Star Equity Holdings, Inc. Announces 2024 Fourth Quarter and Full Year Financial Results
Star Equity Holdings (NASDAQ: STRR) reported its Q4 and full-year 2024 financial results, showing mixed performance. Q4 2024 highlights include a 21.1% revenue increase to $17.1 million, 55.9% gross profit growth to $4.4 million, and adjusted EBITDA of $1.1 million. However, the company recorded a net loss of $2.5 million.
Full-year 2024 results showed 16.5% revenue growth to $53.4 million, but gross profit declined 7.3% to $11.1 million. The company reported a net loss of $10.4 million and adjusted EBITDA loss of $0.8 million. Cash position decreased to $5.6 million from $18.9 million, while debt increased to $11.3 million from $2.0 million.
The Building Solutions division showed strong Q4 performance with significant project approvals and a $17.2 million year-end backlog. The company recently established its Energy Services division through the ADT acquisition in March 2025. Star Equity maintains a stock repurchase program with $721,000 remaining authorization as of December 31, 2024.
Star Equity Holdings (NASDAQ: STRR) ha riportato i risultati finanziari del Q4 e dell'intero anno 2024, mostrando una performance mista. I punti salienti del Q4 2024 includono un aumento del 21,1% dei ricavi a 17,1 milioni di dollari, una crescita del 55,9% del profitto lordo a 4,4 milioni di dollari e un EBITDA rettificato di 1,1 milioni di dollari. Tuttavia, l'azienda ha registrato una perdita netta di 2,5 milioni di dollari.
I risultati dell'anno completo 2024 hanno mostrato una crescita dei ricavi del 16,5% a 53,4 milioni di dollari, ma il profitto lordo è diminuito del 7,3% a 11,1 milioni di dollari. L'azienda ha riportato una perdita netta di 10,4 milioni di dollari e una perdita di EBITDA rettificato di 0,8 milioni di dollari. La posizione di cassa è diminuita a 5,6 milioni di dollari rispetto ai 18,9 milioni di dollari, mentre il debito è aumentato a 11,3 milioni di dollari rispetto ai 2,0 milioni di dollari.
La divisione Building Solutions ha mostrato una forte performance nel Q4 con approvazioni di progetti significativi e un backlog di fine anno di 17,2 milioni di dollari. L'azienda ha recentemente istituito la sua divisione Energy Services attraverso l'acquisizione di ADT nel marzo 2025. Star Equity mantiene un programma di riacquisto di azioni con un'autorizzazione residua di 721.000 dollari al 31 dicembre 2024.
Star Equity Holdings (NASDAQ: STRR) informó sus resultados financieros del Q4 y del año completo 2024, mostrando un desempeño mixto. Los aspectos destacados del Q4 2024 incluyen un aumento del 21,1% en los ingresos a 17,1 millones de dólares, un crecimiento del 55,9% en la ganancia bruta a 4,4 millones de dólares y un EBITDA ajustado de 1,1 millones de dólares. Sin embargo, la compañía registró una pérdida neta de 2,5 millones de dólares.
Los resultados del año completo 2024 mostraron un crecimiento del 16,5% en los ingresos a 53,4 millones de dólares, pero la ganancia bruta disminuyó un 7,3% a 11,1 millones de dólares. La compañía reportó una pérdida neta de 10,4 millones de dólares y una pérdida de EBITDA ajustado de 0,8 millones de dólares. La posición de efectivo disminuyó a 5,6 millones de dólares desde 18,9 millones de dólares, mientras que la deuda aumentó a 11,3 millones de dólares desde 2,0 millones de dólares.
La división de Building Solutions mostró un fuerte desempeño en el Q4 con aprobaciones de proyectos significativos y un backlog de fin de año de 17,2 millones de dólares. La compañía estableció recientemente su división de Energy Services a través de la adquisición de ADT en marzo de 2025. Star Equity mantiene un programa de recompra de acciones con una autorización restante de 721,000 dólares al 31 de diciembre de 2024.
Star Equity Holdings (NASDAQ: STRR)는 2024년 4분기 및 전체 연도 재무 결과를 발표하며 혼합된 실적을 보여주었습니다. 2024년 4분기의 주요 내용은 수익이 21.1% 증가하여 1,710만 달러에 달하고, 총 이익이 55.9% 성장하여 440만 달러에 도달했으며, 조정 EBITDA는 110만 달러로 나타났습니다. 그러나 회사는 250만 달러의 순손실을 기록했습니다.
2024년 전체 연도 결과는 수익이 16.5% 증가하여 5,340만 달러에 달했지만, 총 이익은 7.3% 감소하여 1,110만 달러에 그쳤습니다. 회사는 1,040만 달러의 순손실과 80만 달러의 조정 EBITDA 손실을 보고했습니다. 현금 보유액은 1,890만 달러에서 560만 달러로 감소했고, 부채는 200만 달러에서 1,130만 달러로 증가했습니다.
Building Solutions 부문은 4분기 동안 강력한 실적을 보여주었으며, 중요한 프로젝트 승인이 있었고 연말 기준으로 1,720만 달러의 백로그를 보유하고 있습니다. 회사는 2025년 3월 ADT 인수를 통해 Energy Services 부문을 새로 설립했습니다. Star Equity는 2024년 12월 31일 기준으로 721,000달러의 잔여 승인이 있는 자사주 매입 프로그램을 유지하고 있습니다.
Star Equity Holdings (NASDAQ: STRR) a publié ses résultats financiers du Q4 et de l'année complète 2024, montrant une performance mitigée. Les points forts du Q4 2024 comprennent une augmentation des revenus de 21,1% à 17,1 millions de dollars, une croissance du bénéfice brut de 55,9% à 4,4 millions de dollars et un EBITDA ajusté de 1,1 million de dollars. Cependant, l'entreprise a enregistré une perte nette de 2,5 millions de dollars.
Les résultats de l'année complète 2024 ont montré une croissance des revenus de 16,5% à 53,4 millions de dollars, mais le bénéfice brut a diminué de 7,3% à 11,1 millions de dollars. L'entreprise a rapporté une perte nette de 10,4 millions de dollars et une perte d'EBITDA ajusté de 0,8 million de dollars. La position de trésorerie a diminué à 5,6 millions de dollars contre 18,9 millions de dollars, tandis que la dette a augmenté à 11,3 millions de dollars contre 2,0 millions de dollars.
