Stran & Company, Inc. (NASDAQ:SWAG) Q2 2023 Results Conference Call August 14, 2023 10:00 AM ET

Company Participants

Alexandra Schilt - IR, Crescendo Communications

Andy Shape - Co-Founder, President & CEO

David Browner - Interim Chief Financial Officer

Conference Call Participants

Robert Smith - RSA Investments

Operator

Greetings, and welcome to the Stran & Company Second Quarter 2023 Earnings Call. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to your host, Alexandra Schilt, Vice President of Crescendo Communications. Ma'am, you may begin.

Alexandra Schilt

Good morning, and thank you for joining Stran & Company's 2023 Second Quarter Financial Results and Business Update Conference Call. On the call with us today are Andy Shape, Chief Executive Officer; and David Browner, Chief Financial Officer. The company issued a press release today, August 14, 2023, containing its 2023 second quarter financial results, which is also posted on the company's website.

If you have any questions after the call or would like any additional information about the company, please contact Crescendo Communications at (212) 671-1020. The company's management will now provide prepared remarks reviewing the financial and operational results for the 3 months ended June 30, 2023.

Before we get started, we would like to remind everyone that during this conference call, we may make forward-looking statements regarding timing and financial impact of Stran's ability to implement its business plan, expected revenues and future success. These statements involve a number of risks and uncertainties and are based on assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond Stran's control.

With that, we will now turn the call over to Andy Shape, Chief Executive Officer. Please go ahead, Andy.

Andy Shape

Thank you, Aly, and thanks, everyone, for joining us today. Over the last several months, we have developed and executed on our business growth strategy, which has resulted in 18% growth in revenue to $17.5 million for the second quarter of 2023 and 23% growth in revenue to $33.2 million for the first 6 months of 2023. Importantly, in the second quarter, our organic revenue increased 11%, while also achieving a 35% increase in gross profit to $5.1 million and improved our gross profit margin to 29.1% from 25.4% for the same period last year.