Big Sky Industrial (BSIN) Q3 2026 earnings summary

Executive summary

• Phase 1 field infrastructure is complete and modular plant fabrication is underway; first production remains targeted for spring 2027.

• Helium is contracted from first production under a five-year, 100% take-or-pay agreement; Phase 2 planning and financing discussions are advancing.

Financial highlights

• Q3 revenue was $1.955M, up 12% YoY from $1.738M; 9M revenue was $5.694M versus $5.959M.

• Q3 net loss was $3.496M, or $0.07/share, versus $3.341M; 9M net loss was $8.960M versus $12.510M.

• Adjusted EBITDA excluding $1.2M of remediation costs was negative $0.8M versus negative $1.3M YoY; remediation-excluded Q3 lease expense was $29.71/BOE.

• Cash G&A was $1.6M versus $1.7M YoY and $1.8M QoQ.

Outlook and guidance

• First production and helium sales are targeted for spring 2027; equipment installation is planned from late Q4 2026 through Q1 2027, followed by commissioning.

• Phase 1 is designed for 14.4 million cubic feet of annual helium production and 125,000 metric tons of CO₂ annually.

• Phase 2 engineering is underway; an FID is expected in the coming months, following financing and final plant sizing.

• Remaining near-term capital spending is expected at $28M–$32M, primarily for the gas plant, gathering system, power generation and related infrastructure.