La division Building Solutions a montré une forte performance au Q4 avec des approbations de projets significatifs et un carnet de commandes de fin d'année de 17,2 millions de dollars. L'entreprise a récemment établi sa division Energy Services grâce à l'acquisition d'ADT en mars 2025. Star Equity maintient un programme de rachat d'actions avec une autorisation restante de 721 000 dollars au 31 décembre 2024.
Star Equity Holdings (NASDAQ: STRR) hat seine finanziellen Ergebnisse für das 4. Quartal und das gesamte Jahr 2024 veröffentlicht und zeigt eine gemischte Leistung. Zu den Highlights des 4. Quartals 2024 gehören ein Umsatzanstieg von 21,1% auf 17,1 Millionen Dollar, ein Wachstum des Bruttogewinns um 55,9% auf 4,4 Millionen Dollar und ein bereinigtes EBITDA von 1,1 Millionen Dollar. Das Unternehmen verzeichnete jedoch einen Nettoverlust von 2,5 Millionen Dollar.
Die Ergebnisse für das gesamte Jahr 2024 zeigten ein Umsatzwachstum von 16,5% auf 53,4 Millionen Dollar, aber der Bruttogewinn sank um 7,3% auf 11,1 Millionen Dollar. Das Unternehmen berichtete einen Nettoverlust von 10,4 Millionen Dollar und einen Verlust beim bereinigten EBITDA von 0,8 Millionen Dollar. Die Liquiditätsposition sank auf 5,6 Millionen Dollar von 18,9 Millionen Dollar, während die Schulden auf 11,3 Millionen Dollar von 2,0 Millionen Dollar anstiegen.
Die Division Building Solutions zeigte im 4. Quartal eine starke Leistung mit bedeutenden Projektgenehmigungen und einem Auftragsbestand zum Jahresende von 17,2 Millionen Dollar. Das Unternehmen hat kürzlich seine Division Energy Services durch die Übernahme von ADT im März 2025 gegründet. Star Equity hat ein Aktienrückkaufprogramm mit einer verbleibenden Genehmigung von 721.000 Dollar zum 31. Dezember 2024.
- Q4 revenue increased 21.1% to $17.1 million
- Q4 gross profit grew 55.9% to $4.4 million
- Q4 adjusted EBITDA improved to $1.1 million gain from $0.1 million loss
- Building Solutions backlog strong at $17.2 million
- Full-year revenue increased 16.5% to $53.4 million
- Full-year net loss widened to $10.4 million from $1.9 million
- Cash position decreased significantly to $5.6 million from $18.9 million
- Debt increased substantially to $11.3 million from $2.0 million
- Full-year gross profit decreased 7.3% to $11.1 million
- Cash outflow of $5.2 million vs. inflow of $2.7 million previous year
Insights
Star Equity's Q4 2024 results show a significant turnaround compared to earlier quarters, with 21.1% revenue growth to
The company's balance sheet has weakened considerably, with cash declining from
The Building Solutions division shows promising momentum with a
The Enservco investment situation bears monitoring, as Star reported a default on Enservco's
The contrast between strengthening Q4 operational performance and deteriorating full-year financial position creates a mixed outlook that will depend heavily on whether Q4's momentum continues through 2025.
Fourth Quarter Revenues Increased
Generated Fourth Quarter Adjusted EBITDA of
ADT Acquisition Closed in March, Establishing Energy Services Division
OLD GREENWICH, Conn, March 20, 2025 (GLOBE NEWSWIRE) -- Star Equity Holdings, Inc. (Nasdaq: STRR; STRRP) (“Star Equity” or the “Company”), a diversified holding company, reported today its financial results for the fourth quarter (Q4) and fiscal year (FY) ended December 31, 2024. All 2024 and 2023 amounts in this release are unaudited.
Following the sale of our Digirad Health business on May 4, 2023, all financial results for the 2023 reporting periods, unless stated otherwise, relate to continuing operations, which as of December 31, 2024 included two divisions: Building Solutions and Investments. Following the acquisition of Alliance Drilling Tools (“ADT”) on March 4, 2025, Star added a new business division, Energy Services.
Q4 2024 Financial Highlights vs. Q4 2023 (unaudited)
- Revenues increased by
21.1% to$17.1 million from$14.1 million . - Gross profit increased by
55.9% to$4.4 million from$2.9 million . - Net loss from continuing operations was
$2.5 million (or$0.77 loss per basic and diluted share) compared to net income from continuing operations of$1.8 million (or$0.58 income per basic and diluted share). - Non-GAAP adjusted net income from continuing operations was
$0.5 million (or$0.15 income per basic and diluted share), as compared to adjusted net loss of$0.3 million (or$0.10 loss per basic and diluted share). - Non-GAAP adjusted EBITDA from continuing operations was a gain of
$1.1 million versus a loss of$0.1 million .
FY 2024 Financial Highlights vs. FY 2023 (unaudited)
- Revenues increased by
16.5% to$53.4 million from$45.8 million . - Gross profit decreased by
7.3% to$11.1 million from$11.9 million . - Net loss from continuing operations was
$10.4 million (or$3.32 loss per basic and diluted share) compared to a net loss from continuing operations of$1.9 million (or$0.61 loss per basic and diluted share). - Non-GAAP adjusted net loss from continuing operations was
$2.6 million (or$0.81 loss per basic and diluted share) compared to net loss of$0.9 million (or$0.30 loss per basic and diluted share). - Non-GAAP adjusted EBITDA from continuing operations was a loss of
$0.8 million compared to a loss of$0.2 million . - As of December 31, 2024, cash and cash equivalents decreased to
$5.6 million versus$18.9 million at December 31, 2023. - Cash outflow from continuing operations was
$5.2 million versus an inflow of$2.7 million . - Debt increased to
$11.3 million at December 31, 2024 from$2.0 million at December 31, 2023.
Rick Coleman, Chief Executive Officer, noted, “Despite demand softness experienced earlier in the year, fourth quarter 2024 Building Solutions revenue, gross profit, and adjusted EBITDA all increased significantly versus the fourth quarter of 2023 as several large projects received final approvals and began production in the fourth quarter. This realization of pent-up demand, coupled with increasing adoption of factory-built construction, contributed to the strong performance in the fourth quarter and positions Star for a great start to 2025. This momentum is evidenced by the strength of our
Mr. Coleman continued, “In addition, as announced March 4, 2025, we closed the ADT acquisition, establishing Star’s Energy Services division. We have made significant progress on our integration since that time and look forward to keeping shareholders informed regarding our progress on this and other growth initiatives.”
