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iFabric Corp (IFABF) delivers cutting-edge textile solutions for performance apparel and intelligent fabrics. This news hub provides investors and industry professionals with essential updates on the company developments shaping advanced textile technologies.
Access consolidated reports on earnings announcements, product innovations, and strategic partnerships. Track regulatory milestones including FDA-cleared antimicrobial treatments and EPA-registered fabric technologies that reinforce iFabric's market leadership.
Key updates cover advancements in medical protective gear, high-performance sports apparel, and intimate wear innovations. Stay informed about licensing agreements, material science breakthroughs, and North American market expansions through verified press releases.
Bookmark this page for streamlined access to iFabric's latest progress in smart textile development. Check regularly for authoritative updates directly impacting the performance apparel and technical fabrics sector.
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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