Star Equity Holdings, Inc. (NASDAQ:STRR, STRRP))) ("Star" or the "Company"), a diversified holding company, announced today that its wholly owned subsidiary, KBS Builders, Inc. ("KBS"), has signed two large commercial contracts to manufacture housing units in Maine. Additionally, Star released preliminary key financial metrics for the fourth quarter ("Q4") 2024 period ended December 31, 2024.(1)

The details of KBS' recently signed commercial contracts are as follows:

• $3.1 million contract to manufacture 32 modules for the construction of 20 mixed-income housing units in Portland, Maine. Manufacturing of these modules is expected to begin in the second quarter of 2025, with deliveries to commence in the third quarter of 2025.
  
   
• $2.1 million contract to manufacture 28 modules for the construction of townhouses comprised of 14 housing units in Bowdoinham, Maine. Manufacturing of these modules is expected to begin in the first quarter of 2025 with deliveries to be completed before the end of the second quarter of 2025.
  
   

Star Announces Key Preliminary, Unaudited Q4 2024 Financial Metrics

For Q4 2024, as compared to Q4 2023, Star expects to report:

• Revenues of approximately $17.1 million (versus $14.1 million in Q4 2023).
• Gross profit of approximately $4.4 million (versus $2.9 million in Q4 2023).
• Non-GAAP adjusted EBITDA from continuing operations of approximately $1.1 million (versus a loss of $0.1 million in Q4 2023).
  
   

Star consolidated financial results by quarter:

Rick Coleman, CEO of Star, noted, "We ended 2024 on a strong note benefitting from a momentum shift in the marketplace evidenced by increased activity from our Building Solutions customers during the second half of the year. Several large projects placed on hold earlier in the year received final approvals and began production in the fourth quarter. These factors translated into higher revenues and improved margins for Q4 2024, a trend which we expect to continue into 2025."