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]
Star Equity (STRR) - 2024 Q3 - Quarterly Results