Barnwell Industries (NYSE: BRN) cuts Q3 loss, exits Hawai‘i real estate
Rhea-AI Filing Summary
Barnwell Industries, Inc. reported improved third-quarter results for the period ended June 30, 2026, with revenue of $3,379,000 and a consolidated net loss of $403,000, compared with revenue of $2,535,000 and a net loss of $1,116,000 in the prior quarter. Net loss attributable to shareholders narrowed to $440,000, or $0.03 per share, versus $1,150,000, or $0.09 per share. Production increased to 82,000 BOE from 75,000 BOE, and the company remained debt free with $4,467,000 in cash and cash equivalents and $3,070,000 of working capital.
Cost initiatives reduced salaries, wages and bonuses by 12%, and cash general and administrative expenses declined to $1,280,000. Adjusted EBITDA improved to a positive $425,000 from negative $369,000. Barnwell is exiting its Hawai‘i real estate development activities through an agreement to sell remaining interests for approximately $1,550,000 in cash plus an expected $770,000 pre-closing distribution, and continues to evaluate strategic alternatives for its Canadian oil and gas business and broader transformative M&A opportunities.
Positive
- Net loss narrowed significantly, with net loss attributable to shareholders improving to $440,000 from $1,150,000 in the prior quarter and from $1,550,000 in the prior-year quarter.
- Adjusted EBITDA turned positive to $425,000 from negative $369,000 sequentially, supported by higher production of 82,000 BOE and cost reductions including a 12% decline in salaries, wages and bonuses.
- Barnwell maintained a debt-free balance sheet with $4,467,000 in cash and cash equivalents and $3,070,000 of working capital, supporting continued strategic flexibility.
- The company is exiting non-core Hawai‘i real estate via a definitive sale agreement for approximately $1,550,000 in cash plus an expected $770,000 distribution, simplifying its asset base.
Negative
- Operations remain unprofitable, with net loss from continuing operations attributable to the company at $440,000 for the quarter and $3,016,000 year-to-date.
- Year-to-date revenue declined to $8,660,000 from $10,695,000 in the prior-year period, indicating a meaningful reduction in overall business scale despite quarterly sequential improvement.
Filing Explained
The rights plan has expired; the Canadian review is undecided, and the Hawaii exit still depends on closing conditions.
This Form 8-K reports a material event and furnishes Barnwell’s June 30 financial results; it also reports that the limited-duration shareholder rights plan expired on
The Canadian oil and gas review remains unresolved: Barnwell is evaluating indications of interest from potential counterparties and has not decided whether to pursue or complete a transaction.
The Hawai‘i sale agreement remains subject to customary closing conditions, with closing expected before
For historical liquidity context, the
Sources and calculations
- Barnwell Industries Form 8-K and Exhibit 99.1 (2026-08-11)
- Form 8-K purpose (2026-07-17)
- Barnwell Industries latest quarterly fundamentals (2026Q2)
- Cash and equivalents vs quarterly operating cash outflow, in days of cash use $4,016,000 / ($655,000 / 90) = [object Object]
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Quarterly revenue: $3,379,000
Net loss attributable to shareholders: $440,000
Adjusted EBITDA: $425,000
+5 more
8 metrics
Quarterly revenue
$3,379,000
Revenue for the quarter ended June 30, 2026
Net loss attributable to shareholders
$440,000
Quarter ended June 30, 2026, or $0.03 per share
Adjusted EBITDA
$425,000
Quarter ended June 30, 2026, versus negative $369,000 prior quarter
Cash and cash equivalents
$4,467,000
Balance at quarter end, with the company remaining debt free
Working capital
$3,070,000
Working capital at June 30, 2026
Production volume
82,000 BOE
Barrels of oil equivalent produced in the quarter, up from 75,000 BOE
Hawai‘i development sale consideration
$1,550,000
Approximate cash proceeds from sale of remaining Hawai‘i interests
Year-to-date revenue
$8,660,000
Nine months ended June 30, 2026, versus $10,695,000 prior year
Key Terms
Adjusted EBITDA, cash general and administrative expenses, asset retirement obligation, shareholder rights plan, +2 more
6 terms
Adjusted EBITDA financial
"Barnwell generated positive Adjusted EBITDA, a non-GAAP measure, of $425,000 for the quarter"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
cash general and administrative expenses financial
"Cash general and administrative expenses, a non-GAAP measure excluding share-based compensation"
asset retirement obligation financial
"Accretion of asset retirement obligation, net periodic benefit of pension plan"
A liability recorded for the future cost to retire, dismantle or clean up a long-lived asset — for example removing an oil rig, closing a mine, or decommissioning a plant. Investors care because it reduces reported profit and ties up capital: companies must estimate and set aside money now for a known future expense, and changes to that estimate can swing earnings, debt ratios and the company’s cash needs much like setting aside savings to repair or return a rented property later.
