IFabric Corp Reports Growth in Q1 2024 Financial Results

iFabric Corp announced an increase in revenues and earnings for its Q1 fiscal year 2024, ending March 31. The company reported total revenues of $6,754,624, a 2% rise from Q1 2023. This growth was driven by a 6% increase in sales from the Intelligent Fabrics Division, offsetting a 6% decline in the Intimate Apparel Division. Gross profit margins improved by 4%, reaching 44% due to a higher proportion of higher margin products.

The company also noted an 11% increase in gross profit dollars and a 30% increase in adjusted EBITDA. Net earnings after tax for Q1 2024 were $550,596, up from $469,419 in the previous year. iFabric's working capital grew, and cash positions strengthened, attributed to improved collection of receivables and reduced inventory. Management remains confident in achieving the revenue target of $28 to $32 million for the fiscal year 2024.