Mon, May 20, 9:12 PM (154 days ago)
Star Equity Holdings, Inc. reported a significant decline in revenue for Q1 2024, with total revenues of $9.1 million, down 26.1% from $12.3 million in Q1 2023. This reduction was primarily due to slower business activity in their Building Solutions division, attributed to economic headwinds and higher interest rates. Gross profit also fell sharply by 63.1%, primarily due to reduced revenues and increased costs. Operating expenses increased by 10.3% due to higher legal and service fees related to mergers and acquisitions. The company reported a net loss of $2.2 million from continuing operations, compared to a net income of $16,000 in the same period last year. Cash and cash equivalents decreased to $14.7 million from $18.3 million at the end of 2023, with net cash used in operating activities at $2.4 million. The company paid down debt but remains cautious about future economic conditions and their impact on operations.