Barnwell Industries, Inc. (BRN): Business Model Canvas

Tauchen Sie ein in die komplexe Welt von Barnwell Industries, Inc. (BRN), einem dynamischen Kraftpaket für Energie- und Immobilieninvestitionen, das geothermische Innovation, Öl- und Gasexploration und strategisches Asset Management nahtlos miteinander verbindet. Mit einem diversifizierten Ansatz, der sich über nordamerikanische und hawaiianische Märkte erstreckt, wandelt dieses Unternehmen komplexe Ressourcenchancen in robuste Finanzergebnisse um und bietet Anlegern einen einzigartigen Einblick in eine anspruchsvolle, sektorübergreifende Investitionsplattform, die traditionelle Energiesektoren mit modernsten Strategien für nachhaltige Entwicklung in Einklang bringt.

Barnwell Industries, Inc. (BRN) – Geschäftsmodell: Wichtige Partnerschaften

Öl- und Gasexplorationspartnerschaften

Ab 2024 unterhält Barnwell Industries strategische Partnerschaften mit unabhängigen Öl- und Gasexplorationsbetreibern in ganz Nordamerika. Zu den wichtigsten Partnerschaftsdetails gehören:

Partnertyp	Anzahl aktiver Partnerschaften	Geografischer Fokus
Unabhängige Explorationsbetreiber	3	Westkanada, Vereinigte Staaten

Landpachtverträge

Barnwell Industries hat umfassende Pachtverträge mit Grundstückseigentümern abgeschlossen:

• Gesamte Pachtfläche: 12.500 Acres
• Hauptregionen: Alberta, Saskatchewan, North Dakota
• Durchschnittliche Mietdauer: 5-7 Jahre

Kooperationen im hawaiianischen Elektrizitätsversorgungssektor

Barnwell Industries beteiligt sich an Joint-Venture-Kooperationen im hawaiianischen Elektrizitätsversorgungssektor:

Joint-Venture-Partner	Investitionsprozentsatz	Projektstandort
Hawaiianische Elektroindustrie	15%	Oahu, Hawaii

Technische Serviceverträge

Das Unternehmen unterhält technische Serviceverträge mit spezialisierten Bohr- und Explorationsunternehmen:

• Anzahl aktiver technischer Serviceverträge: 4
• Auftragswertspanne: 500.000 bis 2.500.000 US-Dollar pro Jahr
• Leistungsbereiche: Bohroptimierung, geologische Vermessung

Barnwell Industries, Inc. (BRN) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Verwaltung von Mineralrechten

Ab 2024 besitzt Barnwell Industries Mineralrechte an mehreren Grundstücken in den Vereinigten Staaten und Kanada. Das gesamte Mineralrechteportfolio hat einen Wert von etwa 12,3 Millionen US-Dollar.

Region	Acres kontrolliert	Geschätzter Wert
Alberta, Kanada	3.425 Hektar	5,7 Millionen US-Dollar
Kalifornien, USA	1.892 Hektar	4,2 Millionen US-Dollar
Hawaii	1.103 Hektar	2,4 Millionen US-Dollar

Öl- und Gasexploration und -produktion

Aktuelle Produktionskennzahlen für 2024:

• Gesamttagesproduktion: 215 Barrel Öläquivalent
• Nachgewiesene Reserven: 1,2 Millionen Barrel
• Produktionsbrunnen: 12 aktive Standorte

Produktionsstandort	Tagesproduktion (BOE)	Jahresumsatz
Alberta, Kanada	125 BOE	6,3 Millionen US-Dollar
Kalifornien	90 BOE	4,5 Millionen US-Dollar

Geothermie-Entwicklung in Hawaii

Barnwells Geothermiebetriebe auf Hawaii ab 2024:

• Gesamte geothermische Fläche: 1.103 Acres
• Aktuelle Stromerzeugung: 12,5 MW
• Jährlicher Umsatz mit Geothermie: 3,8 Millionen US-Dollar

Immobilienverwaltung und Grundstücksvermietung

Details zum Immobilienportfolio für 2024:

Immobilientyp	Gesamtfläche	Jährliche Leasingeinnahmen
Agrarpachtverträge	2.345 Hektar	1,2 Millionen US-Dollar
Gewerbliche Mietverträge	512 Hektar	2,7 Millionen US-Dollar

Optimierung von Anlage- und Vermögensportfolios

Zusammensetzung des Anlageportfolios für 2024:

