BIG SKY INDUSTRIAL INC. (USEG) Form 10-Q — Aug 11, 2026

$USEGForm 10-QFiled Aug 11, 2026, 8:00 AM ET0001437749-26-026861Original filing

Big Sky Industrial Inc. (formerly U.S. Energy Corp.) narrowed its Q2 2026 net loss to $2.3 million from $6.1 million a year earlier as revenue rose 5% to $2.1 million, driven by a 41% jump in realized oil prices to $77.73/Bbl that offset a 31% production decline to 371 BOE/day following prior Wyoming and West Texas divestitures. Six-month net loss improved to $5.5 million from $9.2 million.

Key figures

Eps: -$0.04 Q2 2026 (vs -$0.19); -$0.12 six months 2026 (vs -$0.27)
Revenue: $2.13M Q2 2026 (vs $2.03M Q2 2025); $3.74M six months 2026 (vs $4.22M prior year)
Net Income: -$2.28M Q2 2026 (vs -$6.06M Q2 2025); -$5.47M six months (vs -$9.17M)
Debt Amount: $4.5M drawn on FirstBank Southwest credit facility at June 30, 2026
Revenue Yoy: +5% Q2 2026 YoY; -11% six months YoY
Cash Position: $5.99M at June 30, 2026 (vs $0.43M at December 31, 2025)
Maturity Date: May 31, 2029
Shares Outstanding: 52493428
Plant design: Initial inlet capacity up to 8.0 MMCF/d; ~14.4 MMCF annual helium; 125,000 metric tons refined CO2 per year
Q2 production: 33,747 BOE (371 BOE/day), down 31% YoY
Borrowing base: Doubled from $10.0M to $20.0M; applicable margin fixed at 2.00%; covenant testing suspended through Q1 2027
Remaining capex: $20.0M-$25.0M for remainder of 2026 plus up to $0.5M plugging and abandonment
Total liabilities: $18.9M at June 30, 2026
Shareholders equity: $37.0M at June 30, 2026
Six month production: 68,037 BOE (376 BOE/day), down 29% YoY
Equity raised h1 2026: $17.2M ($8.1M net underwritten offering at $1.00/share; $9.1M from committed equity facility)
Helium contract price: $285 per MCF, fixed, with CPI escalation from March 1, 2028
Q2 realized oil price: $77.73/Bbl, up 41% YoY
Helium contract volume: Up to ~1.2 MMCF/month (14.4 MMCF annually), 100% take-or-pay
Share count growth ytd: Shares outstanding up ~52% from 34,405,143 (Dec 31, 2025) to 52,487,506 (June 30, 2026)
Share repurchase program: $5.0M program expired June 30, 2026; $3,514,370 remained available at expiration
Committed equity facility capacity: $25.0M with Roth Principal; $15.9M (or 15,328,477 shares) remaining at June 30, 2026

Price after filing

1 day: 0.0%7 days: +14.9%30 days: +32.2%

Close on the filing date to close N calendar days later (from $1.21). Historical, not a forecast.

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