Financial Performance - Revenue from continuing operations for Q1 2025 was $2,746,000, a decrease of 30% from $3,934,000 in Q1 2024[2] - Net loss from continuing operations was $1,412,000 or $0.13 per share, compared to a net loss of $1,600,000 or $0.16 per share in the prior year[2][18] - Oil and natural gas revenues decreased by $1,267,000, with oil prices down 20% and natural gas prices up 64% compared to the prior year[4] Expenses and Costs - General and administrative expenses increased by $453,000, or 39%, primarily due to higher personnel costs and professional service fees[3] - Oil and natural gas operating results increased by $84,000, attributed to a $613,000 decrease in ceiling test impairment and a $425,000 decrease in operating expenses[4] Strategic Initiatives - The company has formally closed its Honolulu office and relocated its headquarters to Houston, Texas, aiming for operational efficiency and cost savings[9] - The board has tasked the CFO with evaluating strategic alternatives beyond the energy sector to enhance value creation opportunities[13] Financial Position - Barnwell's working capital at the end of the quarter was $1,826,000, including $3,622,000 in cash and cash equivalents[2] - In November 2025, the company completed a private placement generating gross proceeds of $2,443,000, strengthening its debt-free balance sheet[11] Foreign Currency Impact - The company recorded a foreign currency gain of $47,000, a positive shift from a $351,000 loss in the prior year[5]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended December 31, 2025 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 1-5103 BARNWELL INDUSTRIES, INC. (Exact name of registrant as specified in its charter) Delaware 72-0496921 (State or other jurisdiction of incorporation or organization) (I. ...

HOUSTON, 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. ...

Core Viewpoint - Barnwell Industries, Inc. announced the retirement of Russell M. Gifford as Executive Vice President, Chief Financial Officer, and Treasurer effective December 31, 2025, and the appointment of Philip F. [1] Company Summary - Russell M. Gifford will retire from his positions within the company on December 31, 2025 [1] - The company has appointed Philip F. to succeed Gifford [1]

Production and Sales - Barnwell's annual net production for fiscal 2025 was 1,105,000 Mcf of natural gas, 174,000 Bbls of oil, and 56,000 Bbls of natural gas liquids, resulting in a total production of 414,000 Boe[41]. - The average sales price per Mcf of natural gas in fiscal 2025 was $1.27, down from $2.64 in fiscal 2023, while the average price per Bbl of oil decreased to $60.49 from $69.77[41]. - In fiscal 2025, Barnwell amended contracts to fix the sales price for 1,055 gross Mcf per day of natural gas at $1.95 CAD, representing approximately 38% of daily production[56]. Capital Expenditures and Financials - Capital expenditures for fiscal 2025 were $939,000, significantly lower than $4,805,000 in fiscal 2024, primarily focused on equipment and facility upgrades[43][44]. - Barnwell received cash distributions of $1,071,000 from the Kukio Resort Land Development Partnerships, resulting in a net amount of $953,000 after distributing $118,000 to non-controlling interests in fiscal 2024[78]. Wells and Acreage - As of September 30, 2025, Barnwell had interests in 109 gross (62.9 net) producing wells, with 76 gross (58.2 net) being oil wells[49]. - Barnwell's undeveloped acreage as of September 30, 2025, included 22,506 gross acres, with 81% not subject to expiration[52]. - The company did not drill any new wells in fiscal 2025, following the drilling of one well in fiscal 2024[45][47]. Environmental and Regulatory Compliance - Barnwell is subject to extensive environmental laws and regulations, which can be costly to comply with and carry substantial penalties for non-compliance[82]. - Barnwell's cash deposits to the Orphan Well Association for site closure amounted to $975,000, with $462,000 spent on closure activities as of September 30, 2025[67]. Competition and Market Position - Barnwell competes in the oil and natural gas market against major companies and independent operators, highlighting its position as a minor participant in the industry[69]. - The competition in Barnwell's land investment segment is intense, with numerous independent companies and factors such as project location and pricing affecting market dynamics[79]. Land Development - Increment I consisted of 80 single-family lots, all sold between 2006 and 2024, while Increment II encompasses approximately 870 acres, with 420 developable acres entitled for up to 350 homesites[74]. - Kaupulehu Developments is entitled to 15% of the distributions from KD II, with a priority payout of 10% of KDK's cumulative net profits from Increment II sales, capped at $3,000,000[77]. - Barnwell holds a 19.6% interest in KDK, which agreed to sell its interests in Increment II for $2,109,000, subject to due diligence and no certainty of closing[73]. - The last two remaining single-family lots in Increment I were sold in fiscal 2024, marking the completion of sales in that segment[75]. - Barnwell has a 10.8% indirect non-controlling ownership interest in KD II through KDK, which is accounted for using the equity method[76]. - The company has not made definitive development plans for the remaining areas of Increment II, and there is uncertainty regarding future sales from this segment[74]. Employment - As of December 1, 2025, Barnwell employed 18 individuals, with 16 full-time and 2 part-time[81].

