Star Equity Holdings Inc 2025年度报告

Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registranthas submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-Tduring the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” inRule 12b-2 of the Exchange Act. 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 orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal controlover financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issuedits audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuantto §240.10D-1(b).☐ Indicate by checkmark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒ The aggregate market value of the voting common stock held by non-affiliates of the registrant was approximately $12,181,784 based on the closing price of theCommon Stock on the NASDAQ Global Select Market on June30, 2025. Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. PagePART IITEM 1.BUSINESS1ITEM 1A.RISK FACTORS5ITEM 1B.UNRESOLVED STAFF COMMENTS19ITEM 1C.CYBERSECURITY19ITEM 2.PROPERTIES21ITEM 3.LEGAL PROCEEDINGS21ITEM 4.MINE SAFETY DISCLOSURES21PART IIITEM 5.MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS ANDISSUER PURCHASES OF EQUITY SECURITIES22ITEM 6.RESERVED23ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS23ITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK37ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA37ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIALDISCLOSURES91ITEM 9A.CONTROLS AND PROCEDURES91ITEM 9B.OTHER INFORMATION91ITEM 9C.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS92PART IIIITEM 10.DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE93ITEM 11.EXECUTIVE COMPENSATION93ITEM 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATEDSTOCKHOLDER MATTERS93ITEM 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE93ITEM 14.PRINCIPAL ACCOUNTING FEES AND SERVICES93PART IVITEM 15.EXHIBITS AND FINANCIAL STATEMENT SCHEDULES94EXHIBIT INDEX94ITEM 16.FORM 10-K SUMMARY97SIGNATURES98 ITEM 1.BUSINESS General Star Equity Holdings, Inc. (“Star Equity,” “Star,” the “Company,” “we,” or “our,” formerly known as Hudson Global, Inc.(“Hudson”)) is a diversified multi-industry holding company operating through four reportable segments: Building Solutions, BusinessServices, Energy Services, and Investments. Our common stock and 10% Series A Cumulative Perpetual Preferred Stock are listed on theNasdaq Global Market under the symbols “STRR” and “STRRP,” respectively. The Building Solutions segment operates in the construction industry. The Business Services segment, which consists of HudsonTalent Solutions, LLC (“HTS”), delivers customized recruitment and contracting solutions to mid-to-large multinational companies, includingRecruitmentProcess Outsourcing(“RPO”),project-based RPO,contingent workforce solutions,recruitment consulting,outsourcedprofessional contract staffing, and managed service provider (“MSP”) services. The Energy Services segment consists of Alliance DrillingTools, Inc. (“ADT”), which manufactures and supplies specialized drilling tools and downhole equipment used in directional drilling for oil andgas well construction as well as other applications, including mining, geothermal, and water wells