Barnwell Industries, Inc. (BRN): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da Barnwell Industries, Inc. (BRN), uma potência dinâmica de energia e investimento imobiliário que combina perfeitamente a inovação geotérmica, a exploração de petróleo e gás e o gerenciamento estratégico de ativos. Com uma abordagem diversificada abrangendo mercados norte-americanos e havaianos, esta empresa transforma oportunidades complexas de recursos em desempenho financeiro robusto, oferecendo aos investidores um vislumbre único de uma plataforma sofisticada de investimentos multissetorial que equilibra os setores de energia tradicionais com estratégias de desenvolvimento sustentável de ponta.

Barnwell Industries, Inc. (BRN) - Modelo de negócios: Parcerias -chave

Parcerias de exploração de petróleo e gás

A partir de 2024, a Barnwell Industries mantém parcerias estratégicas com operadores independentes de exploração de petróleo e gás em toda a América do Norte. Os principais detalhes da parceria incluem:

Tipo de parceiro	Número de parcerias ativas	Foco geográfico
Operadores de exploração independentes	3	Oeste do Canadá, Estados Unidos

Acordos de arrendamento de terras

A Barnwell Industries estabeleceu acordos abrangentes de arrendamento de terras com os proprietários:

• Lease de terras TOTAL Área de locação: 12.500 acres
• Regiões primárias: Alberta, Saskatchewan, Dakota do Norte
• Duração média do arrendamento: 5-7 anos

Colaborações do setor de utilidades elétricas havaianas

A Barnwell Industries participa de colaborações de joint venture no setor de utilidades elétricas havaianas:

Parceiro de joint venture	Porcentagem de investimento	Localização do projeto
Indústrias elétricas havaianas	15%	Oahu, Havaí

Contratos de Serviço Técnico

A empresa mantém contratos de serviço técnico com empresas especializadas de perfuração e exploração:

• Número de contratos de serviço técnico ativo: 4
• Valor do contrato intervalo: US $ 500.000 - US $ 2.500.000 anualmente
• Áreas de serviço: otimização de perfuração, levantamento geológico

Barnwell Industries, Inc. (BRN) - Modelo de negócios: Atividades -chave

Aquisição e gerenciamento de direitos minerais

A partir de 2024, a Barnwell Industries detém direitos minerais em várias propriedades nos Estados Unidos e no Canadá. O portfólio total de direitos minerais, avaliado em aproximadamente US $ 12,3 milhões.

Região	Acres controlados	Valor estimado
Alberta, Canadá	3.425 acres	US $ 5,7 milhões
Califórnia, EUA	1.892 acres	US $ 4,2 milhões
Havaí	1.103 acres	US $ 2,4 milhões

Exploração e produção de petróleo e gás

Métricas de produção atuais para 2024:

• Produção diária total: 215 barris de petróleo equivalente
• Reservas comprovadas: 1,2 milhão de barris
• Poços de produção: 12 sites ativos

Local de produção	Produção diária (BOE)	Receita anual
Alberta, Canadá	125 Boe	US $ 6,3 milhões
Califórnia	90 Boe	US $ 4,5 milhões

Desenvolvimento de energia geotérmica no Havaí

Operações de energia geotérmica de Barnwell no Havaí a partir de 2024:

• Terras geotérmicas totais: 1.103 acres
• Geração atual de energia: 12,5 MW
• Receita anual de energia geotérmica: US $ 3,8 milhões

Gerenciamento de propriedades e leasing de terras

Detalhes do portfólio de propriedades para 2024:

Tipo de propriedade	Total de acres	Receita anual de arrendamento
Arrendamentos agrícolas	2.345 acres	US $ 1,2 milhão
Arrendamentos comerciais	512 acres	US $ 2,7 milhões

Otimização de portfólio de investimentos e ativos

Composição do portfólio de investimentos para 2024:

Classe de ativos	Valor total	Porcentagem de portfólio
Investimentos em energia	US $ 22,5 milhões	65%
Imobiliária	US $ 7,8 milhões	22%
Outros investimentos diversificados	US $ 4,2 milhões	13%

Barnwell Industries, Inc. (BRN) - Modelo de negócios: Recursos -chave

Portfólio de direitos de terra e minerais diversificados

A partir de 2024, a Barnwell Industries detém direitos minerais em várias regiões geográficas:

Localização	Acres	Tipo de ativo
Havaí	3,200	Direitos geotérmicos
Alberta, Canadá	1,500	Direitos minerais de petróleo e gás

Equipe de gerenciamento experiente

Composição da equipe de gerenciamento:

• Total de membros da equipe executiva: 5
• Experiência média da indústria: 22 anos
• Posições -chave de liderança cheias de veteranos do setor

Experiência técnica

Os recursos técnicos incluem:

• Especialistas em engenharia de energia geotérmica: 7
• Profissionais de engenharia de petróleo: 4
• Certificações técnicas especializadas: 12

Locais geográficos estratégicos

Pegada operacional atual:

Região	Sites operacionais	Foco principal do recurso
Havaí	3	Energia geotérmica
Alberta, Canadá	2	Exploração de petróleo e gás

Capital financeiro e infraestrutura de investimento

Métricas financeiras para 2024:

• Total de ativos: US $ 42,6 milhões
• Capital de giro: US $ 8,3 milhões
• Equidade do acionista: US $ 35,1 milhões
• Reservas de caixa: US $ 5,7 milhões

Barnwell Industries, Inc. (BRN) - Modelo de negócios: proposições de valor

Plataforma diversificada de energia e investimento imobiliário

A Barnwell Industries, Inc. registrou receita total de US $ 9,9 milhões para o ano fiscal de 2023. O portfólio de investimentos da empresa abrange vários setores com foco em ativos de energia e imóveis.

