Star Equity Holdings Reports 2025 Fourth Quarter and Full-Year Results

Rhea-AI Summary

Star Equity Holdings (Nasdaq: STRR) reported Q4 2025 revenue of $56.8M (up 69% YoY) and full‑year 2025 revenue of $172.2M (up 23% YoY; pro forma $224.7M). Adjusted EBITDA rose to $4.2M for 2025 and adjusted net loss per diluted share improved on a non‑GAAP basis. Cash totaled $13.4M at year‑end. The company completed a transformational merger in August 2025, repurchased about $2.6M of stock in 2025, and reported a $215M U.S. NOL carryforward.

Positive

• Q4 revenue +69% to $56.8M
• Full‑year revenue +23% to $172.2M (PF $224.7M)
• Adjusted EBITDA increased to $4.2M for 2025
• Building Solutions PF revenue +19.6% to $71.9M
• Energy Services PF revenue +30.7% to $13.2M
• Usable NOL of $215M available to the company

Negative

• Net loss widened to $6.7M in 2025 from $4.8M
• Operating cash use of $7.3M in 2025 versus $2.8M in 2024
• Book‑to‑bill of 0.89 for Building Solutions (trailing 12 months)
• EMEA gross profit declined 18.7% for full year 2025

Key Figures

Q4 2025 revenue: $56.8M Q4 2025 net loss: $2.4M Q4 2025 adjusted EPS: $0.10 loss +5 more

8 metrics

Q4 2025 revenue $56.8M Fourth quarter 2025, up 69% vs Q4 2024

Q4 2025 net loss $2.4M Net loss attributable to common shareholders, Q4 2025

Q4 2025 adjusted EPS $0.10 loss Adjusted net loss per diluted share, Q4 2025

Q4 2025 adjusted EBITDA $2.2M Adjusted EBITDA in Q4 2025 vs $0.9M in Q4 2024

2025 revenue $172.2M Full-year 2025 revenue, up 23% from 2024

2025 PF revenue $224.7M Full-year 2025 pro forma revenue, up 7% from 2024

Cash & restricted cash $13.4M Total cash including restricted cash at December 31, 2025

NOL carryforward $215M Usable U.S. net operating losses as of December 31, 2025

Market Reality Check

Price: $9.60 Vol: Volume 5,846 is slightly ...

normal vol

$9.60 Last Close

Volume Volume 5,846 is slightly below the 20-day average of 6,535 (relative volume 0.89). normal

Technical Price at $9.70 is trading above the 200-day MA at $7.60, and about 19.1% below the 52-week high.

Peers on Argus

Peers show mixed moves: PLAG appeared in momentum scanners moving up, while AIRT...

1 Up 2 Down

Peers show mixed moves: PLAG appeared in momentum scanners moving up, while AIRT and BOOM were flagged moving down. Broader sector dynamics are indicated, with median peer move around the low-to-mid single digits in magnitude.

Common Catalyst Another peer, HHS, also reported fourth quarter and full-year results today, but overall sector news drivers remain unclear.

Historical Context

5 past events · Latest: Feb 13 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 13	Preferred dividend	Positive	+1.6%	Declared $0.25 dividend on 10% Series A preferred stock.
Jan 29	Investor conference	Neutral	-0.9%	Announced Noble Capital virtual conference presentation and investor meetings.
Jan 22	Strategic statement	Neutral	+0.3%	Issued statement on proposed merger and lack of engagement from GEE Group.
Jan 16	Investor conference	Neutral	-4.7%	Announced Sidoti micro-cap conference presentation and one-on-one meetings.
Nov 25	Investor conference	Neutral	+1.7%	Announced Noble Capital Emerging Growth Conference appearance in December 2025.

Pattern Detected

Recent news items, including dividends and conference appearances, have generally seen modest, aligned price reactions without sharp divergences.

Recent Company History

Over the last several months, Star Equity’s news flow has focused on capital markets outreach and capital returns. A $0.25 preferred dividend on Feb 13, 2026 coincided with a small positive move, while multiple conference presentations in Jan 2026 and Nov 2025 produced modest, mixed reactions. A January statement about its GEE Group merger proposal also saw only a slight move. Against this backdrop, today’s detailed 2025 results extend a pattern of incremental corporate updates rather than abrupt strategic shifts.

Market Pulse Summary

This announcement details a transformative 2025, with revenue growing to $172.2M and pro forma reven...

Analysis

This announcement details a transformative 2025, with revenue growing to $172.2M and pro forma revenue at $224.7M, alongside higher adjusted EBITDA both quarterly and annually. GAAP net loss of $6.7M and negative operating cash flow highlight ongoing profitability and liquidity risks. Management underscored merger-driven growth, a sizable $215M U.S. NOL position, and about $2.6M in share repurchases. Investors may track segment-level margins, cash generation, and execution on the expanded Building and Energy Services platforms in upcoming quarters.

Key Terms

adjusted EBITDA, EBITDA, non-GAAP, book-to-bill ratio, +4 more

8 terms

adjusted EBITDA financial

"Adjusted EBITDA (Non-GAAP measure)* increased to $2.2 million, versus adjusted EBITDA of $0.9 million..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

EBITDA financial

"Adjusted EBITDA, EBITDA, adjusted net income or loss, and adjusted net income or loss per diluted share..."

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

non-GAAP financial

"Adjusted net loss attributable to common shareholders per diluted share (Non-GAAP measure)* was $0.10..."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

book-to-bill ratio financial

"Building Solutions backlog as of December 31, 2025 was $9.6 million, and the trailing 12-month book-to-bill ratio..."

The book-to-bill ratio compares the value of new orders a company receives to the value of products it ships out or bills for over a certain period. If the ratio is above 1, it means the company is getting more orders than it is completing, which can indicate growth. If it's below 1, it suggests demand is slowing down.

restricted cash financial

"The Company ended the fourth quarter of 2025 with $13.4 million in cash, including $3.1 million in restricted cash."

