In This Story
Star Equity Holdings Inc. (STRR0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's structure, with two main divisions: Building Solutions and Investments. The Building Solutions division includes KBS Builders, EdgeBuilder, Glenbrook, and Timber Technologies Solutions, which manufacture modular buildings and other construction-related products. The Investments division manages corporate-owned real estate and minority investments in public companies.
For the year ended December 31, 2024, Star Equity reported revenues of $53.4 million, an increase of 16.5% compared to the previous year. This growth was attributed to the acquisition of Timber Technologies and full-year contributions from Big Lake Lumber.
Gross profit for the year was $11.1 million, down 7.3% from the previous year. The decrease was primarily due to fixed costs and a purchase price adjustment related to Timber Technologies' inventory.
Operating expenses increased by 19.7% to $19.5 million, driven by the inclusion of expenses from recent acquisitions.
The company reported a net loss from continuing operations of $10.4 million, compared to a loss of $1.9 million in the previous year. This was influenced by impairment charges and unrealized losses on investments.
Star Equity's cash flow from operating activities was negative $5.2 million, compared to positive $2.7 million in the prior year, reflecting lower operational results and increased working capital needs.
The company completed several financing activities, including a new loan agreement with KeyBank and a term loan secured by a mortgage, contributing to a net cash inflow from financing activities of $3.9 million.
Star Equity's balance sheet at year-end showed total assets of $83.0 million, with $11.3 million in debt.
The filing also discusses the company's strategic focus on expanding its Building Solutions division and managing its investment portfolio to enhance shareholder value.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Star Equity Holdings Inc. annual 10-K report dated March 21, 2025. To report an error, please email earnings@qz.com.