Stran & Company, Inc. reported a total revenue of approximately $82.7 million for the fiscal year ending December 31, 2024, marking an 8.8% increase from the previous year's revenue of $76.0 million. The growth was attributed to increased spending from existing clients and new customer acquisitions, alongside the contributions from the acquisition of T R Miller Co., Inc. in June 2023 and the Gander Group Assets in August 2024. However, the company experienced a net loss of approximately $4.1 million, compared to a loss of $0.4 million in 2023, primarily due to rising operating expenses and a decrease in gross profit margin.
The cost of sales rose to approximately $56.8 million, representing an 11.1% increase from the prior year, which was driven by the overall increase in sales. The gross profit margin decreased to 31.2% from 32.7% in the previous year, largely due to the lower margin associated with the newly acquired Gander Group segment. Operating expenses also increased significantly, rising 17.6% to approximately $30.7 million, influenced by costs related to the implementation of a new enterprise resource planning system and legal expenses associated with financial restatements.
Stran & Company reported a total asset value of approximately $55.1 million and total stockholders' equity of $31.6 million as of December 31, 2024. The company employed 153 full-time employees, 3 part-time employees, and 15 independent contractors. The customer base remains diversified, with over 2,000 active customers, including more than 30 Fortune 500 companies. The company aims to convert more transactional customers into program clients, which accounted for 83.3% of total revenue in 2024.
Looking ahead, Stran & Company plans to continue its strategic focus on acquisitions, technology investments, and expanding its customer base. The company has identified several growth strategies, including enhancing its e-commerce capabilities and increasing its presence in new geographic markets. However, the company also faces challenges, including potential disruptions from geopolitical events, supply chain issues, and the need to address identified material weaknesses in its internal controls over financial reporting. The management is actively working on remediation plans to strengthen these controls and improve overall operational efficiency.
About Stran & Company, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.