Tamboran Resources Corp TBN
Headquartered in Sydney, Australia, we have been engaged in the development of Australian oil and natural gas reserves since our formation in 2009. Since 2014, we have focused our development activities within the Northern Territory.
TR Ltd. completed its initial public offering in Australia in July 2021 and was publicly listed on the ASX under the ticker "TBN." Tamboran was incorporated in Delaware on October 3, 2023 for the purpose of effecting a scheme of arrangement under Australian law between Tamboran and TR Ltd., which we refer to as the "Corporate Reorganization." On December 13, 2023, Tamboran implemented the Corporate Reorganization and acquired all of the outstanding ordinary shares of TR Ltd. in exchange for 1,716,672,600 CDIs representing beneficial interests in 8,583,363 shares of our common stock, with each CDI representing 1/200th of a share of our common stock. Concurrently, TR Ltd.'s ordinary shares were delisted from the ASX and our CDIs were listed on the ASX. Following the Corporate Reorganization, Tamboran's assets consisted primarily of 100% of the ordinary shares of TR Ltd. Tamboran completed its U.S. initial public offering ("IPO") in July 2024.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue | $0 | $0 | — |
| R&D | $6.0M | $0 | — |
| SG&A | $5.8M | $2.5M | — |
| Total operating expenses | $39.3M | $20.5M | — |
| Operating income | -$39.3M | -$20.5M | — |
| Pre-tax income | -$36.9M | -$21.9M | — |
| Income tax | $0 | $0 | — |
| Net income | -$36.9M | -$21.9M | — |
| EPS, basic | -2.52 | -2.32 | — |
| EPS, diluted | -2.52 | -2.32 | — |
| Shares, diluted (wtd. avg.) | $14.7M | $9.5M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Cash and equivalents | $39.4M | $74.7M | $7.1M |
| Total current assets | $56.7M | $97.3M | — |
| Property, plant and equipment | $307.7K | $102.2K | — |
| Total assets | $446.5M | $358.6M | — |
| Accounts payable | $5.7M | $6.6M | — |
| Total current liabilities | $36.6M | $28.0M | — |
| Total liabilities | $57.0M | $51.0M | — |
| Retained earnings | -$167.3M | -$130.4M | — |
| Total equity | $287.7M | $262.7M | $160.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Operating cash flow | -$29.6M | -$11.4M | — |
| Depreciation and amortisation | $85.9K | $120.4K | — |
| Stock-based compensation | $4.4M | $555.5K | — |
| Investing cash flow | -$98.8M | -$66.1M | — |
| Financing cash flow | $101.1M | $146.4M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-25-042774.
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