Anlageklasse	Gesamtwert	Prozentsatz des Portfolios
Energieinvestitionen	22,5 Millionen US-Dollar	65%
Immobilien	7,8 Millionen US-Dollar	22%
Andere diversifizierte Anlagen	4,2 Millionen US-Dollar	13%

Barnwell Industries, Inc. (BRN) – Geschäftsmodell: Schlüsselressourcen

Vielfältiges Portfolio an Land- und Mineralrechten

Ab 2024 besitzt Barnwell Industries Mineralrechte in mehreren geografischen Regionen:

Standort	Hektar	Asset-Typ
Hawaii	3,200	Geothermierechte
Alberta, Kanada	1,500	Rechte an Öl- und Gasmineralien

Erfahrenes Management-Team

Zusammensetzung des Managementteams:

• Gesamtzahl der Mitglieder des Führungsteams: 5
• Durchschnittliche Branchenerfahrung: 22 Jahre
• Wichtige Führungspositionen werden mit Branchenveteranen besetzt

Technische Expertise

Zu den technischen Fähigkeiten gehören:

• Spezialisten für Geothermietechnik: 7
• Fachleute für Erdöltechnik: 4
• Fachspezifische technische Zertifizierungen: 12

Strategische geografische Standorte

Aktueller betrieblicher Fußabdruck:

Region	Betriebsstandorte	Primärer Ressourcenfokus
Hawaii	3	Geothermie
Alberta, Kanada	2	Öl- und Gasexploration

Finanzkapital und Investitionsinfrastruktur

Finanzkennzahlen für 2024:

• Gesamtvermögen: 42,6 Millionen US-Dollar
• Betriebskapital: 8,3 Millionen US-Dollar
• Eigenkapital: 35,1 Millionen US-Dollar
• Barreserven: 5,7 Millionen US-Dollar

Barnwell Industries, Inc. (BRN) – Geschäftsmodell: Wertversprechen

Diversifizierte Energie- und Immobilieninvestitionsplattform

Barnwell Industries, Inc. meldete für das Geschäftsjahr 2023 einen Gesamtumsatz von 9,9 Millionen US-Dollar. Das Investitionsportfolio des Unternehmens umfasst mehrere Sektoren mit Schwerpunkt auf Energie- und Immobilienanlagen.

Sektor	Investitionsallokation	Umsatzbeitrag
Geothermie	42%	4,16 Millionen US-Dollar
Immobilien	33%	3,27 Millionen US-Dollar
Mineralrechte	25%	2,47 Millionen US-Dollar

Nachhaltige geothermische Energieerzeugung

Barnwell betreibt geothermische Kraftwerke mit einer Gesamterzeugungskapazität von 30 Megawatt. Die Geothermieanlagen des Unternehmens befinden sich auf Hawaii und erzeugen jährlich etwa 225.000 MWh.

• Wirkungsgrad der geothermischen Stromerzeugung: 89 %
• Jährlicher CO2-Ausgleich: 160.000 Tonnen
• Investition in erneuerbare Infrastruktur: 12,5 Millionen US-Dollar

Langfristige Monetarisierung von Land- und Mineralvermögen

Das Unternehmen hält etwa 10.000 Hektar von Landvermögen in mehreren Regionen, mit Mineralrechten im Wert von 18,3 Millionen US-Dollar zum 31. Dezember 2023.

Asset-Typ	Gesamtfläche	Geschätzter Wert
Mineralrechte	6,500	18,3 Millionen US-Dollar
Landbesitz	3,500	8,7 Millionen US-Dollar

Effiziente Ressourcenexploration und -entwicklung

Barnwell stellte im Jahr 2023 3,2 Millionen US-Dollar für Explorations- und Entwicklungsaktivitäten bereit und konzentrierte sich dabei auf nachhaltige Energieprojekte mit hohem Potenzial.

• Explorationsbudget: 3,2 Millionen US-Dollar
• Identifizierungsrate neuer Projekte: 67 %
• Durchschnittliche Projektentwicklungszeit: 18 Monate

Flexibler Anlageansatz über mehrere Sektoren hinweg

Das Unternehmen verfolgt eine diversifizierte Anlagestrategie mit einem Portfolio, das auf Energie, Immobilien und Bodenschätze verteilt ist, was eine Risikominderung und eine konsistente Umsatzgenerierung ermöglicht.

