Old Greenwich, CT. - Star Equity Holdings, Inc. (Nasdaq: STRR; STRRP) ("Star" or the "Company"), a diversified holding company, reported today its financial results for the first quarter (Q1) ended March 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 period, unless stated otherwise, relate to continuing operations, which currently include two divisions: Building Solutions (forme ...

Core Insights - Star Equity Holdings, Inc. reported a significant decline in revenues and gross profit for Q1 2024 compared to Q1 2023, indicating challenges in its Building Solutions division due to economic headwinds and financing delays [5][7][8]. Financial Performance - Q1 2024 revenues decreased by 26.1% to $9.1 million from $12.3 million in Q1 2023 [5][6]. - Gross profit fell by 63.1% to $1.6 million from $4.3 million in the same period [7][9]. - The net loss from continuing operations was $2.2 million, or $0.14 per share, compared to a net income of $16 thousand, or $0.00 per share, in Q1 2023 [11][29]. Segment Performance - The Building Solutions division experienced a revenue decline of 26.1% due to slower business activity and project delays [4][8]. - The Investments division saw a revenue increase of 19.0%, from $158 thousand in Q1 2023 to $188 thousand in Q1 2024 [6][42]. Operating Expenses - Sales, general and administrative (SG&A) expenses increased by 11.1% to $4.1 million, with SG&A as a percentage of revenue rising to 44.9% from 29.8% in the prior year [10]. Cash Position - As of March 31, 2024, cash and cash equivalents increased to $14.7 million from $5.0 million at the same time last year [7][31]. Acquisition Strategy - The acquisition of Timber Technologies, effective May 17, 2024, is expected to enhance growth by diversifying revenue sources and expanding the client base [4][21].

Core Viewpoint - Star Equity Holdings, Inc. has successfully acquired Timber Technologies, LLC, enhancing its position in the engineered wood products market and significantly improving cash flow [2][5]. Transaction Highlights - The acquisition of Timber Tech, effective May 17, 2024, is valued at $23 million, which includes $16 million in upfront cash, $4 million in deferred cash, and a $3 million earn-out [8]. - Timber Tech reported revenue of $18.8 million and Adjusted EBITDA of $5.5 million for the full year 2023, indicating a strong financial performance [5][18]. - The acquisition is expected to diversify Star's Building Solutions division and leverage Timber Tech's established market presence in the Midwest and Northwest [5][6]. Company Background - Timber Technologies, founded in 2003, specializes in manufacturing glue-laminated timber products (glulam) for various applications, including agriculture, industrial, and construction [4][9]. - The company operates a 69,000 square foot facility in Colfax, Wisconsin, which will be acquired alongside the business [7]. Financial Details - Star has secured a $7 million term loan from Bridgewater Bank to partially finance the acquisition, with a fixed interest rate of 7.85% and a five-year amortization period [14]. - The earn-out targets for Adjusted EBITDA are set at $5.4 million and $6.0 million for the first and second years post-acquisition, respectively [8]. Strategic Implications - The acquisition aligns with Star's strategy to expand its market reach and enhance profitability through organic growth and further acquisitions [5][10]. - Co-owners of Timber Tech will remain in their current roles, ensuring continuity in operations and management [8].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-35947 Star Equity Holdings, Inc. (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Incorporation ...

Star Equity Holdings, Inc. (NASDAQ:STRR) Q4 2023 Earnings Conference Call March 22, 2024 10:00 AM ET Company Participants Rick Coleman - CEO & Director Dave Noble - CFO Jeff Eberwein - Executive Chairman Conference Call Participants Tate Sullivan - Maxim Group Theodore O'Neill - Litchfield Hills Research John Oberholzer - Private Investor Al Hill - Private Investor Operator Greetings, ladies and gentlemen, and welcome to Star Equity Holdings, Inc. Fourth Quarter 2023 Results Conference Call. Please be advis ...

FY 2023 Financial Highlights vs. FY 2022 (unaudited) Exhibit 99.1 For Immediate Release March 22, 2024 Star Equity Holdings, Inc. Announces 2023 Fourth Quarter and Full Year Financial Results Ended 2023 with cash and cash equivalents of $18.9 million Generated positive cash flow from operations of $2.7 million in 2023 Old Greenwich, CT. - Star Equity Holdings, Inc. (Nasdaq: STRR; STRRP) ("Star Equity" or the "Company"), a diversified holding company, reported today its financial results for the fourth quart ...

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 September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission file number: 001-35947 Star Equity Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 33-0145723 (State or Other Ju ...

Star Equity Holdings, Inc. (NASDAQ:STRR) Q3 2023 Earnings Conference Call November 8, 2023 10:00 AM ET Company Participants Rick Coleman - CEO & Director Dave Noble - CFO Jeff Eberwein - Executive Chairman Conference Call Participants Theodore O'Neill - Litchfield Hills Research Justin Smith - Maxim Group Devon Xu - North First Capital Management Operator Greetings, ladies and gentlemen, and welcome to the Star Equity Holdings, Inc's third quarter 2023 results conference call. Please be advised the discussi ...

Star Equity Holdings, Inc. (NASDAQ:STRR) Q2 2023 Results Conference Call August 11, 2023 10:00 AM ET Company Participants Rick Coleman - Chief Executive Officer Dave Noble - Chief Financial Officer Jeffrey Eberwein - Executive Chairman Conference Call Participants Tate Sullivan - Maxim Group Theodore O'Neil - Litchfield Hills Research Operator Greetings, ladies and gentlemen, and welcome to Star Equity Holdings Inc. Second Quarter 2023 Results Conference Call. Please be advised that the discussions on today ...

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 June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission file number: 001-35947 Star Equity Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 33-0145723 (State or Other Jurisdi ...