iFabric Corp. (TSE:IFA) has released an update.
iFabric Corp. reports a robust financial performance with total revenues surging to $28.4 million for the fifteen-month period ending December 31, 2023, marking a 15% increase from the previous year. Revenue growth was driven by new apparel programs and higher sales of fabric treatment chemicals, contributing to a gross profit margin improvement to 39%. Despite the revenue and margin growth, the company faced a net loss of $2.1 million, largely due to an impairment provision related to an unresolved legal claim with a Chinese supplier.
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