STIF: Revenue up 50.8% in first half, but Tesla excludes its products from Megapack 3
The explosion protection specialist published half-yearly results on October 1, 2026, showing significant growth. In the same statement, the group announced that Tesla USA will no longer retain its products for its new Megapack 3 model, leading it to revise its objectives for 2027 and 2030 and to implement an industrial adaptation plan.
Revenue at €55.3 million and net income attributable to the group at €7.5 million
Consolidated revenue stood at €55.3 million in the first half of 2026, up 50.8% compared to the first half of 2025, despite an unfavorable exchange rate effect of €1.5 million (or 2.7%). Gross margin reached €35.5 million, or 64.3% of revenue, up 46.1% in absolute terms. EBITDA rose to €12.6 million compared to €9.1 million a year earlier, up 37.6%, with an EBITDA margin of 22.8%. Operating income came to €11.1 million compared to €8.4 million, up 32.3%. Net income attributable to the group amounted to €7.5 million, up 17.5% compared to the same period of the previous fiscal year. Available cash reached €19.5 million on June 30, 2026, compared to €18.8 million on December 31, 2025, for a net debt of €26.3 million and a gearing ratio of 0.7.
Tesla abandons STIF products for Megapack 3
The group indicated that Tesla USA has chosen, for its new BESS Megapack 3 model, other safety systems that do not include STIF products. Consequently, STIF will no longer record business volumes in 2027 with this customer, which will weigh on its financial performance. For fiscal year 2026, STIF targets revenue of around €110 million and EBITDA of around €18 million. The group attributes this development to a slowdown in deliveries for Tesla from the end of the second half of 2026. To offset this effect, STIF is implementing an adaptation plan for its industrial facilities and cost structure, notably concerning the adjustment of production capacities and investments in France, the rightsizing of resources allocated to the affected volumes, and the control of external charges and general expenses.
New 2027 target, lowered 2030 objectives, BYD orders and tests with CATL
The new objective for 2027 is set at €100 million in revenue and an EBITDA margin of around 15%. By 2030, the group now targets revenue of approximately €170 million, compared to €200 million previously, as well as an EBITDA margin of approximately 17%, compared to a previous objective of over 20%. In parallel, STIF has obtained new orders from BYD amounting to €5 million, with deliveries scheduled for 2027. The group has also conducted, in collaboration with CATL, fire resistance tests of its protection panels, a step in the qualification process for its solutions with this customer. To support its development in Asia, STIF has opened a commercial office in Shenzhen, in the heart of BYD's campus.
