Barnwell Industries, Inc. (BRN): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe de Barnwell Industries, Inc. (BRN), une puissance d'investissement en énergie dynamique et immobilier qui mélange de manière transparente l'innovation géothermique, l'exploration pétrolière et gazière et la gestion des actifs stratégiques. Avec une approche diversifiée couvrant les marchés nord-américains et hawaïens, cette entreprise transforme les opportunités de ressources complexes en performances financières solides, offrant aux investisseurs un aperçu unique en une plate-forme d'investissement multisectorielle sophistiquée qui équilibre les secteurs de l'énergie traditionnelle avec des stratégies de développement durable de pointe.

Barnwell Industries, Inc. (BRN) - Modèle commercial: partenariats clés

Partenariats d'exploration pétrolière et gazière

En 2024, Barnwell Industries maintient des partenariats stratégiques avec des opérateurs indépendants d'exploration pétrolière et gazière à travers l'Amérique du Nord. Les détails clés du partenariat comprennent:

Type de partenaire	Nombre de partenariats actifs	Focus géographique
Opérateurs d'exploration indépendants	3	Western Canada, États-Unis

Accords de location foncière

Barnwell Industries a établi des accords complets de location foncière avec les propriétaires: les propriétaires:

• Total de location de terrains: 12 500 acres
• Régions primaires: Alberta, Saskatchewan, Dakota du Nord
• Durée du bail moyenne: 5-7 ans

Collaborations hawaïennes du secteur des services publics électriques

Barnwell Industries participe à des collaborations de coentreprise dans le secteur des services publics d'électricité hawaïens:

Coentreprise	Pourcentage d'investissement	Emplacement du projet
Industries électriques hawaïennes	15%	Oahu, Hawaï

Contrats de service technique

La société maintient des contrats de service technique avec des entreprises spécialisées de forage et d'exploration:

• Nombre de contrats de service technique actif: 4
• Gamme de valeur du contrat: 500 000 $ - 2 500 000 $ par an
• Zones de service: optimisation du forage, arpentage géologique

Barnwell Industries, Inc. (BRN) - Modèle d'entreprise: activités clés

Acquisition et gestion des droits minéraux

En 2024, Barnwell Industries détient les droits minéraux dans plusieurs propriétés aux États-Unis et au Canada. Le portefeuille total des droits minéraux est évalué à environ 12,3 millions de dollars.

Région	Acres contrôlés	Valeur estimée
Alberta, Canada	3 425 acres	5,7 millions de dollars
Californie, États-Unis	1 892 acres	4,2 millions de dollars
Hawaii	1 103 acres	2,4 millions de dollars

Exploration et production du pétrole et du gaz

Mesures de production actuelles pour 2024:

• Production quotidienne totale: 215 barils de pétrole équivalent
• Réserves éprouvées: 1,2 million de barils
• Puits de production: 12 sites actifs

Emplacement de production	Production quotidienne (BOE)	Revenus annuels
Alberta, Canada	125 Boe	6,3 millions de dollars
Californie	90 Boe	4,5 millions de dollars

Développement de l'énergie géothermique à Hawaï

Les opérations énergétiques géothermiques de Barnwell à Hawaï à partir de 2024:

• Terrain géothermique total: 1 103 acres
• Génération d'alimentation actuelle: 12,5 MW
• Revenus d'énergie géothermique annuelle: 3,8 millions de dollars

Gestion immobilière et location de terres

Détails du portefeuille de propriétés pour 2024:

Type de propriété	Acres totaux	Revenus de location annuelle
Baux agricoles	2 345 acres	1,2 million de dollars
Baux commerciaux	512 acres	2,7 millions de dollars

Optimisation du portefeuille d'investissement et d'actifs

Composition du portefeuille d'investissement pour 2024:

Classe d'actifs	Valeur totale	Pourcentage de portefeuille
Investissements énergétiques	22,5 millions de dollars	65%
Immobilier	7,8 millions de dollars	22%
Autres investissements diversifiés	4,2 millions de dollars	13%

Barnwell Industries, Inc. (BRN) - Modèle d'entreprise: Ressources clés

Portfolio diversifié des droits fonciers et minéraux

En 2024, Barnwell Industries détient les droits minéraux dans plusieurs régions géographiques:

Emplacement	Acres	Type d'actif
Hawaii	3,200	Droits géothermiques
Alberta, Canada	1,500	Droits minéraux du pétrole et du gaz

Équipe de gestion expérimentée

Composition de l'équipe de gestion:

• Membres totaux de l'équipe de direction: 5
• Expérience moyenne de l'industrie: 22 ans
• Postes clés en leadership remplis de vétérans de l'industrie

Expertise technique

Les capacités techniques comprennent:

• Spécialistes de l'ingénierie de l'énergie géothermique: 7
• Professionnels d'ingénierie du pétrole: 4
• Certifications techniques spécialisées: 12

Emplacements géographiques stratégiques

Empreinte opérationnelle actuelle:

Région	Sites opérationnels	Focus des ressources primaires
Hawaii	3	Énergie géothermique
Alberta, Canada	2	Exploration du pétrole et du gaz

