Barnwell Q1 net loss widens to $1.9M on revenue decline, impairment, and FX loss

BARNWELL INDUSTRIES INC

2025-Q1 EPS reported -$0.19 revenue$4,477,000

Revenue $4.48M, down 27% YoY from $6.16M; net loss $1.92M ($0.19/sh) vs loss $0.66M ($0.07/sh).
Oil, gas, NGL prices fell 2%, 40%, 8%; production dropped 17%, 21%, 17% on natural declines and workovers.
Recorded $613K non-cash impairment of U.S. oil/gas properties and $351K foreign currency loss.
Contract drilling unit agreed to sell a rig for $585K; proceeds received, closing in Q2 ending March 2025.
CEO notes potential proxy contest could harm liquidity; exploring strategic alternatives for Water Resources.

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