Star Equity Holdings Inc (NASDAQ: STRR) is a diversified services company that operates across three segments: Business Services, Energy Services, and Building Solutions. Revenue comes from staffing and workforce solutions fees, energy services contracts, and construction project revenue. The Business Services segment, operated through HTS, delivers recruitment process outsourcing (RPO), contingent workforce solutions, managed service provider (MSP) services, and outsourced professional contract staffing to mid-to-large multinational corporations across 21 countries. The Building Solutions segment generated $27.6 million in revenue for FY2025, its first full year of contribution following the August 22, 2025 merger in which Star acquired Star Operating Companies, Inc. (formerly Star Equity Holdings, Inc.). Customer concentration is material: in FY2025, the top 25 clients represented 73% of revenue, and one client alone accounted for 23% of revenue. As of December 31, 2025, the company held $10.3 million in cash and cash equivalents, with offshore balances held primarily in Singapore, the Philippines, the U.K., Hong Kong, and India.

Revenue model

Fee-based revenue from RPO contracts, contingent staffing placements, MSP engagements, and professional contract staffing in the Business Services segment; project-based contract revenue in Building Solutions ($27.6 million, FY2025); and Energy Services contracts. Multi-year contracts of three to five years are common with key clients.

Products and services

Business Services: RPO, project-based RPO, contingent workforce solutions, MSP services, recruitment consulting, outsourced professional contract staffing, Executive Search, Talent Advisory, Talent Technology. Building Solutions: construction project execution. Energy Services: energy-sector services contracts.

Customers and end markets

Mid-to-large multinational corporations, commercial contractors, energy companies, and government agencies. Top 25 clients = 73% of FY2025 revenue; one client = 23% of FY2025 revenue. One client represented 14% of accounts receivable as of December 31, 2025. End markets include construction, energy, and global talent solutions.

Value-chain role

Intermediary and outsourced service provider. In Business Services, HTS sits between corporate clients and candidate talent pools, managing recruitment and workforce delivery. In Building Solutions, the company acts as a project contractor. Described as a smaller reporting company and non-accelerated filer as of the 10-K filed 2026-03-20.

Geographic exposure

Operations in 21 countries across three regions: Americas, Asia Pacific, and Europe, Middle East, and Africa. As of December 31, 2025, offshore cash held in Singapore ($1.3 million), Philippines ($0.9 million), U.K. ($0.9 million), Hong Kong ($0.8 million), and India ($0.3 million), with $5.2 million held in the U.S.

Source: SEC 10-K, filed 2026-03-20

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