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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.