BARNWELL INDUSTRIES INC BRN
•Oil and Natural Gas Segment - Barnwell engages in oil and natural gas development, production, acquisitions and sales in Canada and in the U.S.
•Land Investment Segment - Barnwell owns land interests in the State of Hawaii.
On March 14, 2025, the Company entered into and completed the sale of its wholly-owned subsidiary, Water Resources International, Inc. ("Water Resources"). Water Resources drills water wells and installs and repairs water pumping systems in the State of Hawaii and represented Barnwell's contract drilling segment. As a result of the sale, the Company has classified the related assets, liabilities and the results of its contract drilling business as discontinued operations in the consolidated financial statements for all periods presented. Prior to the sale, the Company did not have any assurances that a sale of Water Resources was likely to occur. Unless otherwise noted, the discussions throughout Part I of this Form 10-K pertains only to Barnwell's continuing operations. For information on discontinued operations, refer to Note 3 "Discontinued Operations" in the Notes to Consolidated Financial Statements in Item 8 of this report.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.6M | $18.0M | $25.2M | $28.5M | $18.1M | $18.3M | $12.0M | $9.2M | $13.0M | $13.6M |
| Cost of revenue | — | — | — | — | — | — | — | $3.6M | $3.2M | — |
| Gross profit | — | — | — | — | — | — | — | $5.6M | $9.8M | — |
| SG&A | $6.9M | $5.1M | $7.0M | $8.0M | $7.1M | $5.8M | $5.5M | $6.3M | $7.0M | $6.7M |
| Total operating expenses | $20.7M | $22.8M | $26.9M | $25.4M | $16.4M | $23.4M | $24.4M | $11.6M | $14.1M | $19.8M |
| Operating income | $30.0K | $303.0K | $5.2M | $11.6M | $6.3M | $779.0K | -$6.9M | $3.9M | $5.8M | $542.0K |
| Interest expense | $7.0K | $0 | $2.0K | $1.0K | $13.0K | $3.0K | $5.0K | $7.0K | $6.0K | $97.0K |
| Pre-tax income | -$7.1M | -$3.7M | -$864.0K | $6.5M | $7.5M | -$4.7M | -$12.6M | -$2.0M | $1.2M | -$3.6M |
| Income tax | $71.0K | $213.0K | $53.0K | $347.0K | $332.0K | $3.0K | $231.0K | $601.0K | $1.1M | $722.0K |
| Net income | -$7.1M | -$5.6M | -$961.0K | $5.5M | $6.3M | -$4.8M | -$12.4M | -$1.8M | $1.2M | -$3.6M |
| EPS, basic | -0.71 | -0.56 | -0.10 | 0.57 | 0.73 | -0.57 | -1.50 | -0.21 | 0.14 | -0.44 |
| EPS, diluted | -0.71 | -0.56 | -0.10 | 0.57 | 0.73 | -0.57 | -1.50 | -0.21 | 0.14 | -0.44 |
| Shares, diluted (wtd. avg.) | $10.1M | $10.0M | $10.0M | $9.7M | $8.6M | $8.3M | $8.3M | $8.3M | $8.3M | $8.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.9M | $4.3M | $2.8M | $12.8M | $11.3M | $4.6M | $4.6M | $6.0M | $16.3M | $15.6M |
| Short-term investments | — | — | — | — | — | — | — | $0 | $1.0M | $1.2M |
| Receivables | $913.0K | $1.5M | $2.3M | $4.0M | $2.8M | $1.8M | $1.3M | $1.8M | — | — |
| Total current assets | $5.2M | $8.9M | $9.1M | $20.1M | $18.0M | $9.5M | $8.7M | $12.1M | $25.1M | $21.1M |
| Property, plant and equipment | $9.2M | $16.6M | $21.8M | $13.6M | $490.0K | $1.5M | $8.4M | $16.4M | $5.4M | $6.9M |
| Total assets | $20.8M | $30.7M | $35.4M | $37.2M | $24.4M | $15.2M | $18.3M | $31.4M | $33.0M | $31.6M |
| Accounts payable | $2.2M | $1.8M | $881.0K | $1.5M | $1.4M | $2.1M | $1.2M | $1.2M | $1.2M | $1.4M |
| Short-term debt | — | — | — | — | — | — | — | — | — | $0 |
| Total current liabilities | $4.7M | $7.8M | $6.6M | $8.9M | $5.9M | $6.4M | $4.8M | $3.6M | $4.8M | $4.7M |
| Long-term debt | — | — | $0 | $44.0K | $47.0K | $58.0K | $0 | — | — | — |
| Total liabilities | $13.8M | $17.6M | $16.7M | $18.1M | $14.9M | $17.1M | $17.0M | $15.1M | $14.8M | $17.8M |
| Retained earnings | -$6.5M | $595.0K | $6.2M | $7.7M | $2.4M | -$3.9M | $859.0K | $13.3M | $15.0M | $13.9M |
| Total equity | $7.0M | $13.0M | $18.8M | $19.2M | $9.5M | -$2.0M | $1.3M | $16.2M | $18.2M | $13.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$1.8M | $5.3M | $1.9M | $7.3M | $831.0K | $750.0K | -$2.1M | -$5.1M | -$2.1M | $1.8M |
| Depreciation and amortisation | $3.1M | $5.0M | $4.5M | $2.8M | $963.0K | $2.1M | $3.0M | $1.1M | $1.2M | $1.6M |
| Stock-based compensation | $372.0K | $208.0K | $263.0K | $657.0K | $643.0K | $0 | — | -$59.0K | $15.0K | -$22.0K |
| Capital expenditure | $254.0K | $4.2M | $12.5M | $13.8M | $3.1M | $3.5M | $1.3M | $13.5M | $807.0K | $996.0K |
| Investing cash flow | -$352.0K | -$2.8M | -$11.2M | -$7.1M | $3.7M | -$833.0K | $905.0K | -$3.9M | $2.9M | $9.4M |
| Financing cash flow | -$168.0K | -$226.0K | -$786.0K | $1.6M | $2.2M | $60.0K | -$110.0K | -$1.1M | -$370.0K | -$4.3M |
| Dividends paid | — | $0 | $599.0K | $149.0K | $0 | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-022298.
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