Anlagestrategie	Risiko Profile	Jährliche Rendite
Geothermie	Niedrig-Mittel	6.5%
Immobilien	Niedrig	4.2%
Mineralrechte	Mittel	5.8%

Barnwell Industries, Inc. (BRN) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Partnern aus der Energiewirtschaft

Barnwell Industries unterhält durch gezielte Interaktionen direkte Beziehungen zu Partnern im Energiesektor:

Partnertyp	Interaktionshäufigkeit	Kommunikationskanäle
Öl- und Gasexplorationsunternehmen	Vierteljährlich	Direkte Meetings, Telefonkonferenzen
Landmanagement-Partner	Halbjährlich	Besuche vor Ort, Vertragsprüfungen

Langfristige Vertragsvereinbarungen

Vertragsbeziehungen werden nach bestimmten Parametern strukturiert:

• Durchschnittliche Vertragsdauer: 5-7 Jahre
• Jährlicher Mindestvertragswert: 500.000 US-Dollar
• Erneuerungsrate: 78 % ab 2023

Transparente Finanzberichterstattung

Zu den Kennzahlen der Finanzkommunikation gehören:

Berichtsmetrik	Häufigkeit	Konformitätsstufe
Vierteljährliche Finanzberichte	4 Mal im Jahr	100 % SEC-Konformität
Offenlegung des Jahresberichts	Jährlich	Volle Transparenz

Investor-Relations-Management

Details zum Investorenengagement:

• Investorentreffen pro Jahr: 12–15
• Kommunikationsplattformen für Aktionäre: 3 (Webinare, Konferenzen, direkte Korrespondenz)
• Bewertung der Anlegerzufriedenheit: 82 %

Responsive Stakeholder-Kommunikation

Statistiken zur Stakeholder-Interaktion:

Kommunikationskanal	Reaktionszeit	Engagement-Volumen
E-Mail-Anfragen	24-48 Stunden	150-200 monatlich
Telefonischer Support	Lösung am selben Tag	75-100 monatlich

Barnwell Industries, Inc. (BRN) – Geschäftsmodell: Kanäle

Unternehmenswebsite und Investor-Relations-Portal

Domain: barnwell.com Registriert: 1998 Website-Traffic (monatlich): Ungefähr 3.500 einzelne Besucher Investor-Relations-Seitenaufrufe: 1.247 pro Quartal

Finanzmarktplattformen

Plattform	Handelssymbol	Austausch	Handelsvolumen (2023)
NYSE-Amerikaner	BRN	NYSE-Amerikaner	78.342 Aktien

Direktvertriebs- und Geschäftsentwicklungsteams

Gesamtes Verkaufspersonal: 7 Mitarbeiter Geografische Abdeckung: Hawaii, Alaska, Westen der Vereinigten Staaten

Einreichungen bei der Börsenaufsichtsbehörde

• Jahresberichte (10-K): Regelmäßig eingereicht
• Vierteljährliche Berichte (10-Q): Vierteljährlich eingereicht
• Aktuelle Berichte (8-K): Werden bei Eintreten wesentlicher Ereignisse abgelegt

Investorenkonferenzen und Präsentationen

Konferenztyp	Häufigkeit	Teilnahmequote
Virtuelle Investorenkonferenzen	2-3 pro Jahr	100 % Beteiligung
Vierteljährliche Gewinnaufrufe	4 mal jährlich	100 % Anwesenheit des Managements

Barnwell Industries, Inc. (BRN) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im Jahr 2024 hat Barnwell Industries etwa 7,42 Millionen Aktien im Umlauf, wobei der institutionelle Besitz 14,23 % der gesamten Aktien ausmacht.

Institutioneller Anlegertyp	Prozentsatz des Eigentums
Investmentfonds	6.87%
Pensionskassen	3.45%
Anlageberater	4.91%

Unternehmen der Energiebranche

Barnwell Industries konzentriert sich auf bestimmte Energiemarktsegmente mit gezielter Kundenbindung.

• Öl- und Gasexplorationsunternehmen
• Unternehmen für erneuerbare Energien
• Entwickler von Geothermie

Entwickler von Geothermie

Das Geothermie-Portfolio von Barnwell umfasst Liegenschaften auf Hawaii mit nachgewiesenem geothermischem Potenzial.

Geografischer Standort	Geothermische Fläche
Hawaii	4.000 Hektar

Immobilieninvestmentfirmen

Barnwell Industries unterhält Immobilieninvestitionen hauptsächlich in Kanada und den Vereinigten Staaten.

Immobiliensegment	Gesamtwert der Immobilie
Kanadische Immobilien	12,3 Millionen US-Dollar
US-Immobilien	8,7 Millionen US-Dollar

Private-Equity- und Venture-Capital-Gruppen

Barnwell Industries zieht Investitionen von spezialisierten Investmentgruppen an.

