Big Sky Industrial Inc. (NASDAQ: BSIN) reported financial and operating results for the three and nine months ended September 30, 2026, while providing an update on the construction of its Big Sky Carbon Hub in Montana. The company reported a net loss of $3.5 million, or $0.07 per share, for the third quarter of 2026, compared to a net loss of $3.3 million, or $0.10 per share, in the same period of 2025.
For the third quarter, production totaled 30,628 barrels of oil equivalent (BOE), with 76% classified as oil. This represented a decrease from the 35,326 BOE produced in the third quarter of 2025. Revenue for the quarter was $2.0 million, an increase of 12% year-over-year, driven by a 30% rise in the average realized price per BOE to $63.83. The average realized price for oil was $77.30 per barrel, and for natural gas, it was $3.35 per thousand cubic feet.
On the balance sheet, as of September 30, 2026, the company held a cash balance of $2.9 million and total available liquidity of $14.4 million, which included $11.5 million of undrawn capacity under its amended senior secured credit facility. The total debt outstanding was $8.5 million, resulting in a net debt balance of $5.6 million.
Regarding its flagship Big Sky Carbon Hub, the company announced that fabrication of the modular Phase 1 processing facility has begun under a fixed-scope engineering, procurement, and construction agreement with CANUSA EPC. The plant is designed to produce approximately 14 MMcf of high-purity helium per year and capture approximately 125,000 metric tons of CO2 annually. The company stated that in-field gathering and injection lines are complete, and on-site civil work is scheduled to begin in the coming weeks. The company is targeting first production in the spring of 2027.
Big Sky Industrial has secured a five-year, 100% take-or-pay helium sales agreement with an investment-grade global industrial gas company. The contract provides a fixed, all-in price of $285 per Mcf realized at the plant gate, with CPI-linked escalation beginning March 1, 2028. Additionally, the company noted that on October 23, 2026, the U.S. Department of Energy designated helium a critical material under the Energy Act of 2020.
The company is also advancing discussions on a new, larger senior secured credit facility and monetizing its Phase 1 Section 45Q tax credits. Furthermore, the Big Rose Monitoring, Reporting, and Verification (MRV) plan, submitted on October 9, 2025, is in the final stage of the EPA’s approval process.
