Barnwell Industries, Inc. (BRN): Business Model Canvas [Dec-2025 Updated]

You're looking at a company that's actively shedding complexity to sharpen its focus, and honestly, that's where the real analysis begins. Barnwell Industries, Inc. (BRN) just wrapped up a major strategic pivot, moving away from past ventures to zero in on its core Canadian oil and gas assets and those residual payments from the Kukio land deal in Hawaii. With a recent $2.4 million capital raise in late 2025 and continuing operations pulling in $3.192 million in Q3 2025 revenue, the structure is defintely changing. To truly understand the risk/reward profile now-especially given the recent proxy costs-you need to see the whole picture of what they are keeping and how they plan to make money going forward. Dive into the full Business Model Canvas below to see the nine building blocks of this newly streamlined operation.

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

You're looking at the relationships Barnwell Industries, Inc. relies on to keep its operations, especially the Canadian oil and gas and Hawaiian land investment segments, moving forward as of late 2025. These partnerships are critical, particularly given the company's recent financing and operational shifts.

Bradley L. Radoff and affiliates, a key investor with a 9.1% stake and board representation.

This relationship solidified in late 2025 following a private placement. Bradley L. Radoff and the Radoff Family Foundation collectively hold a significant position, which grants them formal governance influence. The terms of this partnership are quite specific regarding share ownership and future control rights.

Here are the key figures from the private placement that closed on or around November 28, 2025:

The total private placement involved the sale of an aggregate of 2,221,141 shares and warrants to purchase up to 1,029,104 shares.

Kukio land development partnership entities for residual payment entitlements.

Barnwell Industries, Inc. maintains a minority interest, typically between 10-20%, in these ultra-luxury resort land development partnerships in Hawaii. The key financial benefit comes from contingent residual payments triggered upon lot sales.

The latest reported equity income from these affiliates provides context on the partnership's performance:

• Equity in income of affiliates for the year ended September 30, 2024: $1,071,000.
• Equity in income of affiliates for the year ended September 30, 2023: $758,000.
• Lots sold in Increment 1 (as of February 2024): 80 lots.
• Remaining developable acres in Increment 2: 420 acres.
• Entitlement for additional homesites in Increment 2: Up to 350 sites.

Management was evaluating a potential sale of these Kukio partnership interests as of Q3 2025 to address liquidity concerns.

Midstream companies and refiners for the sale of crude oil and natural gas.

Barnwell Industries, Inc. focuses its remaining oil and gas activities on exploration, development, production, and sales in Canada, primarily in the Alberta province. Sales to midstream companies and refiners are the primary source of revenue for this segment, though the company made a significant divestiture in 2025.

The operational context for these sales partners in 2025 includes:

• Sale of all U.S. oil and natural gas assets for $2.3 million cash on August 8, 2025.
• Q3 2025 revenue from continuing operations (primarily Canadian O&G): $3.19 million.
• Year-over-year decline in Q3 2025 revenue from continuing operations: 29% (down from $4.51 million in Q3 2024).
• Decline in Q3 2025 O&G operating results compared to prior year: $0.299 million.

These buyers are essential counterparties for the company's remaining Canadian production.

Service providers for oil and gas well workovers in the Twining field.

This partnership category involves securing specialized services to maintain and optimize production from the Twining field assets in Canada. The ability to engage these service providers is directly linked to Barnwell Industries' capital structure decisions in 2025.

The funding for these critical workovers is explicitly tied to recent corporate actions:

• Proceeds from the $2.3 million U.S. oil and gas asset sale were designated to fund Twining field workovers.
• The company reported a working capital deficit, which the asset sale proceeds were intended to help reduce alongside funding the workovers.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core actions Barnwell Industries, Inc. (BRN) is taking to keep the lights on and grow, especially given the recent shareholder dynamics. Here's the breakdown of what they are actively doing as of late 2025.

Oil and natural gas exploration, development, and production in Canada

Barnwell Industries, Inc. focuses its primary energy efforts in Canada through subsidiaries Barnwell of Canada, Limited and Octavian Oil Limited. The core asset base is concentrated in the Twining field, Alberta, which spans approximately 16,000 net acres. This field is recognized as Alberta's 9th Largest Conventional Oil Pool, estimated to hold 895 mmbbl of oil in place since its 1962 start. The company has been streamlining its portfolio, evidenced by the sale of all U.S. oil and natural gas assets for $2.300 million cash, which closed post-Q3 2025 on August 8. This move signals a dedicated reinvestment into the Canadian assets. Still, the segment faced revenue pressure, with Q3 2025 Oil & Gas revenue declining by $1.299 million year-over-year.

Managing and monetizing residual land investment interests in Hawaii

The Land Investment Segment involves managing leasehold interests in real estate developments on the Big Island of Hawaii, specifically in the North Kona District adjacent to luxury resorts. The Kaupulehu Development is a key focus. Increment 1, consisting of 80 lots, was fully sold as of February 2024. Increment 2 holds the remaining 420 developable acres, entitled to support up to 350 additional homesites. Monetization activity fluctuates; for instance, operating results for this segment declined $500K quarter-over-quarter in Q2 2025 because zero Kukio lots were sold in Q2 compared to two lots sold in Q1 2025. Management is actively evaluating the sale of these Kukio partnership interests as a potential funding source.