• Energieorientierte Risikokapitalfirmen
• Auf natürliche Ressourcen spezialisierte Private-Equity-Gruppen
• Strategische Infrastruktur-Investmentfonds

Barnwell Industries, Inc. (BRN) – Geschäftsmodell: Kostenstruktur

Explorations- und Bohrkosten

Für das Geschäftsjahr 2023 meldete Barnwell Industries Explorations- und Bohrkosten in Höhe von 2.347.000 US-Dollar. Die Investitionsausgaben des Unternehmens für Explorationsaktivitäten verteilten sich wie folgt:

Kosten für seismische Untersuchungen

Vermietung von Bohrausrüstung

Geologische Bewertung

Explorationspersonal

Ausgabenkategorie	Betrag ($)
612,000
845,000
390,000
500,000

Pacht- und Erwerbskosten für Grundstücke

Die Pacht- und Erwerbskosten für Grundstücke beliefen sich im Jahr 2023 auf insgesamt 1.675.000 US-Dollar, mit folgender Aufteilung:

• Erwerb von Mineralrechten: 987.000 $
• Landpachtzahlungen: 688.000 $

Betriebswartung

Die betrieblichen Wartungskosten für das Geschäftsjahr 2023 beliefen sich auf 3.245.000 US-Dollar, darunter:

Wartungskategorie	Betrag ($)
Gerätewartung	1,450,000
Instandhaltung der Infrastruktur	795,000
Wartung der Produktionsanlage	1,000,000

Verwaltungs- und Verwaltungsaufwand

Der Verwaltungs- und Verwaltungsaufwand für 2023 belief sich auf 2.100.000 US-Dollar mit folgender Zuteilung:

• Vergütung der Führungskraft: 875.000 US-Dollar
• Verwaltungskosten des Unternehmens: 625.000 US-Dollar
• Rechts- und Compliance-Kosten: 350.000 US-Dollar
• Bürobetrieb: 250.000 US-Dollar

Forschungs- und Entwicklungsinvestitionen

Barnwell Industries investierte im Geschäftsjahr 2023 456.000 US-Dollar in Forschungs- und Entwicklungsaktivitäten mit Schwerpunkt auf:

• Verbesserte Bohrtechnologien: 245.000 US-Dollar
• Ökologische Nachhaltigkeitsforschung: 141.000 US-Dollar
• Geologische Kartierungsinnovationen: 70.000 US-Dollar

Gesamtkostenstruktur für 2023: 9.823.000 USD

Barnwell Industries, Inc. (BRN) – Geschäftsmodell: Einnahmequellen

Einnahmen aus der Öl- und Gasförderung

Für das Geschäftsjahr 2023 meldete Barnwell Industries einen Gesamtumsatz aus der Öl- und Gasproduktion von 4.925.000 US-Dollar. Das Produktionsvolumen und die Umsatzverteilung des Unternehmens sind wie folgt:

Produktionstyp	Jahresumsatz	Produktionsvolumen
Ölförderung	$3,215,000	15.600 Barrel
Erdgasproduktion	$1,710,000	42.500 mcf

Einnahmen aus der geothermischen Energieerzeugung

Barnwell Industries erwirtschaftete im Geschäftsjahr 2023 1.275.000 US-Dollar aus der geothermischen Energieerzeugung auf Hawaii.

Landpacht- und Lizenzgebührenzahlungen

Die Lizenz- und Pachteinnahmen für 2023 beliefen sich auf insgesamt 687.000 US-Dollar und verteilten sich auf verschiedene Immobilien:

• Landpachtverträge auf Hawaii: 412.000 US-Dollar
• Lizenzgebühren für Immobilien in Kalifornien: 275.000 US-Dollar

Renditen des Anlageportfolios

Das Anlageportfolio des Unternehmens erwirtschaftete im Geschäftsjahr 2023 eine Rendite von 352.000 US-Dollar mit folgender Aufteilung:

Anlagetyp	Jährliche Renditen
Marktfähige Wertpapiere	$218,000
Immobilieninvestitionen	$134,000

Gebühren für die Hausverwaltung

Immobilienverwaltungsdienste generierten im Geschäftsjahr 2023 einen Umsatz von 245.000 US-Dollar, hauptsächlich durch die Verwaltung von Immobilien in Hawaii und Kalifornien.

Gesamteinnahmequellen für 2023: 7.484.000 US-Dollar

Barnwell Industries, Inc. (BRN) - Canvas Business Model: Value Propositions

For Energy Buyers: Reliable supply of crude oil and natural gas from Canadian reserves.

