Barnwell Industries Inc【BRN】株式ニュース

Barnwell Industries, Inc. Reports Results for Its Second Quarter Ended March 31, 2026May 21, 2026 6:00 AM
ACCESS NewswireSequential Quarter-on-Quarter Results Improve as Company Lowers Costs, Strengthens Balance Sheet and Advances Strategic ReviewHOUSTON, TX / ACCESS Newswire / May 21, 2026 / Barnwell Industries, Inc. (NYSE American:BRN) today reported financial results for its second quarter ended March 31, 2026.Barnwell continued to improve its operating and cost structure during the second quarter as the Company benefited from lower administrative expenses, improved oil and gas operating results, and the completion of its corporate transition from Honolulu, Hawai‘i to a lower-cost Houston based platform.For the quarter ended March 31, 2026, Barnwell reported revenue of $2,535,000 and a consolidated net loss of $1,116,000, compared to revenue of $2,630,000 and a consolidated net loss of $1,412,000 million for the quarter ended December 31, 2025. Net loss attributable to Barnwell shareholders improved to $1,150,000, or $0.09 per share, compared with $1,426,000, or $0.13 per share, in the prior quarter. The Company remained debt free and ended the quarter with $4,016,000 in cash and cash equivalents and working capital of $2,152,000.Management believes sequential quarter-on-quarter comparisons provide the most meaningful framework for evaluating recent performance given the Company's previously disclosed divestitures of its U.S. and select Canadian oil and gas assets, which meaningfully reduced the asset base relative to the prior-year, as well as the Company's ongoing transition towards a leaner and more efficient operating structure.Efficiencies, Cost Reduction Initiatives, and Overall Operational Results ImprovementsDuring the quarter, Barnwell continued to execute initiatives focused on streamlining operations, reducing overhead, and improving long-term operating leverage. Salaries, wages and bonuses declined 26% compared to the quarter ended December 31, 2025. General and administrative expenses decreased to $1,521,000 from $1,616,000 in the prior quarter. Cash general and administrative expenses, a non-GAAP measure excluding share-based compensation and other non-cash items, declined 8% sequentially to $1,392,000 from $1,519,000. Excluding insurance recoveries of $26,000 in the current quarter and $52,000 in the prior quarter, cash general and administrative expenses declined approximately 10% quarter-over-quarter. The Company expects additional benefits from its lower-cost operating structure in future periods following the completion of the corporate headquarters transition from Honolulu to Houston and the establishment of its new finance team.Compared to the quarter ended December 31, 2025, Barnwell reduced its net loss from continuing operations by approximately 21%, lowered cash general and administrative expenses by 8%, improved oil and natural gas operating performance, and maintained a debt-free balance sheet with over $4.0 million of cash and cash equivalents.Oil and Natural Gas Operating ResultsOil and natural gas operating results increased by $119,000 to a positive $87,000 for the three months ended March 31, 2026 compared to the three months ended December 31, 2025. This increase was attributable to a $228,000 decrease in oil and natural gas operating expenses and a $38,000 decrease in oil and natural gas depletion expense, partially offset by a $147,000 decrease in oil and natural gas revenues. Barnwell's oil and gas operating results following the second quarter continue to be positively impacted by the elevated recent prices for oil.Foreign Currency GainNet loss from continuing operations for the three months ended March 31, 2026 included a $58,000 foreign currency loss, compared to a $47,000 gain in the prior quarter. This reflects an unfavorable impact of $105,000 due to changes in the U.S. dollar relative to the Canadian dollar on intercompany balances.Completed Transition from Honolulu to Houston HeadquartersAs previously reported, during the quarter, Barnwell completed the relocation of its corporate headquarters from Honolulu to Houston. The Company believes that this transition has already contributed meaningfully to lower compensation and administrative costs, despite only a portion of the current quarter reflecting the benefits of the reduced cost structure. Barnwell's Calgary, Alberta office remains an important operational hub supporting the Company's Canadian operations, including its Twining oil and gas asset, and ensuring continuity through the presence of key management