Stran & Company Inc (SWAG) 2025 Q4 法說會逐字稿

Greetings. Welcome to the Stran & Company fiscal year 2025 earnings conference call. (Operator Instructions) Please note this conference is being recorded.

各位好。歡迎參加 Stran & Company 2025 會計年度財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to your host, Alexandra Schilt. You may begin.

現在我將把會議交給主持人 Alexandra Schilt。您可以開始。

Good morning and thank you for joining Stran & Company's 2025 fiscal year financial results and Business update conference call. With us today are Andy Shape, Chief Executive Officer; and David Browner, Chief Financial Officer. Yesterday, we issued a press release detailing our results, which is available on our website at ir.stran.com.

各位早安，感謝各位參加 Stran & Company 2025 會計年度財務結果與業務更新電話會議。今天與會者包括執行長 Andy Shape，以及財務長 David Browner。昨日我們已發布新聞稿詳述本公司業績，並已於我們的網站 ir.stran.com 提供。

Before we begin, please note that today's remarks may include forward-looking statements that involve risks and uncertainties as described in our SEC filings.

在開始之前，請注意今天的發言可能包含前瞻性陳述，涉及風險與不確定性，相關內容已於我們向美國證券交易委員會（SEC）提交的文件中說明。

With that, I'll turn the call over to Andy Shape. Please go ahead.

接下來，我把電話交給 Andy Shape。請開始。

Thank you, Ali, and good morning, everyone. 2025 was a defining year for Stran. We delivered strong financial results while we're clearly demonstrating the scalability and long-term potential for our business model.

謝謝你，Ali，各位早安。2025 年對 Stran 而言是具有指標性的一年。我們交出強勁的財務成果，同時也清楚展現我們商業模式的可擴展性與長期潛力。

The reported revenue of $116.2 million representing a 40.6% growth over the prior year. This growth was driven by both robust execution and continued momentum across the business. Importantly, we achieved 12.9% organic growth in our core promotional products business, fueled by increased spending from existing enterprise clients, and the addition of new customers.

公告營收為 1.162 億美元，較前一年成長 40.6%。此成長來自於強勁的執行力以及全公司持續的動能。更重要的是，我們在核心促銷產品業務達成 12.9% 的有機成長，主要受既有企業客戶支出增加以及新增客戶所帶動。

What stands out is the high-quality of this growth. We're seeing deeper engagement with our clients, continued expansion of programmatic relationships, and clear proof that our platform is scaling effectively.

特別值得注意的是，這是一種高品質的成長。我們看到與客戶的互動更深入、方案式（programmatic）合作關係持續擴大，並且清楚證明我們的平台正在有效擴展。

On the expense side, we made meaningful progress in improving operational efficiency. Total operating expenses declined to 31.1% of revenue in 2025, down from 37.2% in 2024. While we did incur elevated legal, accounting, and other public company costs, including expenses related to the re-audit of historical financials in the first half of the year, these one-time items are now largely behind us.

在費用方面，我們在提升營運效率上取得實質進展。2025 年總營業費用降至營收的 31.1%，低於 2024 年的 37.2%。雖然我們確實承擔了較高的法律、會計及其他上市公司相關成本，包括上半年針對歷史財務報表重新審計所產生的費用，但這些一次性項目如今大多已告一段落。

Public company-related expenses totaled $5.2 million in 2025 compared to $3.3 million in 2024.

2025 年上市公司相關費用合計為 520 萬美元，2024 年為 330 萬美元。

On profitability, we generated $34.2 million in gross profit, reflecting strong demand and improving efficiencies as we scale. We significantly narrowed our net loss to $747,000 compared to a $4.1 million net loss in 2024.

在獲利方面，我們創造 3,420 萬美元的毛利，反映需求強勁，且隨著規模擴大效率持續改善。我們的淨損大幅收斂至 74.7 萬美元，相較 2024 年淨損 410 萬美元。

Even more importantly, we achieved positive EBITDA of $184,000 for the full year, a substantial improvement from a negative $3.6 million in 2024. These results highlight the underlying strength of our operating performance and the scalability of our model.

