Star Equity Holdings Reports 2025 Third Quarter Results
2025 Third Quarter Summary
- Revenue of
$48.0 million increased 30.1% from the third quarter of 2024. - Gross profit
$20.6 million increased 10.9% from the third quarter of 2024. - Net loss was
$1.8 million , or$0.54 per diluted share, compared to net loss of$0.8 million , or$0.28 per diluted share, for the third quarter of 2024. Adjusted net income per diluted share (non-GAAP measure)* was$0.02 compared to adjusted net loss per diluted share of$0.13 in the third quarter of 2024. Pro forma adjusted net income per diluted share was$0.19 compared to pro forma adjusted net loss per diluted share of$0.54 in the third quarter of 2024. - Adjusted EBITDA (non-GAAP measure)* increased to
$1.3 million versus adjusted EBITDA of$0.8 million in the third quarter of 2024; pro forma adjusted EBITDA was$3.1 million versus$0.6 million in the third quarter of 2024. - Total cash including restricted cash was
$18.5 million atSeptember 30, 2025 .
Our Energy Services segment achieved particularly strong results despite a broader slowdown across the energy sector. The strong performance was driven by exceptional sales execution, disciplined cost management, and strategic capital investments in ADT’s drilling tool inventory and service capabilities. These initiatives not only increased sales and utilization rates but also enhanced our market positioning and customer satisfaction."
Looking ahead, we are well positioned to drive long-term shareholder value through a balanced mix of organic growth, disciplined capital allocation, and accretive acquisitions. We continue to evaluate acquisition opportunities that align with our diversified holding company strategy, focusing on scalable, cash-generating businesses with strong management teams and sustainable competitive advantages. Together, these efforts are strengthening Star's foundation for sustainable, profitable expansion.”
* The Company provides non-GAAP measures as a supplement to financial results based on accounting principles generally accepted in
Segment Highlights
As a result of the Merger (as defined below), reported results for the third quarter 2025
Building Solutions
Third quarter
Pro forma ("PF")(1) Building Solutions revenue was
Building Solutions quarter-end backlog was
Business Services
Third quarter 2025 Business Services revenue was
Regionally, APAC and
Energy Services
Third quarter 2025 Energy Services revenue was
PF Energy Services revenue for the third quarter of 2025 was
(1) Pro forma
Corporate Costs
In the third quarter of 2025, the Company's corporate costs were
Liquidity and Capital Resources
The Company ended the third quarter of 2025 with
Share Repurchase Program
As announced previously, the Company completed its
The Company has repurchased approximately
NOL Carryforward
As of
Conference Call/Webcast
The Company will conduct a conference call today,
If you wish to join the conference call, please use the dial-in information below:
- Toll-Free Dial-In Number: (833) 890-6161
- International Dial-In Number: (412) 504-9848
The archived call will be available on the investor relations section of the Company's website at www.starequity.com.
About
On
Building Solutions
The
Business Services
The Business Services division provides flexible and scalable recruitment solutions to a global clientele, servicing organizations at all levels, from entry-level positions to the C-suite. The division focuses on mid-market and enterprise organizations worldwide, partnering consultatively with talent acquisition, HR, and procurement leaders to build diverse, high-impact teams and drive business success.
Energy Services
The Energy Services division engages in the rental, sale, and repair of downhole tools used in the oil and gas, geothermal, mining, and water-well industries.
Investments
The Investments division manages and finances the Company’s real estate assets as well as its investment positions in private and public companies.
