IFABRIC CORPORATION - IFABF STOCK NEWS

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.

iFabric Corp. announces the US EPA registration of two cutting-edge antimicrobial technologies, bioFRESH and PROTX2 S, through its subsidiary, Intelligent Fabric Technologies (North America) Inc. The innovative bio-based and mineral-based technologies aim to address evolving customer needs and environmental challenges. President Giancarlo Beevis highlights the sustainability benefits and expanded product portfolio these technologies offer, signaling iFabric's commitment to innovation and excellence in antimicrobial protection solutions.

iFabric Corp. reports strong revenue growth and operational earnings for the fiscal period ending December 31, 2023. The company showcases technological advancements and new customer acquisitions in the United States.

iFabric Corp. (IFABF) provides a positive revenue outlook for fiscal 2024, expecting sales to reach $28 to $32 million with new performance apparel programs secured. The company aims to expand its customer relationships, introduce new clothing categories, and increase its presence in the US market to drive sales and earnings growth in 2025.

IFABRIC CORP. (TSX: IFA) (OTCQX: IFABF) has received conditional approval from the Toronto Stock Exchange to extend the exercise period of 2,943,717 outstanding common share purchase warrants for a year. The Warrants represent approximately 8.85% of the Company's issued shares. The decision aims to provide additional capital without share price discounts or transactional costs. The extension will be effective from March 23, 2024, to March 23, 2025.

iFabric Corp. (TSX: IFA) (OTCQX: IFABF) announced strong unaudited results for the fourth quarter and twelve months ended September 30, 2023. The company reported a 10% increase in revenue, reaching $21,642,761, with significant growth in its Intelligent Fabric and Intimate Apparel divisions. Gross profit also rose by 21% to $8,520,563, while net earnings attributable to shareholders amounted to $596,986. However, Q4 2023 saw a 20% decrease in revenue due to delivery timing differences, resulting in negative adjusted EBITDA of $123,821.