Financial Performance - Revenue from continuing operations for Q4 2025 was $3,022,000, with a net loss of $2,429,000 or $0.24 per share[3] - For the fiscal year ended September 30, 2025, revenue from continuing operations was $13,697,000, resulting in a net loss of $7,103,000 or $0.71 per share[3] - The increase in net loss for the year was primarily due to higher general and administrative expenses, lower commodity prices, and reduced production[4] - The weighted-average shares outstanding for the year were 10,056,479, with a basic and diluted net loss per share of $0.71 for the fiscal year[17] Asset Management - The company sold its U.S. oil and natural gas assets, resulting in no longer owning any such assets in the U.S.[5] - The sale of U.S. oil and natural gas properties allows the company to concentrate resources on workover and optimization initiatives at the Twining field[10] Capital Raising - A private placement offering in November 2025 raised approximately $2,443,000 through the issuance of 2,221,141 shares of common stock and warrants[6][7] - The company plans to use the proceeds from the private placement for general corporate purposes and to focus on high-return-on-invested-capital opportunities[7] Operational Strategy - Barnwell is relocating its corporate headquarters to Houston, Texas, and Calgary, Alberta, to streamline operations and reduce expenses[9] - The company anticipates maintaining flexibility to consider opportunities that may strengthen the value of the Twining asset and overall company potential[10]

Core Viewpoint - Barnwell Industries, Inc. reported a significant net loss for the fiscal year ended September 30, 2025, primarily due to increased expenses and lower revenues, while also announcing a private placement to raise capital for future operations [1][2][5]. Financial Performance - For the fourth quarter, the company reported revenues of $3,022,000 and a net loss of $2,429,000, translating to a loss of $0.24 per share [1]. - For the fiscal year, revenues were $13,697,000, with a net loss of $7,103,000, or $0.71 per share, compared to $18,075,000 in revenues and a net loss of $4,105,000, or $0.41 per share in the previous year [1][13]. Factors Contributing to Financial Results - The increase in net loss was attributed to higher general and administrative expenses, one-time costs related to shareholder consent solicitation, a loss from the sale of U.S. oil and natural gas interests, lower commodity prices, and reduced production [2]. - The company no longer owns any oil and natural gas assets in the U.S. following the sale of its assets in Texas and Oklahoma [3]. Capital Raise and Strategic Initiatives - In November 2025, Barnwell entered a securities purchase agreement to issue 2,221,141 shares of common stock and warrants for an aggregate gross proceeds of approximately $2,443,000 [4][5]. - The proceeds from the private placement will be utilized for general corporate purposes and are part of the company's strategy to focus on high-return opportunities and streamline operations [5]. Operational Changes - The company plans to close its Hawaii office and relocate its corporate headquarters to Houston, Texas, and Calgary, Alberta, to reduce administrative expenses and improve operational efficiency [7]. - The closure is expected to occur in early 2026, aligning with the management team's presence in Calgary [7]. Future Outlook - The CEO emphasized that the sale of U.S. oil and natural gas properties allows the company to concentrate on workover and optimization initiatives at the Twining field, aiming for long-term production stability [8].

Group 1 - Barnwell Industries, Inc. has successfully closed a private placement of common stock and warrants, raising approximately $2.4 million from accredited investors [1] - The company issued a total of 2.2 million shares of common stock at a price of $1.10 per share as part of the transaction [1]

Core Insights - Premarket trading is showing notable activity with early price movements indicating potential opportunities before the market opens [1] Premarket Gainers - Mawson Infrastructure Group Inc. (MIGI) is up 10% at $5.65 [3] - Mingteng International Corporation Inc. (MTEN) is up 9% at $1.88 [3] - Barnwell Industries, Inc. (BRN) is up 9% at $1.20 [3] - Amentum Holdings, Inc. (AMTM) is up 8% at $27.57 [3] - Antelope Enterprise Holdings Limited (AEHL) is up 8% at $2.75 [3] - Protagenic Therapeutics, Inc. (PTIX) is up 8% at $2.43 [3] - Envirotech Vehicles, Inc. (EVTV) is up 8% at $1.18 [3] - Vir Biotechnology, Inc. (VIR) is up 6% at $6.49 [3] - Zoom Communications Inc. (ZM) is up 5% at $82.73 [3] - Core AI Holdings (CHAI) is up 5% at $2.68 [3] Premarket Losers - Foxx Development Holdings Inc. (FOXX) is down 13% at $4.00 [4] - Jaguar Health, Inc. (JAGX) is down 11% at $1.13 [4] - AlphaTON Capital Corp. (ATON) is down 7% at $2.54 [4] - Semtech Corporation (SMTC) is down 6% at $65.81 [4] - Cypherpunk Technologies Inc. (CYPH) is down 5% at $1.73 [4] - SunPower Inc. (SPWR) is down 5% at $1.59 [4] - Visionary Holdings Inc. (GV) is down 4% at $1.23 [4] - Gelteq Limited (GELS) is down 4% at $1.01 [4] - Capricor Therapeutics, Inc. (CAPR) is down 3% at $4.47 [4] - Mobile-Network Solutions (MNDR) is down 3% at $2.82 [4]

Core Insights - Barnwell Industries, Inc. has announced a private placement (PIPE) for approximately 2.2 million shares of common stock at a price of $1.10 per share, aiming for gross proceeds of about $2.4 million [1] Group 1 - The PIPE transaction includes participation from lead investor Bradley Radoff and other accredited investors, including certain members of the Company's Board of Directors [1]