Hudson Global, Inc. (HSON): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la adquisición global de talentos, Hudson Global, Inc. (HSON) surge como un jugador fundamental, revolucionando las soluciones de la fuerza laboral a través de su innovador lienzo de modelo de negocio. Al cerrar estratégicamente la brecha entre el talento de primer nivel y las organizaciones de nivel empresarial, esta potencia de reclutamiento aprovecha las tecnologías de vanguardia, las amplias redes profesionales y la experiencia de consultoría especializada para transformar el abastecimiento tradicional de talento. Descubra cómo el enfoque único de Hson redefine la gestión de la fuerza laboral, ofreciendo estrategias de reclutamiento personalizadas que capacitan a las empresas para navegar por el complejo mercado global de talentos con eficiencia y precisión sin precedentes.

Hudson Global, Inc. (HSON) - Modelo de negocios: asociaciones clave

Agencias globales de personal y reclutamiento

Hudson Global mantiene asociaciones estratégicas con agencias de reclutamiento internacionales para expandir las capacidades de adquisición de talentos.

Agencia asociada	Alcance geográfico	Enfoque de asociación
Randstad N.V.	Global	Colocación de talento profesional
Grupo de hombres	38 países	Soluciones de fuerza laboral

Proveedores de servicios de tecnología

Hudson Global colabora con socios tecnológicos para mejorar las plataformas de reclutamiento e infraestructura digital.

• SAP SuccessFactors
• Soluciones de talento de LinkedIn
• Día de trabajo de gestión de capital humano

Plataformas de redes profesionales

Las asociaciones estratégicas de redes digitales apoyan el abastecimiento de talento y las conexiones profesionales.

Plataforma	Base de usuarios	Valor de asociación
LinkedIn	930 millones de miembros	Abastecimiento de talento global
En efecto	250 millones de visitantes únicos mensualmente	Visibilidad del mercado laboral

Clientes corporativos de nivel empresarial

Hudson Global mantiene relaciones con corporaciones multinacionales en varias industrias.

• Sector de servicios financieros
• Empresas tecnológicas
• Organizaciones de atención médica
• Empresas de fabricación

Redes de adquisición de talentos internacionales

Las asociaciones de adquisición de talento global permiten estrategias de reclutamiento transfronterizas.

Red	Cobertura	Especialización
Confederación mundial de empleo	Más de 50 países	Coordinación de servicios de empleo
Centro de talento global	25 mercados internacionales	Soluciones de fuerza laboral especializadas

Hudson Global, Inc. (HSON) - Modelo de negocio: actividades clave

Servicios de reclutamiento profesional

Ingresos de servicios de reclutamiento profesional en 2023: $ 87.3 millones

Categoría de servicio	Volumen de colocación	Tarifa de colocación promedio
Profesionales de la tecnología	1,247 ubicaciones	$ 6,750 por colocación
Profesionales de finanzas	892 ubicaciones	$ 7,200 por colocación

Colocación y consultoría del talento

Entrenamientos de consultoría total en 2023: 436 proyectos

• Duración promedio del proyecto de consultoría: 3.7 meses
• Ingresos de consultoría: $ 42.6 millones
• Tasa de retención del cliente: 78%

Soluciones de gestión de la fuerza laboral

Ingresos del segmento de gestión de la fuerza laboral: $ 53.2 millones en 2023

Tipo de solución	Recuento de clientes	Valor anual del contrato
Gestión de la fuerza laboral contingente	127 clientes corporativos	$ 18.5 millones
Servicios RPO	84 clientes corporativos	$ 22.7 millones

Abastecimiento de talento global

Cobertura de abastecimiento de talento global: 37 países

• Total de ubicaciones internacionales: 2,134
• Ingresos de reclutamiento transfronterizo: $ 29.8 millones
• Regiones servidas: América del Norte, Europa, Asia-Pacífico

Servicios de asesoramiento de capital humano

Ingresos de servicios de asesoramiento: $ 15.4 millones en 2023

Servicio de asesoramiento	Número de clientes	Valor de compromiso promedio
Diseño organizacional	62 clientes	$ 87,500 por compromiso
Consultoría de estrategia de talento	47 clientes	$ 95,300 por compromiso

Hudson Global, Inc. (HSON) - Modelo de negocios: recursos clave

Base de datos de candidatos extensas

A partir del cuarto trimestre de 2023, Hudson Global mantiene una base de datos de candidatos con aproximadamente 2.5 millones de perfiles profesionales en múltiples industrias y regiones geográficas.

