Star Equity Holdings, Inc. · NASDAQ:STRR
Star Equity — Q4 2025 Earnings Presentation
20 slides from Star Equity's earnings presentation, Mar 18, 2025
Slide 1: A Diversified Holding Company
A Diversified Holding Company Creating Shareholder Value through Organic Common Stock: Series A 10% Preferred Stock: Growth, Acquisitions, and Share Repurchases Nasdaq: STRR Nasdaq: STRRP Q4 2025 Earnings Call March 18, 2025 1 www.starequity.com
Slide 2: Forward-Looking Statements
Forward-Looking Statements “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This presentation contains statements that the Company believes to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E o
Slide 3: Q4 2025: Consolidated Financial Results
Q4 2025: Consolidated Financial Results US$ In Millions, except EPS '+ / - (1) Q4 2025 Q4 2024 Revenue + 69% $56.8 $33.6 Gross Profit + 38% $24.2 $17.6 Adjusted SG&A(2) (3) + 37% $22.9 $16.7 Adjusted EBITDA(4) + 156% $2.2 $0.9 Net Income (Loss) attributable to - (307)% $(2.4) $(0.6) common sharehold
Slide 4: 2025 FY: Consolidated Financial Results
2025 FY: Consolidated Financial Results US$ In Millions, except EPS '+ / - (1) 2025 FY (2) 2024 FY Revenue + 23% $172.2 $140.1 Gross Profit + 14% $79.9 $70.2 Adjusted SG&A(3)(4) + 11% $77.0 $69.2 Adjusted EBITDA(5) + 364% $4.2 $0.9 Proforma Adjusted EBITDA (5)(6) + 186% $12.6 $4.4 Net Income (Loss)
Slide 5: 2025 Cash Flow Summary
2025 Cash Flow Summary USS In Millions Q4 2025 Q4 2024 FY 2025 FY 2024 Net income (loss) $ (1.7) $ (0.6) $ (5.9) $ (4.8) Total Depreciation and amortization 0.9 0.3 2.1 14 Provision for expected credit losses 0.0 0.0 0.1 0.0 Provision for (benefits from) deferred income taxes 15 0.7 0.9 0.5 Stock-ba
Slide 6: Balance Sheet: Selected Items
Balance Sheet: Selected Items US$ In Millions 12/31/2025 12/31/2024 Selected Assets Cash $10.3 $17.0 Restricted Cash $3.1 $0.7 Accounts Receivable $35.2 $20.1 Stockholders’ Equity Stockholders' Equity $65.7 $40.4 Working Capital Current Assets $62.5 $40.1 Current Assets ex-cash $52.2 $23.1 Current L
Slide 7: Business Divisions
Building Solutions Division Business Divisions (slides 8 – 9) Business Services Division Current businesses: (slides 10– 12) opportunities, financial highlights, and future Energy Services Division goals (slide 13) 7
Slide 8: Q4 2025: Building Solutions Financial Results
Q4 2025: Building Solutions Financial Results US$ In Millions '+ / - (1) Q4 2025 Q4 2024 (2) Revenue + 5.1% $18.0 $17.1 Gross Profit + 1.5% $4.6 $4.5 Adjusted EBITDA(3) - (16.8)% $1.9 $2.3 (1) + / - indicates whether the caption was higher (+) or lower (-) than the comparison period. (2) Building So
Slide 9: Building Solutions: Backlog
Building Solutions: Backlog Improvement Expected in 2026 Historical Backlog (USD in thousands) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Beginning Backlog (1) $ 19,567 $ 17,190 $ 27,913 $ 25,739 $ 20,032 (+) New Orders $ 14,718 $ 22,841 $ 18,223 $ 15,680 $ 7,541 (-) Recognized Revenue $ 17,095 $ 12,11
Slide 10: Q4 2025: Business Services Financial Results
Q4 2025: Business Services Financial Results US$ In Millions '+ / - (1) Q4 2025 Q4 2024 Revenue + 4.8% $35.2 $33.6 Gross Profit + 2.9% $18.1 $17.6 Adjusted EBITDA(2) - (41.1)% $0.9 $1.5 (1) + / - indicates whether the caption was higher (+) or lower (-) than the comparison period. (2) Adjusted EBITD
Slide 11: Q4 2025: Business Services Operating Dashboard
Q4 2025: Business Services Operating Dashboard TTM New Business = $75.0M $13.7M in New Logo and $61.3M in renewals and expansions from our legacy clients over the past four quarters TTM Gross Profit = $71.8M Relatively stable (slight increase) over the past four quarters TTM Adjusted EBITDA Margin d
Slide 12: Q4 2025: Business Services Regional Split
Q4 2025: Business Services Regional Split Revenue Gross Profit 12
Slide 13: Q4 2025: Energy Services Financial Results
Q4 2025: Energy Services Financial Results US$ In Millions Q4 2025 (1) (1) Alliance Drilling Tools was acquired by Star Operating Companies, Inc. in Q1 2025, so Revenue $3.6 comparable period financials for Q4 2024 are not available. (2) Adjusted EBITDA is a non-GAAP financial measure. Please refere
Slide 14: Appendix
Appendix * Star Equity Holdings 14
Slide 15: Reconciliation of Non-GAAP Financials
Reconciliation of Non-GAAP Financials 1. Non-GAAP earnings before interest, income taxes, and depreciation and amortization (“EBITDA”) and non-GAAP earnings before interest, income taxes, depreciation and amortization, non-operating income (expense), stock-based compensation expense, and other non-r
Slide 16: Reconciliation of Non-GAAP Financial Measures Q4 2025 and 2024
Reconciliation of Non-GAAP Financial Measures Q4 2025 and 2024 Building Business Energy Hudson Q4 2025 Solutions Services Services Investments Corporate Total (3) Q4 2024 Americas Asia Pacific EMEA RPO Corporate Total (3) Revenue $ 18.0 $ 35.2 $ 3.6 $ 0.2 $ (0.2) $ 56.8 Revenue $ 7.4 $ 20.0 $ 6.3 $
Slide 17: Reconciliation of Non-GAAP Financial Measures FY 2025 and 2024
Reconciliation of Non-GAAP Financial Measures FY 2025 and 2024 Building Business Energy Hudson FY 2025 Solutions Services Services Investments Corporate Total (3) FY 2024 Americas Asia Pacific EMEA RPO Corporate Total (3) Revenue $ 27.6 $ 139.7 $ 4.9 $ 0.2 $ (0.2) $ 172.2 Revenue $ 27.9 $ 86.7 $ 25.
Slide 18: Reconciliation of Non-GAAP Financial Measures Q4 and FY 2025 and 2024
Reconciliation of Non-GAAP Financial Measures Q4 and FY 2025 and 2024 Adjusted Net Loss (1) Per Diluted Share (1) Adjusted Net Income (1) Per Diluted Share (1) Three Months Ended Three Months Ended Three Months Ended Three Months Ended December 31, 2025 December 31, 2025 December 31, 2024 December 3
Slide 19: Reconciliation of Pro Forma Non-GAAP Financial Measures
Reconciliation of Pro Forma (1) Non-GAAP Financial Measures Building Business Energy Building Business Energy FY 2025 Solutions Services Services Investments Corporate Total (3) FY 2024 Solutions Services Services Investments Corporate Total (3) Pro forma revenue, from external Pro forma revenue, fr
Slide 20: Contact Us
Contact Us Jeff Eberwein CEO Rick Coleman COO Shawn Miles EVP – Finance admin@starequity.com Investor Relations The Equity Group Inc. Lena Cati Senior Vice President 212-836-9611 / lcati@theequitygroup.com 20