Star Equity Holdings, Inc.

Greetings, ladies and gentlemen, and welcome to START Equity Holdings' first quarter 2025 results conference call. Please be advised that the discussions on today's call may include forward-looking statements. Such forward-looking statements involve certain risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. Please refer to START Equity's most recent 10-K, 10-Q, and other filings for a more complete description of risk factors that could affect these projections and assumptions. The company assumes no obligations to update forward-looking statements as a result of new information, future events, or otherwise. Please also note that on this call, management may reference certain non-GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted net income, and adjusted earnings per share, which are all financial measures not recognized under U.S. GAAP. As required by SEC rules and regulations, these non-GAAP measures are reconciled to their most recent comparable GAAP financial measures in our earnings release issued this morning. If you don't receive a copy of the earnings release and would like to receive one after the call, please contact Star Equity at 203-489-9500 or as a Best Relations Representative, Lena Catty of the Equity Group at 212-836-9611. Also, this call is being broadcast live over the internet and may be accessed via Star Equity's website at www.starequity.com. Shortly after the call, a replay will also be available on the company's website. It's now my pleasure to introduce Rick Coleman, Chief Executive Officer of Star Equity.

Thank you, operator.

Good morning, everyone. We appreciate you joining us for our first quarter 2025 results conference call. On the call with me today are Jeff Everwine, our Executive Chairman, and Dave Noble, our Chief Financial Officer. I'll start today by providing an overview of our recent business developments and financial highlights. Then Dave will provide additional details on our consolidated financial results. Our first quarter revenue increased 41.7 percent over the first quarter of 2024, driven primarily by the inclusion of revenues from timber technologies acquired in May 2024 and partially from Alliance drilling tools acquired in March 2025. Gross margin improved to 24.3 percent versus 17.3% in the same quarter of last year, mainly due to higher revenues and the addition of timber technologies. Building solution segment revenues increased by 32.9% compared to the same quarter of 2024. We're still somewhat below our internal expectations, mainly due to commercial projects pushing into the second quarter. Also, residential demand at our Glenbrook business picked up later in the quarter than we anticipated. The progress made at KVS was somewhat offset by slower business activity at EBGL, which we believe is temporary. Overall, we've seen a significant uptick in customer interest and activity over the past couple of quarters. We're excited to note that our Building Solutions Division backlog, representing orders under contract, stood at a record $27.9 million at quarter end compared to 14.8 million at the end of the first quarter of 2024. This gives us high confidence in the division's full year 2025 outlook. Another highlight of the quarter was the establishment of our Energy Services Division marked by our March acquisition of Alliance Drilling Tools or ADT. The audit of this business is complete and the integration into our holding company structure is proceeding smoothly. We're now focused on ADT's organic growth opportunities and on exploring opportunities to augment the division with additional acquisitions. Now, I'll turn the call over to Dave Noble, our CFO, to provide additional first quarter consolidated financial highlights. Dave, please go ahead.