Form 8-K

8-K — Star Equity Holdings, Inc.

Accession: 0001210708-26-000052

Filed: 2026-05-11

Period: 2026-05-11

CIK: 0001210708

SIC: 7363 (SERVICES-HELP SUPPLY SERVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — strr-20260511.htm (Primary)

EX-99.1 (strr202603318kex991.htm)

EX-99.2 (strrq12026earningsslides.htm)

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8-K

8-K (Primary)

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strr-20260511

0001210708falsetrue00012107082026-05-112026-05-110001210708us-gaap:CommonStockMemberexch:XNAS2026-05-112026-05-110001210708us-gaap:SeriesAPreferredStockMemberexch:XNAS2026-05-112026-05-110001210708strr:PreferredSharePurchaseRightsMember2026-05-112026-05-11

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 11, 2026

Star Equity Holdings, Inc.

(Exact name of registrant as specified in charter)

Delaware 001-38704 59-3547281

(State or other jurisdiction

of incorporation) (Commission

File Number) (I.R.S. Employer

Identification No.)

53 Forest Avenue, Suite 101

Old Greenwich, CT 06870

(Address of Principal Executive Offices)

Registrant's telephone number, including area code (203) 489-9500

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $0.001 par value STRR The NASDAQ Stock Market LLC

Series A Preferred Stock, $0.001 par value STRRP The NASDAQ Stock Market LLC

Preferred Share Purchase Rights

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On May 11, 2026, Star Equity Holdings, Inc. (the "Company") issued a press release announcing its financial results for the three months ended March 31, 2026. A copy of such press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. In addition, on May 11, 2026, the Company issued a presentation supplementary to its press release, which presentation is furnished herewith as Exhibit 99.2.

The information in this Current Report on Form 8-K furnished pursuant to Item 2.02, including Exhibits 99.1 and 99.2, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that section, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

The exhibit listed in the following Exhibit Index is provided as part of the information furnished under Item 2.02 of this Current Report on Form 8-K:

EXHIBIT INDEX

99.1

Press Release of Star Equity Holdings, Inc. issued on May 11, 2026

99.2

Earnings Presentation issued on May 11, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

STAR EQUITY HOLDINGS, INC

(Registrant)

By: /s/ JEFFREY E. EBERWEIN

Jeffrey E. Eberwein

Chief Executive Officer

Dated: May 11, 2026

EX-99.1

Filename: strr202603318kex991.htm · Sequence: 2

Document

Exhibit 99.1

For Immediate Release

Star Equity Holdings Reports 2026 First Quarter Results

Significant New Business Wins and Contract Renewals

Realized Merger Synergies of $2.6 Million (1)

OLD GREENWICH, CT - May 11, 2026 - Star Equity Holdings, Inc. (Nasdaq: STRR and STRRP) ("Star" or the "Company"), a diversified holding company, announced today financial results for the first quarter ended March 31, 2026.

2026 First Quarter Summary

•Revenue of $50.1 million increased 57.1% from the first quarter of 2025.

•Gross profit $20.6 million increased 25.4% from the first quarter of 2025.

•Net loss attributable to common shareholders was $4.4 million, or $1.17 per diluted share, compared to net loss attributable to common shareholders of $1.8 million, or $0.59 per diluted share, for the first quarter of 2025. Adjusted net loss per diluted share (non-GAAP measure)* was $0.99 compared to adjusted net loss per diluted share of $0.38 in the first quarter of 2025. Pro forma adjusted net loss per diluted share was $0.22 in the first quarter of 2025.

•Adjusted EBITDA loss (non-GAAP measure)* increased to $1.6 million versus adjusted EBITDA loss of $0.7 million in the first quarter of 2025; pro forma adjusted EBITDA loss was $1.2 million in the first quarter of 2025.

•Total cash including restricted cash was $10.3 million at March 31, 2026.

Jeff Eberwein, CEO of Star, noted, “The first quarter is almost always our weakest quarter of the year and in this year's first quarter, startup delays for new projects and broader macroeconomic conditions caused our Building Solutions and Business Services divisions to perform worse than expected. Our Energy Services division, however, maintained solid momentum. We believe our focus on operational and cost improvements and continued investments in growth and innovation are strengthening our competitive position and will drive significantly improved results as the year progresses.”

Jake Zabkowicz, Global CEO of Hudson Talent Solutions ("HTS"), added, “Gross profit increased 6.4% at HTS year-over-year, reflecting steady improvement despite continued macroeconomic uncertainty and sustained pressure in the talent market. We have maintained a strong focus on innovation and operational efficiency, including the expanded deployment of agentic AI solutions to enhance recruiter productivity, improve candidate matching, and deliver greater value to clients. These efforts are helping our ability to navigate the current environment while positioning us to capitalize on improving market conditions in the future. As an example, new business activity and contract renewals with legacy clients accelerated meaningfully in the first quarter of 2026, exceeding levels seen in any quarter of 2025.”

Rick Coleman, COO of Star, added, “Residential and commercial construction markets remained soft in the first quarter causing our Building Solutions division to perform below internal expectations, primarily due to delays in several pending contract awards and severe winter weather in both of our key geographies. However, underlying demand remains intact, as evidenced by recently secured new business, including the $4.2 million multifamily housing project in New Hampshire for our KBS business we announced on April 30, 2026. In contrast, our Energy Services division delivered a strong quarter, continuing to gain share across core markets, with particularly strong performance in mining and geothermal end markets."

Mr. Eberwein concluded, “We remain focused on disciplined execution, rigorous cost management, and prudent capital allocation, including the active evaluation of M&A opportunities across all three of our operating divisions, as we continue to advance our strategic priorities. We believe we are well positioned to navigate near-term market volatility while driving increased profitability and long-term shareholder value.”

* The Company provides non-GAAP measures as a supplement to financial results based on accounting principles generally accepted in the United States ("GAAP"). Adjusted EBITDA, EBITDA, adjusted net income or loss, and adjusted net income or loss per diluted share are defined in the division / segment tables at the end of this release and a reconciliation of such non-GAAP measures to the most directly comparable GAAP measures is included within such division / segment tables.

