STAR OPERATING COMPANIES (STRR) Company Report

Star Equity Holdings, Inc. (STRR) completed a transformational merger in August 2025, combining Star Operating Companies, Inc. and Hudson Global, Inc., and subsequently changed its name and trading symbol effective September 5, 2025.
For 2026E, the company projects $242 million in Revenue, $13 million in Adjusted EBITDA, and $0.89 in Adjusted EPS.
The company aims to increase Adjusted EBITDA to $40 million by 2030 through organic growth, targeted investments, and acquisitions.
Star Equity Holdings possesses $240 million in Net Operating Losses (NOLs) as of December 31, 2024, offering a tax-efficient structure for future growth.
Management plans to monetize over $20 million in non-cash generating assets and has executed approximately $10 million in opportunistic share repurchases since 2020.

3 days ago

8-K

Star Equity Publicizes Merger Proposal to GEE Group

STRR

M&A

Takeover Bid

Star Equity Holdings, Inc. (STRR), a 5.4% stockholder of GEE Group, Inc. (JOB), has made public a proposal for a potential merger between the two companies.
Despite repeated outreach between January 6 and January 15, 2026, GEE Group has not responded to Star Equity's merger proposal.
Star Equity believes GEE Group should become part of a larger entity due to its high SG&A expenses as a percentage of revenue and the poor performance of previous acquisitions.
GEE Group's revenue in FY 2025 was $96.5 million, representing a 41.6% decline from FY 2022 and a 9.8% decline compared to FY 2024, with net losses totaling $58.8 million over the last two years.
Star Equity argues that a merger would create significant value for both companies' stockholders by reducing duplicative public company and corporate overhead costs and improving operational focus.

Jan 22, 2026, 1:30 PM

Press Release

Star Equity Holdings, Inc. Details Post-Merger Strategy and Financial Goals

STRR

M&A

New Projects/Investments

Guidance Update

Star Equity Holdings, Inc. (STRR) completed a transformational merger on August 22, 2025, acquiring Star Operating Companies, Inc. (formerly Star Equity Holdings, Inc.) and subsequently changing its name and trading symbol on September 5, 2025.
The company now operates as a diversified holding company with four divisions: Investments, Business Services, Building Solutions, and Energy Services.
STRR aims to grow its Adjusted EBITDA from an estimated $12.4 million in 2025 to $40.0 million by 2030, excluding acquisitions.
The company is actively pursuing acquisitions of businesses generating $10-$50 million in revenue with over $2 million in EBITDA within existing and potential new verticals, and plans to monetize approximately $20 million of non-cash generating assets.

Jan 21, 2026, 12:10 AM

8-K

Star Equity Holdings, Inc. Details Post-Merger Business and Growth Targets

STRR

M&A

Guidance Update

New Projects/Investments

Star Equity Holdings, Inc. completed a merger on August 22, 2025, with Hudson Global, Inc., and subsequently changed its name and trading symbol to STRR and STRRP, effective September 5, 2025.
The company is now a diversified holding company with four divisions (Investments, Business Services, Building Solutions, Energy Services) and plans to achieve growth through organic expansion, targeted investments, and strategic acquisitions.
Star Equity Holdings projects Adjusted EBITDA of $14 million for 2026E and aims for $40 million by 2030, with a pro forma annualized Adjusted EBITDA of $12.37 million for Q3 2025.
The company holds $240 million in Net Operating Losses (NOLs) as of December 31, 2024, and intends to monetize approximately $20 million of non-cash generating assets.

