Revenue and Income - The company did not generate any revenue or other operating income during the three and six months ended December 31, 2025, and 2024, as natural gas production has not yet commenced [184][196]. - The company anticipates that it will not generate revenue from production until the second half of calendar year 2026, contingent on successful drilling results and additional funding [208]. Expenses and Costs - Compensation and benefits, including stock-based compensation, increased by $1.6 million (approximately 95.5%) for the three months ended December 31, 2025, compared to the same period in 2024, primarily due to changes in the employee bonus schedule and compensation for the interim CEO [185]. - Exploration expenses decreased by $1.0 million (approximately 68%) for the three months ended December 31, 2025, compared to the same period in 2024, as more costs were capitalized due to focused drilling activities [187]. - General and administrative costs increased by $0.3 million (approximately 21.4%) for the three months ended December 31, 2025, compared to the same period in 2024, mainly due to higher headcount-related expenses [191]. - The company incurred $0.1 million in LNG feasibility study expenses during the three months ended December 31, 2025 [189]. - The company incurred $1.5 million in unfavorable changes in operating assets and liabilities during the six months ended December 31, 2025 [224]. Cash Flow and Financing - Cash and cash equivalents increased to $83.4 million as of December 31, 2025, representing a $44.0 million increase from June 30, 2025 [212]. - For the six months ended December 31, 2025, net cash used in operating activities was $14.5 million, with a net loss of $16.6 million, compared to a net loss of $22.3 million in the same period of 2024 [224]. - Net cash used in investing activities for the six months ended December 31, 2025, was $66.5 million, up from $35.8 million in 2024, primarily due to exploration and evaluation activities [225]. - Net cash from financing activities for the six months ended December 31, 2025, was $133.5 million, significantly higher than $31.4 million in 2024, driven by common stock issuance proceeds of $78.4 million [226]. Commitments and Projects - As of December 31, 2025, capital commitments for Sweetpea amounted to $23.3 million, with $14.0 million for EP 136 and $9.3 million for EP 143 [216]. - The Beetaloo Joint Venture has a total expected spend of $76.6 million through May 2028, covering drilling and multi-stage hydraulic fracturing of four wells [219]. - The committed spend remaining for the SPCF project as of December 31, 2025, was $12.1 million, related to procurement and construction management [220]. - An application for EP 161 was approved to extend the exploration permit term and work program to March 2027, with a commitment of $5.8 million [218]. - The total minimum work program commitments for EP 143 remain at $9.3 million, with a suspension of work program conditions approved until June 30, 2026 [217]. Foreign Currency and Interest - The company recognized a foreign currency translation gain of $6.8 million for the three months ended December 31, 2025, compared to a loss of $29.2 million in the same period of 2024 [194]. - Interest income, net decreased by $0.5 million (approximately 71%) for the three months ended December 31, 2025, compared to the same period in 2024, primarily due to increased interest expenses [192].
Tamboran Resources Corporation(TBN) - 2026 Q2 - Quarterly Report