$BRN

BARNWELL INDUSTRIES INC

CIK:0000010048|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Revenue	$ 3,379	$ 3,192	$ 8,660	$ 10,695
Costs and expenses:
General and administrative	1,409	1,868	4,546	5,193
Depletion, depreciation, and amortization	546	844	1,699	2,502
Impairment of assets	0	200	0	865
Foreign currency loss (gain)	56	(219)	67	122
Interest expense	1	4	1	5
Costs and Expenses	4,050	4,779	12,265	15,251
Loss from continuing operations before equity in income of affiliates and income taxes	(671)	(1,587)	(3,605)	(4,556)
Equity in income of affiliates	376	0	714	0
Loss from continuing operations before income taxes	(295)	(1,587)	(2,891)	(4,556)
Income tax provision (benefit)	108	(34)	40	135
Net loss from continuing operations	(403)	(1,553)	(2,931)	(4,691)
Net earnings from discontinued operations	0	0	0	12
Net loss	(403)	(1,553)	(2,931)	(4,679)
Less: Net earnings (loss) attributable to non-controlling interests	37	(3)	85	(5)
Net loss attributable to Barnwell Industries, Inc.	$ (440)	$ (1,550)	$ (3,016)	$ (4,674)
Basic and diluted loss per common share attributable to Barnwell Industries, Inc. stockholders:
Basic net loss per common share from continuing operations attributable to Barnwell Industries, Inc. stockholders (in dollars per share)	$ (0.03)	$ (0.15)	$ (0.24)	$ (0.47)
Diluted net loss per common share from continuing operations attributable to Barnwell Industries, Inc. stockholders (in dollars per share)	(0.03)	(0.15)	(0.24)	(0.47)
Basic net loss per common share from discontinued operations (in dollars per share)	0	0	0	0
Diluted net loss per common share from discontinued operations (in dollars per share)	0	0	0	0
Basic net loss per common share attributable to Barnwell Industries, Inc. stockholders (in dollars per share)	(0.03)	(0.15)	(0.24)	(0.47)
Diluted net loss per common share attributable to Barnwell Industries, Inc. stockholders (in dollars per share)	$ (0.03)	$ (0.15)	$ (0.24)	$ (0.47)
Weighted-average number of common shares outstanding:
Basic (in shares)	14,313,866	10,053,534	12,688,620	10,051,390
Diluted (in shares)	14,313,866	10,053,534	12,688,620	10,051,390
Oil and natural gas
Revenues:
Revenue	$ 3,341	$ 3,153	$ 8,454	$ 10,593
Costs and expenses:
Oil and natural gas operating	2,038	2,082	5,952	6,564
Depletion, depreciation, and amortization	546	844	1,690	2,501
Impairment of assets	0	200	0	865
Sale of interest in leasehold land
Revenues:
Revenue	0	0	70	0
Gas processing and other
Revenues:
Revenue	38	39	136	102
Costs and expenses:
Depletion, depreciation, and amortization	$ 0	$ 0	$ 9	$ 1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities of continuing operations:
Net loss	$ (403)	$ (1,553)	$ (2,931)	$ (4,679)
Net earnings from discontinued operations	0	0	0	12
Net loss from continuing operations	(403)	(1,553)	(2,931)	(4,691)
Adjustments to reconcile net loss from continuing operations to net cash (used in) provided by operating activities:
Depletion, depreciation, and amortization	546	844	1,699	2,502
Impairment of assets	0	200	0	865
Equity in income of affiliates	(376)	0	(714)	0
Retirement benefits income			(306)	(236)
Non-cash rent income			(7)	(1)
Accretion of asset retirement obligation			558	597
Deferred income tax (benefit) expense	0	(17)	0	(51)
Asset retirement obligation payments			(678)	(356)
Share-based compensation expense			347	147
Common stock issued for services			101	0
Retirement plan contributions and payments			(182)	(3)
Credit loss (reversal) expense			(4)	(8)
Foreign currency loss (gain)	56	(219)	67	122
(Decrease) increase from changes in current assets and liabilities			(1,049)	(50)
Net cash (used in) provided by operating activities from continuing operations			(3,099)	(1,163)
Cash flows from investing activities of continuing operations:
Distribution from equity investees in excess of earnings			323	0
Proceeds from the sale of oil and natural gas assets	0		0	282
Capital expenditures - oil and natural gas			(269)	(2,954)
Dividend received from discontinued operations			0	250
Cash divested from the sale of discontinued operations, net of proceeds			0	(163)
Payments received on note receivable related to the sale of discontinued operations			300	350
Net cash provided by (used in) investing activities from continuing operations			354	(2,235)
Cash flows from financing activities of continuing operations:
Repayments for insurance premium financing			0	(60)
Proceeds from issuance of stock, net of costs			4,381	0
Distributions to non-controlling interests			(35)	0
Net cash provided by financing activities from continuing operations			4,346	(60)
Cash flows from discontinued operations:
Net cash used in operating activities			0	(95)
Net cash provided by investing activities			0	538
Net cash used in financing activities			0	(250)
Net cash provided by discontinued operations			0	193
Effect of exchange rate changes on cash and cash equivalents			(20)	(86)
Net (decrease) increase in cash and cash equivalents			1,581	(3,351)
Cash and cash equivalents of continuing operations at end of period	$ 4,467	$ 1,154	$ 4,467	$ 1,154

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Sep. 30, 2025
Current assets:
Cash and cash equivalents	$ 4,467	$ 2,886
Accounts and other receivables, net of allowance for credit losses of: $48,000 at June 30, 2026; $49,000 at September 30, 2025	1,442	1,621
Note receivable	0	300
Other current assets	577	423
Total current assets	6,486	5,230
Asset for retirement benefits	6,312	5,928
Investments	391	0
Operating lease right-of-use assets	86	145
Other non-current assets	310	347
Property and equipment:
Proved oil and natural gas properties (full cost method)	73,536	74,511
Other property and equipment	286	500
Total property and equipment	73,822	75,011
Accumulated depletion, impairment, depreciation, and amortization	(65,918)	(65,849)
Total property and equipment, net	7,904	9,162
Total assets	21,489	20,812
Current liabilities:
Accrued capital expenditures	47	185
Accrued compensation	176	264
Accrued operating and other expenses	1,094	1,022
Current portion of asset retirement obligation	513	613
Other current liabilities	371	460
Total current liabilities	3,416	4,726
Operating lease liabilities	53	93
Liability for retirement benefits	1,756	1,791
Asset retirement obligation	7,309	7,162
Deferred income tax liabilities	18	18
Total liabilities	12,552	13,790
Commitments and contingencies (Note 16)
Equity:
Common stock, par value $0.50 per share; authorized, 40,000,000 shares: 14,595,960 issued at June 30, 2026; 10,241,434 issued at September 30, 2025	7,298	5,121
Additional paid-in capital	10,691	8,039
(Accumulated deficit) retained earnings	(9,524)	(6,508)
Accumulated other comprehensive income, net	2,694	2,642
Treasury stock, at cost: 167,900 shares at June 30, 2026 and September 30, 2025	(2,286)	(2,286)
Total stockholders’ equity	8,873	7,008
Non-controlling interests	64	14
Total equity	8,937	7,022
Total liabilities and equity	21,489	20,812
Nonrelated Party
Current liabilities:
Accounts payable	1,215	1,936
Related Party
Current liabilities:
Accounts payable	$ 0	$ 246