1 $2.6 million of synergies on an annualized basis. Please reference slide 4 of Star's Q1 earnings call presentation.

Division Highlights

Building Solutions

First quarter Building Solutions revenue was $11.6 million and gross profit was $1.6 million. Adjusted EBITDA loss was $0.9 million.

Pro forma ("PF")(1) Building Solutions revenue was $12.1 million for the first quarter of 2025, and PF gross profit was $2.9 million. PF adjusted EBITDA was $0.3 million.

Building Solutions quarter-end backlog was $8.0 million, and the trailing 12-month book-to-bill ratio was 0.72.

Business Services

First quarter 2026 Business Services revenue was $35.0 million, up from $31.9 million in the prior year quarter, while gross profit was $17.4 million, up from $16.4 million a year ago. Business Services adjusted EBITDA loss was $0.3 million, down from adjusted EBITDA of $0.2 million in the prior year quarter.

Regionally, Americas and EMEA gross profit grew 21% and 11%, respectively. This growth was partially offset by APAC, where gross profit declined by 8%.

Energy Services

First quarter 2026 Energy Services revenue was $3.5 million. Gross profit was $1.5 million. Energy Services adjusted EBITDA was $1.0 million in the first quarter.

PF Energy Services revenue for the first quarter of 2025 was $2.6 million and PF gross profit was $1.3 million. First quarter 2025 PF adjusted EBITDA was $0.5 million.

(1) Pro forma Building Solutions, Energy Services, and Investments results for the full first quarter of 2025. Alliance Drilling Tools was acquired by Star Operating Companies on March 3, 2025.

Corporate Costs

In the first quarter of 2026, the Company's corporate costs were $1.9 million, up from $0.9 million in the prior year quarter, but down $0.7 million on a PF basis. Corporate costs in the first quarter of 2026 and 2025 excluded non-recurring expenses of $0.2 million and $0.3 million, respectively. The decrease in corporate costs was primarily driven by the Merger.

Liquidity and Capital Resources

The Company ended the first quarter of 2026 with $10.3 million in cash, including $2.2 million in restricted cash. The Company used $1.4 million in cash flow from operations during the first quarter of 2026 compared to using $0.8 million in cash flow from operations in the first quarter of 2025.

Share Repurchase Program

In the first quarter of 2026, the Company repurchased 70,424 shares for approximately $0.7 million As of the end of the first quarter of 2026, the Company has approximately $1.8 million remaining under its $3 million repurchase program authorized in September 2025 and continues to view share repurchases as an attractive use of capital.

NOL Carryforward

As of December 31, 2025, Star had $215 million of usable net operating losses (“NOL”) in the U.S., which the Company considers to be a very valuable asset for its stockholders. In order to protect the value of the NOL for all stockholders, the Company has a rights agreement and charter amendment in place that limit beneficial ownership of Star common stock to 4.99%. Stockholders who wish to own more than 4.99% of Star common stock, or who already own more than 4.99% of Star common stock and wish to buy more, may only acquire additional shares with the Board’s prior written approval.

Conference Call/Webcast

The Company will conduct a conference call on Tuesday, May 12, 2026 at 10:00 a.m. ET to discuss this announcement. Individuals wishing to listen can access the webcast on the investor information section of the Company's web site at www.starequity.com.

If you wish to join the conference call, please use the dial-in information below:

•Toll-Free Dial-In Number: (833) 890-6161

•International Dial-In Number: (412) 504-9848

The archived call will be available on the investor relations section of the Company's website at www.starequity.com.

About Star Equity Holdings, Inc.

Star Equity Holdings, Inc. is a diversified holding company that seeks to build long-term shareholder value by acquiring, managing, and growing businesses with strong fundamentals and market opportunities. Its current structure comprises four divisions: Building Solutions, Business Services, Energy Services, and Investments. For more information visit www.starequity.com.

On August 22, 2025, the Company completed its previously announced acquisition of Star Operating Companies, Inc. (“Star Operating”, formerly known as Star Equity Holdings, Inc.), pursuant to the Agreement and Plan of Merger, dated as of May 21, 2025 (the “Merger Agreement”), by and among the Company, Star Operating and HSON Merger Sub, Inc., a wholly owned subsidiary of the Company (“Merger Sub”). Upon the terms and subject to the conditions of the Merger Agreement, on August 22, 2025, at the effective time of the merger pursuant to the Merger Agreement (the “Merger”), Merger Sub merged with and into Star Operating, with Star Operating continuing as the surviving corporation of the Merger as a wholly owned subsidiary of the Company. Effective September 5, 2025, the Company changed (i) its name to Star Equity Holdings, Inc. and (ii) its trading symbols on Nasdaq to STRR and STRRP.

Building Solutions

The Building Solutions division operates in three specialties: (i) modular building manufacturing; (ii) structural wall panel and wood foundation manufacturing, including building supply distribution operations; and (iii) glue-laminated timber (glulam) column, beam, and truss manufacturing.

Business Services

The Business Services division provides flexible and scalable recruitment solutions to a global clientele, servicing organizations at all levels, from entry-level positions to the C-suite. The division focuses on mid-market and enterprise organizations worldwide, partnering consultatively with talent acquisition, HR, and procurement leaders to build diverse, high-impact teams and drive business success.

Energy Services

The Energy Services division engages in the rental, sale, and repair of downhole tools used in the oil and gas, geothermal, mining, and water-well industries.

Investments

The Investments division manages and finances the Company’s real estate assets as well as its investment positions in private and public companies.