personnel.Canadian Oil and Gas Business Sale ProcessAs previously reported, Barnwell has retained an independent financial advisor to assist in evaluating strategic alternatives with respect to its Canadian oil and gas business, including the potential sale of such assets. As part of this process, the Company has solicited and is evaluating indications of interest from potential counterparties. The Company has not determined whether it will pursue or consummate any transaction. However, management and the Board of the Directors believe that the current commodity price environment and industry backdrop may present an attractive opportunity to maximize shareholder value in this respect. There can be no assurance that this process will result in a transaction or that any such transaction will achieve the benefits management anticipates.Sale of Hawaiian Real Estate-Increment IIAlso as previously reported, in November 2025, Kaupulehu Developments, a Hawaiian partnership, in which Barnwell holds a 77.6% economic interest, agreed to surrender all remaining rights in the Increment II real estate located on the Island of Hawai‘i in exchange for total consideration of $2,000,000, of which $70,000 has been received. Separately, KD Kukio Resorts, LLLP, KD Maniniowali, LLLP, and KD Kaupulehu, LLLP, entities in which Barnwell holds a 19.6% economic interest, entered into agreements to sell their remaining interests in Increment II for aggregate consideration of $2,109,000. These transactions remain subject to the purchaser's election to proceed and customary closing conditions. Following completion of these transactions, Barnwell will continue to maintain business interests in real estate and related holdings on the Island of Hawai'i.At-the-Market Securities Sales FacilityIn February 2026, the Company entered into a Sales Agreement (the "Sales Agreement") with Roth Capital Partners, LLC (the "Agent"), under which the Company may, from time to time, sell shares of the Company's common stock in "at the market" offerings through or to the Agent. These offerings have an aggregate offering price of up to $50,000,000, which amount was initially limited to $3,200,000, but subsequently in April 2026 was increased to $4,298,000.To date, Barnwell has issued 1,810,496 shares of common stock (926,403 in the second quarter) at an average sales price of $1.27/share ($1.22/share in the quarter), totaling gross proceeds of $2,297,000 ($1,133,000 in the quarter). This facility, together with the previously disclosed November 2025 private placement which raised gross proceeds of $2,443,000, has strengthened Barnwell's balance sheet and enhanced the Company's flexibility to pursue strategic growth initiatives.Summary and OutlookBarnwell's immediate priorities include disciplined execution within its core oil and gas operations and completing the assessment of whether to sell the Canadian oil and gas business. At the same time, the Company continues to evaluate strategic alternatives and value-creation opportunities, including possible mergers and acquisitions activities, across a broader set of industries. This review is not limited to the energy sector and reflects the Board's view that Barnwell's experienced, multidisciplinary management team and directors are well positioned to assess and execute accretive opportunities where appropriate. Chief Financial Officer Philip Patman, Jr., together with Sean Wallace, former Chief Financial Officer to AST SpaceMobile and a senior advisor to the Company, continues to lead this process.Management believes that Barnwell's debt-free balance sheet, growing cash and cash equivalents and positive working capital position, longstanding public company platform, U.S. net operating loss carryforwards, legacy operations in Hawai‘i, and high-quality Canadian oil and gas assets together provide a flexible and durable foundation from which to pursue these efforts.Mr. Patman stated, "Barnwell today is a significantly leaner, more flexible, and better capitalized company than it was a year ago. We have materially reduced our cost structure, strengthened the balance sheet, and maintained substantial strategic optionality at a time when energy markets and broader corporate transaction opportunities may become increasingly attractive.Our focus is straightforward: allocate capital rationally, maximize the value of our existing asset base, and pursue opportunities that can generate meaningful long-term per share value creation for shareholders. We believe Barnwell's debt-free balance sheet, public company platform, tax assets, and operational infrastructure provide