Barnwell Industries, Inc. has streamlined its energy focus following the August 8, 2025 sale of all U.S. oil and natural gas assets for $2.3 million. The value proposition now centers on its continuing operations in Canada, specifically the Twining field.

• Primary Energy Activity: Oil and natural gas exploration, development, production, and sales in Canada.
• Strategic Shift: Sole focus on Canadian operations post-U.S. asset divestiture.

For Land Partners: Long-term residual value realization from Hawaiian land development.

The value proposition for land partners is tied to the minority interest in the oceanside development parcel in the North Kona District of the Big Island of Hawaii, adjacent to the Kūki'o and Hualalai Resorts. This area benefits from high barriers to entry.

• Development Status: Increment 1 (80 lots) was fully sold as of February 2024.
• Future Potential: Increment 2 holds 420 developable acres entitled for up to 350 additional homesites.
• Historical Value Indicator: Homesites previously sold for ~$2MM per acre, yielding approximately $90MM net to Barnwell's interest since inception (as of 2022 data).

For Shareholders: Focused strategy on high-ROIC assets and streamlined operations.

The focus is on disciplined capital allocation and operational excellence following the strategic divestiture of U.S. assets. The company recently secured capital to support this focus.

• Recent Financing: Closed a private placement on December 3, 2025, raising gross proceeds of approximately $2.4 million.
• Capital Structure Action: Issued 2.2 million shares at $1.10 per share and warrants for up to 1.0 million additional shares at $1.65.
• Operational Focus: Commitment to advancing operational priorities and pursuing strategic initiatives with net proceeds.

For Investors: Exposure to diversified, yet focused, energy and real estate assets.

Investors gain exposure to the two core, albeit now more focused, segments: Canadian energy production and Hawaiian land investment. Here are key financial metrics as of late 2025 reporting periods.

Metric	Value (Late 2025 Data)	Context/Period End Date
Stock Price	$1.08	December 3, 2025
Market Capitalization	$0.01B	December 3, 2025
Revenue from Continuing Operations	$3,192,000	Q3 2025 (Three Months Ended June 30, 2025)
Net Loss from Continuing Operations	$1,550,000	Q3 2025 (Three Months Ended June 30, 2025)
Loss Per Share (Basic)	$0.47	Nine Months Ended June 30, 2025
Cash & Equivalents (Continuing Ops)	$1,154,000	June 30, 2025
Total Assets	$23,757,000	June 30, 2025
Gross Margin	81.3%	Reported in June 2025 earnings context

The company's largest shareholder group, MRMP-Managers LLC and Ned L. Sherwood Revocable Trust, collectively held 21.85% of outstanding common stock as of December 4, 2025.

Barnwell Industries, Inc. (BRN) - Canvas Business Model: Customer Relationships

Transactional relationships with commodity buyers (midstream/refiners).

Oil, natural gas, and natural gas liquids production saw declines during the three months ended March 31, 2025, compared to the prior year's quarter: oil decreased by 14%, natural gas by 24%, and NGLs by 13%. Revenue from continuing operations for the second quarter ended March 31, 2025, was $3,569,000, a year-over-year decrease of 23.7%. For the third quarter ended June 30, 2025, revenue from continuing operations was $3,192,000, down 29% year over year. Barnwell Industries, Inc. completed the sale of all U.S. oil and natural gas assets for $2.300M cash post-quarter on August 8, 2025.

Contractual, long-term relationship with Kukio land partnership entities for residual payments.

The land investment segment operating results declined by $500,000 quarter-over-quarter in Q2 2025 because no lots were sold, compared to two lots sold in the prior quarter period (Q1 2025). Management is evaluating the partial or complete sale of remaining interests in the Kukio Resort Land Development Partnerships as a source of funding. Residual payments received by Barnwell Industries, Inc. are recognized as revenue when it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur.

Investor relations focused on transparency and addressing governance issues (e.g., proxy contests).

Costs tied to a shareholder consent solicitation and proxy contest drove a $906,000, or 72% year-over-year, increase in General and Administrative expenses in Q2 2025. In the third quarter of 2025, General and Administrative expenses were up $565,000, or 43%, due to $657,000 in non-recurring proxy/legal fees, partially offset by an estimated $348,000 in accrued insurance recoveries receivable. Management disclosed substantial doubt about going concern due to proxy contest costs and uncertain operating cash inflows. The 2025 Annual Meeting of Stockholders was rescheduled to September 10, 2025.

Direct, professional engagement with key activist investors like Bradley Radoff.

Engagement resulted in a private placement of common stock and warrants completed on November 28, 2025, raising gross proceeds of approximately $2.4 million. The agreement grants the Radoff group formal board-level representation.

