The company remains entirely pre-revenue, with persistent SG&A expenses averaging approximately $4.7 million per quarter over the last ten periods, reflecting the high overhead of frontier operations.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 334.31K | 85.95K | 120.44K | 719.29K | 407.63K | 0 | 0 | 12K | 2.13K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | -334.31K | -85.95K | -120.44K | -719.29K | -407.63K | 0 | 0 | -12K | -2.13K |
| Gross Margin % | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 28.64% | 83.26% | -76.46% | - | - | 100% | -464.44% | - |
| Operating Expenses | 32.57M | 39.23M | 20.4M | 18.72M | 7.82M | 17.42M | 12.25M | 3.22M | 4.03M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 18.09M | 21.71M | 17.32M | 18.72M | 7.82M | 17.42M | 12.25M | 3.22M | 4.03M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - |
| Research & Development | 1.25M | 6.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3.7M | 11.48M | 3.08M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -32.9M | -39.32M | -20.52M | -19.43M | -8.22M | -17.42M | -12.25M | -3.23M | -4.04M |
| Operating Margin % | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -91.63% | -5.56% | -136.35% | 52.8% | -42.21% | -278.69% | 19.84% | - |
| EBITDA | -32.27M | -39.23M | -20.4M | -18.72M | -7.82M | -17.33M | -12.22M | -3.22M | -4.03M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 12.83% | -92.34% | -8.98% | -139.48% | 54.89% | -41.76% | -279.21% | 20.1% | - |
| D&A (Non-Cash Add-back) | 626.34K | 85.95K | 120.44K | 719.29K | 407.63K | 95.73K | 28.75K | 12K | 2.13K |
| EBIT | -33.45M | -32.99M | -20.49M | -32.2M | -7.79M | -15.58M | -12.7M | -3.57M | -4.18M |
| Net Interest Income | 709.69K | 1.55M | 0 | 9.44K | -59.85K | -4.67M | -3.52M | -10.06M | 42.6K |
| Interest Income | 1.01M | 1.55M | 0 | 102.07K | 2K | 6.87K | 102.57K | 1.74M | 75.86K |
| Interest Expense | 305K | 0 | 0 | 92.64K | 61.85K | 4.68M | 3.63M | 11.8M | 33.26K |
| Other Income/Expense | -3.53M | -308.02K | -3.33M | -12.76M | 388.85K | -6.4M | -2.25M | -12.13M | -172.87K |
| Pretax Income | -36.43M | -39.62M | -23.85M | -32.2M | -7.83M | -23.82M | -14.5M | -15.36M | -4.21M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0% |
| Net Income | -34.38M | -36.9M | -21.92M | -32.03M | -7.83M | -23.82M | -14.5M | -15.36M | -4.21M |
| Net Margin % | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -5.43% | -68.36% | 31.58% | -308.91% | 67.11% | -64.24% | 5.59% | -265.02% | - |
| Net Income (Continuing) | -36.43M | -39.62M | -23.85M | -32.2M | -7.83M | -23.82M | -14.5M | -15.36M | -4.21M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 151.02M | 101.73M | 44.97M | 21.05M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.54 | -2516.94 | -0.02 | -0.04 | -0.02 | -31.04 | -0.16 | -0.16 | -0.05 |
| EPS Growth % | -291.38% | -14465072.41% | 56.17% | -159.48% | 99.95% | -19300% | 0% | -255.56% | - |
| EPS (Basic) | - | -2516.94 | -0.02 | -0.04 | -0.02 | -31.04 | -0.16 | -0.16 | -0.05 |
| Diluted Shares Outstanding | 22.4M | 14.66M | 9.45M | 6.05M | 3.54M | 767.44K | 467.5K | 468.35K | 467.62K |
| Basic Shares Outstanding | 22.4M | 14.66M | 9.45M | 6.05M | 3.53M | 767.34K | 467.5K | 468.35K | 467.62K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Pre-revenue commercialization uncertainty
As indicated by the company's financial statements, Tamboran remains a pre-revenue entity, with zero reported revenue across the last ten quarters, underscoring its status as a pure-play exploration firm focused entirely on de-risking its Beetaloo Basin assets rather than generating immediate top-line growth or commercial returns.
The absence of revenue confirms that the company is currently in the appraisal and development phase, where value is driven by geological milestones rather than sales. Investors should monitor the transition from exploration to production, as the lack of a revenue stream necessitates ongoing reliance on external capital markets.
Based on reported figures, the company's cost structure is dominated by persistent SG&A expenses, which averaged approximately $4.7 million per quarter over the last ten periods, reflecting the significant overhead required to manage frontier exploration activities and maintain corporate operations in the absence of any offsetting revenue.
The consistent quarterly operating losses, which reached $8.4 million in 2026Q3, highlight the heavy burden of maintaining high-spec drilling operations and administrative support. This cost profile suggests that management must maintain strict discipline to preserve liquidity until the Shenandoah South project reaches a commercial inflection point.
According to recent SEC filings, the company's net losses have been accompanied by fluctuating stock-based compensation, which reached $1.3 million in 2026Q2, suggesting that equity-linked incentives are being utilized to preserve cash while the firm navigates the capital-intensive appraisal phase of its unconventional gas assets.
The reliance on equity-based compensation may indicate an effort to align management interests with long-term development, though it simultaneously introduces dilution risks for existing shareholders. Analysts should scrutinize the impact of these non-cash charges on the overall capital structure as the company approaches potential project financing decisions.
As reported in financial statements, the company's operating losses have remained stubbornly elevated, with 2026Q3 operating income at -$8.4 million, which may indicate that the 'remote location premium' for importing US shale expertise is creating higher-than-anticipated cash burn rates that could challenge the project's long-term economic viability.
While the partnership with US-based technical experts is a strategic positive, the persistent negative operating margins suggest that the cost of replicating North American drilling efficiencies in the Northern Territory may be higher than the market currently discounts. Investors should monitor whether future flow rates can justify these substantial upfront expenditures.
Quick answers to the most common questions about buying TBN stock.
For fiscal year 2025, Tamboran Resources Corp (TBN) reported total revenue of $0.0M.
Tamboran Resources Corp (TBN) reported a net loss of $36.9M for the fiscal year ending 2025.