Hudson Global, Inc. (HSON): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da aquisição de talentos globais, a Hudson Global, Inc. (HSON) surge como um jogador fundamental, revolucionando as soluções da força de trabalho por meio de sua inovadora modelo de modelo de negócios. Ao preencher estrategicamente a lacuna entre os talentos de primeira linha e as organizações de nível corporativo, essa potência de recrutamento alavanca tecnologias de ponta, extensas redes profissionais e experiência especializada em consultoria para transformar o fornecimento de talentos tradicionais. Descubra como a abordagem única da HSON redefine o gerenciamento da força de trabalho, oferecendo estratégias de recrutamento personalizadas que capacitam as empresas a navegar no complexo mercado global de talentos com eficiência e precisão sem precedentes.

Hudson Global, Inc. (HSON) - Modelo de negócios: Parcerias -chave

Agências de pessoal e recrutamento globais

A Hudson Global mantém parcerias estratégicas com agências internacionais de recrutamento para expandir os recursos de aquisição de talentos.

Agência parceira	Escopo geográfico	Foco em parceria
Randstad N.V.	Global	Colocação profissional de talentos
Grupo de Manpower	38 países	Soluções de força de trabalho

Provedores de serviços de tecnologia

A Hudson Global colabora com parceiros de tecnologia para aprimorar as plataformas de recrutamento e a infraestrutura digital.

• SAP SuccessFactors
• Soluções de talentos do LinkedIn
• Gestão de capital humano de dia de trabalho

Plataformas de redes profissionais

As parcerias estratégicas de redes digitais apóiam o fornecimento de talentos e as conexões profissionais.

Plataforma	Base de usuários	Valor da parceria
LinkedIn	930 milhões de membros	Fornecimento global de talentos
De fato	250 milhões de visitantes únicos mensalmente	Visibilidade do mercado de trabalho

Clientes corporativos em nível corporativo

A Hudson Global mantém relacionamentos com empresas multinacionais em vários setores.

• Setor de serviços financeiros
• Empresas de tecnologia
• Organizações de saúde
• Empresas de fabricação

Redes internacionais de aquisição de talentos

As parcerias globais de aquisição de talentos permitem estratégias de recrutamento transfronteiriço.

Rede	Cobertura	Especialização
Confederação Mundial de Emprego	Mais de 50 países	Coordenação de Serviços de Emprego
Hub global de talentos	25 mercados internacionais	Soluções especializadas da força de trabalho

Hudson Global, Inc. (HSON) - Modelo de negócios: Atividades -chave

Serviços de recrutamento profissional

Receita dos Serviços de Recrutamento Profissional em 2023: US $ 87,3 milhões

Categoria de serviço	Volume de colocação	Taxa média de colocação
Profissionais de tecnologia	1.247 canais	US $ 6.750 por colocação
Profissionais de Finanças	892 canais	US $ 7.200 por colocação

Colocação de talentos e consultoria

Total de consultoria em consultoria em 2023: 436 projetos

• Duração média do projeto de consultoria: 3,7 meses
• Receita de consultoria: US $ 42,6 milhões
• Taxa de retenção de clientes: 78%

Soluções de gerenciamento da força de trabalho

Receita do segmento de gerenciamento da força de trabalho: US $ 53,2 milhões em 2023

Tipo de solução	Contagem de clientes	Valor anual do contrato
Gerenciamento contingente da força de trabalho	127 clientes corporativos	US $ 18,5 milhões
Serviços RPO	84 clientes corporativos	US $ 22,7 milhões

Fornecimento global de talentos

Cobertura global de fornecimento de talentos: 37 países

• Total de colocações internacionais: 2.134
• Receita de recrutamento transfronteiriço: US $ 29,8 milhões
• Regiões servidas: América do Norte, Europa, Ásia-Pacífico

Serviços de consultoria de capital humano

Receita dos Serviços de Consultoria: US $ 15,4 milhões em 2023

Serviço de consultoria	Número de clientes	Valor médio de engajamento
Design Organizacional	62 clientes	US $ 87.500 por engajamento
Consultoria de estratégia de talentos	47 clientes	US $ 95.300 por engajamento

Hudson Global, Inc. (HSON) - Modelo de negócios: Recursos -chave

Extenso banco de dados candidato

No quarto trimestre 2023, a Hudson Global mantém um banco de dados candidato com aproximadamente 2,5 milhões de perfis profissionais em vários setores e regiões geográficas.

