IFabric Corp Reports Record Q4 and Full Year 2024 Revenues and Strong Profitability
iFabric Corp (IFABF) reported record financial results for Q4 and full year 2024. Q4 revenues reached a record $10.5 million, up 55% year-over-year, driven by new apparel programs. The company achieved Q4 gross profit of $4.17 million (40% margin) and Adjusted EBITDA of $1.9 million, a 636% increase.
For full-year 2024, revenues totaled $27.3 million, with the Intelligent Fabrics division growing 25% and Intimate Apparel division up 11% on a proportionate basis. Net earnings were $1.63 million ($0.054 per share) compared to a loss in 2023. Working capital improved to $19.6 million, with cash position strengthening to $2.06 million.
The company maintains a strong financial position with an unutilized $6.75 million bank operating line and expects continued double-digit sales growth in 2025, supported by new product categories and strong baseline sales from core programs.
iFabric Corp (IFABF) ha riportato risultati finanziari record per il quarto trimestre e per l'intero anno 2024. I ricavi del quarto trimestre hanno raggiunto un record di 10,5 milioni di dollari, con un aumento del 55% rispetto all'anno precedente, sostenuti da nuovi programmi di abbigliamento. L'azienda ha ottenuto un utile lordo nel quarto trimestre di 4,17 milioni di dollari (margine del 40%) e un EBITDA rettificato di 1,9 milioni di dollari, un incremento del 636%.
Per l'intero anno 2024, i ricavi sono stati pari a 27,3 milioni di dollari, con la divisione Intelligent Fabrics in crescita del 25% e la divisione Intimate Apparel in aumento dell'11% su base proporzionale. Gli utili netti sono stati di 1,63 milioni di dollari (0,054 dollari per azione) rispetto a una perdita nel 2023. Il capitale circolante è migliorato a 19,6 milioni di dollari, con una posizione di cassa che si è rafforzata a 2,06 milioni di dollari.
L'azienda mantiene una solida posizione finanziaria con una linea di credito bancaria operativa inutilizzata di 6,75 milioni di dollari e prevede una continua crescita delle vendite a due cifre nel 2025, supportata da nuove categorie di prodotto e da forti vendite di base dai programmi principali.
iFabric Corp (IFABF) reportó resultados financieros récord para el cuarto trimestre y el año completo 2024. Los ingresos del cuarto trimestre alcanzaron un récord de 10,5 millones de dólares, un aumento del 55% interanual, impulsados por nuevos programas de ropa. La compañía logró un beneficio bruto en el cuarto trimestre de 4,17 millones de dólares (margen del 40%) y un EBITDA ajustado de 1,9 millones de dólares, un aumento del 636%.
Para el año completo 2024, los ingresos totalizaron 27,3 millones de dólares, con la división de Intelligent Fabrics creciendo un 25% y la división de Intimate Apparel aumentando un 11% en base proporcional. Las ganancias netas fueron de 1,63 millones de dólares (0,054 dólares por acción) en comparación con una pérdida en 2023. El capital de trabajo mejoró a 19,6 millones de dólares, con una posición de efectivo que se fortaleció a 2,06 millones de dólares.
La empresa mantiene una sólida posición financiera con una línea de crédito bancaria operativa no utilizada de 6,75 millones de dólares y espera un crecimiento continuo de las ventas de dos dígitos en 2025, respaldado por nuevas categorías de productos y fuertes ventas base de los programas principales.
iFabric Corp (IFABF)는 2024년 4분기 및 연간 재무 결과가 기록적이라고 보고했습니다. 4분기 매출은 1,050만 달러에 달하며, 전년 대비 55% 증가하여 새로운 의류 프로그램에 의해 주도되었습니다. 회사는 4분기 총 이익이 417만 달러(40% 마진)이며, 조정된 EBITDA는 190만 달러로 636% 증가했습니다.
