Quarterly ResultMay 26, 2026, 04:53 PM
Barnwell Industries Q2 Net Loss Improves to $1.15M; Lowers Costs
AI Summary
Barnwell Industries, Inc. reported improved financial results for its second quarter ended March 31, 2026, with a consolidated net loss of $1,116,000, down from $1,412,000 in the prior quarter. The company achieved this improvement by lowering administrative expenses, enhancing oil and gas operating results, and completing its corporate transition to Houston. Barnwell remains debt-free with a strong cash position and is actively evaluating strategic alternatives for its Canadian oil and gas business and broader value-creation opportunities.
Key Highlights
- Q2 2026 revenue was $2,535,000, down from $2,630,000 in Q1 2026.
- Consolidated net loss improved to $1,116,000 in Q2 2026 from $1,412,000 in Q1 2026.
- Net loss attributable to shareholders improved to $1,150,000 ($0.09/share) from $1,426,000 ($0.13/share) sequentially.
- Ended Q2 2026 debt-free with $4,016,000 in cash and $2,152,000 in working capital.
- Salaries, wages, and bonuses declined 26% sequentially; cash G&A expenses decreased 8% to $1,392,000.
- Oil and natural gas operating results increased by $119,000 to a positive $87,000 sequentially.
- Issued 1,810,496 common shares through ATM facility for gross proceeds of $2,297,000.
Price Impact
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