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Earnings Call Summary | Star Equity(STRR.US) Q1 2024 Earnings Conference

Futu News ·  May 21 06:21  · Conference Call

The following is a summary of the Star Equity Holdings, Inc. (STRR) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • Star Equity Holdings' Q1 2024 revenue decreased by 26.1% to $9.1 million.

  • The gross profit margin fell from 34.6% last year to 17.3% this year. The company reported a net loss of $2.2 million from continuing operations.

  • Non-GAAP adjusted EBITDA from continuing operations was a loss of $1.1 million in Q1 2024.

  • The company ended Q1 2024 with a consolidated unrestricted cash balance of $14.7 million, higher than $5 million a year ago.

Business Progress:

  • Star Equity made a strategic acquisition of manufacturer Timber Technologies to expand and diversify its revenue base.

  • Despite current economic challenges, the company maintains a solid sales pipeline and is actively exploring investment opportunities for future growth.

  • Star Equity plans expansions in the Building Solutions Division and entry into new industries through acquisitions, anticipating growth in the engineered wood products industry.

More details: Star Equity IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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