Financial Data and Key Metrics Changes - In Q2 2025, revenue increased by 76% compared to 2024, primarily driven by organic growth from the KBS business and the inclusion of Alliance Drilling Tools and Timber Technologies [5][6] - Gross margin improved to 26% from 16% in the same quarter last year, attributed to higher revenues and the inclusion of higher margin businesses [5] - Net income from operations was $3,500,000 in Q2 2025, compared to a net loss of $3,800,000 in Q2 2024 [10] - Non-GAAP adjusted net income was $6,000,000 or $1.87 per share, compared to an adjusted net loss of $900,000 or $0.29 per share in 2024 [10] - Non-GAAP adjusted EBITDA was $7,000,000 in Q2 2025, compared to an adjusted EBITDA loss of $500,000 in the same period last year [10] Business Line Data and Key Metrics Changes - Building Solutions division revenues increased by 51% to $20,400,000 compared to $13,500,000 in the same quarter last year, driven by increased KBS revenues and Timber Technologies [6] - Energy Services division generated $3,300,000 in revenue, with non-GAAP adjusted EBITDA of $500,000 [7] Market Data and Key Metrics Changes - Building Solutions backlog was strong at $25,700,000 at quarter end, compared to $14,000,000 at the end of 2024, indicating high confidence in the division's outlook [6] - The investments division's holdings in public equity securities decreased to $1,800,000 from $3,400,000 in 2024 [12] Company Strategy and Development Direction - The company is focused on creating shareholder value through targeted business development initiatives and identifying additional accretive acquisition opportunities across all divisions [15] - A definitive merger agreement with Hudson Global was entered into, expected to generate considerable value for shareholders through increased scale and diversification of revenue streams [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Building Solutions outlook for the next few quarters, expecting at least flat performance compared to Q2 [36] - The Energy Services division is also expected to maintain its performance, while the new Hudson business is anticipated to continue its trend of higher year-over-year revenue and EBITDA [36] Other Important Information - The company reported a consolidated cash flow from operations outflow of $1,700,000 in Q2 2025, an improvement from an outflow of $1,900,000 in Q2 2024 [10] - The company’s unrestricted cash balance at the end of Q2 2025 was $1,900,000, down from $4,000,000 in 2024, primarily due to cash used for the acquisition of ADT [11] Q&A Session Summary Question: Which business division has the best pricing power? - Management indicated that the Building Solutions division has the opportunity to maintain or raise prices depending on lumber market volatility, while the Energy Services division has also been able to increase prices selectively [18][19] Question: What is the plan for the merger with Hudson Global? - The plan is to close the merger as quickly as possible after the shareholder vote scheduled for August 21 [20] Question: Why is the Energy Services division able to implement price increases? - The high service level and mission-critical nature of the tools rented by ADT allow for selective price increases despite some pricing pressure in the market [25][26] Question: Can you clarify the nature of the large commercial contracts won? - The backlog includes a mix of commercial contracts, with a significant portion being multifamily and other types of projects [28][29] Question: What guidance can be provided for Q3 and Q4? - While formal guidance is not provided, management is confident in maintaining performance levels in Building Solutions and Energy Services, and expects cost savings from the merger to be realized over time [35][36]

Group 1 - Star Equity reported quarterly earnings of $1.86 per share, significantly beating the Zacks Consensus Estimate of a loss of $0.26 per share, and showing improvement from a loss of $0.29 per share a year ago, resulting in an earnings surprise of +815.38% [1] - The company posted revenues of $23.71 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 35.47%, and up from $13.48 million in the same quarter last year [2] - Over the last four quarters, Star Equity has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times as well [2] Group 2 - Star Equity shares have underperformed the market, losing about 11.1% since the beginning of the year, while the S&P 500 has gained 9.6% [3] - The company's earnings outlook, including current consensus earnings expectations for upcoming quarters, will be crucial for investors [4] - The current consensus EPS estimate for the coming quarter is -$0.22 on revenues of $18.5 million, and -$0.98 on revenues of $69.42 million for the current fiscal year [7] Group 3 - The Zacks Industry Rank indicates that the Diversified Operations industry is currently in the top 20% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - The estimate revisions trend for Star Equity was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6]