Cash that a company holds but cannot use for day-to-day operations because it is set aside for a specific purpose—such as meeting loan covenants, serving as collateral, funding an escrow, or complying with regulations. Like money in a locked savings account earmarked for a bill, restricted cash reduces the cash available to run the business and pay dividends or debts, so investors treat it differently when assessing a company’s true short-term financial strength.

working capital financial

"Year-end 2025 working capital excluding cash was $22.4 million, representing a temporary build-up..."

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

net operating losses financial

"As of December 31, 2025, Star had $215 million of usable net operating losses (“NOL”) in the U.S...."

Net operating losses are the amount by which a company’s allowable tax deductions exceed its taxable income in a given year, creating a tax loss that can be carried forward or backward to reduce taxes in other years. For investors this matters because NOLs can lower future tax payments and boost cash flow—think of them as unused tax credits a business can apply later to improve profitability and valuation or make the company more attractive in a sale or investment.

rights agreement regulatory

"the Company has a rights agreement and charter amendment in place that limit beneficial ownership..."

A rights agreement is a contract that grants existing shareholders special rights—commonly the option to buy additional shares at a set price or to trigger protections if a takeover is attempted. Think of it like a neighborhood watch rule that lets current homeowners buy extra lots or lock the gate when an outsider tries to take over the block; it matters to investors because it can dilute or protect share value and influence takeover outcomes.

AI-generated analysis. Not financial advice.

2025 Was a Transformative Year due to Merger Completed in Q3

OLD GREENWICH, Conn., March 17, 2026 (GLOBE NEWSWIRE) -- Star Equity Holdings, Inc. (Nasdaq: STRR and STRRP) ("Star" or the "Company"), a diversified holding company, announced today financial results for the fourth quarter and full year ended December 31, 2025.

2025 Fourth Quarter Summary

• Revenue of $56.8 million increased 69% from the fourth quarter of 2024.
• Gross profit of $24.2 million increased 38% from the fourth quarter of 2024.
• Net loss attributable to common shareholders of $2.4 million, or $0.67 loss per diluted share, versus net loss attributable to common shareholders of $0.6 million, or $0.20 loss per diluted share, in the fourth quarter of 2024. Adjusted net loss attributable to common shareholders per diluted share (Non-GAAP measure)* was $0.10 compared to adjusted net income attributable to common shareholders per diluted share of $0.04 in the fourth quarter of 2024.
• Adjusted EBITDA (Non-GAAP measure)* increased to $2.2 million, versus adjusted EBITDA of $0.9 million in the fourth quarter of 2024.
  
  

2025 Full-Year Summary

• Revenue of $172.2 million increased 23% from 2024. Full year 2025 pro forma ("PF")⁽¹⁾ revenue of $224.7 million increased 7% from 2024.
• Gross profit of $79.9 million increased 14% from 2024. PF gross profit of $95.0 million increased 6% from 2024
• Net loss attributable to common shareholders of $6.7 million, or 2.08 loss per diluted share, compared to net loss of $4.8 million, or $1.59 loss per diluted share, in 2024. Adjusted net loss attributable to common shareholders per diluted share (Non-GAAP measure)* of $0.20 increased from adjusted net loss attributable to common shareholders per diluted share of $0.49 in the prior year.
• Adjusted EBITDA (Non-GAAP measure)^* was $4.2 million, versus adjusted EBITDA of $0.9 million in 2024. PF adjusted EBITDA of $12.6 million increased from $4.4 million in 2024.
• Total cash including restricted cash was $13.4 million at December 31, 2025.
  
  

Jeff Eberwein, Chief Executive Officer at Star, said, "Our fourth quarter and full-year financial results reflect positive momentum and improvement over the prior year quarter, largely attributable to the addition of the Building Solutions and Energy Services divisions which occurred with the merger that closed in August 2025."

Jake Zabkowicz, Global CEO of Hudson Talent Solutions ("HTS"), noted, "HTS delivered a 4.8% revenue increase in the fourth quarter Full-year revenues remained relatively flat compared to 2024 despite macroeconomic challenges and significant ongoing pressure in the talent market. In 2025, we expanded our service offering with the implementation of agentic AI, positioning us at the forefront of the talent industry's digital transformation."

Rick Coleman, COO of Star, added, “Residential and commercial building demand were relatively soft throughout the year, but our Building Solutions segment delivered strong results, including significantly higher sales and profitability. Energy Services division performance was also strong as ADT expanded market share across all core markets with particularly robust growth in mining and geothermal. These results highlight the team’s ability to combine strong execution with innovation across a broad range of end markets and applications."

Mr. Eberwein concluded, "2025 was a transformational year for Star. The merger that closed in August strengthened our operating and financial position, accelerated our growth strategy, and reinforced our conviction that our stock remains undervalued. To that end, we repurchased more than $2.6 million of stock during 2025 and expect to continue utilizing buybacks to enhance shareholder value."

* The Company provides non-GAAP measures as a supplement to financial results based on accounting principles generally accepted in the United States ("GAAP"). Adjusted EBITDA, EBITDA, adjusted net income or loss, and adjusted net income or loss per diluted share are defined in the segment tables at the end of this release and a reconciliation of such non-GAAP measures to the most directly comparable GAAP measures is included within such segment tables.

Segment Highlights

Building Solutions

Fourth quarter 2025 Building Solutions revenue was $18.0 million and gross profit was $4.6 million. Fourth quarter Adjusted EBITDA was $1.9 million.

Full year 2025 Building Solutions revenue was $27.6 million and gross profit was $6.3 million. Full year 2025 Adjusted EBITDA was $2.5 million.

Full year 2025 PF Building Solutions revenue was $71.9 million, up from $60.1 million in 2024, and full year 2025 PF gross profit was $18.0 million versus $14.0 million in the prior year. Full year 2025. PF adjusted EBITDA was $7.2 million, up from adjusted EBITDA of $5.3 million a year ago.

Building Solutions backlog as of December 31, 2025 was $9.6 million, and the trailing 12-month book-to-bill ratio was 0.89.

Business Services

Fourth quarter 2025 Business Services revenue was $35.2 million, up from $33.6 million in the prior year quarter, while gross profit was $18.1 million, up from $17.6 million in the prior year quarter. Business Services adjusted EBITDA was $0.9 million, down from $1.5 million in the prior year quarter.

