STRR Q2 2026 - Preliminary Earnings Alert
Verdict
- Revenue of $54.9m missed the $56.9m consensus by 3.5%, despite a headline 54.6% year-over-year increase.
- Adjusted diluted loss per share of $(0.15) missed the $(0.07) consensus by $0.08; the GAAP diluted loss attributable to common shareholders was $(0.66) against $(0.23).
- No financial guidance was given, and none was withdrawn — the company has not guided.
- The one thing that matters: the 54.6% revenue growth is merger arithmetic, not growth. On the company's own pro forma basis, Q2 2025 revenue was $59.2m — so the business it owns today shrank 7.3%. Building Solutions is the hole: $14.6m against $20.4m pro forma, down 28%, which management attributes to market softness and one large project slipping into Q3.
Consensus scorecard
| Metric / basis | Quartr actual | API Ninjas consensus | Beat/Miss | Beat/Miss % |
|---|---|---|---|---|
| Revenue (total revenues, consolidated GAAP) | $54.941m | $56.919m | Miss $1.978m | -3.5% |
| EPS (adjusted non-GAAP diluted) | $(0.15) | $(0.0733) | Miss $0.077 | -104.6% |
Key metrics
| Metric | Reported | Prior year | Change |
|---|---|---|---|
| Total revenues | $54.9m | $35.5m | +54.6% |
| Gross profit | $22.8m | $18.6m | +22.3% |
| Operating loss | $(1.4)m | $(0.2)m | Wider |
| Adjusted EBITDA | $2.2m | $1.3m | +69% |
| Net loss attributable to common | $(2.5)m | $(0.7)m | Wider |
| Diluted EPS (GAAP) | $(0.66) | $(0.23) | Wider |
The prior-year quarter contains Business Services alone; Building Solutions and Energy Services arrived with the August 2025 merger.
Guidance changes
No financial guidance change disclosed.
Quality of earnings
- Against the company's own pro forma comparison the quarter went backwards. Pro forma Q2 2025 revenue was $59.2m and pro forma adjusted EBITDA $8.5m, against $54.9m and $2.2m now. Most of that EBITDA gap is the Investments division, which contributed $6.0m pro forma — including a $5.5m realized gain — against $0.6m this quarter.
- Half the adjusted-EPS bridge is severance, not acquisition accounting. The $0.51 between GAAP $(0.66) and adjusted $(0.15) is carried by $1.0m of severance and non-recurring salary ($0.27), a $0.4m unrealized equity-securities loss ($0.10) and $0.3m of other non-recurring items ($0.08). Only $0.17m of intangible amortization ($0.05) and $0.07m of transaction and financing costs are merger mechanics.
- A new preferred dividend takes $0.16 per share before common shareholders see anything. Net loss was $(1.8)m but the loss attributable to common was $(2.5)m on $0.6m of Series A preferred dividends that did not exist a year ago.
Gotchas & watch items
- Building Solutions' trailing-twelve-month book-to-bill is 0.77 — it is shipping faster than it books — and quarter-end backlog of $10.6m covers under three quarters of current run-rate revenue, even after rising from $8.0m at Q1.
- The $1.0m severance and non-recurring salary add-back is 45% of quarterly adjusted EBITDA, and the line is not new: $1.3m across the first half of 2026, $0.4m in Q2 2025, $0.5m across the first half of 2025.
- Unrestricted cash is $6.8m of the $8.9m total against $9.0m of short-term debt, and operations consumed $1.7m in the quarter against $0.1m generated a year ago.
- Business Services grew revenue 2.4% to $36.4m while gross profit fell 4% to $17.8m and divisional adjusted EBITDA fell to $1.6m from $2.2m, with growth investment stepping up to $1.5m from $0.8m.
Event: https://web.quartr.com/companies/13724/events/666690/overview Retrieved: 2026-08-14T12:44:00Z Comparison mode: maximal · Scorecard contract: v1 The 10:00 ET call has not yet been held; a post-call update follows if a transcript appears.