Revenue Performance - Q3 2024 revenues increased by 30.9% to $13.7 million from $10.4 million in Q3 2023[2] - Year-to-date 2024 revenues increased by 14.5% to $36.3 million from $31.7 million in the same period in 2023[3] - Total revenues for the three months ended September 30, 2024, were $13,663 million, an increase from $10,435 million for the same period in 2023, representing a growth of 31.5%[24] - Total consolidated revenue for the nine months ended September 30, 2024, was $36,264 million, a 14.5% increase from $31,674 million in the same period of 2023[39] Profitability Metrics - Q3 2024 gross profit increased by 27.9% to $2.8 million from $2.2 million in Q3 2023[2] - Gross profit for the three months ended September 30, 2024, was $2,817 million, compared to $2,203 million for the same period in 2023, reflecting a gross margin improvement[24] - Total gross profit for the nine months ended September 30, 2024, was $6,607 million, down from $9,072 million in the same period of 2023[39] Net Loss and Earnings Per Share - Q3 2024 net loss from continuing operations was $2.0 million, or $0.61 per share, compared to a net loss of $2.4 million, or $0.75 per share in Q3 2023[9] - Year-to-date 2024 net loss from continuing operations was $8.0 million, or $2.53 per share, compared to a net loss of $3.7 million, or $1.19 per share in the same period in 2023[9] - The net loss attributable to common shareholders for the three months ended September 30, 2024, was $2,511 million, compared to a loss of $3,101 million for the same period in 2023, showing a reduction in losses[24] - Basic and diluted net income (loss) per share for the three months ended September 30, 2024, was $(0.61), an improvement from $(0.75) in the same period last year[24] Operating Expenses - Operating expenses for the three months ended September 30, 2024, totaled $8,139 million, up from $3,864 million in the same period last year, indicating a significant increase of 110.5%[24] - SG&A expenses increased by 115.9% in Q3 2024, primarily due to a $2.8 million impairment related to an investment[8] Cash Flow and Assets - Cash flow from operations for 9M 2024 was an outflow of $3.7 million, compared to an inflow of $2.7 million for 9M 2023[12] - Total current assets decreased from $39,152,000 as of December 31, 2023, to $25,250,000 as of September 30, 2024, a decline of approximately 35.5%[27] - Cash and cash equivalents decreased from $18,326,000 as of December 31, 2023, to $5,492,000 as of September 30, 2024, a decline of approximately 70%[27] Liabilities and Equity - Total liabilities rose significantly from $10,197,000 as of December 31, 2023, to $27,349,000 as of September 30, 2024, an increase of approximately 168.5%[27] - Stockholders' equity decreased from $65,299,000 as of December 31, 2023, to $58,374,000 as of September 30, 2024, a decline of approximately 10.6%[27] Segment Performance - Income from continuing operations for Building Solutions segment was a loss of $578 million for the three months ended September 30, 2024, compared to a loss of $21 million in the same period of 2023[39] - Investments segment reported a loss of $2,745 million for the three months ended September 30, 2024, compared to a loss of $71 million in the same period of 2023[39] - Segment income (loss) from operations for the nine months ended September 30, 2024, was a loss of $11,997 million, compared to a loss of $3,545 million in the same period of 2023[39] Other Financial Metrics - Non-GAAP adjusted EBITDA for Q3 2024 was a loss of $0.3 million compared to a loss of $14 thousand in Q3 2023[10] - Non-GAAP adjusted net income from continuing operations for the three months ended September 30, 2024, was a loss of $915,000 compared to a gain of $204,000 for the same period in 2023[29] - The company reported an unrealized loss on equity securities of $221,000 for the three months ended September 30, 2024, compared to a gain of $971,000 for the same period in 2023[29] - The company incurred transaction costs related to mergers and acquisitions amounting to $218,000 for the three months ended September 30, 2024[29]

