Private company

STAR OPERATING COMPANIES, INC.

STAR OPERATING COMPANIES, INC. is an American electromedical and electrotherapeutic apparatus company.1 It is headquartered in Old Greenwich, Connecticut.1

Last updated Oct 20, 2026.

Overview

  • IndustryElectromedical & Electrotherapeutic Apparatus1
  • HeadquartersOld Greenwich, Connecticut1
  • Incorporated inDE2
  • Business address53 Forest Avenue, Suite 101, Old Greenwich, Ct 068702
  • Filer categoryNon-accelerated filer, Smaller reporting company2

Star Equity Holdings, Inc. (“Star Equity,” the “Company,” “we,” “our”) is a diversified multi-industry holding company with two divisions. Our Building Solutions division, formerly called our “Construction” division, is our largest division and operates in the construction industry, a key sector of the economy. In addition, we have an Investments division. On May 4, 2023, we completed the sale of our former healthcare division, Digirad Health, Inc. (“Digirad Health”). Until the sale of Digirad Health, we were organized into three divisions.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

20.7%Gross margin5
-15.8%Operating margin5
-19.6%Net margin5
16.5%Revenue growth, 20245
-19.2%Return on equity5
0.14×Debt to equity5
-$8.0MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue71¢$42.3M
  • Selling, general and admin29¢$17.0M
  • Income tax0¢$263.0K

Out of $53.4M in revenue.5 The company lost money this year.

Financial statements

Revenue6789105$53.4M in 2024−43% since 2018
0$50.0M$100.0M$150.0M2018: $93.4M$93.4M20182019: $72.9M$72.9M2019−22%2020: $78.2M$78.2M2020+7%2021: $106.6M$106.6M2021+36%2022: $57.1M$57.1M2022−46%2023: $45.8M$45.8M2023−20%2024: $53.4M$53.4M2024+17%
Gross profit11789105$11.1M in 2024−39% since 2018
0$5.0M$10.0M$15.0M$20.0M2018: $18.3M$18.3M20182019: $17.2M$17.2M2019−6%2020: $14.0M$14.0M2020−18%2021: $15.2M$15.2M2021+9%2022: $12.4M$12.4M2022−19%2023: $11.9M$11.9M2023−4%2024: $11.1M$11.1M2024−7%
Operating income11789105-$8.4M in 2024+85% since 2018
-$15.0M-$10.0M-$5.0M02018: -$4.5M-$4.5M20182019: -$1.9M-$1.9M2019−58%2020: -$7.2M-$7.2M2020+278%2021: -$11.6M-$11.6M2021+61%2022: -$3.5M-$3.5M2022−69%2023: -$4.3M-$4.3M2023+23%2024: -$8.4M-$8.4M2024+94%
Net income11789105-$10.4M in 2024
-$20.0M-$10.0M0$10.0M$20.0M$30.0M2018: $736.0K$736.0K20182019: -$4.6M-$4.6M20192020: -$6.5M-$6.5M2020+40%2021: -$3.0M-$3.0M2021−54%2022: -$5.3M-$5.3M2022+76%2023: $25.1M$25.1M20232024: -$10.4M-$10.4M2024
Fiscal year2018201920202021202220232024
Revenue$93.4M6$72.9M7$78.2M8$106.6M9$57.1M10$45.8M5$53.4M5
Cost of revenue$85.9M11$55.8M7$64.2M8$91.3M9$44.8M10$33.9M5$42.3M5
Gross profit$18.3M11$17.2M7$14.0M8$15.2M9$12.4M10$11.9M5$11.1M5
Research and development
Selling, general and admin$14.2M10$14.5M5$17.0M5
Operating expenses$26.8M9$15.9M10$16.3M5$19.5M5
Operating income-$4.5M11-$1.9M7-$7.2M8-$11.6M9-$3.5M10-$4.3M5-$8.4M5
Interest$905.0K9$975.0K9
Income before tax-$8.9M9-$5.4M10-$2.5M5-$10.2M5
Income tax-$1.6M11-$199.0K7$129.0K8$60.0K9$383.0K10-$614.0K5$263.0K5
Net income$736.0K11-$4.6M7-$6.5M8-$3.0M9-$5.3M10$25.1M5-$10.4M5
Earnings per share-$1.768-$0.599-$0.3610$8.035-$3.325
Earnings per share (diluted)-$1.768-$0.599-$0.3510$8.035-$3.325
Shares (weighted, basic)5.1M shares914.8M shares103.1M shares53.1M shares5
Shares (weighted, diluted)5.1M shares914.8M shares103.1M shares53.1M shares5

Compare STAR OPERATING COMPANIES, INC. with another company

Corporate structure

STAR OPERATING COMPANIES, INC. sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of STAR OPERATING COMPANIES, INC.