[Star Equity Holdings, Inc. 2025 Second Quarter Financial Results](index=1&type=section&id=Star%20Equity%20Holdings%2C%20Inc.%202025%20Second%20Quarter%20Financial%20Results) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company reported significant Q2 2025 growth with a 75.8% revenue surge and a shift to positive net income and Adjusted EBITDA Q2 2025 vs. Q2 2024 Financial Highlights | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Revenues | $23.7 million | $13.5 million | +75.8% | | Gross Profit | $6.3 million | $2.2 million | +182.2% | | Net Income (Loss) | $3.5 million | ($3.8 million) | N/A | | Diluted EPS | $1.07 | ($1.19) | N/A | | Adjusted EBITDA | $7.0 million | ($0.5 million) | N/A | Year-to-Date (6M) 2025 vs. 2024 Financial Highlights | Metric | 6M 2025 | 6M 2024 | Change | | :--- | :--- | :--- | :--- | | Revenues | $36.6 million | $22.6 million | +62.1% | | Gross Profit | $9.4 million | $3.8 million | +147.7% | | Net Income (Loss) | $2.3 million | ($6.0 million) | N/A | | Diluted EPS | $0.71 | ($1.90) | N/A | | Adjusted EBITDA | $6.2 million | ($1.6 million) | N/A | [Management Commentary](index=1&type=section&id=Management%20Commentary) Management attributes strong performance to the Building Solutions division, acquisitions, and a significant investment gain - Consolidated revenue growth of **76%** was driven by strong performance in the Building Solutions division and contributions from the acquisitions of TT and ADT[4](index=4&type=chunk) - The Investments Division generated **$5.8 million in adjusted EBITDA**, primarily from a **$5.5 million realized gain** on the sale of its investment in Servotronics[4](index=4&type=chunk) - A definitive merger agreement has been signed with Hudson Global, Inc. (Nasdaq: HSON), with shareholder votes scheduled for August 21, 2025. The merger is expected to create value through scale, diversification, and cost savings[4](index=4&type=chunk) [Financial Performance Analysis](index=3&type=section&id=Financial%20Performance%20Analysis) Q2 2025 saw dramatic improvement with 75.8% revenue growth and a 10-point gross margin expansion, leading to profitability [Revenues](index=3&type=section&id=Revenues) Total revenues grew 75.8% to $23.7 million, fueled by the Building Solutions and new Energy Services segments Revenues by Segment (in thousands) | Segment | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Building Solutions | $20,384 | $13,483 | +51.2% | | Energy Services | $3,324 | $— | N/M | | **Total Revenues** | **$23,708** | **$13,483** | **+75.8%** | [Gross Profit](index=3&type=section&id=Gross%20Profit) Consolidated gross profit surged 182.2% to $6.3 million, with total gross margin expanding to 26.4% Gross Profit by Segment (in thousands) | Segment | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Building Solutions | $5,243 | $2,229 | +135.2% | | Energy Services | $1,084 | $— | N/M | | **Total Gross Profit** | **$6,253** | **$2,216** | **+182.2%** | Gross Margin by Segment | Segment | Q2 2025 | Q2 2024 | Change (ppt) | | :--- | :--- | :--- | :--- | | Building Solutions | 25.7% | 16.5% | +9.2% | | Energy Services | 32.6% | — | N/M | | **Total Gross Margin** | **26.4%** | **16.4%** | **+10.0%** | [Operating Expenses](index=3&type=section&id=Operating%20Expenses) SG&A expenses rose 20.2% due to acquisitions but improved as a percentage of revenue from 39.6% to 27.1% - SG&A expenses increased by **20.2% to $6.4 million** in Q2 2025, driven by acquisitions and M&A costs[10](index=10&type=chunk)[37](index=37&type=chunk) - SG&A as a percentage of revenue improved significantly, falling to **27.1% in Q2 2025 from 39.6% in Q2 2024**[10](index=10&type=chunk) [Net Income and Adjusted EBITDA](index=3&type=section&id=Net%20Income%20and%20Adjusted%20EBITDA) The company achieved a significant turnaround, reporting a Q2 2025 net income of $3.5 million and Adjusted EBITDA of $7.0 million Net Income (Loss) and EPS | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Income (Loss) | $3.5 million | ($3.8 million) | | Diluted EPS | $1.07 | ($1.19) | | Non-GAAP