Logo

TBN

Tamboran Resources Corp

TBN

Tamboran Resources Corp • NYSE
$23.79 ▲ 1.36% (+0.32)
Market Cap $487.55 M
52w High $34.50
52w Low $15.75
Dividend Yield 0%
P/E -9.26
Volume 33.59K
Outstanding Shares 20.49M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $0 $8.203M ▼ $-8.182M ▲ 0% $-0.47 ▲ $-8.756M ▲
Q4-2025 $0 $8.252M ▼ $-10.183M ▼ 0% $-0.65 ▼ $-8.926M ▼
Q3-2025 $0 $8.503M ▼ $-6.657M ▲ 0% $-0.46 ▼ $-7.875M ▲
Q2-2025 $0 $14.984M ▲ $-14.167M ▼ 0% $-0.008 ▼ $-9.034M ▼
Q1-2025 $0 $6.947M $-5.895M 0% $-0.003 $-6.571M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $45.161M $446.462M $57.01M $287.721M
Q4-2025 $45.161M ▲ $446.462M ▲ $57.01M ▲ $287.721M ▲
Q3-2025 $25.636M ▼ $381.523M ▲ $56.188M ▲ $239.846M ▼
Q2-2025 $59.442M ▼ $362.92M ▼ $53.87M ▼ $243.879M ▼
Q1-2025 $74.042M $381.22M $54.179M $275.602M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $-9.061M ▲ $-13.799M ▼ $-28.434M ▼ $37.937M ▼ $-5.605M ▼ $-41.285M ▼
Q4-2025 $-9.195M ▼ $-6.432M ▲ $-25.087M ▲ $52.714M ▲ $19.526M ▲ $-30.741M ▲
Q3-2025 $-8.173M ▲ $-14.303M ▼ $-37.875M ▼ $16.984M ▲ $-33.807M ▼ $-51.232M ▼
Q2-2025 $-15.5M ▼ $-4.748M ▼ $-21.31M ▼ $14.616M ▼ $-14.6M ▼ $-38.743M ▼
Q1-2025 $-6.756M $-4.154M $-14.496M $16.744M $-703.893K $-19.049M

Five-Year Company Overview

Income Statement

Income Statement Tamboran is still very much in the “build” phase rather than the “earn” phase. It has essentially no recurring revenue yet and is reporting sizeable losses as it ramps up exploration, appraisal, and corporate activity. The most recent year shows a step‑change to very large operating and net losses compared with the very small losses of prior years, reflecting the move from a quiet early‑stage explorer to a company actively developing a major gas resource. Earnings per share figures are volatile and heavily influenced by accounting items and changes in share count, so they are not a reliable guide to underlying performance at this stage. Overall, the income statement tells the story of a pre‑production resource developer that is spending heavily to prove up and commercialise its assets, with profitability likely years away and highly uncertain.

Balance Sheet

Balance Sheet The balance sheet has expanded dramatically as Tamboran has accumulated rights to acreage and capitalised exploration and development work. Total assets and shareholders’ equity have grown from very small levels to a more substantial base, indicating repeated capital raising to fund the Beetaloo strategy. Cash on hand has increased but remains modest relative to the scale of development ambitions, while debt has appeared but is still limited compared with equity. This leaves the company not yet highly leveraged, but it is clearly dependent on continued access to external funding. The asset side is heavily concentrated in a single basin and in early‑stage gas assets whose value depends on future technical and commercial success, regulatory approvals, and gas market conditions.

Cash Flow

Cash Flow Cash flow is consistently negative, both from operations and after investment spending. The business does not yet generate cash from selling gas; instead, it consumes cash for exploration, appraisal drilling, and early project development. Free cash flow is firmly in the red, reflecting the capital‑intensive nature of bringing a large unconventional gas play toward production. This means the company must rely on new equity, debt, or farm‑out partnerships to bridge the gap until any future cash inflows from gas sales. The pattern is typical of an early‑stage resource developer but underlines financing risk: progress depends on capital markets and partner appetite, not on internally generated funds.

Competitive Edge

Competitive Edge Tamboran’s competitiveness rests on a large and strategic position in the Beetaloo Basin, plus the deliberate import of modern U.S. shale techniques. It holds one of the largest acreage positions in what is considered a world‑class unconventional gas resource, giving it long‑term running room if the play proves fully commercial. Partnerships with leading U.S. drilling and fracturing providers, as well as midstream partners, aim to compress the learning curve and push Tamboran toward being a lower‑cost, higher‑productivity operator. The basin’s naturally lower carbon dioxide content and the company’s net‑zero operational ambitions offer a potential edge with environmentally conscious buyers. On the other side, Tamboran is heavily concentrated in a single region and play, is exposed to regulatory, environmental and social‑license risks in the Northern Territory, and faces long‑term competition from both other gas suppliers and accelerating renewables. Its competitive position is promising but unproven and tightly linked to successful execution in Beetaloo.

Innovation and R&D

Innovation and R&D Tamboran’s “R&D” is mostly applied, field‑level innovation rather than lab‑style research. The company is systematically importing best‑in‑class U.S. shale drilling and completion technology—long‑reach horizontal wells, multi‑stage fracturing, advanced drilling systems—to a basin where such methods are still relatively new. This has already produced standout well test results and faster, more efficient operations compared with traditional Australian practice. Tamboran is also using pad drilling to cut both costs and surface impact, working on local sourcing of key inputs like frac sand, and experimenting with more intensive fracturing designs to enhance recovery per well. On the environmental side, it is piloting satellite‑based methane monitoring and targeting low‑emissions gas production. Together, these efforts show a clear strategy: leverage proven overseas techniques, adapt them to local geology, and wrap them in a lower‑carbon, more tightly monitored operating model.

Summary

Tamboran is a high‑risk, early‑stage gas developer building a large position in Australia’s Beetaloo Basin. The financial statements show a company with no meaningful revenue yet, growing losses, and negative cash flows, all consistent with a business still in development mode. The balance sheet has been bulked up through equity funding, with debt still limited but likely to grow if the development plan advances. Strategically, Tamboran combines a sizeable resource position, experienced unconventional gas talent, and deep partnerships with U.S. shale service providers and local midstream players. It is aiming to prove that Beetaloo can support low‑cost, lower‑carbon gas at scale, with a path from pilot production into both domestic markets and, in time, LNG exports from Darwin. The opportunity is substantial: if technical performance, infrastructure build‑out, regulatory approvals, and market demand all line up, Tamboran could become a major new source of supply. The risks are equally material: concentration in one basin, reliance on external capital, long timelines to cash generation, regulatory and social opposition potential, and exposure to future gas prices and energy‑transition policies. The current numbers reflect that this is still a long‑dated, execution‑heavy development story rather than a mature, cash‑generating energy company.

NEWS

November 27, 2025 · 2:00 AM UTC

Falcon Oil & Gas Ltd. - Filing of Interim Financial Statements

Read more

October 28, 2025 · 9:17 PM UTC

Tamboran Schedules 1Q FY26 Earnings Release and Webcast

Read more

October 24, 2025 · 5:15 PM UTC

Tamboran Raises US$56.1 Million via Public Offering, Enters Into PIPE With Proceeds of up to US$29.3 Million, and Intends to Launch CDI Share Purchase Plan With Target Proceeds of up to US$30 Million

Read more

October 22, 2025 · 11:58 PM UTC

Tamboran Resources Corporation Pricing of Public Offering of Common Stock

Read more

October 22, 2025 · 5:03 PM UTC

Tamboran Resources Corporation Public Offering of Common Stock

Read more