Key Highlights

  • Tamboran’s Form 10-Q for the quarter ended 30 September 2026 reports a net loss of $12.5 million, up from $9.1 million a year earlier.
  • Cash and cash equivalents were $160.1 million at 30 September 2026, with total Assets of $1.2 billion.
  • The filing includes a Going Concern disclosure stating that several conditions raise substantial doubt about the group’s ability to continue as a going concern.
  • Revenue and Operating Income are reported as nil in the consolidated statements, with initial gas sales capitalised against the project.

Tamboran Resources Corporation (NYSE:TBN) has filed its Quarterly Report on Form 10-Q with the US Securities and Exchange Commission for the period ended 30 September 2026. The filing contains the group’s consolidated financial statements and management’s disclosures, and is separate from the activities report the company released to the Australian market on 12 November 2026. The filing also includes a going concern assessment that does not feature in the activities report.

Consolidated Results

The consolidated statement of operations reports a net loss of $12.5 million for the quarter, compared with $9.1 million a year earlier. Of that loss, $12.1 million is attributable to Tamboran stockholders, with the remainder attributable to noncontrolling interests. Revenue and other operating income are shown as nil. Total operating costs and expenses were $11.9 million, compared with $8.2 million in the prior-year quarter.

The Balance Sheet shows total assets of $1.20 billion at 30 September 2026, up from $1.15 billion at the prior reporting date. Cash and cash equivalents were $160.1 million, compared with $219.1 million at the prior reporting date. Including restricted cash, the total cash and restricted cash balance was $169.7 million at the end of the period. The activities report’s figure of $165 million includes Tamboran’s net share of restricted cash and removes Daly Waters Infrastructure’s share, so it differs from the consolidated figure.

Going Concern Disclosure

The filing sets out a going concern analysis. As of 30 September 2026, the group reported that it had not generated material revenues since inception, and that it will not generate Earnings in the next 12 months sufficient to satisfy all liabilities in the ordinary course. It also reported a working Capital surplus of $87.5 million, primarily from remaining cash resulting from earlier capital raises, net Debt drawn of $72.5 million related to construction of the Sturt Plateau Compression Facility and associated financing costs, an accumulated Deficit of $205.5 million, and substantial planned expenditure on Natural Gas properties over the next 12 months.

The company states that several of these conditions raise substantial doubt about its ability to continue as a going concern for the twelve months after the financial statements were available for issuance. It cites milestones that point toward resolving that doubt, including an Equity raise completed in April and May 2026 and the completion of construction of the compression facility, with commissioning gas sales starting in September 2026. The filing states that the ability to continue as a going concern depends on completing drilling and stimulation of three wells on the Shenandoah South 1 pad, tying those wells into the facility, and related operational plans.

Reconciling the Figures

The debt figure in the 10-Q differs from the activities report. The quarterly report presented net drawn debt of US$37 million on a net Tamboran basis, while the 10-Q reports net debt drawn of $72.5 million on a consolidated basis. The quarterly report presents Tamboran’s net share of costs, while the 10-Q consolidates the joint ventures, so the two documents use different presentation bases. The 10-Q presents the group’s consolidated financial position under US GAAP, and readers comparing the two documents should note these differences in basis.

The 10-Q also records Capital Expenditure and project costs in the consolidated financial statements, with sales revenue and direct costs for the pilot project capitalised during the quarter because commercial operations date has not been reached under the gas sales agreement.

Closing Perspective

The 10-Q gives a consolidated view of the group’s financial position and includes a going concern disclosure, which states that the company’s plans and milestones are central to resolving the substantial doubt. The company’s near-term reporting is likely to show progress on the Shenandoah South 1 pad drilling and stimulation, the transition of gas sales to take-or-pay terms and the movement in cash and debt balances.