IFABRIC CORPORATION - IFABF STOCK NEWS

iFabric Corp. reported its fiscal 2022 results, achieving total revenues of $19.74 million, nearly matching fiscal 2021's $19.76 million despite significant global supply chain disruptions. The Intelligent Fabric Division saw a 19% revenue decline, while the Intimate Apparel Division grew by 75%. Gross profit decreased to $7.03 million with a 36% margin. The company faced a net loss of $454,998 ($0.015 per share) due to rising operational costs and clinical trial expenses. Looking ahead, iFabric anticipates growth in fiscal 2023, supported by a large order book and a secure credit line.

iFabric Corp has announced the launch of its new direct-to-consumer brand, VERZUS ALL, aimed at showcasing its innovative fabric technologies. The new product lineup is available online and at a retail location in Markham, Ontario. Additionally, the company reported confirmed orders for its swimwear products totaling approximately CAD $3.2 million, with initial deliveries expected in Q2 2023. iFabric anticipates continued revenue growth from this category throughout 2023 and beyond.

iFabric Corp. reported a record Q3 revenue of $5,238,900, a 26% increase from Q3 2021. The Intelligent Fabrics Division saw a 32% revenue growth, while the Intimate Apparel Division grew by 19%. Despite increased revenues, gross profit margin decreased to 40% due to higher shipping costs and inventory write-downs. Net earnings dropped to $344,805 compared to $705,406 in Q3 2021. For the nine months ending June 30, total revenues fell by 6% to $13,710,058, primarily due to a prior year's one-off N95 mask order. Adjusted EBITDA also declined significantly from $2,880,114 to $528,053.

iFabric Corp. has completed phase one of its clinical trial for medical garments treated with ProTX2 antimicrobial and REPELTX water-repellent technologies. Conducted at MemorialCare Medical Group in the U.S., the trial involved 125 nurses wearing three types of scrubs: untreated, treated with ProTX2, and treated with both ProTX2 and REPELTX. The principal goal is to assess bacterial load reduction on treated scrubs compared to untreated ones. The trial transitions to a laboratory phase for bacterial testing, followed by data analysis and submission for peer review.

iFabric Corp. has entered into a new licensing agreement with The North Face, allowing TNF to use RepelTX ecoPEL technology in its outdoor apparel, footwear, and equipment. This collaboration aims to enhance product performance through superior water repellency, as emphasized by CEO Giancarlo Beevis. The North Face is recognized for its commitment to sustainability and outdoor innovation, and this agreement signifies the strengthening partnership between the two companies.

iFabric Corp. (OTCQX: IFABF) announced a license agreement with Roots Corporation allowing its subsidiary, Intelligent Fabric Technologies (North America) Inc. (IFTNA), to utilize the Roots trademarks for manufacturing and distributing swimwear. This partnership aims to leverage IFTNA's innovative textile technologies, emphasizing a commitment to sustainability and quality. CEO Giancarlo Beevis highlighted the collaboration's potential in capturing a significant market segment, showcasing a fresh approach to swimwear. Roots, established in 1973, is a globally recognized lifestyle brand.

iFabric Corp. reported its Q2 and six-month financial results for 2022, achieving revenues of $3,477,287, up 21% from Q2 2021. The Intimate Apparel Division surged 299% to $1,260,153, while the Intelligent Fabrics Division saw a 14% decline due to delayed shipments. Gross profit margin dropped to 36%, affected by rising shipping costs. The company experienced a net loss of $671,680, compared to a loss of $141,155 in Q2 2021. Higher inventory levels aim to address logistics challenges. Working capital stood at $19,271,840.

iFabric Corp. (TSX: IFA, OTCQX: IFABF) announced delays in its EPA submission for advanced efficacy claims regarding its ProTX2 fabric-treatment technology. CEO Hylton Karon stated that the unpredictable process and resource limitations at the EPA are key factors contributing to the delay, making it unlikely for approval this April. Despite these challenges, iFabric remains optimistic, citing ongoing business growth from independent channels. The company currently has a sales run-rate of approximately C$20 million and maintains a profitable and solvent status.

iFabric Corp. held its annual meeting on March 31, 2022, where shareholders approved all resolutions. Notably, all director nominees were re-elected, with votes for varying between 99.85% to 99.97%. The meeting also confirmed BDO Canada LLP as auditors for the upcoming year and authorized unallocated stock options for an additional three years. The company operates through its divisions: Intelligent Fabric Technologies, focusing on high-performance sports and medical apparel, and Coconut Grove, which specializes in ladies' intimate apparel.