2024년 전체 연간 매출은 2,730만 달러에 달하며, Intelligent Fabrics 부문은 25% 성장하고 Intimate Apparel 부문은 비례 기준으로 11% 증가했습니다. 순이익은 163만 달러(주당 0.054 달러)로 2023년의 손실과 비교됩니다. 운전 자본은 1960만 달러로 개선되었고, 현금 위치는 206만 달러로 강화되었습니다.
회사는 사용되지 않은 675만 달러의 은행 운영 신용 한도를 보유하고 있으며, 2025년에 새로운 제품 카테고리와 핵심 프로그램의 강력한 기본 판매에 힘입어 계속해서 두 자릿수의 판매 성장을 기대하고 있습니다.
iFabric Corp (IFABF) a annoncé des résultats financiers records pour le quatrième trimestre et pour l'année complète 2024. Les revenus du quatrième trimestre ont atteint un record de 10,5 millions de dollars, en hausse de 55 % par rapport à l'année précédente, soutenus par de nouveaux programmes vestimentaires. L'entreprise a réalisé un bénéfice brut de 4,17 millions de dollars au quatrième trimestre (marge de 40 %) et un EBITDA ajusté de 1,9 million de dollars, soit une augmentation de 636 %.
Pour l'année entière 2024, les revenus se sont élevés à 27,3 millions de dollars, la division Intelligent Fabrics ayant connu une croissance de 25 % et la division Intimate Apparel augmentant de 11 % sur une base proportionnelle. Le bénéfice net s'est établi à 1,63 million de dollars (0,054 dollar par action) par rapport à une perte en 2023. Le fonds de roulement s'est amélioré à 19,6 millions de dollars, avec une position de trésorerie renforcée à 2,06 millions de dollars.
L'entreprise maintient une solide position financière avec une ligne de crédit bancaire opérationnelle inutilisée de 6,75 millions de dollars et prévoit une croissance continue à deux chiffres des ventes en 2025, soutenue par de nouvelles catégories de produits et de fortes ventes de base provenant des programmes principaux.
iFabric Corp (IFABF) hat rekordverdächtige finanzielle Ergebnisse für das 4. Quartal und das gesamte Jahr 2024 gemeldet. Die Einnahmen im 4. Quartal erreichten mit 10,5 Millionen Dollar einen Rekordwert, was einem Anstieg von 55 % im Vergleich zum Vorjahr entspricht, angetrieben durch neue Bekleidungsprogramme. Das Unternehmen erzielte im 4. Quartal einen Bruttogewinn von 4,17 Millionen Dollar (40 % Marge) und ein bereinigtes EBITDA von 1,9 Millionen Dollar, was einem Anstieg von 636 % entspricht.
Für das gesamte Jahr 2024 beliefen sich die Einnahmen auf 27,3 Millionen Dollar, wobei die Division Intelligent Fabrics um 25 % und die Division Intimate Apparel um 11 % auf proportionaler Basis wuchs. Der Nettogewinn betrug 1,63 Millionen Dollar (0,054 Dollar pro Aktie) im Vergleich zu einem Verlust im Jahr 2023. Das Working Capital verbesserte sich auf 19,6 Millionen Dollar, während die Liquiditätsposition auf 2,06 Millionen Dollar gestärkt wurde.
Das Unternehmen hält eine starke finanzielle Position mit einer ungenutzten Betriebskreditlinie von 6,75 Millionen Dollar und erwartet im Jahr 2025 weiterhin zweistelliges Umsatzwachstum, unterstützt durch neue Produktkategorien und starke Basissales aus den Kernprogrammen.
- Record Q4 revenue of $10.5M, up 55% YoY
- Q4 gross profit margin improved to 40% from 38%
- Q4 Adjusted EBITDA increased 636% to $1.9M
- Full-year net earnings of $1.63M vs previous loss
- Strong working capital position of $19.6M
- Unutilized $6.75M credit facility available
- Full-year 2024 revenue of $27.3M slightly below 2023's $28.4M (though 2023 had 15 months vs 12)
- Selling, general and administrative costs increased 5% in Q4
MARKHAM, ON / ACCESS Newswire / March 31, 2025 / iFabric Corp. ("iFabric" or the "Company") (TSX:IFA)(OTCQX:IFABF), today announced its audited results for its fourth quarter and fiscal year ended December 31, 2024 ("2024"), with record revenues and strong profitability. With effect from October 1, 2022, the Company changed its financial year end to December 31. Accordingly, the comparative figures for fiscal 2023 are presented for a period of 15 months, compared to 12 months in fiscal 2024.