discontinued operations financial
"Net loss from discontinued operations | — | — | — | 12,000"
Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.
supplemental executive retirement plan financial
"Net periodic cost of supplemental executive retirement plan (“SERP”)"
Earnings Snapshot
Quarterly revenue: $3,379,000
Quarter and nine months ended June 30, 2026
Quarterly revenue
$3,379,000
Higher than $2,535,000 in the prior quarter and $3,192,000 in the prior-year quarter
Net loss attributable to Barnwell Industries, Inc.
$440,000
Improved from $1,150,000 in the prior quarter and $1,550,000 in the prior-year quarter
Adjusted EBITDA
$425,000
Rose from negative $369,000 in the immediately preceding quarter
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Barnwell Industries (BRN) perform in the quarter ended June 30, 2026?
Barnwell reported revenue of $3,379,000 and a consolidated net loss of $403,000 for the quarter, improving from $2,535,000 revenue and a $1,116,000 net loss in the prior quarter as production and pricing strengthened.
Did Barnwell Industries (BRN) improve profitability metrics in Q3 2026?
Yes. Net loss attributable to shareholders improved to $440,000 ($0.03 per share) from $1,150,000 ($0.09 per share) sequentially, and Adjusted EBITDA turned positive at $425,000 versus negative $369,000 in the prior quarter.
What is Barnwell Industries’ (BRN) financial position after Q3 2026?
Barnwell ended the quarter debt free with $4,467,000 in cash and cash equivalents and $3,070,000 of working capital, providing liquidity to support operations and ongoing strategic evaluations.
What strategic transactions is Barnwell Industries (BRN) pursuing?
Barnwell is evaluating strategic alternatives for its Canadian oil and gas business, including a potential sale, and is actively considering potentially transformative mergers, acquisitions and other strategic transactions across and beyond the energy sector.
How is Barnwell Industries (BRN) exiting its Hawai‘i real estate activities?
Barnwell signed a definitive agreement to sell its remaining Hawai‘i development interests for approximately $1,550,000 in cash, expects an additional $770,000 pre-closing distribution, and anticipates fully exiting these activities after closing and partnership wind-up.
What cost reductions did Barnwell Industries (BRN) achieve in Q3 2026?
Salaries, wages and bonuses declined 12% versus the prior quarter, general and administrative expenses fell to $1,409,000, and cash general and administrative expenses decreased to $1,280,000, about 8% lower sequentially.
How did Barnwell Industries’ (BRN) production change in Q3 2026?
Barnwell increased production to 82,000 BOE in the quarter from 75,000 BOE in the prior quarter, a 9% increase, which, along with improved pricing, supported better oil and natural gas operating results.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 11, 2026
(Exact Name of Registrant as Specified in its Charter)
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(State or other jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of Principal Executive Offices) (Zip Code)
(713 ) 730-7026
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 |
Results of Operations and Financial Condition
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On August 11, 2026, Barnwell Industries, Inc. issued a press release announcing its financial results for its third fiscal quarter ended June 30,
2026. A copy of such press release is furnished as Exhibit 99.1 to this Current Report.
The information furnished pursuant to Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and
shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any
other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
| Item 9.01 |
Financial Statements and Exhibits.