Adj. Net Income | $6.0 million | ($0.9 million) | | Non-GAAP Adj. Diluted EPS | $1.86 | ($0.29) | - Q2 2025 non-GAAP adjusted EBITDA was a gain of **$7.0 million** versus a loss of $0.5 million in Q2 2024, mainly due to realized gains on securities at the Investments Division[13](index=13&type=chunk) [Operating Cash Flow](index=5&type=section&id=Operating%20Cash%20Flow) Operating cash outflow for Q2 2025 was $1.7 million, with year-to-date outflow improving significantly to $1.1 million Cash Flow from Operations | Period | 2025 | 2024 | | :--- | :--- | :--- | | Q2 | ($1.7 million) | ($1.9 million) | | 6M (YTD) | ($1.1 million) | ($4.3 million) | [Operational and Corporate Updates](index=5&type=section&id=Operational%20and%20Corporate%20Updates) The company maintained a strong backlog, declared a preferred stock dividend, and protected its significant NOL carryforwards [Building Solutions Backlog](index=5&type=section&id=Building%20Solutions%20Backlog) The Building Solutions division ended Q2 2025 with a strong backlog of $25.7 million, supporting a positive outlook Building Solutions Backlog Trend (in thousands) | Quarter | Beginning Backlog | New Orders | Recognized Revenue | Ending Backlog | | :--- | :--- | :--- | :--- | :--- | | Q1 2025 | $17,190 | $22,841 | $12,118 | $27,913 | | Q2 2025 | $27,913 | $18,223 | $20,398 | $25,739 | - The quarter-end backlog of **$25.7 million** and a strong sales pipeline indicate continued strong demand for new projects[8](index=8&type=chunk) [Shareholder Returns and Corporate Actions](index=5&type=section&id=Shareholder%20Returns%20and%20Corporate%20Actions) The company declared a $0.25 per share cash dividend for Series A Preferred Stock and maintained its share repurchase program - A cash dividend of **$0.25 per share** was declared for Series A Preferred Stock in Q2 2025[18](index=18&type=chunk) - As of June 30, 2025, **$721 thousand remains authorized** for repurchase under the company's stock repurchase program[17](index=17&type=chunk) [Net Operating Losses (NOLs)](index=5&type=section&id=Net%20Operating%20Losses%20(NOLs)) The company protects its significant federal and state NOL carryforwards with a shareholder rights plan - The company holds valuable NOLs: **$44.6 million federal and $17.6 million state** as of year-end 2024[19](index=19&type=chunk) - A rights agreement is in place to protect the NOLs, limiting stock ownership to **4.99%** without board approval[19](index=19&type=chunk) [Financial Statements](index=9&type=section&id=Financial%20Statements) Condensed financial statements detail a shift to profitability and growth in total assets and stockholders' equity [Condensed Consolidated Statements of Operations](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The statement of operations shows a net income of $3.5 million in Q2 2025, a reversal from a $3.8 million loss in Q2 2024 Q2 Statement of Operations Summary (in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Revenues | $23,708 | $13,483 | | Gross Profit | $6,253 | $2,216 | | Income (Loss) from Operations | ($952) | ($3,713) | | Net Income (Loss) | $3,451 | ($3,787) | | Net Income (Loss) Attributable to Common | $2,778 | ($4,266) | [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets grew to $102.4 million and stockholders' equity increased to $62.6 million Balance Sheet Summary (in thousands) | Line Item | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Current Assets | $35,185 | $24,414 | | **Total Assets** | **$102,414** | **$83,048** | | Total Current Liabilities | $23,284 | $12,470 | | **Total Liabilities** | **$39,801** | **$28,712** | | **Total Stockholders' Equity** | **$62,613** | **$54,336** | [Non-GAAP Financial Measures Reconciliation](index=12&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) Reconciliations detail adjustments from GAAP net income to non-GAAP measures like adjusted net income and adjusted EBITDA - Q2 2025 GAAP Net Income of **$3.5 million** is reconciled to Non-GAAP Adjusted Net Income of **$6.0 million**. Key adjustments include acquired intangible amortization ($785k), M&A transaction costs ($503k), and impairment of cost method investment ($371k)[42](index=42&type=chunk) - Q2 2025 Non-GAAP Adjusted EBITDA of **$7.0 million** was primarily driven by the Investments division (**$5.8 million**) and the Building Solutions division (**$2.3 million**)[46](index=46&type=chunk) [Supplemental Information](index=15&type=section&id=Supplemental%20Information) Supplemental data details the company's debt structure and provides a breakdown of