LPKF Laser ($LPK): The Best Small-Cap Way to Play the Glass Packaging Supercycle?
Outlier Capital
· Outlier Capital
· April 22, 2026 at 09:05
· ⏱ 9 min read
| Read on Substack ↗
Summary
The author argues that LPKF Laser (ticker LPK) is a uniquely positioned small-cap company in the glass-based advanced packaging transition, with its LIDE technology already inside major semiconductor players. Despite weak 2025 financials, the author believes the market undervalues LPKF's strategic role, and expects production orders from 2027 to drive a rerating. The author explicitly discloses a long position.
•LPKF's LIDE technology enables high-precision glass processing for semiconductor advanced packaging, with over 80% of major global players using it in validation.
•The company is expanding beyond glass vias into adjacent processes like singulation, bonding, and co-packaged optics.
•CEO Klaus Fiedler expects mass production of glass substrates from 2027, with initial equipment orders appearing in Q1 2026.
•2025 revenue fell to €115.3m and EBIT was -€13.5m, but financial runway (73.2% equity ratio, refinanced loan) supports the thesis.
•The author views the current ~€300m market cap as too low if glass adoption scales, making LPKF a potential multi-bagger.
•Key catalysts: Q1 2026 report on April 30, order intake, Electronics segment profitability, and customer moves from qualification to production.
The author believes LPKF is undervalued relative to its strategic position in the coming glass-based advanced packaging transition, with potential for significant rerating if production orders materia
The author believes LPKF is undervalued relative to its strategic position in the coming glass-based advanced packaging transition, with potential for significant rerating if production orders materialize from 2027 onward.
This newsletter, published April 22, 2026,
features Outlier Capital
discussing LPK.
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