Investor Relations:

The Equity Group

Lena Cati

(212) 836-9611

lcati@theequitygroup.com

Forward-Looking Statements

This press release contains statements that the Company believes to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding the Company’s future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,”

“project,” “intend,” “plan,” “predict,” “believe,” and similar words, expressions, and variations of these words and expressions are intended to identify forward-looking statements. All forward-looking statements are subject to important factors, risks, uncertainties, and assumptions, including industry and economic conditions that could cause actual results to differ materially from those described in the forward-looking statements. Such factors, risks, uncertainties, and assumptions include, but are not limited to, (1) global economic fluctuations, (2) changes in the cost and availability of commodities, materials, and equipment, (3) risks related to providing uninterrupted service to clients, (4) the ability of clients to terminate their relationship with the Company at any time, (5) risks associated with real estate ownership, (6) the Company’s ability to successfully achieve its strategic initiatives, (7) risks related to fluctuations in the Company’s operating results from quarter to quarter, (8) risks related to potential acquisitions or dispositions of businesses by the Company, (9) our profitability and growth being tied to the success of our operating businesses, (10) risks associated with our financial investments in other businesses, (11) our ability to improve existing products and services and develop, introduce, and market new products and services successfully, (12) the loss of or material reduction in our business with any of the Company’s largest customers, (13) competition in the Company’s markets, (14) risks related to potential decreases in demand for products, (15) our ability to maintain costs at an acceptable level, (16) the negative cash flows and operating losses that may recur in the future, (17) risks related to international operations, including foreign currency fluctuations, political events, trade wars, natural disasters or health crises, including the Russia-Ukraine war, and potential conflict in the Middle East, (18) risks relating to how future credit facilities may affect or restrict our operating flexibility, (19) our ability to generate or borrow sufficient cash to make payments on our indebtedness, (20) risks related to indebtedness, (21) risks associated with the Company’s investment strategy, (22) the Company’s dependence on key management personnel, (23) the Company’s ability to attract and retain highly skilled professionals, management, and advisors, (24) the Company’s ability to collect accounts receivable, (25) the Company’s exposure to legal proceedings, investigations and disputes, and limits on related insurance coverage, (26) the Company’s ability to utilize net operating loss carryforwards, (27) the potential for goodwill impairment, (28) volatility of the Company’s stock price, (29) risks related to our historically low trading volume, (30) risks related to securities or industry analysts, (31) the Company’s ability to declare dividends, (32) risks associated with failure to pay dividends on our Series A Preferred Stock, (33) our history of annual net losses, (34) risks related to our international operations, (35) risks related to compliance with federal and state laws, regulations, and other rules, (36) our exposure to employment-related claims, legal liability, and costs from clients, employees, and regulatory authorities, (37) risks related to the imposition of licensing or tax requirements or new regulations, (38) the effect of Anti-takeover provisions in our organizational documents, (39) the effect of the protective amendment contained in our Restated Certificate of Incorporation, (40) the impact of our stockholder rights plan, or “poison pill,” on stockholder decision making, (41) risks related to our scaled disclosure requirements as a smaller reporting company, (42) the Company’s heavy reliance on information systems and the impact of potentially losing or failing to develop technology, (43) the adverse impacts of cybersecurity threats and attacks, and (44) risks related to the use of new and evolving technologies, and (45) those risks set forth in “Risk Factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.” The foregoing list should not be construed to be exhaustive. Actual results could differ materially from the forward-looking statements contained in this press release. In view of these uncertainties, you should not place undue reliance on any forward-looking statements, which are based on our current expectations. These forward-looking statements speak only as of the date of this press release. The Company assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Financial Tables Follow

STAR EQUITY HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

Three Months Ended

March 31,

2026 2025

Revenues:

Building Solutions $ 11,598 $ —

Business Services 35,005 31,866

Energy Services 3,458 —

Investments — —

Total revenues 50,061 31,866

Cost of revenues:

Building Solutions 9,957 —

Business Services 17,559 15,468

Energy Services 1,915 —

Investments 75 —

Total cost of revenues 29,506 15,468

Gross profit 20,555 16,398

Operating expenses:

Salaries and related 18,740 14,345

Office and general 4,597 2,564

Marketing and promotion 922 930

Depreciation and amortization 311 283

Total operating expenses 24,570 18,122

Operating loss (4,015) (1,724)

Non-operating income (expense):

Interest (expense) income, net (13) 71

Other income / (expense), net (31) (71)

Loss before income taxes (4,059) (1,724)

(Benefit from) provision for income taxes (266) 32

Net loss (3,793) (1,756)

Dividend on Series A perpetual preferred stock (592) —

Net loss attributable to common shareholders $ (4,385) $ (1,756)

Loss per share:

Basic $ (1.01) $ (0.59)

Diluted $ (1.01) $ (0.59)

Loss per share, attributable to common shareholders

Basic $ (1.17) $ (0.59)

Diluted $ (1.17) $ (0.59)

Weighted-average shares outstanding:

Basic 3,744 2,985

Diluted 3,744 2,985

Dividends declared per share of Series A perpetual preferred stock $ 0.25 $ —

STAR EQUITY HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

(unaudited)

March 31,

2026 December 31,

2025

ASSETS

Current assets:

Cash and cash equivalents $ 8,093 $ 10,269

Restricted cash, current 1,649 1,819

Investments in equity securities 4,157 3,767

Accounts receivable, less allowance for expected credit losses of $310 and $275, respectively 32,839 35,220

Note receivable, current portion 256 256

Inventories, net 7,072 6,988

Prepaid and other 3,992 4,168

Total current assets 58,058 62,487

Property and equipment, net of accumulated depreciation of $7,001 and $6,367, respectively 15,868 18,610

Operating lease right-of-use assets 14,078 11,675

Goodwill 5,913 5,944

Intangible assets, net of accumulated amortization of $4,949 and $4,795, respectively 1,526 1,688

Long-term investments 953 953

Notes receivable, net of current portion 8,766 8,629

Deferred tax assets, net 2,786 1,911

Restricted cash, non-current 553 1,322

Other assets 12 12

Total assets $ 108,513 $ 113,231

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable $ 4,514 $ 4,769

Accrued salaries, commissions, and benefits 8,152 7,526

Accrued expenses and other current liabilities 6,681 6,907

Short-term debt 6,789 8,473

Deferred revenue 876 1,496

Operating lease obligations, current 745 655

Total current liabilities 27,757 29,826

Income tax payable 100 99

Operating lease obligations 13,624 11,235

Long-term debt, net of current portion 5,589 6,056

Other liabilities 441 308

Total liabilities 47,511 47,524

Commitments and contingencies

Stockholders’ equity:

Series A Preferred stock, $0.001 par value; 10,000 shares authorized: 2,691 shares issued and 2,370 shares outstanding for both periods

3 3

Common stock, $0.001 par value, 20,000 shares authorized; 5,389 and

5,366 shares issued; 3,707 and 3,755 shares outstanding, respectively

5 5

Additional paid-in capital 530,028 530,136

Accumulated deficit (439,727) (435,934)

Accumulated other comprehensive loss, net of applicable tax (1,447) (1,364)

Treasury stock, at cost: 1,682 and 1,611 common shares, respectively, and 321 preferred shares for both periods

(27,860) (27,139)

Total stockholders’ equity 61,002 65,707

Total liabilities and stockholders’ equity $ 108,513 $ 113,231

STAR EQUITY HOLDINGS, INC.

DIVISION ANALYSIS - QUARTER TO DATE

RECONCILIATION OF ADJUSTED EBITDA

(in thousands)

(unaudited)

For The Three Months Ended March 31, 2026 Building Solutions Business Services Energy Services Investments Corporate Total

Revenue, from external customers $ 11,598 $ 35,005 $ 3,458 $ 159 $ (159) $ 50,061

Gross profit $ 1,641 $ 17,446 $ 1,543 $ 84 $ (159) $ 20,555

Net loss attributable to common shareholders $ (1,744) $ (599) $ 404 $ 145 $ (2,591) $ (4,385)

Dividends on Series A perpetual preferred stock — — — — 592 592

Net loss (1,744) (599) 404 145 (1,999) (3,793)

Provision from income taxes — (766) — — 500 (266)

Interest income, net 126 158 43 (173) (141) 13

Total depreciation and amortization 264 192 401 75 10 942

EBITDA (loss) (1)

(1,354) (1,015) 848 47 (1,630) (3,104)

Foreign currency gain/loss — 52 — — (7) 45

Corporate administrative charges 399 235 73 — (707) —

Gains on sale and leaseback transactions — — (37) — — (37)

Other non-operating expense (income) (2) 56 (32) 177 (16) 183

Stock-based compensation expense 8 202 — — 274 484

Interest income (2)

— — — 227 — 227

Unrealized (gain) loss on equity securities — — — 23 (2) 21

Severance/non-recurring salary — 77 130 — 79 286

Transaction costs related to mergers and acquisitions — — — — 57 57

Financing costs 23 — 51 — 4 78

Other non-recurring expenses — 53 — 2 59 114

Adjusted EBITDA (loss) (1)

$ (926) $ (340) $ 1,033 $ 476 $ (1,889) $ (1,646)

For The Three Months Ended March 31, 2025 Business Services Corporate Total

Revenue, from external customers $ 31,866 $ — $ 31,866

Gross profit $ 16,398 $ — $ 16,398

Net loss $ (973) $ (783) $ (1,756)

Provision for income taxes 76 (44) 32

Interest income, net 121 (192) (71)

Total depreciation and amortization 280 3 283

EBITDA (loss) (1)

(496) (1,016) (1,512)

Corporate administrative charges 325 (325) —

Foreign currency gain/loss 105 8 113

Other non-operating expense (income) 1 (43) (42)

Stock-based compensation expense 237 149 386

Severance/non-recurring salary 54 — 54

Transaction costs related to mergers and acquisitions — 284 284

Other non-recurring expenses — 49 49

Adjusted EBITDA (loss) (1)

$ 226 $ (894) $ (668)

(1) Non-GAAP earnings before interest, income taxes, and depreciation and amortization (“EBITDA”) and non-GAAP earnings before interest, income taxes, depreciation and amortization, non-operating income (expense), stock-based compensation expense, and other non-recurring severance and professional fees (“Adjusted EBITDA”) are presented to provide additional information about

the Company's operations on a basis consistent with the measures which the Company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the Company's profitability or liquidity. Furthermore, EBITDA and Adjusted EBITDA as presented above may not be comparable with similarly titled measures reported by other companies.

(2) The Company allocates all corporate interest income to the Investments Division.

STAR EQUITY HOLDINGS, INC.

DIVISION ANALYSIS - QUARTER TO DATE

RECONCILIATION OF PRO FORMA ADJUSTED EBITDA

(in thousands)

(unaudited)

For The Three Months Ended March 31, 2025 Building Solutions Business Services Energy Services Investments Corporate Total

Pro forma revenue, from external customers (1)

$ 12,118 $ 31,866 $ 2,556 $ 158 $ (158) $ 46,540

Pro forma gross profit (1)

$ 2,929 $ 16,398 $ 1,257 $ 83 $ (158) $ 20,509

Pro forma net loss attributable to common shareholders (1)

$ (865) $ (973) $ (319) $ (348) $ (1,233) $ (3,738)

Dividends on Series A perpetual preferred stock — — — — 479 479

Pro forma net loss (865) (973) (319) (348) (754) (3,259)

Provision from income taxes — 76 — — (2,234) (2,158)

Interest income, net 182 121 (4) (155) (200) (56)

Total depreciation and amortization 1,015 280 198 75 12 1,580

Pro forma EBITDA (loss) (2)

332 (496) (125) (428) (3,176) (3,893)

Unrealized (gain) loss on equity securities — — — 224 — 224

Foreign currency gain/loss — 105 — — 8 113

Corporate administrative charges — 325 — — (325) —

Other non-operating expense (income) — 1 20 — (43) (22)

Stock-based compensation expense 11 237 — — 189 437

Interest income (3)

— — — 215 — 215

Severance/non-recurring salary — 54 — — — 54

Transaction costs related to mergers and acquisitions — — 595 — 746 1,341

Impairment of cost method investment — — — 61 — 61

Loss (gain) on equity method investment — — — 251 — 251

Financing costs 8 — — — 4 12

Other non-recurring expenses (28) — — — 49 21

Pro forma adjusted EBITDA (loss) (2)

$ 323 $ 226 $ 490 $ 323 $ (2,548) $ (1,186)

(1) Pro forma Building Solutions, Energy Services, and Investments results for the full first quarter of 2025. Alliance Drilling Tools was acquired by Star Operating Companies on March 3, 2025.