Revenues
The Company’s Q4 2024 revenues increased
| Revenues in $ thousands (Unaudited) | Q42024 | Q42023 | % change | FY2024 | FY2023 | % change | ||||||||||||||||
| Building Solutions | $ | 17,095 | $ | 14,111 | 21.1 | % | $ | 53,359 | $ | 45,785 | 16.5 | % | ||||||||||
| Investments | 193 | 159 | 21.4 | % | 731 | 564 | 29.6 | % | ||||||||||||||
| Intersegment elimination | (193 | ) | (159 | ) | 21.4 | % | (731 | ) | (564 | ) | 29.6 | % | ||||||||||
| Total Revenues | $ | 17,095 | $ | 14,111 | 21.1 | % | $ | 53,359 | $ | 45,785 | 16.5 | % | ||||||||||
Building Solutions Q4 2024 and FY 2024 revenues increased
Gross Profit
The Company’s consolidated Q4 2024 gross profit increased
| Gross profit (loss) in thousands (Unaudited) | Q42024 | Q42023 | % change | FY2024 | FY2023 | % change | ||||||||||||||||
| Building Solutions | $ | 4,523 | $ | 2,913 | 55.3 | % | $ | 11,276 | $ | 12,154 | (7.2 | )% | ||||||||||
| Building Solutions gross margin | 26.5 | % | 20.6 | % | 5.9 | % | 21.1 | % | 26.5 | % | (5.4 | )% | ||||||||||
| Investments | 118 | 100 | 18.0 | % | 510 | 336 | 51.8 | % | ||||||||||||||
| Intersegment elimination | (193 | ) | (159 | ) | 21.4 | % | (731 | ) | (564 | ) | 29.6 | % | ||||||||||
| Total gross profit | $ | 4,448 | $ | 2,854 | 55.9 | % | $ | 11,055 | $ | 11,926 | (7.3 | )% | ||||||||||
| Total gross margin | 26.0 | % | 20.2 | % | 5.8 | % | 20.7 | % | 26.0 | % | (5.3 | )% | ||||||||||
Building Solutions Q4 2024 gross profit increased faster than revenues at
Operating Expenses
Total operating expenses for Q4 2024 and full year period increased by
Net Income/Loss
Q4 2024 net loss from continuing operations was
FY 2024 net loss from continuing operations was
Non-GAAP adjusted EBITDA
Q4 2024 non-GAAP adjusted EBITDA increased to a gain of
Operating Cash Flow
Q4 2024 cash flow from consolidated operations was an outflow of
Operations Dashboard
| Building Solutions Division | ||||||||||||
| (USD in thousands) | Q1 2024 | Q2 2024(1) | Q3 2024 | Q4 2024 | ||||||||
| Beginning Backlog(2) | $ | 19,796 | $ | 14,806 | $ | 13,957 | $ | 19,567 | ||||
| (+) New Orders | $ | 4,127 | $ | 12,635 | $ | 19,273 | $ | 14,718 | ||||
| (-) Sales | $ | 9,118 | $ | 13,483 | $ | 13,663 | $ | 17,095 | ||||
| Ending Backlog | $ | 14,806 | $ | 13,957 | $ | 19,567 | $ | 17,190 | ||||
(1) Includes the impact of Timber Technologies from date of acquisition on May 17, 2024.
(2) Backlog defined as future revenue under contract (i.e., signed orders).
Share Repurchase Program
On August 7, 2024, the Company’s board of directors authorized a new stock repurchase program under which the Company is authorized to repurchase up to
Enservco Investment
As disclosed in Enservco’s public filings, in the fourth quarter of 2024 Star provided Enservco Corporation (“Enservco”) a notice of default regarding the
Star continues to hold the 9,024,035 shares of Enservco common stock and 3,476,965 shares of
Preferred Stock
In each quarter of 2024, the Company’s Board of Directors (the “Board”) declared and paid a cash dividend of
NOL Carryforward
As of December 31, 2024, Star had
Conference Call Information
A conference call is scheduled for 10:00 a.m. ET (7:00 a.m. PT) on March 20, 2025 to discuss Star’s results and management’s outlook. The call may be accessed by dialing (833)-630-1956 (USA & Canada) or (412) 317-1837 (international), five minutes prior to the scheduled start time and referencing Star. A simultaneous webcast of the call may be accessed online from the Events & Presentations link on the Investor Relations page at starequity.com/events-and-presentations/presentations; an archived replay of the webcast will be available shortly after the conference call concludes.
If you have any questions, either prior to or after our scheduled Earnings Conference call, please e-mail admin@starequity.com or lcati@equityny.com.
Use of Non-GAAP Financial Measures by Star Equity Holdings, Inc.
This release presents the non-GAAP financial measures “adjusted net income (loss),” “adjusted net income (loss) per basic and diluted share,” and “adjusted EBITDA from continuing operations.” The most directly comparable measures for these non-GAAP financial measures are “net income (loss),” “net income (loss) per basic and diluted share,” and “cash flows from operating activities.” The Company has included below unaudited adjusted financial information, which presents the Company’s results of operations after excluding acquired intangible asset amortization, unrealized gain (loss) on equity securities and lumber derivatives, litigation costs, transaction costs, financing costs, and income tax adjustments. Further excluded in the measure of adjusted EBITDA are stock-based compensation, interest, depreciation, and amortization.
A discussion of the reasons why management believes that the presentation of non-GAAP financial measures provides useful information to investors regarding the Company’s financial condition and results of operations is included as Exhibit 99.2 to the Company’s report on Form 8-K filed with the Securities and Exchange Commission on March 20, 2025.
About Star Equity Holdings, Inc.
Star Equity Holdings, Inc. is a diversified holding company with three divisions: Building Solutions, Energy Services, and Investments. Prior to the May 4, 2023 sale of Digirad Health, Star Equity Holdings had three divisions: Healthcare, Building Solutions, and Investments.
Building Solutions
Our Building Solutions division operates in three businesses: (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.
Energy Services
Our 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
Our Investments division manages and finances the Company’s real estate assets as well as its investment positions in private and public companies.