更重要的是，我們全年 EBITDA 轉為正數，達 18.4 萬美元，較 2024 年的負 360 萬美元大幅改善。這些結果凸顯我們營運表現的內在強度，以及我們模式的可擴展性。

These accomplishments are especially noteworthy given the significant tariff-related volatility we faced throughout the year. Elevated tariffs increased product costs, particularly for direct import orders and our Loyalty segment. Although we're able to pass along a portion of these costs to customers, margins were still compressed.

在我們全年面臨顯著的關稅相關波動之下，這些成果尤其值得肯定。較高的關稅推升產品成本，特別是直接進口訂單以及我們的忠誠度（Loyalty）部門。儘管我們能將部分成本轉嫁給客戶，但毛利率仍受到擠壓。

In addition, tariff uncertainty created hesitation among buyers, particularly in our Loyalty and Casino segments which impacted both revenue and profitability. While some uncertainty remained, we believe tariffs have now stabilized to a point where we can work effectively with vendors and customers without further material impact on our gross margins going forward.

此外，關稅不確定性也使買方更為觀望，尤其是在我們的忠誠度（Loyalty）與博彩（Casino）部門，進而影響營收與獲利。雖然仍存在部分不確定性，但我們認為關稅目前已穩定至可讓我們與供應商及客戶有效合作的程度，未來對我們毛利率不致再造成重大影響。

Stepping back, it's clear that this strong performance is not a one-off event. It is a result of deliberate, long-term strategy that is now compounding. We've intentionally built Stran around long-term programmatic relationships, a diversified and expanding customer base, and a technology-enabled platform that supports efficient scaling.

回頭來看，很明顯這樣的強勁表現並非曇花一現。這是我們審慎、長期策略的成果，而該策略如今正持續累積效益。我們刻意將 Stran 打造成以長期方案式合作關係為核心、客戶基礎多元且持續擴張，並以科技賦能的平台來支援高效率擴張。

Today, we serve more than 2,000 active customers, including over 30 Fortune 500 companies. An increasing portion of our revenue comes from program-based engagements that provide greater visibility and recurring revenue streams.

目前我們服務超過 2,000 家活躍客戶，其中包含 30 多家《財富》500 強企業。我們營收中來自方案型合作的占比持續提高，帶來更高的可視性與經常性收入來源。

Our customer relationships are becoming deeper and more strategic. Clients are no longer engaging with us for just one-off campaigns or individual products. Instead, they're leveraging multiple areas of our platform, including promotional products, loyalty and incentive programs, e-commerce solutions, print services, warehousing, and logistics.

我們與客戶的關係正變得更深入且更具策略性。客戶不再僅因一次性活動或單一產品而與我們合作。相反地，他們正運用我們平台的多個面向，包括促銷產品、忠誠度與激勵方案、電子商務解決方案、印刷服務、倉儲與物流。

As customers adopt more of our capabilities, we become more deeply embedded in their operations, driving higher retention and greater revenue durability.

隨著客戶採用我們更多能力，我們更深度嵌入其營運流程，進而提升留存率並強化營收的持久性。

We continue to invest in solutions that strengthen these relationships and expand our value proposition. A prime example of this is the recent launch of our new client-branded gifting platform. This builds on our core e-commerce capabilities, enables clients to deliver curated, scalable gifting experience for employee recognition, customer engagement, or marketing initiatives. Importantly, it introduces a more recurring programmatic revenue stream while further integrating us into the client engagement strategies.

我們持續投資於能強化這些關係並擴大我們價值主張的解決方案。其中一個重要例子是近期推出的全新客戶品牌化贈禮平台。此平台建立在我們核心電商能力之上，使客戶能為員工表揚、客戶互動或行銷活動提供精選且可規模化的贈禮體驗。更重要的是，它引入更具經常性的方案式收入來源，同時讓我們更深度融入客戶的互動策略。

We've also strengthened our leadership and governance. Over the past year, we added experienced public company and industry leaders to our Board of Directors. These additions bring valuable experience, expertise in capital markets, operations, and strategic growth, and we are confident they will play a key role in supporting our future initiatives.

