IFabric Corp Announces Revenue Growth in Extended Financial Period for 2023

iFabric Corp, based in Markham, Ontario, reported a significant increase in revenues for its extended financial period ending December 31, 2023. The company, which operates under the stock symbols TSX:IFA and OTCQX:IFABF, changed its financial year to end in December, resulting in a 15-month reporting period for 2023. This adjustment led to total revenues of $28,398,742, compared to $19,743,008 in the previous 12-month period, marking a 15% increase on a proportionate basis.

Significant growth was observed in the Intelligent Fabric division, with revenues up by 25% due to new and expanded apparel programs and increased chemical sales. However, the Intimate Apparel Division saw a slight 2% decrease in revenues. Overall, the company achieved a gross profit margin of 39%, an improvement from 36% in the preceding period, primarily due to reduced shipping costs and product repricing.

Despite increased revenues, iFabric faced a net loss attributable to shareholders of $2,107,522 for the 15-month period, largely due to an impairment provision related to an unresolved legal claim against a Chinese supplier. The legal situation has seen some progression, with the claim registered with a Chinese court in December 2023.

iFabric's President and CEO, Hylton Karon, expressed satisfaction with the company's growth and customer acquisition in the United States. He remains confident in the company's future, citing new programs set to commence in 2024.