Setor	Alocação de investimento	Contribuição da receita
Energia geotérmica	42%	US $ 4,16 milhões
Imobiliária	33%	US $ 3,27 milhões
Direitos minerais	25%	US $ 2,47 milhões

Geração de energia geotérmica sustentável

Barnwell opera instalações de energia geotérmica com uma capacidade total de geração de 30 megawatts. Os ativos geotérmicos da empresa estão localizados no Havaí, gerando aproximadamente 225.000 mWh anualmente.

• Eficiência de geração geotérmica de energia: 89%
• Offset anual de carbono: 160.000 toneladas métricas
• Investimento em infraestrutura renovável: US $ 12,5 milhões

Monetização de terras e ativos minerais de longo prazo

A empresa possui Aproximadamente 10.000 acres de ativos terrestres em várias regiões, com os direitos minerais avaliados em US $ 18,3 milhões em 31 de dezembro de 2023.

Tipo de ativo	Total de acres	Valor estimado
Direitos minerais	6,500	US $ 18,3 milhões
Propriedades terrestres	3,500	US $ 8,7 milhões

Exploração e desenvolvimento de recursos eficientes

Barnwell alocou US $ 3,2 milhões para atividades de exploração e desenvolvimento em 2023, com foco em projetos de energia sustentável e de alto potencial.

• Orçamento de exploração: US $ 3,2 milhões
• Nova taxa de identificação do projeto: 67%
• Linha do tempo médio de desenvolvimento do projeto: 18 meses

Abordagem de investimento flexível em vários setores

A empresa mantém uma estratégia de investimento diversificada com um portfólio espalhado por recursos de energia, imóveis e minerais, permitindo a mitigação de riscos e a geração de receita consistente.

Estratégia de investimento	Risco Profile	Retorno anual
Energia geotérmica	Baixo médio	6.5%
Imobiliária	Baixo	4.2%
Direitos minerais	Médio	5.8%

Barnwell Industries, Inc. (BRN) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com parceiros do setor de energia

A Barnwell Industries mantém relacionamentos diretos com os parceiros do setor de energia por meio de interações direcionadas:

Tipo de parceiro	Frequência de engajamento	Canais de comunicação
Empresas de exploração de petróleo e gás	Trimestral	Reuniões diretas, chamadas de conferência
Parceiros de gestão da terra	Semestral	Visitas ao site, revisões contratuais

Acordos contratuais de longo prazo

Relacionamentos contratuais são estruturados com parâmetros específicos:

• Duração média do contrato: 5-7 anos
• Valor anual mínimo do contrato: US $ 500.000
• Taxa de renovação: 78% a partir de 2023

Relatórios financeiros transparentes

As métricas de comunicação financeira incluem:

Métrica de relatório	Freqüência	Nível de conformidade
Demonstrações financeiras trimestrais	4 vezes por ano	100% de conformidade na SEC
Divulgação anual do relatório	Anualmente	Transparência total

Gerenciamento de Relações com Investidores

Detalhes do engajamento do investidor:

• Reuniões dos investidores por ano: 12-15
• Plataformas de comunicação dos acionistas: 3 (webinars, conferências, correspondência direta)
• Classificação de satisfação do investidor: 82%

Comunicação responsiva das partes interessadas

Estatísticas de interação das partes interessadas:

Canal de comunicação	Tempo de resposta	Volume de engajamento
Consultas por email	24-48 horas	150-200 mensalmente
Suporte por telefone	Resolução no mesmo dia	75-100 mensalmente

Barnwell Industries, Inc. (BRN) - Modelo de Negócios: Canais

Site corporativo e portal de relações com investidores

Domínio: Barnwell.com Registrado: 1998 Tráfego do site (mensal): Aproximadamente 3.500 visitantes únicos Visualizações de página de relações com investidores: 1.247 por trimestre

Plataformas de mercado financeiro

Plataforma	Símbolo de negociação	Intercâmbio	Volume de negociação (2023)
NYSE AMERICANO	Brn	NYSE AMERICANO	78.342 ações

Equipes diretas de vendas e desenvolvimento de negócios

Pessoal de vendas total: 7 funcionários Cobertura geográfica: Havaí, Alasca, oeste dos Estados Unidos

Títulos e registros da Comissão de Valores Mobiliários

• Relatórios anuais (10-K): arquivados regularmente
• Relatórios trimestrais (10-Q): arquivado trimestral
• Relatórios atuais (8-K): arquivados à medida que os eventos materiais ocorrem

Conferências e apresentações de investidores

Tipo de conferência	Freqüência	Taxa de participação
Conferências de investidores virtuais	2-3 por ano	100% de participação
Chamadas de ganhos trimestrais	4 vezes anualmente	100% de participação na gerência

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

Investidores institucionais

A partir de 2024, a Barnwell Industries possui aproximadamente 7,42 milhões de ações em circulação, com a propriedade institucional em 14,23% do total de ações.

