BRN earnings analysis
What we found in BRN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Barnwell’s second-quarter results showed stable $3 million revenue and sequential improvement in gross margin, operating margin, EPS, and free cash flow, but the company remained unprofitable with a -54.8% operating margin and negative $827,000 of free cash flow. Gross margin and EPS were weaker than the prior-year comparison on margin and loss metrics, respectively. The filing provides no numeric earnings guidance, while accounting staffing remains dependent on supplemental consultants following 1 leave and 2 resignations.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Sequential gross-margin improvement
- Second-quarter revenue was $3 million, unchanged from $3 million in both 2026 Q1 and 2025 Q2. Gross margin improved to 27.3% from 24.6% sequentially, although it remained below 34.8% in the prior-year quarter.
- Loss metrics improved
- Operating margin improved to -54.8% from -55.8% in 2026 Q1 and -56.5% in 2025 Q3. Diluted EPS improved to -$0.09 from -$0.13 sequentially and -$0.12 year over year.
- Cash burn eased sequentially
- Free cash flow was negative $827,000, an improvement from negative $2 million in 2026 Q1 but worse than negative $302,000 in 2025 Q2.
- Disclosure controls deemed effective
- Management concluded that disclosure controls and procedures were effective as of June 30, 2026.
- No share repurchases
- Barnwell reported no purchases of common stock by the affiliated pension plan during the quarter; total purchases were 0 shares.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Persistent operating losses
- Revenue remained at $3 million in both 2026 Q2 and 2025 Q2, while operating margin was still -54.8%, indicating continued operating losses despite sequential improvement.
- Accounting staffing dependence
- The company said accounting staffing disruptions included 1 employee taking short-term disability leave and 2 additional personnel resigning on short notice. Supplemental accounting consultants remained engaged through June 30, 2026.
- No reduction in disclosed risks
- The 10-Q states there were no material changes to the risks in the 2025 Annual Report during the 9 months ended June 30, 2026; therefore, no newly identified risk-factor mitigation or improvement is disclosed.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.09
- Gross margin
- 27.3%
- Operating margin
- -54.8%
What they said about what is next.
No numeric revenue or EPS guidance is provided in the available 10-Q text. Exhibit 2.1 references the Hawaii asset purchase and sale agreement dated July 31, 2026; the prior 8-K stated the transaction was expected to close before fiscal year-end on September 30, 2026.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 21, 2026
- Barnwell Industries reported a net loss from continuing operations of $1,150,000 for the quarter ending March 31, 2026, improving from a loss of $1,538,000 in the same period last year. Revenue from oil and natural gas…
- 10-Q · February 23, 2026
- Barnwell reported Q1 (three months ended December 31, 2025) revenue of $2,746,000 and a net loss attributable to Barnwell of $1,426,000 (net loss of $1,412,000 continuing operations), with loss per share of $(0.13).…
- 10-Q · August 13, 2025
- Barnwell reported quarterly revenue of $3,192,000 and a net loss attributable to Barnwell of $1,550,000 (loss per share $0.15) for the three months ended June 30, 2025. Revenue and profitability declined versus the…
- 10-Q · August 12, 2022
- Barnwell reported Q3 revenue of $8,028,000 (up from $5,114,000 a year ago) driven by oil & natural gas sales, but reported diluted EPS of $0.25 versus $0.59 in Q3 2021 as equity income from affiliates collapsed. Oil &…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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