Greetings, ladies and gentlemen, and welcome to Star Equity Holdings' first quarter 2026 financial 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 Star 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 obligation 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 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 financial measures are reconciled to the most comparable GAAP financial measures in our earnings release issued yesterday afternoon. If you did not receive a copy of the earnings release and would like one after the call, please contact Star Equity at 203-489-9500, or its investor relations representative, Lena Cati, of The Equity Group at 212-836-9611. This call is being broadcast live over the internet and may be accessed at the Star Equity's website via www.starequity.com. Shortly after the call, a replay will also be available on the company's website. It is now my pleasure to introduce Jeff Eberwein, Chief Executive Officer of Star Equity. Thank you, operator, and welcome everyone. We greatly appreciate your interest in Star Equity Holdings, and we thank you for joining us today. I'll begin by reviewing the first quarter results for 2026 at the holding company level. After that, Jake Zabkowicz, Global CEO of Hudson Talent Solutions, will give us an update on the performance of our business services division. Finally, Rick Coleman, our Chief Operating Officer, will provide additional insights into the performance of our building solutions and energy services divisions. As highlighted on slide three of our earnings slides deck, our first quarter results reflect the merger we completed last August with revenue and gross profit showing strong year-over-year growth. These increases were driven largely by the inclusion of Star operating companies' results beginning after the merger closed August 22nd, 2025. We have realized approximately $2.6 million of merger synergies on an annualized basis, as shown on slide four. That beats our initial expectation of about $2 million in merger synergies. Going back to the first quarter, we were impacted by the timing of new project starts and broader macroeconomic conditions. Despite these near-term pressures, we continued to make progress advancing our strategic priorities and strengthening our operating platform. Revenue increased 57% year-over-year to $50.1 million. Gross profit increased 25% to $20.6 million. We reported an Adjusted EBITDA loss of $1.6 million compared to a loss of $0.7 million in the prior year period. At the division level, our performance was mixed. Energy services delivered a strong quarter and continued to gain market share across key end markets. Business services was worse than expected in a challenging talent environment, and we continue to invest for growth. Building solutions was impacted by delayed project awards and weather-related disruptions. That said, we're already seeing signs of improvement as we move through the second quarter, supported by new business wins, improving activity levels, and continued operational and cost focus across the organization. As shown on slide five, we ended the first quarter with $10.3 million of total cash, including $2.2 million of restricted cash. During Q1, we used $1.4 million in operating cash flow. We generated a little over $3 million from the sale leaseback transactions. We repurchased about $700,000 of stock on our share repurchase program, and we have $1.8 million remaining under the current authorization. Over the last 12 months, we've repurchased approximately $3.3 million of stock. We continue to believe our stock is undervalued. We view share repurchases as an extremely attractive use of our capital. Across the company, we remain focused on disciplined execution, cost management, and investing in growth initiatives that we believe will enhance our competitive position and drive improved financial performance over the balance of the year. I'll turn it over to Jake to discuss our Hudson Talent Solutions business. Thank you, Jeff, and good morning. Our business services division continued to demonstrate solid top-line growth in the first quarter, despite the challenging macroeconomic environment impacting many industries. As shown on slide 10 of the deck, revenue increased by 9.8% and HTS year-over-year gross profit increased 6.4%, reflecting steady improvement despite continued macro-economic sustained pressures in the talent market. Regionally, the Americas and EMEA formed well with gross profit growth of 21% and 11% respectively, partially offset by an 8% decline in Asia Pac market, where the conditions remain more challenging. We have maintained a strong focus on innovation and operational efficiencies, including the expanded deployment of our agentic AI solutions to enhance recruiter productivity, improve candidate matching, and deliver greater value to our clients. These efforts are helping us navigate the current environment while positioning us to capitalize on improving market conditions in the future. As an example, new business activity accelerated meaningfully in the first quarter of 2026, exceeding levels seen in any quarter of 2025. We've also achieved multiple renewals in Q1, with many of our existing clients opting for a non-competitive engagement process. This shows the depth and breadth of our partnerships in a very competitive market. We