Tipo de investidor institucional	Porcentagem de propriedade
Fundos mútuos	6.87%
Fundos de pensão	3.45%
Consultores de investimento	4.91%

Empresas do setor de energia

A Barnwell Industries se concentra em segmentos de mercado de energia específicos com o envolvimento direcionado do cliente.

• Empresas de exploração de petróleo e gás
• Corporações de energia renovável
• Desenvolvedores de energia geotérmica

Desenvolvedores de energia geotérmica

O portfólio geotérmico de Barnwell inclui propriedades no Havaí com potencial geotérmico comprovado.

Localização geográfica	Área geotérmica
Havaí	4.000 acres

Empresas de investimento imobiliário

A Barnwell Industries mantém investimentos imobiliários principalmente no Canadá e nos Estados Unidos.

Segmento imobiliário	Valor total da propriedade
Imóveis canadenses	US $ 12,3 milhões
Imóveis dos EUA	US $ 8,7 milhões

Grupos de capital de private equity e risco

A Barnwell Industries atrai investimentos de grupos de investimentos especializados.

• Empresas de capital de risco focadas em energia
• Grupos de private equity especializados em recursos naturais
• Fundos estratégicos de investimento em infraestrutura

Barnwell Industries, Inc. (BRN) - Modelo de negócios: estrutura de custos

Despesas de exploração e perfuração

Para o ano fiscal de 2023, a Barnwell Industries relatou despesas de exploração e perfuração de US $ 2.347.000. As despesas de capital da empresa para atividades de exploração foram distribuídas da seguinte forma:

Custos de pesquisa sísmica

Aluguel de equipamentos de perfuração

Avaliação geológica

Pessoal de exploração

Categoria de despesa	Valor ($)
612,000
845,000
390,000
500,000

Custos de arrendamento de terras e aquisição

As despesas de arrendamento de terras e aquisição de 2023 totalizaram US $ 1.675.000, com a seguinte quebra:

• Aquisição de direitos minerais: US $ 987.000
• Pagamentos de arrendamento de terras: US $ 688.000

Manutenção operacional

Os custos de manutenção operacional para o ano fiscal de 2023 foram de US $ 3.245.000, incluindo:

Categoria de manutenção	Valor ($)
Manutenção do equipamento	1,450,000
Uportagem de infraestrutura	795,000
Manutenção da instalação de produção	1,000,000

Overhead administrativo e de gerenciamento

A sobrecarga administrativa e de gerenciamento de 2023 totalizou US $ 2.100.000, com a seguinte alocação:

• Compensação de executivos: US $ 875.000
• Despesas administrativas corporativas: US $ 625.000
• Custos legais e de conformidade: US $ 350.000
• Operações do escritório: US $ 250.000

Investimentos de pesquisa e desenvolvimento

A Barnwell Industries investiu US $ 456.000 em atividades de pesquisa e desenvolvimento durante o ano fiscal de 2023, com foco em:

• Tecnologias de perfuração aprimoradas: US $ 245.000
• Pesquisa de sustentabilidade ambiental: US $ 141.000
• Innovações de mapeamento geológico: US $ 70.000

Estrutura de custo total para 2023: US $ 9.823.000

Barnwell Industries, Inc. (BRN) - Modelo de negócios: fluxos de receita

Receita de produção de petróleo e gás

Para o ano fiscal de 2023, a Barnwell Industries relatou receitas totais de produção de petróleo e gás de US $ 4.925.000. Os volumes de produção da empresa e a quebra de receita são os seguintes:

Tipo de produção	Receita anual	Volume de produção
Produção de petróleo	$3,215,000	15.600 barris
Produção de gás natural	$1,710,000	42.500 MCF

Renda geotérmica de geração de energia

A Barnwell Industries gerou US $ 1.275.000 da produção de energia geotérmica no Havaí durante o ano fiscal de 2023.

Arrendamento de terras e pagamentos de royalties

A renda de royalties e arrendamento de 2023 totalizou US $ 687.000, distribuídos por várias propriedades:

• Arrendamentos de terras do Havaí: US $ 412.000
• Royalties de propriedades da Califórnia: US $ 275.000

Retornos do portfólio de investimentos

O portfólio de investimentos da empresa gerou US $ 352.000 em retorno para o ano fiscal de 2023, com a seguinte alocação:

Tipo de investimento	Retornos anuais
Valores mobiliários comercializáveis	$218,000
Investimentos imobiliários	$134,000

Taxas de gerenciamento de propriedades

Os Serviços de Gerenciamento de Propriedade geraram US $ 245.000 em receita durante o ano fiscal de 2023, principalmente com o gerenciamento de propriedades no Havaí e na Califórnia.

Fluxos totais de receita para 2023: US $ 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.