On Wednesday evening, in its first earnings release since its initial public offering (IPO) last December, Stif announced a sharp rise in profitability for the 2023 financial year.

The explosion protection specialist saw its earnings before interest, taxes, depreciation and amortization (Ebitda) rise by 37% last year, to over 7.7 million euros, compared with 3.5 million in 2022.

Sales, already published, came to 35.5 million euros for the year as a whole, up 14% year-on-year.

In a press release, the Group attributes its good performance to the ramping up of sales of its high value-added explosion protection products, particularly in the battery energy storage systems (BESS) segment.

This activity alone recorded 54% growth in 2023.

Already profitable, Stif claims to have generated an annual net profit of two million euros, compared with a profit of 1.7 million in 2022.

The dynamism of its business also continued in the first quarter of 2024, with sales for the first three months of the year reaching 12.8 million euros, up 77%.

As a reminder, the company has won a major contract with Tesla to supply explosion-proof panels, representing sales of around 10 million euros in 2024 alone.

By 2027, Stif still expects to generate sales of around 80 million euros, accompanied by an Ebitda exceeding 15% of sales.

On the Paris Bourse, the share soared by 12% following the release of these figures. It has already gained 56% since the IPO.

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