  • Jeffrey E. Eberwein Filed SCHEDULE 13D/A on STAR OPERATING COMPANIES, INC., latest Aug 22, 2025 (8 filings since Dec 20, 2021)
  • A. Gile & Co. LLC Filed SCHEDULE 13G/A on STAR OPERATING COMPANIES, INC., latest Dec 26, 2024 (2 filings since Jul 19, 2024)
  • STAR OPERATING COMPANIES, INC. Old Greenwich, Connecticut
    • State of Incorporation Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What STAR OPERATING COMPANIES, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$12.9M5 Dec 31, 2024$10.0M5 Dec 31, 2023+29.2%
Accumulated depreciation$2.7M5 Dec 31, 2024$2.2M5 Dec 31, 2023+25.1%
Property and equipment, net$10.2M5 Dec 31, 2024$7.8M5 Dec 31, 2023+30.4%
Operating-lease assets (leased space)$8.3M5 Dec 31, 2024$1.5M5 Dec 31, 2023+463.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$4.0M5 Dec 31, 2024$18.3M5 Dec 31, 2023−78.2%
Marketable securities, current$3.4M5 Dec 31, 2024$4.8M5 Dec 31, 2023−30.4%
Equity securities at fair value$3.4M5 Dec 31, 2024$4.8M5 Dec 31, 2023−30.4%
Long-term investments$2.1M5 Dec 31, 2024$6.0M5 Dec 31, 2023−64.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$8.5M5 Dec 31, 2024$4.4M5 Dec 31, 2023+90.5%
Intangible assets, net (excluding goodwill)$18.9M5 Dec 31, 2024$12.5M5 Dec 31, 2023+51.2%
Finite-lived intangibles, gross$28.8M5 Dec 31, 2024$19.9M5 Dec 31, 2023+44.6%
Accumulated amortization$9.9M5 Dec 31, 2024$7.4M5 Dec 31, 2023+33.5%
Finite-lived intangibles, net$18.9M5 Dec 31, 2024$12.5M5 Dec 31, 2023+51.2%

Inventory

ItemLatestA year beforeChange
Inventory, total$5.4M5 Dec 31, 2024$3.4M5 Dec 31, 2023+57.8%
Raw materials$2.6M5 Dec 31, 2024$1.4M5 Dec 31, 2023+89.7%
Work in process$735.0K5 Dec 31, 2024$410.0K5 Dec 31, 2023+79.3%
Finished goods$2.0M5 Dec 31, 2024$1.6M5 Dec 31, 2023+24.9%

Properties, in its own words

Our principal executive offices are in Old Greenwich, Connecticut, where we lease 2,006 square feet of office space.

In April 2019, our Investments division (through Star Real Estate, “SRE”) acquired three manufacturing facilities in Maine, which it then leased back to KBS in our Building Solutions segment. These included KBS’s 84,800 square foot main production facility in South Paris, Maine and a 92,200 square foot manufacturing facility in Oxford, Maine. We sold our Waterford, Maine production facility in June 2023. In July 2024 we sold and immediately leased back our property at South Paris, Maine.

The rest of Item 2

We utilize four additional facilities in our Building Solutions businesses, related specifically to EBGL. In October 2021, we extended two existing leases, a 10,800 square foot office/sales/showroom space in Oakdale, Minnesota and a 34,200 square foot production facility in Prescott, Wisconsin. In addition, we entered into a lease in October 2021 for 22,800 square feet of lumberyard/warehouse space in Hudson, Wisconsin. With the BLL acquisition in late 2023, we acquired a fourth facility, a 22,300 square foot lumberyard/warehouse/showroom space in Big Lake, Minnesota. This property was sold and immediately leased back in July 2024. With the TT acquisition in June 2024, we acquired a 89,000 square foot manufacturing facility in Colfax, Wisconsin. In December 2024, we acquired the Prescott, Wisconsin production facility we were leasing and immediately sold it and entered into a sale leaseback transaction. See Note 10. Leases for further detail on our leases.

