Tamboran Resources Reports $8.2 Million Net Loss, Seeks Additional Funding for Exploration

Tamboran Resources Corporation has reported its financial results for the three and nine months ended March 31, 2025, revealing a continued lack of revenue generation as the company remains in the exploration phase of its natural gas operations. The company reported a net loss of $8.2 million for the three months ended March 31, 2025, compared to a loss of $2.6 million in the same period last year. For the nine-month period, the net loss increased to $30.4 million from $13.9 million in the prior year. The increase in losses is attributed to higher operating costs, particularly in compensation and benefits, which rose by $2.6 million due to increased headcount and stock-based compensation.

In terms of operational metrics, Tamboran's total assets increased to $381.5 million as of March 31, 2025, up from $358.6 million at the end of the previous fiscal year. The company’s cash and cash equivalents decreased significantly to $25.6 million from $74.7 million, primarily due to substantial expenditures on exploration and evaluation activities, which totaled $74.1 million during the nine months ended March 31, 2025. The company has not yet commenced natural gas production and does not expect to generate revenue until late 2026, contingent on successful drilling results and additional capital funding.

Strategically, Tamboran has made significant moves in its joint ventures and asset management. The company entered into a second amended and restated joint venture and shareholders agreement with Daly Waters Energy, which includes a binding agreement to finalize the checkerboard of the joint acreage position across its exploration permits. Additionally, on May 12, 2025, Tamboran announced an asset sale agreement with Elliot Energy, where DWE will acquire approximately 12.5% of Tamboran's interest in certain retention licenses for $15 million. This transaction is expected to enhance the company's financial position and operational focus.

The company’s operational focus remains on its Beetaloo Basin assets, where it holds unproved natural gas properties valued at $303.3 million as of March 31, 2025. Tamboran is also progressing with its Sturt Plateau Compression Facility, with total assets under construction amounting to $17.6 million. The company has committed to significant capital expenditures in the coming years, including approximately $70.8 million for the Beetaloo Joint Venture, which involves drilling and hydraulic fracturing activities.

Looking ahead, Tamboran's management has indicated that the company will require additional funding to support its ongoing exploration and development activities. The company is actively seeking to raise capital through various means, including equity placements and potential asset sales. The outlook remains cautious, with management acknowledging the substantial doubt regarding the company's ability to continue as a going concern without securing necessary funding.