Wednesday, May 13, 2026
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overview. First quarter 2026 results fell short of expectations. Startup delays for new projects and broader macroeconomic conditions caused the Building Solutions and Business Services divisions to perform worse than expected. The Energy Services division, however, maintained solid momentum. Star did see some significant new business wins and contract renewals in the quarter and realized merger synergies are running ahead of plan.
1Q26 Results. Revenue of $50.1 million was up 57.1% on a reported basis and up 7.7% on a pro forma basis. Top line, however, came in below our projection of $54 million, mostly due to the soft Business Services revenue. Adjusted EBITDA loss in 1Q26 increased to $1.6 million versus a loss of $0.7 million on a reported basis in 1Q25 and a loss of $1.2 million on a pro forma basis. We were at a positive adjusted EBITDA of $1.9 million. Net loss was $1.17 per share, and adjusted net loss was $0.99, compared to $0.59 and $0.38, respectively, in 1Q25.
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