iFabric Corp. Announces Fifth Consecutive Year of Revenue Growth
Rhea-AI Summary
iFabric Corp (TSX:IFA, OTCQX:IFABF) has reported its fifth consecutive year of revenue growth, with the last two years showing strong double-digit increases. The company achieved record revenues exceeding $27 million in full-year 2024, representing a 20% increase from the previous year.
Despite the strong performance, revenues fell slightly under $1 million below management's target range due to the Vancouver Port strike affecting Q4 deliveries. Nevertheless, Q4 2024 marked the largest single-quarter performance in the company's history. The delayed shipments are scheduled for delivery in Q1 2025.
Positive
- Fifth consecutive year of revenue growth
- 20% year-over-year revenue increase to over $27M in 2024
- Record-breaking Q4 2024 performance
- Company maintains profitability
Negative
- Missed management's revenue target by nearly $1M due to Port of Vancouver strike
- Q4 2024 shipment delays pushed to Q1 2025
News Market Reaction
On the day this news was published, IFABF declined 2.70%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
MARKHAM, ON / ACCESS Newswire / February 3, 2025 / iFabric Corp. (TSX:IFA)(OTCQX:IFABF), a leading provider of innovative functional-fabrics, value-added specialty apparel, and surface-treatment technologies, is pleased to announce its fifth consecutive year of revenue growth, with the last two years each reflecting strong, double-digit increases.
Full-year 2024 was another record-setting year, with revenues of greater than
As a profitable and growing firm, iFabric continues to broaden its market footprint, and its forward-looking strategy remains focused on developing cutting-edge apparel solutions and enhancing its product lines. The upcoming year of 2025 is expected to be another period of robust growth, as iFabric's new product initiatives, combined with its solid core programs, position the company to achieve continued revenue and profit gains in 2025.
"We are extremely proud of our consistent track record of growth, and our results underscore the strength of our team and the trust our customers place in us," said Hylton Karon, CEO of iFabric Corp. "As we head into 2025, we are confident that our ever-increasing momentum will carry us forward, particularly as we expand our product portfolio and reach new markets. With strong operational execution we're positioned for another record year," concluded Mr. Karon.
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 innovative 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 April 1, 2024 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
FAQ
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