"I am pleased to report that a corporate record of
"iFabric looks forward to another double-digit sales growth year in 2025, with new product categories being added for shipment towards the latter part of the year. In addition, our core programs continue to perform well and are generating strong baseline sales growth. We believe 2025 will provide another year of increasing revenues and net earnings," concluded Hylton Karon.
Q4 ENDED DECEMBER 31, 2024 HIGHLIGHTS:
Revenues of
$10,495,982 for the quarter ended December 31, 2024, compared to$6,755,981 for the same period in 2023, representing an increase of$3,740,001 or55% . New apparel programs were the main contributors to this increase.Revenues for the Intelligent Fabrics Division were
$9,043,152 in 2024 compared to$5,839,504 in 2023, representing an increase of$3,203,648 or55% .Revenues for the Intimate Apparel Division increased to
$1,447,580 in 2024 compared to$912,977 in 2023, representing an increase of$534,603 or59% .Gross profit dollars in the current quarter were
$4,168,114 in 2024, an increase of63% or$1,615,619 from$2,552,545 in 2024 - attributable to higher revenues and higher margins.Gross profit margins increased to
40% in 2024 from38% in 2023, as a result of an improved product mix for the current year quarter.Selling, general and administrative costs during 2024 increased by
$104,320 or5% , to$2,384,019 from$2,279,699 in 2023, mainly attributable to increased variable selling costs.Adjusted EBITDA amounted to
$1,895,396 in Q4 2024 compared to$257,458 in 2023, an increase of$1,637,938 or636% .Earnings Per Share for Q4 2024 was
$0.03 7, compared to a loss per share of ($0.09 0) for the same period in 2023.
YEAR ENDED DECEMBER 31, 2024 HIGHLIGHTS:
Total revenues amounted to
$27,327,390 for the 12 months ended December 31, 2024, compared to$28,398,742 for the 15 months ended December 31, 2023, representing a20% increase on a proportionate basis that was mainly attributable to new apparel programs and increased sales of chemical treatments.Intelligent Fabric division revenue increased by
25% on a proportionate basis to$19,778,082 for the 12 months in 2024 from$19,852,953 for the 15 months in 2023. For the Intimate Apparel Division, revenue increased by11% on a proportionate basis and amounted to$7,537,058 for the 12 months in 2024 compared to$8,504,393 for the prior 15 months in 2023.Gross profit of
$11,302,084 (41% margin) for the 12 months ended December 31, 2024, compared$11,073,008 (39% margin) for the 15 months in 2023, representing a28% increase on a proportionate basis.Selling, general and administrative costs during the 12 months in 2024 increased by
9% on a proportionate basis, to$8,611,234 from$9,868,085 for the 15 months in 2023, mainly attributable to increased variable selling costs.Adjusted EBITDA of
$2,743,670 for the 12 months in 2024 compared to$1,239,522 for the 15 months in 2023, representing an increase of177% on a proportionate basis.The net earnings after tax attributable to shareholders for the 12 months in 2024 amounted to
$1,632,614 (or$0.05 4 per share basic and diluted), compared to a net loss attributable to shareholders of$2,107,522 (or ($0.07 0) per share basic and diluted) for the prior 15 months.Working capital, (excluding a demand term loan classified as current under IFRS, but not requiring repayment in 2025) amounted to
$19,608,256 at December 31, 2024 compared to$16,460,565 at September 30, 2023, with the increase of$3,147,691 m ainly attributable to the earnings for the year.Long term debt was virtually unchanged at
$846,139 in 2024 compared to$906,752 in 2023.Cash amounted to
$2,058,156 in 2024 compared to$1,571,744 in 2023, an increase of$486,412. The Company's bank operating line amounting to
$6,750,000 , was unutilized at both December 31, 2024, and December 31, 2023.
