Barnwell Industries, Inc. (BRN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el intrincado mundo de Barnwell Industries, Inc. (BRN), una potencia dinámica de energía y inversión inmobiliaria que combina a la perfección la innovación geotérmica, la exploración de petróleo y gas, y la gestión de activos estratégicos. Con un enfoque diversificado que abarca los mercados norteamericanos y hawaianos, esta compañía transforma oportunidades de recursos complejos en un rendimiento financiero sólido, ofreciendo a los inversores una visión única de una plataforma de inversión sofisticada y múltiple que equilibra los sectores de energía tradicionales con estrategias de desarrollo sostenible de vanguardia.

Barnwell Industries, Inc. (BRN) - Modelo de negocios: asociaciones clave

Asociaciones de exploración de petróleo y gas

A partir de 2024, Barnwell Industries mantiene asociaciones estratégicas con operadores independientes de exploración de petróleo y gas en América del Norte. Los detalles clave de la asociación incluyen:

Tipo de socio	Número de asociaciones activas	Enfoque geográfico
Operadores de exploración independientes	3	Western Canadá, Estados Unidos

Contratos de arrendamiento de tierras

Barnwell Industries ha establecido contratos integrales de arrendamiento de tierras con los propietarios:

• Agua total de arrendamiento de tierra: 12,500 acres
• Regiones primarias: Alberta, Saskatchewan, Dakota del Norte
• Duración promedio de arrendamiento: 5-7 años

Colaboraciones del sector de servicios eléctricos hawaianos

Barnwell Industries participa en colaboraciones de empresas conjuntas dentro del sector de servicios eléctricos hawaianos:

Socio de empresa conjunta	Porcentaje de inversión	Ubicación del proyecto
Industrias eléctricas hawaianas	15%	Oahu, Hawaii

Contratos de servicio técnico

La Compañía mantiene contratos de servicio técnico con empresas especializadas de perforación y exploración:

• Número de contratos de servicio técnico activo: 4
• Rango de valor del contrato: $ 500,000 - $ 2,500,000 anualmente
• Áreas de servicio: optimización de perforación, encuesta geológica

Barnwell Industries, Inc. (BRN) - Modelo de negocio: actividades clave

Adquisición y gestión de derechos minerales

A partir de 2024, Barnwell Industries tiene derechos minerales en múltiples propiedades en los Estados Unidos y Canadá. La cartera total de derechos minerales valorada en aproximadamente $ 12.3 millones.

Región	Acres controlados	Valor estimado
Alberta, Canadá	3,425 acres	$ 5.7 millones
California, EE. UU.	1.892 acres	$ 4.2 millones
Hawai	1,103 acres	$ 2.4 millones

Exploración y producción de petróleo y gas

Métricas de producción actuales para 2024:

• Producción diaria total: 215 barriles de aceite equivalente
• Reservas probadas: 1.2 millones de barriles
• Pozos de producción: 12 sitios activos

Ubicación de producción	Producción diaria (BOE)	Ingresos anuales
Alberta, Canadá	125 boe	$ 6.3 millones
California	90 boe	$ 4.5 millones

Desarrollo de energía geotérmica en Hawaii

Operaciones de energía geotérmica de Barnwell en Hawai a partir de 2024:

• Total de tierra geotérmica: 1.103 acres
• Generación de energía actual: 12.5 MW
• Ingresos de energía geotérmica anual: $ 3.8 millones

Gestión de propiedades y arrendamiento de tierras

Detalles de la cartera de propiedades para 2024:

Tipo de propiedad	Total de acres	Ingresos anuales de arrendamiento
Arrendamientos agrícolas	2,345 acres	$ 1.2 millones
Arrendamientos comerciales	512 acres	$ 2.7 millones

Inversión y optimización de la cartera de activos

Composición de cartera de inversiones para 2024:

Clase de activo	Valor total	Porcentaje de cartera
Inversiones energéticas	$ 22.5 millones	65%
Bienes raíces	$ 7.8 millones	22%
Otras inversiones diversificadas	$ 4.2 millones	13%

Barnwell Industries, Inc. (BRN) - Modelo de negocios: recursos clave

Cartera diversa de derechos de tierra y minerales

A partir de 2024, Barnwell Industries tiene derechos minerales en múltiples regiones geográficas:

Ubicación	Acres	Tipo de activo
Hawai	3,200	Derechos geotérmicos
Alberta, Canadá	1,500	Derechos minerales de petróleo y gas

Equipo de gestión experimentado

Composición del equipo de gestión:

• Total de los miembros del equipo ejecutivo: 5
• Experiencia de la industria promedio: 22 años
• Puestos clave de liderazgo llenos de veteranos de la industria

Experiencia técnica

Las capacidades técnicas incluyen:

• Especialistas en ingeniería de energía geotérmica: 7
• Profesionales de ingeniería de petróleo: 4
• Certificaciones técnicas especializadas: 12

Ubicaciones geográficas estratégicas

Huella operativa actual:

Región	Sitios operativos	Enfoque de recursos primarios
Hawai	3	Energía geotérmica
Alberta, Canadá	2	Exploración de petróleo y gas

Capital financiero e infraestructura de inversión

Métricas financieras para 2024:

• Activos totales: $ 42.6 millones
• Capital de trabajo: $ 8.3 millones
• Equidad del accionista: $ 35.1 millones
• Reservas de efectivo: $ 5.7 millones

Barnwell Industries, Inc. (BRN) - Modelo de negocio: propuestas de valor

Plataforma de inversión inmobiliaria y de inversión inmobiliaria diversificada

Barnwell Industries, Inc. reportó ingresos totales de $ 9.9 millones para el año fiscal 2023. La cartera de inversiones de la compañía abarca múltiples sectores con un enfoque en la energía y los activos inmobiliarios.