Healthcare
Our Healthcare division, which operated as Digirad Health until the sale of Digirad Health on May 4, 2023, provided products and services in the area of nuclear medical imaging with a focus on cardiac health.
Forward-Looking Statements
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this release that are not statements of historical fact are hereby identified as “forward-looking statements” for the purpose of the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking Statements include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to acquisitions and related integration, development of commercially viable products, novel technologies, and modern applicable services, (ii) projections of income (including income/loss), EBITDA, earnings (including earnings/loss) per share, capital expenditures, cost reductions, capital structure or other financial items, (iii) the future financial performance of the Company or acquisition targets and (iv) the assumptions underlying or relating to any statement described above. Moreover, forward-looking statements necessarily involve assumptions on the Company’s part. These forward-looking statements generally are identified by the words “believe”, “expect”, “anticipate”, “estimate”, “project”, “intend”, “plan”, “should”, “may”, “will”, “would”, “will be”, “will continue” or similar expressions. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described above as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the substantial amount of debt of the Company and the Company’s ability to repay or refinance it or incur additional debt in the future; the Company’s need for a significant amount of cash to service and repay the debt and to pay dividends on the Company’s preferred stock; the restrictions contained in the debt agreements that limit the discretion of management in operating the business; legal, regulatory, political and economic risks in markets and public health crises that reduce economic activity and cause restrictions on operations (including the recent coronavirus COVID-19 outbreak); the length of time associated with servicing customers; losses of significant contracts or failure to get potential contracts being discussed; disruptions in the relationship with third party vendors; accounts receivable turnover; insufficient cash flows and resulting lack of liquidity; the Company's inability to expand the Company's business; unfavorable changes in the extensive governmental legislation and regulations governing healthcare providers and the provision of healthcare services and the competitive impact of such changes (including unfavorable changes to reimbursement policies); high costs of regulatory compliance; the liability and compliance costs regarding environmental regulations; the underlying condition of the technology support industry; the lack of product diversification; development and introduction of new technologies and intense competition in the healthcare industry; existing or increased competition; risks to the price and volatility of the Company’s common stock and preferred stock; stock volatility and in liquidity; risks to preferred stockholders of not receiving dividends and risks to the Company’s ability to pursue growth opportunities if the Company continues to pay dividends according to the terms of the Company’s preferred stock; the Company’s ability to execute on its business strategy (including any cost reduction plans); the Company’s failure to realize expected benefits of restructuring and cost-cutting actions; the Company’s ability to preserve and monetize its net operating losses; risks associated with the Company’s possible pursuit of acquisitions; the Company’s ability to consummate successful acquisitions and execute related integration, as well as factors related to the Company’s business including economic and financial market conditions generally and economic conditions in the Company’s markets; failure to keep pace with evolving technologies and difficulties integrating technologies; system failures; losses of key management personnel and the inability to attract and retain highly qualified management and personnel in the future; and the continued demand for and market acceptance of the Company’s services. For a detailed discussion of cautionary statements and risks that may affect the Company’s future results of operations and financial results, please refer to the Company’s filings with the Securities and Exchange Commission, including, but not limited to, the risk factors in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. This release reflects management’s views as of the date presented.
All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
| For more information contact: | ||
| Star Equity Holdings, Inc. | The Equity Group | |
| Rick Coleman | Lena Cati | |
| Chief Executive Officer | Senior Vice President | |
| 203-489-9508 | 212-836-9611 | |
| admin@starequity.com | lcati@equityny.com |
(Financial tables follow)
| Star Equity Holdings, Inc. Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except for per share amounts) | ||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues: | ||||||||||||||||
| Building Solutions** | $ | 17,095 | $ | 14,111 | $ | 53,359 | $ | 45,785 | ||||||||
| Investments | — | — | — | — | ||||||||||||
| Total revenues | 17,095 | 14,111 | 53,359 | 45,785 | ||||||||||||
| Cost of revenues: | ||||||||||||||||
| Building Solutions ** | 12,572 | 11,198 | 42,083 | 33,631 | ||||||||||||
| Investments | 75 | 59 | 221 | 228 | ||||||||||||
| Total cost of revenues | 12,647 | 11,257 | 42,304 | 33,859 | ||||||||||||
| Gross profit | 4,448 | 2,854 | 11,055 | 11,926 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general and administrative | 4,229 | 3,211 | 16,991 | 14,538 | ||||||||||||
| Amortization of intangible assets | 723 | 444 | 2,479 | 1,734 | ||||||||||||
| Total operating expenses | 4,952 | 3,655 | 19,470 | 16,272 | ||||||||||||
| Income (loss) from continuing operations | (504 | ) | (801 | ) | (8,415 | ) | (4,346 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Other income (expense), net | (1,665 | ) | 1,358 | (2,393 | ) | 852 | ||||||||||
| Interest income (expense), net | (3 | ) | 404 | 633 | 973 | |||||||||||
| Total other (expense) income, net | (1,668 | ) | 1,762 | (1,760 | ) | 1,825 | ||||||||||
| Income (loss) from continuing operations before income taxes | (2,172 | ) | 961 | (10,175 | ) | (2,521 | ) | |||||||||
| Income tax benefit (provision) | (285 | ) | 847 | (263 | ) | 614 | ||||||||||
| Income (loss) from continuing operations, net of tax | (2,457 | ) | 1,808 | (10,438 | ) | (1,907 | ) | |||||||||
| Income (loss) from discontinued operations, net of tax | — | (80 | ) | — | 27,039 | |||||||||||
| Net income (loss) | (2,457 | ) | 1,728 | (10,438 | ) | 25,132 | ||||||||||
| Dividend on Series A cumulative perpetual preferred stock | (541 | ) | (479 | ) | (2,040 | ) | (1,916 | ) | ||||||||
| Net income (loss) attributable to common shareholders | $ | (2,998 | ) | $ | 1,249 | $ | (12,478 | ) | $ | 23,216 | ||||||
| Net income (loss) per share | ||||||||||||||||
| Net income (loss) per share, continuing operations | ||||||||||||||||
| Basic and diluted* | $ | (0.77 | ) | $ | 0.58 | $ | (3.32 | ) | $ | (0.61 | ) | |||||
| Net income (loss) per share, discontinued operations | ||||||||||||||||
| Basic and diluted* | $ | — | $ | (0.03 | ) | $ | — | $ | 8.64 | |||||||
| Net income (loss) per share | ||||||||||||||||
| Basic and diluted* | $ | (0.77 | ) | $ | 0.55 | $ | (3.32 | ) | $ | 8.03 | ||||||
| Net income (loss) per share, attributable to common shareholders | ||||||||||||||||
| Basic and diluted* | $ | (0.94 | ) | $ | 0.40 | $ | (3.97 | ) | $ | 7.42 | ||||||
| Weighted-average common shares outstanding*** | ||||||||||||||||
| Basic and diluted* | 3,199 | 3,128 | 3,145 | 3,129 | ||||||||||||
| Dividends declared per share of Series A perpetual preferred stock | 0.25 | 0.25 | 1.00 | 1.00 | ||||||||||||