Investor Relations:
The Equity Group
(212) 836-9611
lcati@theequitygroup.com
Forward-Looking Statements
This press release contains statements that the Company believes to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding the Company’s future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “predict,” “believe,” and similar words, expressions, and variations of these words and expressions are intended to identify forward-looking statements. All forward-looking statements are subject to important factors, risks, uncertainties, and assumptions, including industry and economic conditions that could cause actual results to differ materially from those described in the forward-looking statements. Such factors, risks, uncertainties, and assumptions include, but are not limited to, (1) global economic fluctuations, (2) the Company’s ability to successfully achieve its strategic initiatives, (3) risks related to potential acquisitions or dispositions of businesses by the Company, (4) risks related to the market price of the Company’s common stock relative to the value paid pursuant to the Merger Agreement, (5) unexpected costs, charges or expenses resulting from the Merger, (6) potential adverse reactions or changes to business relationships resulting from the completion of the Merger, (7) risks related to the inability of the combined company to successfully operate as a combined business, (8) risks associated with the possible failure to realize certain anticipated benefits of the proposed Merger, including with respect to future financial and operating results, (9) risks related to fluctuations in the Company’s operating results from quarter to quarter due to various factors such as rising inflationary pressures and interest rates, (10) the loss of or material reduction in our business with any of the Company’s largest customers, (11) the ability of clients to terminate their relationship with the Company at any time, (12) competition in the Company’s markets, (13) the negative cash flows and operating losses that may recur in the future, (14) risks relating to how future credit facilities may affect or restrict our operating flexibility, (15) risks associated with the Company’s investment strategy, (16) risks related to international operations, including foreign currency fluctuations, political events, trade wars, natural disasters or health crises, including the
Financial Tables Follow
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) |
|||||||||||||||
| Three Months Ended |
Nine Months Ended |
||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenues: | |||||||||||||||
| Building Solutions | $ | 9,603 | $ | — | $ | 9,603 | $ | — | |||||||
| Business Services | 37,038 | 36,853 | 104,445 | 106,456 | |||||||||||
| Energy Services | 1,318 | — | 1,318 | — | |||||||||||
| Investments | — | — | — | — | |||||||||||
| Total revenues | 47,959 | 36,853 | 115,366 | 106,456 | |||||||||||
| Cost of revenues: | |||||||||||||||
| Building Solutions | 7,919 | — | 7,919 | — | |||||||||||
| Business Services | 18,408 | 18,250 | 50,782 | 53,908 | |||||||||||
| Energy Services | 972 | — | 972 | — | |||||||||||
| Investments | 33 | — | 33 | — | |||||||||||
| Total cost of revenues | 27,332 | 18,250 | 59,706 | 53,908 | |||||||||||
| Gross profit | 20,627 | 18,603 | 55,660 | 52,548 | |||||||||||
| Operating expenses: | |||||||||||||||
| Salaries and related | 16,135 | 14,908 | 45,317 | 44,399 | |||||||||||
| Office and general | 4,819 | 2,823 | 10,176 | 8,164 | |||||||||||
| Marketing and promotion | 913 | 971 | 2,814 | 2,627 | |||||||||||
| Depreciation and amortization | 404 | 358 | 932 | 1,042 | |||||||||||
| Total operating expenses | 22,271 | 19,060 | 59,239 | 56,232 | |||||||||||
| Operating loss | (1,644 | ) | (457 | ) | (3,579 | ) | (3,684 | ) | |||||||