Full year 2025 Business Services revenue was $139.7 million, down from $140.1 million in the prior year, while gross profit was $71.8 million, up from $70.2 million in the prior year. Full year 2025 Business Services adjusted EBITDA was $5.0 million, up from $4.3 million in the prior year.

Regionally, APAC and Americas gross profit for full year 2025 grew 11.7% and 4.4%, respectively. This growth was offset by EMEA, where gross profit declined by (18.7)%.

Energy Services

Fourth quarter 2025 Energy Services revenue was $3.6 million. Fourth quarter 2025 gross profit was $1.6 million, and adjusted EBITDA was $0.9 million.

Full year 2025 Energy Services revenue was $4.9 million. Full year 2025 gross profit was $1.9 million and adjusted EBITDA was $1.0 million.

PF Energy Services revenue for full year 2025 was $13.2 million, up from $10.1 million in 2024, while PF gross profit was $5.5 million, down from $5.7 million in 2024. Full year 2025 PF adjusted EBITDA was $2.9 million, up from $2.1 million in 2024.

⁽¹⁾ PF Building Solutions, Energy Services, and Investments results from Star Operating Companies, Inc. for the full year of 2025 and 2024. PF Building Solutions reflects results from Timber Technologies for the full year in 2024. Timber Technologies was acquired by Star Operating Companies on May 17, 2024. PF Energy Services in 2025 and 2024 reflects Alliance Drilling Tools results, which was acquired by Star Operating Companies on March 3, 2025.

Corporate Costs

The Company's corporate costs of $1.9 million for the fourth quarter of 2025 excluded $0.3 million of non-recurring expenses. This compares to corporate costs of $0.6 million in the fourth quarter of 2024, which excluded $0.0 million of non-recurring expenses.

The Company's corporate costs of $4.9 million for full year 2025 excluded $2.5 million of non-recurring expenses. This compares to corporate costs of $3.4 million for full year 2024, which excluded $0.9 million of non-recurring expenses.

Liquidity and Capital Resources

The Company ended the fourth quarter of 2025 with $13.4 million in cash, including $3.1 million in restricted cash. The Company used $3.9 million in cash flow from operations in the fourth quarter of 2025 compared to $2.0 million generated in the fourth quarter of 2024. For full year 2025, the company used $7.3 million in cash flow from operations compared to $2.8 million in cash flow from operations in 2024. Year-end 2025 working capital excluding cash was $22.4 million, representing a temporary build-up that is expected to decline in the first quarter of 2026.

Share Repurchase Program

In the fourth quarter of 2025, the Company repurchased 5,964 shares for approximately $66,000. For the full year 2025, the Company repurchased 280,886 shares for approximately $2.6 million and has repurchased about $10 million of common stock since 2020. As of year-end 2025, the Company has $2.5 million remaining under its $3 million repurchase program authorized in September 2025 and continues to view share repurchases as an attractive use of capital.

NOL Carryforward

As of December 31, 2025, Star had $215 million of usable net operating losses (“NOL”) in the U.S., which the Company considers to be a very valuable asset for its stockholders. In order to protect the value of the NOL for all stockholders, the Company has a rights agreement and charter amendment in place that limit beneficial ownership of Star Equity common stock to 4.99%. Stockholders who wish to own more than 4.99% of Star Equity common stock, or who already own more than 4.99% of Star Equity common stock and wish to buy more, may only acquire additional shares with the Board’s prior written approval.

Preferred Stock Dividends

In Q4 2025, the Company’s board of directors (the "Board") declared a quarterly cash dividend to holders of the Company’s 10% Series A Cumulative Perpetual Preferred Stock of $0.25 per share, paid on December 10, 2025 to the shareholders of record as of December 1, 2025.

In addition, on February 13, 2026, the Board declared a cash dividend to holders of the Company’s 10% Series A Cumulative Perpetual Preferred Stock of $0.25 per share. The record date for this dividend was March 1, 2026, and the payment date was March 10, 2026.

Conference Call/Webcast

The Company will conduct a conference call tomorrow, March 18, 2026, at 10:00 a.m. ET to discuss this announcement. Individuals wishing to listen can access the webcast on the investor information section of the Company's web site at www.starequity.com.

If you wish to join the conference call, please use the dial-in information below:

• Toll-Free Dial-In Number: 1 (833) 890-6161
• International Dial-In Number: 1 (412) 504-9848
  
  

The archived call will be available on the investor information section of the Company's web site at www.starequity.com.

About Star Equity Holdings, Inc.

Star Equity Holdings, Inc. is a diversified holding company that seeks to build long-term shareholder value by acquiring, managing, and growing businesses with strong fundamentals and market opportunities. Its current structure comprises four segments: Building Solutions, Business Services, Energy Services, and Investments. For more information visit www.starequity.com.

On August 22, 2025, the Company completed its previously announced acquisition of Star Operating Companies, Inc. (“Star Operating”, formerly known as Star Equity Holdings, Inc.), pursuant to the Agreement and Plan of Merger, dated as of May 21, 2025 (the “Merger Agreement”), by and among the Company, Star Operating and HSON Merger Sub, Inc., a wholly owned subsidiary of the Company (“Merger Sub”). Upon the terms and subject to the conditions of the Merger Agreement, on August 22, 2025, at the effective time of the merger pursuant to the Merger Agreement (the “Merger”), Merger Sub merged with and into Star Operating, with Star Operating continuing as the surviving corporation of the Merger as a wholly owned subsidiary of the Company. Effective September 5, 2025, the Company changed (i) its name to Star Equity Holdings, Inc. and (ii) its trading symbols on Nasdaq to STRR and STRRP.

Building Solutions
The Building Solutions division operates in three niches: (i) modular building manufacturing; (ii) structural wall panel and wood foundation manufacturing, including building supply distribution operations; and (iii) glue-laminated timber (glulam) column, beam, and truss manufacturing.

Business Services
The Business Services division provides flexible and scalable recruitment solutions to a global clientele, servicing organizations at all levels, from entry-level positions to the C-suite. The division focuses on mid-market and enterprise organizations worldwide, partnering consultatively with talent acquisition, HR, and procurement leaders to build diverse, high-impact teams and drive business success.