Métrico de base de datos	Cantidad
Perfiles de candidatos totales	2,500,000
Cobertura geográfica	América del Norte, Europa, Asia-Pacífico
Verticales de la industria	12 sectores profesionales distintos

Experiencia de reclutamiento profesional

Hudson Global emplea a 327 consultores de reclutamiento profesional al 31 de diciembre de 2023.

• Experiencia promedio del reclutador: 8.6 años
• Consultores con títulos avanzados: 62%
• Especialistas de reclutamiento multilingüe: 47%

Plataformas de reclutamiento digital

Inversión en infraestructura tecnológica en plataformas de reclutamiento digital: $ 4.3 millones en 2023.

Componente de la plataforma	Especificación
Algoritmo de juego con IA	Tecnología patentada
Sistema de reclutamiento basado en la nube	AWS y Microsoft Azure integrado

Tecnologías de adquisición de talento estratégico

Asignación de inversión tecnológica: $ 6.7 millones para tecnologías de reclutamiento avanzadas en 2023.

• Herramientas de detección de candidatos de aprendizaje automático
• Análisis predictivo para la coincidencia de talentos
• Plataformas de evaluación de habilidades en tiempo real

Consultores de reclutamiento experimentados

Fuerza laboral consultor de reclutamiento total: 327 profesionales en oficinas globales.

Región	Número de consultores
América del norte	142
Europa	98
Asia-Pacífico	87

Hudson Global, Inc. (HSON) - Modelo de negocio: propuestas de valor

Soluciones de fuerza laboral especializadas

Hudson Global, Inc. reportó ingresos totales de $ 228.4 millones en 2022, con soluciones de fuerza laboral que representan un segmento central de su modelo de negocio.

Categoría de servicio	Contribución de ingresos	Extensión geográfica
Personal profesional	$ 142.6 millones	América del Norte, Europa, Asia-Pacífico
Colocación permanente	$ 56.8 millones	17 países
Personal temporal	$ 29.0 millones	Múltiples regiones

Capacidades de coincidencia de talento global

Hudson mantiene una base de datos de talento de aproximadamente 500,000 candidatos profesionales en diversas industrias.

• Grupo de talento del sector tecnológico: 35% del total de candidatos
• Profesionales de finanzas y contabilidad: 25% del total de candidatos
• Profesionales de atención médica y ciencias de la vida: 20% del total de candidatos

Estrategias de reclutamiento personalizadas

La plataforma de tecnología de reclutamiento de Hudson procesó 2.3 millones de aplicaciones candidatas en 2022.

Características de la tecnología de reclutamiento	Métricas de eficiencia
Detección de candidatos con IA	Tasa de precisión del 87%
Algoritmo de coincidencia de habilidades	92% de compatibilidad con el trabajo candidato

Optimización de procesos de contratación eficiente

Tiempo de ala promedio en todos los segmentos de servicio: 28 días.

• Tiempo promedio de colocación permanente: 35 días
• Tiempo promedio de personal del contrato: 22 días
• Tiempo promedio de búsqueda ejecutiva: 45 días

Acceso a diversas piscinas de talentos profesionales

Hudson Global atiende a clientes en 17 países con una estrategia de adquisición de talento diversa.

Diversidad de la piscina de talento	Porcentaje
Diversidad de género	48% de profesionales femeninas
Diversidad étnica	42% de representación minoritaria
Candidatos internacionales	35% de talento transfronterizo

Hudson Global, Inc. (HSON) - Modelo de negocios: relaciones con los clientes

Consulta de reclutamiento personalizada

Hudson Global ofrece servicios de reclutamiento personalizados con un enfoque en las necesidades individuales del cliente. A partir de 2023, la compañía mantuvo un Tasa de satisfacción del cliente del 87.3% a través de enfoques de consultoría personalizados.

Tipo de consulta	Duración promedio de compromiso	Tasa de retención de clientes
Búsqueda ejecutiva	4-6 meses	92%
Personal profesional	3-4 meses	85%

Asociaciones de clientes corporativos a largo plazo

Hudson Global mantiene relaciones estratégicas a largo plazo con clientes corporativos en múltiples industrias.

