Business
iFabric Corp Reports Record Revenue for Q1 2025
MARKHAM, ON / ACCESS Newswire / May 15, 2025 / iFabric Corp. (TSX:IFA)(OTCQX:IFABF), a leader ...
About this update from Ifabric Corp.
[{"type":"text","content":"iFabric Corp Reports Record Revenue for Q1 2025\tMARKHAM, ON / ACCESS Newswire / May 15, 2025 / iFabric Corp. (TSX:IFA)(OTCQX:IFABF), a leader in innovative textile and performance-apparel technologies, today announced record revenues for a first-quarter - for the three months ending March 31, 2025 (\"Q1 2025\").\"I am pleased to report that another record revenue quarter was delivered in Q1 2025. We anticipate continued momentum for the balance of 2025, with the latter part of the year delivering exciting new product segments, which are currently in production. This speaks to the confidence that our retail partners have in our ability to design and deliver an ever-increasing and innovative range of offerings,\" stated Hylton Karon, group President and C.E.O.\"Whilst we did see a significant increase in costs during the quarter, this was mainly due to ongoing regulatory costs and, in particular, costs related to the current leaching study for Protx2 and to build additional revenue streams for the Company. I am confident that these investments will yield significant future benefits for iFabric,\" continued Mr. Karon.\"In regard to tariffs, as of the current date, the U.S. has adjusted tariffs on Chinese imports to 30%, a 10% increase for the Company, whose products are mainly manufactured in China. This new rate will be in effect for 90 days. The Company is working with suppliers and customers to share these additional costs in the short term, though I believe that U.S. consumers will ultimately absorb them in the longer term. In Q1 2025, U.S. sales accounted for 23% of total revenue, a ratio not expected to increase due to new Canadian programs launching later in the year. As a result, the tariff increase is not anticipated to significantly affect 2025 earnings, but the risk of further tariff hikes remains and could impact future U.S. revenues and margins,\" concluded Hylton Karon.HIGHLIGHTS FOR FIRST QUARTER ENDED MARCH 31, 2025:Total revenues of $7,080,440 in Q1 2025 compared to $6,754,624 in Q1 2024, representing an increase of $325,816 or 5%.Revenues for the Intelligent Fabrics Division were $5,824,451 in Q1 2025, representing an increase of $1,158,162 or 25%, from $4,666,289 in Q1 2024. These revenue gains were as a result of increased apparel sales in Canada and the US from new and existing programs.Revenues for the Intima...