Tate Sullivan

Theodore O'Neill

Michael Mathison

- Star Equity Holdings, Inc. (STRR) projects **$255 million** in revenue, **$15 million** in Adjusted EBITDA, and **$1.61** in Adjusted EPS for **2026E**.  **[1210708_0001210708-25-000121_strrfactsheetoctvfinal.htm:0]** **[1210708_0001210708-25-000121_strrinvpresentoctfinal.htm:3]**  The company also reported **$240 million** in Net Operating Losses (NOLs) as of December 31, 2024.  **[1210708_0001210708-25-000121_strrfactsheetoctvfinal.htm:0]** **[1210708_0001210708-25-000121_strrinvpresentoctfinal.htm:3]** 
- As of October 10, 2025, STRR's common stock traded at **$11.11** per share, resulting in a market capitalization of **$38.9 million**.  **[1210708_0001210708-25-000121_strrfactsheetoctvfinal.htm:0]** **[1210708_0001210708-25-000121_strrinvpresentoctfinal.htm:3]**  Valuation metrics for 2026E include a Price/Earnings ratio of **6.9x** and a Price/Book ratio of **0.7x**.  **[1210708_0001210708-25-000121_strrinvpresentoctfinal.htm:3]** 
- The company operates as a diversified holding company across four divisions: Investments, Energy Services, Business Services, and Building Solutions.  **[1210708_0001210708-25-000121_strrfactsheetoctvfinal.htm:0]**  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.  **[1210708_0001210708-25-000121_strrfactsheetoctvfinal.htm:0]** **[1210708_0001210708-25-000121_strrinvpresentoctfinal.htm:3]** **[1210708_0001210708-25-000121_strrinvpresentoctfinal.htm:4]** 
- 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).  **[1210708_0001210708-25-000121_strrinvpresentoctfinal.htm:3]** 
- 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.  **[1210708_0001210708-25-000121_strrinvpresentoctfinal.htm:6]**

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

- Star Equity Holdings, Inc. (STRR) updated its investor presentation on **September 17, 2025**, reflecting its name change effective **September 5, 2025**.  **[1210708_0001210708-25-000112_hson-20250916.htm:1]** **[1210708_0001210708-25-000112_strrinvpresentsept2025.htm:6]**  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**.  **[1210708_0001210708-25-000112_strrfactsheetsept2025.htm:0]** **[1210708_0001210708-25-000112_strrinvpresentsept2025.htm:3]** 
- The company projects the following for **2026E**, based on Bloomberg consensus estimates  **[1210708_0001210708-25-000112_strrfactsheetsept2025.htm:0]** **[1210708_0001210708-25-000112_strrinvpresentsept2025.htm:2]** :

| Metric | 2026E |
|---|---|
| Revenue ($USD Millions) | **$255**  **[1210708_0001210708-25-000112_strrfactsheetsept2025.htm:0]** **[1210708_0001210708-25-000112_strrinvpresentsept2025.htm:2]**  |
| Adj. EBITDA ($USD Millions) | **$15**  **[1210708_0001210708-25-000112_strrfactsheetsept2025.htm:0]** **[1210708_0001210708-25-000112_strrinvpresentsept2025.htm:2]**  |
| Adj. EPS ($USD) | **$1.48**  **[1210708_0001210708-25-000112_strrfactsheetsept2025.htm:0]** **[1210708_0001210708-25-000112_strrinvpresentsept2025.htm:2]** 

- 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**.  **[1210708_0001210708-25-000112_strracquisitioncriteria.htm:0]** **[1210708_0001210708-25-000112_strrinvpresentsept2025.htm:3]** 
- 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.  **[1210708_0001210708-25-000112_strrinvpresentsept2025.htm:3]** **[1210708_0001210708-25-000112_strrinvpresentsept2025.htm:11]** 
- The Building Solutions division reported the following ending backlog (defined as future revenue under contract)  **[1210708_0001210708-25-000112_strrinvpresentsept2025.htm:7]** :

| Metric | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 |
|---|---|---|---|---|---|
| Ending Backlog ($USD Thousands) | **$13,957**  **[1210708_0001210708-25-000112_strrinvpresentsept2025.htm:7]**  | **$19,567**  **[1210708_0001210708-25-000112_strrinvpresentsept2025.htm:7]**  | **$17,190**  **[1210708_0001210708-25-000112_strrinvpresentsept2025.htm:7]**  | **$27,913**  **[1210708_0001210708-25-000112_strrinvpresentsept2025.htm:7]**  | **$25,739**  **[1210708_0001210708-25-000112_strrinvpresentsept2025.htm:7]**

STAR OPERATING COMPANIES (STRR)