Dec 9, 2025, 9:07 PM

8-K

Star Equity Holdings, Inc. Reports Q3 2025 Financial Overview and Strategic Outlook

STRR

M&A

Guidance Update

Share Buyback

Star Equity Holdings, Inc. (STRR) is a diversified holding company that completed an acquisition of Star Operating Companies, Inc. on August 22, 2025, and subsequently changed its name and trading symbol on September 5, 2025.
The company's 2026E financial highlights, based on Bloomberg consensus estimates, include $242 million in revenue, $14 million in Adjusted EBITDA, and $1.15 in Adjusted EPS.
As of October 31, 2025, STRR had $18.5 million in cash, $13.0 million in total debt on operating businesses, and $26.9 million in preferred stock outstanding.
The company aims to grow its 2026E Adjusted EBITDA of $14 million to $40 million by 2030 through organic growth, targeted acquisitions, and activist investments.
Valuation metrics as of November 20, 2025, show STRR trading at a Price/Book of 0.8x, FCF Yield of 13.0%, and Price/Earnings of 8.4x.

Nov 25, 2025, 10:29 PM

8-K

Star Equity Holdings, Inc. Reports Q3 2025 Results

STRR

Earnings

M&A

Share Buyback

Star Equity Holdings, Inc. reported Q3 2025 revenue of $48.0 million, a 30.1% increase from Q3 2024, and a gross profit of $20.6 million, up 10.9%.
The company recorded a net loss of $1.8 million, or $(0.54) per diluted share, for Q3 2025, compared to a net loss of $0.8 million, or $(0.28) per diluted share, in Q3 2024.
Adjusted EBITDA increased to $1.3 million, a 55.8% rise from Q3 2024, and adjusted net income per diluted share was $0.02, a turnaround from a loss of $(0.13) in the prior year quarter.
Total cash, including restricted cash, was $18.5 million as of September 30, 2025.
The company completed a $5 million share repurchase program and authorized a new $3 million program in September 2025, having repurchased approximately 8% of its outstanding shares in Q3 2025.

Nov 13, 2025, 1:50 PM

8-K

Star Equity Holdings, Inc. Presents 2026E Financial Projections and Strategic Overview

STRR

Guidance Update

M&A

Share Buyback

Star Equity Holdings, Inc. (STRR) projects $255 million in revenue, $15 million in Adjusted EBITDA, and $1.61 in Adjusted EPS for 2026E. The company also reported $240 million in Net Operating Losses (NOLs) as of December 31, 2024.
As of October 10, 2025, STRR's common stock traded at $11.11 per share, resulting in a market capitalization of $38.9 million. Valuation metrics for 2026E include a Price/Earnings ratio of 6.9x and a Price/Book ratio of 0.7x.
The company operates as a diversified holding company across four divisions: Investments, Energy Services, Business Services, and Building Solutions. Its strategy focuses on organic growth, targeted acquisitions, and activist investments, aiming to outperform and be added to the Russell 2000 Index in the medium term.
Since 2022, Star's M&A team has completed the $40 million sale of Digirad Health, Inc. in 2023 and acquired three private companies: Big Lake Lumber (2023), Timber Technologies (2024), and Alliance Drilling Tools (2025).
The company officially changed its name to Star Equity Holdings, Inc. and its Nasdaq trading symbols to STRR and STRRP effective September 5, 2025, following a merger on August 22, 2025.

Oct 17, 2025, 9:23 PM

8-K

Star Equity Holdings, Inc. Updates Investor Presentation and 2026E Financial Outlook

STRR

M&A

Guidance Update

New Projects/Investments

Star Equity Holdings, Inc. (STRR) updated its investor presentation on September 17, 2025, reflecting its name change effective September 5, 2025. As of September 12, 2025, its common stock traded at $9.37 with 3.5 million shares outstanding, and Series A Preferred Stock (STRRP) traded at $9.15 with a 10% annual cash dividend.
The company projects the following for 2026E, based on Bloomberg consensus estimates :

Metric	2026E
Revenue ($USD Millions)	$255
Adj. EBITDA ($USD Millions)	$15
Adj. EPS ($USD)	$1.48

STRR is actively pursuing acquisitions, targeting businesses with $10-$50 million in revenue and >$2 million in EBITDA, including small public companies with market caps of $5-$75 million.
The company has a track record of portfolio optimization and M&A, including the 2023 sale of Digirad Health, Inc. for $40 million and recent acquisitions of three private companies between 2023 and 2025.
The Building Solutions division reported the following ending backlog (defined as future revenue under contract) :