Barnwell Industries reported Q3 2024 results with modest top-line growth and a negative net income, underscored by the company’s small-footprint production and diversified asset mix. Revenue came in at $5.527 million, a YoY decline of 2.61% but a QoQ increase of 4.80%. Gross profit stood at $0.879 million, yielding a gross margin of 15.9%, up meaningfully vs the prior-year period (YoY gross profit up 166%) and QoQ (432% QoQ). Despite the negative net income of $1.246 million and an operating loss of $0.553 million, Barnwell generated positive cash flow from operations of $1.276 million and delivered free cash flow of $0.465 million for the quarter, aided by modest capex of $0.811 million. Cash and cash equivalents totaled $4.393 million at period end, and net debt remained negative due to a strong cash position (net debt of about -$4.378 million). The balance sheet remains relatively conservative: total assets of $31.398 million, current liabilities of $6.484 million, long-term debt only $0.03 million, and shareholders’ equity of $14.985 million. The company continues to exhibit cash generation in a low-margin environment, reflecting disciplined cost control and prudent capital allocation across its Oil & Natural Gas segment in Canada (Alberta), Land investments in Hawaii, and support activities (contract drilling). The quarter’s earnings backdrop includes a notable other income/expense drag of $0.66 million and a small tax benefit of $0.021 million, which together explain much of the bottom-line weakness despite positive operating cash flow.