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(d) Exhibits
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Exhibit No.
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Description
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99.1
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Press release dated August 11, 2026.
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Dated: August 11, 2026
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BARNWELL INDUSTRIES, INC.
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By:
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/s/ Philip F. Patman, Jr.
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Name:
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Philip F. Patman, Jr.
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Title:
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Chief Financial Officer and Treasurer
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Exhibit 99.1
Barnwell Industries, Inc. Reports Results for Its Third Quarter
Ended June 30, 2026
Sequential Quarter-on-Quarter Results Improve as Company Increases Production, Lowers Costs, and Strengthens Balance Sheet While
Continuing to Evaluate Strategic Transformational Opportunities
HOUSTON, TX / ACCESS Newswire / August 11, 2026 / Barnwell
Industries, Inc. (NYSE American: BRN) today reported financial results for its third quarter ended June 30, 2026.
Barnwell continued to improve its operating and cost structure during the third quarter as the Company benefited from lower administrative expenses, improved oil and gas operating results stemming both from increased production and product pricing, and the completion of its corporate transition from
Honolulu, Hawai‘i to a lower-cost Houston based platform.
For the quarter ended June 30, 2026, Barnwell reported revenue
of $3,379,000 and a consolidated net loss of $403,000, compared to revenue of
$2,535,000 and a consolidated net loss of $1,116,000 for the quarter ended March 31, 2026. Net loss attributable to Barnwell shareholders improved to $440,000,
or $0.03 per share, compared with $1,150,000, or $0.09 per share, in the prior quarter. These results were generated not only by improved pricing, but also
increased production of 82,000 barrels of oil equivalent (“BOE”) during the quarter, compared with 75,000 BOE during the previous quarter, reflecting a nine percent (9%) overall increase.
The Company also maintained its strong balance sheet, remaining debt free and ending the quarter with $4,467,000 in cash and cash equivalents and $3,070,000 of working capital. Reflecting the combination of increased
production, improved pricing and more efficient cost structure, Barnwell generated positive Adjusted EBITDA, a non-GAAP measure, of $425,000 for the quarter ended
June 30, 2026, a significant improvement from negative Adjusted EBITDA of $369,000 in the immediately preceding quarter.
Management believes these sequential results demonstrate tangible progress in repositioning Barnwell around a leaner operating model and more
focused asset base. Management also believes that quarter-on-quarter comparisons provide the most meaningful framework for evaluating the Company’s recent performance given its previously disclosed divestitures of U.S. and select Canadian oil and
gas assets, which materially reduced the Company’s asset base relative to the prior-year.
Efficiencies, Cost Reduction Initiatives, and Overall Operational Results Improvements
During the quarter, Barnwell continued to execute initiatives focused on streamlining operations, reducing overhead, and improving long-term
operating leverage. Salaries, wages and bonuses declined 12% compared to the quarter ended March 31, 2026. General and administrative expenses decreased to $1,409,000 from $1,521,000 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 $1,280,000 from $1,392,000. Excluding insurance recoveries of $26,000 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 March 31, 2026, Barnwell reduced
its net loss from continuing operations by approximately 64%, lowered cash general and administrative expenses by 8%, improved oil and natural gas operating
performance, and maintained a debt-free balance sheet with almost $4.5 million of cash and cash equivalents.
Oil and Natural Gas Operating Results
Oil and natural gas operating results increased by $670,000 to
$757,000 for the three
months ended June 30, 2026 compared to the three months ended March 31, 2026. This increase was attributable to a $858,000 increase in oil and natural gas revenues and a $7,000 decrease in oil and natural gas depletion expense, partially offset by a $195,000 increase in oil and natural gas operating expenses.
Barnwell’s oil and gas operating results following the third quarter continue to be positively impacted by the elevated recent prices for oil.
