Q1 2025 Star Equity Holdings Inc Earnings Call Transcript
Key Points
- First quarter revenue increased by 41.7% compared to the first quarter of 2024, driven by acquisitions.
- Gross margin improved significantly to 24.3% from 17.3% in the same quarter last year.
- Building Solutions division backlog reached a record $27.9 million, indicating strong future demand.
- The establishment of the Energy Services division through the acquisition of Alliance Drilling Tools is progressing smoothly.
- Consolidated cash flow from operations turned positive, with an inflow of $0.6 million compared to an outflow of $2.4 million in the previous year.
- Net loss from continuing operations was $1.2 million, although improved from a $2.2 million loss in the previous year.
- Non-GAAP adjusted net loss from continuing operations increased to $1.7 million from $1.4 million in the previous year.
- SG&A expenses increased by $1.2 million or 28.5% due to acquisitions and M&A activity.
- Unrestricted cash balance decreased to $1.9 million from $4.0 million at the end of 2024, primarily due to acquisition costs.
- Some commercial projects were delayed into the second quarter, affecting Building Solutions segment revenues.
Ladies and gentlemen, and welcome to Star Equity Holdings first quarter 2025 results conference call.
Please be advised that discussions on today's call may include forward-looking statements. Such forward-looking statements involve certain risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements.
Please refer to Star Equity most recent 10-K, 10-Q, and other filings for a more complete description of risk factors that could affect these projections and assumptions. The company assumes no obligations to update for the statements as a result of new information, future events, or otherwise.
Please also note that this on this management made reference to certain non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted net income, and adjusted earnings per share, which are all financial measures not recognized under the US GAAP.
As required by SEC rules and regulations, these non-GAAP measures are reconciled to the most recent comparable GAAP financial majors in our earnings release
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