Stran & Company announced on January 22, 2025, the filing of its restated financial results for fiscal years 2022 and 2023, resolving a significant compliance issue. This completion allows the company to refocus on its growth strategy and future financial reporting.
For the year ended December 31, 2023, sales increased 31.3% to approximately $76.0 million from $57.9 million in 2022. Gross profit surged 61.5% to $24.9 million, or 32.7% of sales, up from $15.4 million, or 26.6% of sales, in 2022.
The net loss for 2023 significantly narrowed to approximately $0.4 million, a substantial improvement from a $3.5 million net loss in 2022. This turnaround was driven by increased sales from existing clients, new customers, and contributions from recent acquisitions.
The company also highlighted key contract wins in 2024, including agreements with a recreational watercraft manufacturer and a U.S. pet supply retailer, along with expanded agreements with existing clients, each representing six-figure annual revenue potential. The acquisition of Gander Group in November 2024 was noted as strengthening its position in the casino loyalty sector.
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