Big Sky Industrial Inc. (formerly U.S. Energy Corp.) is a Houston, Texas-headquartered integrated industrial gas, energy, and carbon management company focused on developing and commercializing helium and carbon management assets at its flagship Big Sky Carbon Hub in Montana, with the Company's common stock trading on the Nasdaq Capital Market under the new ticker BSIN following a corporate rebrand completed on June 8, 2026. For the first half of 2026 (six months ended June 30, 2026), the Company invested $9.6 million in industrial gas capital expenditures (up from $2.5 million in H1 2025) as the Big Sky Carbon Hub moved from development into construction following the Final Investment Decision (FID) announced on March 18, 2026. The Phase 1 processing facility (designed for approximately 8 MMcf/d inlet capacity, targeting ~14 MMcf of high-purity helium annually and capture/sequestration of ~125,000 metric tons of CO₂ per year) is under construction with commercial operations targeted for Q1 2027. The Company executed a five-year, 100% take-or-pay helium offtake agreement with an investment-grade global industrial gas counterparty at a fixed plant-gate price of $285/Mcf (with CPI escalation from March 2028 and year-three redetermination), amended and upsized its senior secured credit facility (borrowing base doubled to $20 million, interest margin fixed at 200 bps over alternate base rate, covenant testing suspended through March 31, 2027), and advanced MRV (Monitoring, Reporting, and Verification) applications (Big Rose and Cut Bank) in active EPA review (required for Section 45Q tax credits worth ~$130 million over the first 12 years of Phase 1). As of June 30, 2026, cash was $6.0 million with total available liquidity of $21.5 million (including $17.5 million undrawn credit facility); as of August 4, 2026, cash was $4.9 million with $16.4 million total liquidity after a $4.0 million draw for construction.
The investment thesis rests on three variables. The Phase 1 construction and commissioning trajectory is the load-bearing execution variable, with the Phase 1 processing facility under EPC contract with CANUSA EPC, gathering infrastructure installation underway (summer/fall 2026), facility commissioning targeted for late 2026, and first gas/revenue targeted for Q1 2027, and the strategic intent is to execute the construction plan on schedule and within budget. The helium offtake and revenue visibility is the load-bearing commercial variable, with the five-year take-or-pay contract at $285/Mcf plant-gate (100% take-or-pay, counterparty bears all transportation/logistics costs, no midstream deductions) providing contracted initial revenue that de-risks the commercial model, and the strategic intent is to deliver helium volumes under the offtake and optimize the plant-gate realization. The carbon management and 45Q tax credit trajectory is the load-bearing carbon variable, with the MRV applications (Big Rose, Cut Bank) in active EPA review (approvals expected in coming months) unlocking the Section 45Q framework (~$130M credit value over 12 years for Phase 1), and the strategic intent is to secure MRV approvals and monetize the 45Q credits.