a strong foundation from which to execute this strategy."Forward-Looking StatementsThe information contained in this press release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell's future performance, statements of Barnwell's plans and objectives, and other similar statements. Forward-looking statements include phrases such as "expects," "anticipates," "intends," "plans," "believes," "predicts," "estimates," "assumes," "projects," "may," "will," "will be," "should," or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell's expectations are set forth in the "Forward-Looking Statements," "Risk Factors" and other sections of Barnwell's annual report on Form 10-K for its last fiscal year and Barnwell's other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.Key Business Metrics and Non-GAAP Financial MeasuresIn addition to the GAAP financial measures set forth in this press release, the Company has included certain financial measures that have not been prepared in accordance with generally accepted accounting principles ("GAAP") and constitute "non-GAAP financial measures" as defined by the Securities and Exchange Commission.The Company defines cash general and administrative expenses as general and administrative expenses excluding stock-based compensation expense and other non-cash items. Management believes that cash general and administrative expenses provides useful supplemental information to investors by facilitating comparisons of the Company's core operating cost structure, excluding non-cash expenses. Cash general and administrative expenses should not be considered in isolation or as a substitute for general and administrative expenses prepared in accordance with U.S. GAAP, and may not be comparable to similarly titled measures used by other companies.Reconciliation of GAAP to Non-GAAP Financial Measure Three months ended March 31, 2026 December 31, 2025 General and administrative expenses $1,521,000 $1,616,000 Less: Share-based compensation 128,000 94,000 Other non-cash items 1,000 3,000 Cash general and administrative expenses $1,392,000 $1,519,000 COMPARATIVE OPERATING RESULTS (Unaudited) Three months endedMarch 31, Three months endedMarch 31, 2026 2025 2026 2025 Revenues $2,535,000 $3,569,000 $5,281,000 $7,503,000 Net loss from continuing operations attributable to Barnwell Industries, Inc. $(1,150,000) $(1,538,000) $(2,576,000) $(3,136,000)Net loss from discontinued operations - 331,000 - 12,000 Net loss attributable to Barnwell Industries, Inc. $(1,150,000) $(1,207,000) $(2,576,000) $(3,124,000) Basic and diluted net loss per share: Net loss from continuing operations attributable to Barnwell Industries, Inc. $(0.09) $(0.15) $(0.22) $(0.31)Net loss from discontinued operations - 0.03 - - Net loss attributable to Barnwell Industries, Inc. $(0.09) $(0.12) $(0.22) $(0.31) Weighted-average number of common shares outstanding: Basic and diluted 12,672,012 10,053,534 11,875,997 10,050,319 COMPANY: Barnwell Industries, Inc.
24 Greenway Plaza, Suite 1800Q
Houston, Texas 77046
Telephone: (713) 730-7026
Website: www.brninc.com CONTACT: Philip Patman, Jr.
Chief Financial Officer and Treasurer
Phone: (713) 730-7026
Email: barnwellinfo@brninc.comSOURCE: Barnwell IndustriesView the original press release on ACCESS NewswireOriginal: Barnwell Industries, Inc. Reports Results for Its Second Quarter Ended March 31, 2026

Barnwell Industries, Inc. Reports Results for its First Quarter Ended December 31, 2025February 23, 2026 7:00 AM
ACCESS NewswireHOUSTON, TX / ACCESS Newswire / February 23, 2026 / Barnwell Industries, Inc. (NYSE American:BRN) today reported financial results for its first quarter ended December 31, 2025. For the quarter, the Company had revenue from continuing operations of $2,746,000 and a net loss from continuing operations of $1,412,000 or $0.13 per share. In the prior year quarter ended December 31, 2024, the Company reported revenue from continuing operations of $3,934,000 and a net loss from continuing operations of $1,600,000 or $0.16 per share. The Company remains debt free and ended the quarter with $1,826,000 in working capital, including $3,622,000 in cash and cash equivalents.The net loss from continuing operations for the three months ended December 31, 2025, was primarily due to an increase of $453,000, 39%, in general and administrative expenses due to $257,000 higher personnel costs for new staff hired in Canada during the transition period in advance of closing of the Hawaii office on January 31, 2026, $101,000 higher non-cash cost for shares issued to the new Chief Financial Officer, and $116,000 higher