Métrica do banco de dados	Quantidade
Total de perfis candidatos	2,500,000
Cobertura geográfica	América do Norte, Europa, Ásia-Pacífico
Verticais da indústria	12 setores profissionais distintos

Experiência profissional de recrutamento

A Hudson Global emprega 327 consultores de recrutamento profissional em 31 de dezembro de 2023.

• Experiência média do recrutador: 8,6 anos
• Consultores com diplomas avançados: 62%
• Especialistas multilíngues de recrutamento: 47%

Plataformas de recrutamento digital

Investimento de infraestrutura tecnológica em plataformas de recrutamento digital: US $ 4,3 milhões em 2023.

Componente da plataforma	Especificação
Algoritmo correspondente a IA	Tecnologia proprietária
Sistema de recrutamento baseado em nuvem	AWS e Microsoft Azure integrado

Tecnologias de aquisição de talentos estratégicos

Alocação de investimento em tecnologia: US $ 6,7 milhões para tecnologias avançadas de recrutamento em 2023.

• Ferramentas de triagem de candidatos de aprendizado de máquina
• Análise preditiva para correspondência de talentos
• Plataformas de avaliação de habilidades em tempo real

Consultores de recrutamento experientes

Força de trabalho do consultor total de recrutamento: 327 profissionais em escritórios globais.

Região	Número de consultores
América do Norte	142
Europa	98
Ásia-Pacífico	87

Hudson Global, Inc. (HSON) - Modelo de negócios: proposições de valor

Soluções especializadas da força de trabalho

A Hudson Global, Inc. relatou receita total de US $ 228,4 milhões em 2022, com soluções de força de trabalho representando um segmento principal de seu modelo de negócios.

Categoria de serviço	Contribuição da receita	Propagação geográfica
Pessoal profissional	US $ 142,6 milhões	América do Norte, Europa, Ásia-Pacífico
Colocação permanente	US $ 56,8 milhões	17 países
Pessoal temporário	US $ 29,0 milhões	Várias regiões

Capacidades de correspondência de talentos globais

Hudson mantém um banco de dados de talentos de aproximadamente 500.000 candidatos profissionais em diversas indústrias.

• Pool de talentos do setor de tecnologia: 35% do total de candidatos
• Profissionais de finanças e contabilidade: 25% do total de candidatos
• Profissionais de saúde e ciências da vida: 20% do total de candidatos

Estratégias de recrutamento personalizadas

A plataforma de tecnologia de recrutamento da Hudson processou 2,3 ​​milhões de pedidos de candidatos em 2022.

Recursos de tecnologia de recrutamento	Métricas de eficiência
Triagem candidata a IA	Taxa de precisão de 87%
Algoritmo de correspondência de habilidades	92% de compatibilidade candidata-trabalho

Otimização eficiente do processo de contratação

Tempo médio de contratação em todos os segmentos de serviço: 28 dias.

• Colocação permanente Tempo médio: 35 dias
• Pessoal do contrato Tempo médio: 22 dias
• Pesquisa de executivos Tempo médio: 45 dias

Acesso a diversos pools de talentos profissionais

A Hudson Global atende clientes em 17 países com uma estratégia diversificada de aquisição de talentos.

Diversidade do pool de talentos	Percentagem
Diversidade de gênero	48% do sexo feminino
Diversidade étnica	42% de representação minoritária
Candidatos internacionais	35% de talento transfronteiriço

Hudson Global, Inc. (HSON) - Modelo de Negócios: Relacionamentos do Cliente

Consulta personalizada de recrutamento

A Hudson Global fornece serviços de recrutamento personalizados com foco nas necessidades individuais do cliente. A partir de 2023, a empresa mantinha um Taxa de satisfação do cliente de 87,3% através de abordagens de consultoria personalizadas.

Tipo de consulta	Duração média do engajamento	Taxa de retenção de clientes
Pesquisa em executiva	4-6 meses	92%
Pessoal profissional	3-4 meses	85%

Parcerias de clientes corporativos de longo prazo

A Hudson Global mantém relacionamentos estratégicos de longo prazo com clientes corporativos em vários setores.