continue to take steps to strengthen our partnerships, maintain a disciplined approach to our investments, and grow the business. We're executing our playbook of land and expand with recent wins coming off the acquisition in Japan, giving us a foothold to address previously untapped opportunities. We have also taken steps to recalibrate our business in the Middle East, maintaining our commitment to have a presence in the region, but being realistic about the opportunity there, given the broader macroeconomic environment. The enhancements to our geographical footprint and our product offerings, particularly our digital offering, have driven robust new logo interest. We have seen an uptick in customer conversations in recent months and are focused on forging long-term client relationships. We'll continue to take a disciplined approach as we execute our playbook for the remainder of the year. Looking ahead, we're focused on creating a more resilient, agile, and growth-oriented business for a longer term. I'm turning the call over to Rick, who will discuss the financial and operational performance of our building solutions and our energy services divisions. Rick. Thanks, Jake, and good morning, everyone. I'll start with building solutions highlighted on slide eight. First quarter performance, while normally soft in the quarter, was below our expectations. A combination of delayed contracting awards, severe winter weather across our key markets, and continued macroeconomic pressures put downward pressure on both commercial and residential construction activity. Revenue for the quarter was $11.6 million, gross profit was $1.6 million, and Adjusted EBITDA was a loss of $900,000. While these results were impacted by near-term factors, our sales pipeline and customer conversations indicate underlying demand remains intact. We're also encouraged by recent wins, including a $4.2 million New Hampshire multifamily housing project we announced in April. Moving on to slide nine. Our quarter-end backlog was $8.0 million. While the book-to-bill ratio of 0.72 is a significant decline from Q4, it partially reflects the timing of significant projects which slipped from Q1 to Q2. We expect backlog to rebuild as activity normalizes throughout the remainder of the year. Consistent with the strategy we outlined previously, we remain focused on disciplined project selection, operational execution, and margin management. We believe these priorities, combined with improving market conditions, position the business for stronger performance as the year progresses. Turning to slide 13, the energy services division delivered a strong quarter, maintaining the momentum we highlighted last quarter. Revenue was $3.5 million, gross profit was $1.5 million, and Adjusted EBITDA was $1 million. The business continues to gain share in core markets with particularly strong mining and geothermal performance. These results reflect disciplined execution and the benefits of our diversified exposure across drilling applications, which continues to differentiate the platform and support consistent growth. Importantly, the division's strong growth has come as a result of market share gains in a declining rig count environment. We continue to invest in new tools to support this growth and believe the division is positioned to perform well in all conditions. Recognizing that we represent a relatively small percentage of our largest customers' purchases, we're also incorporating their specific needs in our investment decisions. In general, we believe we have significant opportunities to expand our presence in the geographies and markets we serve. I'll now turn the call back over to Jeff for closing remarks. Jeff? Thank you, Rick. While the 1st quarter reflected expected seasonality and some near-term challenges, we're encouraged by improving activity levels, recent business wins, and the continued strength of our energy services platform. We look ahead, our priorities remain consistent: driving organic growth, improving operational efficiency, and maintaining a rigorous approach to capital allocation. In parallel, we continue to evaluate accretive M&A opportunities across our operating divisions, as well as potential new verticals where we can apply our operating model. Our confidence in the path forward is grounded in the progress made over the past year. 2025 marked a pivotal period for STAR following the August merger. We're beginning to realize the benefits of shared services, enhanced collaboration, and a more diversified holding company structure. This has strengthened our operating and financial position, expanded our strategic flexibility, and increased our capacity to execute on a multi-pronged growth strategy. Across the organization, we're investing in people, technology, and processes to enhance scalability, deepen competitive advantages, and drive margin expansion and cash generation. This disciplined approach, combining organic execution with targeted external growth, positions us to compound value over time. With a stronger platform and a clear strategic roadmap, we believe we're well positioned to navigate the current environment and deliver improved performance over the balance of the year. We remain confident in our long-term outlook and continue to believe our shares are undervalued relative to the strength of our business