| Non-operating income (expense): | |||||||||||||||
| Interest (expense) income, net | 81 | 93 | 206 | 280 | |||||||||||
| Other income / (expense), net | 48 | (184 | ) | (209 | ) | (318 | ) | ||||||||
| Loss before income taxes | (1,515 | ) | (548 | ) | (3,582 | ) | (3,722 | ) | |||||||
| Provision for income taxes | 249 | 298 | 626 | 463 | |||||||||||
| Net loss | (1,764 | ) | (846 | ) | (4,208 | ) | (4,185 | ) | |||||||
| Dividend on |
(67 | ) | — | (67 | ) | — | |||||||||
| Net loss attributable to common shareholders | $ | (1,831 | ) | $ | (846 | ) | $ | (4,275 | ) | $ | (4,185 | ) | |||
| Loss per share: | |||||||||||||||
| Basic | $ | (0.54 | ) | $ | (0.28 | ) | $ | (1.37 | ) | $ | (1.39 | ) | |||
| Diluted | $ | (0.54 | ) | $ | (0.28 | ) | $ | (1.37 | ) | $ | (1.39 | ) | |||
| Loss per share, attributable to common shareholders | |||||||||||||||
| Basic | $ | (0.56 | ) | $ | (0.28 | ) | $ | (1.39 | ) | $ | (1.39 | ) | |||
| Diluted | $ | (0.56 | ) | $ | (0.28 | ) | $ | (1.39 | ) | $ | (1.39 | ) | |||
| Weighted-average shares outstanding: | |||||||||||||||
| Basic | 3,263 | 2,975 | 3,082 | 3,009 | |||||||||||
| Diluted | 3,263 | 2,975 | 3,082 | 3,009 | |||||||||||
| Dividends declared per share of |
$ | 0.025 | $ | — | $ | 0.025 | $ | — | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (in thousands, except per share amounts) | ||||||||
| (unaudited) | ||||||||
2025 |
2024 |
|||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 15,368 | $ | 17,011 | ||||
| Restricted cash, current | 1,209 | 476 | ||||||
| Investments in equity securities | 2,721 | — | ||||||
| Accounts receivable, less allowance for expected credit losses of |
36,239 | 20,093 | ||||||
| Inventories, net | 7,746 | — | ||||||
| Prepaid and other | 4,562 | 2,560 | ||||||
| Total current assets | 67,845 | 40,140 | ||||||
| Property and equipment, net of accumulated depreciation of |
18,374 | 242 | ||||||
| Operating lease right-of-use assets | 9,953 | 1,024 | ||||||
| 5,969 | 5,703 | |||||||
| Intangible assets, net of accumulated amortization of |
1,871 | 2,491 | ||||||
| Long-term investments | 953 | — | ||||||
| Notes receivable, net of current portion | 6,787 | — | ||||||
| Deferred tax assets, net | 3,406 | 2,648 | ||||||
| Restricted cash, non-current | 1,949 | 180 | ||||||
| Other assets | 33 | 155 | ||||||
| Total assets | $ | 117,140 | $ | 52,583 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 5,515 | $ | 1,789 | ||||
| Accrued salaries, commissions, and benefits | 7,569 | 4,306 | ||||||
| Accrued expenses and other current liabilities | 9,306 | 4,375 | ||||||
| Short-term debt | 6,431 | — | ||||||
| Deferred revenue | 3,425 | 129 | ||||||
| Operating lease obligations, current | 564 | 623 | ||||||
| Total current liabilities | 32,810 | 11,222 | ||||||
| Income tax payable | 97 | 93 | ||||||
| Operating lease obligations | 9,473 | 441 | ||||||
| Long-term debt, net of current portion | 6,522 | — | ||||||
| Other liabilities | 467 | 399 | ||||||
| Total liabilities | 49,369 | 12,155 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Series A Preferred stock, |
3 | — | ||||||
| Common stock, 4,033 shares issued; 3,436 and 2,750 shares outstanding, respectively |
5 | 4 | ||||||
| Additional paid-in capital | 527,311 | 494,209 | ||||||
| Accumulated deficit | (434,225 | ) | (430,017 | ) | ||||
| Accumulated other comprehensive loss, net of applicable tax | (1,397 | ) | (2,717 | ) | ||||
| (23,926 | ) | (21,051 | ) | |||||
| Total stockholders’ equity | 67,771 | 40,428 | ||||||
| Total liabilities and stockholders’ equity | $ | 117,140 | $ | 52,583 | ||||
| SEGMENT ANALYSIS - QUARTER TO DATE | ||||||||||||||||||||||
| RECONCILIATION OF ADJUSTED EBITDA | ||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||
| For The Three Months Ended |