Sector	Asignación de inversión	Contribución de ingresos
Energía geotérmica	42%	$ 4.16 millones
Bienes raíces	33%	$ 3.27 millones
Derechos minerales	25%	$ 2.47 millones

Generación de energía geotérmica sostenible

Barnwell opera instalaciones de energía geotérmica con una capacidad de generación total de 30 megavatios. Los activos geotérmicos de la compañía se encuentran en Hawai, generando aproximadamente 225,000 MWh anualmente.

• Eficiencia de generación de energía geotérmica: 89%
• Compensación anual de carbono: 160,000 toneladas métricas
• Inversión en infraestructura renovable: $ 12.5 millones

Monetización de la tierra y los activos minerales a largo plazo

La compañía posee aproximadamente 10,000 acres de activos de tierras en múltiples regiones, con derechos minerales valorados en $ 18.3 millones al 31 de diciembre de 2023.

Tipo de activo	Total de acres	Valor estimado
Derechos minerales	6,500	$ 18.3 millones
Tierras	3,500	$ 8.7 millones

Exploración y desarrollo de recursos eficientes

Barnwell asignó $ 3.2 millones para actividades de exploración y desarrollo en 2023, centrándose en proyectos de energía sostenibles y de alto potencial.

• Presupuesto de exploración: $ 3.2 millones
• Nueva tasa de identificación del proyecto: 67%
• Línea promedio de desarrollo de desarrollo del proyecto: 18 meses

Enfoque de inversión flexible en múltiples sectores

La Compañía mantiene una estrategia de inversión diversificada con una cartera distribuida entre energía, bienes raíces y recursos minerales, lo que permite la mitigación de riesgos y la generación de ingresos consistente.

Estrategia de inversión	Riesgo Profile	Retorno anual
Energía geotérmica	Bajo en medio	6.5%
Bienes raíces	Bajo	4.2%
Derechos minerales	Medio	5.8%

Barnwell Industries, Inc. (BRN) - Modelo de negocios: relaciones con los clientes

Compromiso directo con socios de la industria energética

Barnwell Industries mantiene relaciones directas con socios del sector energético a través de interacciones específicas:

Tipo de socio	Frecuencia de compromiso	Canales de comunicación
Empresas de exploración de petróleo y gas	Trimestral	Reuniones directas, llamadas de conferencia
Socios de gestión de tierras	Semestral	Visitas del sitio, revisiones contractuales

Acuerdos contractuales a largo plazo

Las relaciones contractuales están estructuradas con parámetros específicos:

• Duración promedio del contrato: 5-7 años
• Valor mínimo de contrato anual: $ 500,000
• Tasa de renovación: 78% a partir de 2023

Información financiera transparente

Las métricas de comunicación financiera incluyen:

Métrica de informes	Frecuencia	Nivel de cumplimiento
Estados financieros trimestrales	4 veces al año	Cumplimiento de 100% SEC
Divulgación de informes anuales	Anualmente	Transparencia total

Gestión de relaciones con los inversores

Detalles de participación del inversor:

• Reuniones de inversores por año: 12-15
• Plataformas de comunicación de accionistas: 3 (seminarios web, conferencias, correspondencia directa)
• Calificación de satisfacción del inversor: 82%

Comunicación receptiva de los interesados

Estadísticas de interacción de las partes interesadas:

Canal de comunicación	Tiempo de respuesta	Volumen de compromiso
Consultas por correo electrónico	24-48 horas	150-200 mensualmente
Soporte telefónico	Resolución el mismo día	75-100 mensuales

Barnwell Industries, Inc. (BRN) - Modelo de negocios: canales

Sitio web corporativo y portal de relaciones con los inversores

Dominio: Barnwell.com Registrado: 1998 Tráfico del sitio web (mensual): aproximadamente 3.500 visitantes únicos Vistas de la página de relaciones con los inversores: 1,247 por trimestre

Plataformas de mercado financiero

Plataforma	Símbolo de comercio	Intercambio	Volumen comercial (2023)
NYSE American	BRN	NYSE American	78,342 acciones

Equipos directos de ventas y desarrollo de negocios

Personal total de ventas: 7 empleados Cobertura geográfica: Hawai, Alaska, oeste de los Estados Unidos

Presentaciones de la Comisión de Bolsa y Valores

• Informes anuales (10-k): archivado regularmente
• Informes trimestrales (10-Q): archivado trimestralmente
• Informes actuales (8-k): archivados como eventos materiales ocurren

Conferencias y presentaciones de los inversores

Tipo de conferencia	Frecuencia	Tasa de participación
Conferencias de inversores virtuales	2-3 por año	100% participación
Llamadas de ganancias trimestrales	4 veces anualmente	100% de asistencia a la gerencia

Barnwell Industries, Inc. (BRN) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir de 2024, Barnwell Industries tiene aproximadamente 7,42 millones de acciones en circulación, con una propiedad institucional en el 14.23% de las acciones totales.

