Ifabric Corp Stock Price, News & Analysis

iFabric Corp. (TSX:IFA)(OTCQX:IFABF) held its annual general meeting on March 30, 2023, where shareholders approved all proposed resolutions.

Key outcomes include the re-election of all director nominees and a resolution fixing the number of directors at six. Additionally, BDO Canada LLP was appointed as the company’s auditors for the next year.

Voting results showed overwhelming support for the director nominees, with approval rates exceeding 99% for most. These developments strengthen corporate governance and provide stability for iFabric's strategic initiatives.

iFabric Corp (TSX:IFA, OTCQX:IFABF) has entered into an exclusive license agreement with Les Innovations Simon Chang Inc, allowing its subsidiary, Intelligent Fabric Technologies (North America) (IFTNA), to use Simon Chang trademarks for various fashion products. This partnership aims to enhance swimwear, athleisure, and underwear lines, incorporating innovative fabrics and technologies for improved performance and fit.

CEO Giancarlo Beevis highlighted that this collaboration strengthens IFTNA's brand portfolio and leverages shared innovation goals. The new collections will feature properties like anti-odor and UV protection, aiming to redefine consumer experiences in fashion.

iFabric Corp. (OTCQX: IFABF) reported its Q1 2023 financial results, with total revenues at $4,916,365, a slight decrease from $4,993,871 in Q1 2022. The Intelligent Fabrics Division saw revenues drop 7% to $3,087,556, impacted by approximately $1 million in lower chemical revenues due to Chinese lockdowns. However, the Intimate Apparel Division experienced a 10% revenue increase to $1,806,663. Gross profit margins improved to 40%, up from 37%, while net earnings fell to $134,566 (or $0.005 per share), down from $167,960 year-over-year.

iFabric Corp. announced that its subsidiary, Intelligent Fabric Technologies (North America) Inc., has received EPA registration for its new technology, bioACTIV AM. This innovative product integrates anti-microbial, anti-viral, deodorizing, and UV protection properties into a single application, offering significant process and cost efficiencies for customers. CEO Giancarlo Beevis highlighted the technology's unique ability to combine multiple performance attributes, allowing for customization across various industries. Marketing efforts for bioACTIV AM are set to commence in Q3 2023.

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.