Barnwell Industries Inc 10-Q for FY2025 Q3

Barnwell Industries Inc (BRN)

10-Q 2025-08-13 For: 2025-06-30

Added on April 09, 2026

About this 10-Q

Barnwell Industries Inc filed this 10-Q on August 13, 2025, covering the quarter ended June 30, 2025 (FY2025 Q3).

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $3.19M; down 29.2% from $4.51M a year earlier
Net loss: $1.55M; compared with a net loss of $1.25M a year earlier
Diluted EPS: -$0.15; compared with -$0.12 a year earlier

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Delaware						72-0496921
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

1100 Alakea Street, Suite 500, Honolulu, Hawaii						96813
(Address of principal executive offices)						(Zip code)

(808) 531-8400
(Registrant’s telephone number, including area code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.50 par value	BRN	NYSE American
Common Stock Purchase Rights	N/A	NYSE American


PART I.	FINANCIAL INFORMATION:
Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets - June 30, 2025 and September 30, 2024	3
	Condensed Consolidated Statements of Operations - three and nine months ended June 30, 2025 and 2024	4
	Condensed Consolidated Statements of Comprehensive Loss - three and nine months ended June 30, 2025 and 2024	5
	Condensed Consolidated Statements of Equity - three and nine months ended June 30, 2025 and 2024	6
	Condensed Consolidated Statements of Cash Flows - nine months ended June 30, 2025 and 2024	8
	Notes to Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
Item 4.	Controls and Procedures	44
PART II.	OTHER INFORMATION:
Item 1.	Legal Proceedings	45
Item 1A.	Risk Factors	45
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	47
Item 5.	Other Information	47
Item 6.	Exhibits	48
	Signature	49
	Index to Exhibits	50


	June 30, 2025		September 30, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	1,154,000	$	4,285,000

Accounts and other receivables, net of allowance for credit losses of: $50,000 at June 30, 2025; $141,000 at September 30, 2024	1,884,000		2,190,000


Note receivable	450,000		—
Other current assets	630,000		873,000
Current assets of discontinued operations	—		1,535,000
Total current assets	4,118,000		8,883,000

Asset for retirement benefits	5,207,000		4,899,000

Operating lease right-of-use assets	172,000		39,000
Other non-current assets	281,000		—
Property and equipment:
Proved oil and natural gas properties (full cost method)	83,849,000		83,557,000


Other property and equipment	506,000		509,000
Total property and equipment	84,355,000		84,066,000
Accumulated depletion, impairment, depreciation, and amortization	(70,376,000)		(67,500,000)
Total property and equipment, net	13,979,000		16,566,000
Non-current assets of discontinued operations	—		282,000
Total assets	$	23,757,000	$	30,669,000

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	1,902,000	$	1,785,000
Accrued capital expenditures	137,000		2,407,000
Accrued compensation	296,000		526,000
Accrued operating and other expenses	1,310,000		1,465,000

Current portion of asset retirement obligation	1,319,000		798,000
Other current liabilities	475,000		301,000
Current liabilities of discontinued operations	—		530,000
Total current liabilities	5,439,000		7,812,000


Operating lease liabilities	107,000		7,000

Liability for retirement benefits	1,966,000		1,898,000
Asset retirement obligation	7,613,000		7,790,000
Deferred income tax liabilities	49,000		100,000
Total liabilities	15,174,000		17,607,000
Commitments and contingencies
Equity:
Common stock, par value $0.50 per share; authorized, 40,000,000 shares: 10,221,434 issued at June 30, 2025; 10,195,990 issued at September 30, 2024	5,111,000		5,098,000
Additional paid-in capital	7,824,000		7,690,000
(Accumulated deficit) retained earnings	(4,079,000)		595,000
Accumulated other comprehensive income, net	1,996,000		1,943,000
Treasury stock, at cost: 167,900 shares at June 30, 2025 and September 30, 2024	(2,286,000)		(2,286,000)
Total stockholders’ equity	8,566,000		13,040,000
Non-controlling interests	17,000		22,000
Total equity	8,583,000		13,062,000
Total liabilities and equity	$	23,757,000	$	30,669,000


