backlog fell 20% to €65.5M.

• Strategic progress in LIDE and solar segments, with strong demand in advanced packaging, thin-film solar, and semiconductors.

• New product launches and technology advances, including LIDE and CellShepherd, support future growth.

Financial highlights

• Revenue: €55.2M (+15% year-over-year); EBIT: -€5.5M (improved 23%); Adjusted EBIT: -€5.1M.

• Net loss after six months was €-7.0M, a slight improvement from €-7.6M year-over-year.

• Free cash flow improved to -€6.1M from -€8.5M year-over-year.

• Net cash position: -€7.6M as of June 30, 2024, due to high working capital; cash and cash equivalents at €4.3M.

• Diluted EPS at -€0.28, up from -€0.31 year-over-year; equity ratio stable at 64.1%.

Outlook and guidance

• FY 2024 revenue guidance narrowed to €130–135M (previously €130–140M); adjusted EBIT margin guidance revised to 3.5–7%.

• Q3 2024 revenue expected at €26–31M; adjusted EBIT between -€3M and €2M.

• Mid-term aspiration: core business to grow at medium to upper single digits; new technologies to contribute low triple-digit millions in revenue and double-digit EBIT margin.