(2) Pro forma Non-GAAP earnings before interest, income taxes, and depreciation and amortization (“EBITDA”) and non-GAAP earnings before interest, income taxes, depreciation and amortization, non-operating (income) expense, stock-based compensation expense, and other non-recurring expenses (“Adjusted EBITDA”) are presented to provide additional information about the Company's operations on a basis consistent with the measures which the Company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the Company's profitability or liquidity. Furthermore, EBITDA and Adjusted EBITDA as presented above may not be comparable with similarly titled measures reported by other companies.

(3) In Q1 2025, the Company allocated all Star Operating Companies corporate interest income to the Investments Division.

STAR EQUITY HOLDINGS, INC.

INCOME PER DILUTED SHARE

(in thousands, except per share amounts)

(unaudited)

Adjusted Diluted Shares Per Diluted

For The Three Months Ended March 31, 2026 Net Loss Outstanding

Share (1)

Net loss $ (3,793) 3,744 $ (1.01)

Dividends on Series A perpetual preferred stock (592) 3,744 (0.16)

Net loss attributable to common shareholders (4,385) 3,744 (1.17)

Intangible amortization from acquisitions 159 3,744 0.04

Gains on sale and leaseback transactions (37) 3,744 (0.01)

Unrealized (gain) loss on equity securities 21 3,744 0.01

Severance/non-recurring salary 286 3,744 0.08

Transaction costs related to mergers and acquisitions 57 3,744 0.02

Financing costs 78 3,744 0.02

Other non-recurring expenses 114 3,744 0.03

Adjusted net loss (2)

$ (3,707) 3,744 $ (0.99)

Adjusted Diluted Shares Per Diluted

For The Three Months Ended March 31, 2025 Net Loss Outstanding

Share (1)

Net loss $ (1,756) 2,985 $ (0.59)

Intangible amortization from acquisitions 238 2,985 0.08

Severance/non-recurring salary 54 2,985 0.02

Transaction costs related to mergers and acquisitions 284 2,985 0.10

Other non-recurring expenses 49 2,985 0.02

Adjusted net loss (2)

$ (1,131) 2,985 $ (0.38)

STAR EQUITY HOLDINGS, INC.

PRO FORMA INCOME PER DILUTED SHARE

(in thousands, except per share amounts)

(unaudited)

Adjusted Diluted Shares Per Diluted

For The Three Months Ended March 31, 2025 Net Loss Outstanding

Share (1)

Pro forma net loss (3)

$ (3,259) 3,729 $ (0.87)

Dividends on Series A perpetual preferred stock (479) 3,729 (0.13)

Pro forma net loss attributable to common shareholders (3)

(3,738) 3,729 (1.00)

Intangible amortization from acquisitions 962 3,729 0.26

Unrealized (gain) loss on equity securities 224 3,729 0.06

Severance/non-recurring salary 54 3,729 0.01

Transaction costs related to mergers and acquisitions 1,341 3,729 0.36

Impairment of cost method investment 61 3,729 0.02

Loss (gain) on equity method investment 251 3,729 0.07

Financing costs 12 3,729 —

Other non-recurring expenses 21 3,729 0.01

Pro forma adjusted net loss (2)(3)

$ (812) 3,729 $ (0.22)

(1) Amounts may not sum due to rounding.

(2) Adjusted net income or loss per diluted share are Non-GAAP measures defined as reported net income or loss and reported net income or loss per diluted share before items such as acquisition-related costs and non-recurring expenses after tax that are presented to provide additional information about the Company's operations on a basis consistent with the measures that the Company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. Adjusted net income or loss per diluted share should not be considered in isolation or as substitutes for net income or loss and net income or loss per share and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as measures of the Company's profitability or liquidity. Further, adjusted net income or loss and adjusted net income or loss per diluted share as presented above may not be comparable with similarly titled measures reported by other companies.

(3) Pro forma Building Solutions, Energy Services, and Investments results for the full first quarter of 2025. Alliance Drilling Tools was acquired by Star Operating Companies on March 3, 2025.