Building Solutions |
Business Services |
Energy Services |
Investments | Corporate | Total | ||||||||||||||||
| Revenue, from external customers | $ | 9,603 | $ | 37,038 | $ | 1,318 | $ | 53 | $ | (53 | ) | $ | 47,959 | |||||||||
| Gross profit | $ | 1,684 | $ | 18,630 | $ | 346 | $ | 20 | $ | (53 | ) | $ | 20,627 | |||||||||
| Net loss | $ | (1,764 | ) | |||||||||||||||||||
| Provision from income taxes | 249 | |||||||||||||||||||||
| Interest income, net | (81 | ) | ||||||||||||||||||||
| Total depreciation and amortization | 666 | |||||||||||||||||||||
| EBITDA (loss)(1) | $ | 495 | $ | 797 | $ | 140 | $ | (6 | ) | $ | (2,356 | ) | (930 | ) | ||||||||
| Non-operating expense (income), including corporate administration charges | — | 207 | (24 | ) | 33 | (264 | ) | (48 | ) | |||||||||||||
| Stock-based compensation expense | 5 | 227 | — | — | 137 | 369 | ||||||||||||||||
| Interest income(2) | — | — | — | 144 | — | 144 | ||||||||||||||||
| Non-recurring severance and professional fees | 65 | 460 | 12 | — | 1,263 | 1,800 | ||||||||||||||||
| Adjusted EBITDA (loss)(1) | $ | 565 | $ | 1,691 | $ | 128 | $ | 171 | $ | (1,220 | ) | $ | 1,335 | |||||||||
| For The Three Months Ended |
Business Services | Corporate | Total | ||||||||
| Revenue, from external customers | $ | 36,853 | $ | — | $ | 36,853 | |||||
| Gross profit | $ | 18,603 | $ | — | $ | 18,603 | |||||
| Net loss | $ | (846 | ) | ||||||||
| Provision for income taxes | 298 | ||||||||||
| Interest income, net | (93 | ) | |||||||||
| Total depreciation and amortization | 358 | ||||||||||
| EBITDA (loss)(1) | $ | 705 | $ | (988 | ) | (283 | ) | ||||
| Non-operating expense (income), including corporate administration charges | 459 | (275 | ) | 184 | |||||||
| Stock-based compensation expense | 216 | 265 | 481 | ||||||||
| Non-recurring expenses | 323 | 134 | 457 | ||||||||
| Adjusted EBITDA (loss)(1) | $ | 1,703 | $ | (864 | ) | $ | 839 | ||||
(1) Non-GAAP earnings before interest, income taxes, and depreciation and amortization (“EBITDA”) and non-GAAP earnings before interest, income taxes, depreciation and amortization, non-operating income (expense), stock-based compensation expense, and other non-recurring severance and professional fees (“Adjusted EBITDA”) are presented to provide additional information about the Company's operations on a basis consistent with the measures which the Company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the Company's profitability or liquidity. Furthermore, EBITDA and Adjusted EBITDA as presented above may not be comparable with similarly titled measures reported by other companies.
(2) The Company allocates all corporate interest income to the Investments Division.
| SEGMENT ANALYSIS - YEAR TO DATE (continued) | ||||||||||||||||||||||
| RECONCILIATION OF ADJUSTED EBITDA | ||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||
| For The Nine Months Ended |
Building Solutions |
Business Services |
Energy Services |
Investments | Corporate | Total | ||||||||||||||||
| Revenue, from external customers | $ | 9,603 | $ | 104,445 | $ | 1,318 | $ | 53 | $ | (53 | ) | $ | 115,366 | |||||||||
| Gross profit | $ | 1,684 | $ | 53,663 | $ | 346 | $ | 20 | $ | (53 | ) | $ | 55,660 | |||||||||
| Net loss | $ | (4,208 | ) | |||||||||||||||||||
| Provision from income taxes | 626 | |||||||||||||||||||||
| Interest income, net | (206 | ) | ||||||||||||||||||||
| Total depreciation and amortization | 1,194 | |||||||||||||||||||||
| EBITDA (loss)(1) | $ | 495 | $ | 1,255 | $ | 140 | $ | (6 | ) | $ | (4,478 | ) | (2,594 | ) | ||||||||
| Non-operating expense (income), including corporate administration charges | — | 1,243 | (24 | ) | 33 | (1,043 | ) | 209 | ||||||||||||||
| Stock-based compensation expense | 5 | 635 | — | — | 358 | 998 | ||||||||||||||||