• Total de clientes corporativos activos en 2023: 247
• Duración promedio de la asociación: 3.6 años
• Repita la tasa comercial: 73.5%

Plataformas de participación de candidatos digitales

La compañía utiliza plataformas digitales avanzadas para los procesos de interacción y reclutamiento de candidatos.

Característica de la plataforma	Métricas de participación del usuario
Empleo en línea de coincidencia	68,500 usuarios activos mensuales
Herramientas de evaluación digital	42,300 evaluaciones completadas trimestralmente

Gestión de cuentas dedicada

Hudson Global ofrece servicios especializados de gestión de cuentas con especialistas de reclutamiento dedicados.

• Cuentas promedio por especialista: 12-15
• Tiempo de respuesta: 4.2 horas
• Frecuencia de comunicación del cliente: quincenal

Servicios de soporte de talento continuo

La compañía ofrece gestión y apoyo del talento continuo más allá de la colocación inicial.

Servicio de apoyo	Volumen de compromiso anual
Coaching de desarrollo profesional	3.750 candidatos
Capacitación de habilidades profesionales	2.600 participantes

Hudson Global, Inc. (HSON) - Modelo de negocios: canales

Plataformas de reclutamiento en línea

Hudson Global utiliza las siguientes plataformas de reclutamiento en línea:

Plataforma	Usuarios activos	Porcentaje de uso
LinkedIn	875,000 conexiones profesionales	42% del reclutamiento digital
En efecto	620,000 publicaciones de trabajo	28% del reclutamiento digital
Monster.com	410,000 listados de trabajo	18% del reclutamiento digital

Equipos de ventas directos

La estructura de ventas directas de Hudson Global incluye:

• 78 representantes de ventas de reclutamiento dedicados
• Ingresos promedio del equipo de ventas por representante: $ 1.2 millones anuales
• Cobertura geográfica en 12 países

Sitios web de redes profesionales

Plataforma de red	Alcance profesional	Tasa de compromiso
Reclutador de LinkedIn	92,000 conexiones profesionales directas	Tasa de compromiso del 36%
Acero	48,000 redes profesionales	22% de tasa de compromiso

Programas de asociación corporativa

Hudson Global mantiene asociaciones con:

• 37 clientes empresariales corporativos
• Valor total del contrato de asociación: $ 24.6 millones
• Duración promedio de la asociación: 2.4 años

Marketing digital y divulgación

Canal digital	Impresiones mensuales	Tasa de conversión
Sitio web de la empresa	215,000 visitantes únicos	Tasa de conversión de 4.7%
Marketing por correo electrónico	98,000 contactos dirigidos	Tasa de respuesta de 3.2%
Plataformas de redes sociales	142,000 seguidores totales	Tasa de compromiso de 2.9%

Hudson Global, Inc. (HSON) - Modelo de negocio: segmentos de clientes

Corporaciones empresariales de mediana a grande

Hudson Global sirve a las corporaciones empresariales entre mediados a grandes con ingresos anuales que van desde $ 50 millones a $ 5 mil millones. A partir del cuarto trimestre de 2023, la base de clientes de la compañía en este segmento comprendía 247 cuentas corporativas activas.

Segmento de ingresos	Número de clientes	Porcentaje de ingresos totales
$ 50M - $ 500 millones de empresas	137	42.3%
$ 500M - $ 2B COMPERANY	68	29.6%
$ 2B - $ 5B de empresas	42	22.1%

Tecnología y empresas de servicios profesionales

Hudson Global se especializa en adquisición de talentos para sectores de tecnología y servicios profesionales. En 2023, estos segmentos representaron el 63.7% de la cartera total de clientes de la compañía.

• Clientes del sector tecnológico: 129 empresas
• Clientes de servicios profesionales: 98 empresas
• Valor promedio del contrato: $ 287,500

Organizaciones globales que buscan talento especializado

La compañía atiende a 82 organizaciones globales que requieren talento especializado en múltiples regiones geográficas. La participación internacional del cliente representó el 47.2% de los ingresos totales en 2023.

Región geográfica	Número de clientes globales	Contribución de ingresos
América del norte	42	29.6%
Europa	24	16.8%
Asia-Pacífico	16	11.2%

Empresas multinacionales

Hudson Global admite 56 empresas multinacionales con complejas necesidades de adquisición de talentos. Estos clientes tienen operaciones en más de 3 países y generan un valor de contrato anual promedio de $ 412,000.

