Filing Flows › Star (STHO) › Q1 2026
Star (STHO) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Star (STHO) reported revenue of $20.9M for the first quarter 2026 (Q1 2026), +43% from a year earlier and -17% from the quarter before. Operating margin was -58.7%, net loss $14.5M (69.0% of revenue).
Star, Q1 2026: revenue $20.9M (+43% year over year), operating margin -58.7%, net loss $14.5M, operating cash flow −$8.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $20.9M | -17% | +43% |
| Operating profit | −$12.3M | -1232% | — |
| Net earnings | −$14.5M | — | — |
| Operating cash flow | −$8.4M | — | — |
What changed
Revenue was $20.9M in Q1 2026, up 43% year over year and down 17% from the previous quarter. Land development revenue was the largest line at 53% of revenue. Land development revenue added $5.8M year over year (up 112%), 92% of the total change. Interest income declined 55%.
Operating costs exceeded revenue by $12.3M, an operating margin of -58.7%. Total costs grew 29% against revenue growth of 43%. The fastest-growing cost line was Other operating costs (+42%). The quarter ended with a net loss of $14.5M, narrower than the previous quarter's $23.3M loss. Minority interests bore $4.2M of it: to shareholders the quarter was a loss of $10.3M.
Operating cash flow was −$8.4M. Non-cash charges added back $2.2M of depreciation and amortization. Working capital and other items added $3.8M. Capital expenditures of $421K exceeded it, leaving free cash flow of −$8.8M.
Questions
What was Star's revenue in the first quarter 2026?
Star (STHO) reported revenue of $20.9M for the first quarter 2026 (Q1 2026), +43% from a year earlier and -17% from the quarter before.
Was Star profitable in the first quarter 2026?
Operating loss was $12.3M (-58.7% of revenue) and net loss $14.5M.
Source: Star 10-Q on SEC EDGAR.