Star Equity Holdings Inc. reported its financial results for the first quarter of 2025, highlighting a significant improvement in operating performance. The company achieved a non-GAAP adjusted net income of $1.7 million, or $0.52 per basic and diluted share, a turnaround from the non-GAAP adjusted net loss of $1.4 million, or $0.44 per basic and diluted share, recorded in the same period last year. Non-GAAP adjusted EBITDA for Q1 2025 showed a loss of $0.8 million, an improvement from the $1.1 million loss in the prior year quarter. This positive change is attributed mainly to the enhanced performance of the Building Solutions division. Cash flow from operations saw a considerable improvement, with an inflow of $563 thousand in Q1 2025, compared to an outflow of $2.4 million in Q1 2024. This increase in net cash from operating activities is largely due to favorable operational results and strong accounts receivable collections. The company reported a record backlog of $27.9 million in its Building Solutions segment, indicating robust demand for new projects. Despite economic uncertainties and project delays affecting EdgeBuilder-Glenbrook, Star Equity Holdings remains optimistic about converting its strong sales pipeline into signed contracts in the coming months.
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