We believe that we have adequate space for our anticipated needs and that suitable additional space will be available at commercially reasonable prices as needed.

Item 2 of the 10-K filed Mar 21, 2025.4

Leadership

Who has led STAR OPERATING COMPANIES, INC., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (35)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • State of Incorporation Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • STAR EQUITY HOLDINGS, INC.Feb 9, 2021 to Aug 22, 20252
  • DIGIRAD CORPNov 5, 2001 to Dec 28, 20202

Timeline

  1. Aug 22, 20258-K Completed an acquisition or sale; Listing notice or transfer; Change to shareholders' rights62
  2. Aug 21, 20258-K Shareholder vote63
  3. Aug 15, 20258-K Other events64
  4. Aug 13, 20258-K Results of operations65
  5. Aug 8, 20258-K Other events66
  6. Jul 28, 20258-K Listing notice or transfer67
  7. Jul 22, 20258-K Other events68
  8. May 22, 20258-K Entered a material agreement; Regulation FD disclosure69
  9. May 20, 20258-K Other events70
  10. May 14, 20258-K Results of operations71
  11. May 13, 20258-K Financial statements and exhibits72
  12. Mar 20, 20258-K Results of operations73
  13. Jan 5, 2016New chief executive Raymond William Vogel becomes CEO14
  14. Sep 5, 2013New chief executive Matthew G. Molchan becomes CEO15
  15. Nov 13, 2008New chief executive Todd P. Clyde becomes CEO16
  16. Jan 11, 2006New chief executive Mark Casner becomes CEO17

Calendar

When it reported results

  1. Aug 13, 2025Reported quarterly or annual results65
  2. May 14, 2025Reported quarterly or annual results71
  3. Mar 20, 2025Reported quarterly or annual results73
  4. Mar 5, 2025Reported quarterly or annual results74
  5. Mar 4, 2025Reported quarterly or annual results75
  6. Nov 19, 2024Reported quarterly or annual results76
  7. Aug 13, 2024Reported quarterly or annual results77
  8. May 20, 2024Reported quarterly or annual results78

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

388 filings to the SEC since October 2021: 5 annual reports, 12 quarterly reports, 103 major events, 204 insider forms, 15 large holders, 49 other. The latest 20:

  1. Sep 10, 2025EFFECT EDGAR
  2. Sep 10, 2025EFFECT EDGAR
  3. Sep 10, 2025EFFECT EDGAR
  4. Sep 5, 2025S-8 POS EDGAR
  5. Sep 5, 2025POS AM EDGAR
  6. Sep 5, 2025POS AM EDGAR
  7. Sep 5, 2025S-8 POS EDGAR
  8. Sep 5, 2025S-8 POS EDGAR
  9. Sep 5, 2025S-8 POS EDGAR
  10. Sep 5, 2025POS AM EDGAR
  11. Sep 5, 2025S-8 POS EDGAR
  12. Sep 5, 2025S-8 POS EDGAR
  13. Sep 5, 2025S-8 POS EDGAR
  14. Sep 3, 202515-12G EDGAR
  15. Aug 22, 2025SCHEDULE 13D/A EDGAR
  16. Aug 22, 202525-NSE EDGAR
  17. Aug 22, 20258-K EDGAR
  18. Aug 22, 20254 EDGAR
  19. Aug 22, 20254 EDGAR
  20. Aug 22, 20254 EDGAR

