Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 397

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 1B
Chunk 397
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 for the reasons described
above. For the SLS segment, the increase in the dollar amount of gross profit was
due to the acquisition of the Gander Group Assets in August 2024. The decrease in total gross profit
margin to 31.2% for the year ended December 31, 2024 compared to 32.7% for the year ended December 31, 2023 was primarily due to
the acquisition of the Gander Group Assets in August 2024, which operates at a lower gross margin than the Stran segment. The
gross profit margin for the Stran segment remained unchanged at 32.7% for the years ended December 31, 2024 and 2023. The
gross profit margin for the SLS segment was 20.8% for the year ended December 31, 2024.

46

Operating
Expenses

Operating expenses by segment and in total were
as follows (in thousands):

    Year Ended  
       
    Year Ended  
       
    Increase / (Decrease) 

      12/31/2024  
    % of Total  
      12/31/2023  
    % of Total  
    $  
    % 

    Stran 
    $27,587  
     89.8% 
    $26,120  
     100.0% 
    $1,467  
     5.6%
  
    SLS 
     3,120  
     10.2% 
     —  
     —% 
     3,120  
     100.0%
  
    Total operating expenses 
    $30,707  
     100.0% 
    $26,120  
     100.0% 
    $4,587  
     17.6%

Operating
expenses consist of general and administrative expenses. Our total operating expenses increased 17.6% to
approximately $30.7 million for the year ended December 31, 2024,
from approximately $26.1 million for the year ended December 31, 2023.
Operating expenses of our Stran segment increased to approximately $27.6 million for the year ended December 31, 2024 from approximately
$26.1 million for the year ended December 31, 2023. Operating expenses of our SLS segment increased