10-Q · May 13, 2026
Tamboran Resources Corporation's Q3 FY26 report showed a revenue of $1,550,000 and an EPS of -0.32, both surpassing analyst expectations. Management highlighted positive developments in operational activities and…
Earnings analysis · 10-K
TBN earnings analysis
Filed September 25, 2026 · Our reading of the company's report
The latest report
Tamboran remains a pre-revenue Beetaloo development company, but fiscal 2026 marked an operational transition: SPCF construction was 90% complete at year-end and first gas sales began on September 5, 2026, with a…
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Tamboran remains a pre-revenue Beetaloo development company, but fiscal 2026 marked an operational transition: SPCF construction was 90% complete at year-end and first gas sales began on September 5, 2026, with a planned 40 TJ/d plateau. Financial performance improved, with net loss narrowing to $30.5 million and cash rising to $219.1 million, but the company still generated no revenue and used $34.6 million of operating cash. The outlook is highly execution- and financing-dependent given the going-concern disclosure, $113.3 million fiscal 2027 investment estimate, no proved reserves and a continuing material weakness in financial controls.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.161
- Segment
- Single reportable segment: integrated natural gas exploration and production activities; fiscal 2026 revenue was $0.
What stood out
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Largest Beetaloo acreage position
Tamboran describes itself as the largest acreage holder in the Beetaloo Basin, with approximately 2.8 million net prospective acres. Its portfolio includes a 25% non-operated interest in EP 161, a 61.25% operated interest in EPs 76, 98 and 117, and 100% operated interests in EPs 136 and 143.
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Transition to initial gas sales
First gas sales began on September 5, 2026 during SPCF commissioning. Two wells were delivering unconstrained rates, with volumes expected to ramp to the contracted plateau of 40 TJ/d; SPCF construction was 90% complete and overall project completion was 93% at June 30, 2026.
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Loss and EPS trajectory improved
Fiscal 2026 net loss improved to $30.5 million from $39.6 million in fiscal 2025, while stockholder-attributable diluted EPS improved to negative $1.161 from negative $2.517. The improvement was helped by lower LNG feasibility and Checkerboard expenses, although the company still had no revenue.
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Liquidity strengthened through financing
Cash and cash equivalents increased to $219.1 million at June 30, 2026 from $39.4 million a year earlier. Fiscal 2026 financing cash inflow was $412.3 million, including $291.0 million of net share-issuance proceeds, $74.5 million of noncontrolling-interest contributions and $58.9 million of syndicated-facility proceeds.
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Falcon acquisition expands footprint
The Falcon acquisition expanded the resource base, with Tamboran acquiring approximately 98.1% of Falcon Australia and all of Falcon Hungary, Falcon Ireland, Falcon Holdings and Falcon South Africa. Total consideration transferred was $249.4 million, including $226.8 million of equity consideration.
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Integrated upstream and midstream roadmap
The company is pursuing an integrated development model spanning upstream drilling, the Sturt Plateau Compression Facility, pipeline access and potential LNG exports. The 2026 three-well stimulation campaign placed 178 stages across approximately 30,000 lateral feet, while the SS1 three-well program was scheduled for stimulation in the fourth quarter of calendar 2026.
What to watch
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Going-concern and funding dependence
The filing states that recurring losses and negative operating cash flows raise substantial doubt about going-concern status. Tamboran had an accumulated deficit of $193.4 million at June 30, 2026, does not expect positive operating cash flow until at least 2028, and estimates approximately $113.3 million of fiscal 2027 investment; additional funding may be required after the available liquidity period.
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Material weakness in financial controls
Management concluded that internal controls over financial reporting were ineffective as of June 30, 2026 because of a material weakness involving undocumented management review procedures and unresolved segregation-of-duties conflicts. The filing warns that failure to remediate could result in financial-statement errors, restatement or failure to meet reporting obligations.
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Reserve and permit execution risk
The company has no proved reserves, and all exploration and evaluation projects remained pending reserve determination as of June 30, 2026. In addition, the company disclosed $126.3 million of five-year capital commitments—$24.0 million for Sweetpea, $6.0 million for EP 161, $73.3 million for the Beetaloo Joint Venture and $23.0 million for midstream—and the DME did not approve variations to years 4 and 5 for EP 76.
Management's outlook
No formal revenue or EPS guidance was provided. MD&A estimates approximately $113.3 million of investment for fiscal 2027, expects substantial production revenue no earlier than early calendar 2027, and does not expect positive operating cash flow until at least 2028.
Earlier filings 2
10-Q · May 14, 2025
Tamboran reported no revenue for the quarter and a quarterly net loss of $8,172,646 (net loss attributable to Tamboran stockholders $6,656,997), driving diluted EPS of $(0.458). Cash and cash equivalents declined to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.