The filing is a status update on Phase 1 construction progress with no new revenue catalyst yet. Watch for EPA MRV approvals (next catalyst for 45Q credits) and the Q1 2027 first-revenue milestone. The $4.0M post-quarter credit facility draw modestly increases leverage but extends runway to commercial operations. With no current helium revenue and declining legacy E&P production, the stock remains a story stock until the plant starts generating cash flow.
Price Chart
Executive Summary
Big Sky Industrial reported Q2 2026 revenue of $2.1M (above the prior year's $2.0M) and a narrower net loss of -$2.3M (-$0.04/sh) vs -$6.1M (-$0.19/sh) in Q2 2025, which included a $2.8M impairment. The quarter featured Phase 1 construction progress at the Big Sky Carbon Hub, a completed corporate rebrand, and steady progress toward first revenue targeted for Q1 2027. However, legacy E&P production continued to decline (33,747 BOE vs 48,816 BOE YoY), and the company remains pre-revenue on helium operations with no analyst consensus for the current quarter, making the EPS miss vs the synthetic consensus less meaningful.
Key Financial Metrics
Key Facts
- Q2 2026 total revenue $2.1M (+5.2% YoY from $2.0M) driven by higher realized oil prices ($77.73/bbl vs $55.14/bbl)
- Net loss narrowed to -$2.3M (-$0.04/sh) from -$6.1M (-$0.19/sh) which included a $2.8M impairment
- Phase 1 processing facility construction advancing with $9.6M invested in Big Sky in H1 2026
- $4.0M drawn on credit facility post-quarter-end to fund construction; total liquidity $16.4M as of Aug 4, 2026
- Corporate rebrand to Big Sky Industrial completed; ticker changed to BSIN
- Helium offtake agreement at $285/Mcf plant-gate provides contracted initial revenue starting Q1 2027
- MRV applications (Big Rose and Cut Bank) in active EPA review for Section 45Q tax credit access (~$130M value over 12 years)
- Legacy production declining as company pivots from E&P to industrial gas/carbon management platform
Financial Impact
Q2 2026 revenue $2.1M; net loss -$2.3M; Adjusted EBITDA -$0.9M; cash balance $6.0M at quarter end
Risk Factors
- Phase 1 construction delays or cost overruns beyond the fixed-scope EPC contract
- EPA delays in MRV approvals blocking Section 45Q tax credit access
- Helium price weakness or counterparty default on the offtake agreement
- Dilution risk from equity raises if capital stack needs additional funding
- Declining legacy oil production on a pre-revenue industrial gas project
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-026862 |
| Document: bsin20260608_8k.htm | 0001437749-26-026862 |
| Document: 0001437749-26-026862-index-headers.html | 0001437749-26-026862 |
| Document: 0001437749-26-026862-index.html | 0001437749-26-026862 |
| Document: 0001437749-26-026862.txt | 0001437749-26-026862 |
| 8-K Data (Synthetic) | 0001437749-26-026862 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 11, 2026 11w ago | 8-K | $1.43 $1.60 | ▲ +11.89% | ▲ +12.95% | $1.58 (+10.49%) |
Aug 11, 2026 11w ago | Press Release | $1.43 $1.60 | ▲ +11.89% | ▲ +12.95% | $1.58 (+10.49%) |
US Market Status
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