Barnwell Industries reported third-quarter fiscal results ending June 30, 2026, showing improved sequential performance with revenue rising to $3.38 million from $2.54 million and net loss narrowing to $403,000 from $1.12 million. Net loss attributable to shareholders decreased to $440,000 ($0.03 per share) compared to $1.15 million in the prior quarter, driven by a 9% increase in oil and gas production to 82,000 barrels of equivalent and higher pricing. The company generated positive Adjusted EBITDA of $425,000 versus negative $369,000 previously, while maintaining a debt-free balance sheet with $4.47 million in cash. Additionally, the shareholder rights plan expired on July 29, 2026, and management announced an agreement to sell its remaining Hawaii real estate interests for approximately $1.55 million in cash. Barnwell Industries operates in the oil and gas exploration and production sector while evaluating strategic transformational opportunities.

Barnwell Industries announced the entry into a Purchase and Sale Agreement to sell its remaining Hawaii development interests for $1.77 million in cash, with net proceeds estimated at approximately $1.5 million plus an additional $0.1 million distribution. The transaction involves selling partnership interests in KKM Makai, LLLP and KD Kona 2013 LLLP, along with related project rights, to David Johnston. Closing is expected by September 15, 2026, subject to customary conditions. This sale marks a complete exit from the company's Hawaii real-estate-related interests, allowing for the winding up of subsidiaries and redeployment of capital toward higher-return opportunities in its energy and related asset operations.

At its annual meeting on June 29, 2026, Barnwell Industries, Inc. stockholders approved amendments to the 2018 Equity Incentive Plan, increasing the number of common shares available for issuance from 1,600,000 to 3,080,000 and raising individual annual share limits. Stockholders also ratified equity awards previously granted in excess of individual share limits. Other approved items included the election of six directors, the ratification of Weaver & Tidwell, L.L.P. as the independent auditor for the fiscal year ending September 30, 2026, and an advisory vote to maintain annual 'say on pay' compensation reviews. The company operates in the industrial sector, primarily engaged in the production of specialty chemicals and other industrial products.