Business
iFabric Corp Reports a Record 91% Increase in Second Quarter Revenues
MARKHAM, ON / ACCESSWIRE / May 15, 2023 / iFabric Corp. ("iFabric" or the "Company") (TSX:IFA)...
About this update from Ifabric Corp.
[{"type":"text","content":"iFabric Corp Reports a Record 91% Increase in Second Quarter RevenuesMARKHAM, ON / ACCESSWIRE / May 15, 2023 / iFabric Corp. (\"iFabric\" or the \"Company\") (TSX:IFA)(OTCQX:IFABF), today announced record financial results for its second quarter and six months ended March 31, 2023, an outcome directly related to the Company's commitment to accelerating revenue growth through product design innovation, technology integration and new customer acquisitions.\"We are proud to announce record revenue for Q2 2023. Both divisions have delivered programs built on the growth strategy of innovative design, technology, and licensing,\" stated Hylton Karon, president and CEO of iFabric. \"The launch of our ROOTS branded swimwear program (in the Intelligent Fabric division) was a tremendous success for the company. The 2023/2024 program has already been renewed at 150% of the inaugural delivery. This program brought with it the addition of a further major national retail chain, which we see as potentially becoming one of our largest Canadian customers, in this and many other categories as we continue to build out our business with them,\" added Mr. Karon.\"We also continue to make excellent progress in executing our strategic growth plan and diversifying our business. We are continuing to grow across Canada and the US at a great pace. Underpinning our progress and strong results are our best-in-class technologies, our strong internal design team and our commitment to meeting the evolving performance and product needs of our customers and partners. In addition to the expanding growth in our core businesses, we have made important progress on the regulatory front with a new, breakthrough registration for PROTX2 allowing for public health claims on non-apparel products. While an important milestone for the Company and a potential driver of new business opportunities, we intend to build upon this initial registration to achieve similar public health claims for use of PROTX2 in apparel. Given our growing momentum in sales, new products, new customers and new registrations, management is excited and confident in the upward trajectory of its businesses for the remainder of the year and beyond,\" concluded Mr. Karon.Q2 2023HIGHLIGHTS:Revenues of $6,642,563 in Q2 2023 compared $3,477,287 in Q2 2022, representing an increase of $3,165,276 or 91%. This ...