SGUHIGH SIGNALFINANCIAL10-K

SGU delivered explosive 484% revenue growth to $1.8B with a dramatic turnaround from -$19.2M operating loss to +$114.5M operating income, while simultaneously burning through 79% of its cash reserves.

This represents a fundamental transformation of the business scale and profitability, suggesting either a major acquisition, significant market expansion, or extraordinary seasonal/commodity price effects in the heating oil distribution business. The massive cash burn despite strong profitability indicates substantial working capital needs or strategic investments that warrant close scrutiny of the underlying business drivers.

Comparing 2025-12-09 vs 2024-12-04View on EDGAR →
FINANCIAL ANALYSIS

SGU underwent a dramatic financial transformation with revenue exploding nearly 5x to $1.8B while operating income swung from a $19.2M loss to a $114.5M profit, demonstrating successful scaling of the heating oil distribution business. However, this growth came at the cost of severe cash consumption, with cash reserves plummeting 79% to just $24.7M despite strong profitability, while operating cash flow declined 36% to $71M. The divergence between strong earnings and weak cash generation, combined with the depleted cash position, suggests significant working capital strain that could constrain future growth or require external financing.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+696.9%
-$19.2M→$114.5M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Gross Profit
P&L
+555.6%
$85.9M→$562.9M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Net Income
P&L
+542%
-$16.6M→$73.5M

Net income grew 542% — bottom-line growth signals improving overall business health.

Revenue
P&L
+483.9%
$305.6M→$1.8B

Strong top-line growth of 483.9% — accelerating demand or successful expansion into new markets.

Cash & Equivalents
Balance Sheet
-79%
$117.3M→$24.7M

Cash declined 79% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Capital Expenditure
Cash Flow
+40.1%
$10.7M→$14.9M

Capital expenditure jumped 40.1% — major investment cycle underway; assess returns on deployment.

Operating Cash Flow
Cash Flow
-36.1%
$111.0M→$71.0M

Operating cash flow fell 36.1% — earnings quality concerns; investigate working capital changes and non-cash items.

Current Assets
Balance Sheet
-26.4%
$281.5M→$207.3M

Current assets declined 26.4% — monitor working capital adequacy and short-term liquidity.

Inventory
Balance Sheet
+13.1%
$41.6M→$47.0M

Inventory built 13.1% — monitor whether demand supports this build or if write-downs may follow.

LANGUAGE CHANGES
NEW — 2025-12-09
PRIOR — 2024-12-04
ADDED
Market for the Registrant s Units, Related Unitholder Matters and Issuer Purchases of Units 27 Item 6.
Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters 62 Item 13.
Form 10-K Summary 66 2 PART I Statement Regarding Forward-Looking Disclosure This Annual Report on Form 10-K (this Report ) includes forward-looking statements which represent our expectations or beliefs concerning future events that involve risks and uncertainties, including the impact of geopolitical events on wholesale product cost volatility, tariff regimes, including newly imposed U.S.
As of November 30, 2025, we had outstanding 33.0 million common partner units (NYSE: SGU ) representing a 99.0% limited partner interest in Star, and 0.3 million general partner units, representing a 1.0% general partner interest in Star.
Limited Partners Common Units 99.0% General Partner (Kestrel Heat) General Partner Units 1.0% Public Unitholders - Common Units 87.7% Officers and Directors - Common Units 12.3% Star is organized as follows: Our general partner is Kestrel Heat, LLC, a Delaware limited liability company ( Kestrel Heat or the general partner ).
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REMOVED
As of November 30, 2024, we had outstanding 34.6 million common partner units (NYSE: SGU ) representing a 99.1% limited partner interest in Star, and 0.3 million general partner units, representing a 0.9% general partner interest in Star.
Limited Partners Common Units 99.1% General Partner (Kestrel Heat) General Partner Units 0.9% Public Unitholders - Common Units 88.1% Officers and Directors - Common Units 11.9% Star is organized as follows: Our general partner is Kestrel Heat, LLC, a Delaware limited liability company ( Kestrel Heat or the general partner ).
You may also obtain copies of these filings and other information at the offices of the New York Stock Exchange located at 11 Wall Street, New York, New York 10005.
Legal Structure The following chart summarizes our structure as of September 30, 2024.
4 Business Overview We are a home heating oil and propane distributor and service provider to residential and commercial customers who heat their homes and buildings primarily in the Northeast and Mid-Atlantic U.S.
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