The 388 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

194 open-market trades by officers, directors and large owners since October 2021: 140 buys and 54 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 20, 2024Coleman Richard Kenneth Jr.Chief Executive OfficerBuy500$4.15$2.1KForm 4
Aug 19, 2024Coleman Richard Kenneth Jr.Chief Executive OfficerBuy1,000$4.25$4.2KForm 4
Aug 16, 2024Coleman Richard Kenneth Jr.Chief Executive OfficerBuy1,500$6.18$9.3KForm 4
Dec 14, 2023Butcher ThatcherPresident - KBSBuy3,000$1.04$3.1KForm 4
Nov 30, 2023Coleman Richard Kenneth Jr.Chief Executive OfficerBuy4,000$5.28$21.1KForm 4
Nov 22, 2023Schumacher Ronald A.Exec Chairman - EdgeBuilderBuy2,000$1.03$2.1KForm 4
Nov 22, 2023Coleman Richard Kenneth Jr.Chief Executive OfficerBuy5,000$1.04$5.2KForm 4
Sep 15, 2023Eberwein Jeffrey E.Executive ChairmanSale298$9.39$2.8KForm 4
Sep 14, 2023Eberwein Jeffrey E.Executive ChairmanBuy23,669$1.11$26.3KForm 4
Sep 13, 2023Eberwein Jeffrey E.Executive ChairmanSale1,902$9.39$17.9KForm 4
Sep 11, 2023Eberwein Jeffrey E.Executive ChairmanBuy46,280$1.11$51.4KForm 4
Sep 11, 2023Eberwein Jeffrey E.Executive ChairmanSale1,879$9.39$17.6KForm 4
Sep 7, 2023Eberwein Jeffrey E.Executive ChairmanBuy39,855$1.07$42.6KForm 4
Sep 7, 2023Eberwein Jeffrey E.Executive ChairmanSale4,650$9.39$43.7KForm 4
Sep 6, 2023Eberwein Jeffrey E.Executive ChairmanBuy1,716$1.05$1.8KForm 4
Sep 5, 2023Eberwein Jeffrey E.Executive ChairmanBuy22,316$1.06$23.7KForm 4
Sep 1, 2023Eberwein Jeffrey E.Executive ChairmanBuy39,821$1.06$42.2KForm 4
Aug 29, 2023Eberwein Jeffrey E.Executive ChairmanBuy28,681$1.01$29.0KForm 4
Aug 29, 2023Eberwein Jeffrey E.Executive ChairmanSale5,356$9.40$50.3KForm 4
Aug 25, 2023QUAIN MITCHELL IDirectorBuy40,000$1.00$40.0KForm 4

All 194 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How STAR OPERATING COMPANIES, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSTAR OPERATING COMPANIES, INC.1
  • CIK0000707388
  • Employer ID (EIN)33-01457234
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)3845 Electromedical & Electrotherapeutic Apparatus1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address53 Forest Avenue, Suite 101, Old Greenwich, CT 068701
  • Mailing address53 Forest Ave, Suite 101, Old Greenwich, CT 068701
  • Phone203-489-95011
  • Shares outstanding3,234,978 as of Aug 8, 202513
  • Public float$5.1M as of Jun 30, 20244
  • AuditorWolf & Company, P.C., Boston, MA PCAOB ID 392; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceAug 24, 20011
  • Filings1,620 in all: 4 (816), 8-K (313), 10-Q (64), 3 (62), SC 13G/A (53), SC 13D/A (28), 10-K (21), SC 13G (20)1
    All 57 form types

    DEF 14A (19), CORRESP (17), 4/A (15), 8-K/A (14), DEFA14A (11), DFAN14A (11), S-1/A (11), EFFECT (10), PRE 14A (10), SD (10), UPLOAD (10), S-8 POS (9), ARS (7), S-8 (7), SC 13D (7), S-1 (6), 10-K/A (5), 425 (5), FWP (5), 8-A12B (4), CT ORDER (4), 3/A (3), 424B3 (3), DEFC14A (3), NT 10-Q (3), POS AM (3), PREC14A (3), S-3 (3), 424B4 (2), 8-A12G (2), PRRN14A (2), RW (2), 10-Q/A (1), 15-12G (1), 25-NSE (1), 424B1 (1), 5 (1), CERT (1), D (1), DEFM14A (1), DEFR14A (1), S-4 (1), S-4/A (1), SC TO-C (1), SC TO-I (1), SC TO-I/A (1), SCHEDULE 13D/A (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 21, 2025
    Quarterly report (10-Q) Aug 13, 2025
    Proxy statement (DEF 14A) Sep 6, 2024
    Latest 8-K (8-K) Aug 22, 2025

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.0001 per shareSTRRNASDAQ Global Market
Series A Cumulative Perpetual Preferred Stock, par value $0.0001 per shareSTRRPNASDAQ Global Market
Series C Participating Preferred Stock, par value $0.0001 per share Purchase Rights

From the cover page of the 10-K filed Mar 21, 2025 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks STAR OPERATING COMPANIES, INC. names in Item 1A of its 10-K filed Mar 21, 2025: 31 risks under these headings, as written.4

