📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

TMC the metals company Inc., a deep-sea minerals exploration company, focuses on the collection, processing, and refining of polymetallic nodules found on the seafloor in California.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding TMC

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	730.0K	$3.4M	0.01%	Mar 2026
Steve Cohen Point72 Asset Management	162.0K	$756K	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly used specific milestones ('full compliance', '100-day certification'), concrete financial figures ($23B NPV, $600/ton revenue, 43% EBITDA margin), and forward dates ('Q4 2027 production'). Gerard Barron described the strategy day as 'the single most exciting workday' and stated 'TMC is here to stay'. No hedging or defensive language observed.

Q3 2025

Confident Specific

The tone is confident and specific, with management repeatedly asserting strong progress on the U.S. pivot, robust cash position ($165M), and technical milestones. They provide concrete numbers (NPV $23.6B, $600/dry ton revenue, 43% EBITDA margin) and emphasize no need for near-term capital raises.

Q4 2025

Confident Specific

Management uses phrases like 'we expect our permit to be granted in less than one year from today' and 'still standing by our guidance of commissioning Q4 next year', indicating specific milestones and timelines, while repeatedly emphasizing 'momentum' and 'accelerated execution'.

Q1 2026 latest

Confident Specific

Management used decisive language like 'we continue to expect the grant of our commercial recovery permit during Q1 of next year' and 'we are already building an integrated collection...' They emphasized 'accelerated execution' and highlighted a signed production agreement with Allseas as a major milestone.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call due to concrete milestones: a signed production agreement with Allseas, a clear permit timeline for Q1 2027, and tangible progress on onshore processing infrastructure. The lack of specific capex numbers and reliance on government support remain watch items. The call reinforced management's confidence in execution but did not address near-term cost optimization or dilution risks. Next quarter, look for updates on the feasibility study for the Texas plant and any further permitting milestones from NOAA.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED TMC targets commercial nodule production with $23.6B NPV, $164M liquidity

Revenue & Profitability

For Q1 2026, TMC reported a net loss of $20.6 million, unchanged from Q1 2025. Net loss per share was $0.05, compared to $0.06 a year ago. Exploration and evaluation expenses were $13.3 million (up from $9.5 million), and G&A expenses were $20.7 million (up from $8.5 million), driven by share-based compensation. Liquidity stood at $164 million, including $44 million undrawn credit facility. Free cash flow was negative $0.6 million.

Outlook

Management sees strong demand driven by U.S. government prioritization of critical minerals and national security concerns. Export restrictions on nickel, cobalt, and manganese by several governments create urgency for domestic processing. The administration's executive order on offshore minerals and the Defense Industrial Base Consortium's focus on nickel import reduction are tailwinds. TMC expects the grant of a commercial recovery permit in Q1 2027.

Growth Drivers

Key growth levers include scaling offshore production from the first commercial system to larger spreads, autonomous and remote operations, and potential nuclear-powered vessels. The company is evaluating a 12-million-ton-per-annum processing facility at the Port of Brownsville to serve a broader American offshore minerals industry. Partnerships with Mariana Minerals and Deep Sea Vision (MOU) aim to accelerate feasibility and shared infrastructure. The planned commissioning of the first offshore system is late 2027.

Balance Sheet & CapEx

Allseas has agreed to fund a significant portion of pre-production costs, to be repaid over time after production begins. The offshore production system execution program is underway with procurement and subcontracting activities starting. For the Brownsville site, a pre-feasibility study is underway but there is no capital commitment yet; any further development is contingent on government support. The company expects its current liquidity to be sufficient for at least 12 months.

Margins

Not discussed in this earnings call.

Key Risks

Management addressed political risk around the 2026 midterms but stated the permitting process is bipartisan and based on long-standing regulations. A risk noted is the expiration of SPAC warrants in September 2026, with no announcement on extension. Other risks include reliance on government support for the processing facility and the inherent uncertainties of deep-water operations. The permit timeline has no mandatory time limits beyond the 60-day public comment period.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q1 2026 Q1 2026 2026-05-14

Signed a landmark production agreement with Allseas, advanced plans for a Texas processing facility, and maintained strong liquidity. Q1 2026 net loss was $20.6 million, with robust project economics and a clear path to commercial production in late 2027.

Q4 2025 Q4 2025 2026-03-27

Regulatory clarity and strategic partnerships have accelerated project development, with key agreements for offshore and onshore operations, robust liquidity, and a clear permitting path. Q4 2025 saw higher net loss due to increased G&A, but cash reserves remain strong.

Q3 2025 Q3 2025 2025-11-13

Q3 2025 saw a net loss of $184.5M, driven by non-cash royalty liability increases and higher G&A expenses, but liquidity remains strong at $165M. Regulatory progress continues, with commercial production targeted for Q4 2027 and significant warrant-related cash inflow potential.

Q2 2025 Q2 2025 2025-08-14

Landmark PFS and initial assessment show a $23.6B NPV and clear path to Q4 2027 production. Regulatory milestones, strategic partnerships, and $120M cash position support project advancement, with strong U.S. government backing and robust financial outlook.

Q1 2025 Q1 2025 2025-05-14

Historic regulatory progress and a $37M capital raise have strengthened the path to commercial deep-sea mining. Q1 2025 saw improved losses and liquidity, with key milestones expected in permitting and project valuation in the coming quarters.

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