and the opportunities ahead. Operator, can you please open the line for questions? We will now begin the question and answer session. The first question today comes from Joe Gomes with Noble Capital. Please go ahead. Good morning. Thanks for taking my questions. Good day. Jeff, I don't know if you could give us a little more insight into your recent announcement on GEE Group and what you think your game plan for that investment is? Sure. Thanks for asking, Joe. You know, we identified GEE Group as an interesting investment, partly because it was trading below cash per share, which you don't, you don't see very often. Also, we thought it could potentially be a good fit for our business services division and could have some synergies with our Hudson Talent business. On top of that, Star itself is an amalgamation of a few different companies, and we completed a merger last year where we initially thought we would realize cost savings of $2 million, and that number came in at $2.6 million. We've shown, we believe we've shown that, merging another microcap into our structure, we can reduce a significant amount of unneeded duplicative costs. On GEE Group specifically, you know, we were glad that they hired a financial advisor and that they decided to run a more formal process. We are participating from the outside. We only have public information. We don't have any material, non-public information on GEE Group at this time. We decided to really kick off the bidding process, for lack of a better term, by throwing a number out there, and importantly, our bid is contingent on the management team there agreeing to more normal and customary severance. We'll see how it plays out. There's scenarios where we could be the winning bidder. There's scenarios where other people outbid us. When we enter into these situations, we like to own somewhere between 5% and 10% of the target. If we are outbid, we make money on our investment, and it also gives us more credibility when we, when we go public and bid that we, that we are also a shareholder. We'll just have to wait and see how it plays out. Either way, either one of those outcomes would be positive for us if we end up being the winning bidder or if someone outbids us and we make a nice profit on our investment. Okay. Thanks for the, for the update. Then, you know, one of the things we've talked about in the past is monetization of some of the real estate assets and/or some of the private investments that you guys have, and maybe you could give us an update there. Kind of similarly, you know, you've got the Oxford, Maine plant that you've talked about potentially restarting. You know, where does that stand at this point? Yeah, great. Another great questions, Joe. We have talked about having, we believe, at least $20 million of assets that don't really generate any EBITDA, or certainly not meaningful EBITDA, that we believe will get converted to cash over time. We did demonstrate that by completing the sale leasebacks on the assets that came with the Alliance Drilling Tools acquisition that we made a little over a year ago. The two remaining significant pieces of real estate we own, one is the real estate that came with the Timber Technologies acquisition two years ago. As you pointed out, we have an idle factory in Maine. Both of those pieces of real estate, we believe, could either be monetized via sale leaseback transaction or just sold for cash. I think, I can't remember the estimate off the top of my head, but it's in our investor deck. It's somewhere in the $8 million-$10 million range for those two added together, we believe. On the Catalyst MedTech investment, you know, the majority shareholder there is a private equity firm in New York City. That business is doing well once again, completing acquisitions, having nice growth, having a nice future. Like all private equity investments, the private equity firm will exit at some point. Our policy has always been we're just gonna mark this investment using the same methodology that the PE firm does. There was a downturn, a temporary downturn in the performance of that company, so the PE firm marked it down on their books. This was in the, I think really the 2024 timeframe that might have continued into 2025. We just marked it down on our books the same way they marked it down on their books. Now that performance has improved, they have marked it back up to our original mark from when we closed that transaction in May of 2023. Under GAAP accounting, we are not allowed to do that. We're in the uncomfortable spot of having a different NAV for the exact same investment as what the PE firm has. Long story short, that will get converted to cash whenever the PE firm feels like it's right to investigate alternatives. Okay, thanks for that. I'll get back in queue. Thank you. Thank you. The next question comes from Theodore O'Neill with Litchfield Hills Research. Please go ahead. Oh, thanks very much. For Rick on the building solutions, can you talk about geographically where you're seeing some strength going here in the second quarter? Go ahead, Rick. Thanks, Theo. Sure. Happy to address that. We have good visibility to our pipeline, particularly in KBS, our modular home company in Maine, where we have larger projects, so higher revenue projects. We can see beginning at the early stage of the pipeline where the