Stran & Company sees nine-month revenue up 7.8% vs last year

“During the quarter, we continued to execute on our growth strategy, including securing significant contracts with leading customers as well as acquiring strategic assets that complement and improve our operations,” commented Andy Shape, President and CEO of Stran. “Specifically, we completed the acquisition of assets of Gander Group, a recognized leader in casino continuity and loyalty programs, generating over $34 million in revenue in 2023. By integrating Gander Group’s assets in the gaming, casino, and entertainment sectors with our established operational infrastructure and customer base, we anticipate significant cross-selling opportunities and operational efficiencies that will drive revenue growth and improve margins. While we are working to fully integrate Gander into Stran, we project our revenue to increase by approximately 7.8% to $57 million for the nine months ended September 30, 2024 compared to the same period in 2023. Importantly, we have continued to prioritize prudent expense management, maintaining a strong balance sheet with approximately $17 million in cash equivalents and investments and no long-term debt as of September 30, 2024. The reduction in cash reflects our strategic investment in the Gander acquisition and we have no need or plan to raise capital to support our operations or ongoing growth initiatives.”