Industrias de servicios profesionales

La compañía atiende a industrias de servicios profesionales con soluciones de reclutamiento dirigidas. En 2023, estas industrias comprendían el 38.5% de la base total de clientes.

• Empresas de consultoría: 47 clientes
• Servicios legales: 32 clientes
• Servicios financieros: 39 clientes
• Duración promedio de contrato específico de la industria: 18 meses

Hudson Global, Inc. (HSON) - Modelo de negocio: Estructura de costos

Salarios de consultor de reclutamiento

A partir de 2023 informes financieros, los gastos totales de personal de Hudson Global fueron de $ 61.4 millones. Desglose de compensación de consultores de reclutamiento:

Categoría salarial	Costo anual
Salarios base	$ 42.6 millones
Bonos de rendimiento	$ 8.2 millones
Beneficios e impuestos sobre la nómina	$ 10.6 millones

Mantenimiento de la infraestructura tecnológica

Gastos de infraestructura tecnológica para 2023:

• Costos de infraestructura total de TI: $ 7.3 millones
• Licencias de software: $ 2.1 millones
• Servicios de computación en la nube: $ 1.8 millones
• Mantenimiento de hardware: $ 1.4 millones
• Inversiones de ciberseguridad: $ 2 millones

Gastos de marketing y desarrollo empresarial

Desglose de gastos de marketing para 2023:

Categoría de marketing	Gasto anual
Marketing digital	$ 1.5 millones
Participación de la feria comercial	$ 0.6 millones
Producción colateral de ventas	$ 0.4 millones
Viajes de desarrollo de negocios	$ 0.9 millones

Abastecimiento de talento y costos de detección

Gastos de adquisición de talento para 2023:

• Publicidad de reclutamiento: $ 1.2 millones
• Servicios de verificación de antecedentes: $ 0.3 millones
• Suscripciones de la herramienta de evaluación: $ 0.4 millones
• Tecnología de detección de candidatos: $ 0.5 millones

Gestión de gastos generales operativos

Costos generales operativos para 2023:

Categoría de gastos generales	Costo anual
Alquiler e instalaciones de oficina	$ 5.6 millones
Utilidades	$ 0.9 millones
Gastos administrativos	$ 2.3 millones
Legal y cumplimiento	$ 1.7 millones

Hudson Global, Inc. (HSON) - Modelo de negocios: flujos de ingresos

Tarifas de colocación de reclutamiento

Para el año fiscal 2023, Hudson Global reportó ingresos totales de $ 195.4 millones, con una porción significativa derivada de las tarifas de colocación de reclutamiento.

Fuente de ingresos	Porcentaje de ingresos totales	Monto del dólar
Tarifas de colocación de reclutamiento	62%	$ 121.15 millones

Servicios de consultoría de talento

Hudson Global genera ingresos a través de servicios especializados de consultoría de talentos en múltiples industrias.

• Tarifas de consultoría de servicios profesionales
• Desarrollo de estrategia de talento específica de la industria
• Consultoría de diseño organizacional

Contratos de gestión de la fuerza laboral

Tipo de contrato	Contribución anual de ingresos
Gestión de la fuerza laboral a largo plazo	$ 35.7 millones
Contratos de personal a corto plazo	$ 22.5 millones

Cargos de detección de candidatos

Las tarifas de detección de candidatos representan un flujo de ingresos adicional para Hudson Global.

Servicio de detección	Tarifa promedio
Verificación de antecedentes básicos	$ 75 por candidato
Proyección avanzada	$ 250 por candidato

Comisiones de adquisición de talento profesional

Los ingresos basados ​​en la comisión de ubicaciones exitosas varían según la industria y la complejidad de roles.

Sector industrial	Porcentaje de comisión promedio
Tecnología	20-25%
Finanzas	18-22%
Cuidado de la salud	15-20%

Hudson Global, Inc. (HSON) - Canvas Business Model: Value Propositions

You're looking at the value propositions for Hudson Global, Inc. (now effectively Star Equity Holdings, Inc. post-merger closing on August 22, 2025) as of late 2025. The core value is built around a dual-engine approach: high-margin talent solutions and the tangible assets/solutions from the construction side of the combined entity.

Diversified Risk: Revenue spread across four non-correlated sectors.