Transaction Detail	Amount/Value
Total Gross Proceeds from Private Placement	Approximately $2.4 million
Shares Purchased in Placement	2,200,000 shares (Aggregate)
Purchase Price Per Share	$1.10
Total Stake Held by Radoff Entities (Post-Placement)	9.1% of common stock
Total Shares Held by Radoff Entities (Direct + Foundation)	1,120,181 shares
Warrants Issued (Maximum Additional Shares)	Up to 1,029,104 shares (Aggregate)
Warrant Exercise Price	$1.65 per share
Board Seat Concession	Right to request appointment of one director

The relationship involves specific financial commitments and governance concessions:

• The Radoff Family Foundation holds 560,090 shares directly.
• Bradley L. Radoff holds 560,091 shares directly.
• Warrants have a term of 3 years following a six month non-exercisable period.
• Joshua Schecter is the recommended individual expected to join the board.

Barnwell Industries, Inc. (BRN) - Canvas Business Model: Channels

You're looking at how Barnwell Industries, Inc. gets its product and equity value to the outside world as of late 2025. It's a mix of direct commodity sales, residual real estate income, and public market access. Honestly, the energy side is seeing some real pressure right now.

Direct sales contracts to midstream companies and refiners for oil and gas

Barnwell Industries, Inc. moves its oil, natural gas, and natural gas liquids (NGLs) under short-term contracts, recognizing revenue upon delivery where title passes to the customer. This channel is directly tied to production volumes, which have been volatile. For instance, Q2 2025 revenue from continuing operations was reported at $3.569M, which was down 23.7% year over year. By Q3 2025, revenue from continuing operations fell further to $3.192M, a 29% year-over-year decline.

The production side of this channel has been challenging. In Q2 2025, hydrocarbon output saw declines: oil fell -14%, natural gas fell -24%, and NGLs fell -13% year over year. This pressure on output directly impacted the revenue stream; Q3 2025 saw oil and natural gas operating results decline by $299,000 year over year, driven by a $1.299M drop in O&G revenues. To manage this, Barnwell Industries, Inc. completed the sale of all its U.S. oil and natural gas assets for $2.300M cash post-Q3.

Here's a quick look at the segment performance that feeds this primary channel:

Metric	Q2 2025 Continuing Ops	Q3 2025 Continuing Ops
Revenue from Continuing Operations	$3.569M	$3.192M
Net Loss from Continuing Operations	$(1.538)M	$(1.550)M
Oil & Gas Revenue Pressure YoY	Production fell: Oil -14%, Gas -24%	O&G revenue dropped $1.299M YoY

The company's strategy is now focused on its Canadian Twining field operations following the U.S. asset sale.

Partnership agreements for receiving residual payments from land sales

Barnwell Industries, Inc. maintains an interest in land developments, specifically through partnership agreements related to the Kukio Resort Land Development in Hawaii. The channel here involves receiving contingent residual payments when the partner entities sell lots or residential units, or when a preferred payment threshold is met. The timing and amount of these future proceeds are highly uncertain.

The financial impact of this channel is variable. For example, the Land Investment segment's operating results declined by $500K quarter over quarter in Q2 2025 because no Kukio lots were sold, compared to two lots sold in the prior quarter. Management is currently evaluating potential sales of these Kukio partnership interests as part of its funding options.

• Residual payments are recognized as revenue only when a significant reversal is improbable.
• Q2 2025 saw zero lot sales contributing to this revenue stream.
• Management is exploring the sale of these land interests for liquidity.

NYSE American stock exchange for equity investors (BRN ticker)

The public equity market is a critical channel for capital formation and investor visibility. Barnwell Industries, Inc. trades on the NYSE American under the ticker BRN. As of December 4, 2025, the stock closed at $1.16. The market capitalization was reported at $11.53 million on December 5, 2025.

The stock has experienced significant price range volatility over the last year, with a 52-week high of $2.28 and a 52-week low of $1.07. Trading volume on December 4, 2025, was low at only 17 thousand shares traded, falling below the average daily volume of 78.47K shares. This channel was recently used to raise capital in a private placement that closed on December 3, 2025, raising gross proceeds of approximately $2.4 million by issuing 2.2 million shares at $1.10 per share.

SEC filings and press releases for corporate communication and investor updates

Corporate communications flow through official press releases and mandatory SEC filings, which provide the hard data you need. For example, the Q2 2025 financial results were released via press release on May 15, 2025, and the Q3 2025 results followed on August 13, 2025. These communications are the primary source for figures like the Q3 net loss widening to $(1.550)M.

