Star Equity Holdings, Inc.

Listed Company

STRRPCIK 0001210708NasdaqNon-AcceleratedSmaller ReportingServices-Help Supply ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$172.16M

Net Income

$-5.92M

Total Assets

$113.23M

Equity

$65.71M

Shares Out

3.71M

Op. Cash Flow

$-7.25M

Business

Star Equity Holdings, Inc. is a total talent solutions provider operating under the Hudson RPO brand that delivers recruitment outsourcing and talent acquisition services to organizations worldwide. It offers RPO services—complete recruitment outsourcing, project-based outsourcing, recruitment consulting—along with contracting, managed service provider offerings, outsourced professional contract staffing and expanded executive search capabilities. The company reports three primary segments: Americas, Asia Pacific and EMEA, and organizes operations by RPO and contracting service lines. It serves primarily mid-to-large multinational companies and government agencies through direct country operations and technology-enabled channels such as its TalentMax platform.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues:	172	140	161	201	169
Total cost of revenues	92	70	—	—	—
Gross profit	80	70	—	—	—
Salaries and related	64	58	63	74	53
Office and general	15	11	11	10	8
Marketing and promotion	4	4	4	4	2
Depreciation and amortization	1	1	1	1	597,000
Total operating expenses	84	74	160	192	165
Operating loss	−4	−4	1	9	4
Interest income, net	260,000	360,000	372,000	83,000	33,000
Other income (expense), net	−428,000	−21,000	813,000	40,000	−83,000
Loss before income taxes	−4	−3	3	9	4
Provision for income taxes	2	1	370,000	2	1
Net loss	−6	−5	2	7	3
Dividends on Series A perpetual preferred stock	−740,000	0	—	—	—
Net loss attributable to common shareholders	−7	−5	—	—	—
Net loss attributable to common shareholders	−7	−5	—	—	—
Basic (in dollars per share)	−1.85	−1.59	0.72	2.37	1.11
Diluted (in dollars per share)	−1.85	−1.59	0.7	2.27	1.07
Basic (in dollars per share)	−2.08	−1.59	—	—	—
Diluted (in dollars per share)	−2.08	−1.59	—	—	—
Basic (in shares)	3	3	3	3	3
Diluted (in shares)	3	3	3	3	3
Dividends declared per share of Series A perpetual preferred stock (in dollars per share)	0.28	0	—	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	10	17	23	27	22
Restricted cash, current	2	476,000	354,000	160,000	222,000
Investments in equity securities	4	0	—	—	—
Accounts receivable, less allowance for expected credit losses of $275 and $391, respectively	35	20	20	26	26
Inventories, net	7	0	—	—	—
Note receivable, current portion	256,000	0	—	—	—
Prepaid and other	4	3	3	2	1
Total current assets	62	40	46	56	49
Property and equipment, net of accumulated depreciation of $6,367 and $1,668, respectively	19	242,000	421,000	673,000	371,000
Operating lease right-of-use assets	12	1	1	685,000	477,000
Goodwill	6	6	6	5	4
Intangible assets, net of accumulated amortization of $4,795 and $3,897, respectively	2	2	4	5	5
Long term investments	953,000	0	—	—	—
Notes receivable, net of current portion	9	0	—	—	—
Deferred tax assets	2	3	3	1	1
Restricted cash, non-current	1	180,000	205,000	194,000	177,000
Other assets	12,000	155,000	317,000	12,000	5,000
Total assets	113	53	61	68	61
Accounts payable	5	2	868,000	2	871,000
Accrued salaries, commissions, and benefits	8	4	5	12	11
Accrued expenses and other current liabilities	7	4	5	6	7
Short-term debt	8	0	—	—	—
Deferred revenue	1	129,000	—	—	—
Operating and finance lease obligations, current	655,000	623,000	768,000	337,000	363,000
Total current liabilities	30	11	11	21	20
Income tax payable	99,000	93,000	—	—	—
Operating and finance lease obligations	11	441,000	664,000	348,000	118,000
Note payable long term	6	0	—	0	1
Other liabilities	308,000	399,000	443,000	599,000	395,000
Total liabilities	48	12	12	22	22
Commitments and contingencies	—	—	—	—	—
Series A Preferred stock, $0.001 par value, 10,000 shares authorized; 2,691 and 0 issued; 2,370 and 0 shares outstanding, respectively	3,000	0	0	0	0
Common stock, $0.001 par value, 20,000 shares authorized; 5,366 and 4,033 shares issued; 3,755 and 2,750 shares outstanding, respectively	5,000	4,000	4,000	4,000	4,000
Additional paid-in capital	530	494	493	492	489
Accumulated deficit	−436	−430	−425	−427	−435
Accumulated other comprehensive loss, net of applicable tax	−1	−3	−1	−2	−85,000
Treasury stock, 1,611 and 1,283 common shares; 321 and 0 preferred shares, respectively, at cost	−27	−21	−18	−17	−15
Total stockholders equity	66	40	49	46	39
Total liabilities and stockholders' equity	113	53	61	68	61