• Total de clientes corporativos ativos em 2023: 247
• Duração média da parceria: 3,6 anos
• Repita a taxa de negócios: 73,5%

Plataformas de engajamento de candidatos digitais

A empresa utiliza plataformas digitais avançadas para processos de interação e recrutamento candidatos.

Recurso da plataforma	Métricas de engajamento do usuário
Combinação de empregos on -line	68.500 usuários ativos mensais
Ferramentas de avaliação digital	42.300 avaliações concluídas trimestralmente

Gerenciamento de conta dedicado

A Hudson Global fornece serviços especializados de gerenciamento de contas com Especialistas em recrutamento dedicados.

• Contas médias por especialista: 12-15
• Tempo de resposta: 4,2 horas
• Frequência de comunicação do cliente: quinzenalmente

Serviços de suporte de talentos contínuos

A empresa oferece gerenciamento e suporte de talentos em andamento além da colocação inicial.

Serviço de suporte	Volume anual de engajamento
Coaching de desenvolvimento de carreira	3.750 candidatos
Treinamento de habilidades profissionais	2.600 participantes

Hudson Global, Inc. (HSON) - Modelo de Negócios: Canais

Plataformas de recrutamento on -line

A Hudson Global utiliza as seguintes plataformas de recrutamento on -line:

Plataforma	Usuários ativos	Porcentagem de uso
LinkedIn	875.000 conexões profissionais	42% do recrutamento digital
De fato	620.000 postagens de emprego	28% do recrutamento digital
Monster.com	410.000 listagens de empregos	18% do recrutamento digital

Equipes de vendas diretas

A estrutura de vendas direta da Hudson Global inclui:

• 78 representantes dedicados de vendas de recrutamento
• Receita média da equipe de vendas Per Representante: US $ 1,2 milhão anualmente
• Cobertura geográfica em 12 países

Sites de redes profissionais

Plataforma de rede	Alcance profissional	Taxa de engajamento
Recrutador do LinkedIn	92.000 conexões profissionais diretas	Taxa de engajamento de 36%
Glassdoor	48.000 Rede Profissional	22% de taxa de engajamento

Programas de parceria corporativa

Hudson Global mantém parcerias com:

• 37 clientes corporativos
• Valor do contrato de parceria total: US $ 24,6 milhões
• Duração média da parceria: 2,4 anos

Marketing digital e divulgação

Canal digital	Impressões mensais	Taxa de conversão
Site da empresa	215.000 visitantes únicos	Taxa de conversão de 4,7%
Marketing por e -mail	98.000 contatos direcionados	Taxa de resposta de 3,2%
Plataformas de mídia social	142.000 seguidores totais	2,9% de taxa de engajamento

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

Empresas corporativas de médio a grande parte

A Hudson Global atende às empresas corporativas de médio a grande parte, com receitas anuais que variam de US $ 50 milhões a US $ 5 bilhões. A partir do quarto trimestre 2023, a base de clientes da empresa nesse segmento compreendeu 247 contas corporativas ativas.

Segmento de receita	Número de clientes	Porcentagem da receita total
US $ 50 milhões - empresas de US $ 500 milhões	137	42.3%
US $ 500 milhões - empresas de US $ 2B	68	29.6%
US $ 2B - empresas de US $ 5B	42	22.1%

Empresas de tecnologia e serviços profissionais

A Hudson Global é especializada em aquisição de talentos para setores de tecnologia e serviços profissionais. Em 2023, esses segmentos representaram 63,7% do portfólio total de clientes da empresa.

• Clientes do setor de tecnologia: 129 empresas
• Clientes de serviços profissionais: 98 empresas
• Valor médio do contrato: US $ 287.500

Organizações globais que buscam talento especializado

A empresa atende a 82 organizações globais que exigem talentos especializados em várias regiões geográficas. O envolvimento internacional dos clientes representou 47,2% da receita total em 2023.

