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.