Barnwell Industries reported Q1 revenue from continuing operations of USD 2.75 million and a net loss from continuing operations of USD 1.41 million (USD 0.13 per share). Net loss attributable to shareholders was USD 1.43 million (USD 0.13 per share). The company ended Q1 with USD 3.62 million in cash and cash equivalents and USD 1.83 million in working capital, and said it remains debt free. Barnwell Industries said the quarterly loss was driven mainly by a USD 453,000 (39%) increase in general and administrative expenses, including higher personnel costs tied to new staff hired in Canada ahead of the Hawaii office closure, non-cash share-based costs related to the new CFO, and higher professional fees related to prior proxy and legal matters. In oil and natural gas, the company cited lower production following asset sales and natural well declines, with oil and natural gas liquids prices down 20% and 5% in the quarter, while natural gas prices rose 64%. The quarter included a USD 47,000 foreign currency gain. The company also disclosed USD 169,000 of costs related to the previously disclosed proxy contest and consent solicitation, and said it has received USD 250,000 in insurance proceeds since inception of those matters. On corporate updates, Barnwell Industries said it relocated its corporate headquarters from Honolulu to Houston in January 2026 and formally closed its Honolulu office. It also reported a November 2025 private placement that generated gross proceeds of USD 2.44 million, issuing 2,221,141 common shares and warrants to purchase up to 1,029,104 additional shares. In land/real estate, the company said its subsidiary surrendered remaining rights in Hawaii Increment II in exchange for total consideration of USD 2 million, with USD 70,000 received during the period, and noted related entities in which it holds a 19.6% economic interest agreed to sell remaining Increment II interests for aggregate consideration of USD 2.11 million, subject to customary closing conditions and purchaser election. The board has tasked CFO Philip Patman, Jr. with evaluating strategic alternatives beyond energy.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Barnwell Industries Inc. published the original content used to generate this news brief via ACCESS Newswire (Ref. ID: 202602230700ACCESSWRNAPR_____1139800) on February 23, 2026, and is solely responsible for the information contained therein.