Região geográfica	Número de clientes globais	Contribuição da receita
América do Norte	42	29.6%
Europa	24	16.8%
Ásia-Pacífico	16	11.2%

Negócios multinacionais

A Hudson Global suporta 56 empresas multinacionais com necessidades complexas de aquisição de talentos. Esses clientes têm operações em mais de 3 países e geram um valor médio de contrato anual de US $ 412.000.

Indústrias de Serviços Profissionais

A empresa atende indústrias de serviços profissionais com soluções de recrutamento direcionadas. Em 2023, essas indústrias compreendiam 38,5% da base total de clientes.

• Empresas de consultoria: 47 clientes
• Serviços Jurídicos: 32 clientes
• Serviços financeiros: 39 clientes
• Duração média do contrato específico do setor: 18 meses

Hudson Global, Inc. (HSON) - Modelo de negócios: estrutura de custos

Salários de consultores de recrutamento

A partir de 2023 Relatórios Financeiros, as despesas totais de pessoal da Hudson Global foram de US $ 61,4 milhões. Recuação de compensação de consultores de recrutamento:

Categoria de salário	Custo anual
Salários da base	US $ 42,6 milhões
Bônus de desempenho	US $ 8,2 milhões
Benefícios e impostos sobre a folha de pagamento	US $ 10,6 milhões

Manutenção de infraestrutura de tecnologia

Despesas de infraestrutura de tecnologia para 2023:

• Custos totais de infraestrutura de TI: US $ 7,3 milhões
• Licenciamento de software: US $ 2,1 milhões
• Serviços de computação em nuvem: US $ 1,8 milhão
• Manutenção de hardware: US $ 1,4 milhão
• Investimentos de segurança cibernética: US $ 2 milhões

Despesas de marketing e desenvolvimento de negócios

Redução de despesas de marketing para 2023:

Categoria de marketing	Gasto anual
Marketing digital	US $ 1,5 milhão
Participação na feira	US $ 0,6 milhão
Produção colateral de vendas	US $ 0,4 milhão
Viagens de desenvolvimento de negócios	US $ 0,9 milhão

Custos de fornecimento de talentos e triagem

Despesas de aquisição de talentos para 2023:

• Publicidade de recrutamento: US $ 1,2 milhão
• Serviços de verificação de antecedentes: US $ 0,3 milhão
• Assinaturas da ferramenta de avaliação: US $ 0,4 milhão
• Tecnologia de triagem candidata: US $ 0,5 milhão

Gerenciamento de despesas gerais operacionais

Custos de sobrecarga operacional para 2023:

Categoria de sobrecarga	Custo anual
Aluguel e instalações do escritório	US $ 5,6 milhões
Utilitários	US $ 0,9 milhão
Despesas administrativas	US $ 2,3 milhões
Legal e conformidade	US $ 1,7 milhão

Hudson Global, Inc. (HSON) - Modelo de negócios: fluxos de receita

Taxas de colocação de recrutamento

Para o ano fiscal de 2023, a Hudson Global registrou receita total de US $ 195,4 milhões, com parcela significativa derivada das taxas de colocação de recrutamento.

Fonte de receita	Porcentagem da receita total	Valor em dólares
Taxas de colocação de recrutamento	62%	US $ 121,15 milhões

Serviços de consultoria de talentos

A Hudson Global gera receita por meio de serviços especializados de consultoria de talentos em vários setores.

• Taxas de consultoria de serviços profissionais
• Desenvolvimento da estratégia de talentos específicos da indústria
• Consultoria de Design Organizacional

Contratos de gerenciamento da força de trabalho

Tipo de contrato	Contribuição anual da receita
Gerenciamento de força de trabalho de longo prazo	US $ 35,7 milhões
Contratos de pessoal de curto prazo	US $ 22,5 milhões

Candidato de triagem

As taxas de triagem candidatas representam um fluxo de receita adicional para a Hudson Global.

Serviço de triagem	Taxa média
Verificação básica de antecedentes	US $ 75 por candidato
Triagem avançada	US $ 250 por candidato

Comissões de aquisição de talentos profissionais

A receita baseada na comissão de colocações bem-sucedidas varia de acordo com a complexidade da indústria e dos papéis.

Setor da indústria	Porcentagem média de comissão
Tecnologia	20-25%
Financiar	18-22%
Assistência médica	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.