professional service fees in the current year period as compared to the same period in the prior year. These higher professional service fees were related to some continued costs from the previously disclosed shareholder consent solicitation, proxy contest, and related legal matters. These increases were partially offset by an $84,000 increase in oil and natural gas segment operating results, a $70,000 increase in land investment segment operating results, and a $398,000 increase from foreign currency gains.Oil and Natural Gas Operating ResultsOil and natural gas operating results increased $84,000 for the three months ended December 31, 2025 as compared to the same period of the prior year, primarily attributable to a $613,000 decrease in the ceiling test impairment which was nil in the current year period, a $425,000 decrease in operating expenses, and a $313,000 decrease in oil and natural gas depletion, partially offset by a $1,267,000 decrease in oil and natural gas revenues in the current year period as compared to the same period in the prior year. During the three months ended December 31, 2025, oil and natural gas liquids prices decreased 20% and 5%, respectively, compared to the prior year's quarter. Natural gas prices increased 64% compared to the prior year's quarter. Additionally, revenue, operating expenses and depletion decreased due to lower production as a result of the sale of the U.S. oil and natural gas assets, the sale of Barnwell's interest in certain oil and natural gas properties in Canada, and natural declines in production from wells in the Company's Twining area as the wells age.Foreign Currency GainThe net loss from continuing operations for the three months ended December 31, 2025 included a $47,000 foreign currency gain recorded in the current year period as compared to a $351,000 loss recorded in the prior year period due to the effects of foreign currency exchange rate changes on intercompany loans and advances as a result of changes in the U.S. dollar against the Canadian dollar, a $398,000 positive impact.Proxy Contest and Consent SolicitationWhile the previously disclosed proxy contest and shareholder consent solicitation are no longer continuing, the Company did incur $169,000 of costs related thereto during the quarter ended December 31, 2025. Since inception of those matters, the Company has received $250,000 in insurance proceeds as reimbursement of certain fees and other costs incurred in connection with those matters.Sale of Hawaiian Real Estate-Increment IIIn November 2025, Barnwell caused its subsidiary, Kaupulehu Developments, LLC, in which Barnwell holds a 77.6% economic interest, to surrender all remaining rights in the Increment II real estate located on the Island of Hawai‘i in exchange for total consideration of $2,000,000, of which $70,000 was received during the period.Also in November 2025, KD Kukio Resorts, LLLP, KD Maniniowali, LLLP, and KD Kaupulehu, LLLP (collectively, "KDK"), entities in which Barnwell holds a 19.6% economic interest, entered into agreements to sell their remaining interests in Increment II for aggregate consideration of $2,109,000.The closing of these transactions remains subject to the purchaser's election to proceed, and other customary closing conditions.Closure of Honolulu OfficeIn January 2026, Barnwell completed the relocation of its corporate headquarters from Honolulu, Hawai‘i to Houston, Texas, which now augments its established operational office in Calgary, Alberta. The Company has formally closed its Honolulu office. This transition reflects Barnwell's continued focus on operational efficiency, cost discipline, and alignment with its core oil and gas activities. The move is expected to generate meaningful cost savings and administrative efficiencies going forward, while positioning the Company closer to industry partners, capital markets participants, and institutional investors. The Calgary office remains an important operational hub, ensuring continuity given the presence of key members of management and the Company's Canadian operations, including its Twining asset.Previously Planned Retirement of Alexander C. KinzlerEffective January 31, 2026, Alexander C. Kinzler formally retired from his roles as General Counsel and Secretary of Barnwell Industries, Inc., following the completion of the closure of the Company's Honolulu office. Mr. Kinzler concluded his transition in accordance with the Company's succession plan. The Company extends its sincere gratitude to Mr. Kinzler for his many years of dedicated service, steadfast counsel, and meaningful contributions to