Stran & Company, Inc. (STRN) Q2 2022 Earnings Conference Call August 15, 2022 10:00 AM ET
Company Participants
Andy Shape - Co-Founder, President & CEO
David Browner - Interim Chief Financial Officer
Conference Call Participants
Edward Reilly - EF Hutton
Operator
Good morning, ladies and gentlemen. And welcome to the Stran & Company Second Quarter 2022 Earnings Call. At this time, all participants have been placed on a listen-only mode. And the floor will be opened for questions and comments after the presentation.
It is now my pleasure to turn the floor over to the host, Ally Schultz [ph], VP of Investor Relations.
Unidentified Company Representative
Good morning. And thank you for joining Stran & Company's 2022 second quarter financial results 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, August 15, 2022 containing its second quarter financial results which is also posted on the company's website. If you have any additional 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 three months ended June 30, 2022.
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, Ally. And thanks to everyone for joining us today as we discuss our progress and financial results for the second quarter of 2022. I'm pleased to report that we maintained our growth trajectory during the second quarter illustrated by a record revenue of $14.8 million a 72.5% increase compared to the same period last year.
Importantly, our year-over-year organic revenue increased 49.4% reinforcing our traction in the market. And we continue to maintain a solid balance sheet with over $28 million of cash and cash equivalents as of June 30, 2022 and no long-term debt. We're proud to once again achieved record revenue numbers and believe this is a direct result of our business growth strategy through expansion of our geographic footprint, entering new verticals and opportunistic acquisitions that complement our existing platform. We believe these activities are key drivers for ongoing success and sets trend apart from others within this industry.