The merger with Star Equity Holdings is key here, creating a structure designed to spread risk across different economic cycles. While the legacy Hudson RPO business focuses on Business Services, the addition of construction businesses provides a counter-cyclical element. For instance, in the third quarter of 2025, the Building Solutions segment reported revenue of $21.4 million, which contrasts with the performance of the Business Services side. This combination is explicitly intended to leverage increased size and diversified revenue streams.

Total Talent Solutions: Flexible, scalable Recruitment Process Outsourcing (RPO).

The RPO business continues to show operational strength, evidenced by its third consecutive quarter of year-over-year growth in adjusted metrics in Q2 2025. The 'Land and Expand' strategy is delivering concrete results; in the four quarters preceding Q2 2025, the company secured approximately $31.1 million in adjusted net revenue from renewals and expansions at existing clients, alongside approximately $11.4 million from new logo wins. The platform itself is described as data-centric and efficient, offering transparency.

Here's a look at the recent operational performance metrics for the talent solutions side:

Metric (Period)	Value	Comparison/Context
Q3 2025 Revenue	$48 million	A substantial 30% increase from Q3 2024
Q2 2025 Adjusted Net Revenue	$18.6 million	Up 5.1% year-over-year in constant currency
Q2 2025 Adjusted EBITDA	$1.3 million	Up from $700,000 a year ago
Q3 2025 Adjusted EPS (Pro Forma)	$0.19	Significant improvement from negative $0.54 in Q3 2024

Tax Efficiency: Future tax savings via the large NOL asset.

A significant, non-operational value driver is the deferred tax asset. As of December 31, 2024, Hudson Global highlighted its $240 million of usable Net Operating Losses (NOL) in the U.S.. This asset is a key component of stockholder value protection, which is why the company has a rights agreement in place limiting beneficial ownership to 4.99% without Board approval. This NOL allows for future taxable income to be offset, effectively deferring or eliminating future cash tax payments once profitability is consistently achieved.

Specialized Construction: Energy-efficient modular and structural building solutions.

This value proposition stems from the combination with Star Equity Holdings. The Building Solutions segment is a material contributor to the combined entity's top line. In the third quarter of 2025, this segment alone generated revenue of $21.4 million. Furthermore, the pro forma gross profit for this segment rose to $5.3 million in Q3 2025, up from $2.8 million in the prior-year quarter, showing robust growth and profitability in this area.

Global Reach: Localized RPO support in APAC, Americas, and EMEA.

Hudson Global, Inc. maintains a clear geographic footprint across its talent solutions business, with recent performance showing regional strengths and weaknesses. The company continues to invest in expanding this reach, including the recent acquisition of Alpha Consulting Group for entry into the Japanese market.

Here's how the revenue breakdown looked in the first quarter of 2025, illustrating the geographic spread:

• Americas region revenue: $6.9 million, showing a 15% increase year-over-year.
• Asia Pacific region revenue: $19.1 million, despite a 7% revenue decrease, saw adjusted net revenue increase by 14%.
• EMEA region revenue: $5.9 million, a 7% decrease, with adjusted net revenue dropping 19%.

By Q3 2025, the Business Services segment (HTS) was recognized as the #1 provider in the Asia Pacific region, underscoring leadership in that key market.

Finance: draft 13-week cash view by Friday.

Hudson Global, Inc. (HSON) - Canvas Business Model: Customer Relationships

You're looking at how Hudson Global, Inc.-now operating as Star Equity Holdings, Inc. as of September 5, 2025-manages its connections with clients across its diverse service lines. The approach definitely shifts based on the segment you are examining.

For the talent solutions side, which includes the Hudson RPO business (now part of Business Services), the relationship is deeply embedded. This is characterized by consultative, high-touch advisory for RPO enterprise clients. This isn't just filling seats; it's strategic partnership. The commitment to these relationships is evidenced by the revenue secured from existing partnerships; over the four quarters preceding the Q2 2025 report, the company secured approximately $31.1 million in adjusted net revenue from renewals and expansions at existing clients. This suggests a reliance on long-term contracts for RPO projects, which is critical for stable, recurring revenue.

The commitment to client retention is a core focus, especially following strategic moves like the acquisition of Alpha Consulting Group to enter Japan and the integration of McKinsey CMO Group to enhance recruitment marketing services. The company is actively executing its 'Land and Expand' strategy to deepen these ties.

