Filing Flows › Stran & Company (SWAGW) › Q3 2025
Stran & Company (SWAGW) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
Stran & Company (SWAGW) reported revenue of $26.0M for the third quarter 2025 (Q3 2025), +29% from a year earlier and -20% from the quarter before. Operating margin was -6.9%, net loss $1.2M (4.8% of revenue).
Stran & Company, Q3 2025: revenue $26.0M (+29% year over year), operating margin -6.9%, net loss $1.2M, operating cash flow −$5.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $26.0M | -20% | +29% |
| Operating profit | −$1.8M | -551% | — |
| Net earnings | −$1.2M | -293% | — |
| Operating cash flow | −$5.4M | -184% | — |
What changed
Revenue was $26.0M in Q3 2025, up 29% year over year and down 20% from the previous quarter. Promotional Products Dropshipping was the largest line at 37% of revenue. Casino Continuity Program added $4.8M year over year (up 139%), 83% of the total change. Rewards Program declined 17%.
Gross margin was 27.2%, down 2.3 points from a year earlier. Operating costs exceeded revenue by $1.8M, an operating margin of -6.9%. Operating expenses grew 9% against revenue growth of 29%. The quarter ended with a net loss of $1.2M, after a profit of $643K the previous quarter. Non-operating items added $470K, -36% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$5.4M. Non-cash charges added back $287K of depreciation and amortization and $25K of share-based compensation. Working capital and other items used $4.4M. Capital expenditures of $498K exceeded it, leaving free cash flow of −$5.9M.
Questions
What was Stran & Company's revenue in the third quarter 2025?
Stran & Company (SWAGW) reported revenue of $26.0M for the third quarter 2025 (Q3 2025), +29% from a year earlier and -20% from the quarter before.
Was Stran & Company profitable in the third quarter 2025?
Operating loss was $1.8M (-6.9% of revenue) and net loss $1.2M.
Source: Stran & Company 10-Q on SEC EDGAR.