Barnwell's operations and governance.Private PlacementIn November 2025, the Company completed a private placement with certain investors, including some members of its Board of Directors, pursuant to which Barnwell issued an aggregate of 2,221,141 shares of common stock and warrants to purchase up to 1,029,104 additional shares. The participating directors and a certain other investor did not receive warrants. The offering generated gross proceeds of $2,443,000, further strengthening the Company's debt-free balance sheet and liquidity, positioning the Company for future growth.In accordance with the terms of the securities purchase agreement, the Company was required to file a registration statement covering the resale of the shares issued in the private placement. The Company filed the registration statement on January 12, 2026, and it was declared effective on January 30, 2026.Summary and OutlookWhile Barnwell's immediate priority remains disciplined execution within its core oil and gas operations, the Board has formally tasked its Chief Financial Officer Philip Patman, Jr. with leading an ongoing evaluation of strategic alternatives and value-creation opportunities across a broader set of industries. This review is not limited to the energy sector and reflects the Board's view that Barnwell's experienced, multidisciplinary management team and directors are well positioned to assess and execute income and cashflow accretive initiatives where appropriate.Barnwell's debt-free balance sheet and positive working capital position, longstanding public company platform, U.S. net operating loss carryforwards, and high-quality Canadian oil and gas assets together provide a flexible and durable foundation from which to pursue these efforts.Mr. Patman added, "Barnwell is actively refining its strategy and cost structure with a clear focus on capital discipline and returns. We are reducing SG&A, exiting non-core activities, and allocating capital only where it can generate compelling risk-adjusted returns. At the same time, we are evaluating additional opportunities that can leverage our public company infrastructure and financial flexibility. This work is ongoing, deliberate, and aligned with a singular objective: driving sustainable, long-term shareholder value."Forward-Looking StatementsThe information contained in this press release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. A forward-looking statement is one which is based on current expectations of future events or conditions and does not relate to historical or current facts. These statements include various estimates, forecasts, projections of Barnwell's future performance, statements of Barnwell's plans and objectives, and other similar statements. Forward-looking statements include phrases such as "expects," "anticipates," "intends," "plans," "believes," "predicts," "estimates," "assumes," "projects," "may," "will," "will be," "should," or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Forward-looking statements involve risks, uncertainties and assumptions which could cause actual results to differ materially from those contained in such statements. The risks, uncertainties and other factors that might cause actual results to differ materially from Barnwell's expectations are set forth in the "Forward-Looking Statements," "Risk Factors" and other sections of Barnwell's annual report on Form 10-K for the last fiscal year and Barnwell's other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.COMPARATIVE OPERATING RESULTS
(Unaudited) Three months endedDecember 31, 2025 2024 Revenues $2,746,000 $3,934,000 Net loss from continuing operations attributable to Barnwell Industries, Inc. $(1,426,000) $(1,598,000)Net loss from discontinued operations - (319,000)Net loss attributable to Barnwell Industries, Inc. $(1,426,000) $(1,917,000) Basic and diluted net loss per share: Net loss from continuing operations attributable to Barnwell Industries, Inc. $(0.13) $(0.16)Net loss from discontinued operations - (0.03)Net loss attributable to Barnwell Industries, Inc. $(0.13) $(0.19) Weighted-average number of common shares outstanding: Basic and diluted 11,070,498 10,047,173 COMPANY: Barnwell Industries, Inc.
24 Greenway Plaza, Suite 1800Q
Houston, Texas 77046
Telephone: (713) 730-7026
Website: www.brninc.com CONTACT: Philip Patman, Jr.
Chief Financial Officer and Treasurer
Phone: (713) 730-7026
Email: barnwellinfo@brninc.comSOURCE: Barnwell IndustriesView the original press release on ACCESS NewswireOriginal: Barnwell Industries, Inc. Reports Results for its First Quarter Ended December 31, 2025