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total depreciation and amortization	2	1	1	1	597,000
Provision for expected credit losses	103,000	24,000	483,000	26,000	147,000
Provision for deferred income taxes	942,000	532,000	—	—	—
Stock-based compensation	1	1	1	2	2
Non-cash interest income	−305,000	0	—	—	—
Unrealized net losses on equity securities and lumber derivatives	176,000	0	0	−3,000	0
Gross profit from sale of lost-in-hole equipment	−396,000	0	—	—	—
Accounts receivable	−3	−1	7	−2	−12
Inventories	2	0	—	—	—
Prepaid and other assets	−175,000	−531,000	−1	−615,000	−434,000
Deferred revenue	−2	36,000	—	—	—
Accounts payable, accrued expenses, and other liabilities	−3	556,000	−7	2	9
Net cash provided by (used in) operating activities	−7	−3	315,000	9	3
Capital expenditures	−2	−18,000	−99,000	−504,000	−284,000
Proceeds from corporate benefit policy	0	1	—	—	—
Cash acquired in connection with the acquisition of Star Operating Companies	7	0	—	—	—
Net cash paid in acquisition of Alpha Consulting Group	−132,000	0	—	—	—
Proceeds from sale of lost-in-hole equipment	482,000	0	—	—	—
Proceeds from sale of property and equipment	119,000	0	—	—	—
Purchases of equity securities	−2	0	—	—	—
Proceeds from sales of equity securities	228,000	0	—	—	—
Repayment of note receivable	149,000	0	—	—	—
Net cash (used in) provided by investing activities	5	1	−2	−1	−6
Proceeds from borrowings	11	0	—	—	—
Repayment of debt	−11	0	—	—	—
Net borrowings under invoice finance credit facility	1	0	—	—	—
Preferred stock dividends paid	−740,000	0	—	—	—
Purchase of treasury stock (including payment of tax withholdings)	−3	−3	−959,000	−1	0
Cash paid for net settlement of employee restricted stock units	−451,000	−327,000	−244,000	−286,000	−4,000
Net cash provided by (used in) financing activities	−2	−3	−2	−2	−4,000
Effect of exchange rates on cash, cash equivalents, and restricted cash	386,000	−672,000	−15,000	−723,000	−290,000
Net decrease in cash, cash equivalents, and restricted cash	−4	−6	−4	5	−4
Cash paid during the period for interest	383,000	0	—	—	0
Cash received during the period for interest	299,000	360,000	—	—	—
Net cash payments during the period for income taxes	2	455,000	2	3	1
Cash paid for amounts included in operating lease liabilities	1	809,000	583,000	512,000	496,000
Right-of-use assets obtained in exchange for operating lease liabilities	3	416,000	1	772,000	767,000

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