| Interest income(2) | — | — | — | 144 | — | 144 | ||||||||||||||||
| Non-recurring expenses | 65 | 982 | 12 | — | 2,167 | 3,226 | ||||||||||||||||
| Adjusted EBITDA (loss)(1) | $ | 565 | $ | 4,115 | $ | 128 | $ | 171 | $ | (2,996 | ) | $ | 1,983 | |||||||||
| For The Nine Months Ended |
Business Services | Corporate | Total | ||||||||
| Revenue, from external customers | $ | 106,456 | $ | — | $ | 106,456 | |||||
| Gross profit | $ | 52,548 | $ | — | $ | 52,548 | |||||
| Net loss | $ | (4,185 | ) | ||||||||
| Provision for income taxes | 463 | ||||||||||
| Interest income, net | (280 | ) | |||||||||
| Total depreciation and amortization | 1,042 | ||||||||||
| EBITDA (loss)(1) | $ | 283 | $ | (3,243 | ) | (2,960 | ) | ||||
| Non-operating expense (income), including corporate administration charges | 1,095 | (777 | ) | 318 | |||||||
| Stock-based compensation expense | 647 | 399 | 1,046 | ||||||||
| Non-recurring expenses | 798 | 840 | 1,638 | ||||||||
| Adjusted EBITDA (loss)(1) | $ | 2,823 | $ | (2,781 | ) | $ | 42 | ||||
(1) Non-GAAP earnings before interest, income taxes, and depreciation and amortization (“EBITDA”) and non-GAAP earnings before interest, income taxes, depreciation and amortization, non-operating (income) expense, stock-based compensation expense, and other non-recurring expenses (“Adjusted EBITDA”) are presented to provide additional information about the Company's operations on a basis consistent with the measures which the Company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the Company's profitability or liquidity. Furthermore, EBITDA and Adjusted EBITDA as presented above may not be comparable with similarly titled measures reported by other companies.
(2) The Company allocates all corporate interest income to the Investments Division.
| SEGMENT ANALYSIS - QUARTER TO DATE | ||||||||||||||||||||||
| RECONCILIATION OF PRO FORMA ADJUSTED EBITDA | ||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||
| For The Three Months Ended |
Building Solutions |
Business Services |
Energy Services |
Investments | Corporate | Total | ||||||||||||||||
| Pro forma revenue, from external customers(1) | $ | 21,386 | $ | 37,038 | $ | 3,712 | $ | 156 | $ | (156 | ) | $ | 62,136 | |||||||||
| Pro forma gross profit(1) | $ | 5,263 | $ | 18,630 | $ | 1,538 | $ | 81 | $ | (156 | ) | $ | 25,356 | |||||||||
| Pro forma net loss | $ | (1,852 | ) | |||||||||||||||||||
| Provision from income taxes | 249 | |||||||||||||||||||||
| Interest expense, net | 5 | |||||||||||||||||||||
| Total depreciation and amortization | 1,449 | |||||||||||||||||||||
| Pro forma EBITDA (loss)(1)(2) | $ | 2,507 | $ | 797 | $ | 1,023 | $ | 73 | $ | (4,549 | ) | (149 | ) | |||||||||
| Non-operating expense (income), including corporate administration charges | — | 207 | (24 | ) | (261 | ) | (264 | ) | (342 | ) | ||||||||||||
| Stock-based compensation expense | 11 | 227 | — | — | 190 | 428 | ||||||||||||||||
| Interest income(3) | — | — | — | 336 | — | 336 | ||||||||||||||||
| Non-recurring expenses | 99 | 460 | 12 | 264 | 1,985 | 2,820 | ||||||||||||||||
| Pro forma adjusted EBITDA (loss)(1)(2) | $ | 2,617 | $ | 1,691 | $ | 1,011 | $ | 412 | $ | (2,638 | ) | $ | 3,093 | |||||||||
| For The Three Months Ended |
Building Solutions |
Business Services |
Investments | Corporate | Total | |||||||||||||
| Pro forma revenue, from external customers(1) | $ | 13,663 | $ | 36,853 | $ | 156 | $ | (156 | ) | $ | 50,516 | |||||||
| Pro forma gross profit(1) | $ | 2,846 | $ | 18,603 | $ | 127 | $ | (156 | ) | $ | 21,420 | |||||||
| Pro forma net loss | $ | (2,816 | ) | |||||||||||||||
| Provision from income taxes | 280 | |||||||||||||||||
| Interest income, net | (134 | ) | ||||||||||||||||
| Total depreciation and amortization | 1,393 | |||||||||||||||||