  • Risks Related to Our Business and Industry
  • We have a history of annual net losses attributable to common stockholders which may continue and which may negatively impact our ability to achieve our growth initiatives.
  • We rely on information technology in our operations, and any material failure, inadequacy, interruption, or security failure of that technology could materially harm our business.
  • We may not be able to achieve the anticipated synergies and benefits from business acquisitions.
  • We face risks related to health pandemics, wars, inflation, and other potential causes of global instability which could significantly disrupt our operations and impact our financial results.
  • We are subject to particular risks associated with real estate ownership, which could result in unanticipated losses or expenses.
  • Operating results may be adversely affected by changes in the costs and availability of supplies and materials.
  • Trade tariffs or other factors affecting the commodities and materials we use in our business could have a material and adverse impact on our results of operations, financial condition and cash flows.
  • Our quarterly and annual financial results are difficult to predict and are likely to fluctuate from period to period.
  • We spend considerable time and money complying with federal and state laws, regulations, and other rules which may fluctuate, and if we are unable to fully comply with such laws, regulations, and other rules, we could face substantial penalties.
  • Our long-term results depend upon our ability to improve existing products and services and develop, introduce, and market new products and services successfully.
  • We may make financial investments in other businesses that may lose value.
The other 20 risks
  • Our goodwill and other long-lived assets are subject to potential impairment that could negatively impact our earnings.
  • If KBS is unable to maintain or establish its relationships with independent dealers and contractors who sell its homes, KBS revenue could decline.
  • Due to the nature of our business, many of our expenses are fixed costs and if there are decreases in demand for products, it may adversely affect operating results.
  • Due to the nature of the work we and our subsidiaries perform, we may be subject to significant liability claims and disputes.
  • Persistent inflation could negatively impact our revenues, profitability and borrowing costs. In addition, if our costs increase and we are not able to correspondingly adjust our commercial relationships to account for this increase, our net income would be adversely affected, and the adverse impact may be material.
  • Changing rules, public disclosure regulations and stakeholder expectations on environmental, social and corporate governance (“ESG”) related matters expose us to potential liabilities, increased costs, reputational harm and other adverse effects on our business.
  • Risks Related to Indebtedness
  • Any indebtedness incurred by the Company could restrict our operations and make us more vulnerable to adverse economic conditions.
  • If we are unable to generate or borrow sufficient cash to make payments on our indebtedness, our financial condition would be materially harmed, our business could fail, and stockholders may lose all of their investment.
  • Risks Related to our Common Stock and our Company Preferred Stock
  • The market price of our common stock may be volatile, and the value of your investment could decline significantly.
  • Our common stock has a low trading volume and shares available under our equity compensation plans could affect the trading price of our common stock.
  • If we cannot continue to satisfy the Nasdaq Global Market continued listing standards and other Nasdaq rules, our common stock could be delisted, which would harm our business, the trading price of our common stock, our ability to raise additional capital and the liquidity of the market for our common stock.
  • A possible “short squeeze” due to a sudden increase in demand of our common stock that largely exceeds supply may lead to price volatility in our common stock.
  • Payment of dividends on our common stock is prohibited unless we have declared and paid (or set apart for payment) full accumulated dividends on the Series A Preferred Stock, which also has a significant liquidation value.
  • If we fail to pay dividends on our Series A Preferred Stock for six or more consecutive quarters, holders of our Series A Preferred Stock will be entitled to elect two additional directors to our board of directors.
  • As a smaller reporting company, we are subject to scaled disclosure requirements that may make it more challenging for investors to analyze and compare our results of operations and financial prospects.
  • If securities or industry analysts do not publish research or reports about our business, or if they issue an adverse or misleading opinion regarding our stock, the price and trading volume of our securities could decline.
  • The protective amendment contained in our Restated Certificate of Incorporation, which is intended to help preserve the value of certain income tax assets, primarily tax net operating loss carryforwards, may have unintended negative effects.
  • Our stockholder rights plan, or “poison pill,” includes terms and conditions which could discourage a takeover or other transaction that stockholders may consider favorable.
  • Anti-takeover provisions in our organizational documents and Delaware law may prevent or delay removal of current management or a change in control.
  • We expect to be limited in our ability to utilize net operating loss carryforwards to reduce our future tax liability as a result of our January 2022 public offering.

Legal proceedings

See Note 9. Commitments and Contingencies, within the notes to our accompanying consolidated financial statements for a summary of any legal proceedings.

The opening of Item 3, Legal Proceedings.4

Sources

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