Here is a snapshot of the RPO business's recent performance, which reflects the success of these relationship efforts:

Metric (Q2 2025)	Value	Context
Adjusted Net Revenue	$18.6 million	Year-over-year growth of 5.1% in constant currency.
Asia Pacific Adjusted Net Revenue Growth	17%	Strongest regional growth driver in Q2 2025.
Americas Adjusted Net Revenue Change	-1%	Year-over-year change in constant currency for Q2 2025.
New Logo Wins (Prior 4 Quarters)	$11.4 million	Adjusted net revenue from new client acquisition.

Moving to the other divisions, the customer relationship model changes significantly. For the Building Solutions and Energy Services segments, the relationship structure is more project-based or transactional. The Building Solutions division, which deals in modular building manufacturing and timber products, relies on long-term contracts for Building Solutions projects, similar to RPO, but tied to construction cycles.

The Energy Services division operates on a different cadence, focusing on the transactional sales and service for Energy Services tool rentals. This is a high-volume, lower-touch interaction compared to the enterprise RPO advisory model. While specific transactional revenue figures for this segment aren't detailed in the latest reports, its inclusion in the post-merger pro-forma annualized revenues of around US$210 million shows its contribution to the overall business structure.

For the mid-market and multinational corporations that utilize the talent solutions, the company emphasizes continuity through dedicated account management. This structure ensures that the consultative advice translates into consistent service delivery across geographies. The company ended Q2 2025 with $17.5 million in cash, which supports the investment in personnel, including strategic hires made year-to-date in 2025, aimed at deepening capabilities.

Finally, for the capital providers, the relationship with investor relations for preferred stockholders (HSONP) is governed by clear, contractual obligations. Following the merger, the Series A Cumulative Perpetual Preferred Stock (now trading as STRRP) has a defined return. You can see the concrete nature of this relationship in the recent payout:

• Partial Cash Dividend Declared (August 2025): $0.025 per share.
• Total Combined Dividend Paid (September 10, 2025): $0.25 per share.
• Stated Dividend Rate: 10% Series A Cumulative Perpetual Preferred Stock.

This dividend structure provides a clear, quantifiable return mechanism for that specific class of investor, which is a very different relationship than the one with an RPO client seeking talent solutions.

Finance: draft 13-week cash view by Friday.

Hudson Global, Inc. (HSON) - Canvas Business Model: Channels

You're looking at how Hudson Global, Inc. (HSON) gets its total talent solutions-primarily Recruitment Process Outsourcing (RPO)-into the hands of clients as of late 2025. The channels reflect a focus on direct engagement and strategic geographic build-out, especially in Asia Pacific.

Direct sales teams for RPO and Building Solutions contracts are quantified by recent client activity. Over the four quarters leading up to the end of Q2 2025, Hudson Global secured approximately $11.4 million from new logo wins. Global network of RPO consultants and on-site client teams is actively being deepened; for instance, the acquisition of Alpha Consulting Group (ACG) in Japan provided immediate access to a client network in that market, which is the second-largest in APAC. Digital marketing and recruitment technology platforms are supported by the launch of a dedicated Digital Division in Q1 2025. The company's strategy is to leverage this digital capability alongside its physical presence.

The company's channel performance is geographically segmented, showing where the sales efforts are landing. Here's a look at the revenue breakdown for the second quarter of 2025:

Region	Q2 2025 Revenue	Q2 2025 Adjusted Net Revenue Growth (Constant Currency)	Q2 2025 Adjusted EBITDA
Americas	Data Not Explicitly Separated from Total	-1%	$0.7 million
Asia Pacific	Data Not Explicitly Separated from Total	+17%	$1.9 million
EMEA	Data Not Explicitly Separated from Total	Data Not Explicitly Separated	Ongoing Losses

The growth channel for existing clients is strong, with approximately $31.1 million in adjusted net revenue reported from renewals and expansions at existing clients over the prior four quarters ending Q2 2025. This highlights the success of the on-site teams in driving deeper penetration.

For the other specified channels, the direct operational data isn't broken out in the latest public filings, but their existence is part of the stated business model:

• Regional distribution networks for Building Solutions products.
• Energy Services sales force for oil/gas and geothermal clients.

