IFabric Corp. Reports Record Revenues and Strong Performance for Q2 2024

MARKHAM, ON / ACCESSWIRE / August 14, 2024 — iFabric Corp. ("iFabric" or the "Company") (TSX:IFA)(OTCQX:IFABF) announced its financial results for the second quarter ended June 30, 2024, reporting record revenues and notable increases in gross profit and adjusted EBITDA. Revenue for Q2 2024 was $5,796,220, a 10% increase from Q2 2023. The Intelligent Fabrics Division saw a substantial 20% rise in revenues, reaching $3,499,504.

The Intimate Apparel Division experienced a slight 3% decline in revenue. Gross profit increased to 42% of revenue, attributed to a favorable product mix. Selling, general, and administrative costs rose by 34%, mainly due to increased personnel and advertising expenses. Adjusted EBITDA for Q2 2024 amounted to $356,817, a 37% increase from Q2 2023. Net earnings stood at $56,103.

For the six months ended June 30, 2024, total revenues reached $12,550,844, a 5% increase from the same period in 2023. Gross profit as a percentage of revenue improved to 43%. Net earnings attributable to shareholders stood at $606,699 for the period. Adjusted EBITDA for the six months was $1,212,197, showing significant growth compared to 2023.