Barnwell Industries, Inc. Reports Results for Its Third Quarter Ended June 30, 2025 Together With the Receipt of $2,300,000 of Cash for U.S. Oil and Natural Gas Properties Sale
Barnwell Industries (NYSE American:BRN) reported challenging Q3 2025 financial results, with revenue from continuing operations declining to $3.19 million from $4.51 million in Q3 2024. The company posted a wider net loss of $1.55 million ($0.15 per share) compared to a loss of $1.02 million ($0.10 per share) in the prior year period.
The company announced the sale of all U.S. oil and natural gas assets for $2.3 million, expecting to incur a $700,000 loss on the sale. Additionally, BRN faced increased general and administrative expenses of 43% ($565,000) due to shareholder disputes and proxy contest costs. Management expressed concerns about the company's ability to continue as a going concern, citing uncertainty about professional fees and operating cash flows.
Barnwell Industries (NYSE American:BRN) ha riportato risultati finanziari difficili nel terzo trimestre 2025, con i ricavi delle attivit脿 in corso che sono diminuiti a $3.19 million da $4.51 million nel terzo trimestre 2024. La societ脿 ha registrato una perdita netta pi霉 ampia di $1.55 million ($0.15 per azione) rispetto a una perdita di $1.02 million ($0.10 per azione) nello stesso periodo dell'anno precedente.
La societ脿 ha annunciato la vendita di tutti gli asset petroliferi e di gas naturale negli Stati Uniti per $2.3 million, prevedendo di sostenere una perdita sulla vendita di $700,000. Inoltre, BRN ha affrontato un aumento delle spese generali e amministrative del 43% (565,000$) a causa di controversie tra azionisti e dei costi legati a una contestazione per procura. La direzione ha espresso preoccupazioni sulla capacit脿 della societ脿 di continuare come going concern, citando incertezza sui compensi professionali e sui flussi di cassa operativi.
Barnwell Industries (NYSE American:BRN) inform贸 resultados financieros dif铆ciles en el tercer trimestre de 2025, con ingresos de las operaciones continuas que disminuyeron a $3.19 million desde $4.51 million en el tercer trimestre de 2024. La compa帽铆a registr贸 una p茅rdida neta mayor de $1.55 million ($0.15 por acci贸n) frente a una p茅rdida de $1.02 million ($0.10 por acci贸n) en el mismo periodo del a帽o anterior.
La compa帽铆a anunci贸 la venta de todos los activos de petr贸leo y gas natural en EE. UU. por $2.3 million, y espera incurrir en una p茅rdida de $700,000 por la venta. Adem谩s, BRN afront贸 un aumento de los gastos generales y administrativos del 43% (565,000$) debido a disputas entre accionistas y los costos de una contienda por poderes. La direcci贸n expres贸 dudas sobre la capacidad de la empresa para continuar como going concern, citando incertidumbre respecto a los honorarios profesionales y a los flujos de caja operativos.
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须岇偓电� 氙戈淡 雮� 氇摖 靹濎湢 氚� 觳滌棸臧�鞀� 鞛愳偘鞚� $2.3 million鞐� 毵り皝頃滊嫟瓿� 氚滍憸頄堨溂氅�, 鞚� 毵り皝鞙茧 鞎� $700,000鞚� 靻愳嫟鞚� 氚滌儩頃� 瓴冹溂搿� 鞓堨儊頃橁碃 鞛堨姷雼堧嫟. 霕愴暅 BRN鞚� 欤检＜ 攵勳焷 氚� 鞙勳瀯鞛� 鞜來儓 牍勳毄鞙茧 鞚疙暣 鞚茧皹甏�毽箘臧� 43%(565,000$) 歃濌皜頄堨姷雼堧嫟. 瓴届榿歆勳潃 鞝勲 靾橃垬耄岇檧 鞓侅梾 順勱笀頋愲鞐� 雽�頃� 攵堩檿鞁れ劚鞚� 霌れ柎 須岇偓鞚� 瓿勳啀旮办梾 臁挫啀 臧�電レ劚鞐� 雽�頃� 鞖半牑毳� 響滊獏頄堨姷雼堧嫟.