Energy Services
The Energy Services division engages in the rental, sale, and repair of downhole tools used in the oil and gas, geothermal, mining, and water-well industries.

Investments
The Investments division manages and finances the Company’s real estate assets as well as its investment positions in private and public companies.

Investor Relations:
The Equity Group
Lena Cati
(212) 836-9611
lcati@theequitygroup.com

Forward-Looking Statements

This press release contains statements that the Company believes to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding the Company’s future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “predict,” “believe,” and similar words, expressions, and variations of these words and expressions are intended to identify forward-looking statements. All forward-looking statements are subject to important factors, risks, uncertainties, and assumptions, including industry and economic conditions that could cause actual results to differ materially from those described in the forward-looking statements. Such factors, risks, uncertainties, and assumptions include, but are not limited to, (1) global economic fluctuations, (2) changes in the cost and availability of commodities, materials, and equipment, (3) risks related to providing uninterrupted service to clients, (4) the ability of clients to terminate their relationship with the Company at any time, (5) risks associated with real estate ownership, (6) the Company’s ability to successfully achieve its strategic initiatives, (7) risks related to fluctuations in the Company’s operating results from quarter to quarter, (8) risks related to potential acquisitions or dispositions of businesses by the Company, (9) our profitability and growth being tied to the success of our operating businesses, (10) risks associated with our financial investments in other businesses, (11) our ability to improve existing products and services and develop, introduce, and market new products and services successfully, (12) the loss of or material reduction in our business with any of the Company’s largest customers, (13) competition in the Company’s markets, (14) risks related to potential decreases in demand for products, (15) our ability to maintain costs at an acceptable level, (16) the negative cash flows and operating losses that may recur in the future, (17) risks related to international operations, including foreign currency fluctuations, political events, trade wars, natural disasters or health crises, including the Russia-Ukraine war, and potential conflict in the Middle East, (18) risks relating to how future credit facilities may affect or restrict our operating flexibility, (19) our ability to generate or borrow sufficient cash to make payments on our indebtedness, (20) risks related to indebtedness, (21) risks associated with the Company’s investment strategy, (22) the Company’s dependence on key management personnel, (23) the Company’s ability to attract and retain highly skilled professionals, management, and advisors, (24) the Company’s ability to collect accounts receivable, (25) the Company’s exposure to legal proceedings, investigations and disputes, and limits on related insurance coverage, (26) the Company’s ability to utilize net operating loss carryforwards, (27) the potential for goodwill impairment, (28) volatility of the Company’s stock price, (29) risks related to our historically low trading volume, (30) risks related to securities or industry analysts, (31) the Company’s ability to declare dividends, (32) risks associated with failure to pay dividends on our Series A Preferred Stock, (33) our history of annual net losses, (34) risks related to our international operations, (35) risks related to compliance with federal and state laws, regulations, and other rules, (36) our exposure to employment-related claims, legal liability, and costs from clients, employees, and regulatory authorities, (37) risks related to the imposition of licensing or tax requirements or new regulations, (38) the effect of Anti-takeover provisions in our organizational documents, (39) the effect of the protective amendment contained in our Restated Certificate of Incorporation, (40) the impact of our stockholder rights plan, or “poison pill,” on stockholder decision making, (41) risks related to our scaled disclosure requirements as a smaller reporting company, (42) risks related to evolving ESG and DEI rules and regulations, (43) the Company’s heavy reliance on information systems and the impact of potentially losing or failing to develop technology, (44) the adverse impacts of cybersecurity threats and attacks, and (45) risks related to the use of new and evolving technologies, and (46) those risks set forth in “Risk Factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.” The foregoing list should not be construed to be exhaustive. Actual results could differ materially from the forward-looking statements contained in this press release. In view of these uncertainties, you should not place undue reliance on any forward-looking statements, which are based on our current expectations. These forward-looking statements speak only as of the date of this press release. The Company assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Financial Tables Follow

STAR EQUITY HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
		Three Months Ended								Year Ended
		December 31,								December 31,
			2025				2024				2025				2024
Revenues:
Building Solutions		$	17,975			$	—			$	27,578			$	—
Business Services			35,207				33,600				139,652				140,056
Energy Services			3,611				—				4,929				—
Investments			—				—				—				—
Total revenues			56,793				33,600				172,159				140,056
Cost of revenues:
Building Solutions			13,384				—				21,303				—
Business Services			17,097				15,996				67,879				69,904
Energy Services			2,029				—				3,001				—
Investments			74				—				107				—
Total cost of revenues			32,584				15,996				92,290				69,904
Gross profit			24,209				17,604				79,869				70,152
Operating expenses:
Salaries and related			18,228				13,910				63,545				58,309
Office and general			4,667				2,539				14,843				10,703
Marketing and promotion			1,143				961				3,957				3,588
Depreciation and amortization			280				319				1,212				1,361
Total operating expenses			24,318				17,729				83,557				73,961
Operating income (loss)			(109	)			(125	)			(3,688	)			(3,809	)
Non-operating income (expense):
Interest (expense) income, net			54				80				260				360
Other income / (expense), net			(219	)			297				(428	)			(21	)
Loss before income taxes			(274	)			252				(3,856	)			(3,470	)
Provision for income taxes			1,435				837				2,061				1,300
Net loss			(1,709	)			(585	)			(5,917	)			(4,770	)
Dividends on Series A perpetual preferred stock			(673	)			—				(740	)			—
Net loss attributable to common shareholders			(2,382	)			(585	)			(6,657	)			(4,770	)
Loss per share:
Basic		$	(0.48	)		$	(0.20	)		$	(1.85	)		$	(1.59	)
Diluted		$	(0.48	)		$	(0.20	)		$	(1.85	)		$	(1.59	)
Loss per share, attributable to common shareholders
Basic		$	(0.67	)		$	(0.20	)		$	(2.08	)		$	(1.59	)
Diluted		$	(0.67	)		$	(0.20	)		$	(2.08	)		$	(1.59	)
Weighted-average shares outstanding:
Basic			3,543				2,974				3,198				3,000
Diluted			3,543				2,974				3,198				3,000
Dividends declared per share of Series A perpetual preferred stock		$	0.250			$	—			$	0.275			$	—

