Barnwell Industries (BRN) Q3 2025 earnings summary

Executive summary

• Q3 continuing-operations revenue was $3.192M; net loss attributable to shareholders was $1.550M. Nine-month revenue was $10.695M.

• Contract drilling was sold in March 2025 and classified as discontinued operations; the August sale of all U.S. oil and gas interests ends U.S. oil and gas ownership.

Financial highlights

• Q3 revenue fell from $4.506M a year earlier; nine-month revenue fell from $14.346M.

• Q3 G&A rose $565K YoY, including $657K of dispute-related fees, partly offset by a $348K estimated insurance recovery.

• Q3 ceiling-test impairment was $200K versus $599K YoY; nine-month impairment was $865K versus $2.276M.

• Continuing-operations operating cash flow was negative $1.163M for nine months versus positive $4.349M a year earlier; cash was $1.154M at June 30, 2025, with a $1.321M working capital deficit.

Outlook and guidance

• FY2025 oil and gas capital investment estimate was $800K–$1.0M, subject to cash flows and management’s assessment of the oil and gas environment.

• Further ceiling-test impairment may occur in Q4 FY2025 due to lower expected reference oil prices; the potential charge was not yet estimable.

• An estimated $700K after-tax loss on the U.S. asset sale is expected in the quarter ending September 30, 2025.

• U.S. sale proceeds are intended for Twining workovers and optimization and to help reduce the working capital deficit; additional capital will be needed for development.