Revenue has contracted significantly by approximately 60% since 2024Q1, while operating margins remain deeply negative at -54.8% as of 2026Q2.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 11.4M | 13.7M | 21.72M | 25.27M | 28.55M | 18.11M | 18.35M | 12.07M | 9.37M | 13.03M | 13.29M | 17.53M | 31.45M | 24.61M | 34.06M | 38.46M | 41.87M | 32.18M | 65.64M | 47.44M | 57.96M | 44.21M | 37.97M | 23.68M | 15.88M | 23.76M | 26.57M | 15.2M | 11.9M | 14.8M | 14.2M |
| Revenue Growth % | -36.07% | -36.95% | -14.03% | -11.48% | 57.59% | -1.28% | 51.94% | 28.9% | -28.1% | -1.93% | -24.22% | -44.24% | 27.78% | -27.76% | -11.44% | -8.15% | 30.13% | -50.98% | 38.38% | -18.16% | 31.1% | 16.43% | 60.35% | 49.12% | -33.17% | -10.57% | 74.8% | 27.73% | -19.59% | 4.23% | -0.7% |
| Cost of Goods Sold | 11.04M | 12.11M | 19.44M | 20.56M | 16.81M | 13.07M | 14.51M | 13.21M | 7.39M | 7.46M | 12.36M | 13.44M | 20.33M | 20.77M | 13.44M | 15.29M | 15.8M | 14.32M | 18.27M | 15.14M | 12.93M | 12.66M | 8.59M | 6.12M | 5.93M | 6.42M | 5.87M | 6.8M | 5M | 5.2M | 5.3M |
| COGS % of Revenue | - | 88.43% | 89.48% | 81.36% | 58.88% | 72.18% | 79.09% | 109.38% | 78.93% | 57.27% | 93% | 76.67% | 64.66% | 84.42% | 39.45% | 39.75% | 37.74% | 44.51% | 27.82% | 31.92% | 22.3% | 28.65% | 22.62% | 25.84% | 37.34% | 27% | 22.09% | 44.74% | 42.02% | 35.14% | 37.32% |
| Gross Profit | 366K | 1.58M | 2.29M | 4.71M | 11.74M | 5.04M | 3.51M | -1.13M | 1.97M | 5.57M | 930K | 4.09M | 11.11M | 3.83M | 20.63M | 23.17M | 26.07M | 17.86M | 47.38M | 32.29M | 45.03M | 31.55M | 29.38M | 17.56M | 9.95M | 17.35M | 20.7M | 8.4M | 6.9M | 9.6M | 8.9M |
| Gross Margin % | 3.21% | 11.57% | 10.52% | 18.64% | 41.12% | 27.82% | 19.14% | -9.38% | 21.07% | 42.73% | 7% | 23.33% | 35.34% | 15.58% | 60.55% | 60.25% | 62.26% | 55.49% | 72.18% | 68.08% | 77.7% | 71.35% | 77.38% | 74.16% | 62.66% | 73% | 77.91% | 55.26% | 57.98% | 64.86% | 62.68% |
| Gross Profit Growth % | - | -30.66% | -51.45% | -59.88% | 132.92% | 43.48% | 409.97% | -157.4% | -64.55% | 498.71% | -77.26% | -63.2% | 189.8% | -81.41% | -11% | -11.11% | 46% | -62.31% | 46.71% | -28.29% | 42.76% | 7.36% | 67.33% | 76.46% | -42.63% | -16.21% | 146.44% | 21.74% | -28.13% | 7.87% | 11.25% |
| Operating Expenses | 6.75M | 6.94M | 5.6M | 6.96M | 8.04M | 7.09M | 5.78M | 5.52M | 6.26M | 6.98M | 6.36M | 8.55M | 8.03M | 8.91M | 25.25M | 19.15M | 19.78M | 48.22M | 28.31M | 23.63M | 23.22M | 20.52M | 14.67M | 10.3M | 7.99M | 7.88M | 7.04M | 6M | 6.2M | 6.2M | 6.1M |
| OpEx % of Revenue | - | 50.65% | 25.77% | 27.53% | 28.18% | 39.13% | 31.5% | 45.75% | 66.84% | 53.54% | 47.87% | 48.77% | 25.52% | 36.21% | 74.12% | 49.8% | 47.24% | 149.86% | 43.13% | 49.82% | 40.06% | 46.41% | 38.64% | 43.51% | 50.33% | 33.14% | 26.5% | 39.47% | 52.1% | 41.89% | 42.96% |
