Core Viewpoint - Star Equity Holdings, Inc. announced two contracts totaling $4.6 million for the manufacture of 40 modules aimed at constructing cottages and affordable housing units in Maine, reflecting a growing demand for new construction in the region [1][2][3]. Company Overview - Star Equity Holdings, Inc. is a diversified holding company with two main divisions: Building Solutions and Investments [4]. - The Building Solutions division includes modular building manufacturing, structural wall panel and wood foundation manufacturing, and glue-laminated timber manufacturing [5]. - The Investments division manages and finances the company's real estate assets and investment positions in both private and public companies [6]. Contract Details - The first contract, valued at $3.0 million, involves the manufacture of 32 modules for 15 cottages in Northeast Harbor, Maine, with manufacturing starting in September and expected delivery by December, aiming for occupancy by Spring 2025 [1]. - The second contract, worth $1.6 million, is for 8 modules for two multi-story buildings comprising 16 affordable housing units in Newcastle, Maine, with manufacturing expected to begin in October and delivery by December, also targeting Spring 2025 for occupancy [2]. Market Outlook - The CEO of Star noted that the contracts highlight KBS Builders' reputation as a leading modular manufacturer in Maine, with an increase in demand for new construction in New England and the Northeast contributing to a growing backlog of orders [3]. - The company is optimistic about the impact of recent interest rate cuts on the demand for new construction projects, anticipating gradual growth in the coming months [3].

Financial Data and Key Metrics Changes - The company's Q2 2024 revenue increased by 51.6% compared to Q2 2023, driven by the inclusion of Timber Technologies revenue and a full quarter of revenue from Big Lake Lumber [5][6] - Gross margin declined by 14.9%, primarily due to a one-time purchase price adjustment related to the Timber Technologies acquisition [5][6] - The net loss from continuing operations was $3.8 million in Q2 2024, compared to a net loss of $1.4 million in Q2 2023 [9] - Non-GAAP adjusted net loss from continuing operations was $0.9 million, roughly the same as in Q2 2023, while adjusted EBITDA for continuing operations was a loss of $0.5 million [10] Business Line Data and Key Metrics Changes - The Building Solutions division's performance reflected a decline on an organic basis due to credit tightening impacting project funding and timing, although the sales pipeline remains strong [6][7] - The integration of Timber Technologies into the Building Solutions division is substantially complete, and it is expected to generate healthy cash flow and improve overall profitability [4][6] Market Data and Key Metrics Changes - The company's unrestricted cash balance at the end of Q2 2024 was $2.5 million, down from $21.4 million a year ago, reflecting significant cash outlay associated with the Timber Technologies acquisition [11] - The Investments division's holdings in public securities decreased to $3.8 million from $4.8 million a year ago [11] Company Strategy and Development Direction - The company announced a $1 million share buyback program to capitalize on perceived undervaluation of its common stock [5] - The recent investment in Enservco marks the company's entry into the energy services and transportation and logistics sectors, diversifying its portfolio beyond Building Solutions [12] Management's Comments on Operating Environment and Future Outlook - Management noted that visibility into future projects is becoming hazy, with many projects experiencing delays rather than cancellations, primarily due to financing issues [21][22] - There is cautious optimism for improvement in the second half of the year, although the extent of this improvement remains uncertain [21][22] Other Important Information - The company completed two sale-leaseback transactions totaling approximately $7.2 million in net proceeds, which will not impact operations [4][5] - A one-time impairment of $1.3 million related to a cost method equity investment in TTG was reported, impacting SG&A expenses [8][10] Q&A Session Summary Question: Benefits of structuring the acquisition of Enservco as a share interest - Management believes the common stock is undervalued and structured the acquisition to take an initial stake of around 20%, allowing for monitoring of the transition [13][14] Question: Accounting treatment for the share interest in Enservco - The investment will sit in the Investments division and will be treated as a mark-to-market position since the company does not have control over Enservco [15] Question: Impact of Timber Technologies acquisition on gross profit - The $574,000 impact on gross profit was due to a one-time accounting adjustment related to the valuation of finished goods inventory from the Timber Technologies acquisition [17] Question: Overall business tone and outlook for the second half - Management indicated that while projects are being delayed, they are not being canceled, and they expect some improvement in the second half of the year [21][22]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Securities registered pursuant to Section 12(b) of the Act: WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission file number: 001-35947 Star Equity Holdings, Inc. (Exact name of registrant as specified ...

Star Equity (STRR) came out with a quarterly loss of $0.29 per share versus the Zacks Consensus Estimate of a loss of $0.25. This compares to loss of $0.30 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -16%. A quarter ago, it was expected that this diagnostic services and imaging company would post a loss of $0.10 per share when it actually produced a loss of $0.45, delivering a surprise of -350%. Over the last four quarter ...

Exhibit 99.1 For immediate release August 13, 2024 Star Equity Holdings, Inc. Announces 2024 Second Quarter Financial Results Timber Technologies acquisition marks major Company milestone; diversifies Building Solutions division revenue streams and improves Star's overall cash flow and profitability Recent sale-leaseback transactions significantly improve liquidity position and ability to execute growth strategy Announces $1 million common stock repurchase program Old Greenwich, CT. - Star Equity Holdings, ...

Monetizes Two Real Estate Assets for $8.3 Million Proceeds to be Deployed into Accretive Acquisitions OLD GREENWICH, Conn., July 19, 2024 (GLOBE NEWSWIRE) -- Star Equity Holdings, Inc. (Nasdaq: STRR; STRRP) ("Star" or the "Company"), a diversified holding company, announced today that Star Real Estate Holdings USA, Inc. ("SRE"), the real estate arm of the Company's Investments division, has closed two sale-leaseback transactions for its South Paris, Maine and Big Lake, Minnesota facilities, totaling approxi ...

OLD GREENWICH, Conn., July 01, 2024 (GLOBE NEWSWIRE) -- Star Equity Holdings, Inc. (Nasdaq: STRR; STRRP) ("Star" or the "Company"), a diversified holding company, announced today changes in the composition of its board of directors (the "Board") to better reflect the current businesses owned by Star and its go-forward strategy. Effective today, the Company has appointed Todd Fruhbeis, Jennifer Palmer, and Louis Parks as independent directors to its Board of Directors replacing legacy directors John Gildea a ...

OLD GREENWICH, Conn., June 12, 2024 (GLOBE NEWSWIRE) -- Star Equity Holdings, Inc. (NASDAQ:STRR, STRRP))) ("Star" or the "Company"), a diversified holding company, announced today a reverse stock split of its outstanding shares of common stock at a ratio of 1-for-5 (the "Reverse Split") and that it has filed a Certificate of Amendment of the Company's Restated Certificate of Incorporation in order to effect the Reverse Split. The Reverse Split will take effect after market close on June 14, 2024, and common ...

OLD GREENWICH, Conn., May 22, 2024 (GLOBE NEWSWIRE) -- Star Equity Holdings, Inc. (NASDAQ:STRR, STRRP))) ("Star Equity" or the "Company"), a diversified holding company, announced today that its Board of Directors (the "Board") declared a cash dividend to holders of the Company's 10% Series A Cumulative Perpetual Preferred Stock of $0.25 per share. The record date for this dividend is June 1, 2024, and the payment date is June 11, 2024. About Star Equity Holdings, Inc. Star Equity Holdings, Inc. is a divers ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (203) 489-9500 (Registrant's Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Act: FOR THE TRANSITION PERIOD FROM TO Star Equity Holdings, Inc. (Ex ...