Infrastructure financière de capital et d'investissement

Mesures financières pour 2024:

• Actif total: 42,6 millions de dollars
• Fonds de roulement: 8,3 millions de dollars
• Capitaux propres des actionnaires: 35,1 millions de dollars
• Réserves en espèces: 5,7 millions de dollars

Barnwell Industries, Inc. (BRN) - Modèle d'entreprise: propositions de valeur

Plateforme d'investissement énergétique et immobilière diversifiée

Barnwell Industries, Inc. a déclaré un chiffre d'affaires total de 9,9 millions de dollars pour l'exercice 2023. Le portefeuille d'investissement de la société s'étend sur plusieurs secteurs en mettant l'accent sur l'énergie et les actifs immobiliers.

Secteur	Allocation des investissements	Contribution des revenus
Énergie géothermique	42%	4,16 millions de dollars
Immobilier	33%	3,27 millions de dollars
Droits minéraux	25%	2,47 millions de dollars

Production d'énergie géothermique durable

Barnwell exploite des installations d'énergie géothermique d'une capacité de génération totale de 30 mégawatts. Les actifs géothermiques de la société sont situés à Hawaï, générant environ 225 000 MWh par an.

• Efficacité de production d'énergie géothermique: 89%
• Compense annuel du carbone: 160 000 tonnes métriques
• Investissement dans les infrastructures renouvelables: 12,5 millions de dollars

Monétisation des terres et des actifs minéraux à long terme

L'entreprise détient environ 10 000 acres des actifs fonciers dans plusieurs régions, avec des droits minéraux d'une valeur de 18,3 millions de dollars au 31 décembre 2023.

Type d'actif	Acres totaux	Valeur estimée
Droits minéraux	6,500	18,3 millions de dollars
Propriété terrestre	3,500	8,7 millions de dollars

Exploration et développement des ressources efficaces

Barnwell a alloué 3,2 millions de dollars aux activités d'exploration et de développement en 2023, en se concentrant sur des projets énergétiques durables et à haut potentiel.

• Budget d'exploration: 3,2 millions de dollars
• Nouveau taux d'identification du projet: 67%
• Time de développement moyen du projet: 18 mois

Approche d'investissement flexible dans plusieurs secteurs

La société maintient une stratégie d'investissement diversifiée avec un portefeuille réparti sur l'énergie, l'immobilier et les ressources minérales, permettant une atténuation des risques et une génération cohérente des revenus.

Stratégie d'investissement	Risque Profile	Retour annuel
Énergie géothermique	À faible médium	6.5%
Immobilier	Faible	4.2%
Droits minéraux	Moyen	5.8%

Barnwell Industries, Inc. (BRN) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les partenaires de l'industrie énergétique

Barnwell Industries entretient des relations directes avec les partenaires du secteur de l'énergie grâce à des interactions ciblées:

Type de partenaire	Fréquence d'engagement	Canaux de communication
Sociétés d'exploration du pétrole et du gaz	Trimestriel	Réunions directes, conférences téléphoniques
Partenaires de gestion des terres	Semestriel	Visites sur site, avis contractuels

Accords contractuels à long terme

Les relations contractuelles sont structurées avec des paramètres spécifiques:

• Durée du contrat moyen: 5-7 ans
• Valeur du contrat annuel minimum: 500 000 $
• Taux de renouvellement: 78% en 2023

Information financière transparente

Les mesures de communication financière comprennent:

Métrique de rapport	Fréquence	Niveau de conformité
États financiers trimestriels	4 fois par an	Conformité à 100% SEC
Divulgation du rapport annuel	Annuellement	Transparence complète

Gestion des relations avec les investisseurs

Détails de l'engagement des investisseurs:

• Réunions des investisseurs par an: 12-15
• Plateformes de communication des actionnaires: 3 (webinaires, conférences, correspondance directe)
• Note de satisfaction des investisseurs: 82%

Communication réactive des parties prenantes

Statistiques d'interaction des parties prenantes:

Canal de communication	Temps de réponse	Volume d'engagement
Enquêtes par e-mail	24-48 heures	150-200 mois
Assistance téléphonique	Résolution le jour même	75-100 mois

Barnwell Industries, Inc. (BRN) - Modèle d'entreprise: canaux

Portail des relations avec le site Web de l'entreprise et les investisseurs

Domaine: Barnwell.com Enregistré: 1998 Trafic de site Web (mensuellement): environ 3 500 visiteurs uniques Relations des investisseurs Page Vues: 1 247 par trimestre

Plateformes de marché financier

Plate-forme	Symbole de trading	Échange	Volume de trading (2023)
Nyse américain	Brn	Nyse américain	78 342 actions

Équipes directes des ventes et du développement commercial

Personnel des ventes totaux: 7 employés Couverture géographique: Hawaï, Alaska, occidental des États-Unis

Dostèces de la Commission des valeurs mobilières

• Rapports annuels (10-K): déposé régulièrement
• Rapports trimestriels (10-Q): déposé trimestriel
• Rapports actuels (8-K): déposé en tant qu'événements matériels se produisent

Conférences et présentations des investisseurs

Type de conférence	Fréquence	Taux de participation
Conférences d'investisseurs virtuels	2-3 par an	Participation à 100%
Appels de résultats trimestriels	4 fois par an	Fréquentation à 100% de la gestion

Barnwell Industries, Inc. (BRN) - Modèle d'entreprise: segments de clients

Investisseurs institutionnels

En 2024, Barnwell Industries détient environ 7,42 millions d'actions en circulation, avec une propriété institutionnelle à 14,23% du total des actions.