Complete Financial Statements are available on www.sedarplus.ca and the company's website at www.ifabriccorp.com.
WEBINAR REGISTRATION
The Company will participate in a webinar on April 7, 2025, at 11:00 AM ET hosted by Adelaide Capital, reviewing iFabric's Q4 and full-year 2024 results, including key highlights and business performance. The webinar will also include a Q&A session.
Registration link: https://streamyard.com/watch/7zJKS22VM8CE
FINANCIAL HIGHLIGHTS
| Ended |
|
| Ended |
|
| Ended |
|
| Ended |
| |||||
| $ |
|
|
| $ |
|
|
| $ |
|
|
| $ |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Revenue |
|
| 27,327,390 |
|
|
| 28,398,742 |
|
|
| 10,495,982 |
|
|
| 6,755,981 |
|
Share based compensation |
|
| 548,040 |
|
|
| 162,199 |
|
|
| 131,220 |
|
|
| 77,190 |
|
Adjusted EBITDA *(Note) |
|
| 2,743,670 |
|
|
| 1,239,522 |
|
|
| 1,895,396 |
|
|
| 257,458 |
|
Net earning (loss) before tax |
|
| 2,228,476 |
|
|
| (3,062,777 | ) |
|
| 1,678,362 |
|
|
| (3,728,517 | ) |
Net income (loss) after tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to shareholders |
|
| 1,632,614 |
|
|
| (2,107,522 | ) |
|
| 1,131,531 |
|
|
| (2,704,508 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive earnings (loss) |
|
| 332,431 |
|
|
| (224,187 | ) |
|
| 258,423 |
|
|
| (109,200 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive earnings (loss) |
|
| 1,960,151 |
|
|
| (2,334,029 | ) |
|
| 1,383,424 |
|
|
| (2,812,685 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
| 0.054 |
|
|
| (0.070 | ) |
|
| 0.037 |
|
|
| (0.090 | ) |
Diluted |
|
| 0.054 |
|
|
| (0.070 | ) |
|
| 0.037 |
|
|
| (0.090 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Note: Adjusted EBITDA represents earnings before non-recurring items, interest, taxes, depreciation, amortization, and share based compensation.
*USE OF NON-GAAP MEASURES
Certain measures in this document do not have any standardized meaning as prescribed by International Financial Reporting Standards ("IFRS") and, therefore, are not considered generally accepted accounting principles ("GAAP") measures and may not be comparable to similar measures presented by other issuers. Where non-GAAP measures or terms are used, definitions are provided. The Company believes that certain non-GAAP financial measures provide important information regarding the operational performance and related trends of the Company's business. In this document and in the Company's consolidated financial statements, unless otherwise noted, all financial data is prepared in accordance with IFRS.
Adjusted EBITDA
The Company uses Adjusted EBITDA to assess its operating performance without the effects of (as applicable): current and deferred tax expense, finance costs, interest income, depreciation and amortization of plant assets, other gains and losses, impairment loss, share-based compensation and other non-recurring items. The Company adjusts for these factors as they may be non-cash, unusual in nature and may not optimally represent its operating performance. Adjusted EBITDA is not intended to be representative of net earnings from operations or an alternative measure to cash provided by operating activities determined in accordance with IFRS.