STAR EQUITY HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
(unaudited)
		December 31, 2025				December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents		$	10,269			$	17,011
Restricted cash, current			1,819				476
Investments in equity securities			3,767				—
Accounts receivable, less allowance for expected credit losses of $275 and $391, respectively			35,220				20,093
Inventories, net			6,988				—
Note receivable, current portion			256				—
Prepaid and other			4,168				2,560
Total current assets			62,487				40,140
Property and equipment, net of accumulated depreciation of $6,367 and $1,668, respectively			18,610				242
Operating lease right-of-use assets			11,675				1,024
Goodwill			5,944				5,703
Intangible assets, net of accumulated amortization of $4,795 and $3,897, respectively			1,688				2,491
Long term investments			953				—
Notes receivable, net of current portion			8,629				—
Deferred tax assets			1,911				2,648
Restricted cash			1,322				180
Other assets			12				155
Total assets		$	113,231			$	52,583
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	4,769			$	1,789
Accrued salaries, commissions, and benefits			7,526				4,306
Accrued expenses and other current liabilities			6,907				4,375
Short-term debt			8,473				—
Deferred revenue			1,496				129
Operating lease obligations, current			655				623
Total current liabilities			29,826				11,222
Income tax payable			99				93
Operating lease obligations			11,235				441
Note payable–long term			6,056				—
Other liabilities			308				399
Total liabilities			47,524				12,155
Commitments and contingencies
Stockholders’ equity:
Series A Preferred stock, $0.001 par value, 10,000 shares authorized; 2,691 and 0 issued; 2,370 and 0 shares outstanding, respectively			3				—
Common stock, $0.001 par value, 20,000 shares authorized; 5,366 and 4,033 shares issued; 3,755 and 2,750 shares outstanding, respectively			5				4
Additional paid-in capital			530,136				494,209
Accumulated deficit			(435,934	)			(430,017	)
Accumulated other comprehensive loss, net of applicable tax			(1,364	)			(2,717	)
Treasury stock, 1,611 and 1,283 common shares; 321 and 0 preferred shares, respectively, at cost			(27,139	)			(21,051	)
Total stockholders’ equity			65,707				40,428
Total liabilities and stockholders' equity		$	113,231			$	52,583

STAR EQUITY HOLDINGS, INC.
SEGMENT ANALYSIS - QUARTER TO DATE
(in thousands)
(unaudited)
For The Three Months Ended December 31, 2025		Building Solutions				Business Services				Energy Services				Investments				Corporate				Total
Revenue, from external customers		$	17,975			$	35,207			$	3,611			$	159			$	(159	)		$	56,793
Gross profit		$	4,591			$	18,110			$	1,582			$	85			$	(159	)		$	24,209
Net loss attributable to common shareholders		$	1,531			$	(1,678	)		$	425			$	105			$	(2,765	)		$	(2,382	)
Dividends on Series A perpetual preferred stock			—				—				—				—				673				673
Net loss			1,531				(1,678	)			425				105				(2,092	)			(1,709	)
Provision from income taxes			—				1,548				—				—				(113	)			1,435
Interest (income) expense, net			161				104				60				(190	)			(189	)			(54	)
Total depreciation and amortization			252				156				391				75				10				884
EBITDA (loss)(1)			1,944				130				876				(10	)			(2,384	)			556
Foreign currency gain/loss			—				44				—				—				13				57
Corporate administrative charges			—				176				—				—				(176	)			—
Other non-operating expense (income)			(51	)			109				(2	)			(40	)			30				46
Stock-based compensation expense			11				215				—				—				273				499
Interest income(2)			—				—				—				305				—				305
Unrealized (gain) loss on equity securities			—				—				—				116				—				116
Severance/contingent salary			—				124				—				—				—				124
Transaction costs related to mergers and acquisitions			—				72				—				—				299				371
Financing cost			16				4				20				—				4				44
Other non-recurring expenses			21				15				14				—				40				90
Adjusted EBITDA (loss)(1)		$	1,941			$	889			$	908			$	371			$	(1,901	)		$	2,208

For The Three Months Ended December 31, 2024		Business Services				Corporate				Total
Revenue, from external customers		$	33,600			$	—			$	33,600
Gross profit		$	17,604			$	—			$	17,604
Net loss		$	(485	)		$	(100	)		$	(585	)
Provision for income taxes			875				(38	)			837
Interest (income) expense, net			130				(210	)			(80	)
Total depreciation and amortization			316				3				319
EBITDA (loss)(1)			836				(345	)			491
Corporate administrative charges			298				(298	)			—
Foreign currency gain/loss			(151	)			(7	)			(158	)
Other non-operating expense (income)			(34	)			(105	)			(139	)
Stock-based compensation expense			168				66				234
Severance/contingent salary			392				—				392
Other non-recurring expenses			—				41				41
Adjusted EBITDA (loss)(1)		$	1,509			$	(648	)		$	861

1. Non-GAAP earnings before interest, income taxes, and depreciation and amortization (“EBITDA”) and non-GAAP earnings before interest, income taxes, depreciation and amortization, non-operating income (expense), stock-based compensation expense, and other non-recurring severance and professional fees (“Adjusted EBITDA”) are presented to provide additional information about the Company's operations on a basis consistent with the measures which the Company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the Company's profitability or liquidity. Furthermore, EBITDA and Adjusted EBITDA as presented above may not be comparable with similarly titled measures reported by other companies.
2. The Company allocates all corporate interest income to the Investments Division