Core Viewpoint - Star Equity Holdings, Inc. announced two contracts totaling $4.6 million for the manufacture of 40 modules aimed at constructing cottages and affordable housing units in Maine, reflecting a growing demand for new construction in the region [1][2][3]. Company Overview - Star Equity Holdings, Inc. is a diversified holding company with two main divisions: Building Solutions 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 Investments division manages and finances the company's real estate assets and investment positions in both private and public companies [6]. Contract Details - The first contract, valued at $3.0 million, involves the manufacture of 32 modules for 15 cottages in Northeast Harbor, Maine, with manufacturing starting in September and expected delivery by December, aiming for occupancy by Spring 2025 [1]. - The second contract, worth $1.6 million, is for 8 modules for two multi-story buildings comprising 16 affordable housing units in Newcastle, Maine, with manufacturing expected to begin in October and delivery by December, also targeting Spring 2025 for occupancy [2]. Market Outlook - The CEO of Star noted that the contracts highlight KBS Builders' reputation as a leading modular manufacturer in Maine, with an increase in demand for new construction in New England and the Northeast contributing to a growing backlog of orders [3]. - The company is optimistic about the impact of recent interest rate cuts on the demand for new construction projects, anticipating gradual growth in the coming months [3].

Financial Data and Key Metrics Changes - The company's Q2 2024 revenue increased by 51.6% compared to Q2 2023, driven by the inclusion of Timber Technologies revenue and a full quarter of revenue from Big Lake Lumber [5][6] - Gross margin declined by 14.9%, primarily due to a one-time purchase price adjustment related to the Timber Technologies acquisition [5][6] - The net loss from continuing operations was $3.8 million in Q2 2024, compared to a net loss of $1.4 million in Q2 2023 [9] - Non-GAAP adjusted net loss from continuing operations was $0.9 million, roughly the same as in Q2 2023, while adjusted EBITDA for continuing operations was a loss of $0.5 million [10] Business Line Data and Key Metrics Changes - The Building Solutions division's performance reflected a decline on an organic basis due to credit tightening impacting project funding and timing, although the sales pipeline remains strong [6][7] - The integration of Timber Technologies into the Building Solutions division is substantially complete, and it is expected to generate healthy cash flow and improve overall profitability [4][6] Market Data and Key Metrics Changes - The company's unrestricted cash balance at the end of Q2 2024 was $2.5 million, down from $21.4 million a year ago, reflecting significant cash outlay associated with the Timber Technologies acquisition [11] - The Investments division's holdings in public securities decreased to $3.8 million from $4.8 million a year ago [11] Company Strategy and Development Direction - The company announced a $1 million share buyback program to capitalize on perceived undervaluation of its common stock [5] - The recent investment in Enservco marks the company's entry into the energy services and transportation and logistics sectors, diversifying its portfolio beyond Building Solutions [12] Management's Comments on Operating Environment and Future Outlook - Management noted that visibility into future projects is becoming hazy, with many projects experiencing delays rather than cancellations, primarily due to financing issues [21][22] - There is cautious optimism for improvement in the second half of the year, although the extent of this improvement remains uncertain [21][22] Other Important Information - The company completed two sale-leaseback transactions totaling approximately $7.2 million in net proceeds, which will not impact operations [4][5] - A one-time impairment of $1.3 million related to a cost method equity investment in TTG was reported, impacting SG&A expenses [8][10] Q&A Session Summary Question: Benefits of structuring the acquisition of Enservco as a share interest - Management believes the common stock is undervalued and structured the acquisition to take an initial stake of around 20%, allowing for monitoring of the transition [13][14] Question: Accounting treatment for the share interest in Enservco - The investment will sit in the Investments division and will be treated as a mark-to-market position since the company does not have control over Enservco [15] Question: Impact of Timber Technologies acquisition on gross profit - The $574,000 impact on gross profit was due to a one-time accounting adjustment related to the valuation of finished goods inventory from the Timber Technologies acquisition [17] Question: Overall business tone and outlook for the second half - Management indicated that while projects are being delayed, they are not being canceled, and they expect some improvement in the second half of the year [21][22]

