AI Earnings Predictions for Barnwell Industries Inc. (BRN)

EX-99.1

2 ef20074658_ex99-1.htm

EXHIBIT 99.1

Exhibit 99.1

Barnwell Industries, Inc. Reports Results for Its Second Quarter Ended March 31, 2026

Sequential Quarter-on-Quarter Results Improve as Company Lowers Costs, Strengthens Balance Sheet and Advances Strategic Review

HOUSTON, TX / ACCESS Newswire / May 21, 2026 / Barnwell Industries, Inc. (NYSE American:BRN) today reported financial results for its second quarter ended March 31, 2026.

Barnwell continued to improve its operating and cost structure during the second quarter as the Company benefited from lower administrative expenses, improved oil and gas operating results, and the completion of its corporate transition from Honolulu, Hawai‘i to a lower-cost Houston based platform.

For the quarter ended March 31, 2026, Barnwell reported revenue of $2,535,000 and a consolidated net loss of $1,116,000, compared to revenue of $2,630,000 and a consolidated net loss of $1,412,000 million for the quarter ended December 31, 2025. Net loss attributable to Barnwell shareholders improved to $1,150,000, or $0.09 per share, compared with $1,426,000, or $0.13 per share, in the prior quarter. The Company remained debt free and ended the quarter with $4,016,000 in cash and cash equivalents and working capital of $2,152,000.

Management believes sequential quarter-on-quarter comparisons provide the most meaningful framework for evaluating recent performance given the Company’s previously disclosed divestitures of its U.S. and select Canadian oil and gas assets, which meaningfully reduced the asset base relative to the prior-year, as well as the Company’s ongoing transition towards a leaner and more efficient operating structure.

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 26% compared to the quarter ended December 31, 2025. General and administrative expenses decreased to $1,521,000 from $1,616,000 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 $1,392,000 from $1,519,000. Excluding insurance recoveries of $26,000 in the current quarter and $52,000 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 December 31, 2025, Barnwell reduced its net loss from continuing operations by approximately 21%, lowered cash general and administrative expenses by 8%, improved oil and natural gas operating performance, and maintained a debt-free balance sheet with over $4.0 million of cash and cash equivalents.

Oil and Natural Gas Operating Results

Oil and natural gas operating results increased by $119,000 to a positive $87,000 for the three months ended March 31, 2026 compared to the three months ended December 31, 2025. This increase was attributable to a $228,000 decrease in oil and natural gas operating expenses and a $38,000 decrease in oil and natural gas depletion expense, partially offset by a $147,000 decrease in oil and natural gas revenues. Barnwell’s oil and gas operating results following the second 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 March 31, 2026 included a $58,000 foreign currency loss, compared to a $47,000 gain in the prior quarter. This reflects an unfavorable impact of $105,000 due to changes in the U.S. dollar relative to the Canadian dollar on intercompany balances.

Completed Transition from Honolulu to Houston Headquarters

As previously reported, during the quarter, Barnwell completed the relocation of its corporate headquarters from Honolulu to Houston. The Company believes that this transition has already contributed meaningfully to lower compensation and administrative costs, despite only a portion of the current quarter reflecting the benefits of the reduced cost structure. Barnwell’s Calgary, Alberta office remains an important operational hub supporting the Company’s Canadian operations, including its Twining oil and gas asset, and ensuring continuity through the presence of key management personnel.

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 has solicited and is evaluating indicatio

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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): February 23, 2026

BARNWELL INDUSTRIES, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware

1-5103

72-0496921

(State or other jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

24 Greenway Plaza, Suite 1800Q, Houston, Texas 77046

(Address of Principal Executive Offices) (Zip Code)

(713) 730-7026

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(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:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.50 Par Value

BRN

NYSE American

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

On February 23, 2026, Barnwell Industries, Inc. issued a press release announcing its financial results for its fiscal quarter ended December 31, 2025.

A copy of such press release is furnished as Exhibit 99.1 to this Current Report.

Item 9.01 Financial Statements and Exhibits.

(d)

Exhibits

Exhibit No.

Description

99.1

Press release dated February 23, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

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: February 23, 2026

BARNWELL INDUSTRIES, INC.

By:

/s/ Philip F. Patman, Jr.

Name:

Philip F. Patman Jr.

Title:

Chief Financial Officer and Treasurer

Exhibit Index

Exhibit No.

Description

99.1

Press Release dated February 23, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

false000001004800000100482025-12-192025-12-190000010048brn:CommonStockPurchaseRightsMember2025-12-192025-12-190000010048us-gaap:CommonStockMember2025-12-192025-12-19

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): December 19, 2025

BARNWELL INDUSTRIES, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware

1-5103

72-0496921

(State or other jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

1100 Alakea Street, Suite 500

Honolulu, Hawaii 96813

(Address of Principal Executive Offices) (Zip Code)

(808) 531-8400

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(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:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.50 Par Value

Common Stock Purchase Rights

BRN

N/A

NYSE American

NYSE American

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

On December 19, 2025, Barnwell Industries, Inc. issued a press release announcing its financial results for its fiscal year ended September 30, 2025.

A copy of such press release is furnished as Exhibit 99.1 to this Current Report.

Item 9.01

Financial Statements and Exhibits.

(d)          Exhibits

Exhibit No.

Description

99.1

Press release dated December 19, 2025

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

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:  December 19, 2025

BARNWELL INDUSTRIES, INC.

By:

/s/ Russell M. Gifford

Name:

Russell M. Gifford

Title:

Executive Vice President and Chief Financial Officer

Exhibit Index

Exhibit No.

Description

99.1

Press Release dated December 19, 2025

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)