Record Revenues and Strong Profitability Sends Shares of Apparel Company Higher

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Monday, March 31, 2025

Standing out from the competition is always a smart strategy, and persistence and hard work can pave the way to becoming a category leader. Today, a micro-cap company is demonstrating these qualities, with financial results showing strong consumer resonance with its brand.

Shares of iFabric Corp. (TSX:IFA) (OTCQX:IFABF) are moving higher on the company releasing its audited results for its fourth quarter and fiscal year ended December 31, 2024, with record revenues and strong profitability. 

With effect from October 1, 2022, the Company changed its financial year end to December 31. Accordingly, the comparative figures for fiscal 2023 are presented for a period of 15 months, compared to 12 months in fiscal 2024.

Despite that accounting change, the numbers are impressive. For the fourth quarter December 31st, 2024, revenues came in at $10,495,982, compared to $6,755,981 for the same period in 2023, representing an increase of $3,740,001 or 55%. New apparel programs were the main contributors to this increase.

Total revenues rose to $27,327,390 for the 12 months ended December 31, 2024, compared to $28,398,742 for the 15 months ended December 31, 2023, representing a 20% increase on a proportionate basis that was mainly attributable to new apparel programs and increased sales of chemical treatments.

iFabric has two strategic divisions offer a variety of 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.

"I am pleased to report that a corporate record of $10.5 million in sales for a single quarter was achieved in Q4 2024, delivering revenue growth of 55% compared to the same period in 2023. In addition, fiscal year 2024 set records in both revenue and profitability, with strong earnings per share of $0.054. Fiscal year 2024 (January 1 to December 31, 2024) sales of $27.3 million almost matched 2023's revenue despite 2023 having five quarters due to our fiscal year-end date adjustment," said Hylton Karon, President and CEO of iFabric.

"iFabric looks forward to another double-digit sales growth year in 2025, with new product categories being added for shipment towards the latter part of the year. In addition, our core programs continue to perform well and are generating strong baseline sales growth. We believe 2025 will provide another year of increasing revenues and net earnings," concluded Hylton Karon.

Shares of IFA were last trading up 6.9% at $1.24 per share while U.S. listed shares (IFABF) were unchanged at $0.77 in mid-morning trading.

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