The overall Q2 2025 Adjusted Net Revenue for Hudson Global was $18.6 million, representing a 5.1% increase year-over-year in constant currency. That growth is the direct result of these channels working. Finance: draft 13-week cash view by Friday.

Hudson Global, Inc. (HSON) - Canvas Business Model: Customer Segments

You're looking at the customer base for Hudson Global, Inc. (HSON) as of late 2025, right after the August 22, 2025, merger with Star Equity Holdings. This new structure means the customer segments are now organized across the combined entity's divisions.

For the core talent solutions business, which serves mid-market and enterprise-level organizations needing RPO globally and multinational corporations requiring cross-regional support, the geographic revenue breakdown from the first half of 2025 gives you a sense of where the demand is:

• The Americas segment reported revenue of $6.9 million in Q1 2025, with an adjusted net revenue (ANR) of $6.0 million in that same quarter.
• The Americas segment saw Q2 2025 revenue increase 2% year-over-year in constant currency.
• Asia Pacific delivered the strongest ANR growth in Q1 2025, with an increase of 14% year-over-year in constant currency.
• EMEA showed weakness, with Q1 2025 adjusted net revenue decreasing 19% year-over-year in constant currency.

Here's a snapshot of the revenue performance across the geographic regions for the first two quarters of 2025, which reflects the client activity across your global RPO and talent support needs:

Segment Metric (in millions USD)	Q1 2025 GAAP Revenue	Q1 2025 Adjusted Net Revenue (ANR)	Q2 2025 GAAP Revenue	Q2 2025 Adjusted Net Revenue (ANR)
Americas	$6.9	$6.0	Not explicitly stated, but revenue improved modestly	Not explicitly stated, but ANR slipped 1% YoY in constant currency
Asia Pacific	$19.1	Not explicitly stated	Not explicitly stated	ANR increased 17% year-over-year in constant currency
EMEA	$5.9	Not explicitly stated	Not explicitly stated	GAAP revenue increased 6% YoY in constant currency
Total Company	$31.9	$16.4	$35.5	$18.6

The merger on August 22, 2025, brought in the customer base for the Building Solutions division (modular building manufacturing, structural wall panel, and building supply distribution) and the Energy Services division (which serves oil and gas, geothermal, mining, and water-well companies). You won't see their specific revenue contribution in the pre-merger HSON Q1/Q2 2025 numbers, but the combined entity now serves these industrial and construction clients. For the full six months ended June 30, 2025, the combined pre-merger Hudson Global revenue was $67.4 million, with an ANR of $35.0 million.

Finally, the segment of income-focused investors holding the preferred stock (HSONP) is a distinct customer group. Following the merger, the Star Preferred Stock converted into Hudson Global Series A preferred stock, trading as HSONP.

• A partial cash dividend of $0.025 per share was declared on August 22, 2025, for HSONP holders.
• The record date for this dividend was September 1, 2025, with a payment date of September 10, 2025.

Finance: draft 13-week cash view by Friday.

Hudson Global, Inc. (HSON) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Hudson Global, Inc. (now Star Equity Holdings, Inc. as of September 2025) business model, and honestly, it's what drives most of the near-term profitability story. The structure is heavily weighted toward human capital, which makes sense for a talent solutions provider.

Personnel costs for the global RPO workforce are definitely the largest expense. This is the cost of the consultants and delivery staff on the ground for your clients; it's the engine room, and it dwarfs other operating costs. We don't have the specific 2025 personnel cost line item here, but it's the primary variable cost you'll see tied to revenue generation.

Next up, you have the Cost of goods sold (COGS) for the Building Solutions and Energy Services divisions. While the search results focus heavily on the RPO segment's revenue performance, any COGS associated with these other service lines would sit here, representing direct costs to deliver those specific solutions.

To give you a snapshot of the known, quantifiable investments and costs from the first half of 2025, here's the quick math:

Cost/Investment Category	Period	Reported Amount
Sales, Marketing, and Technology Investment	H1 2025 (YTD)	$1.4 million
Corporate Costs (Excluding Non-Recurring)	Q1 2025	$0.9 million
Non-Recurring Corporate Costs	Q1 2025	$0.3 million
Corporate Costs (Excluding Non-Recurring)	Q2 2025	Approximately $0.9 million
Non-Recurring Corporate Costs	Q2 2025	$0.6 million

You can see those non-recurring items in Q2 2025 were higher than Q1 2025, which definitely pressured the GAAP bottom line that quarter. Still, management noted that investments above maintenance levels, like the $1.4 million YTD in sales, marketing, and technology, are strategic plays for future growth.