Barnwell Industries (NYSE American:BRN) a publi茅 des r茅sultats financiers difficiles au troisi猫me trimestre 2025, les revenus des activit茅s poursuivies ayant diminu茅 脿 $3.19 million contre $4.51 million au troisi猫me trimestre 2024. La soci茅t茅 a enregistr茅 une perte nette plus importante de $1.55 million (0,15$ par action) compar茅e 脿 une perte de $1.02 million (0,10$ par action) sur la m锚me p茅riode de l'ann茅e pr茅c茅dente.
La soci茅t茅 a annonc茅 la vente de l'ensemble des actifs p茅troliers et gaziers aux 脡tats-Unis pour $2.3 million, s'attendant 脿 subir une perte de $700,000 sur la cession. De plus, BRN a connu une hausse des frais g茅n茅raux et administratifs de 43% (565,000$) en raison de diff茅rends entre actionnaires et des co没ts li茅s 脿 une bataille de procuration. La direction a exprim茅 des inqui茅tudes quant 脿 la capacit茅 de l'entreprise 脿 poursuivre son activit茅 (going concern), 茅voquant l'incertitude sur les honoraires professionnels et les flux de tr茅sorerie d'exploitation.
Barnwell Industries (NYSE American:BRN) meldete schwierige Finanzergebnisse f眉r das dritte Quartal 2025: die Umsatzerl枚se aus fortgef眉hrten Gesch盲ftsbereichen sanken auf $3.19 million von $4.51 million im dritten Quartal 2024. Das Unternehmen verzeichnete einen h枚heren Nettogewinnverlust von $1.55 million ($0.15 je Aktie) gegen眉ber einem Verlust von $1.02 million ($0.10 je Aktie) im Vorjahreszeitraum.
Die Gesellschaft k眉ndigte den Verkauf aller US-脰l- und Erdgasverm枚gen f眉r $2.3 million an und rechnet mit einem Verlust aus dem Verkauf in H枚he von $700,000. Zudem stiegen die allgemeinen Verwaltungsaufwendungen um 43% (565,000$) aufgrund von Aktion盲rsstreitigkeiten und Kosten eines Proxy-Kampfes. Das Management 盲u脽erte Bedenken hinsichtlich der Fortf眉hrungsf盲higkeit des Unternehmens (going concern) und verwies auf Unsicherheiten bei den Berufsgeb眉hren und den operativen Cashflows.
- Sale of U.S. oil and natural gas assets generated $2.3 million in cash
- Foreign currency gains of $219,000 compared to prior year $61,000 loss
- Decrease in oil and natural gas depletion by $449,000
- Reduction in ceiling test impairment to $200,000 from $599,000 in prior year
- Net loss increased to $1.55 million from $1.02 million year-over-year
- Revenue declined 29% to $3.19 million from $4.51 million
- General and administrative expenses increased 43% due to proxy contest costs
- Management raised substantial doubt about ability to continue as going concern
- Expected $700,000 loss on sale of U.S. oil and natural gas assets
- Oil and natural gas operating results decreased by $299,000
- Company needs to raise additional capital to develop assets and reduce working capital deficit
Insights
Barnwell's concerning Q3 results show deepening losses, cash from asset sale, and explicit going concern warning.
Barnwell Industries' Q3 2025 results reveal several concerning trends. Revenue from continuing operations dropped significantly to
The deterioration stems from multiple factors. General and administrative expenses surged
The most significant development is the sale of all U.S. oil and natural gas assets for
Most alarming is management's explicit statement raising "substantial doubt regarding our ability to continue as a going concern" due to shareholder dispute costs and tariff-related impacts on oil prices. The company is investigating funding options including debt financing, stock issuance, and potential sale of real estate development partnership interests, but no concrete plans are in place.
The cash from the U.S. asset sale provides temporary relief but doesn't address the fundamental challenges of production declines and ongoing operational losses. Management acknowledges the need to raise additional capital to develop remaining assets and achieve economies of scale. With continuing proxy contest costs expected beyond Q3 and the annual stockholders meeting postponed until September, financial pressures will persist in the near term.
