Innovative Designs, Inc. Reaches Profitability for First Time by Reporting of Record Sales Results in Fiscal Year 2024, Delivering Almost 300% Revenue Increase vs. Previous Year
Sales of Superior Evacuated Cell Home Insulation Continue to Surge Into the Fiscal First Quarter for 2025
PITTSBURGH, PA - March 3, 2025 ( NEWMEDIAWIRE) - Innovative Designs, Inc. (OTC Pink: IVDN) is extremely pleased to report that the Company has now achieved the key milestone of reaching profitability on the record setting revenue results of its 2024 fiscal year. With the filing of our 10K Annual Statement for the fiscal year ending on October 31, 2024 just posted, IVDN has reported that sales revenues increased to $1,382,733 vs. $347,763 for the 2023 fiscal year. This rapid growth translates to a 298% increase in sales, mostly attributable to the rising demand for our unmatched Evacuated (Vacuum) Cell R-6 Insultex House Wrap.
Fiscal fourth quarter sales were even stronger than we anticipated when we issued our projection in December for a year-end total at $1.2 million. Robust sales are currently continuing in the first half of fiscal 2025. We are working on the largest backorder level for Insultex House Wrap(R) that the Company has ever experienced and making progress with our suppliers to accelerate product production rates.
Sales of Insultex House Wrap(R) are now benefiting from new government building codes calling for continuous insulation and exterior R-Value requirements. Insultex House Wrap(R) is starting to be recognized as the very best option to satisfy the new requirements in terms of performance, cost effectiveness and ease of installation. Insultex House Wrap delivers its advantages thanks to its patented vacuum cell structure design. No other product on the market today offers a vacuum cell structure. A vacuum is the best thermal insulation possible and only Insultex(R) incorporates countless evacuated cells. Insultex(R) also provides a moisture barrier and other key benefits. The result is a substantial savings for new construction, adding an R-6 moisture barrier membrane that does not need additional insulation boards or other support as with other available choices from competitors.
Joseph A. Riccelli Jr., the new CEO of Innovative Designs, stated, 'We have entered a new and much more rewarding stage of our business as demonstrated by the unprecedented sales results reported in our fiscal 2024 year-end financial report that has just been filed. Reaching the turning point of becoming a profitable company is a great achievement that everyone on our team has worked hard at for many years. With the growing success of the superior Insultex House Wrap(R) product line, Innovative Designs is positioned to continue building on the financial success we have now reached throughout 2025 and beyond. I am looking forward to arranging IVDN shareholder's conference in the near future to further expand on the reasons for our success, and plans to increase production to meet the rising demand. Additionally, we will be looking into expanding our marketing and sales options for the IDI Gear Insultex(R) clothing lines. Stay tuned for details on the scheduling of this upcoming IVDN shareholder's conference soon.'
About Innovative Designs, Inc.
Innovative Designs, Inc. manufactures the Insultex(R) House Wrap and Arctic Armor(R) Line, under the 'i.d.i.gear' label featuring INSULTEX(R). Patented INSULTEX(R) is the thinnest, lightest and warmest insulator in the market today. For more information, please visit: http://www.insultexhousewrap.com and http://www.idigear.com
Certain statements in this press release constitute 'forward-looking' statements as defined by federal law. Such statements are based on assumptions, but there is no assurance that actual outcomes will not be materially different as those implied. Any such statements are made in reliance on the 'Safe Harbor' protections provided under the Private Securities Reform Act of 1995 and are subject to various factors, including the risks and matters discussed in the Company's SEC filings available at http://www.sec.gov.
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