Monitor construction milestones at the Big Sky Carbon Hub and MRV approvals for 45Q tax credits, which are critical for first revenue in Q1 2027. The helium offtake agreement at $285/Mcf provides a contracted revenue floor, but the company remains pre-revenue on its core industrial gas business, so near-term stock movement will depend on execution against the catalyst timeline rather than quarterly financials.
Price Chart
Executive Summary
Big Sky Industrial reported Q2 2026 revenue of $2.1M (flat YoY) 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 EPS of -$0.04 missed the consensus estimate of -$0.05, but the miss is less meaningful given the company remains pre-revenue on its helium operations. The key catalysts are construction progress at the Big Sky Carbon Hub, a five-year take-or-pay helium offtake agreement at $285/Mcf, and first revenue targeted for Q1 2027, which de-risks the transition from legacy E&P to industrial gas.
Key Financial Metrics
Key Facts
- Q2 2026 revenue of $2.1M vs $2.0M in Q2 2025 (flat YoY)
- Net loss of -$2.3M (-$0.04/sh) vs -$6.1M (-$0.19/sh) in Q2 2025, which included a $2.8M impairment
- EPS of -$0.04 missed consensus estimate of -$0.05
- Legacy E&P production declined to 33,747 BOE from 48,816 BOE YoY
- Five-year, 100% take-or-pay helium offtake agreement at $285/Mcf plant-gate price with investment-grade counterparty
- Phase 1 processing facility construction on schedule; first revenue targeted for Q1 2027
- Cash balance of $6.0M and total liquidity of $21.5M as of June 30, 2026; $4.9M cash and $16.4M liquidity as of Aug 4, 2026
- Corporate rebrand to Big Sky Industrial Inc. completed; stock now trades under ticker BSIN
Financial Impact
Q2 2026 revenue $2.1M (flat YoY); net loss -$2.3M; EPS -$0.04 vs consensus -$0.05; legacy E&P production declined 31% YoY
Risk Factors
- Construction delays or cost overruns at the Big Sky Carbon Hub could push first revenue beyond Q1 2027
- MRV approvals for 45Q tax credits are pending and could be delayed or denied
- Legacy E&P production continues to decline, reducing cash flow from existing operations
- Dilution risk from equity offerings and credit facility draws to fund construction
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3342634 |
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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