Segments

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segments

Segments

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 ADT on March 3, 2025, our business divisions are organized into the following three reportable segments, reflecting the manner in which our CODM assesses performance and allocates resources:

1.Building Solutions

2.Energy Services

3.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 six months ended June 30, 2025 and 2024, respectively, is as follows (in thousands):

	Building Solutions		Energy Services		Investments		Corporate and Intersegment eliminations		Total
For the Three Months Ended June 30, 2025
Revenues	$	20,384	$	3,324	$	158	$	(158)	$	23,708
Cost of revenues	15,141		2,240		74		—		17,455
Gross profit	$	5,243	$	1,084	$	84	$	(158)	$	6,253
Selling, general and administrative	3,286		877		84		2,173		6,420
Amortization of intangible assets	687		98		—		—		785
Income (loss) from operations	$	1,270	$	109	$	—	$	(2,331)	$	(952)
EBITDA	$	2,214	$	530	$	5,033	$	(2,325)	$	5,452
Depreciation and amortization	(965)		(417)		(74)		(8)		(1,464)
Interest income (expense), net	(163)		(97)		166		14		(80)
Income tax benefit (provision)	—		—		—		(457)		(457)
Net income (loss)	$	1,086	$	16	$	5,125	$	(2,776)	$	3,451

	Building Solutions		Energy Services		Investments		Corporate and Intersegment eliminations		Total
For the Three Months Ended June 30, 2024
Revenues	$	13,483	$	—	$	194	$	(194)	$	13,483
Cost of revenues	11,254		—		13		—		11,267
Gross profit	$	2,229	$	—	$	181	$	(194)	$	2,216
Selling, general and administrative	2,481		—		1,372		1,486		5,339
Amortization of intangible assets	590		—		—		—		590
Income (loss) from operations	$	(842)	$	—	$	(1,191)	$	(1,680)	$	(3,713)
EBITDA	$	(203)	$	—	$	(1,451)	$	(1,598)	$	(3,252)
Depreciation and amortization	(774)		—		(13)		(8)		(795)
Interest income (expense), net	(138)		—		199		160		221
Income tax benefit (provision)	—		—		—		39		39
Net income (loss)	$	(1,115)	$	—	$	(1,265)	$	(1,407)	$	(3,787)

	Building Solutions		Energy Services		Investments		Corporate and Intersegment eliminations		Total
For the Six Months Ended June 30, 2025
Revenues	$	32,502	$	4,130	$	316	$	(316)	$	36,632
Cost of revenues	24,330		2,764		149		—		27,243
Gross profit	$	8,172	$	1,366	$	167	$	(316)	$	9,389
Selling, general and administrative	6,194		1,151		134		4,200		11,679
Amortization of intangible assets	1,411		98		—		—		1,509
Income (loss) from operations	$	567	$	117	$	33	$	(4,516)	$	(3,799)
EBITDA	$	2,545	$	720	$	4,605	$	(4,484)	$	3,386
Depreciation and amortization	(1,978)		(600)		(149)		(19)		(2,746)
Interest income (expense), net	(345)		(96)		321		22		(98)
Income tax benefit (provision)	—		—		—		1,733		1,733
Net income (loss)	$	222	$	24	$	4,777	$	(2,748)	$	2,275

	Building Solutions		Energy Services		Investments		Corporate and Intersegment eliminations		Total
For the Six Months Ended June 30, 2024
Revenues	$	22,601	$	—	$	382	$	(382)	$	22,601
Cost of revenues	18,694		—		117		—		18,811
Gross profit	$	3,907	$	—	$	265	$	(382)	$	3,790
Selling, general and administrative	4,615		—		1,412		3,406		9,433
Amortization of intangible assets	1,032		—		—		—		1,032
Income (loss) from operations	$	(1,740)	$	—	$	(1,147)	$	(3,788)	$	(6,675)
EBITDA	$	(525)	$	—	$	(1,075)	$	(3,527)	$	(5,127)
Depreciation and amortization	(1,341)		—		(117)		(25)		(1,483)
Interest income (expense), net	(174)		—		390		379		595
Income tax benefit (provision)	—		—		—		4		4
Net income (loss)	$	(2,040)	$	—	$	(802)	$	(3,169)	$	(6,011)

SEC Regulation S-K 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.