Stran & Company announced on March 7, 2025, that the Nasdaq Hearings Panel granted its request to continue listing on Nasdaq, subject to three conditions. The company has met two conditions by becoming current on financial filings with the Q3 2024 Form 10-Q submission and regaining compliance with the minimum bid price requirement on February 20, 2025.
For the three months ended September 30, 2024, sales increased 2.4% to $20.1 million from $19.7 million in the prior year period. This growth was primarily driven by the acquisition of Gander Group assets in August 2024, which offset lower spending in the Stran segment.
However, the company reported a net loss of $2.0 million for Q3 2024, compared to a net profit of $1.3 million in Q3 2023. Gross profit decreased 7.0% to $6.0 million, or 29.5% of sales, primarily due to increased product costs and higher operating expenses. For the nine months ended September 30, 2024, the net loss was $3.6 million, compared to a net loss of $0.1 million in the prior year period.
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