Star Equity Holdings posted $48 million in Q3 2025 revenue, up 30% year-over-year, following its August 22 completion of the Hudson Global acquisition. The merged entity reported pro forma adjusted EBITDA of $3.1 million versus $600,000 in Q3 2024, though net losses widened to $1.8 million from $800,000.
Building Solutions drove performance with $21.4 million pro forma revenue, up from $13.7 million in Q3 2024. Gross profit surged 89% to $5.3 million, while adjusted EBITDA reached $2.6 million versus $700,000. The division holds $20 million in committed orders with a 1.01 book-to-bill ratio over 12 months.
CEO Jeffrey Eberwein noted the division completed a 10,000 square foot Nantucket project through subsidiary KBS on September 1. The company is evaluating reopening its idle Oxford, Maine factory as it pursues workplace housing and low-income housing projects, though residential market softness remains a headwind.
Hudson Talent Solutions generated $37 million revenue with flat $18.6 million gross profit year-over-year. The recruitment process outsourcing business earned recognition as the #1 Asia Pacific provider and made the "Baker's Dozen" list for the 17th consecutive year. New business contributed $11.1 million in gross profit over four quarters, while renewals added $39.8 million.
The division launched TalentIQ, Hudson Flow, and Hudson Core digital platforms with agentic AI capabilities. Europe remains the smallest region after clients moved work in-house, prompting new management appointments. Americas holds the highest RPO concentration, while Australia and APAC carry the heaviest contracting mix at approximately 50% of revenue.
Energy Services produced $3.7 million pro forma revenue with $1 million adjusted EBITDA. Lower drilling rig counts across oil basins contrast with growth in natural gas and geothermal drilling, where management sees outsized opportunities versus larger competitors.
Star Equity repurchased shares in Q3 and holds $18.5 million cash including restricted funds. The company trades on NASDAQ under ticker STRR following its September 5 name change from Hudson Global.