*Earnings per share may not add due to rounding
**Formerly known as Construction
***All share amounts reflect 1 for 5 reverse stock split effective June 14, 2024, retroactively.
| Star Equity Holdings, Inc. Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share amounts and par value) | ||||||||
| December 31, 2024 | December 31, 2023 | |||||||
| Assets: | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 4,003 | $ | 18,326 | ||||
| Restricted cash | 1,628 | 620 | ||||||
| Investment in Equity securities | 3,368 | 4,838 | ||||||
| Lumber derivative contracts | — | 19 | ||||||
| Accounts receivable, net | 8,048 | 6,004 | ||||||
| Note receivable, current portion | 335 | 399 | ||||||
| Inventories, net | 5,397 | 3,420 | ||||||
| Other current assets | 1,635 | 1,180 | ||||||
| Total current assets | 24,414 | 34,806 | ||||||
| Property and equipment, net | 10,207 | 7,828 | ||||||
| Operating lease right-of-use assets, net | 8,289 | 1,470 | ||||||
| Intangible assets, net | 18,930 | 12,518 | ||||||
| Goodwill | 8,453 | 4,438 | ||||||
| Long term investments | 2,140 | 6,000 | ||||||
| Notes receivable | 8,876 | 8,427 | ||||||
| Other assets | 1,739 | 9 | ||||||
| Total assets | $ | 83,048 | $ | 75,496 | ||||
| Liabilities and Stockholders’ Equity: | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,603 | $ | 1,571 | ||||
| Accrued liabilities | 1,974 | 1,506 | ||||||
| Accrued compensation | 1,141 | 1,772 | ||||||
| Accrued warranty | 49 | 44 | ||||||
| Lumber derivative contracts | 7 | — | ||||||
| Deferred revenue | 2,523 | 1,377 | ||||||
| Short-term debt | 3,911 | 2,019 | ||||||
| Operating lease liabilities | 241 | 403 | ||||||
| Finance lease liabilities | 21 | 42 | ||||||
| Total current liabilities | 12,470 | 8,734 | ||||||
| Long-term debt, net of current portion | 7,405 | — | ||||||
| Deferred tax liabilities | 334 | 318 | ||||||
| Operating lease liabilities, net of current portion | 8,483 | 1,102 | ||||||
| Finance lease obligation, net of current portion | 20 | 43 | ||||||
| Total liabilities | 28,712 | 10,197 | ||||||
| Commitments and contingencies (Note 9) | ||||||||
| Stockholders’ Equity: | ||||||||
| Preferred stock, | 18,988 | 18,988 | ||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 2 | 2 | ||||||
| Treasury stock, at cost; 125,625 and 51,770 shares at December 31, 2024 and 2023, respectively | (6,007 | ) | (5,728 | ) | ||||
| Additional paid-in capital | 159,880 | 160,126 | ||||||
| Accumulated deficit | (118,527 | ) | (108,089 | ) | ||||
| Total stockholders’ equity | $ | 54,336 | 65,299 | |||||
| Total liabilities and stockholders’ equity | $ | 83,048 | $ | 75,496 | ||||
| Star Equity Holdings, Inc. Reconciliation of Non-GAAP Financial Measures (Unaudited) (In thousands, except per share amounts) | ||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net income (loss) from continuing operations | $ | (2,457 | ) | $ | 1,808 | $ | (10,438 | ) | $ | (1,907 | ) | |||||
| Acquired intangible amortization | 723 | 444 | 2,479 | 1,734 | ||||||||||||
| Unrealized (gain) loss on equity securities(1) | (119 | ) | (109 | ) | 177 | (85 | ) | |||||||||
| Unrealized (gain) loss on derivatives(2) | 6 | (113 | ) | 25 | (123 | ) | ||||||||||
| Litigation costs | 1 | — | 152 | — | ||||||||||||
| Stock-based compensation | 53 | 60 | 239 | 339 | ||||||||||||
| Bargain purchase gain(3) | — | (1,170 | ) | — | (1,170 | ) | ||||||||||
| One time credits | — | (576 | ) | — | (576 | ) | ||||||||||
| (Gain) Loss on sale of asset | 18 | — | 18 | (386 | ) | |||||||||||
| Transaction costs related to sale(4) | 2 | 80 | 95 | 1,361 | ||||||||||||
| Transaction costs related to mergers and acquisitions(5) | 249 | 86 | 1,011 | 103 | ||||||||||||
| Purchase accounting adjustment(6) | — | — | 786 | — | ||||||||||||
| Impairment of cost method investment | 529 | — | 4,615 | — | ||||||||||||
| (Gain) loss on equity method investment | 1,229 | — | 1,850 | — | ||||||||||||
| Gains on sale and leaseback transactions | — | — | (3,755 | ) | — | |||||||||||
| Write off of lease liabilities | (31 | ) | — | (105 | ) | 240 | ||||||||||
| Financing cost(7) | 7 | 8 | 35 | 159 | ||||||||||||
| Income tax expense | 285 | (847 | ) | 263 | (614 | ) | ||||||||||
| Non-GAAP adjusted net income (loss) from continuing operations | $ | 495 | $ | (329 | ) | $ | (2,553 | ) | $ | (925 | ) | |||||
| Net income (loss) per basic share from continuing operations | $ | (0.77 | ) | $ | 0.58 | $ | (3.32 | ) | $ | (0.61 | ) | |||||
| Acquired intangible amortization | 0.23 | 0.14 | 0.79 | 0.55 | ||||||||||||
| Unrealized (gain) loss on equity securities(1) | (0.04 | ) | (0.03 | ) | 0.06 | (0.03 | ) | |||||||||
