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…
Earnings analysis · 10-Q
BRN earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.09
What stood out
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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.
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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.
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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.
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Disclosure controls deemed effective
Management concluded that disclosure controls and procedures were effective as of June 30, 2026.
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No share repurchases
Barnwell reported no purchases of common stock by the affiliated pension plan during the quarter; total purchases were 0 shares.
What to watch
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.