| Pro forma EBITDA (loss)(1)(2) | $ | 534 | $ | 705 | $ | 423 | $ | (2,939 | ) | (1,277 | ) | |||||||
| Non-operating expense (income), including corporate administration charges | — | 459 | 221 | (275 | ) | 405 | ||||||||||||
| Stock-based compensation expense | 5 | 216 | — | 318 | 539 | |||||||||||||
| Interest income(3) | — | — | 356 | — | 356 | |||||||||||||
| Non-recurring expenses | 145 | 323 | (338 | ) | 455 | 585 | ||||||||||||
| Pro forma adjusted EBITDA (loss)(1)(2) | $ | 684 | $ | 1,703 | $ | 662 | $ | (2,441 | ) | $ | 608 | |||||||
(1) Pro forma
(2) Pro forma Non-GAAP earnings before interest, income taxes, and depreciation and amortization (“EBITDA”) and non-GAAP earnings before interest, income taxes, depreciation and amortization, non-operating (income) expense, stock-based compensation expense, and other non-recurring expenses (“Adjusted EBITDA”) are presented to provide additional information about the Company's operations on a basis consistent with the measures which the Company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the Company's profitability or liquidity. Furthermore, EBITDA and Adjusted EBITDA as presented above may not be comparable with similarly titled measures reported by other companies.
(3) The Company allocates all corporate interest income to the Investments Division.
INCOME PER DILUTED SHARE (in thousands, except per share amounts) (unaudited) |
||||||||||
| Adjusted | Diluted Shares | Per Diluted | ||||||||
| For The Three Months Ended |
Net Loss | Outstanding | Share(1) | |||||||
| Net loss | $ | (1,764 | ) | 3,263 | $ | (0.54 | ) | |||
| Non-recurring expenses | 1,833 | 3,263 | 0.56 | |||||||
| Adjusted net income(2) | $ | 69 | 3,263 | $ | 0.02 | |||||
| Adjusted | Diluted Shares | Per Diluted | ||||||||
| For The Three Months Ended |
Net Loss | Outstanding | Share(1) | |||||||
| Net loss | $ | (846 | ) | 2,975 | $ | (0.28 | ) | |||
| Non-recurring expenses | 457 | 2,975 | 0.15 | |||||||
| Adjusted net loss(2) | $ | (389 | ) | 2,975 | $ | (0.13 | ) | |||
PRO FORMA INCOME PER DILUTED SHARE (in thousands, except per share amounts) (unaudited) |
||||||||||
| Adjusted | Diluted Shares | Per Diluted | ||||||||
| For The Three Months Ended |
Net Loss | Outstanding | Share(1) | |||||||
| Pro forma net loss(3) | $ | (1,852 | ) | 3,675 | $ | (0.50 | ) | |||
| Pro forma non-recurring expenses | 2,559 | 3,675 | 0.70 | |||||||
| Pro forma adjusted net income(2)(3) | $ | 707 | 3,675 | $ | 0.19 | |||||
| Adjusted | Diluted Shares | Per Diluted | ||||||||
| For The Three Months Ended |
Net Loss | Outstanding | Share(1) | |||||||
| Pro forma net loss(3) | $ | (2,816 | ) | 3,719 | $ | (0.76 | ) | |||
| Pro forma non-recurring expenses | 806 | 3,719 | 0.22 | |||||||
| Pro forma adjusted net loss(2)(3) | $ | (2,010 | ) | 3,719 | $ | (0.54 | ) | |||
(1) Amounts may not sum due to rounding.
(2) Adjusted net income or loss per diluted share are Non-GAAP measures defined as reported net income or loss and reported net income or loss per diluted share before items such as acquisition-related costs and non-recurring expenses after tax that are presented to provide additional information about the Company's operations on a basis consistent with the measures that the Company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. Adjusted net income or loss per diluted share should not be considered in isolation or as substitutes for net income or loss and net income or loss per share and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as measures of the Company's profitability or liquidity. Further, adjusted net income or loss and adjusted net income or loss per diluted share as presented above may not be comparable with similarly titled measures reported by other companies.
(3) Pro forma
Source: Star Equity Holdings, Inc.