| Unrealized (gain) loss on derivatives(2) | — | (0.04 | ) | 0.01 | (0.04 | ) | ||||||||||
| Litigation costs | — | — | 0.05 | — | ||||||||||||
| Stock-based compensation | 0.02 | 0.02 | 0.08 | 0.11 | ||||||||||||
| Bargain purchase gain(3) | — | (0.37 | ) | — | (0.37 | ) | ||||||||||
| One time credits | — | (0.18 | ) | — | (0.18 | ) | ||||||||||
| (Gain) Loss on sale of asset | 0.01 | — | 0.01 | (0.12 | ) | |||||||||||
| Transaction costs related to sale(4) | — | 0.03 | 0.03 | 0.43 | ||||||||||||
| Transaction costs related to mergers and acquisitions(5) | 0.08 | 0.03 | 0.32 | 0.03 | ||||||||||||
| Purchase accounting adjustment(6) | — | — | 0.25 | — | ||||||||||||
| Impairment of cost method investment | 0.17 | — | 1.47 | — | ||||||||||||
| (Gain) loss on equity method investment | 0.38 | — | 0.59 | — | ||||||||||||
| Gains on sale and leaseback transactions | — | — | (1.19 | ) | — | |||||||||||
| Write off of lease liabilities | (0.01 | ) | — | (0.03 | ) | 0.08 | ||||||||||
| Financing cost(7) | — | — | 0.01 | 0.05 | ||||||||||||
| Income tax expense | 0.09 | (0.27 | ) | 0.08 | (0.20 | ) | ||||||||||
| Non-GAAP adjusted net income (loss) per basic and diluted share from continuing operations(8) | $ | 0.15 | $ | (0.11 | ) | $ | (0.81 | ) | $ | (0.30 | ) | |||||
(1) Reflects adjustments for any unrealized gains or losses on equity securities.
(2) Reflects adjustments for any unrealized gains or losses in lumber derivatives value.
(3) Reflects the bargain purchase gain related to the acquisition of Big Lake Lumber.
(4) Reflects one time transaction costs related to the sale of the Healthcare Division
(5) Reflects one time transaction costs related to potential mergers and acquisitions.
(6) Reflects purchase accounting adjustments related to the fair value of TT inventory and BLL earn-out that impacted net income.
(7) Reflects financing costs from our credit facilities.
(8) Per share amounts are computed independently for each discrete item presented. Therefore, the sum of the quarterly per share amounts will not necessarily equate to the total for the year, and the sum of individual items may not equal the total.
| Star Equity Holdings, Inc. Reconciliation of Non-GAAP Financial Measures (Unaudited) (In thousands) | ||||||||||||||||
| For the Three Months Ended December 31,2024 | Building Solutions | Investments | Star Equity Corporate | Total | ||||||||||||
| Net income (loss) from continuing operations | $ | 1,089 | $ | (1,564 | ) | $ | (1,982 | ) | $ | (2,457 | ) | |||||
| Depreciation and amortization | 1,000 | 75 | 9 | 1,084 | ||||||||||||
| Interest (income) expense | 166 | (151 | ) | (12 | ) | 3 | ||||||||||
| Income tax expense | — | — | 285 | 285 | ||||||||||||
| EBITDA from continuing operations | 2,255 | (1,640 | ) | (1,700 | ) | (1,085 | ) | |||||||||
| Unrealized (gain) loss on equity securities(1) | — | (119 | ) | — | (119 | ) | ||||||||||
| Unrealized (gain) loss on lumber derivatives(2) | 6 | — | — | 6 | ||||||||||||
| Interest income(3) | — | 217 | — | 217 | ||||||||||||
| Litigation costs | — | — | 1 | 1 | ||||||||||||
| Stock-based compensation | 10 | — | 43 | 53 | ||||||||||||
| Loss (Gain) on sale of assets | 18 | — | — | 18 | ||||||||||||
| Transaction costs related to sale(4) | — | — | 2 | 2 | ||||||||||||
| Transaction costs related to mergers and acquisitions(5) | — | — | 249 | 249 | ||||||||||||
| Purchase accounting adjustments(6) | — | — | — | — | ||||||||||||
| Impairment of cost method investment | — | 529 | — | 529 | ||||||||||||
| (Gain) loss on equity method investment | — | 1,229 | — | 1,229 | ||||||||||||
| Gains on sale and leaseback transactions | — | — | — | — | ||||||||||||
| Write off of lease liabilities | (31 | ) | — | — | (31 | ) | ||||||||||
| Financing costs(7) | 2 | — | 5 | 7 | ||||||||||||
| Non-GAAP adjusted EBITDA from continuing operations | $ | 2,260 | $ | 216 | $ | (1,400 | ) | $ | 1,076 | |||||||
| For the Three Months Ended December 31,2023 | Building Solutions | Investments | Star Equity Corporate | Total | ||||||||||||
| Net income (loss) from continuing operations | $ | 771 | $ | 1,246 | $ | (209 | ) | $ | 1,808 | |||||||
| Depreciation and amortization | 540 | 59 | 8 | 607 | ||||||||||||
| Interest (income) expense | 33 | (191 | ) | (246 | ) | (404 | ) | |||||||||
| Income tax (benefit) expense | (290 | ) | — | (557 | ) | (847 | ) | |||||||||
| EBITDA from continuing operations | 1,054 | 1,114 | (1,004 | ) | 1,164 | |||||||||||
| Unrealized (gain) loss on equity securities(1) | — | (109 | ) | — | (109 | ) | ||||||||||
