Star Equity Holdings Reports 2026 Third Quarter Results
Key Highlights
- ➤Q3 revenue $53.9 million, up 12.4% year over year
- ➤Q3 adjusted EBITDA $1.5 million, versus $1.3 million last year
- ➤Q3 net loss attributable to common shareholders widened to $2.2 million
- ➤Building Solutions backlog rose to $11.4 million from $10.6 million
- ➤Sale-leaseback transactions expected to generate gross proceeds exceeding $9.0 million
Expert Statements
Jeff Eberwein, CEO of Star Equity Holdings
“In the third quarter, Energy Services gross profit and adjusted EBITDA increased on a pro forma basis, and in October we expanded the division by acquiring a machine shop in Vernal, Utah adding in-house machining, repair, and rebuild capabilities to our existing operation there.”
Jeff Eberwein, CEO of Star Equity Holdings
“In Building Solutions, results were below the prior year quarter on a pro forma basis, reflecting continued softness in the residential and multifamily new construction markets.”
Jeff Eberwein, CEO of Star Equity Holdings
“In addition, a large KBS Builders project, for which we received a non-refundable deposit, has shifted from 2026 to 2027.”
Jeff Eberwein, CEO of Star Equity Holdings
“Despite these headwinds, the division’s backlog, which excludes this project, grew to $11.4 million from $10.6 million at the end of the second quarter and new orders were above $17.0 million for the second quarter in a row.”
Jake Zabkowicz, Global CEO of Hudson Talent Solutions
“Despite continued macroeconomic uncertainty and pressure in the professional talent market, HTS limited its year-over-year gross profit decline to 2%, supported by 4% gross profit growth in the Americas.”
Jake Zabkowicz, Global CEO of Hudson Talent Solutions
“In the third quarter, we invested $1.4 million in digital offerings, expansion into new geographies, and other growth initiatives, while increasing our use of agentic AI and automation to enhance recruiter productivity and candidate matching.”
Jake Zabkowicz, Global CEO of Hudson Talent Solutions
“In November, we acquired Cornerstone RPO, which bolsters our presence in the U.S., the world’s largest RPO market, and adds established enterprise client relationships and experienced U.S. sales leadership.”
Jake Zabkowicz, Global CEO of Hudson Talent Solutions
“Additionally, we moved up to No. 3 globally, a significant improvement versus history, in HRO Today’s 2026 Global RPO Baker’s Dozen Customer Satisfaction Ratings.”
Jake Zabkowicz, Global CEO of Hudson Talent Solutions
“We believe this recognition and our investments in growth initiatives position us well to win new business going forward.”
Jeff Eberwein, CEO of Star Equity Holdings
“In the third quarter, we generated $0.9 million of cash flow from operations and repurchased approximately $0.3 million of our common stock.”
Jeff Eberwein, CEO of Star Equity Holdings
“We remain focused on disciplined execution, rigorous cost management, and returns‑driven capital allocation.”
Jeff Eberwein, CEO of Star Equity Holdings
“We continue to evaluate M&A opportunities across all three operating divisions while also working to make progress on monetizing our non-cash-generating assets including two real estate holdings where we expect to receive gross proceeds of over $9.0 million from two sale-leaseback transactions.”
Jeff Eberwein, CEO of Star Equity Holdings
“We believe we are well positioned to improve profitability in 2027 and create significant value for our stockholders over the long term.”
OLD GREENWICH, Conn., Nov. 11, 2026 (GLOBE NEWSWIRE) -- Star Equity Holdings, Inc. (Nasdaq: STRR and STRRP) ("Star" or the "Company"), a diversified holding company, announced today financial results for the third quarter ended September 30, 2026.
2026 Third Quarter Summary * Revenue of $53.9 million increased 12.4% from the third quarter of 2025. * Gross profit of $23.2 million increased 12.6% from the third quarter of 2025. * Net loss attributable to common shareholders was $2.2 million, or $0.60 per diluted share, compared to net loss attributable to common shareholders of $1.8 million, or $0.56 per diluted share, for the third quarter of 2025. Adjusted net loss per diluted share (non-GAAP measure)* was $0.26 compared to adjusted net income per diluted share of $0.08 in the third quarter of 2025. Pro forma adjusted net income per diluted share was $0.18 in the third quarter of 2025. * Adjusted EBITDA (non-GAAP measure)* increased to $1.5 million versus adjusted EBITDA of $1.3 million in the third quarter of 2025; pro forma adjusted EBITDA was $3.1 million in the third quarter of 2025. * Total cash including restricted cash was $7.8 million at September 30, 2026. Jeff Eberwein, CEO of Star, noted, “In the third quarter, Energy Services gross profit and adjusted EBITDA increased on a pro forma basis, and in October we expanded the division by acquiring a machine shop in Vernal, Utah adding in-house machining, repair, and rebuild capabilities to our existing operation there. In Building Solutions, results were below the prior year quarter on a pro forma basis, reflecting continued softness in the residential and multifamily new construction markets. In addition, a large KBS Builders project, for which we received a non-refundable deposit, has shifted from 2026 to 2027. Despite these headwinds, the division’s backlog, which excludes this project, grew to $11.4 million from $10.6 million at the end of the second quarter and new orders were above $17.0 million for the second quarter in a row."
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