Tipo de inversor institucional	Porcentaje de propiedad
Fondos mutuos	6.87%
Fondos de pensiones	3.45%
Asesores de inversiones	4.91%

Empresas del sector energético

Barnwell Industries se centra en segmentos específicos del mercado energético con participación específica del cliente.

• Empresas de exploración de petróleo y gas
• Corporaciones de energía renovable
• Desarrolladores de energía geotérmica

Desarrolladores de energía geotérmica

La cartera geotérmica de Barnwell incluye propiedades en Hawai con potencial geotérmico comprobado.

Ubicación geográfica	Superficie geotérmica
Hawai	4,000 acres

Empresas de inversión inmobiliaria

Barnwell Industries mantiene inversiones inmobiliarias principalmente en Canadá y Estados Unidos.

Segmento inmobiliario	Valor de propiedad total
Bienes raíces canadienses	$ 12.3 millones
Bienes raíces de EE. UU.	$ 8.7 millones

Grupos de capital privado y capital de riesgo

Barnwell Industries atrae la inversión de grupos de inversión especializados.

• Empresas de capital de riesgo centrados en la energía
• Grupos de capital privado especializados en recursos naturales
• Fondos de inversión de infraestructura estratégica

Barnwell Industries, Inc. (BRN) - Modelo de negocio: Estructura de costos

Gastos de exploración y perforación

Para el año fiscal 2023, Barnwell Industries informó gastos de exploración y perforación de $ 2,347,000. Los gastos de capital de la compañía para actividades de exploración se distribuyeron de la siguiente manera:

Costos de encuesta sísmica

Alquiler de equipos de perforación

Evaluación geológica

Personal de exploración

Categoría de gastos	Monto ($)
612,000
845,000
390,000
500,000

Costos de arrendamiento y adquisición de tierras

Los gastos de arrendamiento y adquisición de tierras para 2023 totalizaron $ 1,675,000, con el siguiente desglose:

• Adquisición de derechos minerales: $ 987,000
• Pagos de arrendamiento de tierras: $ 688,000

Mantenimiento operacional

Los costos de mantenimiento operativo para el año fiscal 2023 fueron de $ 3,245,000, que incluyen:

Categoría de mantenimiento	Monto ($)
Mantenimiento del equipo	1,450,000
Mantenimiento de la infraestructura	795,000
Mantenimiento de la instalación de producción	1,000,000

Gastos generales administrativos y de gestión

Los gastos generales administrativos y de gestión para 2023 ascendieron a $ 2,100,000, con la siguiente asignación:

• Compensación ejecutiva: $ 875,000
• Gastos administrativos corporativos: $ 625,000
• Costos legales y de cumplimiento: $ 350,000
• Operaciones de oficina: $ 250,000

Inversiones de investigación y desarrollo

Barnwell Industries invirtió $ 456,000 en actividades de investigación y desarrollo durante el año fiscal 2023, centrándose en:

• Tecnologías de perforación mejoradas: $ 245,000
• Investigación de sostenibilidad ambiental: $ 141,000
• Innovaciones de mapeo geológico: $ 70,000

Estructura de costos totales para 2023: $ 9,823,000

Barnwell Industries, Inc. (BRN) - Modelo de negocios: flujos de ingresos

Ingresos de producción de petróleo y gas

Para el año fiscal 2023, Barnwell Industries reportó ingresos totales de producción de petróleo y gas de $ 4,925,000. Los volúmenes de producción y el desglose de ingresos de la compañía son los siguientes:

Tipo de producción	Ingresos anuales	Volumen de producción
Producción de petróleo	$3,215,000	15,600 barriles
Producción de gas natural	$1,710,000	42,500 MCF

Ingresos de generación de energía geotérmica

Barnwell Industries generó $ 1,275,000 a partir de la producción de energía geotérmica en Hawai durante el año fiscal 2023.

Pagos de arrendamiento de tierras y regalías

Los ingresos de regalías y arrendamiento para 2023 totalizaron $ 687,000, distribuidos en varias propiedades:

• Arrendamientos de tierras de Hawaii: $ 412,000
• Royalias de propiedad de California: $ 275,000

Rendimientos de la cartera de inversiones

La cartera de inversiones de la compañía generó $ 352,000 en rendimientos para el año fiscal 2023, con la siguiente asignación:

Tipo de inversión	Devolución anual
Valores comercializables	$218,000
Inversiones inmobiliarias	$134,000

Tarifas de administración de propiedades

Los servicios de administración de propiedades generaron $ 245,000 en ingresos durante el año fiscal 2023, principalmente de la gestión de propiedades en Hawai y California.

Flujos de ingresos totales para 2023: $ 7,484,000

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.