STAR EQUITY HOLDINGS, INC.
SEGMENT ANALYSIS - YEAR TO DATE
RECONCILIATION OF ADJUSTED EBITDA
(in thousands)
(unaudited)
For The Year Ended December 31, 2025		Building Solutions				Business Services				Energy Services				Investments				Corporate				Total
Revenue, from external customers		$	27,578			$	139,652			$	4,929			$	212			$	(212	)		$	172,159
Gross profit		$	6,275			$	71,773			$	1,928			$	105			$	(212	)		$	79,869
Net loss attributable to common shareholders		$	1,866			$	(2,152	)		$	357			$	160			$	(6,888	)		$	(6,657	)
Dividends on Series A perpetual preferred stock			—				—				—				—				740				740
Net loss			1,866				(2,152	)			357				160				(6,148	)			(5,917	)
Provision from income taxes			—				1,999				—				—				62				2,061
Interest (income) expense, net			212				510				99				(283	)			(798	)			(260	)
Total depreciation and amortization			361				1,028				560				107				22				2,078
EBITDA (loss)(1)			2,439				1,385				1,016				(16	)			(6,862	)			(2,038	)
Corporate administrative charges			—				1,084				—				—				(1,084	)			—
Foreign currency gain/loss			—				289				—				—				14				303
Other non-operating expense (income)			(51	)			199				(26	)			(40	)			(106	)			(24	)
Stock-based compensation expense			16				850				—				—				631				1,497
Interest income(2)			—				—				—				449				—				449
Unrealized (gain) loss on equity securities			—				—				—				149				—				149
Severance/contingent salary			—				891				—				—				—				891
Transaction costs related to mergers and acquisitions			—				269				—				—				2,259				2,528
Financing cost			21				4				32				—				6				63
Other non-recurring expenses			81				33				14				—				245				373
Adjusted EBITDA (loss)(1)		$	2,506			$	5,004			$	1,036			$	542			$	(4,897	)		$	4,191

For The Year Ended December 31, 2024		Business Services				Corporate				Total
Revenue, from external customers		$	140,056			$	—			$	140,056
Gross profit		$	70,152			$	—			$	70,152
Net loss		$	(1,993	)		$	(2,777	)		$	(4,770	)
Provision for income taxes			1,242				58				1,300
Interest (income) expense, net			520				(880	)			(360	)
Total depreciation and amortization			1,350				11				1,361
EBITDA (loss)(1)			1,119				(3,588	)			(2,469	)
Corporate administrative charges			1,030				(1,030	)			—
Foreign currency gain/loss			161				—				161
Other non-operating expense (income)			17				(157	)			(140	)
Stock-based compensation expense			815				465				1,280
Severance/contingent salary			1,180				—				1,180
Other non-recurring expenses			10				881				891
Adjusted EBITDA (loss)(1)		$	4,332			$	(3,429	)		$	903

1. Non-GAAP earnings before interest, income taxes, and depreciation and amortization (“EBITDA”) and non-GAAP earnings before interest, income taxes, depreciation and amortization, non-operating income (expense), stock-based compensation expense, and other non-recurring severance and professional fees (“Adjusted EBITDA”) are presented to provide additional information about the Company's operations on a basis consistent with the measures which the Company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the Company's profitability or liquidity. Furthermore, EBITDA and Adjusted EBITDA as presented above may not be comparable with similarly titled measures reported by other companies.
2. The Company allocates all corporate interest income to the Investments Division.
   
   

STAR EQUITY HOLDINGS, INC.
SEGMENT ANALYSIS - YEAR TO DATE
RECONCILIATION OF PRO FORMA ADJUSTED EBITDA
(in thousands)
(unaudited)
For The Year Ended December 31, 2025		Building Solutions				Business Services				Energy Services				Investments				Corporate				Total
Pro forma revenue, from external customers(1)		$	71,862			$	139,652			$	13,203			$	631			$	(631	)		$	224,717
Pro forma gross profit(1)		$	18,034			$	71,773			$	5,461			$	333			$	(631	)		$	94,970
Pro forma net loss attributable to common shareholders(1)		$	3,494			$	(2,152	)		$	669			$	5,073			$	(13,638	)		$	(6,554	)
Dividends on Series A perpetual preferred stock			—				—				—				—				2,496				2,496
Pro forma net loss			3,494				(2,152	)			669				5,073				(11,142	)			(4,058	)
Provision from income taxes			1				1,999				—				—				(1,670	)			330
Interest (income) expense, net			666				510				220				(704	)			(770	)			(78	)
Total depreciation and amortization			2,835				1,028				1,415				299				41				5,618
Pro forma EBITDA (loss)(2)			6,996				1,385				2,304				4,668				(13,541	)			1,812
Corporate administrative charges			—				1,084				—				—				(1,084	)			—
Foreign currency gain/loss			—				289				—				—				14				303
Other non-operating expense (income), including corporate administration charges			(51	)			199				(6	)			(38	)			(108	)			(4	)
Stock-based compensation expense			46				850				—				—				775				1,671
Interest income(3)			—				—				—				1,249				—				1,249
Unrealized (gain) loss on equity securities			—				—				—				35				—				35
Severance/contingent salary			—				891				—				—				—				891
Transaction costs related to mergers and acquisitions			—				269				595				—				4,140				5,004
Impairment of cost method investment			—				—				—				432				—				432
Loss (gain) on equity method investment			—				—				—				755				—				755
Financing cost			61				4				32				—				17				114
Other non-recurring expenses			132				33				14				—				184				363
Pro forma adjusted EBITDA (loss)(2)		$	7,184			$	5,004			$	2,939			$	7,101			$	(9,603	)		$	12,625

1. Pro forma Building Solutions and Investments results for the full year of 2025 as opposed to August 22, 2025 through December 31, 2025. Pro forma Energy Services reflects results from Alliance Drilling Tools for the full year in 2025. Alliance Drilling Tools was acquired by Star Operating Companies on March 3, 2025.
2. Pro forma Non-GAAP earnings before interest, income taxes, and depreciation and amortization (“EBITDA”) and non-GAAP earnings before interest, income taxes, depreciation and amortization, non-operating (income) expense, stock-based compensation expense, and other non-recurring expenses (“Adjusted EBITDA”) are presented to provide additional information about the Company's operations on a basis consistent with the measures which the Company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the Company's profitability or liquidity. Furthermore, EBITDA and Adjusted EBITDA as presented above may not be comparable with similarly titled measures reported by other companies.
3. The Company allocates all corporate interest income to the Investments Division.
   
