Hudson Global, Inc. (HSON): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'acquisition mondiale de talents, Hudson Global, Inc. (HSON) émerge comme un acteur pivot, révolutionnant les solutions de la main-d'œuvre grâce à son canevas innovant du modèle commercial. En combler stratégiquement l'écart entre les talents de haut niveau et les organisations de niveau d'entreprise, cette centrale de recrutement exploite des technologies de pointe, de vastes réseaux professionnels et une expertise de conseil spécialisée pour transformer l'approvisionnement traditionnel des talents. Découvrez comment l'approche unique de HSON redéfinit la gestion de la main-d'œuvre, offrant des stratégies de recrutement personnalisées qui permettent aux entreprises de naviguer sur le marché mondial complexe des talents avec une efficacité et une précision sans précédent.

Hudson Global, Inc. (HSON) - Modèle commercial: partenariats clés

Agences mondiales de dotation et de recrutement

Hudson Global maintient des partenariats stratégiques avec des agences de recrutement internationales pour étendre les capacités d'acquisition de talents.

Agence partenaire	Portée géographique	Focus de partenariat
Randstad N.V.	Mondial	Placement des talents professionnels
MANPOWERGROUP	38 pays	Solutions de main-d'œuvre

Fournisseurs de services technologiques

Hudson Global collabore avec les partenaires technologiques pour améliorer les plateformes de recrutement et les infrastructures numériques.

• SAP SuccessFactors
• Solutions de talents LinkedIn
• Gestion du capital humain de la journée

Plateformes de réseautage professionnels

Les partenariats stratégiques de réseautage numérique soutiennent l'approvisionnement en talents et les connexions professionnelles.

Plate-forme	Base d'utilisateurs	Valeur de partenariat
Liendin	930 millions de membres	Sourcing mondial des talents
En effet	250 millions de visiteurs uniques mensuellement	Visibilité du marché du travail

Clients d'entreprise de niveau d'entreprise

Hudson Global entretient des relations avec des sociétés multinationales dans diverses industries.

• Secteur des services financiers
• Entreprises technologiques
• Organisations de soins de santé
• Entreprises de fabrication

Réseaux d'acquisition de talents internationaux

Les partenariats mondiaux d'acquisition de talents permettent des stratégies de recrutement transfrontalières.

Réseau	Couverture	Spécialisation
Confédération mondiale de l'emploi	50+ pays	Coordination des services à l'emploi
Hub de talent mondial	25 marchés internationaux	Solutions spécialisées de la main-d'œuvre

Hudson Global, Inc. (HSON) - Modèle d'entreprise: activités clés

Services de recrutement professionnel

Revenus des services de recrutement professionnel en 2023: 87,3 millions de dollars

Catégorie de service	Volume de placement	Frais de placement moyens
Professionnels de la technologie	1 247 placements	6 750 $ par placement
Professionnels de la finance	892 placements	7 200 $ par placement

Placement des talents et consultation

Engagements de conseil total en 2023: 436 projets

• Durée moyenne du projet de conseil: 3,7 mois
• Revenus de consultation: 42,6 millions de dollars
• Taux de rétention des clients: 78%

Solutions de gestion de la main-d'œuvre

Revenus du segment de la gestion de la main-d'œuvre: 53,2 millions de dollars en 2023

Type de solution	Compte de clientèle	Valeur du contrat annuel
Gestion de la main-d'œuvre contingente	127 clients d'entreprise	18,5 millions de dollars
Services RPO	84 clients d'entreprise	22,7 millions de dollars

Sourcing mondial des talents

Couverture mondiale d'approvisionnement des talents: 37 pays

• Placements internationaux totaux: 2 134
• Revenus de recrutement transfrontaliers: 29,8 millions de dollars
• Régions desservies: Amérique du Nord, Europe, Asie-Pacifique

Services de conseil en capital humain

Revenus de services consultatifs: 15,4 millions de dollars en 2023

Service consultatif	Nombre de clients	Valeur d'engagement moyenne
Conception organisationnelle	62 clients	87 500 $ par engagement
Conseil de stratégie de talent	47 clients	95 300 $ par engagement

Hudson Global, Inc. (HSON) - Modèle d'entreprise: Ressources clés

Base de données des candidats étendus

Depuis le quatrième trimestre 2023, Hudson Global conserve une base de données candidate avec environ 2,5 millions de profils professionnels dans plusieurs industries et régions géographiques.

