SEGMENT AND GEOGRAPHIC DATA

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

SEGMENT AND GEOGRAPHIC DATA

SEGMENT AND GEOGRAPHIC DATA

Segment Reporting

Corporate expenses are reported separately from the four reportable segments and pertain to certain functions, such as executive management, corporate governance, investor relations, legal, accounting, tax, and treasury. A portion of these expenses are attributed to the reportable segments for providing the above services to them, and have been allocated to the segments as management service expenses, and are included in the segments’ non-operating other income (expense). We have disclosed for each reportable segment the significant expense that is reviewed by CODM in the tables below with no additional significant expenses beyond those presented. Segment information is presented in accordance with ASC 280, “Segment Reporting.” This standard is based on a management approach that requires segmentation based upon the Company’s internal organization and disclosure of revenue and certain expenses based upon internal accounting methods. The Company’s financial reporting systems present various data for management to run the business, including internal profit and loss statements prepared on a basis not consistent with U.S. GAAP. Accounts receivable and long-lived assets are the only significant assets separated by segment for internal reporting purposes.

Our reportable segments are based upon our internal organizational structure, the manner in which our operations are managed, the criteria used by our Chief Executive Officer, who is our Chief Operating Decision Maker (“CODM”), to evaluate segment performance, the availability of separate financial information, and overall materiality considerations. Effective as of the acquisition of SOC on August 22, 2025, our business segments are organized into the following four reportable segments, reflecting the manner in which our CODM assesses performance and allocates resources:

1.Building Solutions

2.Business Services

3.Energy Services

4.Investments

Our reporting segments have been determined based on the nature of the products and services offered to customers or the nature of their function in the organization. We evaluate performance based on gross profit and operating income (loss). Our operating costs included in our shared service functions primarily consist of senior executive officers, finance, human resources, legal, and information technology. Star Equity shared service corporate costs have been separated from the reportable segments. Prior period presentation previously disclosed conforms to current year presentation.

Segment information for the three and nine months ended September 30, 2026 and 2025, respectively, is as follows:

	Building Solutions		Business Services		Energy Services		Investments		Corporate and Intersegment eliminations		Total
For The Three Months Ended September 30, 2026
Revenues	$	16,347	$	33,842	$	3,731	$	160	$	(160)	$	53,920
Cost of revenues	13,019		15,671		1,927		74		—		30,691
Gross profit (a)	3,328		18,171		1,804		86		(160)		23,229
Salaries and related	(1,611)		(14,760)		(628)		(10)		(1,214)		(18,223)
Office and general	(1,193)		(2,022)		(476)		(100)		(1,694)		(5,485)
Marketing and promotion	(15)		(977)		(5)		—		—		(997)
Operating expenses depreciation and amortization	(104)		(216)		—		—		(11)		(331)
Operating income (loss)	$	405	$	196	$	695	$	(24)	$	(3,079)	$	(1,807)
EBITDA (loss) (b)	$	276	$	40	$	960	$	366	$	(2,359)	$	(717)
Total depreciation and amortization	(258)		(216)		(333)		(75)		(11)		(893)
Interest income (expense), net	(168)		(174)		(43)		241		144		—
Provision for income taxes	—		(44)		—		—		65		21
Net income (loss)	$	(150)	$	(394)	$	584	$	532	$	(2,161)	$	(1,589)
For The Nine Months Ended September 30, 2026
Revenues	$	42,557	$	105,232	$	11,133	$	477	$	(477)	$	158,922
Cost of revenues	34,430		51,800		5,890		223		—		92,343
Gross profit (a)	8,127		53,432		5,243		254		(477)		66,579
Salaries and related	(4,989)		(44,221)		(1,894)		(10)		(3,816)		(54,930)
Office and general	(3,434)		(6,183)		(1,360)		(349)		(3,629)		(14,955)
Marketing and promotion	(38)		(2,856)		(26)		—		—		(2,920)
Operating expenses depreciation and amortization	(295)		(621)		(19)		—		(31)		(966)
Operating income (loss)	$	(629)	$	(449)	$	1,944	$	(105)	$	(7,953)	$	(7,192)
EBITDA (loss) (b)	$	(1,055)	$	(903)	$	2,910	$	357	$	(5,774)	$	(4,465)
Total depreciation and amortization	(789)		(621)		(1,104)		(224)		(31)		(2,769)
Interest income (expense), net	(434)		(501)		(135)		631		426		(13)
Provision for income taxes	—		261		—		—		(244)		17
Net income (loss)	$	(2,278)	$	(1,764)	$	1,671	$	764	$	(5,623)	$	(7,230)
As of September 30, 2026
Accounts receivable, net	$	7,703	$	20,438	$	3,653	$	—	$	29	$	31,823
Long-lived assets, net of accumulated depreciation and amortization (c)	$	4,090	$	7,438	$	5,735	$	6,362	$	141	$	23,766
Total assets	$	32,434	$	39,400	$	13,072	$	21,433	$	(1,723)	$	104,616

