$STRRP

Star Equity Holdings, Inc.

CIK:0001210708|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 54,941	$ 35,541	$ 105,002	$ 67,407
Cost of revenues:
Total cost of revenues	32,146	16,906	61,652	32,374
Gross profit	22,795	18,635	43,350	35,033
Operating expenses:
Salaries and related	17,967	14,837	36,707	29,182
Office and general	4,873	2,793	9,470	5,357
Marketing and promotion	1,001	971	1,923	1,901
Depreciation and amortization	324	245	635	528
Total operating expenses	24,165	18,846	48,735	36,968
Operating loss	(1,370)	(211)	(5,385)	(1,935)
Non-operating income (expense):
Interest income (expense), net	0	54	(13)	125
Other (expense) income, net	(208)	(186)	(239)	(257)
Loss before income taxes	(1,578)	(343)	(5,637)	(2,067)
Provision for income taxes	270	345	4	377
Net loss	(1,848)	(688)	(5,641)	(2,444)
Dividend on Series A Perpetual preferred stock	(603)	0	(1,195)	0
Net loss attributable to common shareholders	$ (2,451)	$ (688)	$ (6,836)	$ (2,444)
Loss per share:
Basic (in dollars per share)	$ (0.50)	$ (0.23)	$ (1.51)	$ (0.82)
Diluted (in dollars per share)	(0.50)	(0.23)	(1.51)	(0.82)
Loss per share attributable to common shareholders:
Basic (in dollars per share)	(0.66)	(0.23)	(1.84)	(0.82)
Diluted (in dollars per share)	$ (0.66)	$ (0.23)	$ (1.84)	$ (0.82)
Weighted-average shares outstanding:
Basic (in shares)	3,704	2,995	3,724	2,990
Diluted (in shares)	3,704	2,995	3,724	2,990
Dividends declared per share of Series A perpetual preferred stock (in dollars per share)	$ 0.25	$ 0	$ 0.50	$ 0
Building Solutions
Revenues:
Total revenues	$ 14,612	$ 0	$ 26,210	$ 0
Cost of revenues:
Total cost of revenues	11,454	0	21,411	0
Business Services
Revenues:
Total revenues	36,385	35,541	71,390	67,407
Cost of revenues:
Total cost of revenues	18,570	16,906	36,129	32,374
Energy Services
Revenues:
Total revenues	3,944	0	7,402	0
Cost of revenues:
Total cost of revenues	2,048	0	3,963	0
Investments
Revenues:
Total revenues	0	0	0	0
Cost of revenues:
Total cost of revenues	$ 74	$ 0	$ 149	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (5,641)	$ (2,444)
Adjustments to reconcile net loss to net cash used by operating activities:
Total depreciation and amortization	1,876	528
Provision for expected credit losses	209	19
Benefit from deferred income taxes	(494)	(166)
Stock-based compensation	1,191	629
Non-cash interest income	(468)	0
Gain on sale-leaseback of real estate	(37)	0
Realized gain on sale of investments	(496)	0
Unrealized loss on equity securities	376	0
Gross profit from sale of lost-in-hole equipment	(364)	0
Changes in operating assets and liabilities, net of effect of dispositions:
Accounts receivable	262	(2,340)
Inventories	34	0
Prepaid and other assets	1,409	332
Deferred revenue	(54)	0
Accounts payable, accrued expenses, and other liabilities	(925)	2,779
Net cash used in operating activities	(3,122)	(663)
Cash flows from investing activities:
Capital expenditures	(2,798)	(43)
Proceeds from Sale of Other Real Estate	3,211	0
Proceeds from sale of lost-in-hole equipment	394	0
Proceeds from sale of other property, plant, and equipment	30	0
Purchases of equity securities	(1,591)	0
Proceeds from sales of equity securities	1,138	0
Repayment of note receivable	169	0
Net cash provided by (used in) investing activities	553	(43)
Cash flows from financing activities:
Proceeds from borrowings	22,999	0
Repayment of debt	(23,529)	0
Net borrowings under invoice finance credit facility	44	0
Preferred stock dividends paid	(1,195)	0
Proceeds from issuance of preferred stock	790	0
Purchase of treasury stock (including payment of tax withholdings)	(869)	0
Cash paid for net settlement of employee restricted stock units	(22)	(31)
Net cash used in financing activities	(1,782)	(31)
Effect of exchange rates on cash, cash equivalents, and restricted cash	(134)	593
Net decrease in cash, cash equivalents, and restricted cash	(4,485)	(144)
Cash, cash equivalents, and restricted cash, beginning of the period	13,410	17,667
Cash, cash equivalents, and restricted cash, end of the period	8,925	17,523
Supplemental disclosures of cash flow information:
Cash paid during the period for interest	519	0
Cash received during the period for interest	38	97
Net cash payments during the period for income taxes	581	543
Cash paid for amounts included in operating lease liabilities	1,077	402
Supplemental non-cash disclosures:
Right-of-use assets obtained in exchange for operating lease liabilities	$ 2,494	$ 361

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 6,834	$ 10,269
Restricted cash, current	1,540	1,819
Investments in equity securities	4,262	3,767
Accounts receivable, less allowance for expected credit losses of $289 and $275, respectively	34,940	35,220
Inventories, net	6,954	6,988
Note receivable, current portion	236	256
Prepaid and other	3,059	4,168
Total current assets	57,825	62,487
Property and equipment, net of accumulated depreciation of $7,632 and $6,367, respectively	16,598	18,610
Operating lease right-of-use assets	13,718	11,675
Goodwill	5,899	5,944
Intangible assets, net of accumulated amortization of $5,117 and $4,795, respectively	1,355	1,688
Long-term investments	953	953
Notes receivable, net of current portion	8,948	8,629
Deferred tax assets, net	2,374	1,911
Restricted cash, non-current	551	1,322
Other assets	15	12
Total assets	108,236	113,231
Current liabilities:
Accounts payable	5,352	4,769
Accrued salaries, commissions, and benefits	7,734	7,526
Accrued expenses and other current liabilities	5,237	6,907
Short-term debt	8,962	8,473
Deferred revenue	1,442	1,496
Operating and finance lease obligations, current	729	655
Total current liabilities	29,456	29,826
Income tax payable	101	99
Operating lease obligations	13,383	11,235
Long-term debt, net of current portion	5,123	6,056
Other liabilities	376	308
Total liabilities	48,439	47,524
Commitments and contingencies
Stockholders’ equity:
Series A preferred stock, $0.001 par value; 10,000 shares authorized: 2,776 and 2,691 shares issued; 2,455 and 2,370 shares outstanding, respectively	3	3
Common stock, $0.001 par value, 20,000 shares authorized; 5,398 and 5,366 shares issued; 3,699 and 3,755 shares outstanding, respectively	5	5
Additional paid-in capital	530,922	530,136
Accumulated deficit	(441,575)	(435,934)
Accumulated other comprehensive loss, net of applicable tax	(1,528)	(1,364)
Treasury stock, at cost: 1,699 and 1,611 common shares, respectively, and 321 preferred shares for both periods	(28,030)	(27,139)
Total stockholders’ equity	59,797	65,707
Total liabilities and stockholders’ equity	$ 108,236	$ 113,231