opportunities are. As we move through the pipeline and we begin talking about building modular components for our construction partners, we call that the active pipeline. The active pipeline are those projects where we're negotiating the terms, we're doing the initial design work, but we still haven't signed a contract. As we look into the active pipeline, we feel pretty confident there's strong demand still for more construction activity. With interest rates where they are and a lot of uncertainty about interest rates, as well as, now we have, you know, war in the Middle East and a number of other things, it's just been very difficult to move those projects out of the pipeline and into construction-ready mode. I think that, based on what we're seeing here recently, we're gonna see significant improvement in the second quarter. Okay. I don't know if this is question for you, Rick, but on the energy services, you or for Jeff, could you talk about if there are any dynamics related to the change in oil price and the drilling service business? Yeah, I'll take that, Theo. You know, being from Texas originally, this is a sector I've followed most of my career. We're very happy I'll get to your question in a second. We've been very happy with this acquisition, and we feel like it's really thrived inside of Star. We have invested for growth. They had a plan to increase their market share, and we've executed really well on that plan since we completed the acquisition in March. If we just look at, you know, Q1 results, 2026 versus 2025, for example, like if you look at the pro forma table on our press release, you know, pretty nice year-on-year growth, and that was way before any increase in oil prices. In fact, the industry shrank in Q1 2026 versus Q1 2025, if you just look at the rig count in the U.S., for example. They did a very good job of growing in some non-traditional sectors and winning business in things like geothermal, which has a really good growth outlook in the U.S. They've always been active in mining opportunities, water wells. They've also gotten into some carbon capture and some hydrogen drilling, which were really kind of off the radar screen a few years ago. We're excited about that business. It was performing very well. If activity improves later this year and into next year, and we think it will, we're poised to continue to have good growth there. I'd say it's a little early for the clients to all of a sudden just flip a switch and start spending more capital. The early indicators are certainly there, and the conversations are happening. Okay. My last question is about can you give us any sort of thoughts about Q2 operating expenses and whether we should be looking for them to be similar to Q1 levels? You know, that's a really good question. We don't give guidance line by line on that. We do look at where the consensus is on Bloomberg. You know, the Q1 results were disappointing to us. We didn't hit our budget. You know, short term temporary factors. When we look out into Q2, when we look into the second half of the year, I think the Bloomberg consensus for Adjusted EBITDA is above $2 million, $2 million-$2.5 million, something like that. We're comfortable with that. If we hit that number, we'll have positive results for the first half of the year. In other words, the Q2 positive EBITDA should exceed the Q1 loss. If we look out to the second half of the year, the Bloomberg consensus is that our Adjusted EBITDA should be $9 million. It's in the $8 million-$10 million range. We're very comfortable with that. Is that an absolute guarantee? No, it's not. That's what we're projecting internally. Could be higher than that, could be lower than that, but that is our best guess based on everything we're seeing in the business and based on what we see in the market and conversations with customers, what we see in our pipeline, historical conversion rates of that pipeline into backlog, which then translates into revenue. Okay. Thanks, Jeff. Thanks very much. As a reminder, if you would like to ask a question, please press star one to join the question queue. The next question comes from Michael Mathison with Sidoti. Please go ahead. Good morning, you guys. Good morning. Couple questions from me. First sort of the big picture one for Business Services. In light of higher energy prices, global tensions, inflation, all the things we read about, can you comment on hiring trends in the three regions where Business Services operates? Yeah, I'm gonna turn that over to Jake. Just at a high level, I would say our clients predominantly are Fortune 500 companies. In general, we're asking them to sign multi-year contracts, and we had some really nice, significant long-term contract renewals from two of our five top clients in Q1. That was really refreshing. Whenever there's uncertainty, regardless of the cause, just everything else being equal, it's not conducive to the Fortune 500 making long-term commitments. It's, you know, it's not helpful, but we don't wanna use it as an excuse. We wanna fight through it and keep pushing and keep providing good services. Jake, why don't I'm gonna turn it over to you to get a little more granular. Yeah. Thank you, Jeff. Michael, good morning. How are you today? Real good, thanks. Thank you for the question. When you look at the overall macro hiring, you know, what