0001628280-26-034593
SEC filingPre-revenue Tamboran's net loss widened on higher G&A and FX losses, while operating cash burn increased as it invests in Beetaloo Basin development.
Net cash used in operating activities was $27.0 million for the quarter, compared to $23.2 million in the prior year period, reflecting stepped-up exploration and development activities. The company continues to invest in its Beetaloo Basin development plans, with capital allocated to drilling and infrastructure. As a pre-revenue company, Tamboran relies on external financing to fund operations and development.
The filing highlights several risks, including the material weakness in internal control over financial reporting identified in prior periods. Management has engaged a third-party consulting firm and is implementing remediation measures, including enhanced segregation of duties and IT general controls. The Falcon Acquisition introduces additional risks, including potential failure to complete, significant transaction costs, and integration challenges. Legal proceedings include an injunction application by Lock the Gate Alliance regarding the Shenandoah South Pilot Project, with judgment reserved after hearings in mid-2025.