Core Viewpoint - Stran & Company, Inc. reported a successful financial year for 2024, with a focus on growth and operational initiatives following a re-audit of previous financial statements. The company achieved record sales and is optimistic about future growth opportunities, aiming to surpass $100 million in annual sales by 2025 [1][2][5]. Financial Performance - Sales increased by 8.8% to approximately $82.7 million for the fiscal year ended December 31, 2024, compared to approximately $76.0 million in 2023 [6][7]. - Gross profit for 2024 was approximately $25.8 million, representing a gross margin of 31.2%, up from approximately $24.9 million and a gross margin of 32.7% in 2023 [7][8]. - The net loss for 2024 was approximately $4.1 million, compared to a net loss of approximately $0.4 million in 2023, primarily due to increased operating expenses [10][20]. Strategic Initiatives - The acquisition of Gander Group assets in August 2024 contributed approximately $9.9 million in sales, significantly enhancing Stran's presence in the hospitality and entertainment sectors [2][6]. - The company secured multiple new multi-year contracts across various industries, including residential housing development and molecular diagnostics, indicating a growing demand for its services [3][4]. Operational Insights - Operating expenses increased by 17.6% to approximately $30.7 million in 2024, up from approximately $26.1 million in 2023, with a notable rise in expenses related to the implementation of a new enterprise resource planning system and the acquisition of Gander Group [9][20]. - The company aims to accelerate organic growth and expand into high-value verticals while leveraging its tech-driven platform for innovative marketing solutions [5]. Future Outlook - Management expressed optimism about the company's growth trajectory, expecting to exceed $100 million in annual sales by 2025, supported by a stronger operational foundation and a healthy pipeline of opportunities [5].
Stran & Company Reports Financial Results for 2024 Fiscal Year