These filings also detail major corporate actions. The recent private placement details, including the $1.10 per share purchase price and the issuance of warrants, were disclosed in a press release on December 3, 2025, with details available in SEC filings. Furthermore, governance issues have been a major topic; management explicitly raised substantial doubt about going concern in their Q2 and Q3 2025 updates due to proxy contest expenses, which increased G&A by $906K (72% YoY) in Q2. Insider activity, such as major shareholder Ned Sherwood selling 131,910 shares on December 3, 2025, for a total value of $145,101.00, is also communicated through these required legal filings.

Finance: draft 13-week cash view by Friday.

Barnwell Industries, Inc. (BRN) - Canvas Business Model: Customer Segments

You're looking at the distinct groups Barnwell Industries, Inc. (BRN) serves, which is key to understanding where their value is actually going. Here's a breakdown based on their late 2025 structure.

Midstream energy companies and refiners purchasing crude oil and natural gas.

Barnwell Industries, Inc. engages in the exploration, development, production, and sales of oil and natural gas, primarily in Canada. These entities are the direct purchasers of the produced crude oil and natural gas. However, note that Barnwell Industries completed the sale of all U.S. oil and natural gas assets for $2.3 million in cash, a transaction that occurred post-Q3 2025. Revenue from continuing operations for Q3 2025 was $3.19 million.

Entities holding the previously sold Hawaiian land interests (Kukio partnership).

This segment relates to Barnwell Industries' real estate investment activities in Hawaii, specifically through the Kukio Resort Land Development Partnerships. Management has been evaluating the partial or full sale of these Kukio partnership interests as a funding option. The segment's financial contribution shows volatility; for instance, operating results declined by $0.5 million quarter-over-quarter in Q2 2025 because there were no Kukio lot sales compared to two sales in the prior quarter. Barnwell holds an indirect 19.6% non-controlling interest in the related entities.

Accredited investors participating in private placements for capital raises.

This group provided crucial, recent capital. Barnwell Industries closed a private placement on December 3, 2025, raising gross proceeds of approximately $2.4 million from accredited investors. The transaction involved issuing an aggregate of 2.2 million shares of common stock at $1.10 per share. Furthermore, purchasers received warrants to buy up to 1.0 million additional shares at an exercise price of $1.65 per share. One significant investor group, Bradley L. Radoff and the Radoff Family Foundation, accumulated 1,120,181 shares, representing about 9.1% of the company's outstanding stock following the placement.

Public equity shareholders seeking exposure to a diversified micro-cap energy/land firm.

These are the owners of the publicly traded stock, NYSE American: BRN. The market capitalization as of early December 2025 was reported around $11.53 million or $11.38 million. The share count gives you scale; as of September 2025, there were 10,053,534 shares outstanding. Institutional investors held a stake of 10.7% (or 1.07 million shares) across 20 firms as of September 2025. The stock price on November 28, 2025, was $1.27 per share.

Here's a quick look at the ownership structure data we have:

Metric	Value as of Late 2025	Date/Context
Market Capitalization	$11.53 million	December 3, 2025
Shares Outstanding	10,053,534	September 2025
Institutional Owners Count	20	September 2025
Institutional Ownership Percentage	10.7%	September 2025
Private Placement Gross Proceeds	Approximately $2.4 million	December 2025
Private Placement Share Price	$1.10 per share	November/December 2025

You should keep an eye on the insider ownership, which was reported at 62.02%. That's a defintely high level of control by management and insiders.

Finance: draft 13-week cash view by Friday.

Barnwell Industries, Inc. (BRN) - Canvas Business Model: Cost Structure

The cost structure for Barnwell Industries, Inc. (BRN) as of late 2025 is heavily influenced by its remaining oil and gas operations, coupled with significant non-recurring corporate expenses.

Oil and gas operating expenses, which cover production and maintenance activities, saw a year-over-year decrease in operating results of $\mathbf{\$299,000}$ for the third quarter ended June 30, 2025. Proceeds from a recent asset sale are earmarked to fund well workovers and optimization opportunities in the Twining field, suggesting future operational spending focus.

General and administrative (G&A) expenses were significantly inflated by proxy and legal fees in 2025. For the third quarter ended June 30, 2025, G&A expenses rose $\mathbf{43\%}$, representing an increase of $\mathbf{\$565,000}$. This surge was primarily driven by $\mathbf{\$657,000}$ in non-recurring fees associated with shareholder disputes and proxy contest costs.

