Revenue volatility remains extreme, evidenced by a swing from $49.8 million in 2023Q4 to a low of $9.0 million in 2025Q1, while structural margin compression persists with gross margins reaching -82.8% in 2025Q1.
| Sales/Revenue | 94.28M | 110.14M | 88.86M | 101.17M | 96.11M |
| Revenue Growth % | 21.81% | 23.95% | -12.17% | 5.27% | - |
| Cost of Goods Sold | 91.6M | 88.86M | 114.44M | 130.11M | 113.34M |
| COGS % of Revenue | - | 80.68% | 128.78% | 128.6% | 117.93% |
| Gross Profit | 2.68M | 21.28M | -25.57M | -28.94M | -17.23M |
| Gross Margin % | 2.84% | 19.32% | -28.78% | -28.6% | -17.93% |
| Gross Profit Growth % | - | 183.22% | 11.62% | -67.94% | - |
| Operating Expenses | 4.74M | 8.82M | -13.52M | 3.07M | 45.22M |
| OpEx % of Revenue | - | 8.01% | -15.21% | 3.03% | 47.05% |
| Selling, General & Admin | 6.59M | 14.56M | 3.62M | 16.5M | 10.94M |
| SG&A % of Revenue | - | 13.22% | 4.08% | 16.31% | 11.38% |
| Research & Development | 0 | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - |
| Operating Income | -2.05M | 12.46M | -12.06M | -32M | -62.45M |
| Operating Margin % | -2.18% | 11.32% | -13.57% | -31.63% | -64.98% |
| Operating Income Growth % | - | 203.39% | 62.33% | 48.75% | - |
| EBITDA | 4.41M | 17.68M | -7.73M | -27.43M | -57.54M |
| EBITDA Margin % | 4.68% | 16.05% | -8.7% | -27.11% | -59.87% |
| EBITDA Growth % | 150.03% | 328.78% | 71.83% | 52.33% | - |
| D&A (Non-Cash Add-back) | 6.47M | 5.21M | 4.33M | 4.57M | 4.91M |
| EBIT | -56.47M | -52.38M | -72.61M | -173.32M | 5.73M |
| Net Interest Income | -16.76M | -13.84M | -4.66M | -20.84M | -29.7M |
| Interest Income | 3.93M | 4.53M | 2.34M | 2.13M | 12.34M |
| Interest Expense | 0 | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - |
| Pretax Income | -77.16M | -70.75M | -88.36M | -196.29M | -36.31M |
| Pretax Margin % | -81.84% | -64.23% | -99.44% | -194.01% | -37.78% |
| Income Tax | 27K | 27K | 2K | 0 | 0 |
| Effective Tax Rate % | -0.03% | -0.04% | -0% | 0% | 0% |
| Net Income | -66.9M | -64.25M | -86.75M | -196.36M | -36.35M |
| Net Margin % | -70.96% | -58.33% | -97.63% | -194.08% | -37.82% |
| Net Income Growth % | -47.43% | 25.94% | 55.82% | -440.21% | - |
| Net Income (Continuing) | -77.19M | -70.77M | -88.36M | -196.29M | -36.31M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.26M | 14.1M | 20.66M | 22.29M | 726K |
| EPS (Diluted) | -5.52 | -4.90 | -6.51 | -14.74 | -2.73 |
| EPS Growth % | -51.32% | 24.73% | 55.83% | -439.93% | - |
| EPS (Basic) | - | -4.90 | -6.51 | -14.74 | -2.73 |
| Diluted Shares Outstanding | 12.13M | 13.11M | 13.32M | 13.32M | 13.32M |
| Basic Shares Outstanding | 12.13M | 13.11M | 13.32M | 13.32M | 13.32M |
| Dividend Payout Ratio | - | - | - | - | - |
Liquidation timeline duration risk
According to quarterly income statements, STHO's revenue exhibits extreme volatility, swinging from a high of $49.8 million in 2023Q4 to a low of $9.0 million in 2025Q1, illustrating the inherent unpredictability of a business model reliant on the sporadic closing of individual land development parcels.
The revenue trajectory is fundamentally tied to the timing of asset sales rather than recurring operational growth. Investors should interpret these fluctuations as evidence of a liquidation-focused entity where top-line performance is dictated by the successful execution of specific, non-repeatable real estate transactions.
As reported in financial filings, STHO frequently records negative gross margins, including a -82.8% figure in 2025Q1, which highlights the heavy burden of horizontal infrastructure costs and site maintenance that must be absorbed before any land sale can be recognized as revenue on the income statement.
The inability to consistently maintain positive gross margins suggests that the cost of preparing land for development often exceeds the immediate proceeds from sales. This structural reality implies that the company's profitability is highly sensitive to cost inflation and the pace of regional housing demand.
Based on STHO's reported figures, net income is characterized by extreme volatility, ranging from a $91.9 million gain in 2024Q3 to a $102.6 million loss in 2024Q4, suggesting that non-operating items and asset impairments are significantly distorting the company's true underlying economic performance for shareholders.
The wide variance in net income indicates that investors should look past headline earnings to focus on cash proceeds from asset liquidations. These erratic swings appear to be driven by accounting adjustments rather than operational efficiency, warranting caution when evaluating the company's long-term viability.
Data from recent SEC filings indicates that STHO's persistent net losses and negative operating margins may signal that the legacy assets are being monetized at a pace that fails to cover the ongoing corporate overhead, potentially leading to significant value leakage over the long-term liquidation horizon.
Short-term observers might argue that the company's inability to achieve consistent profitability reflects a failure to optimize its asset base. If the duration of the monetization process extends beyond current market expectations, the cumulative impact of fixed costs could erode the net asset value significantly.
Quick answers to the most common questions about buying STHO stock.
For fiscal year 2025, Star Holdings (STHO) reported total revenue of $110.1M. This represents a 14.6% increase compared to $96.1M in 2022.
Star Holdings (STHO) reported a net loss of $64.2M for the fiscal year ending 2025.
Star Holdings (STHO) reported an operating income of $12.5M, resulting in an operating profit margin of 11.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Star Holdings (STHO) generated $21.3M in gross profit for the year, representing a gross profit margin of 19.3%. This demonstrates the company's core pricing power and production efficiency.