| Selling, General & Admin | 6.75M | 6.94M | 5.6M | 6.96M | 8.04M | 7.09M | 5.82M | 5.52M | 6.26M | 6.98M | 6.36M | 8.55M | 8.03M | 8.91M | 14.26M | 9.03M | 8.33M | 7.9M | 13.59M | 10.46M | 11.64M | 11.73M | 7.91M | 5.97M | 4.34M | 4.12M | 3.47M | 3.2M | 3.3M | 3.2M | 3.1M |
| SG&A % of Revenue | - | 50.65% | 25.77% | 27.53% | 28.18% | 39.13% | 31.72% | 45.75% | 66.84% | 53.54% | 47.87% | 48.77% | 25.52% | 36.21% | 41.86% | 23.47% | 19.9% | 24.55% | 20.7% | 22.04% | 20.09% | 26.53% | 20.83% | 25.22% | 27.36% | 17.34% | 13.06% | 21.05% | 27.73% | 21.62% | 21.83% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | -40K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -6.38M | -5.35M | -3.31M | -2.48M | 2.24M | -4M | -2.27M | -6.93M | -4.07M | 868K | -2.81M | -2.88M | 2.61M | -5.08M | -4.62M | 2.79M | 6.29M | -30.37M | 19.07M | 8.66M | 31.45M | 11.03M | 14.71M | 7.26M | 2.08M | 9.47M | 13.66M | 2.4M | -2.3M | 3.4M | 2.8M |
| Operating Margin % | -55.97% | -39.07% | -15.25% | -9.81% | 7.85% | -22.08% | -12.36% | -57.42% | -43.39% | 6.66% | -21.13% | -16.43% | 8.29% | -20.63% | -13.57% | 7.26% | 15.01% | -94.38% | 29.04% | 18.26% | 54.26% | 24.94% | 38.74% | 30.64% | 13.09% | 39.86% | 51.41% | 15.79% | -19.33% | 22.97% | 19.72% |
| Operating Income Growth % | - | -61.59% | -33.55% | -210.71% | 156.01% | -76.32% | 67.29% | -70.55% | -568.32% | 130.92% | 2.57% | -210.55% | 151.34% | -9.82% | -265.43% | -55.56% | 120.7% | -259.29% | 120.07% | -72.45% | 185.21% | -25.04% | 102.74% | 249.01% | -78.05% | -30.66% | 469.13% | 204.35% | -167.65% | 21.43% | 115.38% |
| EBITDA | -3.35M | -1.4M | 2.69M | 2.79M | 5.79M | -2.46M | 440K | -3.3M | -2.66M | 2.5M | -736K | 483K | 9M | 3.47M | 6.37M | 12.92M | 15.59M | -18.82M | 33.79M | 21.84M | 43.03M | 19.82M | 21.47M | 11.59M | 5.73M | 13.22M | 17.23M | 5.2M | 600K | 6.4M | 5.8M |
| EBITDA Margin % | -29.36% | -10.21% | 12.4% | 11.02% | 20.27% | -13.56% | 2.4% | -27.35% | -28.36% | 19.22% | -5.54% | 2.75% | 28.61% | 14.08% | 18.7% | 33.6% | 37.23% | -58.47% | 51.48% | 46.03% | 74.24% | 44.82% | 56.55% | 48.94% | 36.06% | 55.66% | 64.85% | 34.21% | 5.04% | 43.24% | 40.85% |
| EBITDA Growth % | -990.43% | -151.89% | -3.27% | -51.86% | 335.55% | -658.18% | 113.32% | -24.31% | -206.11% | 440.22% | -252.38% | -94.63% | 159.58% | -45.57% | -50.72% | -17.11% | 182.85% | -155.68% | 54.74% | -49.25% | 117.14% | -7.72% | 85.28% | 102.36% | -56.7% | -23.25% | 231.37% | 766.67% | -90.63% | 10.34% | 31.82% |
| D&A (Non-Cash Add-back) | 3.04M | 3.95M | 6.01M | 5.26M | 3.54M | 1.54M | 2.71M | 3.63M | 1.41M | 1.64M | 2.07M | 3.36M | 6.39M | 8.54M | 10.99M | 10.13M | 9.3M | 11.55M | 14.73M | 13.17M | 11.58M | 8.79M | 6.76M | 4.33M | 3.65M | 3.75M | 3.57M | 2.8M | 2.9M | 3M | 3M |