	Three months ended June 30,				Nine months ended June 30,
	2025		2024		2025		2024
Revenues:
Oil and natural gas	$	3,153,000	$	4,452,000	$	10,593,000	$	13,726,000

Sale of interest in leasehold land	—		—		—		500,000
Gas processing and other	39,000		54,000		102,000		120,000
	3,192,000		4,506,000		10,695,000		14,346,000
Costs and expenses:
Oil and natural gas operating	2,082,000		2,234,000		6,564,000		7,355,000

General and administrative	1,868,000		1,303,000		5,193,000		3,879,000
Depletion, depreciation, and amortization	844,000		1,294,000		2,502,000		4,095,000
Impairment of assets	200,000		599,000		865,000		2,276,000
Foreign currency (gain) loss	(219,000)		61,000		122,000		63,000
Interest expense	4,000		—		5,000		—



	4,779,000		5,491,000		15,251,000		17,668,000
Loss from continuing operations before equity in income of affiliates and income taxes	(1,587,000)		(985,000)		(4,556,000)		(3,322,000)
Equity in income of affiliates	—		—		—		1,071,000
Loss from continuing operations before income taxes	(1,587,000)		(985,000)		(4,556,000)		(2,251,000)
Income tax (benefit) provision	(34,000)		21,000		135,000		187,000
Net loss from continuing operations	(1,553,000)		(1,006,000)		(4,691,000)		(2,438,000)
Net (loss) earnings from discontinued operations	—		(228,000)		12,000		(1,008,000)
Net loss	(1,553,000)		(1,234,000)		(4,679,000)		(3,446,000)
Less: Net (loss) earnings attributable to non-controlling interests	(3,000)		12,000		(5,000)		236,000
Net loss attributable to Barnwell Industries, Inc.	$	(1,550,000)	$	(1,246,000)	$	(4,674,000)	$	(3,682,000)
Basic and diluted loss per common share attributable to Barnwell Industries, Inc. stockholders:
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 number of common shares outstanding:
Basic and diluted	10,053,534		10,028,090		10,051,390		10,014,609


	Shares Outstanding	Common Stock		Additional Paid-In Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Income		Treasury Stock		Non-controlling Interests		Total Equity
Balance at March 31, 2024	10,028,090	$	5,098,000	$	7,779,000	$	3,724,000	$	2,069,000	$	(2,286,000)	$	14,000	$	16,398,000
Net (loss) earnings	—	—		—		(1,246,000)		—		—		12,000		(1,234,000)
Foreign currency translation adjustments, net of taxes of $0	—	—		—		—		12,000		—		—		12,000
Distributions to non-controlling interests	—	—		—		—		—		—		(3,000)		(3,000)
Acquisition of non-controlling interest	—	—		(186,000)		—		—		—		1,000		(185,000)
Share-based compensation	—	—		42,000		—		—		—		—		42,000




Retirement plans:
Amortization of accumulated other comprehensive gain into net periodic benefit cost, net of taxes of $0	—	—		—		—		(21,000)		—		—		(21,000)


Balance at June 30, 2024	10,028,090	$	5,098,000	$	7,635,000	$	2,478,000	$	2,060,000	$	(2,286,000)	$	24,000	$	15,009,000

Balance at March 31, 2025	10,053,534	$	5,111,000	$	7,806,000	$	(2,529,000)	$	2,033,000	$	(2,286,000)	$	20,000	$	10,155,000
Net loss	—	—		—		(1,550,000)		—		—		(3,000)		(1,553,000)
Foreign currency translation adjustments, net of taxes of $0	—	—		—		—		(37,000)		—		—		(37,000)

Share-based compensation	—	—		18,000		—		—		—		—		18,000







Balance at June 30, 2025	10,053,534	$	5,111,000	$	7,824,000	$	(4,079,000)	$	1,996,000	$	(2,286,000)	$	17,000	$	8,583,000


	Three months ended June 30,
	2025		2024
Revenue	$	169,000	$	518,000
Gross (loss) profit	$	(46,000)	$	129,000
Net loss	$	(538,000)	$	(338,000)


