Research and development: $123,000.

That is down from $6.0 million a year earlier. Tamboran’s latest annual filing also shows $0 of revenue, unchanged from the comparable year, and a $26.1 million net loss.

Cash rose to $219.1 million from $39.4 million. But the cash did not come from selling gas. It came mainly from selling shares, which makes the central question less about whether Tamboran has money today and more about what that money is financing.

The company’s diluted share count rose to 22.5 million from 14.7 million. Tamboran’s shares closed at $36.11 on September 24, up 1.0% that day and 64.3% over the past 12 months. The market value was $529.4 million at the latest reported snapshot, despite the absence of revenue.

Tamboran explains the cash increase directly:

"This increase was primarily due to $291.0 million in net proceeds from the issue of shares in connection with the Company’s capital raises in fiscal year 2026 in comparison to net proceeds of $42.9 million received in fiscal year 2025."

10-K 2026-09-25; cash liquidity

That is a financing story, not an operating cash-flow story. Operating cash flow worsened to negative $34.6 million from negative $29.6 million during the twelve months ended June 30, 2026. Interest income helped by $1.1 million as the larger cash balance sat in bank accounts and term deposits, but it did not change the underlying revenue picture.

The operating loss narrowed to $32.7 million from $39.3 million, partly because the prior year included a $0.4 million loss on assets held for sale. Compensation and benefits increased by $3.1 million, which Tamboran attributed to higher headcount, a calendar-year bonus schedule, and compensation for its interim and new CEO. The filing gives no comparable operating ramp behind the zero-revenue figure.

Management’s own language keeps the funding issue in view:

"Based on progress achieved to date and the Group’s current execution plan, management expects to be better positioned to evaluate the alleviation of substantial doubt in connection with future reporting periods, subject to continued successful execution of these operational plans and funding of future commitments."

10-K 2026-09-25

In plain English, the cash raise gives Tamboran more room, but management still ties the accounting concern to execution and future funding. The filing therefore presents two facts at once: a much larger cash balance and a business that has not yet produced revenue.

The project’s commercial signposts are not firm contracts either. Tamboran says it has memoranda of understanding with bp and Shell subsidiaries for long-term purchases totaling 4.4 MTPA from the NTLNG project, but also says those agreements are not binding and either buyer may walk away. That makes the eventual conversion of financing into operating revenue the unresolved business step, rather than a detail already secured in the backlog.

A future Tamboran filing’s update on revenue, operating cash use, share count, and the funding of future commitments would put numbers around that gap. For now, the company has far more cash than last year, but still had no revenue after another full year.

Tamboran’s filings show cash funded by capital raises, no annual revenue, and continued dependence on execution and future funding.