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strrq12026earningsslides

1 A Diversified Holding Company www.starequity .com Creating Shareholder Value through Organic Growth, Acquisitions, and Share Repurchases Q1 2026 Earnings Call May 11, 2026 Common Stock: Nasdaq: STRR Series A 10% Preferred Stock: Nasdaq: STRRP 2 “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This presentation contains statements that the Company believes to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding the Company’s future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “predict,” “believe,” and similar words, expressions, and variations of these words and expressions are intended to identify forward-looking statements. All forward-looking statements are subject to important factors, risks, uncertainties, and assumptions, including industry and economic conditions that could cause actual results to differ materially from those described in the forward-looking statements. Such factors, risks, uncertainties, and assumptions include, but are not limited to, (1) global economic fluctuations, (2) changes in the cost and availability of commodities, materials, and equipment, (3) risks related to providing uninterrupted service to clients, (4) the ability of clients to terminate their relationship with the Company at any time, (5) risks associated with real estate ownership, (6) the Company’s ability to successfully achieve its strategic initiatives, (7) risks related to fluctuations in the Company’s operating results from quarter to quarter, (8) risks related to potential acquisitions or dispositions of businesses by the Company, (9) our profitability and growth being tied to the success of our operating businesses, (10) risks associated with our financial investments in other businesses, (11) our ability to improve existing products and services and develop, introduce, and market new products and services successfully, (12) the loss of or material reduction in our business with any of the Company’s largest customers, (13) competition in the Company’s markets, (14) risks related to potential decreases in demand for products, (15) our ability to maintain costs at an acceptable level, (16) the negative cash flows and operating losses that may recur in the future, (17) risks related to international operations, including foreign currency fluctuations, political events, trade wars, natural disasters or health crises, including the Russia-Ukraine war, and potential conflict in the Middle East, (18) risks relating to how future credit facilities may affect or restrict our operating flexibility, (19) our ability to generate or borrow sufficient cash to make payments on our indebtedness, (20) risks related to indebtedness, (21) risks associated with the Company’s investment strategy, (22) the Company’s dependence on key management personnel, (23) the Company’s ability to attract and retain highly skilled professionals, management, and advisors, (24) the Company’s ability to collect accounts receivable, (25) the Company’s exposure to legal proceedings, investigations and disputes, and limits on related insurance coverage, (26) the Company’s ability to utilize net operating loss carryforwards, (27) the potential for goodwill impairment, (28) volatility of the Company’s stock price, (29) risks related to our historically low trading volume, (30) risks related to securities or industry analysts, (31) the Company’s ability to declare dividends, (32) risks associated with failure to pay dividends on our Series A Preferred Stock, (33) our history of annual net losses, (34) risks related to our international operations, (35) risks related to compliance with federal and state laws, regulations, and other rules, (36) our exposure to employment- related claims, legal liability, and costs from clients, employees, and regulatory authorities, (37) risks related to the imposition of licensing or tax requirements or new regulations, (38) the effect of Anti- takeover provisions in our organizational documents, (39) the effect of the protective amendment contained in our Restated Certificate of Incorporation, (40) the impact of our stockholder rights plan, or “poison pill,” on stockholder decision making, (41) risks related to our scaled disclosure requirements as a smaller reporting company, (42) the Company’s heavy reliance on information systems and the impact of potentially losing or failing to develop technology, (43) the adverse impacts of cybersecurity threats and attacks, and (44) risks related to the use of new and evolving technologies, and (45) those risks set forth in “Risk Factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.” The foregoing list should not be construed to be exhaustive. Actual results could differ materially from the forward-looking statements contained in this press release. In view of these uncertainties, you should not place undue reliance on any forward-looking statements, which are based on our current expectations. This presentation reflects management’s views as of the date presented. All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. Forward-Looking Statements 3 Q1 2026: Consolidated Financial Results US$ In Millions, except EPS '+ / - (1) Q1 2026 Q1 2025 (5) Revenue + 8% $50.1 $46.5 Gross Profit + —% $20.6 $20.5 Adjusted SG&A(2) (3) + 3% $23.2 $22.5 Adjusted EBITDA(4) - (39)% $(1.6) $(1.2) Net Income (Loss) attributable to common shareholders - (17)% $(4.4) $(3.7) Adjusted Net Income (Loss) attributable to common shareholders - (357)% $(3.7) $(0.8) Diluted EPS attributable to common shareholders - (17)% $(1.17) $(1.00) Adjusted Diluted EPS attributable to common shareholders(4) - (350)% $(0.99) $(0.22) (1) + / - indicates whether the caption was higher (+) or lower (-) than the comparison period. (2) Excludes stock compensation expense of $0.5 million and $0.4 million for the three months ended March 31, 2026 and 2025, respectively. (3) For the three months ended March 31, 2026 and 2025, SG&A excludes non-recurring expenses of $0.5 million and $1.4 million, respectively. (4) Adjusted EBITDA, Adjusted Net Income, and Adjusted Diluted EPS are non-GAAP financial measures. Please reference the Appendix of this presentation for a reconciliation of these non-GAAP measures. (5) Pro forma Building Solutions, Energy Services, and Investments results for the full first quarter of 2025. Alliance Drilling Tools was acquired by Star Operating Companies on March 3, 2025. 4 (1) Please reference the slides in the Appendix of this presentation for a reconciliation of this non-GAAP measure. (2) Pro forma Building Solutions, Energy Services, and Investments results for the full first quarter of 2025. Alliance Drilling Tools was acquired by Star Operating Companies on March 3, 2025. Based on "Corporate" column in Reconciliation of Adjusted EBITDA table. Corporate Cost Savings

5 Q1 2026 Cash Flow Summary 6 Balance Sheet: Selected Items US$ In Millions 3/31/2026 12/31/2025 Selected Assets Cash $8.1 $10.3 Restricted Cash $2.2 $3.1 Accounts Receivable $32.8 $35.2 Stockholders’ Equity Stockholders' Equity $61.0 $65.7 Working Capital Current Assets $58.1 $62.5 Current Assets ex-cash $50.0 $52.2 Current Liabilities $27.8 $29.8 Working Capital $30.3 $32.7 Working Capital ex-cash $22.2 $22.4 7 Business Services Division (slides 10– 12) Energy Services Division (slide 13) Business Divisions Current businesses: opportunities, financial highlights, and future goals Building Solutions Division (slides 8 – 9) 8 Q1 2026: Building Solutions Financial Results US$ In Millions '+ / - (1) Q1 2026 Q1 2025 (2) Revenue - (4)% $11.6 $12.1 Gross Profit - (44)% $1.6 $2.9 Adjusted EBITDA(3) - (387)% $(0.9) $0.3 (1) + / - indicates whether the caption was higher (+) or lower (-) than the comparison period. (2) Building Solutions Q1 2025 financials from Star Operating Companies, Inc. Q1 2025 earnings. (3) Adjusted EBITDA is a non-GAAP financial measure. Please reference the slides in the Appendix of this presentation for a reconciliation of this non-GAAP measure.