| EBIT | -6.95M | -7.04M | -5.12M | -862K | 6.52M | 7.55M | -4.67M | -12.64M | -2.01M | 1.24M | -3.49M | 3.29M | 2.61M | -9.58M | -11.27M | 2.79M | 6.29M | -30.55M | 18.06M | 8.66M | 21.81M | 11.03M | 14.71M | 7.26M | 1.96M | 9.8M | 13.66M | 2.4M | 700K | 3.6M | 2.8M |
| Net Interest Income | -6K | -7K | -2K | -2K | -1K | -13K | -3K | -5K | -7K | -6K | -97K | -315K | -664K | -587K | -790K | -1.09M | -1.23M | -912K | -1.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 6K | 7K | 2K | 2K | 1K | 13K | 3K | 5K | 7K | 6K | 97K | 315K | 664K | 587K | 790K | 1.09M | 1.23M | 912K | 1.04B | 999M | 833M | 616M | 487M | 442M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -296K | -1.7M | -1.81M | 1.62M | 4.28M | 11.53M | -2.41M | -5.99M | 2.27M | 2.64M | 1.84M | 7.44M | -1.15M | -5.09M | -7.44M | -1.09M | -1.23M | -912K | -2.05M | -1.99M | -833K | -1.03M | -2.69M | -751K | -358K | -66K | -4.54M | -800K | -700K | -600K | -700K |
| Pretax Income | -6.68M | -7.05M | -5.12M | -864K | 6.52M | 7.54M | -4.67M | -12.65M | -2.02M | 1.23M | -3.59M | 2.98M | 1.94M | -10.17M | -12.06M | 1.71M | 5.06M | -31.28M | 17.02M | 6.68M | 18.2M | 9.99M | 12.02M | 6.5M | 1.6M | 9.4M | 9.12M | 1.6M | -3M | 2.8M | 2.1M |
| Pretax Margin % | -58.56% | -51.49% | -23.56% | -3.42% | 22.84% | 41.6% | -25.48% | -104.75% | -21.55% | 9.47% | -26.99% | 16.98% | 6.18% | -41.32% | -35.4% | 4.44% | 12.09% | -97.21% | 25.92% | 14.07% | 31.4% | 22.61% | 31.65% | 27.47% | 10.08% | 39.58% | 34.32% | 10.53% | -25.21% | 18.92% | 14.79% |
| Income Tax | -166K | 71K | 213K | -53K | 347K | 332K | 3K | -231K | -601K | -1.08M | -722K | 1.21M | 604K | -1.5M | -1.1M | 1.5M | 765K | -6.92M | 5.28M | 3.16M | 4.46M | 3.97M | 3.31M | 4.18M | 1.56M | 5.58M | 4.11M | 1.1M | 900K | 1.7M | 900K |
| Effective Tax Rate % | 2.49% | -1.01% | -4.16% | 6.13% | 5.32% | 4.41% | -0.06% | 1.83% | 29.77% | -87.52% | 20.13% | 40.58% | 31.1% | 14.72% | 9.1% | 87.98% | 15.11% | 22.12% | 31.05% | 47.33% | 24.48% | 39.69% | 27.52% | 64.34% | 97.5% | 59.28% | 45.05% | 68.75% | -30% | 60.71% | 42.86% |
| Net Income | -6.51M | -6.91M | -5.57M | -961K | 5.51M | 6.25M | -4.76M | -12.42M | -1.77M | 1.17M | -3.62M | 1.26M | 672K | -8.56M | -10.14M | -109K | 3.84M | -24.36M | 11.73M | 3.52M | 14.64M | 6.03M | 8.71M | 2.32M | 40K | 3.83M | 5.01M | 500K | -3.9M | 1.1M | 1.2M |
| Net Margin % | -57.08% | -50.45% | -25.62% | -3.8% | 19.31% | 34.52% | -25.92% | -102.83% | -18.89% | 8.99% | -27.21% | 7.2% | 2.14% | -34.8% | -29.76% | -0.28% | 9.17% | -75.71% | 17.87% | 7.41% | 25.25% | 13.63% | 22.94% | 9.8% | 0.25% | 16.12% | 18.86% | 3.29% | -32.77% | 7.43% | 8.45% |
| Net Income Growth % | -4.11% | -24.17% | -479.08% | -117.43% | -11.83% | 231.48% | 61.7% | -601.53% | -251.15% | 132.39% | -386.22% | 87.95% | 107.85% | 15.52% | -9199.08% | -102.84% | 115.76% | -307.65% | 233.67% | -75.98% | 142.86% | -30.8% | 275.43% | 5700% | -98.96% | -23.55% | 902% | 112.82% | -454.55% | -8.33% | 71.43% |
