Filing Flows › Star (STHO) › Q2 2025
Star (STHO) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Star (STHO) reported revenue of $42.1M for the second quarter 2025 (Q2 2025), +38% from a year earlier and +188% from the quarter before. Operating margin was 7.2%, net loss $39.7M (94.5% of revenue).
Star, Q2 2025: revenue $42.1M (+38% year over year), operating margin 7.2%, net loss $39.7M, operating cash flow −$2.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $42.1M | +188% | +38% |
| Operating profit | $3.0M | — | — |
| Net earnings | −$39.7M | — | — |
| Operating cash flow | −$2.6M | — | — |
What changed
Revenue was $42.1M in Q2 2025, up 38% year over year and up 188% from the previous quarter. Land development revenue was the largest line at 63% of revenue. Land development revenue added $10.9M year over year (up 69%), 95% of the total change. Other income declined 2%.
Operating profit was $3.0M, a 7.2% margin (up 40.7 points year over year). Total costs fell 4% while revenue rose 38%. The quarter ended with a net loss of $39.7M, wider than the previous quarter's $8.0M loss. Minority interests bore $413K of it: to shareholders the quarter was a loss of $39.3M. Net interest and other expense of $42.7M was the main reason.
Operating cash flow was −$2.6M. Non-cash charges added back $1.0M of depreciation and amortization. Working capital and other items added $36.1M. Capital expenditures of $172K exceeded it, leaving free cash flow of −$2.8M.
Questions
What was Star's revenue in the second quarter 2025?
Star (STHO) reported revenue of $42.1M for the second quarter 2025 (Q2 2025), +38% from a year earlier and +188% from the quarter before.
Was Star profitable in the second quarter 2025?
Operating profit was $3.0M (7.2% of revenue) and net loss $39.7M.
Source: Star 10-Q on SEC EDGAR.