Strategic capital allocation to high-return-on-invested-capital opportunities

Capital deployment is currently focused on stabilizing and optimizing existing core assets following strategic divestitures. The company recently secured capital to support operations and balance sheet strengthening. On December 3, 2025, Barnwell Industries, Inc. closed a private placement, raising gross proceeds of approximately $2.4 million by issuing 2.2 million shares at $1.10 per share. This influx of cash is intended for general corporate purposes, supporting existing operations, and pursuing strategic initiatives. The company ended Q2 2025 with $1.432 million in cash and equivalents, though it carried a working capital deficit of $57,000.

Executing well workovers and optimization in the Twining field

Optimization and execution in the Twining field are a stated priority, with proceeds from the U.S. asset sale earmarked for this purpose. This activity directly follows the success of prior development work. The new 100%-owned and operated development oil well in the Twining area, which began production in mid-September 2024, contributed approximately 107 boe/d (or about 10,000 boe over Q1 2025). The strategy involves capital workovers and horizontal new-drills where highly economic opportunities exist. The table below summarizes recent operational and financial context relevant to this core activity.

General and administrative oversight, including managing significant proxy/legal costs

General and administrative (G&A) oversight has been significantly impacted by corporate governance challenges. This activity involves managing costs associated with shareholder disputes, which have been substantial. For Q3 2025, G&A expenses rose by $0.565 million (a 43% increase) driven by $0.657 million in non-recurring proxy/legal fees. This follows a Q2 G&A increase of $906K (72% YoY) related to a shareholder consent solicitation and proxy contest. Management noted that continuing costs are expected until the annual meeting resolves the dispute. The company is partially offsetting these with estimated insurance recoveries, reported at $0.348 million in Q3.

You'll want to track these cost centers closely.

• Q3 G&A Increase: $0.565 million
• Q3 Proxy/Legal Fees: $0.657 million
• Q3 Estimated Insurance Recoveries: $0.348 million
• Q2 G&A Increase: $906K
• Q1 G&A Change: Decreased 9% YoY (-$123K)

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Barnwell Industries, Inc. relies on to execute its strategy as of late 2025. Honestly, the key resources right now are a mix of hard assets, fresh capital, and a newly streamlined focus. It's about what they own and what they just brought in the door.

Oil and Natural Gas Properties

The primary hard asset base for Barnwell Industries, Inc. is its oil and natural gas properties, which are concentrated almost entirely in Alberta, Canada. The operations are handled by subsidiaries Barnwell of Canada, Limited (BOCL) and Octavian Oil Limited (OOL). The core Canadian asset centers on the Twining, Alberta area, about 70 miles northeast of Calgary. This asset encompasses 16,000 net acres within the Twining Pekisko oilfield. This field is noted as Alberta's 9th Largest Conventional Oil Pool, with an estimated 895 mmbbl of oil in place since its 1962 discovery. Current pre-royalty production from a mix of vertical and horizontal wells is approximately 1,100 barrels of oil equivalent (BOE) per day. To be fair, the U.S. oil and natural gas assets are no longer a key resource, as the company sold all of them for $2.300 million in cash post-Q3 2025.

Residual Land Interests in Hawaii

Barnwell Industries, Inc. maintains a land investment resource through minority interests in oceanside developments in the North Kona District of the Big Island of Hawaii, specifically anchored by the ultra-luxury Kūki'o and Hualalai Resorts. This involves an 877-acre development parcel. The land investment is structured through partnerships like KD I and KD II. As of February 2024, all 80 lots in Increment 1 were sold. The remaining resource lies in Increment 2, which holds 420 developable acres entitled to support up to 350 additional homesites. Barnwell holds a 10-20% minority interest in these developments.

Cash and Equivalents

Liquidity was recently bolstered by a strategic capital raise. Barnwell Industries, Inc. closed a private placement on November 28, 2025, bringing in gross proceeds of approximately $2.4 million. This involved issuing an aggregate of 2.2 million shares of common stock at $1.10 per share. Before this closing, the cash position as of the end of Q3 2025 was reported at $1.432 million, though this figure was immediately followed by the $2.300 million cash receipt from the U.S. oil and gas asset sale. The net proceeds from the November 2025 financing are intended for general corporate purposes, including strengthening the balance sheet.

Here's a quick look at the financial resources around the time of the Q3 2025 report and the late-year financing event:

Experienced Management Team focused on Strategic Repositioning and Cost Reduction

The management team is a key resource, especially given the recent strategic shifts. Philip F. Patman, Jr. was appointed Executive Vice President of Finance on October 28, 2025. This follows the announced retirement of two long-serving executives as part of the effort to reposition the Company. The strategy centers on focusing on high-return-on-invested-capital opportunities and streamlining operations. The team is actively working to resolve governance issues, which previously led to elevated General and Administrative (G&A) expenses of $0.565 million (+43%) in Q3 2025 due to non-recurring proxy/legal fees.

The management team's recent actions highlight this focus:

• Fully exited the legacy water well drilling business.
• Committed to closing its Hawaii headquarters.
• Appointed new EVP of Finance in October 2025.
• Secured $2.4 million in new equity capital.

Capital Drilling Equipment and Related Assets (Historically, now largely divested)

Historically, capital drilling equipment was a major resource, but Barnwell Industries, Inc. has actively divested these assets to focus on the Canadian oil and gas operations. The most recent major divestiture was the sale of Water Resources International, Inc., the water well drilling subsidiary, for an expected aggregate value of $1,050,000, which closed in late March 2025. This move was explicitly intended to allow the Company to refocus on its core oil and gas exploration business. So, this resource is now minimal or zeroed out, reflecting a deliberate strategic choice.

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.

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.

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:

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:

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).

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:

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.