| Unrealized (gain) loss on lumber derivatives(2) | (113 | ) | — | — | (113 | ) | ||||||||||
| Interest income(3) | — | 444 | — | 444 | ||||||||||||
| Stock based compensation | 14 | — | 46 | 60 | ||||||||||||
| Transaction costs related to sale(4) | — | — | 80 | 80 | ||||||||||||
| Transaction costs related to mergers and acquisitions(5) | 65 | — | 21 | 86 | ||||||||||||
| One time credits | (576 | ) | (576 | ) | ||||||||||||
| Financing Cost(7) | 8 | — | — | 8 | ||||||||||||
| Bargain purchase gain(8) | (345 | ) | (825 | ) | — | (1,170 | ) | |||||||||
| Non-GAAP adjusted EBITDA from continuing operations | $ | 683 | $ | 624 | $ | (1,433 | ) | $ | (126 | ) | ||||||
| For the Twelve Months Ended December 31,2024 | Building Solutions | Investments | Star Equity Corporate | Total | ||||||||||||
| Net income (loss) from continuing operations | $ | (1,578 | ) | $ | (1,797 | ) | $ | (7,063 | ) | $ | (10,438 | ) | ||||
| Depreciation and amortization | 3,338 | 221 | 43 | 3,602 | ||||||||||||
| Interest (income) expense | 504 | (716 | ) | (421 | ) | (633 | ) | |||||||||
| Income tax expense | — | — | 263 | 263 | ||||||||||||
| EBITDA from continuing operations | 2,264 | (2,292 | ) | (7,178 | ) | (7,206 | ) | |||||||||
| Unrealized (gain) loss on equity securities(1) | — | 177 | — | 177 | ||||||||||||
| Unrealized (gain) loss on lumber derivatives(2) | 25 | — | — | 25 | ||||||||||||
| Interest income(3) | — | 1,251 | — | 1,251 | ||||||||||||
| Litigation costs | — | — | 152 | 152 | ||||||||||||
| Stock-based compensation | 39 | — | 200 | 239 | ||||||||||||
| Loss (Gain) on sale of assets | 18 | — | — | 18 | ||||||||||||
| Healthcare (Gain) Loss | — | — | — | — | ||||||||||||
| Transaction costs related to sale(4) | — | — | 95 | 95 | ||||||||||||
| Transaction costs related to mergers and acquisitions(5) | — | — | 1,011 | 1,011 | ||||||||||||
| Purchase accounting adjustments(6) | 786 | — | — | 786 | ||||||||||||
| Impairment of cost method investment | — | 4,615 | — | 4,615 | ||||||||||||
| (Gain) loss on equity method investment | — | 1,850 | — | 1,850 | ||||||||||||
| Gains on sale and leaseback transactions | — | (3,755 | ) | — | (3,755 | ) | ||||||||||
| Write off of lease liabilities | (105 | ) | — | — | (105 | ) | ||||||||||
| Financing costs(7) | 24 | — | 11 | 35 | ||||||||||||
| Non-GAAP adjusted EBITDA from continuing operations | $ | 3,051 | $ | 1,846 | $ | (5,709 | ) | $ | (812 | ) | ||||||
| For the Twelve Months Ended December 31,2023 | Building Solutions | Investments | Star Equity Corporate | Total | ||||||||||||
| Net income (loss) from continuing operations | $ | 2,517 | $ | 1,424 | $ | (5,848 | ) | $ | (1,907 | ) | ||||||
| Depreciation and amortization | 2,070 | 227 | 29 | 2,326 | ||||||||||||
| Interest (income) expense | 84 | (466 | ) | (591 | ) | (973 | ) | |||||||||
| Income tax expense | (288 | ) | — | (326 | ) | (614 | ) | |||||||||
| EBITDA from continuing operations | 4,383 | 1,185 | (6,736 | ) | (1,168 | ) | ||||||||||
| Unrealized (gain) loss on equity securities(1) | — | (85 | ) | — | (85 | ) | ||||||||||
| Unrealized (gain) loss on lumber derivatives(2) | (123 | ) | — | — | (123 | ) | ||||||||||
| Interest income(3) | — | 1,130 | — | 1,130 | ||||||||||||
| Restructuring costs | — | — | — | — | ||||||||||||
| Stock-based compensation | 32 | — | 307 | 339 | ||||||||||||
| Transaction costs related to sale(4) | — | — | 1,361 | 1,361 | ||||||||||||
| Transaction costs related to mergers and acquisitions(5) | 65 | — | 38 | 103 | ||||||||||||
| Loss (Gain) on sale of assets | — | (386 | ) | — | (386 | ) | ||||||||||
| One time credits | — | — | (576 | ) | (576 | ) | ||||||||||
| Write off of lease liabilities | 240 | — | — | 240 | ||||||||||||
| Financing costs(7) | 142 | 17 | — | 159 | ||||||||||||
| Bargain purchase gain(8) | (345 | ) | (825 | ) | — | (1,170 | ) | |||||||||
| Non-GAAP adjusted EBITDA from continuing operations | $ | 4,394 | $ | 1,036 | $ | (5,606 | ) | $ | (176 | ) | ||||||
(1) Reflects adjustments for any unrealized gains or losses on equity securities.
(2) Reflects adjustments for any unrealized gains or losses in lumber derivatives value.
(3) We allocate all corporate interest income to the Investments Division.
(4) Reflects one time transaction costs related to the sale of the Healthcare Division.
(5) Reflects one time transaction costs related to potential mergers and acquisitions.
(6) Reflects purchase accounting adjustments related to the fair value of TT inventory and BLL earn-out that impacted net income.
(7) Reflects financing costs from our credit facilities.
(8) Reflects the bargain purchase gain related to the acquisition of Big Lake Lumber.
