TMC Provides Third Quarter 2026 Corporate Update
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
TMC (Nasdaq: TMC) reported a narrower third-quarter 2026 net loss while NOAA extended the review timeline for its USA-A application. Net loss was approximately $28.4 million, or $0.06 per share, versus $184.5 million, or $0.46 per share, a year earlier. Operating cash use was $19.4 million. At September 30, cash was approximately $79.3 million, with no financial debt and approximately $123 million of available liquidity including credit facilities.
NOAA now expects its USA-A certification determination by mid-December 2026, rather than the end of October, to review over 1,600 public comments. TMC continues to expect a permit before targeted Q4 2027 offshore commissioning. TMC and Allseas are advancing a phased production approach intended to lower upfront investment. Two U.S. agencies are considering support for the proposed Brownsville processing plant; TMC does not currently intend other capital market transactions until one or more funding processes conclude.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointQ3 net loss narrowed to approximately $28.4 million, or $0.06 per share, from $184.5 million, or $0.46.
- Moderate pointSeptember 30 available liquidity was approximately $123 million, including cash and credit facilities.
- Moderate point. Forward-looking: it has not happened yet and may not happen.TMC expects cash to cover working capital and capital expenditure commitments for at least twelve months.
- Moderate pointQ3 general and administrative expenses fell to $9.506 million from $45.726 million a year earlier.
- Moderate pointQ3 operating loss narrowed to $33.044 million from $55.359 million a year earlier.
- Moderate pointUSA-A application achieved full compliance determination in April; NOAA published it in August.
- Moderate point. Forward-looking: it has not happened yet and may not happen.TMC expects permit issuance before targeted Q4 2027 offshore collection system commissioning.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Allseas phased production approach is intended to reduce upfront investment and operating costs.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Phased approach preserves TMC’s planned steady-state production timeline for 12 million wet tonnes annually.
- Moderate point. Forward-looking: it has not happened yet and may not happen.TMC expects initial operations to be EBITDA-positive, meaning positive earnings before interest, taxes, depreciation and amortization.
- Moderate pointTwo U.S. agencies are considering financial support for TMC’s proposed Brownsville plant.
6 minor points
- Minor pointSeptember 30 financial debt was zero.
- Minor pointNine-month general and administrative expenses fell to $45.860 million from $65.705 million a year earlier.
- Minor pointUSA-B exploration application was certified; NOAA published notice of its planned environmental review in August.
- Minor point. Forward-looking: it has not happened yet and may not happen.Planned second production vessel would maintain production during Hidden Gem’s Year 3 full-capacity conversion.
- Minor pointMariana Minerals signed a Master Services Agreement to advance feasibility and design of the proposed Brownsville facility.
- Minor pointEco Minerals agreement provides exclusive vessel charter and marine survey services, subject to vessel availability.
Negative
- Moderate pointUSA-A certification determination shifted to mid-December 2026 from the end of October for public-comment review.
- Moderate pointQ3 operating cash use totaled $19.4 million.
- Moderate pointCash declined to $79.260 million at September 30, 2026, from $117.633 million at December 31, 2025.
- Moderate pointNine-month exploration and evaluation expenses rose to $92.883 million from $29.644 million a year earlier.
- Moderate pointNine-month operating loss widened to $138.743 million from $95.349 million a year earlier.
- Moderate pointTMC says Brownsville readiness for first nodules is a challenge; alternative PAMCO processing requires plant modifications.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Production and investment scaling depend on operational performance and available funding.
7 minor points
- Minor pointUSA-A still requires certification, environmental review and a final permit determination.
- Minor pointUSA-B exploration license remains subject to environmental review and NOAA’s final determination.
- Minor pointQ3 exploration and evaluation expenses rose to $23.538 million from $9.633 million a year earlier.
- Minor pointNine-month Allseas settlement charge was $7.868 million, versus none a year earlier.
- Minor pointSeptember 30 shareholders’ deficit widened to $43.712 million from $33.443 million at December 31, 2025.
- Minor pointIssued common shares increased to 441,291,524 from 422,966,333 at December 31, 2025, diluting existing holders.
- Minor pointEco Minerals’ potential processing partnership requires prefeasibility work, due diligence, definitive agreements and regulatory approvals.
News Explained
TMC says its cash position is sufficient for at least twelve months of working-capital and capital-expenditure commitments.