Métrique de la base de données	Quantité
Profils des candidats totaux	2,500,000
Couverture géographique	Amérique du Nord, Europe, Asie-Pacifique
Vertical de l'industrie	12 secteurs professionnels distincts

Expertise en recrutement professionnel

Hudson Global emploie 327 consultants en recrutement professionnel au 31 décembre 2023.

• Expérience moyenne des recruteurs: 8,6 ans
• Consultants titulaires de diplômes avancés: 62%
• Spécialistes de recrutement multilingue: 47%

Plateformes de recrutement numérique

Investissement dans les infrastructures technologiques dans les plateformes de recrutement numérique: 4,3 millions de dollars en 2023.

Composant de plate-forme	Spécification
Algorithme de correspondance alimenté par AI	Technologie propriétaire
Système de recrutement basé sur le cloud	AWS et Microsoft Azure intégrés

Technologies d'acquisition de talents stratégiques

Attribution des investissements technologiques: 6,7 millions de dollars pour les technologies de recrutement avancées en 2023.

• Outils de dépistage des candidats d'apprentissage automatique
• Analyse prédictive pour la correspondance des talents
• Plateformes d'évaluation des compétences en temps réel

Consultants en recrutement expérimentés

Total Recruitment Consultant Workforce: 327 professionnels dans les bureaux mondiaux.

Région	Nombre de consultants
Amérique du Nord	142
Europe	98
Asie-Pacifique	87

Hudson Global, Inc. (HSON) - Modèle d'entreprise: propositions de valeur

Solutions spécialisées de la main-d'œuvre

Hudson Global, Inc. a déclaré un chiffre d'affaires total de 228,4 millions de dollars en 2022, avec des solutions Workforce représentant un segment de base de leur modèle commercial.

Catégorie de service	Contribution des revenus	Propagation géographique
Dotation professionnelle	142,6 millions de dollars	Amérique du Nord, Europe, Asie-Pacifique
Placement permanent	56,8 millions de dollars	17 pays
Personnel temporaire	29,0 millions de dollars	Plusieurs régions

Capacités de correspondance des talents mondiaux

Hudson maintient une base de données de talents d'environ 500 000 candidats professionnels dans diverses industries.

• Pool de talents du secteur technologique: 35% du total des candidats
• Professionnels de la finance et de la comptabilité: 25% du total des candidats
• Professionnels de la santé et des sciences de la vie: 20% du total des candidats

Stratégies de recrutement personnalisées

La plate-forme de technologie de recrutement d'Hudson a traité 2,3 millions de demandes de candidats en 2022.

Caractéristiques de la technologie de recrutement	Métriques d'efficacité
Dépistage des candidats alimentés par AI	Taux de précision de 87%
Algorithme de correspondance des compétences	Compatibilité des candidats à 92%

Optimisation efficace du processus d'embauche

Durée d'embauche moyenne dans tous les segments de service: 28 jours.

• Placement permanent Temps moyen: 35 jours
• Temps moyen du personnel du contrat: 22 jours
• Temps moyen de recherche exécutive: 45 jours

Accès à divers piscines de talents professionnels

Hudson Global sert des clients dans 17 pays avec une stratégie d'acquisition de talents diversifiée.

Diversité du bassin de talents	Pourcentage
Diversité des sexes	48% de femmes professionnelles
Diversité ethnique	42% de représentation minoritaire
Candidats internationaux	35% de talents transfrontaliers

Hudson Global, Inc. (HSON) - Modèle d'entreprise: relations clients

Consultation de recrutement personnalisée

Hudson Global fournit aux services de recrutement sur mesure en mettant l'accent sur les besoins individuels des clients. Depuis 2023, la société a maintenu un Taux de satisfaction du client de 87,3% Grâce à des approches de conseil personnalisées.

Type de consultation	Durée moyenne de l'engagement	Taux de rétention des clients
Recherche exécutive	4-6 mois	92%
Dotation professionnelle	3-4 mois	85%

Partenariats des clients d'entreprise à long terme

Hudson Global entretient des relations stratégiques à long terme avec des clients d'entreprises dans plusieurs secteurs.

