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About iFabric Corp
iFabric Corp (OTCQX: IFABF, TSX: IFA), headquartered in Markham, Ontario, is a dynamic innovator in the textile and apparel technology industry. Through its two wholly-owned subsidiaries, Intelligent Fabric Technologies (North America) Inc. (IFTNA) and Coconut Grove Pads Inc., iFabric delivers cutting-edge solutions that enhance fabric functionality and cater to diverse market needs.
Core Business Areas
1. Intelligent Fabric Technologies (North America) Inc. (IFTNA): This division focuses on the development and distribution of high-performance textile solutions. By leveraging proprietary treatments, IFTNA integrates advanced functionalities into fabrics, foams, and plastics, offering benefits such as antimicrobial protection, water repellence, and UV resistance. Its products are widely used in performance apparel, medical protective gear, and consumer protective clothing.
2. Coconut Grove Pads Inc.: Operating under the Coconut Grove Intimates brand, this division specializes in the design, manufacturing, and licensing of ladies' intimate apparel and accessories. It caters to a broad range of customers, including retailers and end consumers, with a focus on quality and innovation.
Market Position and Differentiation
iFabric operates at the intersection of textiles and technology, addressing the growing demand for functional fabrics in both consumer and healthcare markets. The company differentiates itself through its proprietary technologies, regulatory approvals (including EPA and FDA registrations), and a commitment to sustainability. Its innovations, such as the bioFRESH antimicrobial technology and PROTX2 S mineral-based solutions, underscore its leadership in textile innovation.
Revenue Model and Customer Base
The company's revenue streams are diversified across direct sales, licensing agreements, and partnerships with national retailers. Its customer base includes major U.S. retailers, healthcare providers, and global brands seeking advanced textile solutions. By integrating its technologies into a wide range of products—from medical scrubs and lab coats to rainwear and activewear—iFabric has established itself as a trusted partner in the textile industry.
Challenges and Competitive Landscape
Operating in a competitive and highly regulated industry, iFabric faces challenges such as evolving consumer preferences, stringent regulatory requirements, and competition from other textile innovators. However, its focus on innovation, customer relationships, and market expansion positions it well to navigate these challenges.
Commitment to Innovation
iFabric's relentless pursuit of innovation is evident in its ongoing investment in research and development. The company continues to expand its product portfolio, enhance its regulatory compliance, and explore new market opportunities. Its dual focus on healthcare and consumer markets exemplifies its adaptability and commitment to meeting diverse customer needs.
Conclusion
iFabric Corp stands out as a pioneer in the textile and apparel technology space, combining expertise in functional fabrics with a strong market presence. With its innovative solutions and strategic focus, the company continues to redefine the possibilities of textile applications, delivering value to its customers and stakeholders.
iFabric Corp (TSX:IFA, OTCQX:IFABF) has reported its fifth consecutive year of revenue growth, with the last two years showing strong double-digit increases. The company achieved record revenues exceeding $27 million in full-year 2024, representing a 20% increase from the previous year.
Despite the strong performance, revenues fell slightly under $1 million below management's target range due to the Vancouver Port strike affecting Q4 deliveries. Nevertheless, Q4 2024 marked the largest single-quarter performance in the company's history. The delayed shipments are scheduled for delivery in Q1 2025.
iFabric Corp reported Q3 2024 results with revenues decreasing 11% to $4.28M compared to $4.81M in 2023. The Intelligent Fabric Division saw a 29% revenue decrease, while the Intimate Apparel Division grew 42%. Gross profit margin improved to 41% from 37%. The company maintains its FY2024 outlook of $28M-$32M, with Q4 revenue expected to exceed $11M. A potential Vancouver port strike could impact Q4 deliveries. Working capital stood at $17.5M, with cash increasing to $4.09M. The company reported a net loss of $105,616 ($0.003 per share) compared to $139,545 loss in 2023.
iFabric Corp (TSX:IFA, OTCQX:IFABF) reported record revenues and strong performance for Q2 2024 ended June 30. Key highlights include:
- Record revenues of $5,796,220, up 10% year-over-year
- Intelligent Fabrics Division revenues increased 20% to $3,499,504
- Gross profit margin improved to 42% from 40% in 2023
- Adjusted EBITDA rose to $356,817 from $260,415 in 2023
- Net earnings of $56,103 or $0.002 per share
The company attributes its success to innovation, strategic growth, and a focus on leveraging advanced technologies. iFabric maintains a strong financial position with $17.7 million in working capital and $2.95 million in cash. Management remains confident in sustained growth and delivering shareholder value.
On June 25, 2024, iFabric held its annual general and special meeting where shareholders approved all presented resolutions.
Key resolutions include the re-election of directors and the approval of unallocated stock options for another three years.
The directors re-elected are Hylton Karon, Hilton Price, Richard Macary, Cameron Groome, Mark Cochran, and Giancarlo Beevis, with an overwhelming majority vote in favor.
BDO Canada LLP has been appointed as the auditors for the next year.
iFabric Corp. (OTCQX:IFABF) reported record revenues and earnings for Q1 2024, ending March 31, 2024. The company achieved total revenues of $6,754,624, a 2% increase from Q1 2023. The Intelligent Fabrics Division saw a 6% boost in revenues to $4,666,289, while the Intimate Apparel Division experienced a 6% decline to $2,088,335. Gross profit margins rose by 4% to 44%, leading to a gross profit increase of 11% to $2,961,122.
Adjusted EBITDA increased by 30% to $855,380, and net earnings after tax grew to $550,596 ($0.018 per share) from $469,419 ($0.015 per share) in Q1 2023. Working capital improved by $859,663 to $17,320,228, and cash reserves rose by $1,889,367 to $3,461,111. The company's bank operating line remained unutilized, offering a $6,750,000 cushion for future growth.
iFabric Corp. received FDA Medical Device Registration for its apparel products integrating multiple textile technologies. The successful registration by its subsidiary, IFTNA, validates the safety and efficacy of the innovative apparel solutions. This achievement allows the company to explore new opportunities in the healthcare industry, positioning itself as a trusted partner for improving outcomes.
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