Monetizes Two Real Estate Assets for $8.3 Million Proceeds to be Deployed into Accretive Acquisitions OLD GREENWICH, Conn., July 19, 2024 (GLOBE NEWSWIRE) -- Star Equity Holdings, Inc. (Nasdaq: STRR; STRRP) ("Star" or the "Company"), a diversified holding company, announced today that Star Real Estate Holdings USA, Inc. ("SRE"), the real estate arm of the Company's Investments division, has closed two sale-leaseback transactions for its South Paris, Maine and Big Lake, Minnesota facilities, totaling approxi ...

OLD GREENWICH, Conn., July 01, 2024 (GLOBE NEWSWIRE) -- Star Equity Holdings, Inc. (Nasdaq: STRR; STRRP) ("Star" or the "Company"), a diversified holding company, announced today changes in the composition of its board of directors (the "Board") to better reflect the current businesses owned by Star and its go-forward strategy. Effective today, the Company has appointed Todd Fruhbeis, Jennifer Palmer, and Louis Parks as independent directors to its Board of Directors replacing legacy directors John Gildea a ...

Core Viewpoint - Star Equity Holdings, Inc. announced a reverse stock split of its common stock at a ratio of 1-for-5, effective after market close on June 14, 2024, to comply with Nasdaq's minimum bid price requirement [1][5]. Company Overview - Star Equity Holdings, Inc. is a diversified holding company with two main divisions: Building Solutions and Investments [13]. - The Building Solutions division operates in modular building manufacturing, structural wall panel and wood foundation manufacturing, and glue-laminated timber manufacturing [3][10]. - The Investments division manages and finances the company's real estate assets and investment positions in private and public companies [14]. Reverse Stock Split Details - The reverse stock split will reduce the number of outstanding shares from approximately 15,848,202 to about 3,169,640 [9]. - No fractional shares or cash will be issued; owners of fractional shares will receive one full share of post-split common stock [9][12]. - All stock options and warrants will be proportionally adjusted following the reverse split [9]. Compliance and Approval - The reverse stock split was approved by the company's common stockholders on June 20, 2023, and by the Board of Directors on May 24, 2024 [5].

OLD GREENWICH, Conn., May 22, 2024 (GLOBE NEWSWIRE) -- Star Equity Holdings, Inc. (NASDAQ:STRR, STRRP))) ("Star Equity" or the "Company"), a diversified holding company, announced today that its Board of Directors (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 is June 1, 2024, and the payment date is June 11, 2024. About Star Equity Holdings, Inc. Star Equity Holdings, Inc. is a divers ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (203) 489-9500 (Registrant's Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Act: FOR THE TRANSITION PERIOD FROM TO Star Equity Holdings, Inc. (Ex ...

Star Equity Holdings, Inc. (NASDAQ:STRR) Q1 2024 Earnings Conference Call May 20, 2024 10:00 AM ET Company Participants Rick Coleman - Chief Executive Officer David Noble - Chief Financial Officer Shawn Miles - Senior Vice President, Finance & Strategy Conference Call Participants Theodore O'Neill - Litchfield Hills Research Tate Sullivan - Maxim Group Operator Greetings, ladies and gentlemen, and welcome to Star Equity Holdings First Quarter 2024 Results Conference Call. Please be advised that the discussi ...

Nasdaq: STRR / STRRP Star Equity Holdings Announces Acquisition of Timber Technologies A Colfax, WI-based manufacturer of Engineered Wood Products ("EWP") May 20, 2024 | --- | --- | --- | --- | --- | --- | |-------|---------------------------------------------|-------|-------|-------|-------| | | | | | | | | ✓ | Enters Engineered Wood Product Market | | | | | | ✓ | Diversifies Revenue Sources and End Markets | | | | | | ✓ | Substantially Improves Cash Flow | | | | | 1 www.starequity.com FORWARD LOOKING STAT ...