• Total des clients des entreprises actives en 2023: 247
• Durée du partenariat moyen: 3,6 ans
• Tarif commercial répété: 73,5%

Plate-formes d'engagement des candidats numériques

L'entreprise utilise des plateformes numériques avancées pour les processus d'interaction et de recrutement des candidats.

Fonctionnalité de plate-forme	Métriques d'engagement des utilisateurs
Matchage en ligne	68 500 utilisateurs actifs mensuels
Outils d'évaluation numérique	42 300 évaluations terminées trimestrielles

Gestion de compte dédiée

Hudson Global fournit des services de gestion de compte spécialisés avec Spécialistes de recrutement dédiés.

• Comptes moyens par spécialiste: 12-15
• Temps de réponse: 4,2 heures
• Fréquence de communication du client: bihebdomadaire

Services de soutien aux talents continus

L'entreprise offre une gestion et un soutien continus des talents au-delà du placement initial.

Service d'assistance	Volume annuel d'engagement
Coaching de développement de carrière	3 750 candidats
Formation professionnelle	2 600 participants

Hudson Global, Inc. (HSON) - Modèle d'entreprise: canaux

Plateformes de recrutement en ligne

Hudson Global utilise les plateformes de recrutement en ligne suivantes:

Plate-forme	Utilisateurs actifs	Pourcentage d'utilisation
Liendin	875 000 connexions professionnelles	42% du recrutement numérique
En effet	620 000 offres d'emploi	28% du recrutement numérique
Monster.com	410 000 listes d'emplois	18% du recrutement numérique

Équipes de vente directes

La structure des ventes directes d'Hudson Global comprend:

• 78 représentants des ventes de recrutement dédiées
• Revenus d'équipe de vente moyenne par représentant: 1,2 million de dollars par an
• Couverture géographique dans 12 pays

Sites Web de réseautage professionnel

Plate-forme réseau	Portée professionnelle	Taux d'engagement
Recruteur LinkedIn	92 000 connexions professionnelles directes	Taux d'engagement de 36%
Verrerie	48 000 réseau professionnel	Taux d'engagement de 22%

Programmes de partenariat d'entreprise

Hudson Global maintient des partenariats avec:

• 37 clients d'entreprises d'entreprise
• Valeur du contrat de partenariat total: 24,6 millions de dollars
• Durée du partenariat moyen: 2,4 ans

Marketing numérique et sensibilisation

Canal numérique	Impressions mensuelles	Taux de conversion
Site Web de l'entreprise	215 000 visiteurs uniques	Taux de conversion de 4,7%
E-mail marketing	98 000 contacts ciblés	Taux de réponse de 3,2%
Plateformes de médias sociaux	142 000 abonnés au total	Taux d'engagement de 2,9%

Hudson Global, Inc. (HSON) - Modèle d'entreprise: segments de clientèle

Sociétés d'entreprise de milieu à terre

Hudson Global dessert les sociétés d'entreprise de mi-to Au quatrième trimestre 2023, la clientèle de la société dans ce segment comprenait 247 comptes d'entreprise actifs.

Segment des revenus	Nombre de clients	Pourcentage du total des revenus
50 millions de dollars - 500 millions de dollars d'entreprises	137	42.3%
500 millions de dollars - 2 milliards de dollars d'entreprises	68	29.6%
2 milliards de dollars - 5 milliards de dollars d'entreprises	42	22.1%

Technologie et sociétés de services professionnels

Hudson Global est spécialisé dans l'acquisition de talents pour les secteurs de la technologie et des services professionnels. En 2023, ces segments représentaient 63,7% du portefeuille total des clients de l'entreprise.

• Clients du secteur technologique: 129 entreprises
• Clients professionnels: 98 entreprises
• Valeur du contrat moyen: 287 500 $

Organisations mondiales à la recherche de talents spécialisés

La société dessert 82 organisations mondiales nécessitant des talents spécialisés dans plusieurs régions géographiques. L'engagement international des clients représentait 47,2% des revenus totaux en 2023.