Foreign Currency Gain
Net loss from continuing operations for the three months ended June
30, 2026 included a $56,000 foreign currency loss, compared to a $58,000
gain in the prior quarter. This reflects a nominal impact of $2,000 due to changes in the U.S. dollar relative to the Canadian dollar on intercompany balances.
Expiration of Shareholder Rights Plan
The Company’s limited-duration shareholder rights plan expired in accordance with its terms on July 29, 2026. The Board elected not to renew the
plan, further simplifying the Company’s governance structure as it continues to pursue its strategic objectives.
Canadian Oil and Gas Business Sale Process
As 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 continues to evaluate indications of interest from potential counterparties. The Company has not determined whether it will pursue or
consummate any transaction.
Exit from Company’s Longstanding Real Estate Development Activities in Hawai‘i
As previously reported, in July 2026, the Company entered into a definitive agreement to sell its remaining Hawai‘i development interests and
related project rights for approximately $1,550,000 in cash, based on a gross purchase price of $1,770,000, subject to customary closing conditions, and expects to receive an additional pre-closing distribution of approximately $770,000.
The transaction, which is expected to close prior to the Company’s September 30, 2026 fiscal year-end, includes Barnwell’s indirect interests in the partnerships holding interests in the Increment 1 and Increment 2 areas of Lot 4-A at Ka‘upulehu on
the Island of Hawai‘i, together with related development rights. Following completion of the transaction and the winding up of its remaining Hawai‘i partnership activities, Barnwell expects to have fully exited its longstanding real estate
development activities in Hawai‘i.
Summary and Outlook
Barnwell’s immediate priorities are centered on disciplined execution and maximizing the value of its existing assets while positioning the Company
for its next phase of growth. Within its core oil and gas operations, the Company will continue to pursue opportunities to increase production where attractive returns can be achieved with modest incremental capital. In parallel, Barnwell is
completing its assessment of strategic alternatives for its Canadian oil and gas business, including a potential sale.
At the same time, the Board and management are actively evaluating opportunities that could meaningfully enhance Barnwell’s scale, earnings profile
and long-term value proposition. This includes the consideration of potentially transformative mergers, acquisitions and other strategic transactions across a broad range of industries. Importantly, this mandate is not limited to the energy sector.
The Board believes Barnwell’s experienced, multidisciplinary management team and directors, together with the Company’s financial flexibility and public company platform, provide the ability to identify, evaluate and execute compelling
opportunities wherever they may arise.
Management believes Barnwell approaches this next phase from a position of increasing strength. The Company combines a debt-free balance sheet,
growing cash and cash equivalents, positive working capital, a longstanding U.S. public company platform, U.S. net operating loss carryforwards and high-quality Canadian oil and gas assets. Collectively, these attributes provide both financial
flexibility and strategic optionality as the Company evaluates opportunities capable of creating meaningful long-term shareholder value.
Philip Patman, Jr., Barnwell’s Chief Financial Officer and a member of the Company’s Board of Directors, stated, “This quarter represents another
important step in Barnwell’s transformation. We materially reduced our cost structure, entered into an agreement to exit our longstanding Hawai‘i real estate development activities, increased oil and gas production, improved operating performance
and generated positive Adjusted EBITDA, all while maintaining a debt-free balance sheet. We also allowed our limited-duration shareholder rights plan to expire without renewal.
“These actions have created a leaner, more focused and financially flexible Barnwell and, importantly, position us to look forward rather than
backward. We are now actively evaluating opportunities to build upon that foundation, including potentially transformative M&A transactions both within and outside the energy sector. Our objective is not simply to preserve the existing
business, but to identify opportunities capable of meaningfully improving Barnwell’s scale, earnings potential and long-term value proposition for shareholders.
“We believe the combination of our strengthened financial position, public company platform, tax attributes and existing asset base provides us with
meaningful strategic optionality. We intend to be disciplined and selective, but we are prepared to act decisively when we identify an opportunity that we believe can create substantial long-term value for Barnwell shareholders.”