	Nine months ended June 30,
	2025		2024
Revenue	$	5,761,000	$	12,557,000
Gross profit	$	2,612,000	$	8,275,000
Net earnings	$	1,013,000	$	6,674,000


	Pension Plan				SERP
	Three months ended June 30,
	2025		2024		2025		2024

Interest cost	$	98,000	$	103,000	$	24,000	$	24,000
Expected return on plan assets	(200,000)		(192,000)		—		—

Amortization of net actuarial gain	—		—		—		(21,000)

Net periodic benefit (income) cost	$	(102,000)	$	(89,000)	$	24,000	$	3,000


		Three months ended June 30, 2025
		Oil and natural gas		Land investment		Other		Total
Revenue streams:
	Oil	$	2,360,000	$	—	$	—	$	2,360,000
	Natural gas	430,000		—		—		430,000
	Natural gas liquids	363,000		—		—		363,000


	Other	—		—		25,000		25,000
	Total revenues before interest income	$	3,153,000	$	—	$	25,000	$	3,178,000
Geographical regions:
	United States	$	347,000	$	—	$	—	$	347,000
	Canada	2,806,000		—		25,000		2,831,000
	Total revenues before interest income	$	3,153,000	$	—	$	25,000	$	3,178,000
Timing of revenue recognition:
	Goods transferred at a point in time	$	3,153,000	$	—	$	25,000	$	3,178,000


		Three months ended June 30, 2024
		Oil and natural gas		Land investment		Other		Total
Revenue streams:
	Oil	$	3,597,000	$	—	$	—	$	3,597,000
	Natural gas	378,000		—		—		378,000
	Natural gas liquids	477,000		—		—		477,000


	Other	—		—		33,000		33,000
	Total revenues before interest income	$	4,452,000	$	—	$	33,000	$	4,485,000
Geographical regions:
	United States	$	534,000	$	—	$	1,000	$	535,000
	Canada	3,918,000		—		32,000		3,950,000
	Total revenues before interest income	$	4,452,000	$	—	$	33,000	$	4,485,000
Timing of revenue recognition:
	Goods transferred at a point in time	$	4,452,000	$	—	$	33,000	$	4,485,000


		Nine months ended June 30, 2025
		Oil and natural gas		Land investment		Other		Total
Revenue streams:
	Oil	$	8,104,000	$	—	$	—	$	8,104,000
	Natural gas	1,267,000		—		—		1,267,000
	Natural gas liquids	1,222,000		—		—		1,222,000


	Other	—		—		58,000		58,000
	Total revenues before interest income	$	10,593,000	$	—	$	58,000	$	10,651,000
Geographical regions:
	United States	$	1,078,000	$	—	$	—	$	1,078,000
	Canada	9,515,000		—		58,000		9,573,000
	Total revenues before interest income	$	10,593,000	$	—	$	58,000	$	10,651,000
Timing of revenue recognition:
	Goods transferred at a point in time	$	10,593,000	$	—	$	58,000	$	10,651,000


		Nine months ended June 30, 2024
		Oil and natural gas		Land investment		Other		Total
Revenue streams:
	Oil	$	10,474,000	$	—	$	—	$	10,474,000
	Natural gas	1,768,000		—		—		1,768,000
	Natural gas liquids	1,484,000		—		—		1,484,000

	Contingent residual payments	—		500,000		—		500,000
	Other	—		—		66,000		66,000
	Total revenues before interest income	$	13,726,000	$	500,000	$	66,000	$	14,292,000
Geographical regions:
	United States	$	1,962,000	$	500,000	$	1,000	$	2,463,000
	Canada	11,764,000		—		65,000		11,829,000
	Total revenues before interest income	$	13,726,000	$	500,000	$	66,000	$	14,292,000
Timing of revenue recognition:
	Goods transferred at a point in time	$	13,726,000	$	500,000	$	66,000	$	14,292,000


	June 30, 2025		September 30, 2024		September 30, 2023
Accounts receivables from contracts with customers	$	1,128,000	$	1,472,000	$	2,344,000