9 Building Solutions: Backlog Historical Backlog (USD in thousands) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Beginning Backlog (1) $ 17,190 $ 27,913 $ 25,739 $ 20,032 $ 9,598 (+) New Orders $ 22,841 $ 18,223 $ 15,680 $ 7,541 $ 9,983 (-) Recognized Revenue $ 12,118 $ 20,398 $ 21,387 $ 17,975 $ 11,598 Ending Backlog $ 27,913 $ 25,739 $ 20,032 $ 9,598 $ 7,983 LTM Book to Bill Ratio 1.23 1.19 1.01 0.72 (1) Backlog defined as future revenue under contract. 10 Q1 2026: Business Services Financial Results US$ In Millions '+ / - (1) Q1 2026 Q1 2025 Revenue + 10% $35.0 $31.9 Gross Profit + 6% $17.4 $16.4 Adjusted EBITDA(2) - (250)% $(0.3) $0.2 (1) + / - indicates whether the caption was higher (+) or lower (-) than the comparison period. (2) Adjusted EBITDA is a non-GAAP financial measure. Please reference the slides in the Appendix of this presentation for a reconciliation of this non-GAAP measure. 11 Q1 2026: Business Services Operating Dashboard TTM New Business = $75.0M $13.7M in New Logo and $61.3M in renewals and expansions from our legacy clients over the past four quarters TTM Gross Profit = $71.8M Relatively stable (slight increase) over the past four quarters TTM Adjusted EBITDA Margin decreased versus Q3 2025 but remains above Q3 FY24 (3) 12 Q1 2026: Business Services Regional Split Revenue Gross Profit EMEA EMEA APAC APAC Americas Americas

13 Q1 2026: Energy Services Financial Results US$ In Millions '+ / - (1) Q1 2026 Q1 2025 (2) Revenue + 35% $3.5 $2.6 Gross Profit + 23% $1.5 $1.3 Adjusted EBITDA(3) + 111% $1.0 $0.5 (1) + / - indicates whether the caption was higher (+) or lower (-) than the comparison period. (2) Pro forma results for the full first quarter of 2025. Alliance Drilling Tools was acquired by Star Operating Companies on March 3, 2025. (3) Adjusted EBITDA is a non-GAAP financial measure. Please reference the slides in the Appendix of this presentation for a reconciliation of this non-GAAP measure. 14 Appendix 1. Non-GAAP earnings before interest, income taxes, and depreciation and amortization (“EBITDA”) and non-GAAP earnings before interest, income taxes, depreciation and amortization, non-operating income (expense), stock-based compensation expense, and other non-recurring items (“Adjusted EBITDA”) are presented to provide additional information about the Company's operations on a basis consistent with the measures which the Company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, or other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the Company's profitability or liquidity. Furthermore, EBITDA and Adjusted EBITDA as presented above may not be comparable with similarly titled measures reported by other companies. Reconciliation of Non-GAAP Financials 15 16 Q1 2026 Building Solutions Business Services Energy Services Investments Corporate Total (3) Revenue, from external customers $ 11.6 $ 35.0 $ 3.5 $ 0.2 $ (0.2) $ 50.1 Gross profit (1) $ 1.6 $ 17.4 $ 1.5 $ 0.1 $ (0.2) $ 20.6 Net loss attributable to common shareholders $ (1.7) $ (0.6) $ 0.4 $ 0.1 $ (2.6) $ (4.4) Dividends on Series A perpetual preferred stock — — — — 0.6 0.6 Net loss (1.7) (0.6) 0.4 0.1 (2.0) (3.8) Provision from income taxes — (0.8) — — 0.5 (0.3) Interest income, net 0.1 0.2 — (0.2) (0.1) — Total depreciation and amortization 0.3 0.2 0.4 0.1 — 0.9 EBITDA (loss) (2) (1.4) (1.0) 0.8 — (1.6) (3.1) Foreign currency gain/loss — 0.1 — — — — Corporate administrative charges 0.4 0.2 0.1 — (0.7) — Gains on sale and leaseback transactions — — — — — — Other non-operating expense (income) — 0.1 — 0.2 — 0.2 Stock-based compensation expense — 0.2 — — 0.3 0.5 Interest income — — — 0.2 — 0.2 Unrealized (gain) loss on equity securities — — — — — — Severance/contingent salary — 0.1 0.1 — 0.1 0.3 Transaction costs related to mergers and acquisitions — — — — 0.1 0.1 Financing cost — — — — — — Other non-recurring expenses — 0.1 0.1 — 0.1 0.2 Adjusted EBITDA (loss) (2)(4) $ (0.9) $ (0.3) $ 1.0 $ 0.5 $ (1.9) $ (1.6) Q1 2025 Business Services Corporate Total (3) Revenue, from external customers $ 31.9 $ — $ 31.9 Gross profit (1) $ 16.4 $ — $ 16.4 Net loss (1.0) (0.8) $ (1.8) Provision for income taxes 0.1 — — Interest income, net 0.1 (0.2) (0.1) Total depreciation and amortization 0.3 — 0.3 EBITDA (loss) (2) (0.5) (1.0) (1.5) Corporate administrative charges 0.3 (0.3) — Foreign currency gain/loss 0.1 — 0.1 Other non-operating expense (income) — — — Stock-based compensation expense 0.2 0.1 0.4 Severance/contingent salary 0.1 — 0.1 Transaction costs related to mergers and acquisitions — 0.3 0.3 Other non-recurring expenses — — — Adjusted EBITDA (loss) (2)(4) $ 0.2 $ (0.9) $ (0.7) (1) Represents Revenue less direct contracting costs and reimbursed expenses for Business Services. (2) EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation and amortization. Adjusted EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation and amortization, non-operating income, stock-based compensation expense, and other items such as non-recurring severance and professional fees. (3) Amounts may not sum due to rounding. (4) Adjusted net income or loss per diluted share is a Non-GAAP measure defined as reported net income or loss per diluted share before items such as acquisition-related costs and non-recurring severance and professional fees after tax that is presented to provide additional information about the company's operations on a basis consistent with the measures which the company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. Adjusted net income or loss per diluted share should not be considered in isolation or as a substitute for net income or loss per diluted share and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the company's profitability or liquidity. Further, Adjusted net income or loss per diluted share as presented above may not be comparable with similarly titled measures reported by other companies. Reconciliation of Non-GAAP Financial Measures Q1 2026 and 2025

