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Star Equity Holdings, Inc. reported first-quarter 2026 results for the period ended March 31, 2026, highlighting revenue growth, higher gross profit, and continued losses at the net income level, alongside division-level performance differences tied to project timing and macro conditions.
Management said the first quarter is typically the company’s weakest period. For 2026, startup delays for new projects and broader macroeconomic conditions led the Building Solutions and Business Services divisions to perform worse than expected, while Energy Services maintained momentum.
Star also cited soft residential and commercial construction markets during the quarter, including delays in pending contract awards and severe winter weather in key geographies, as factors weighing on Building Solutions results.
Star reported realized merger synergies of $2.6 million on an annualized basis.
On the business development front, the company pointed to accelerated new business activity and contract renewals with legacy clients in Business Services, exceeding levels seen in any quarter of 2025. Star also highlighted a $4.2 million multifamily housing project in New Hampshire for its KBS business, announced April 30, 2026.
Star ended the first quarter of 2026 with $10.3 million in cash, including $2.2 million in restricted cash. The company used $1.4 million in cash flow from operations during the quarter, compared with using $0.8 million in the first quarter of 2025.
In the first quarter of 2026, Star repurchased 70,424 shares for approximately $0.7 million. As of March 31, 2026, it had approximately $1.8 million remaining under its $3 million repurchase program authorized in September 2025.
Star also reported that, as of December 31, 2025, it had $215 million of usable net operating losses (“NOL”) in the U.S. The company said it has a rights agreement and charter amendment limiting beneficial ownership of Star common stock to 4.99% to protect the value of the NOL.
CEO Jeff Eberwein said operational and cost improvements, along with continued investments in growth and innovation, are strengthening the company’s competitive position and are expected to drive improved results as the year progresses.
Jake Zabkowicz, Global CEO of Hudson Talent Solutions (HTS), said gross profit increased 6.4% year over year and pointed to innovation and operational efficiency efforts, including expanded deployment of agentic AI solutions to enhance recruiter productivity and candidate matching. He also said new business activity and contract renewals accelerated meaningfully in the first quarter of 2026.
COO Rick Coleman said Building Solutions was pressured by construction market softness, delays in contract awards, and severe winter weather, while Energy Services gained share across core markets, with strong performance in mining and geothermal end markets.
Star will host a conference call on Tuesday, May 12, 2026 at 10:00 a.m. ET to discuss the announcement. The webcast will be available on the company’s investor information section at www.starequity.com. Dial-in details provided include (833) 890-6161 for toll-free and (412) 504-9848 for international callers.
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