我們也強化了領導團隊與公司治理。過去一年，我們延攬具上市公司與產業經驗的領袖加入董事會。這些新任董事帶來寶貴經驗，包括資本市場、營運與策略成長方面的專業；我們相信他們將在支持未來各項計畫上扮演關鍵角色。

Looking at the broader market, we operate in a large and highly fragmented industry. The promotional products market alone was $27.7 billion in 2025, with a significantly larger total addressable market when including adjacent categories. Given the lack of a dominant player, we are seeing substantial opportunities to gain market share through both organic growth and strategic acquisitions.

從更廣泛的市場來看，我們所處的是一個規模龐大且高度分散的產業。僅促銷產品市場在 2025 年就達 277 億美元；若納入相鄰類別，整體可服務市場（TAM）將更為可觀。鑑於市場缺乏主導者，我們看到透過有機成長與策略性併購來提升市占率的重大機會。

Our strategy remains focused and consistent. Deepen relationships with enterprise clients, expand programmatic revenue, invest in technology, and pursue acquisitions that enhance our capabilities and geographic reach. When you combine these elements, it's clear we have built a business that is not just growing, but accelerating.

我們的策略仍然聚焦且一致。深化與企業客戶的關係、擴大方案式收入、投資科技，並推動能強化我們能力與地理覆蓋的併購。綜合這些要素，很明顯我們打造的是一個不僅在成長、而且正在加速的事業。

As we look ahead to 2026, we are encouraged by the momentum that we see early in the year. While we are not providing formal guidance, we do expect a meaningful improvement in first quarter profitability driven by continued customer demand, increased operating leverage, and the strategic progress we have made in 2025. We believe this positions us well for sustained momentum throughout the year.

展望 2026 年，我們對年初所見的動能感到鼓舞。雖然我們不提供正式財測指引，但我們預期第一季獲利能力將有顯著改善，主要受持續的客戶需求、營運槓桿提升，以及我們在 2025 年取得的策略性進展所帶動。我們相信這將使我們在全年維持穩健動能。

Before I conclude, I'd like to briefly address our warrants. As detailed in our filings, these warrants have an exercise price of approximately $4.81 per share and are scheduled to expire in the fourth quarter of 2026. We view this as a meaningful, near-term catalyst. As the warrants expire, we expect the overhang on our stock to be removed, which should simplify our capital structure and present a clear, more investable equity story.

在我結束之前，我想簡要說明我們的認股權證。如我們申報文件所述，這些認股權證的行使價約為每股 4.81 美元，並預計於 2026 年第四季到期。我們將其視為一項重要的短期催化劑。隨著認股權證到期，我們預期對股價的壓力（overhang）將被移除，這將簡化我們的資本結構，並呈現更清晰、更具投資性的股權故事。

In closing, our priorities remain clear: drive sustained growth, expand our programmatic revenue base, improve profitability, and execute on strategic acquisitions that enhance our platform and create long-term shareholder value.

最後，我們的優先事項仍然明確：推動可持續成長、擴大方案式收入基礎、提升獲利能力，並執行能強化我們平台且創造長期股東價值的策略性併購。

I'll now turn the call over to our CFO, David Browner, for a more detailed review of our financial results. David, please go ahead.

我現在把電話交給我們的財務長 David Browner，請他更詳細地回顧我們的財務結果。David，請開始。

Thank you, Andy, and good morning, everyone. I'm pleased to provide a detailed overview of our financial performance for 2025, fiscal year ended December 31, 2025.

謝謝你，Andy，各位早安。我很高興就我們 2025 年（會計年度截至 2025 年 12 月 31 日止）的財務表現提供更詳細的概述。

Total sales increased 40.6% to $116.2 million in 2025 from $82.7 million in 2024. For our Stran Promo segment, sales increased to $82. 1 million in 2025, $72.7 million in 2024. The increase in sales was primarily due to higher spending from existing clients as well as business from new customers.

2025 年總銷售額較 2024 年的 8,270 萬美元成長 40.6%，達到 1 億 1,620 萬美元。就我們的 Stran Promo 部門而言，銷售額由 2024 年的 7,270 萬美元增加至 2025 年的 8,210 萬美元。銷售成長主要來自既有客戶支出增加，以及新客戶帶來的業務。

For strong Loyalty segment, which consists of the former Gander Group business, sales increased to $34.1 million in 2025 from $9.9 million in 2024. The increase in sales was primarily attributable to the inclusion of a full year of consolidated operations, including the Gander Group assets which were acquired in August of 2024 and, therefore, are only partially reflected in our results of operations for the prior year.

