Barnwell Industries, Inc. Reports Results for its Second Quarter Ended March 31, 2025

Core Viewpoint - Barnwell Industries, Inc. reported a net loss from continuing operations of $1,538,000 for Q2 2025, compared to a loss of $1,306,000 in Q2 2024, indicating ongoing financial challenges and increased operational costs [1][2][11]. Financial Performance - Revenue from continuing operations for Q2 2025 was $3,569,000, down from $4,678,000 in Q2 2024, reflecting a decline of approximately 23.6% [1][11]. - The net loss per share from continuing operations was $0.15 for Q2 2025, compared to $0.13 in the prior year [1][11]. - For the six months ended March 31, 2025, total revenue was $7,503,000, down from $9,840,000 in the same period of the previous year [11]. Expense Analysis - General and administrative expenses increased by $906,000, or 72%, primarily due to costs associated with a shareholder consent solicitation and a proxy contest [2][5]. - The company experienced a decrease in oil and natural gas production, with oil production down 14%, natural gas down 24%, and natural gas liquids down 13% compared to the prior year [3]. Asset Sales and Discontinued Operations - The company sold its subsidiary, Water Resources International, Inc., for $1,050,000, resulting in a loss of $193,000 on the sale [4][11]. - The results from the contract drilling business have been reclassified as discontinued operations [4]. Future Outlook - The ongoing proxy contest is expected to continue impacting the company's liquidity and investment opportunities [7]. - The company is exploring potential funding sources, including debt financing and asset sales, but has not secured any definite amounts or timelines [6][7].