segment-level financial performance Total Debt Summary (in thousands) | Category | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Short-term debt | $7,345 | $3,911 | | Long Term Debt, net | $6,988 | $7,405 | | **Total Debt** | **$14,333** | **$11,316** | | Weighted-Average Interest Rate | 7.67% | 7.93% | Q2 2025 Segment Performance (in thousands) | Segment | Revenues | Gross Profit | Net Income (Loss) from Operations | | :--- | :--- | :--- | :--- | | Building Solutions | $20,384 | $5,243 | $1,270 | | Energy Services | $3,324 | $1,084 | $109 | | Investments | $158 | $84 | $0 | [About the Company and Forward-Looking Statements](index=6&type=section&id=About%20the%20Company%20and%20Forward-Looking%20Statements) Star Equity Holdings is a diversified holding company, and this report contains forward-looking statements subject to risks - The company operates through three main divisions: **Building Solutions, Energy Services, and Investments**[24](index=24&type=chunk)[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) - The report includes forward-looking statements that are subject to risks and uncertainties, including those related to the proposed merger with Hudson, business operations, and market conditions[28](index=28&type=chunk)

Financial Performance - The company reported a consolidated revenue increase of 76% in Q2 2025, driven by strong performance in the Building Solutions division and contributions from recent acquisitions [5][6] - Q2 2025 revenues reached $23.7 million, up from $13.5 million in Q2 2024, with a gross profit increase of 182.2% to $6.3 million [6][11] - The company achieved a net income of $3.5 million in Q2 2025, compared to a net loss of $3.8 million in the same period last year [11][12] Division Performance - The Building Solutions division saw revenues increase by 75.8% to $23.7 million, with a gross profit increase of 135.2% to $5.2 million [6][9] - The Energy Services division reported robust performance despite challenging macroeconomic conditions, contributing to overall revenue growth [5] - The Investments division generated $5.8 million in adjusted EBITDA, primarily from a realized gain on an investment in Servotronics [5][13] Backlog and Future Outlook - The Building Solutions backlog stood at $25.7 million at the end of Q2 2025, indicating strong demand for new projects [5][8] - The company expressed optimism for strong performance in the second half of 2025, supported by a solid sales pipeline and customer feedback [5][8] Operating Expenses and Cash Flow - Q2 2025 SG&A expenses increased by 20.2% to $6.4 million, but as a percentage of revenue, they decreased to 27.1% from 39.6% in Q2 2024 [10] - Cash flow from operations improved, with an outflow of $1.7 million in Q2 2025 compared to $1.9 million in Q2 2024, attributed to favorable operational results [15] Merger and Strategic Initiatives - The company signed a definitive merger agreement with Hudson Global, expected to enhance shareholder value through increased scale and diversification [5][12] - Shareholder meetings for the merger approval are scheduled for August 21, 2025 [5]

Core Points - Star Equity Holdings, Inc. declared a partial cash dividend of $0.225 per share for its 10% Series A Cumulative Perpetual Preferred Stock, with a record date of August 21, 2025, and a payment date of September 10, 2025 [1] - A merger agreement has been established between Hudson Global, Inc. and Star Equity Holdings, where Star stockholders will receive 0.23 shares of Hudson common stock for each share of Star common stock and one share of Hudson 10.0% Series A Cumulative Perpetual Preferred Stock for each share of Star Preferred Stock [2] - The dividend will cover the period through August 21, 2025, with expectations for future dividends either from the company or from Hudson Preferred Stock post-merger [3] Company Overview - Star Equity Holdings, Inc. operates as a diversified holding company with three business divisions: Building Solutions, Energy Services, and Investments [4] Business Divisions - The Building Solutions division includes modular building manufacturing, structural wall panel and wood foundation manufacturing, and glue-laminated timber manufacturing [5] - The Energy Services division focuses on the rental, sale, and repair of downhole tools for various industries including oil and gas, geothermal, mining, and water-well [6] - The Investments division manages and finances the company's real estate assets and investment positions in both private and public companies [7]

