Basic loss per share is computed using the weighted-average number of common shares outstanding for the period. Diluted loss per share is calculated using the treasury stock method to reflect the assumed issuance of common shares for all potentially dilutive securities, which consist of outstanding stock options and nonvested restricted stock units. Potentially dilutive shares are excluded from the computation of diluted loss per share if their effect is anti-dilutive.

Warrants to purchase 1,029,104 shares of common stock, options to purchase 505,333 shares of common stock and 470,279 restricted stock units, on a weighted average basis, were excluded from the computation of diluted shares for the three months ended March 31, 2026, as their inclusion would have been anti-dilutive. Options to purchase 465,000 shares of common stock and 258,699 restricted stock units were excluded from the computation of diluted shares for the three months ended March 31, 2025, as their inclusion would have been anti-dilutive.

Warrants to purchase 701,148 shares of common stock, options to purchase 526,758 shares of common stock and 413,314 restricted stock units, on a weighted average basis, were excluded from the computation of diluted shares for the six months ended March 31, 2026, as their inclusion would have been anti-dilutive. Options to purchase 465,000 shares of common stock and 237,475 restricted stock units


	Three months ended March 31,				Six months ended March 31,
	2026		2025		2026		2025
Numerator:
Net loss from continuing operations	$	(1,116,000)	$	(1,538,000)	$	(2,528,000)	$	(3,138,000)
Less: Net earnings (loss) attributable to non-controlling interests of continuing operations	34,000		—		48,000		(2,000)
Net loss from continuing operations attributable to Barnwell Industries, Inc.	(1,150,000)		(1,538,000)		(2,576,000)		(3,136,000)
Net loss earnings from discontinued operations	—		331,000		—		12,000
Net loss attributable to Barnwell Industries, Inc.	$	(1,150,000)	$	(1,207,000)	$	(2,576,000)	$	(3,124,000)

Denominator:
Basic weighted-average number of common shares outstanding	12,672,012		10,053,534		11,875,997		10,050,319
Effect of dilutive securities - common stock options and restricted stock units	—		—		—		—
Diluted weighted-average number of common shares outstanding	12,672,012		10,053,534		11,875,997		10,050,319

Basic and diluted loss per common share:
Net loss per common share from continuing operations attributable to Barnwell Industries, Inc. stockholders	$	(0.09)	$	(0.15)	$	(0.22)	$	(0.31)
Net loss per common share from discontinued operations	—		0.03		—		—
Net loss per common share attributable to Barnwell Industries, Inc. stockholders	$	(0.09)	$	(0.12)	$	(0.22)	$	(0.31)