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Big Sky Industrial Inc
(NASDAQ:BSIN)
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Rating:62Neutral
Price Target:
$1.50
▼(-5.06% Downside)
Action:Reiterated
Date:08/18/26
The score is held back primarily by weak financial performance (large losses and negative operating/free cash flow), partially offset by strong technical momentum (price above major moving averages with positive MACD) and a constructive earnings-call setup (contracted take-or-pay offtake and Phase 1 funding/construction progress). Valuation is a modest drag because losses make the negative P/E less informative and no dividend yield is provided.
Positive Factors
Contracted Helium Demand
The take-or-pay contract covering all Phase 1 production provides durable revenue visibility and reduces customer-acquisition risk. The investment-grade counterparty and CPI escalation also support bankability and potential financing once operations begin.
Negative Factors
Persistent Losses and Cash Burn
The company is not yet self-funding, with substantial operating and free-cash-flow deficits. Continued losses during construction could require additional financing before commercial operations, increasing dilution, leverage or dependence on successful project funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted Helium Demand
The take-or-pay contract covering all Phase 1 production provides durable revenue visibility and reduces customer-acquisition risk. The investment-grade counterparty and CPI escalation also support bankability and potential financing once operations begin.
Read all positive factors
Big Sky Industrial Inc (BSIN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$82.94M
Dividend YieldN/A
Average Volume (3M)2.08M
Price to Earnings (P/E)―
Beta (1Y)0.66
Revenue Growth-48.74%
EPS Growth64.75%
CountryUS
Employees20
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)-0.28
Shares Outstanding52,493,427
10 Day Avg. Volume2,262,010
30 Day Avg. Volume2,075,063
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)1.30
Price to Sales (P/S)4.28
P/FCF Ratio-1.64
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$2.00Price Target Upside26.58% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.21
Revenue Forecast (FY)$7.25M
Big Sky Industrial Inc Business Overview & Revenue Model
Company Description
Big Sky Industrial Inc., an independent energy company, focuses on the acquisition, exploration, and development of industrial gas, and oil and natural gas properties in the continental United States. The company's principal properties and operati...
Big Sky Industrial Inc Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 17, 2026
Earnings Call Sentiment Positive
The call emphasized major strategic and operational achievements: rebrand, completion of the Phase 1 capital stack, a 5-year 100% take-or-pay helium offtake, advancement to construction with long-lead equipment in fabrication, and identification of ~ $130M of 45Q tax-credit value that could be monetized as nondilutive capital. These milestones materially derisk the project relative to earlier stages. Lowlights are primarily execution and timing risks (MRV approvals and commissioning), continued negative adjusted EBITDA, modest near-term revenues ($2.1M), and a liquidity position that will need to be managed through construction. Overall, the highlights (contracted offtake, funded capital stack, regulatory progress, and unique 45Q monetization opportunity) significantly outweigh the lowlights tied to typical development-stage financials and execution risk.Positive Updates
Completed Phase 1 Capital Stack and Advanced to Construction
Management completed the Phase 1 capital stack (March–April), executed a fixed-scope EPC contract with CANUSA, began plant construction and put long-lead equipment into fabrication. Company reports construction on schedule with plant commissioning targeted later in 2026 and first gas/commercial operations targeted for March 2027.
Negative Updates
Negative Adjusted EBITDA and Low Near-Term Revenue
Reported revenue of $2.1 million for the quarter was essentially flat year-over-year (0% change). Adjusted EBITDA remained negative at -$0.9 million, indicating the company is still pre-commercial and loss-making at the consolidated level.
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Q2-2026 Updates
Positive
Negative
Completed Phase 1 Capital Stack and Advanced to Construction
Management completed the Phase 1 capital stack (March–April), executed a fixed-scope EPC contract with CANUSA, began plant construction and put long-lead equipment into fabrication. Company reports construction on schedule with plant commissioning targeted later in 2026 and first gas/commercial operations targeted for March 2027.