Group 1: Dividend Announcement - Star Equity Holdings, Inc. declared a partial cash dividend of $0.225 per share for its 10% Series A Cumulative Perpetual Preferred Stock, with a record date of August 21, 2025, and a payment date of September 10, 2025 [1][3] Group 2: Merger Agreement - On May 21, 2025, Star Equity Holdings entered into a Merger Agreement with Hudson Global, Inc., where Merger Sub will merge with Star, making Star a wholly owned subsidiary of Hudson [2] - Star stockholders will receive 0.23 shares of Hudson common stock for each share of Star common stock and one share of Hudson 10.0% Series A Cumulative Perpetual Preferred Stock for each share of Star Preferred Stock [2] Group 3: Company Overview - Star Equity Holdings, Inc. is a diversified holding company with three business divisions: Building Solutions, Energy Services, and Investments [4] - The Building Solutions division includes modular building manufacturing, structural wall panel and wood foundation manufacturing, and glue-laminated timber manufacturing [5] - The Energy Services division focuses on the rental, sale, and repair of downhole tools for various industries including oil and gas, geothermal, mining, and water-well [6] - The Investments division manages and finances the company's real estate assets and investment positions in private and public companies [7]

Core Insights - Hudson Global, Inc. reported financial results for the second quarter ended June 30, 2025, highlighting a modest increase in adjusted net revenue driven by improved business activity, particularly in the Asia Pacific region [1][3] - The company made strategic hires and completed two acquisitions, enhancing its capabilities and marking its entry into the Japanese market [3][4] - A merger agreement with Star Equity Holdings is expected to create significant value for shareholders through increased size and diversification of revenue streams [4] Financial Performance - For Q2 2025, total revenue was $35.5 million, a decrease of 0.5% from Q2 2024, while adjusted net revenue was $18.6 million, an increase of 5.8% [7][40] - The net loss for Q2 2025 was $0.7 million, or $0.23 per diluted share, compared to a net loss of $0.4 million, or $0.15 per diluted share, in Q2 2024 [7][43] - Adjusted EBITDA for Q2 2025 was $1.3 million, up from $0.7 million in the same period last year [7][34] Regional Highlights - In the Americas, revenue was $7.1 million, a 2% increase, while adjusted net revenue decreased by 1% to $6.3 million [5] - Asia Pacific revenue was $21.6 million, a 3% decrease, but adjusted net revenue increased by 17% to $8.8 million [8] - EMEA revenue increased by 6% to $6.8 million, while adjusted net revenue decreased by 9% to $3.5 million [9] Corporate Strategy - The company invested approximately $1.4 million in sales, marketing, and technology in the first half of 2025 to support future growth [3] - The growth strategy focuses on organic expansion, targeted acquisitions, and cross-regional service integration [3] - The company has a $5 million share repurchase program, with $2.1 million remaining [12] Liquidity and Capital Resources - As of June 30, 2025, the company had $17.5 million in cash, including $0.7 million in restricted cash [11] - Cash flow from operations was $0.1 million in Q2 2025, a significant improvement from an outflow of $4.3 million in Q2 2024 [11] NOL Carryforward - As of December 31, 2024, Hudson Global had $240 million of usable net operating losses (NOL) in the U.S., which the company considers a valuable asset [13]

Core Viewpoint - Star Equity Holdings, Inc. will release its financial results for Q2 2025 on August 13, 2025, before market opens, followed by a conference call to discuss the results and management's outlook [1]. Company Overview - Star Equity Holdings, Inc. is a diversified holding company with three business divisions: Building Solutions, Energy Services, and Investments [3]. Building Solutions Division - The Building Solutions division includes three businesses: modular building manufacturing, structural wall panel and wood foundation manufacturing (including building supply distribution), and glue-laminated timber (glulam) column, beam, and truss manufacturing [4]. Energy Services Division - The Energy Services division focuses on the rental, sale, and repair of downhole tools used in various industries, including oil and gas, geothermal, mining, and water-well [5]. Investments Division - The Investments division manages and finances the company's real estate assets and investment positions in both private and public companies [6].