Région géographique	Nombre de clients mondiaux	Contribution des revenus
Amérique du Nord	42	29.6%
Europe	24	16.8%
Asie-Pacifique	16	11.2%

Entreprises multinationales

Hudson Global prend en charge 56 entreprises multinationales ayant des besoins complexes d'acquisition de talents. Ces clients ont des opérations dans plus de 3 pays et génèrent une valeur de contrat annuelle moyenne de 412 000 $.

Industries de services professionnels

L'entreprise dessert des industries de services professionnels avec des solutions de recrutement ciblées. En 2023, ces industries représentaient 38,5% de la clientèle totale.

• Sociétés de conseil: 47 clients
• Services juridiques: 32 clients
• Services financiers: 39 clients
• Durée du contrat moyen spécifique à l'industrie: 18 mois

Hudson Global, Inc. (HSON) - Modèle d'entreprise: Structure des coûts

Salaires des consultants en recrutement

En 2023 rapports financiers, les dépenses totales du personnel d'Hudson Global étaient de 61,4 millions de dollars. Répartition de la rémunération des consultants en recrutement:

Catégorie de salaire	Coût annuel
Salaires de base	42,6 millions de dollars
Bonus de performance	8,2 millions de dollars
Avantages et taxes sur la paie	10,6 millions de dollars

Maintenance des infrastructures technologiques

Dépenses d'infrastructure technologique pour 2023:

• Coût total d'infrastructure informatique: 7,3 millions de dollars
• Licence logicielle: 2,1 millions de dollars
• Services de cloud computing: 1,8 million de dollars
• Maintenance matérielle: 1,4 million de dollars
• Investissements en cybersécurité: 2 millions de dollars

Frais de marketing et de développement commercial

Répartition des dépenses de marketing pour 2023:

Catégorie marketing	Dépenses annuelles
Marketing numérique	1,5 million de dollars
Participation des salons commerciaux	0,6 million de dollars
Production de garantie des ventes	0,4 million de dollars
Voyage du développement des entreprises	0,9 million de dollars

Coûts d'approvisionnement et de dépistage des talents

Dépenses d'acquisition de talents pour 2023:

• Publicité du recrutement: 1,2 million de dollars
• Services de vérification des antécédents: 0,3 million de dollars
• Abonnements à outil d'évaluation: 0,4 million de dollars
• Technologie de dépistage des candidats: 0,5 million de dollars

Gestion des frais généraux opérationnels

Coût des frais généraux opérationnels pour 2023:

Catégorie aérienne	Coût annuel
Loyer de bureau et installations	5,6 millions de dollars
Services publics	0,9 million de dollars
Frais administratifs	2,3 millions de dollars
Juridique et conformité	1,7 million de dollars

Hudson Global, Inc. (HSON) - Modèle d'entreprise: Strots de revenus

Frais de placement de recrutement

Pour l'exercice 2023, Hudson Global a déclaré un chiffre d'affaires total de 195,4 millions de dollars, avec une partie importante dérivée des frais de placement de recrutement.

Source de revenus	Pourcentage du total des revenus	Montant en dollars
Frais de placement de recrutement	62%	121,15 millions de dollars

Services de conseil aux talents

Hudson Global génère des revenus grâce à des services spécialisés de conseil en talents dans plusieurs secteurs.

• Frais de consultation des services professionnels
• Développement de stratégie de talents spécifique à l'industrie
• Conseil de conception organisationnelle

Contrats de gestion de la main-d'œuvre

Type de contrat	Contribution annuelle des revenus
Gestion de la main-d'œuvre à long terme	35,7 millions de dollars
Contrats de personnel à court terme	22,5 millions de dollars

Frais de dépistage des candidats

Les frais de dépistage des candidats représentent une source de revenus supplémentaire pour Hudson Global.

Service de dépistage	Frais moyens
Vérification des antécédents de base	75 $ par candidat
Dépistage avancé	250 $ par candidat

Commissions d'acquisition de talents professionnels

Les revenus basés sur la commission provenant de placements réussis varie selon l'industrie et la complexité des rôles.

Secteur de l'industrie	Pourcentage moyen de commission
Technologie	20-25%
Finance	18-22%
Soins de santé	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.