Q1 2024 Star Equity Holdings Inc Earnings Call Transcript
Key Points
- Star Equity Holdings Inc (STRR) completed the acquisition of Timber Technologies, expanding its Building Solutions division.
- The company has a strong sales pipeline and signed backlog, indicating sustained demand.
- Star Equity Holdings Inc (STRR) maintains a strong balance sheet with $14.7 million in unrestricted cash as of March 31, 2024.
- The Timber Technologies acquisition is expected to improve the company's overall financial position due to its history of profitability and strong cash generation.
- The company is focused on creating shareholder value through targeted business development initiatives and disciplined accretive acquisitions.
- First quarter 2024 revenue decreased by 26.1% compared to the same period in 2023.
- Gross margin dropped significantly from 34.6% in Q1 2023 to 17.3% in Q1 2024.
- The company reported a net loss from continuing operations of $2.2 million in Q1 2024, compared to a net breakeven result in Q1 2023.
- Non-GAAP adjusted EBITDA from continuing operations was a loss of $1.1 million in Q1 2024, down from a positive $0.8 million in Q1 2023.
- Consolidated cash flow from continuing operations for Q1 2024 was an outflow of $2.4 million, compared to an inflow of $5.1 million in Q1 2023.
Greetings, ladies and gentlemen, and welcome to Star Equity Holdings, first quarter 2024 results conference call. Please be advised that the discussions on today's call may include forward-looking statements such forward-looking statements involve certain risks and uncertainties, that may cause actual results to differ materially from those contained in the forward-looking statements.
Please refer to Star Equity's most recent 10-K, 10-Q and other filings for a more complete description of risk factors that could affect these projections and assumptions. The company assumes no obligation to update forward-looking statements as a result of new information, future events or otherwise.
Please also note that on this call, management will reference non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted net income and adjusted earnings per share. Which are all financial measures not recognized under US GAAP. As required by SEC rules and regulations. These non-GAAP financial measures are reconciled to their most comparable GAAP measures in our earnings release issued this
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