| Net Income (Continuing) | -6.51M | -7.12M | -5.33M | -811K | 6.17M | 7.2M | -4.68M | -12.42M | -1.42M | 2.31M | -2.86M | 1.77M | 1.34M | -8.67M | -10.96M | 205K | 4.3M | -24.55M | 11.73M | 3.52M | 14.64M | 6.03M | 8.71M | 2.32M | 40K | 3.83M | 5.01M | 500K | -3.9M | 1.1M | 1.2M |
| Discontinued Operations | 0 | 205K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 27K | 14K | 22K | 13K | 20K | 8K | 92K | 100K | 213K | 931K | 530K | 645K | 747K | 571K | 482K | 967K | 993K | 902K | 1.07M | 707K | 0 | 312K | 408K | 834K | 800K | 1.02M | 2.26M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.51 | -0.69 | -0.56 | -0.10 | 0.57 | 0.73 | -0.57 | -1.50 | -0.21 | 0.14 | -0.44 | 0.15 | 0.08 | -1.03 | -1.22 | -0.01 | 0.46 | -2.96 | 1.39 | 0.41 | 1.68 | 0.70 | 1.03 | 0.28 | 0.00 | 0.46 | 0.60 | 0.06 | -0.49 | 0.13 | 0.15 |
| EPS Growth % | -950% | -23.21% | -480.91% | -116.91% | -21.92% | 228.07% | 62% | -614.29% | -250% | 131.82% | -393.33% | 84.73% | 107.88% | 15.57% | -9142.42% | -102.87% | 115.54% | -312.95% | 239.02% | -75.6% | 140% | -32.04% | 267.86% | - | -98.93% | -23.33% | 847.87% | 112.92% | -476.92% | -13.33% | 78.78% |
| EPS (Basic) | - | -0.69 | -0.56 | -0.10 | 0.57 | 0.73 | -0.57 | -1.50 | -0.21 | 0.14 | -0.44 | 0.15 | 0.08 | -1.03 | -1.22 | -0.01 | 0.46 | -2.96 | 1.42 | 0.43 | 1.79 | 0.74 | 1.10 | 0.29 | 0.01 | 0.49 | 0.63 | 0.06 | -0.49 | 0.13 | 0.15 |
| Diluted Shares Outstanding | 12.67M | 10.06M | 10.02M | 9.97M | 9.73M | 8.59M | 8.28M | 8.28M | 8.28M | 8.28M | 8.28M | 8.28M | 8.28M | 8.28M | 8.28M | 8.28M | 8.27M | 8.24M | 8.44M | 8.61M | 8.7M | 8.64M | 8.44M | 8.22M | 8.14M | 8.34M | 8.33M | 7.9M | 7.92M | 8.36M | 7.75M |
| Basic Shares Outstanding | 12.67M | 10.06M | 10.02M | 9.97M | 9.73M | 8.59M | 8.28M | 8.28M | 8.28M | 8.28M | 8.22M | 8.28M | 8.28M | 8.28M | 8.28M | 8.28M | 8.27M | 8.24M | 8.25M | 8.21M | 8.17M | 8.15M | 7.94M | 7.89M | 7.88M | 7.87M | 7.89M | 7.9M | 7.92M | 8.36M | 7.75M |
| Dividend Payout Ratio | - | - | - | - | 2.7% | - | - | - | - | - | - | - | - | - | - | - | - | - | 15.84% | 58.36% | 9.77% | 13.31% | 12.89% | - | 1680% | 11.98% | 20.04% | - | - | - | - |
Persistent negative operating margins
As reported in recent financial filings, Barnwell's top-line performance has deteriorated significantly, with revenue falling to $2.5 million in 2026Q2 from $6.2 million in 2024Q1, representing a persistent downward trend that complicates the company's ability to achieve necessary economies of scale across its diversified business segments.