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 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 Measures
In 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.
Cash general and administrative expenses
The Company defines cash general and administrative expenses as general and administrative expenses excluding share‑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. The following table provides a reconciliation to our interim condensed consolidated financial statements.
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Three months ended
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June 30, 2026
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March 31, 2026
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General and administrative expenses
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$
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1,409,000
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$
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1,521,000
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Less:
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Share-based compensation
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125,000
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128,000
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Other non-cash items
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4,000
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1,000
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Cash general and administrative expenses
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$
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1,280,000
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$
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1,392,000
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Adjusted EBITDA
The Company defines Adjusted EBITDA as net loss attributable to Barnwell Industries, Inc. adjusted for depreciation, depletion and amortization
expense, interest expense, income tax provision (benefit), impairment of assets, accretion of asset retirement obligation, net periodic benefit of pension plan, net periodic cost of supplemental executive retirement plan (“SERP”), and share-based
compensation expense. Management believes Adjusted EBITDA provides useful supplemental information to investors by facilitating evaluation of the Company’s operating performance and comparisons across periods by excluding the effects of financing
and tax matters and certain non-cash and other items. Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss) or other financial measures prepared in accordance with U.S. GAAP, and may not be comparable to
similarly titled measures used by other companies. The following table provides a reconciliation to our interim condensed consolidated financial statements.
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Three months ended
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June 30, 2026
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March 31, 2026
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Net loss attributable to Barnwell Industries, Inc.
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$
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(440,000
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)
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$
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(1,150,000
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)
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Add back:
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Depletion, depreciation, and amortization
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546,000
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561,000
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Interest expense
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1,000
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—
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Income tax provision (benefit)
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108,000
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6,000
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Impairment of assets
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—
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—
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Accretion of asset retirement obligation
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187,000
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188,000
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Net periodic benefit of pension plan
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(128,000
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)
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(128,000
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)
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Net periodic cost of SERP
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26,000
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26,000
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Share-based compensation
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125,000
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128,000
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Adjusted EBITDA
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$
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425,000
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$
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(369,000
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)
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COMPARATIVE OPERATING RESULTS
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||||||||||||||||
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(Unaudited)
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||||||||||||||||
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Three months ended
June 30,
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Three months ended
June 30,
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2026
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2025
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2026
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2025
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Revenues
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$
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3,379,000
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$
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3,192,000
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$
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8,660,000
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$
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10,695,000
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Net loss from continuing operations attributable to Barnwell Industries, Inc.
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$
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(440,000
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)
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$
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(1,550,000
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)
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$
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(3,016,000
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)
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$
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(4,686,000
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)
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Net loss from discontinued operations
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—
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—
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—
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12,000
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||||||||||||
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Net loss attributable to Barnwell Industries, Inc.
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$
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(440,000
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)
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$
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(1,550,000
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)
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$
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(3,016,000
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)
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$
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(4,674,000
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)
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Basic and diluted net loss per share:
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||||||||||||||||
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Net loss from continuing operations attributable to Barnwell Industries, Inc.
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$
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(0.03
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)
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$
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(0.15
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)
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$
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(0.24
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)
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$
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(0.47
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)
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||||
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Net loss from discontinued operations
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—
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—
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—
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—
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||||||||||||
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Net loss attributable to Barnwell Industries, Inc.
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$
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(0.03
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)
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$
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(0.15
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)
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$
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(0.24
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)
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$
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(0.47
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)
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Weighted-average number of common shares outstanding:
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Basic and diluted
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14,313,866
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10,053,534
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12,688,620
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10,051,390
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COMPANY:
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Barnwell Industries, Inc.
24 Greenway Plaza, Suite 1800Q
Houston, Texas 77046
Telephone: (713) 730-7026
Website: www.brninc.com
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CONTACT:
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Philip Patman, Jr.
Chief Financial Officer and Treasurer
Phone: (713) 730-7026
Email: barnwellinfo@brninc.com
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