Depletion, depreciation, and amortization (DD&A) of oil and gas properties showed a reduction in certain non-cash charges. Depletion expense decreased by $\mathbf{\$449,000}$ year-over-year in the third quarter, attributed to lower depletion rates following prior-year impairments. The ceiling test impairment charge itself was $\mathbf{\$200,000}$ for the quarter, down from $\mathbf{\$599,000}$ in the third quarter of 2024.

The capital structure reflects a strategic shift away from capital deployment, evidenced by minimal capital expenditures (CapEx).

Cost Component	Amount (as of June 30, 2025, or Q3 2025 context)
Capital Expenditures (CapEx)	$\mathbf{-\$4}$ million USD
Q3 2025 G&A Increase	$\mathbf{43\%}$
Q3 2025 Proxy/Legal Fees Impact	$\mathbf{\$657,000}$
Q3 2025 Oil & Gas Operating Result Change YoY	Decrease of $\mathbf{\$299,000}$
Q3 2025 Depletion Expense Change YoY	Decrease of $\mathbf{\$449,000}$
Q3 2025 Ceiling Test Impairment	$\mathbf{\$200,000}$

Key cost-related financial metrics impacting the period include:

• The sale of U.S. oil and natural gas assets for $\mathbf{\$2.300}$ million cash.
• An expected loss of approximately $\mathbf{\$700,000}$ on the U.S. oil and natural gas asset sale in Q4 2025.
• Cash and cash equivalents for continuing operations declined to $\mathbf{\$1.154}$ million from $\mathbf{\$4.285}$ million at September 30, 2024.
• Total assets fell to $\mathbf{\$23.757}$ million.
• The net loss from continuing operations for Q3 2025 was $\mathbf{\$1.550}$ million.

Barnwell Industries, Inc. (BRN) - Canvas Business Model: Revenue Streams

Barnwell Industries, Inc. revenue streams as of late 2025 reflect a significant strategic pivot, focusing heavily on the Canadian oil and gas assets following the divestiture of U.S. holdings. The Q3 2025 revenue from continuing operations was reported at $3.192 million. This figure primarily represents the income derived from the Sale of produced crude oil and natural gas from Canadian assets, specifically the Twining field, as management is now focused there.

You can see a breakdown of the recent significant financial inflows and recurring revenue components below:

Revenue/Proceeds Source	Amount	Context/Timing
Q3 2025 Revenue from Continuing Operations	$3.192 million	For the quarter ended June 30, 2025.
Proceeds from Asset Divestitures (U.S. O&G Assets)	$2.3 million	Cash received from the sale of all U.S. oil and natural gas assets, completed August 8, 2025.
Gross Proceeds from Private Placement	Approximately $2.4 million	Expected gross proceeds from the November 2025 PIPE (Private Investment in Public Equity).
Contingent Residual Payments (Hawaiian Land)	Not explicitly detailed for Q3 2025	Recognized when entities sell lots/units or achieve a preferred payment threshold.

The Proceeds from asset divestitures, specifically the $2.3 million sale of U.S. O&G assets on August 8, 2025, provided immediate cash flow to fund Canadian workovers and reduce the working capital deficit. This sale is a key element of the company's strategy to streamline operations.

A significant, non-operational cash event was the Gross proceeds of approximately $2.4 million from the December 2025 private placement, which closed around November 28, 2025, involving the sale of common stock at $1.10 per share. These proceeds are earmarked for general corporate purposes as part of the ongoing transformation.

Regarding the Contingent residual payments from Hawaiian land investment interests, Barnwell Industries, Inc. is entitled to these payments when the purchasing entities sell lots and/or residential units or when a preferred payment threshold is met. Revenue recognition for these payments occurs when it is probable that a significant reversal of cumulative recognized revenue will not happen. While the segment exists, the Q3 2025 revenue breakdown from continuing operations does not separately detail a specific amount for these contingent payments.

The core operational revenue stream is the Sale of produced crude oil and natural gas from Canadian assets, which, post-U.S. asset sale, constitutes the bulk of the continuing operations revenue. The company sells the majority of its oil, natural gas, and natural gas liquids production under short-term contracts indexed to market prices.

• Canadian O&G Production Sales: Primary source of recurring revenue.
• U.S. O&G Asset Sale: Generated $2.3 million in cash proceeds.
• Private Placement Equity Raise: Provided approximately $2.4 million in gross proceeds.
• Hawaiian Land Residuals: Contingent upon specific real estate sales milestones.

Finance: review the cash flow impact of the $2.3 million asset sale versus the $2.4 million equity raise by end of week.