Sales Performance - Sales increased by 31.3% to $76.0 million in 2023 from $57.9 million in 2022, driven by higher spending from existing clients and new customers[3] - Acquisitions of G.A.P. Promotions, Trend Brand Solutions, Premier NYC, and T R Miller contributed $15.1 million to 2023 sales, accounting for 19.9% of total sales[3] Profitability - Gross profit rose by 61.5% to $24.9 million in 2023, with a gross profit margin of 32.7%, up from 26.6% in 2022[4] - Net loss improved to $0.4 million in 2023 from $3.5 million in 2022, primarily due to increased sales from acquisitions and organic growth[5] Client and Market Expansion - The company expanded agreements with existing clients, each representing six-figure annual revenue potential, across industries like automotive, engineering, and oil and gas[2] - In November 2024, the company acquired Gander Group, enhancing its position in the casino continuity and loyalty sector[2] - The company expects the Gander Group acquisition to contribute to long-term growth and market leadership[2] Financial Position - Cash and cash equivalents decreased to $8.1 million in 2023 from $15.3 million in 2022[10] - Accounts receivable increased to $16.2 million in 2023 from $13.8 million in 2022, reflecting higher sales[10] Operating Expenses - Operating expenses increased to $26.1 million in 2023 from $19.0 million in 2022, driven by higher general and administrative expenses[13]
Stran & pany(SWAG) - 2024 Q4 - Annual Results