Star Equity Holdings Inc

starequity.com

What Do They Do?

Provides recruitment and staffing solutions to multinational companies, manufactures building products for construction customers, and sells and rents drilling tools for energy and other drilling markets.

How Do They Make Money?

Business Services earns fees as recruiting and staffing work is performed, with staffing charges tied to hours worked; Building Solutions generally earns product sales on delivery.

revenue

Segment	Share	How money arrives
Building Solutions Sold outright	16%	Sold outright
Business Services	81%
Energy Services	2.9%

Who Are Their Customers?

Talent solutions are provided directly to mid-to-large multinational organizations; Building Solutions supplies general contractors, distributors and end users, while Energy Services serves energy-sector customers.

Customers above 10% of revenue, FY2025

of revenue from one customer

Do Revenues Turn Into Profits?

No. It lost $5.9M in FY2025.

Operating income, FY2025

−2% of revenue

▼ −3% (Loss) vs FY2024 (−$3.8M, −3%)

Net income, FY2025

−3% of revenue

▲ +24% (Loss) vs FY2024 (−$4.8M, −3%)

Free cash flow, FY2025

−5% of revenue

▲ +219% (Loss) vs FY2024 (−$2.8M, −2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +55%; vs $35.5M in Q2 FY2025
Net income: ▲ +169% (Loss); vs −$688K in Q2 FY2025

Business Services share of revenue vs 100.0% in Q2 FY2025

Aug 14, 2026 Agreed to merge with Harte Hanks

Flat. Revenue was $172.2M in FY2025, about the same as the $169.2M of FY2021.

Broader portfolio The older report describes Hudson as a recruitment outsourcing and total-talent provider; the latest describes a holding company that also includes building-products manufacturing, drilling tools, real estate and investments in companies.

Revenue over time

Building Solutions Business Services Energy Services

$200M$100M$0

FY2024 FY2025

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