	Building Solutions		Business Services		Energy Services		Investments		Corporate and Intersegment eliminations		Total
For The Three Months Ended September 30, 2025
Revenues	$	9,603	$	37,038	$	1,318	$	53	$	(53)	$	47,959
Cost of revenues	7,919		18,408		972		33		—		27,332
Gross profit (a)	1,684		18,630		346		20		(53)		20,627
Salaries and related	(761)		(14,570)		(231)		—		(573)		(16,135)
Office and general	(488)		(2,154)		(158)		(26)		(1,993)		(4,819)
Marketing and promotion	(9)		(901)		(3)		—		—		(913)
Operating expenses depreciation and amortization	(40)		(350)		(8)		—		(6)		(404)
Operating income (loss)	$	386	$	655	$	(54)	$	(6)	$	(2,625)	$	(1,644)
EBITDA (loss) (b)	$	495	$	797	$	140	$	(6)	$	(2,356)	$	(930)
Total depreciation and amortization	(109)		(350)		(169)		(33)		(5)		(666)
Interest income (expense), net	(51)		(128)		(39)		89		210		81
Provision for income taxes	—		(3)		—		—		(246)		(249)
Net income (loss)	$	335	$	316	$	(68)	$	50	$	(2,397)	$	(1,764)
For The Nine Months Ended September 30, 2025
Revenues	$	9,603	$	104,445	$	1,318	$	53	$	(53)	$	115,366
Cost of revenues	7,919		50,782		972		33		—		59,706
Gross profit (a)	1,684		53,663		346		20		(53)		55,660
Salaries and related	(761)		(42,925)		(231)		—		(1,400)		(45,317)
Office and general	(488)		(5,437)		(158)		(26)		(4,067)		(10,176)
Marketing and promotion	(9)		(2,803)		(3)		—		1		(2,814)
Operating expenses depreciation and amortization	(40)		(872)		(8)		—		(12)		(932)
Operating income (loss)	$	386	$	1,626	$	(54)	$	(6)	$	(5,531)	$	(3,579)
EBITDA (loss) (b)	$	495	$	1,255	$	140	$	(6)	$	(4,478)	$	(2,594)
Total depreciation and amortization	(109)		(872)		(169)		(33)		(11)		(1,194)
Interest income (expense), net	(51)		(406)		(39)		89		613		206
Provision for income taxes	—		(451)		—		—		(175)		(626)
Net income (loss)	$	335	$	(474)	$	(68)	$	50	$	(4,051)	$	(4,208)

As of December 31, 2025	Building Solutions		Business Services		Energy Services		Investments		Corporate and Intersegment eliminations		Total
Accounts receivable, net	$	8,671	$	22,398	$	4,045	$	—	$	106	$	35,220
Long-lived assets, net of accumulated depreciation and amortization (c)	$	4,320	$	7,934	$	7,235	$	6,586	$	167	$	26,242
Total assets	$	34,105	$	43,418	$	12,526	$	21,689	$	1,493	$	113,231

(a)Gross profit in the Business Services segment includes the direct staffing costs of salaries, payroll taxes, employee benefits, travel expenses, and insurance costs for the Company’s contractors and reimbursed out-of-pocket expenses and other direct costs. The region where services are provided, the mix of RPO and contracting, and the functional nature of the staffing services provided can affect operating income and EBITDA. The salaries, commissions, payroll taxes, and employee benefits related to recruitment professionals are included under the caption “Salaries and related” in the Condensed Consolidated Statements of Operations.

(b)SEC Regulation S-K Item 229.10(e)1(ii)(A) defines EBITDA as earnings before interest, taxes, depreciation, and amortization. EBITDA is presented to provide additional information to investors 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 this measurement to evaluate working capital requirements. EBITDA should not be considered in isolation or as a substitute for operating income and net income prepared in accordance with U.S. GAAP or as a measure of the Company’s profitability.

(c)Comprised of property and equipment, intangible assets and goodwill, net of accumulated depreciation and amortization.

Geographic Data Reporting

A summary of revenues for the three and nine months ended September 30, 2026 and 2025 and net assets by geographic area as of September 30, 2026 and December 31, 2025, were as follows:

	Australia		United States		United Kingdom		Other		Total
For The Three Months Ended September 30, 2026
Revenue (a)	$	16,099	$	27,688	$	4,633	$	5,500	$	53,920
For The Three Months Ended September 30, 2025
Revenue (a)	$	18,998	$	18,439	$	4,922	$	5,600	$	47,959
For The Nine Months Ended September 30, 2026
Revenue (a)	$	51,604	$	75,951	$	14,856	$	16,511	$	158,922
For The Nine Months Ended September 30, 2025
Revenue (a)	$	50,692	$	31,688	$	16,427	$	16,559	$	115,366
As of September 30, 2026
Long-lived assets, net of accumulated depreciation and amortization (b)	$	30	$	21,763	$	39	$	1,934	$	23,766
Net assets	$	2,139	$	42,494	$	1,430	$	12,062	$	58,125
As of December 31, 2025
Long-lived assets, net of accumulated depreciation and amortization (b)	$	32	$	24,160	$	35	$	2,015	$	26,242
Net assets	$	3,855	$	47,524	$	1,475	$	12,853	$	65,707

(a) Revenue by geographic region disclosed above is net of any inter-segment revenue and, therefore, represents only revenue from external customers according to the location of the operating subsidiary.

(b) Comprised of property and equipment, intangible assets and goodwill, net of accumulated depreciation and amortization.