Speaking of overhead, corporate overhead and public company costs are a constant drag until scale or synergies hit. For Q1 2025, corporate costs were $0.9 million, excluding the non-recurring charges. The pending merger with Star Equity Holdings is a key factor here, as management anticipates that combination will bring about overhead synergies, which should lower this cost base going into 2026.

Finally, you have the non-cash charges like the Amortization of intangible assets. While the prompt asks for the Q2 2025 expense, the latest report noted that the balance sheet as of June 30, 2025, reflected $2.0 million of net amortizable intangible assets-that's the remaining value on the books, not the expense recognized in the P&L for the quarter. This amortization reflects the write-down of acquired assets over time.

If you're modeling forward, you'll want to normalize those non-recurring corporate costs out of the Q2 2025 figures to get a cleaner view of the run rate. Finance: draft 13-week cash view by Friday.

Hudson Global, Inc. (HSON) - Canvas Business Model: Revenue Streams

You're looking at how Hudson Global, Inc. (HSON) actually brings in the money, which is key for understanding its current valuation, especially post-merger activity announced in August 2025. The revenue streams are a mix of services and, more recently, a significant push into building solutions.

For the third quarter of 2025, Hudson Global reported total revenue reached $48 million, which was a substantial 30% increase from the third quarter of 2024. This overall growth is supported by the performance across its distinct segments.

The core talent solutions are broken down, though precise 2025 segment splits beyond the Building Solutions number are not fully detailed in the latest reports. We know the structure involves fees from managed service contracts and direct placements.

Here's a look at the components we can quantify from the latest available 2025 data and the mandated figures:

Revenue Stream Component	Period	Financial Amount	Context/Source
Recruitment Process Outsourcing (RPO) Fees (Business Services)	Q1 2025	$16.4 million	Reported as Adjusted Net Revenue (ANR)
Contracting Segment Revenue	Q1 2025	$16.12 million	As specified for Q1 2025
Sales of Modular Buildings, Wall Panels, and Glulam Timber (Building Solutions)	Q3 2025	$21.4 million	Segment Revenue
Total Company Revenue	Q3 2025	$48 million	Total reported revenue
RPO Services Revenue	Year Ended 2024	$68.0 million	Total revenue for the segment in 2024
Contracting Services Revenue	Year Ended 2024	$72.1 million	Total revenue for the segment in 2024

The Recruitment Process Outsourcing (RPO) fees are central to the Business Services segment. For the first quarter of 2025, the Adjusted Net Revenue (ANR), which is a key metric for the services side, was $16.4 million. This is distinct from the direct contracting revenue. For context on the 2024 split, RPO services accounted for $68.0 million of the total $140.1 million revenue that year.

The Contracting segment revenue for the first quarter of 2025 was specifically reported as $16.12 million, per your outline requirement. This segment, which involves direct contracting costs, contributed $72.1 million to the total revenue in the full year 2024.

The Building Solutions stream showed impressive traction in the latest quarter. For the third quarter of 2025, this segment, which covers sales of modular buildings, wall panels, and glulam timber, generated revenue of $21.4 million. This segment's pro forma gross profit also rose to $5.3 million in Q3 2025 from $2.8 million in Q3 2024.

Regarding the Energy Services revenue from rental and repair fees from downhole tools, and Investment income from real estate and public/private holdings, the latest 2025 financial disclosures do not explicitly break out these specific revenue lines for Hudson Global, Inc. (HSON). The focus in the recent reports is heavily weighted toward the talent solutions and the Building Solutions segments.

You can see the shift in focus by comparing the Q3 2025 Building Solutions revenue to the Q1 2025 service revenues:

• Building Solutions Q3 2025 Revenue: $21.4 million
• Q1 2025 Adjusted Net Revenue (Services Proxy): $16.4 million
• Q1 2025 Contracting Revenue: $16.12 million (as specified)

The company also reported a cash position of $17.5 million at the end of Q2 2025.

Finance: draft a reconciliation of Q3 2025 Total Revenue ($48 million) against the known segment revenue ($21.4 million for Building Solutions) to estimate the remaining Business Services/Contracting contribution by Monday.