Read all positive updates
Company Guidance
Management reiterated the project timeline and key milestones: EPA MRV approvals expected ahead of commissioning, gathering completion through the fall, plant commissioning later in 2026 and first gas/commercial operations targeted for March 2027. Phase 1 technical metrics include a modular plant sized for up to 8 million cubic feet/day inlet capacity (described as yielding >14 million cubic feet of contained helium and ~125,000 metric tons CO2 captured per year), a 5‑year, 100% take‑or‑pay helium offtake covering all Phase 1 production of 1.2 million cubic feet/month at a fixed $285/Mcf (CPI escalation from March 1, 2028 and a year‑3 price redetermination), a tested sequestration well with ~400,000 mt/yr capacity (Phase 1 to store roughly one‑quarter of that), and >170 permitted Class II injection wells. On finance, the company completed a March equity raise, amended its senior secured credit facility (borrowing base doubled to $20 million, 200‑bp margin, May 2029 maturity, covenant testing suspended to Q1 2027), reported Q2 revenue $2.1M, cash G&A $1.8M, adjusted EBITDA -$0.9M, invested $9.6M of industrial gas capex in H1 (vs $2.5M prior), ended the quarter with $21.5M liquidity (Aug 4: $16.4M after a $4M draw), and highlighted roughly $130M of gross 45Q tax‑credit value over the first 12 years at $85/ton (CPI‑linked and transferable) as a potential nondilutive funding source to accelerate Phase 2 (which management sees as a 2x–3x expansion).Big Sky Industrial Inc Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
63
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.87M | 7.35M | 20.62M | 32.32M | 44.55M | 6.19M |
| Gross Profit | 409.00K | -2.03M | -276.00K | 3.16M | 14.70M | 3.77M |
| EBITDA | -7.94M | -10.38M | -16.81M | -20.72M | 7.50M | -273.00K |
| Net Income | -10.67M | -14.37M | -25.78M | -32.36M | -963.00K | -1.77M |
Balance Sheet | ||||||
| Total Assets | 55.95M | 40.63M | 49.67M | 80.44M | 118.32M | 17.66M |
| Cash, Cash Equivalents and Short-Term Investments | 6.10M | 575.00K | 7.85M | 3.52M | 4.52M | 4.61M |
| Total Debt | 4.81M | 2.92M | 611.00K | 5.79M | 12.98M | 133.00K |
| Total Liabilities | 18.91M | 16.43M | 25.85M | 33.92M | 39.97M | 4.23M |
| Stockholders Equity | 37.04M | 24.20M | 23.82M | 46.52M | 78.35M | 13.44M |
Cash Flow | ||||||
| Free Cash Flow | -21.78M | -19.21M | -3.33M | 1.60M | 4.25M | -1.76M |
| Operating Cash Flow | -4.26M | -7.14M | 4.59M | 5.47M | 10.90M | -153.00K |
| Investing Cash Flow | -17.47M | -11.88M | 5.77M | 2.83M | -16.95M | -3.33M |
| Financing Cash Flow | 20.99M | 11.73M | -5.98M | -9.36M | 6.04M | 5.05M |
Big Sky Industrial Inc Technical Analysis
Positive
1.58
Price Trends
1.24
Positive
1.09
Positive
1.05
Positive
Market Momentum
0.08
Negative
65.64
Neutral
79.37
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BSIN, the sentiment is Positive. The current price of 1.58 is above the 20-day moving average (MA) of 1.35, above the 50-day MA of 1.24, and above the 200-day MA of 1.05, indicating a bullish trend. The MACD of 0.08 indicates Negative momentum. The RSI at 65.64 is Neutral, neither overbought nor oversold. The STOCH value of 79.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BSIN.
Big Sky Industrial Inc Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $20.01M | 12.73 | 6.76% | 1.09% | -9.59% | -5.69% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $82.94M | -5.44 | -34.21% | ― | -48.74% | 64.75% | |
54 Neutral | $59.30M | -0.72 | -39.24% | ― | 282.70% | 79.35% | |
54 Neutral | $75.04M | -0.29 | -29.92% | ― | -12.20% | -140.47% |
* Energy Sector Average
BSIN
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26.89%
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INDO
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2.82
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BATL
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1.33
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13.38%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.