Barnwell Industries, Inc. Reports Results for Its Fourth Quarter and Year Ended September 30, 2025

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].