Star Equity Holdings, Inc. · NASDAQ:STRR
Star Equity — Q3 2025 Earnings Presentation
19 slides from Star Equity's earnings presentation, Nov 13, 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 Q3 2025 Earnings Call November 13, 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: Q3 2025: Consolidated Financial Results
Q3 2025: Consolidated Financial Results US$ In Millions, except EPS '+ / - (1) Q3 2025 (2) Q3 2024 Revenue + 30.1% $48.0 $36.9 Gross Profit + 10.9% $20.6 $18.6 SG&A(3) (4) + 10.9% $19.7 $17.8 Adjusted EBITDA(5) + 55.8% $1.3 $0.8 Pro Forma Adjusted EBITDA(6) + 408.7% $3.1 $0.6 Net Income (Loss) - (10
Slide 4: Q3 YTD 2025: Consolidated Financial Results
Q3 YTD 2025: Consolidated Financial Results US$ In Millions, except EPS '+ / - (1) Q3 YTD 2025 Q3 YTD 2024 Revenue + 8.4% $115.4 $106.5 Gross Profit + 5.9% $55.7 $52.5 SG&A(3)(4) + 3.0% $54.1 $52.5 Adjusted EBITDA(5) + 4510.7% $2.0 $0.0 Net Income (Loss) - (0.5)% $(4.2) $(4.2) Basic EPS + 1.4% $(1.3
Slide 5: 2025 Cash Flow Summary
2025 Cash Flow Summary QTD YTD QTD YTD USS In Millions September September September September 30, 2025 30, 2025 30, 2024 30, 2024 Net income (loss) $ (1.8) $ (4.2) $ (0.8) $ (4.2) Total Depreciation and amortization 0.7 1.2 0.4 1.0 Provision for (benefits from) deferred income taxes (0.4) (0.6) 0.0
Slide 6: Balance Sheet: Selected Items
Balance Sheet: Selected Items US$ In Millions Q3 2025 Q4 2024 Selected Assets Cash $15.4 $17.0 Restricted Cash $3.2 $0.7 Accounts Receivable $36.2 $20.1 Shareholders’ Equity Stockholders' Equity $67.8 $40.4 Working Capital Current Assets $67.8 $40.1 Current Assets ex-cash $52.5 $23.1 Current Liabili
Slide 7: Business Divisions
Building Solutions Division Business Divisions (slides 8 – 9) Business Services Division Current businesses: (slides 10– 12) opportunities, financial highlights, and future Energy Services Division goals (slide 13) 7
Slide 8: Q3 2025: Building Solutions Pro Forma Financial Results
Q3 2025: Building Solutions Pro Forma Financial Results US$ In Millions '+ / - (1) Q3 2025 (2) Q3 2024 (3) Revenue + 56.5% $21.4 $13.7 Gross Profit + 87.5% $5.3 $2.8 Adjusted EBITDA(4) + 287% $2.6 $0.7 (1) + / - indicates whether the caption was higher (+) or lower (-) than the comparison period. (2
Slide 9: Building Solutions: Backlog
Building Solutions: Backlog Backlog Remains Steady as Teams Continue Generating New Sales Historical Backlog (USD in thousands) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Beginning Backlog (1) $ 13,957 $ 19,567 $ 17,190 $ 27,913 $ 25,739 (+) New Orders $ 19,273 $ 14,718 $ 22,841 $ 18,223 $ 15,680 (-) R
Slide 10: Q3 2025: Business Services Financial Results
Q3 2025: Business Services Financial Results US$ In Millions '+ / - (1) Q3 2025 Q3 2024 Revenue + 0.5% $37.0 $36.9 Gross Profit + 0.1% $18.6 $18.6 Adjusted EBITDA(2) - (0.7)% $1.7 $1.7 (1) + / - indicates whether the caption was higher (+) or lower (-) than the comparison period. (2) Adjusted EBITDA
Slide 11: Q3 2025: Business Services Operating Dashboard
Q3 2025: Business Services Operating Dashboard (1) Rolling 4 Quarters RPO New Business = $50.9M $22.4M $11.1M in New Logo and $39.8M in renewals and expansions from our legacy clients Gross Profit = $71.3M Relatively stable over the past $13.4M $11.6M four quarters RPO Adjusted EBITDA & Margin staye
Slide 12: Q3 2025: Business Services Regional Split
Q3 2025: Business Services Regional Split Revenue Adjusted Net Revenue 12
Slide 13: Q3 2025: Energy Services Pro Forma Financial Results
Q3 2025: Energy Services Pro Forma Financial Results US$ In Millions Q3 2025 (1) (1) Pro Forma Energy Services financials for July 1, 2025, to September 30, 2025. Alliance Drilling Tools was acquired by Star Operating Companies, Inc. in Q1 2025, so comparable Revenue $3.7 period financials for Q3 20
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 Q3 2025 and 2024
Reconciliation of Non-GAAP Financial Measures Q3 2025 and 2024 Building Business Energy Asia Hudson Q3 2025 Solutions Services Services Investments Corporate Total Q3 2024 Americas Pacific EMEA RPO Corporate Total Revenue $ 9.6 $ 37.0 $ 1.3 $ 0.1 $ (0.1) $ 48.0 Revenue $ 7.6 22.6 $ 6.7 $ 36.9 $ — $
Slide 17: Reconciliation of Non-GAAP Financial Measures Q3 YTD 2025 and 2024
Reconciliation of Non-GAAP Financial Measures Q3 YTD 2025 and 2024 Building Business Energy Asia Hudson Q3 YTD 2025 Solutions Services Services Investments Corporate Total Q3 YTD 2024 Americas Pacific EMEA RPO Corporate Total Revenue $ 9.6 $ 104.4 $ 1.3 $ — $ — $ 115.4 Revenue $ 20.5 $ 66.7 $ 19.2 1
Slide 18: Reconciliation of Pro Forma Non-GAAP Financial Measures
Reconciliation of Pro Forma (1) Non-GAAP Financial Measures Building Business Energy Building Business Q3 2025 Solutions Services Services Investments Corporate Total Q3 2024 Solutions Services Investments Corporate Total Revenue $ 21.4 $ 37.0 $ 3.7 $ 0.2 $ (0.2) $ 62.1 Revenue $ 13.7 36.9 $ 0.2 $ (
Slide 19: 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 19