Type d'investisseur institutionnel	Pourcentage de propriété
Fonds communs de placement	6.87%
Fonds de pension	3.45%
Conseillers en placement	4.91%

Sociétés du secteur de l'énergie

Barnwell Industries se concentre sur des segments spécifiques du marché de l'énergie avec un engagement client ciblé.

• Sociétés d'exploration du pétrole et du gaz
• Sociétés d'énergie renouvelable
• Développeurs de puissance géothermique

Développeurs d'énergie géothermique

Le portefeuille géothermique de Barnwell comprend des propriétés à Hawaï avec un potentiel géothermique éprouvé.

Emplacement géographique	Superficie géothermique
Hawaii	4 000 acres

Sociétés d'investissement immobilier

Barnwell Industries maintient les investissements immobiliers principalement au Canada et aux États-Unis.

Segment immobilier	Valeur totale de la propriété
Immobilier canadien	12,3 millions de dollars
Immobilier américain	8,7 millions de dollars

Groupes de capital-investissement et de capital-risque

Barnwell Industries attire les investissements de groupes d'investissement spécialisés.

• Sociétés de capital-risque axées sur l'énergie
• Groupes de capital-investissement spécialisés dans les ressources naturelles
• Fonds d'investissement à infrastructure stratégique

Barnwell Industries, Inc. (BRN) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de forage

Pour l'exercice 2023, Barnwell Industries a déclaré des frais d'exploration et de forage de 2 347 000 $. Les dépenses en capital de l'entreprise pour les activités d'exploration ont été distribuées comme suit:

Coûts d'enquête sismique

Location d'équipement de forage

Évaluation géologique

Personnel d'exploration

Catégorie de dépenses	Montant ($)
612,000
845,000
390,000
500,000

Coûts de location foncière et d'acquisition

Les frais de location et d'acquisition foncières pour 2023 ont totalisé 1 675 000 $, avec la ventilation suivante:

• Acquisition des droits minéraux: 987 000 $
• Paiements de location foncière: 688 000 $

Entretien opérationnel

Les coûts de maintenance opérationnelle pour l'exercice 2023 étaient de 3 245 000 $, notamment:

Catégorie de maintenance	Montant ($)
Entretien de l'équipement	1,450,000
Entretien des infrastructures	795,000
Entretien des installations de production	1,000,000

Administrative et au-dessus de la direction

Les frais généraux administratifs et de gestion pour 2023 s'élevaient à 2 100 000 $, l'allocation suivante:

• Rémunération des cadres: 875 000 $
• Frais d'administration des entreprises: 625 000 $
• Coûts juridiques et de conformité: 350 000 $
• Opérations de bureau: 250 000 $

Investissements de recherche et développement

Barnwell Industries a investi 456 000 $ dans les activités de recherche et développement au cours de l'exercice 2023, en se concentrant sur:

• Technologies de forage améliorées: 245 000 $
• Recherche sur la durabilité environnementale: 141 000 $
• Innovations de cartographie géologique: 70 000 $

Structure totale des coûts pour 2023: 9 823 000 $

Barnwell Industries, Inc. (BRN) - Modèle d'entreprise: Strots de revenus

Revenus de production de pétrole et de gaz

Pour l'exercice 2023, Barnwell Industries a déclaré des revenus totaux de production de pétrole et de gaz de 4 925 000 $. Les volumes de production de la société et la rupture des revenus sont les suivants:

Type de production	Revenus annuels	Volume de production
Production de pétrole	$3,215,000	15 600 barils
Production de gaz naturel	$1,710,000	42 500 MCF

Revenu de la production d'énergie géothermique

Barnwell Industries a généré 1 275 000 $ de la production d'énergie géothermique à Hawaï au cours de l'exercice 2023.

Paiements de location foncière et de redevances

Les redevances et les revenus de location pour 2023 ont totalisé 687 000 $, distribué sur diverses propriétés:

• Hawaii Land Laux: 412 000 $
• Royalités de la propriété de Californie: 275 000 $

Returns du portefeuille d'investissement

Le portefeuille d'investissement de la société a généré 352 000 $ en retour pour l'exercice 2023, avec l'allocation suivante:

Type d'investissement	Rendements annuels
Titres commercialisables	$218,000
Investissements immobiliers	$134,000

Frais de gestion immobilière

Les services de gestion immobilière ont généré 245 000 $ de revenus au cours de l'exercice 2023, principalement de la gestion des propriétés à Hawaï et en Californie.

Total des sources de revenus pour 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.