BRNHIGH SIGNALOPERATIONAL10-K

Barnwell completed a major business restructuring by selling its Water Resources International subsidiary and exiting the contract drilling segment entirely.

This represents a fundamental transformation of Barnwell's business model, shifting from a diversified operation with drilling services to a more focused entity centered on its land investments in Hawaii. The divestiture appears to be part of a strategic simplification but has meaningfully reduced the company's revenue base and operational scale.

Comparing 2025-12-23 vs 2024-12-17View on EDGAR →
FINANCIAL ANALYSIS

Barnwell's fiscal 2025 results reflect the impact of significant business restructuring, with revenue declining substantially to $13.7M and net losses widening to $7.1M. The balance sheet shows meaningful deleveraging with total debt falling 69% to $3.4M, though this came alongside reduced asset base and stockholders' equity. The overall financial profile suggests a smaller, more focused company following the divestiture of its water resources subsidiary.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
-69%
$11.1M→$3.4M

Debt reduced 69% — deleveraging strengthens balance sheet and reduces financial risk.

Accounts Receivable
Balance Sheet
-55%
$2.0M→$913K

Receivables declined — improved collection efficiency or conservative revenue recognition.

Stockholders Equity
Balance Sheet
-46.3%
$13.0M→$7.0M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Current Assets
Balance Sheet
-41.1%
$8.9M→$5.2M

Current assets declined 41.1% — monitor working capital adequacy and short-term liquidity.

Current Liabilities
Balance Sheet
-39.5%
$7.8M→$4.7M

Current liabilities reduced — improved short-term financial position and working capital health.

Revenue
P&L
-36.9%
$21.7M→$13.7M

Revenue declined 36.9% — significant demand weakness or market share loss warrants investigation.

Cash & Equivalents
Balance Sheet
-35.9%
$4.5M→$2.9M

Cash declined 35.9% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Total Assets
Balance Sheet
-32.1%
$30.7M→$20.8M

Total assets contracted 32.1% — asset sales, write-downs, or balance sheet optimization underway.

Net Income
P&L
-27.6%
-$5.6M→-$7.1M

Net income declined 27.6% — review whether driven by operations, interest costs, or non-recurring items.

Total Liabilities
Balance Sheet
-21.7%
$17.6M→$13.8M

Liabilities reduced 21.7% — deleveraging improves balance sheet strength and financial flexibility.

LANGUAGE CHANGES
NEW — 2025-12-23
PRIOR — 2024-12-17
ADDED
As of December 8, 2025 there were 12,538,064 shares of common stock outstanding.
Exhibits, Financial Statement Schedules 125 Signatures 128 Index to Exhibits 130 2 GLOSSARY OF TERMS Unless otherwise indicated, all references to dollars in this Form 10-K are to U.S.
OWA Orphan Well Association SEC - United States Securities and Exchange Commission U.S.
BUSINESS Overview Barnwell was incorporated in Delaware in 1956 and fiscal 2025 represented Barnwell s 69th year of operations.
Land Investment Segment - Barnwell owns land interests in the State of Hawaii.
Discontinued Operations On March 14, 2025, the Company entered into and completed the sale of its wholly-owned subsidiary, Water Resources International, Inc.
Water Resources drills water wells and installs and repairs water pumping systems in the State of Hawaii and represented Barnwell's contract drilling segment.
As a result of the sale, the Company has classified the related assets, liabilities and the results of its contract drilling business as discontinued operations in the consolidated financial statements for all periods presented.
Prior to the sale, the Company did not have any assurances that a sale of Water Resources was likely to occur.
Unless otherwise noted, the discussions throughout Part I of this Form 10-K pertains only to Barnwell s continuing operations.
REMOVED
As of December 13, 2024 there were 10,053,534 shares of common stock outstanding.
Exhibits, Financial Statement Schedules 116 Signatures 119 Index to Exhibits 121 2 GLOSSARY OF TERMS Unless otherwise indicated, all references to dollars in this Form 10-K are to U.S.
OWA Orphan Well Association Ryder Scott - Ryder Scott Company, L.P.
BUSINESS Overview Barnwell was incorporated in Delaware in 1956 and fiscal 2024 represented Barnwell s 68th year of operations.
Land Investment Segment - Barnwell owns land interests in Hawaii.
Contract Drilling Segment - Barnwell provides well drilling services and water pumping system installation and repairs in Hawaii.
Oil and Natural Gas Segment Overview Barnwell acquires and develops crude oil and natural gas assets in the province of Alberta, Canada via two corporate entities, Barnwell of Canada and Octavian Oil.
Octavian Oil is a Canadian company incorporated in 2016 to achieve growth through the acquisition and development of crude oil reserves.
Additionally, through its wholly-owned subsidiaries BOK Drilling, LLC ( BOK ), established in February 2021, and Barnwell Texas, LLC ( Barnwell Texas ), established in November 2022, Barnwell is involved in oil and natural gas investments in Oklahoma and Texas, respectively.
Strategy Twining represents 70% of Barnwell s fiscal 2024 production (Boe) and consists of assets in the Twining field, in Alberta, Canada.
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