IFabric Corp Reveals Q3 2024 Financial Results

iFabric Corp, a leader in technology-enhanced apparel, has unveiled its financial results for Q3 and the nine months ending September 30, 2024. The company reported a decrease in quarterly revenue by 11%, totalling $4.28 million, largely due to the removal of low-margin programs. However, the Intimate Apparel Division saw a 42% revenue increase driven by new initiatives in the U.S. Despite these fluctuations, the company reported a stable gross profit of $1.76 million, with improved margins.

Adjusted EBITDA marked a minor negative figure of $1,943, a significant improvement over last year's negative $123,821. iFabric ended Q3 with a net loss of $105,616, better than the loss recorded in 2023. Cash flow improved, with an increase of over $1.1 million. The company’s financial strategy seems to be on solid footing, with a full unutilized bank credit line of $6.75 million available.

These results maintain a positive outlook for iFabric as it aims for record revenue in the fiscal year 2024, despite potential disruptions from a strike in Vancouver affecting Q4 deliveries. The company continues to monitor and manage these challenges closely.