Stran & Company’s (PPAI 161542, D10) public business update revealed that the Massachusetts-based distributor achieved $15.8 million in revenue in the first quarter of 2023.

  • That number represents a 28.7% increase over Q1 of 2022.
  • Q1 is defined as the three months that ended March 31, 2023.

“Most notably, we achieved organic revenue growth of 17.7%, while many other companies in our industry are contracting, reflecting our increasing market share and diversified customer base,” says Andy Shape, president and CEO of Stran.

  • Stran’s gross profit increased 45.9% to approximately $4.7 million in Q1 of 2023.
  • For reference, the company’s gross profit in Q1 of 2022 was $3.2 million.

Shape explains in the report that Q1 has historically been Stran’s slowest quarter in terms of revenue, which makes the reports on 2023’s first three months all the more welcome.

Stran, a publicly owned company, has had a busy few years in terms of growth and acquisition.

Partly because of these acquisitions and the onboarding and integration costs that came with them, Stran reported a net loss of $0.7 million for Q1 of 2023. However, with a strong revenue performance kicking off 2023, the company believes that it is in a good position to grow financially with such acquisitions adding to the overall value of Stran.

“We look forward to leveraging our fixed costs as we endeavor to grow revenue in order to result in strong future profitability,” says Shape. “Overall, we have developed and executed a business growth strategy resulting in increased awareness of Stran, a strong customer base and national footprint that we believe positions us to rapidly capture market share within the over $25 billion promotional products industry.”