   

STAR EQUITY HOLDINGS, INC.
SEGMENT ANALYSIS - YEAR TO DATE
RECONCILIATION OF PRO FORMA ADJUSTED EBITDA
(in thousands)
(unaudited)
For The Year Ended December 31, 2024		Building Solutions				Business Services				Energy Services				Investments				Corporate				Total
Pro forma revenue, from external customers(1)		$	60,131			$	140,056			$	10,111			$	731			$	(731	)		$	210,298
Pro forma gross profit(1)		$	13,967			$	70,152			$	5,678			$	510			$	(731	)		$	89,576
Pro forma net loss attributable to common shareholders(1)		$	568			$	(1,993	)		$	1,401			$	(1,797	)		$	(11,880	)		$	(13,701	)
Dividends on Series A perpetual preferred stock			—				—				—				—				2,040				2,040
Pro forma net loss			568				(1,993	)			1,401				(1,797	)			(9,840	)			(11,661	)
Provision for income taxes			13				1,242				—				—				321				1,576
Interest (income) expense, net			481				520				(33	)			(716	)			(1,301	)			(1,049	)
Total depreciation and amortization			3,406				1,350				637				221				54				5,668
Pro forma EBITDA (loss)(2)			4,468				1,119				2,005				(2,292	)			(10,766	)			(5,466	)
Foreign currency gain/loss			—				161				—				—				—				161
Corporate administrative charges			—				1,030				—				—				(1,030	)			—
Other non-operating expense (income)			18				17				—				—				(157	)			(122	)
Stock-based compensation expense			39				815				—				—				665				1,519
Interest income(3)			—				—				—				1,251				—				1,251
Unrealized (gain) loss on equity securities			—				—				—				177				—				177
Severance/contingent salary			—				1,180				—				—				—				1,180
Purchase accounting adjustments(4)			786				—				—				—				—				786
Transaction costs related to mergers and acquisitions			—				—				115				—				1,531				1,646
Impairment of cost method investment			—				—				—				4,615				—				4,615
Loss (gain) on equity method investment			—				—				—				1,850				—				1,850
Financing cost			24				—				—				—				11				35
Gains on sale and leaseback transactions			—				—				—				(3,755	)			—				(3,755	)
Other non-recurring expenses			(80	)			10				—				—				608				538
Pro forma adjusted EBITDA (loss)(2)		$	5,255			$	4,332			$	2,120			$	1,846			$	(9,138	)		$	4,415

1. Pro forma Building Solutions, Energy Services, and Investments results from Star Operating Companies, Inc. for the full year of 2024. Pro forma Building Solutions reflects results from Timber Technologies for the full year in 2024. Timber Technologies was acquired by Star Operating Companies on May 17, 2024. Pro forma Energy Services in 2024 reflects Alliance Drilling Tools results, which was acquired by Star Operating Companies on March 3, 2025.
2. Pro forma Non-GAAP earnings before interest, income taxes, and depreciation and amortization (“EBITDA”) and non-GAAP earnings before interest, income taxes, depreciation and amortization, non-operating (income) expense, stock-based compensation expense, and other non-recurring expenses (“Adjusted EBITDA”) are presented to provide additional information about the Company's operations on a basis consistent with the measures which the Company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the Company's profitability or liquidity. Furthermore, EBITDA and Adjusted EBITDA as presented above may not be comparable with similarly titled measures reported by other companies.
3. The Company allocates all corporate interest income to the Investments Division.
4. Reflects purchase accounting adjustments related to the fair value of TT inventory and BLL earn-out that impacted net income.
   
   

STAR EQUITY HOLDINGS, INC.
RECONCILIATION OF ADJUSTED NET INCOME (LOSS) PER DILUTED SHARE
(in thousands, except per share amounts)
(unaudited)
		Adjusted				Diluted Shares		Per Diluted
For The Three Months Ended December 31, 2025		Net Loss				Outstanding		Share(1)
Net loss		$	(1,709	)		3,543		$	(0.48	)
Dividends on Series A perpetual preferred stock			(673	)		3,543			(0.19	)
Net loss attributable to common shareholders			(2,382	)		3,543			(0.67	)
Intangible amortization from acquisitions			179			3,543			0.05
Deferred tax on subsidiary write-downs			1,111			3,543			0.31
Unrealized (gain) loss on equity securities			116			3,543			0.03
Severance/contingent salary			124			3,543			0.04
Transaction costs related to mergers and acquisitions			371			3,543			0.10
Financing cost			44			3,543			0.01
Other non-recurring expenses			90			3,543			0.03
Adjusted net loss attributable to common shareholders(2)		$	(347	)		3,543		$	(0.10	)

		Adjusted				Diluted Shares		Per Diluted
For The Three Months Ended December 31, 2024		Net Income				Outstanding		Share(1)
Net loss		$	(585	)		2,974		$	(0.20	)
Intangible amortization from acquisitions			257			2,974			0.09
Severance/contingent salary			392			2,974			0.13
Other non-recurring expenses			41			2,974			0.01
Stock-based compensation expense related to acquisitions			5			2,974			—
Adjusted net income(2)		$	110			2,974		$	0.04

		Adjusted				Diluted Shares		Per Diluted
For The Year Ended December 31, 2025		Net Loss				Outstanding		Share(1)
Net loss		$	(5,917	)		3,198		$	(1.85	)
Dividends on Series A perpetual preferred stock			(740	)		3,198			(0.23	)
Net loss attributable to common shareholders			(6,657	)		3,198			(2.08	)
Intangible amortization from acquisitions			901			3,198			0.28
Deferred tax on subsidiary write-downs			1,111			3,198			0.35
Unrealized (gain) loss on equity securities			149			3,198			0.05
Severance/contingent salary			891			3,198			0.28
Transaction costs related to mergers and acquisitions			2,528			3,198			0.79
Financing cost			63			3,198			0.02
Other non-recurring expenses			373			3,198			0.12
Adjusted net loss attributable to common shareholders(2)		$	(641	)		3,198		$	(0.20	)

