Core Insights - Stran & Company, Inc. reported a 17.9% increase in revenue to approximately $18.8 million for Q1 2024 compared to Q1 2023, and a 6.4% increase in revenue to approximately $35.5 million for the first half of 2024 compared to the same period in 2023, indicating successful execution of its growth strategy [2][9] - The company maintained a strong cash position with approximately $21.5 million in cash, equivalents, and investments as of June 30, 2024 [2] - Stran acquired strategic assets from Gander Group to enhance its technology and product offerings, supporting its long-term growth strategy [2] Financial Performance First Quarter 2024 Results - Sales increased by 17.9% to approximately $18.8 million for the three months ended March 31, 2024, from approximately $16.0 million for the same period in 2023 [3] - Gross profit increased by 3.8% to approximately $5.6 million, representing 29.8% of sales, compared to 33.9% of sales in Q1 2023 [4] - Net loss remained stable at approximately $0.5 million for Q1 2024, similar to Q1 2023, despite increased sales [5] Second Quarter 2024 Results - Sales decreased by 4.1% to approximately $16.7 million for the three months ended June 30, 2024, from approximately $17.3 million for the same period in 2023 [6] - Gross profit increased by 4.2% to approximately $5.5 million, with a gross profit margin of 32.8%, up from 30.1% in Q2 2023 [7][8] - Net loss for Q2 2024 was approximately $1.0 million, compared to approximately $0.9 million for Q2 2023 [8] Six Months Ended June 30, 2024 Results - Sales increased by 6.4% to approximately $35.5 million for the six months ended June 30, 2024, from approximately $33.4 million for the same period in 2023 [9] - Gross profit increased by 4.0% to approximately $11.1 million, with a gross profit margin of 31.2%, down from 31.9% in the same period in 2023 [10] - Net loss for the six months ended June 30, 2024, was approximately $1.5 million, compared to approximately $1.4 million for the same period in 2023 [11] Company Overview - Stran has over 30 years of experience in the promotional products industry, specializing in complex marketing programs for Fortune 500 companies [12] - The company focuses on building long-term relationships with clients to enhance brand loyalty through promotional products and loyalty incentive programs [12]
Stran & Company Reports Financial Results for Three Months Ended March 31, 2024 and Three and Six Months Ended June 30, 2024