| Star Equity Holdings, Inc. Supplemental Debt Information (Unaudited) | ||||||||||||
| A summary of the Company’s credit facilities and related party notes are as follows (dollars in thousands): | ||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||
| Amount | Weighted-Average Interest Rate | Amount | Weighted-Average Interest Rate | |||||||||
| Revolving Credit Facility - Premier EBGL | $ | 2,156 | 8.75 | % | $ | 2,019 | 9.25 | % | ||||
| Revolving Credit Facility - KeyBank KBS | — | — | % | — | — | % | ||||||
| Total Short-Term Revolving Credit Facilities | 2,156 | 8.75 | % | 2,019 | 9.25 | % | ||||||
| Bridgewater - TT Term Loan | 1,400 | 7.85 | % | — | — | % | ||||||
| Term Loan Secured by Mortgage | 355 | 7.50 | % | — | — | % | ||||||
| Total Short-Term Debt | $ | 3,911 | 8.30 | % | $ | 2,019 | 9.25 | % | ||||
| Bridgewater - TT Term Loan, net of current portion | $ | 4,780 | 7.85 | % | $ | — | — | % | ||||
| Term Loan Secured by Mortgage, net of current portion | 2,625 | 7.50 | % | — | — | % | ||||||
| Long-Term Debt, net of current portion | $ | 7,405 | 7.73 | % | $ | — | — | % | ||||
| Total Debt | $ | 11,316 | 7.93 | % | $ | 2,019 | 9.25 | % | ||||
| Star Equity Holdings, Inc. Supplemental Segment Information (Unaudited) (In thousands) | ||||||||||||||||
| Building Solutions | Investments | Corporate and Intersegment eliminations | Total | |||||||||||||
| For the Three Months Ended December 31,2024 | ||||||||||||||||
| Revenues | $ | 17,095 | $ | 193 | $ | (193 | ) | $ | 17,095 | |||||||
| Cost of revenues | 12,572 | 75 | — | 12,647 | ||||||||||||
| Gross profit | 4,523 | 118 | (193 | ) | 4,448 | |||||||||||
| Selling, general and administrative | 2,581 | 52 | 1,596 | 4,229 | ||||||||||||
| Amortization of intangible assets | 723 | — | — | 723 | ||||||||||||
| Income (loss) from continuing operations | $ | 1,219 | $ | 66 | $ | (1,789 | ) | $ | (504 | ) | ||||||
| EBITDA | $ | 2,255 | $ | (1,640 | ) | $ | (1,700 | ) | $ | (1,085 | ) | |||||
| Depreciation and amortization | (1,000 | ) | (75 | ) | (9 | ) | (1,084 | ) | ||||||||
| Interest income (expense), net | (166 | ) | 151 | 12 | (3 | ) | ||||||||||
| Income tax benefit (provision) | — | — | (285 | ) | (285 | ) | ||||||||||
| Income (loss) from continuing operations, net of tax | $ | 1,089 | $ | (1,564 | ) | $ | (1,982 | ) | $ | (2,457 | ) | |||||
| Building Solutions | Investments | Corporate and Intersegment eliminations | Total | |||||||||||||
| For the Three Months Ended December 31,2023 | ||||||||||||||||
| Revenues | $ | 14,111 | $ | 159 | $ | (159 | ) | $ | 14,111 | |||||||
| Cost of revenues | 11,198 | 59 | — | 11,257 | ||||||||||||
| Gross profit | 2,913 | 100 | (159 | ) | 2,854 | |||||||||||
| Selling, general and administrative | 2,334 | 26 | 851 | 3,211 | ||||||||||||
| Amortization of intangible assets | 444 | — | — | 444 | ||||||||||||
| Income (loss) from continuing operations | $ | 135 | $ | 74 | $ | (1,010 | ) | $ | (801 | ) | ||||||
| EBITDA | $ | 1,054 | $ | 1,114 | $ | (1,004 | ) | $ | 1,164 | |||||||
| Depreciation and amortization | (540 | ) | (59 | ) | (8 | ) | (607 | ) | ||||||||
| Interest income (expense), net | (33 | ) | 191 | 246 | 404 | |||||||||||
| Income tax benefit (provision) | 290 | — | 557 | 847 | ||||||||||||
| Income (loss) from continuing operations, net of tax | $ | 771 | $ | 1,246 | $ | (209 | ) | $ | 1,808 | |||||||
| Star Equity Holdings, Inc. Supplemental Segment Information (Unaudited) (In thousands) | ||||||||||||||||
| Building Solutions | Investments | Corporate and Intersegment eliminations | Total | |||||||||||||
| For the Twelve Months Ended December 31,2024 | ||||||||||||||||
| Revenues | $ | 53,359 | $ | 731 | $ | (731 | ) | $ | 53,359 | |||||||
| Cost of revenues | 42,083 | 221 | — | 42,304 | ||||||||||||
| Gross profit | 11,276 | 510 | (731 | ) | 11,055 | |||||||||||
| Selling, general and administrative | 9,896 | 250 | 6,845 | 16,991 | ||||||||||||
| Amortization of intangible assets | 2,479 | — | — | 2,479 | ||||||||||||
| Income (loss) from continuing operations | $ | (1,099 | ) | $ | 260 | $ | (7,576 | ) | $ | (8,415 | ) | |||||
| EBITDA | $ | 2,264 | $ | (2,292 | ) | $ | (7,178 | ) | $ | (7,206 | ) | |||||
| Depreciation and amortization | (3,338 | ) | (221 | ) | (43 | ) | (3,602 | ) | ||||||||
| Interest income (expense), net | (504 | ) | 716 | 421 | 633 | |||||||||||
| Income tax benefit (provision) | — | — | (263 | ) | (263 | ) | ||||||||||
| Income (loss) from continuing operations, net of tax | $ | (1,578 | ) | $ | (1,797 | ) | $ | (7,063 | ) | $ | (10,438 | ) | ||||
| Building Solutions | Investments | Corporate and Intersegment eliminations | Total | |||||||||||||
| For the Twelve Months Ended December 31,2023 | ||||||||||||||||
| Revenues | $ | 45,785 | $ | 564 | $ | (564 | ) | $ | 45,785 | |||||||
| Cost of revenues | 33,631 | 228 | — | 33,859 | ||||||||||||
| Gross profit | 12,154 | 336 | (564 | ) | 11,926 | |||||||||||
| Selling, general and administrative | 8,325 | 789 | 5,424 | 14,538 | ||||||||||||
| Amortization of intangible assets | 1,734 | — | — | 1,734 | ||||||||||||
| Income (loss) from continuing operations | $ | 2,095 | $ | (453 | ) | $ | (5,988 | ) | $ | (4,346 | ) | |||||
| EBITDA | $ | 4,383 | $ | 1,185 | $ | (6,736 | ) | $ | (1,168 | ) | ||||||
| Depreciation and amortization | (2,070 | ) | (227 | ) | (29 | ) | (2,326 | ) | ||||||||
| Interest income (expense), net | (84 | ) | 466 | 591 | 973 | |||||||||||
| Income tax benefit (provision) | 288 | — | 326 | 614 | ||||||||||||
| Income (loss) from continuing operations, net of tax | $ | 2,517 | $ | 1,424 | $ | (5,848 | ) | $ | (1,907 | ) | ||||||
FAQ
What were Star Equity's (STRR) Q4 2024 revenue and profit numbers?
How much debt does Star Equity (STRR) have as of December 31, 2024?
What is Star Equity's (STRR) Building Solutions backlog value?
How much cash does Star Equity (STRR) have available?
What is the status of Star Equity's (STRR) share repurchase program?