就 Stran Loyalty 部門（由原 Gander Group 業務組成）而言，2025 年銷售額由 2024 年的 990 萬美元增加至 3,410 萬美元。銷售成長主要歸因於納入整年度的合併營運，包括於 2024 年 8 月收購的 Gander Group 資產，因此在前一年度的營運結果中僅部分反映。

Total gross profit increased 32.6% to $34.2 million or 29.5% of sales in 2025 compared to $25.8 million or 31.2% of sales in 2024. The decline in overall gross profit margin is primarily attributable to the inclusion of the full-year consolidated operations, including Gander Group's assets, which historically operate at a lower gross profit margin from the Stran business segment.

2025 年總毛利較 2024 年的 2,580 萬美元成長 32.6%，達到 3,420 萬美元；毛利率為銷售額的 29.5%，相較 2024 年為 31.2%。整體毛利率下滑主要歸因於納入整年度的合併營運（包括 Gander Group 的資產），其歷史毛利率低於 Stran 業務部門。

For our Stran Promo segment, gross profit increased to $27 million in 2025 from $23.7 million in 2024 and a gross profit margin increased to 32.9% in 2025 compared to 32.7% in 2024. For our Stran Loyalty segment, gross profit increased to $7.2 million in 2025 from $2.1 million in 2024, and the gross profit margin increased to 21.1% in 2025, compared to 20.8% in 2024.

就 Stran Promo 部門而言，毛利由 2024 年的 2,370 萬美元增加至 2025 年的 2,700 萬美元，毛利率由 2024 年的 32.7% 提升至 2025 年的 32.9%。就 Stran Loyalty 部門而言，毛利由 2024 年的 210 萬美元增加至 2025 年的 720 萬美元，毛利率由 2024 年的 20.8% 提升至 2025 年的 21.1%。

Additionally, tariffs did have a negative impact on our gross profit margin in 2025, notably related to our Stran Loyalty segment, but as Andy mentioned earlier, we believe that these have stabilized and the results expected to see improvements in our gross profit margin going forward.

此外，關稅確實在 2025 年對我們的毛利率造成負面影響，尤其與 Stran Loyalty 部門相關；但如 Andy 先前提到的，我們認為這些影響已趨於穩定，並預期未來毛利率將有所改善。

Total operating expenses increased 17.8% to $36.2 million in 2025 from $30.7 million in 2024. As a percentage of sales, total operating expenses decreased to 31.1% in 2025 from 37.2% in 2024.

2025 年總營業費用較 2024 年的 3,070 萬美元增加 17.8%，達到 3,620 萬美元。以銷售額百分比計，總營業費用由 2024 年的 37.2% 降至 2025 年的 31.1%。

For our Stran Promo segment, operating expenses increased to $28.3 million in 2025 compared to $27.6 million in 2024. As a percentage of sales for the segment, operating expenses decreased to 34.5% in 2025 from 37.9% in 2024.

就 Stran Promo 部門而言，2025 年營業費用增加至 2,830 萬美元，2024 年為 2,760 萬美元。以該部門銷售額百分比計，營業費用由 2024 年的 37.9% 降至 2025 年的 34.5%。

The increase in dollar amount of operating expenses was primarily due to increases in legal and accounting expenses related to the re-audit of our historical financial statements, increased headcount, and higher expenses related to our e-commerce platform Magento.

營業費用金額增加主要由於：與重新審計我們歷史財務報表相關的法律與會計費用增加、人員編制增加，以及與我們的電商平台 Magento 相關費用上升。

For our Stran Loyalty segment, operating expenses increased to $7.9 million in 2025 from $3.1 million in 2024. As a percentage of sales, the segment -- the operating expenses decreased to 23.1% in 2025 from 31.4% in 2024.

就 Stran Loyalty 部門而言，2025 年營業費用由 2024 年的 310 萬美元增加至 790 萬美元。以銷售額百分比計，該部門營業費用由 2024 年的 31.4% 降至 2025 年的 23.1%。

The increase in the dollar amount of operating expenses was primarily attributable to the inclusion of the full year of the consolidated operations which were acquired in August of 2024 and, therefore, only partially reflected in the 2024 financial statement.

