Stran & Company, Inc. (STRN) Q3 2022 Earnings Conference Call November 14, 2022 10:00 AM ET

Company Participants

Aly Schilt - IR, Crescendo Communications

Andy Shape - Co-Founder, President & CEO

David Browner - Interim Chief Financial Officer

Conference Call Participants

Edward Reilly - EF Hutton

Operator

Good day, ladies and gentlemen, and welcome to the Stran & Company Third Quarter 2022 Earnings Call. At this time, all participants have been placed on a listen-only-mode. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Aly Schilt, Vice President of Crescendo Communications. Ma'am, the floor is yours.

Aly Schilt

Thank you. Good morning, and thank you for joining Stran & Company's 2022 third quarter financial results and business update conference call. On the call with us today are Andy Shape, Chief Executive Officer; and David Browner, Interim Chief Financial Officer. The company issued a press release today, November 14, 2022, containing its third 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 September 30, 2022.

Before we get started, we'd like to remind everyone that during this conference call, we may make forward-looking statements regarding timing and financial impact of strong 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 may 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 as we discuss our progress and financial results for the third quarter of 2022. We continue to witness steady growth in sales for the third quarter of 2022 as evidenced by our record - by a revenue of $13.6 million, a 24% increase compared to the same period last year.

It's also worth noting that our third quarter of 2022 was the second best quarter in the company's history. Notably, we received 50% increase in sales year-over-year. Additionally, we continue to carefully manage expenses. And even though we reported a slight loss for the quarter, this is part of our deliberate investment in infrastructure and capabilities to further accelerate our growth.