		Adjusted				Diluted Shares		Per Diluted
For The Year Ended December 31, 2024		Net Loss				Outstanding		Share(1)
Net loss		$	(4,770	)		3,000		$	(1.59	)
Intangible amortization from acquisitions			1,129			3,000			0.38
Severance/contingent salary			1,180			3,000			0.39
Other non-recurring expenses			891			3,000			0.30
Stock-based compensation expense related to acquisitions			107			3,000			0.04
Adjusted net loss(2)		$	(1,463	)		3,000		$	(0.49	)

1.  Amounts may not sum due to rounding.
2. Adjusted net income or loss attributable to common shareholders per diluted share are Non-GAAP measures defined as reported net income or loss attributable to common shareholders and reported net income or loss attributable to common shareholders per diluted share before items such as acquisition-related costs and non-recurring expenses after tax that are presented to provide additional information about the Company's operations on a basis consistent with the measures that the Company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. Adjusted net income or loss per diluted share should not be considered in isolation or as substitutes for net income or loss and net income or loss per share and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as measures of the Company's profitability or liquidity. Further, adjusted net income or loss and adjusted net income or loss per diluted share as presented above may not be comparable with similarly titled measures reported by other companies.
   
   

STAR EQUITY HOLDINGS, INC.
RECONCILIATION OF PRO FORMA ADJUSTED NET INCOME (LOSS) PER DILUTED SHARE
(in thousands, except per share amounts)
(unaudited)
		Adjusted				Diluted Shares		Per Diluted
For The Year Ended December 31, 2025		Net Income				Outstanding		Share(1)
Pro forma net loss(3)		$	(4,058	)		3,671		$	(1.11	)
Dividends on Series A perpetual preferred stock			(2,496	)		3,671			(0.68	)
Pro forma net loss attributable to common shareholders(3)			(6,554	)		3,671			(1.79	)
Intangible amortization from acquisitions			2,814			3,671			0.77
Deferred tax on subsidiary write-downs			1,111			3,671			0.30
Unrealized (gain) loss on equity securities			35			3,671			0.01
Severance/contingent salary			891			3,671			0.24
Transaction costs related to mergers and acquisitions			5,004			3,671			1.36
Impairment of cost method investment			432			3,671			0.12
Loss (gain) on equity method investment			755			3,671			0.21
Financing cost			114			3,671			0.03
Other non-recurring expenses			363			3,671			0.10
Pro forma adjusted net income attributable to common shareholders(2)		$	4,965			3,671		$	1.35

		Adjusted				Diluted Shares		Per Diluted
For The Year Ended December 31, 2024		Net Loss				Outstanding		Share(1)
Pro forma net loss(3)		$	(11,661	)		3,744		$	(3.11	)
Dividends on Series A perpetual preferred stock			(2,040	)		3,744			(0.54	)
Pro forma net loss attributable to common shareholders(3)			(13,701	)		3,744			(3.66	)
Intangible amortization from acquisitions			3,608			3,744			0.96
Unrealized (gain) loss on equity securities			177			3,744			0.05
Severance/contingent salary			1,180			3,744			0.32
Purchase accounting adjustment			786			3,744			0.21
Transaction costs related to mergers and acquisitions			1,646			3,744			0.44
Impairment of cost method investment			4,615			3,744			1.23
Loss (gain) on equity method investment			1,850			3,744			0.49
Financing cost			35			3,744			0.01
Gains on sale and leaseback transactions			(3,755	)		3,744			(1.00	)
Stock-based compensation expense related to acquisitions			107			3,744			0.03
Other non-recurring expenses			538			3,744			0.14
Pro forma adjusted net loss attributable to common shareholders(2)		$	(2,914	)		3,744		$	(0.78	)

1. Amounts may not sum due to rounding.
2. Adjusted net income or loss attributable to common shareholders per diluted share are Non-GAAP measures defined as reported net income or loss attributable to common shareholders and reported net income or loss attributable to common shareholders per diluted share before items such as acquisition-related costs and non-recurring expenses after tax that are presented to provide additional information about the Company's operations on a basis consistent with the measures that the Company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. Adjusted net income or loss per diluted share should not be considered in isolation or as substitutes for net income or loss and net income or loss per share and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as measures of the Company's profitability or liquidity. Further, adjusted net income or loss and adjusted net income or loss per diluted share as presented above may not be comparable with similarly titled measures reported by other companies.
3. Pro forma Building Solutions, Energy Services, and Investments results for the full year of 2024 and 2025 as opposed to August 22, 2025 through December 31, 2025. Pro forma Building Solutions in 2024 reflects Timber Technologies results from January 1, 2024 through the date of acquisition of May 17, 2024. Pro forma Energy Services in 2024 and 2025 reflects Alliance Drilling Tools results, which was acquired by Star Operating Companies on March 3, 2025.
   

FAQ

What did Star Equity Holdings (STRR) report for Q4 2025 revenue and EPS?

Q4 2025 revenue was $56.8M and GAAP diluted loss per share was $0.67. According to the company, adjusted non‑GAAP metrics showed a smaller per‑share adjusted net loss of $0.10 and improved adjusted EBITDA versus prior year.

How did Star Equity's full‑year 2025 adjusted EBITDA and pro forma revenue perform?

Full‑year 2025 adjusted EBITDA was $4.2M and pro forma revenue was $224.7M. According to the company, PF adjusted EBITDA rose to $12.6M, reflecting earnings contributions from post‑merger divisions closed in August 2025.

What cash and liquidity did STRR report at year‑end December 31, 2025?

Star Equity reported $13.4M in total cash including $3.1M restricted cash at year‑end. According to the company, year‑end working capital excluding cash was $22.4M, expected to decline in the first quarter of 2026.

How large is Star Equity's share repurchase activity and remaining authorization in 2025?

The company repurchased about $2.6M of common stock during 2025 and repurchased roughly $10M since 2020. According to the company, $2.5M remains available under the $3.0M authorization from September 2025.

What material regional and segment challenges did STRR disclose for 2025?

EMEA gross profit declined 18.7% and Building Solutions backlog was $9.6M with a 0.89 book‑to‑bill. According to the company, residential/commercial demand was soft, offset by strong Building Solutions and Energy Services execution.