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Star Equity (STRR) investor relations material
Star Equity Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary13 Aug, 2025
Executive summary
Q2 2025 revenue rose 76% year-over-year to $23.7 million, driven by organic growth in Building Solutions and acquisitions of Alliance Drilling Tools (ADT) and Timber Technologies (TT).
Gross margin improved to 26.4% from 16.4% year-over-year, reflecting higher revenues and the addition of higher-margin businesses.
Net income from operations was $3.5 million, reversing a $3.8 million loss in Q2 2024, aided by a $5.5 million realized gain on investment sales.
Non-GAAP adjusted net income reached $6 million, or $1.87 per share, versus an adjusted net loss of $0.9 million last year.
A definitive merger agreement with Hudson Global was signed, with a shareholder vote scheduled for August 21, 2025.
Financial highlights
Gross profit increased 182% to $6.3 million year-over-year, with gross margin at 26.4%.
SG&A rose by 20%, mainly due to M&A activity and new acquisitions, but as a percentage of revenue, it fell to 27%.
Non-GAAP adjusted EBITDA was $7 million, up from a $0.5 million loss, primarily due to realized gains in the Investments division.
Cash flow from operations for Q2 2025 was an outflow of $1.7 million, improved from $1.9 million outflow in Q2 2024.
Cash and cash equivalents at quarter-end were $1.9 million, with total debt of $14.3 million.
Outlook and guidance
Building Solutions backlog stood at $25.7 million, up from $14 million year-over-year, supporting a strong outlook for 2025 and into 2026.
Management expects Building Solutions and Energy Services performance to be at least flat with Q2 in the coming quarters.
The Hudson Global merger is expected to deliver value through scale, diversification, and $2 million in cost synergies within a year.
Optimism is supported by customer feedback, ongoing contract conversions, and a robust sales pipeline.
Energy Services outlook is tied to oil and gas prices and drilling activity; U.S. rig count was down 4% year-over-year as of June 2025.
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Frequently asked questions
Star Equity Holdings Inc. is a diversified holding company with operations in healthcare, construction, and real estate. The company operates through three primary segments: Healthcare, which provides diagnostic imaging and related services; Construction, offering modular housing and commercial building solutions; and Investments, which focuses on real estate and other financial assets. The company is headquartered in Suwanee, Georgia, and its shares are listed on the NASDAQ Stock Exchange.
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