we're seeing, it's truly spotty. What I mean by spotty is we definitely see some green shoots and some tailwinds in certain areas with some of our businesses. Quite conversely, we've also had some of our clients, you know, say, "Hey, hold on a second. Let's reevaluate where we're investing." If you look at each region, right? You take the APAC region in general at first, you know, the hiring volumes in APAC were still relatively strong, but the mix was different. What I mean by the mix, you saw a lot of more internal mobility or internal hiring and movement internally versus, you know, hiring externally and bringing new people into the businesses. In some of our fee structures in that region, an internal placement is on a lower fee structure than an external placement for multiple purposes. One is that we're sourcing internally, and two is there's an optics of that cost of just moving internal placements around. When you look at EMEA and you look at the broader EMEA market, you know, I don't have to, you know, give you guys a update on what's happening over there, but it's causing a lot of pause and rethinking investments across all of the countries in EMEA. As I mentioned in the earnings call, we did take a structured approach to reevaluate our Middle East presence. We're gonna continue to be in the Middle East. We're gonna continue to have entity and resources there, and we'll help support our enterprise-level clients in the Middle East. It is taking a drain in a lot of the hiring activity there and having our clients rethink again and pause in certain pockets, rethink of where they're gonna make investments. In the Americas, you know, we're seeing some pretty good signs of strength in the Americas right now. Latin America continues to be a growth market for us. We're signing new contracts there, you know, a couple this week already, that's exciting. It is at a smaller clip and a smaller pace than what we normally see. You know, we will see, you know, contracts, as Jeff mentioned, multi-year contracts. We can hire anywhere from 100 to 1,000 people, if not north of that every single year. Now we're seeing some more project-based hiring. What we're seeing project-based hiring is a specific timeframe of less than a year and a specific number anywhere from 20 to a couple hundred. You get to more of the project-based versus versus that long-term forecast. I would say as a whole, we're still seeing relatively low attrition across all of the markets. There are some pockets where, you know, we are continuing to see some growth, which is great in many of our businesses. To Jeff's point and to what we were talking about before, with our land and expand strategy and offering services in markets that were untapped to us before, is a critical strategy for our business. We're doing that in the likes of Japan, Latin America, and we're gonna continue to grow in those areas. Mike, I hope that answered your questions there. It certainly did. Thank you, Jake. Very, very helpful. Turning to energy services, the revenue growth is striking, as you pointed out in your prepared remarks, speaking of market share gains and so forth. Do you feel like past a certain point, Alliance will have to invest in more drilling equipment, just to fulfill demand? Yeah. We feel like we've already done that. We see them basically being flat with the Q1 run rate. We did. After we acquired it, we kinda took a countercyclical approach, and we saw an opportunity to increase share and enter some of these new markets. We approved one step at a time, a higher CapEx spend, and that higher CapEx spend very quickly led to revenue growth. We got, you know, positive feedback on our thesis very quickly. It is really a lot of that was just kind of a one-time increase that was needed to grow the business. I think from here, we can keep that level flat and still have really good growth. Great. Thank you. I'll close out with one more question coming back to building solutions. Obviously, the weather in the Northeast was horrendous, and that clearly played a role. In the balance of the year, do you see the book-to-bill coming back to 2025 levels? Short answer, I Oh, I'm sorry. Jeff, why don't you go ahead? Oh, yeah, go ahead. I was gonna say short answer, yes, and turn it over to Rick. Go ahead, Rick. The problem is the numerator in that equation. As revenue picks up, we expect that that's going to continue to improve. I guess that's the, all the color that I can provide on that for now. Okay. Well, great. Thank you for taking my questions. Good luck in the coming quarter. Thank you. Once again, if you would like to ask a question, please press star then one to join the question queue. That's star then one to ask a question. That concludes today's question and answer session. I will now turn the call over to Jeff Eberwein for closing remarks. Well, thank you for joining us. Thank you for your interest in our company. We're available. Our contact information is on our website and is in the press release and our corporate material. Reach out if you have any follow-up questions. Thank you for your interest. Thank you for joining the Star Equity Holdings first quarter conference call. Today's call has been recorded and will be available on the investors section of our website, www.starequity.com. Thank you for participating, and have a pleasant day.