Summary of Hudson Global and STAR Equity Holdings Merger Announcement Conference Call Industry and Companies Involved - **Companies**: Hudson Global (HSON) and STAR Equity Holdings (STRR) - **Industry**: Mergers and Acquisitions, Staffing and Recruitment Services Core Points and Arguments 1. **Merger Announcement**: Hudson and STAR signed a definitive merger agreement, marking a significant milestone for both companies [4] 2. **Transaction Structure**: STAR will merge into a wholly owned subsidiary of Hudson, with STAR shareholders receiving 0.23 shares of HSON for each STAR share held [5] 3. **Ownership Post-Merger**: Upon completion, Hudson shareholders will own approximately 79% of the new company (NewCo), while STAR shareholders will own about 21% [5] 4. **Financial Projections**: The merger is expected to create a larger holding company with pro forma annualized revenue exceeding $200 million and anticipated annualized cost savings of at least $2 million within 12 months [6] 5. **Growth Goals**: NewCo aims to reach $40 million in adjusted EBITDA by February 2030, based solely on organic growth [7] 6. **Operational Segments**: NewCo will consist of four reporting segments: Building Solutions, Business Services, Energy Services, and Investments [7] 7. **Strategic Advantages**: The merger is expected to enhance stock trading liquidity, market capitalization, and provide better financing terms for acquisitions [6][9] 8. **Management Structure**: The management team from both companies will lead NewCo, maintaining a decentralized operating model and a value-oriented acquisition strategy [10] Additional Important Information 1. **Regulatory Approval**: The merger is pending regulatory and shareholder approvals, anticipated to close in the second half of 2025 [6] 2. **Cost Savings Details**: Identified cost savings will come from eliminating duplicative functions, such as audits and public company costs [14][15] 3. **NOL Utilization**: NewCo will benefit from Hudson's substantial net operating losses (NOL), which will be utilized to offset taxable income [17] 4. **Market Positioning**: The merger aims to break out of "microcap purgatory," enhancing the visibility and liquidity of both companies in the market [55] 5. **Shareholder Vote**: A majority vote from both companies' shareholders is required for the merger to proceed [22][28] 6. **Dividends**: STAR's preferred stock will continue to pay dividends post-merger, with no changes to the terms [60] 7. **Future Growth Strategy**: Both companies plan to pursue organic growth and bolt-on acquisitions to enhance their market positions [37][39] This summary encapsulates the key points discussed during the conference call regarding the merger between Hudson Global and STAR Equity Holdings, highlighting the strategic rationale, expected benefits, and operational plans for the newly formed entity.

Proposed Merger (Nasdaq: HSON) (Nasdaq: STRR, STRRP) PARTICIPANTS IN THE SOLICITATION Hudson, Star, and their respective directors and certain of their executive officers and employees may be considered participants in the solicitation of proxies from Hudson's stockholders with respect to the proposed merger transaction under the rules of the SEC. Information about the directors and executive officers of Hudson is set forth in its Annual Report on Form 10-K for the year ended December 31, 2024, which was fi ...