The table below reconciles Adjusted EBITDA and Net earnings attributable to owners of the Company, calculated in accordance with IFRS:
| Three months |
|
| Three months |
|
| Twelve months |
|
| Fifteen months |
| |||||
For the period ending |
| December 31, |
|
| December 31, |
|
| December 31, |
|
| December 31, |
| ||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net earnings (loss) after tax attributable to shareholders |
|
| 1,011,731 |
|
|
| (2,704,508 | ) |
|
| 1,512,814 |
|
|
| (2,107,522 | ) |
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings attributable to non-controlling interest |
|
| (6,530 | ) |
|
| 1,023 |
|
|
| (4,894 | ) |
|
| (2,320 | ) |
Provision for income taxes |
|
| 673,161 |
|
|
| (1,025,032 | ) |
|
| 720,556 |
|
|
| (952,935 | ) |
Share-based compensation |
|
| 131,220 |
|
|
| 77,190 |
|
|
| 548,040 |
|
|
| 162,199 |
|
Impairment provision - legal claim |
|
| - |
|
|
| 3,842,153 |
|
|
| (361,980 | ) |
|
| 3,842,153 |
|
Amortization of deferred development costs |
|
| 8,901 |
|
|
| - |
|
|
| 35,604 |
|
|
| 26,820 |
|
Depreciation of plant, property and equipment and right-of-use assets |
|
| 55,400 |
|
|
| 41,990 |
|
|
| 196,480 |
|
|
| 160,920 |
|
Interest expense |
|
| 21,513 |
|
|
| 24,642 |
|
|
| 97,050 |
|
|
| 110,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Adjusted EBITDA |
|
| 1,895,396 |
|
|
| 257,458 |
|
|
| 2,743,670 |
|
|
| 1,239,522 |
|
Add (deduct): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment provision - legal claim |
|
| - |
|
|
| (3,842,153 | ) |
|
| 361,980 |
|
|
| (3,842,153 | ) |
Share-based compensation |
|
| (131,220 | ) |
|
| (77,190 | ) |
|
| (548,040 | ) |
|
| (162,199 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
EBITDA |
|
| 1,764,176 |
|
|
| (3,661,885 | ) |
|
| 2,557,610 |
|
|
| (2,764,830 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
About iFabric Corp:
Headquartered in Markham, Ontario, iFabric, www.ifabriccorp.com, is listed on the TSX and currently has 30.3 million shares issued and outstanding. Its two strategic divisions offer a variety of products and services through wholly-owned subsidiaries, namely, Intelligent Fabric Technologies (North America) Inc. ("IFTNA") and Coconut Grove Pads Inc. ("Coconut Grove").
IFTNA is focused on development and sale of high-performance sports apparel, medical protective apparel, consumer protective apparel, and proprietary treatments that provide "intelligent" properties to fabrics, foams, plastics, and numerous other surfaces, thereby improving the safety and well-being of the user. Such intelligent properties include antiviral and antibacterial characteristics, water-repellence and UV protection, among others.
Coconut Grove, operating as Coconut Grove Intimates, is a designer, manufacturer, distributor, licensor and licensee of ladies' intimate apparel products and accessories.
FORWARD LOOKING STATEMENTS
Forward-looking statements provide an opinion as to the effect of certain events and trends on the business. Certain statements contained in this news release constitute forward looking statements. The use of any words such as "anticipate", "continue", "plans", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the extent and impact of health pandemic outbreaks on our business; general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; the actual results of the Company's future operations; competition; changes in legislation affecting the Company; the ability to obtain and maintain required permits and approvals, the timing and availability of external financing on acceptable terms; lack of qualified, skilled labour or loss of key individuals.
A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's annual information form dated March 28, 2025 and other filings with the Canadian securities regulators available under the Company's profile on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Readers are cautioned not to place undue reliance on these statements as the Company's actual results, performance, or achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect the Company's business, or if the Company's estimates or assumptions prove inaccurate. Therefore, the Company cannot provide any assurance that forward-looking statements will materialize. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Any financial outlook or future oriented financial information in this news release, as defined by applicable securities legislation, has been approved by management of iFabric. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management's reasonable expectations as to the anticipated results of its proposed business activities. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or any other reason except as required by applicable securities laws.
FOR FURTHER INFORMATION please contact:
Hylton Karon, President and CEO
Tel: 905.752.0566 ext 201
Email: hyltonk@ifabriccorp.com
Hilton Price, CFO
Tel: 647.465.6161
Email: hilton.price@rogers.com
Website: www.ifabriccorp.com
Neither the TSX Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: iFabric Corp
View the original press release on ACCESS Newswire