Big Sky Industrial Q3 revenue up 12% to $2.0M; net loss $3.5M; Phase 1 helium plant on track for spring 2027

US ENERGY CORP

Q3 2026 revenue $2.0M (93% oil) vs $1.7M a year ago; realized price $63.83/BOE vs $49.20; production fell to 30,628 BOE from 35,326.
Net loss $3.5M (-$0.07/share) vs -$3.3M (-$0.10); Adjusted EBITDA -$0.8M vs -$1.3M; LOE $2.1M included $1.2M remediation for a produced-fluids release.
Phase 1 fabrication underway under fixed-scope EPC with CANUSA EPC; plant designed for ~14 MMcf/yr helium and ~125,000 metric tons CO2/yr; install late Q4 2026 into Q1 2027.
Five-year 100% take-or-pay helium sale at $285/Mcf at the plant gate, CPI escalation from March 1, 2028 and a year-three price redetermination; first sales targeted spring 2027.
Cash $2.9M and total liquidity $14.4M ($11.5M undrawn); total debt $8.5M; pursuing a larger senior secured facility and 45Q credit monetization; Big Rose MRV in final EPA approval stage.

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