The consistent revenue decline suggests that the company's core energy and drilling segments are struggling to maintain market share or pricing power in their respective regions. This contraction appears to be structural rather than cyclical, as the lack of growth in the land investment segment fails to offset the volatility inherent in the Canadian energy assets.
Based on the provided income statement data, gross margins have fluctuated significantly, reaching a low of -1.5% in 2025Q4, which indicates that the cost of sales frequently exceeds the revenue generated by the company's energy and drilling operations during periods of low activity.
The inability to maintain positive gross margins suggests that the company's fixed-cost base in its drilling segment is poorly aligned with current revenue levels. Investors should monitor whether management can implement cost-saving measures, as the current margin profile appears insufficient to support the company's ongoing operational requirements.
According to the company's income statements, operating margins have remained consistently negative, bottoming out at -59.9% in 2026Q1, which demonstrates a failure to achieve operating leverage as SG&A expenses continue to outpace the shrinking gross profit generated by the firm's primary business activities.
The persistent negative operating income suggests that the corporate overhead is disproportionately high relative to the current revenue scale. This indicates that the company may be carrying excess capacity or administrative costs that are not contributing to value creation, warranting further investigation into potential restructuring efforts.
As evidenced by the reported net losses in every quarter since 2024Q1, the company's current business model appears to be consuming cash at an unsustainable rate, which may force management to rely on asset liquidations or external financing to maintain its operations in the near term.
While the company maintains a low debt-to-equity ratio, the lack of consistent profitability suggests that the current operational trajectory is precarious. Short-term investors should be wary of the potential for further asset impairments or the need for capital raises if the cash burn continues at current levels.
Quick answers to the most common questions about buying BRN stock.
For fiscal year 2025, Barnwell Industries, Inc. (BRN) reported total revenue of $13.7M. This represents a 3.5% decline compared to $14.2M in 1996.
Barnwell Industries, Inc. (BRN) reported a net loss of $6.9M for the fiscal year ending 2025.
Barnwell Industries, Inc. (BRN) reported an operating income of $-5.4M, resulting in an operating profit margin of -39.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Barnwell Industries, Inc. (BRN) generated $1.6M in gross profit for the year, representing a gross profit margin of 11.6%. This demonstrates the company's core pricing power and production efficiency.