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  • Nick Monjo

iFabric: Record Revenue, EBITDA

On its website, iFabric lists "major brand partners."

In the first quarter iFabric reported “record revenues and EBITDA,” according to CEO Hylton Karon, driven by “new customers, new programs and solid margins.”

And he confided, “we remain on track to meet our recently announced revenue target of between $28 to $32 million [in Canadian dollars, about $20.5 million to $23.4 million at current exchange rates] for fiscal 2024.”

The firm earned 550,596CD (about $403,000) on revenue of 6,754,624CD (about $ 4.94 million) in the three months ended March 31, 2024, compared to 469,419CD (about $343,000) on revenue of 6,642,563CD (about $4.9 million) in the same period a year ago.

Revenue at the company’s Intelligent Fabrics Division was 4,666,289CD (about $3.4 million) in Q1 2024, up from 4,413,977CD (about $3.2 million in the same quarter last year). The approximately 6% gain was “attributable to increased chemical sales.”

Revenue at the Intimate Apparel Division, which also goes under the name, Coconut Grove, and focuses on adhesive bras and other solutions products, some of which bear the licensed Maidenform name, was 2,088,335CD (about $1.53 million) in Q1 2024, down 6% from the quarter last year when revenue was 2,223,336CD (about $1.63 million). The decline was blamed on “reduced sales in Canada.”

iFabric explained that “gross profit margins increased by 4% to 44% in Q1 2024 compared 40% in 2023, primarily due to product mix, with a higher proportion of higher margin products being shipped in the current quarter.” It added that “selling, general and administrative costs increased” in 2024 “mainly as a result of increased personnel, advertising and travel costs incurred to support future revenue growth.”


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