營業費用金額增加主要歸因於納入 2024 年 8 月收購之合併營運的整年度影響，因此在 2024 年財務報表中僅部分反映。

Our net loss for the year ended December 31, 2025, was approximately $0.7 million compared to a net loss of approximately $4.1 million for the year ended December 31, 2024. This change is primarily due to an increase in gross profit, partially offset by an increase in operating expenses.

截至 2025 年 12 月 31 日止年度，我們的淨損約為 70 萬美元，相較截至 2024 年 12 月 31 日止年度淨損約 410 萬美元。此變動主要由毛利增加所致，但部分被營業費用增加所抵銷。

As of December 31, 2025, We had approximately $11.6 million in cash and cash equivalents and investments.

截至 2025 年 12 月 31 日，我們持有約 1,160 萬美元的現金及約當現金與投資。

I'll now turn the call back to for closing remarks.

我現在把電話交回，請進行結語。

Thank you, David. As we reflect on 2025, we're very encouraged by where we stand today. Over the past year, we delivered strong growth, deepened our customer relationships, expanded our platform with new capabilities like our gifting solution, and constrict -- and continue to strengthen the business. Our focus is serving our clients at a high level, executing with discipline, and driving measurable value.

謝謝你，David。回顧 2025 年，我們對目前的狀況感到非常振奮。過去一年，我們實現強勁成長、深化客戶關係、以如我們的送禮解決方案等新能力擴展平台，並持續強化業務。我們的重點是以高水準服務客戶、以紀律執行，並創造可衡量的價值。

Looking ahead, we see a clear path to continued growth, margin expansion, and profitability driven by operating leverage, deeper client integration, and ongoing investment into our platform. We're confident in our strategy, encouraged by our momentum, and excited about the opportunities ahead.

展望未來，我們看見一條清晰的路徑，可在營運槓桿、更深度的客戶整合，以及持續投資平台的帶動下，實現持續成長、毛利率擴張與獲利。我們對策略充滿信心，對目前的動能感到鼓舞，也對未來的機會感到期待。

Thank you for joining us today and for your continued support of Stran.

感謝各位今天與會，並持續支持 Stran。

With that, we'll now turn, open the call to questions. Operator?

接下來，我們將開放提問。接線員？

(Operator Instructions)

（接線員指示）

We have reached the end of the question-and-answer session, and I will now turn the call over to Andy for closing remarks.

問答環節已結束，我現在把電話交給 Andy 進行結語。

Thank you. Apparently we addressed every question since we had no -- we addressed any outstanding questions, since we didn't have any. Thank you.

謝謝。顯然我們已回答了所有問題，因為我們沒有——我們也處理了任何未解問題，因為並沒有。謝謝。

Once again, we're encouraged by the results of 2025. We stated that it was a year to continue looking for growth, increase our profitability. We accomplished both of those by seeing 40% growth and really seeing positive EBITDA versus an over $3 million EBITDA loss last year. So we're very encouraged by that. We're very encouraged by the future of the business.

再次強調，我們對 2025 年的成果感到鼓舞。我們曾表示，這一年要持續尋求成長並提升獲利能力。我們兩者都做到了：實現 40% 的成長，並且 EBITDA 轉為正數，相較去年 EBITDA 虧損超過 300 萬美元。因此我們對此非常振奮。我們也對公司未來感到非常振奮。

We, again, look at our growth strategy is very simple as getting business from our existing customers, new customers, expanding our offerings, expanding our technology, and looking at acquisitions that make sense in this very high -- highly fragmented and large industry that we really believe in. So thank you everyone for the support of Stran, and we look forward to speaking in the future about our continued success. Thank you.

我們再次強調，我們的成長策略非常簡單：從既有客戶取得更多業務、開發新客戶、擴大產品與服務、擴展技術能力，並在這個高度——高度分散且規模龐大的產業中，尋找合理的併購機會，而我們對此產業深具信心。因此，感謝各位對 Stran 的支持，我們期待未來再與各位交流我們持續成功的進展。謝謝。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束，您現在可以掛線。感謝您的參與。