17 (1) Amounts may not sum due to rounding. (2) Adjusted net income or loss per diluted share is a Non-GAAP measure defined as reported net income or loss per diluted share before items such as acquisition-related costs and non-recurring severance and professional fees after tax that is presented to provide additional information about the company's operations on a basis consistent with the measures which the company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. Adjusted net income or loss per diluted share should not be considered in isolation or as a substitute for net income or loss per diluted share and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the company's profitability or liquidity. Further, Adjusted net income or loss per diluted share as presented above may not be comparable with similarly titled measures reported by other companies. Adjusted Net Loss (1) Per Diluted Share (1) Three Months Ended Three Months Ended March 31, 2026 March 31, 2026 Net loss $ (3.8) $ (1.01) Dividends on Series A perpetual preferred stock (0.6) (0.16) Net loss attributable to common shareholders (4.4) (1.17) Intangible amortization from acquisitions 0.2 0.04 Gains on sale and leaseback transactions — (0.01) Unrealized (gain) loss on equity securities — 0.01 Severance/contingent salary 0.3 0.08 Transaction costs related to mergers and acquisitions 0.1 0.02 Financing cost — 0.01 Other non-recurring expenses 0.2 0.04 Adjusted net loss (2) $ (3.7) $ (0.99) Reconciliation of Non-GAAP Financial Measures Q1 2026 and 2025 Adjusted Net Loss (1) Per Diluted Share (1) Three Months Ended Three Months Ended March 31, 2025 March 31, 2025 Net loss $ (1.8) $ (0.59) Intangible amortization from acquisitions 0.2 $ 0.08 Severance/contingent salary 0.1 $ 0.02 Transaction costs related to mergers and acquisitions 0.3 $ 0.10 Other non-recurring expenses — 0.02 Adjusted net loss (2) $ (1.1) $ (0.38) 18 Q1 2025 Building Solutions Business Services Energy Services Investments Corporate Total (3) Pro forma revenue, from external customers (1) $ 12.1 $ 31.9 $ 2.6 $ 0.2 $ (0.2) $ 46.5 Pro forma gross profit (1) $ 2.9 $ 16.4 $ 1.3 $ 0.1 $ (0.2) $ 20.5 Pro forma net loss attributable to common shareholders (1) $ (0.9) $ (1.0) $ (0.3) $ (0.3) $ (1.2) $ (3.7) Dividends on Series A perpetual preferred stock — — — — 0.5 0.5 Pro forma net loss (0.9) (1.0) (0.3) (0.3) (0.8) (3.3) Provision from income taxes — 0.1 — — (2.2) (2.2) Interest income, net 0.2 0.1 — (0.2) (0.2) (0.1) Total depreciation and amortization 1.0 0.3 0.2 0.1 — 1.6 Pro forma EBITDA (loss) (2) 0.3 (0.5) (0.1) (0.4) (3.2) (3.9) Unrealized (gain) loss on equity securities — — — 0.2 — 0.2 Foreign currency gain/loss — 0.1 — — — 0.1 Corporate administrative charges — 0.3 — — (0.3) — Other non-operating expense (income) — — — — — — Stock-based compensation expense — 0.2 — — 0.2 0.4 Interest income (3) — — — 0.2 — 0.2 Severance/contingent salary — 0.1 — — — 0.1 Transaction costs related to mergers and acquisitions — — 0.6 — 0.7 1.3 Impairment of cost method investment — — — 0.1 — 0.1 Loss (gain) on equity method investment — — — 0.3 — 0.3 Financing cost — — — — — — Other non-recurring expenses — — — — — — Pro forma adjusted EBITDA (loss) (2) $ 0.3 $ 0.2 $ 0.5 $ 0.3 $ (2.5) $ (1.2) (1) Pro forma Building Solutions, Energy Services, and Investments results for the full first quarter of 2025. Alliance Drilling Tools was acquired by Star Operating Companies on March 3, 2025. (2) EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation and amortization. Adjusted EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation and amortization, non-operating income, stock-based compensation expense, and other items such as non-recurring severance and professional fees. (3) Amounts may not sum due to rounding. (4) Adjusted net income or loss per diluted share is a Non-GAAP measure defined as reported net income or loss per diluted share before items such as acquisition-related costs and non-recurring severance and professional fees after tax that is presented to provide additional information about the company's operations on a basis consistent with the measures which the company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. Adjusted net income or loss per diluted share should not be considered in isolation or as a substitute for net income or loss per diluted share and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the company's profitability or liquidity. Further, Adjusted net income or loss per diluted share as presented above may not be comparable with similarly titled measures reported by other companies. Reconciliation of Pro Forma (1) Non-GAAP Financial Measures Pro Forma Adjusted Net Loss (3) Pro Forma Per Diluted Share (3) Quarter Ended Quarter Ended March 31, 2025 March 31, 2025 Pro forma net loss (3) $ (3.3) $ (0.87) Dividends on Series A perpetual preferred stock (0.5) (0.13) Pro forma net loss attributable to common shareholders (3) (3.7) (1.00) Intangible amortization from acquisitions 1.0 0.26 Unrealized (gain) loss on equity securities 0.2 0.06 Severance/contingent salary 0.1 0.01 Transaction costs related to mergers and acquisitions 1.3 0.36 Impairment of cost method investment 0.1 0.02 Loss (gain) on equity method investment 0.3 0.07 Financing cost — — Other non-recurring expenses — 0.01 Pro forma adjusted net loss (2)(3) $ (0.8) $ (0.22) 19 Contact Us Jeff Eberwein CEO Rick Coleman COO Shawn Miles EVP – Finance admin@starequity.com Investor Relations The Equity Group Inc. Lena Cati Senior Vice President 212-836-9611 / lcati@theequitygroup.com

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duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

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- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Local phone number for entity.

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No definition available.

+ Details

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- Definition

Boolean flag that is true only for a security having no trading symbol.

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No definition available.

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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- Definition

Title of a 12(b) registered security.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

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-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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