Restricted Stock Units	Shares	Weighted-Average Grant Date Fair Value
Nonvested at October 1, 2024	110,892	$	2.63
Granted	171,820	1.82
Vested (1)	(20,000)	2.63
Forfeited	(78,356)	2.13
Nonvested at June 30, 2025	184,356	$	2.09


	Nine months ended June 30,
	2025		2024
Allowance for credit losses at beginning of period	$	141,000	$	50,000
(Reversal of) provision for expected credit losses	(8,000)		53,000
Write-offs charged against the allowance	(77,000)		(7,000)
Recoveries of amounts previously written off	—		16,000
Foreign currency translation adjustment	(6,000)		(2,000)
Allowance for credit losses at end of period	$	50,000	$	110,000


	Nine months ended June 30,
	2025		2024
Supplemental disclosure of cash flow information:
Cash paid during the period for:

Income taxes, net of refunds	$	148,000	$	71,000
Supplemental disclosure of non-cash financing activities:
Prepaid insurance funded directly by short-term premium financing borrowing	$	168,000	$	—


	Average Price Per Unit
	Three months ended				Increase
	June 30,				(Decrease)
	2025		2024		$		%
Natural Gas (Mcf)*	$	1.39	$	1.00	$	0.39	39	%
Oil (Bbls)**	$	55.78	$	70.64	$	(14.86)	(21	%)
Natural gas liquids (Bbls)**	$	25.93	$	29.81	$	(3.88)	(13	%)


	Average Price Per Unit
	Nine months ended				Increase
	June 30,				(Decrease)
	2025		2024		$		%
Natural Gas (Mcf)*	$	1.42	$	1.58	$	(0.16)	(10	%)
Oil (Bbls)**	$	60.99	$	66.16	$	(5.17)	(8	%)
Natural gas liquids (Bbls)**	$	28.44	$	29.67	$	(1.23)	(4	%)


	Net Production
	Three months ended		Increase
	June 30,		(Decrease)
	2025	2024	Units	%
Natural Gas (Mcf)*	290,000	348,000	(58,000)	(17	%)
Oil (Bbls)**	42,000	50,000	(8,000)	(16	%)
Natural gas liquids (Bbls)**	14,000	16,000	(2,000)	(13	%)


	(a)	(b)	(c)	(d)
Period	Total number of shares purchased (1)	Average price paid per share (1)	Total number of shares purchased as part of publicly announced plans or programs (2)	Maximum number of shares that may yet be purchased under the plans or programs (2)
April 1 - April 30, 2025	23,201	$1.50	—	—
May 1 - May 31, 2025	6,790	$1.31	—	—
June 1 - June 30, 2025	18,673	$1.24	—	—
Total	48,664


Exhibit Number						Description

10.1*#						Purchase and Sale Agreement, dated August 8, 2025

31.1*						Certification of Chief Executive Officer Pursuant To Section 302 of the Sarbanes-Oxley Act of 2002

31.2*						Certification of Chief Financial Officer Pursuant To Section 302 of the Sarbanes-Oxley Act of 2002

32**						Certification Pursuant To Section 906 of the Sarbanes-Oxley Act of 2002

101.INS*						Inline XBRL Instance Document

101.SCH*						Inline XBRL Taxonomy Extension Schema Document

101.CAL*						Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*						Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*						Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE*						Inline XBRL Taxonomy Extension Presentation Linkbase Document

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)


		BARNWELL INDUSTRIES, INC.
		(Registrant)


Date:	August 13, 2025	/s/ Russell M. Gifford
		Russell M. Gifford
		Executive Vice President,
		Chief Financial Officer, and Treasurer


CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS [****], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.


Date:	August 13, 2025	/s/ Craig D. Hopkins
		Craig D. Hopkins
		President and Chief Executive Officer


Dated:	August 13, 2025	/s/ Craig D. Hopkins
		Name: Craig D. Hopkins
		Title: President and Chief Executive Officer

Dated:	August 13, 2025	/s/ Russell M. Gifford
		Name: Russell M. Gifford
		Title: Executive Vice President, Chief Financial Officer, and Treasurer