HONOLULU, HI / / August 13, 2025 / Barnwell Industries, Inc. (NYSE American:BRN) today reported financial results for its third quarter ended June 30, 2025. For the quarter, the Company had revenue from continuing operations of
The net loss from continuing operations for the three months ended June 30, 2025, was primarily due to an increase of
Oil and Natural Gas Operating Results
Oil and natural gas operating results decreased
Foreign Currency Gain
The net loss from continuing operations for the three months ended June 30, 2025 included a
Sale of U.S. Oil and Natural Gas Properties
On August 8, 2025, the Company entered into an agreement with an independent third party to sell all of its working interest in U.S. oil and natural gas assets for a purchase price of
Proxy Contest, Expenses Increase
While the aforementioned shareholder proxy contest is not continuing as of the date of this report, the Company's annual stockholders meeting has been rescheduled to September 10, 2025 as a result of the dispute with the Sherwood Group and thus related costs will continue to be incurred until the matter is resolved. Accordingly, general and administrative expenses will continue to be affected by this matter beyond June 30, 2025. The Company is unable to estimate the amount of such future costs as the matter is ongoing and such costs will depend upon the future actions to be taken, which are yet to be determined.
Due to the recent shareholder consent solicitation and the proxy contest costs incurred and estimated to be incurred, and the impacts of recently imposed tariffs which have caused a reduction in oil prices and have had an impact on the U.S. economy as a whole, we now face greater uncertainty about our professional fees and oil and natural gas operating cash inflows, which in turn has raised substantial doubt regarding our ability to continue as a going concern. The Company is investigating potential sources of funding, including debt financing, the issuance of stock, and the partial or complete sale of its remaining interests in the Kukio Resort Land Development Partnerships. However, no probable timing or amounts of such funding have yet been secured.
Summary and Outlook
Craig D. Hopkins, CEO, stated, "The sale of our U.S. oil and natural gas properties provides capital to invest in the well workovers and optimization opportunities in our Twining field that are required to replace production declines. It will also assist in reducing our working capital deficit due to ongoing costs associated with shareholder disputes. Looking forward, the Company will need to raise additional capital to develop our assets at Twining and dilute our fixed costs across a higher revenue base."
Forward-Looking Statements
The 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 ended | Nine months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Revenues | $ | 3,192,000 | $ | 4,506,000 | $ | 10,695,000 | $ | 14,346,000 | ||||||||
Net loss from continuing operations attributable to Barnwell Industries, Inc. | $ | (1,550,000 | ) | $ | (1,018,000 | ) | $ | (4,686,000 | ) | $ | (2,674,000 | ) | ||||
Net (loss) earnings from discontinued operations | - | (228,000 | ) | 12,000 | (1,008,000 | ) | ||||||||||
Net loss attributable to Barnwell Industries, Inc. | $ | (1,550,000 | ) | $ | (1,246,000 | ) | $ | (4,674,000 | ) | $ | (3,682,000 | ) | ||||
Basic and diluted net loss per share: | ||||||||||||||||
Net loss from continuing operations attributable to Barnwell Industries, Inc. | $ | (0.15 | ) | $ | (0.10 | ) | $ | (0.47 | ) | $ | (0.27 | ) | ||||
Net loss from discontinued operations | - | (0.02 | ) | - | (0.10 | ) | ||||||||||
Net loss attributable to Barnwell Industries, Inc. | $ | (0.15 | ) | $ | (0.12 | ) | $ | (0.47 | ) | $ | (0.37 | ) | ||||
Weighted-average shares and | ||||||||||||||||
Basic and diluted | 10,053,534 | 10,028,090 | 10,051,390 | 10,014,609 | ||||||||||||
COMPANY:
Barnwell Industries, Inc.
1100 Alakea Street, Suite 500
Honolulu, HI 96813
Telephone: (808) 531-8400
Fax: (808) 531-7181
Website:
CONTACT:
Craig D. Hopkins
Chief Executive Officer and President
Phone: (403) 531-1560
Email: [email protected]
SOURCE: Barnwell Industries
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FAQ
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