STHO Star Holdings

Overview and Growth

Fiscal 2025 results for Star Holdings combined $110.14M of revenue with net loss of $64.25M and an operating cash outflow of $11.66M. The $110.14M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 2.8% below fiscal 2024 revenue of $113.30M, marking a top-line contraction. The company reported diluted EPS of -$4.90, adding a shareholder-level measure to the absolute income figures considered below. A diluted share base of 13.11M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. The diluted share count was 1.6% lower than fiscal 2024, when diluted shares averaged 13.32M, adding context to the EPS comparison. Total assets stood at $570.20M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 0.19x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The company ended the period with a net loss of $64.25M, extending the operating result through all remaining items. The net loss equaled 58.3% of revenue, showing the bottom-line deficit relative to the company’s sales base. The pretax result was a loss of $70.75M, establishing the deficit before tax effects. The pretax loss equaled 64.2% of revenue, measuring the pre-tax deficit against sales. The reported income-tax provision was $27.00K, the amount recognized between pretax income and the final net-income result. The loss-to-equity relationship was 24.2%, placing the bottom-line deficit against shareholder capital. The loss-to-assets relationship was 11.3%, placing the bottom-line deficit against the company’s resource base. The net loss narrowed to $64.25M from $86.75M in fiscal 2024.

Liquidity and Capital Structure

At period end, the $570.20M asset base was financed through $304.33M of liabilities and $265.87M of equity. The company held $50.08M in cash and equivalents, a narrower liquidity measure than total current assets. Borrowings totaled $268.72M, adding a fixed financing obligation alongside the company’s equity capital. Debt equaled 1.01x of book equity, describing the relative scale of borrowing and shareholder capital. The debt-to-assets relationship was 47.1%, comparing borrowing with the total asset balance. Equity equaled 46.6% of assets, showing the shareholder-capital layer within the company’s balance sheet. The liabilities-to-assets relationship was 53.4%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 8.8% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 6.3% lower than fiscal 2024 assets of $608.65M, measuring the company’s own balance-sheet change. Book equity was 22.9% lower than fiscal 2024 equity of $345.00M, showing how shareholder capital changed year over year. The reported cash balance changed 43.3% from $34.96M in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

Operating activities used $11.66M of cash, resulting in an operating cash outflow for the year. Cash absorbed by operations decreased from $31.29M in fiscal 2024 to $11.66M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.