In the update, TMC reported that issued common shares rose from 422,966,333 at
As of
Key Figures
- Available liquidity
- Approximately $123 million
- Cash on hand and credit facilities as of September 30, 2026
- Cash used in operations
- $19.4 million
- Quarter ended September 30, 2026
- Net loss
- Approximately $28.4 million vs. $184.5 million
- Quarter ended September 30, 2026 vs. quarter ended September 30, 2025
- Net loss per share
- $0.06 vs. $0.46
- Quarter ended September 30, 2026 vs. quarter ended September 30, 2025
- Cash
- Approximately $79.3 million
- As of September 30, 2026
- Expected certification determination notice
- By mid-December 2026
- NOAA's expected notice to TMC USA regarding the consolidated application
- Steady-state production target
- 12 million wet tonnes per annum
- Company-stated target
Historical Context
-
NOAA published the USA-A consolidated application, advancing it into public comment and remaining permit review.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
ebitda financial
environmental impact statement regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEW YORK, Nov. 12, 2026 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or “the Company”), a leading developer of the world’s largest resource of critical metals essential to energy, defense, manufacturing and infrastructure, today provided a corporate update and third quarter financial results for the period ended September 30, 2026.
Q3 2026 Financial Highlights
- Liquidity of approximately
$123 million available from our cash on hand and our credit facilities as of September 30, 2026 $19.4 million cash used in operations for the quarter ended September 30, 2026- Net loss of
$28.4 million and net loss per share of 6 cents for the quarter ended September 30, 2026
TMC USA’s Applications Continue Progressing Through NOAA Review
- In a November 3, 2026 letter, the National Oceanic and Atmospheric Administration (“NOAA”) stated that it now expects to notify our subsidiary, The Metals Company USA (“TMC USA”), of its final determination as to certification of the TMC USA-A consolidated application by mid-December 2026, rather than the end of October
- The letter references NOAA’s process, specifically the need for adequate time to review over 1,600 public comments received during the public comment period that closed on October 19. The letter does not identify any issue or deficiency with the application
- Certification would be a major permitting milestone. It would reflect NOAA’s determination that TMC USA has the financial and technical capacity to carry out its proposed nodule collection operations in the USA-A area, and that its commercial recovery plan meets the statutory requirements
- Based on NOAA guidance, the Company continues to expect issuance of the permit in advance of the targeted Q4 2027 offshore collection system commissioning; the Company believes the rigor of NOAA’s review supports the permit’s long-term durability and legal defensibility and reinforces the high standards applicable to all applicants
Allseas Partnership: Secure First Production, Unlock Full-Scale Growth
- TMC and Allseas are advancing a capital-light approach intended to enable the start of commercial operations upon potential permit grant, reduce upfront investment and operating costs through a simplified offshore system designed to meet the first two years’ production targets
- A planned second production vessel is expected to be key to the Company's transition to full-scale operations, enabling Hidden Gem to undergo its full-capacity conversion in Year 3 while maintaining continuous production
- The phased approach would enable TMC to scale production and investment progressively, aligned with operational performance and available funding, while preserving the original timeline to reach steady-state production of 12 million wet tonnes per annum
U.S. Government Funding Update
- The Company is actively engaged in funding processes with specific U.S. agencies named in Executive Order 14285 regarding plans to build nodule processing and refining capacity in the United States
- While these processes continue confidentially, the Company does not currently intend to pursue other capital market transactions until such time as one or more of these processes are completed
Gerard Barron, Chairman & CEO of TMC, commented: "Our Commercial Recovery Permit application for USA-A is going through a thorough review at NOAA. Recent developments give us confidence that we could have the permit in hand by this time next year. Our focus is on being ready to mobilize for production directly after we receive it.
Together with Allseas, we're working to significantly reduce the capital required to bring Hidden Gem into production. Rather than targeting maximum production capacity from day one, we're prioritizing speed to first production and a lower upfront investment, which is good news for TMC shareholders. Even at these lower initial volumes, we expect the operation to be EBITDA-positive in its first years.
Our objective remains to build a greenfield processing and refining facility in Brownsville, but having it up and running in time to receive the first nodules from our offshore operations is a challenge. That's where we may lean on our five-year partnership with PAMCO and its existing processing facility in Japan. PAMCO will need to make some modifications to its plant to prepare for the arrival of the first nodules. Our team and external engineering consultants have been in Hachinohe this week working through those plans to make sure our schedules align.
In parallel, we continue to work closely with Mariana Minerals and are making good progress on the feasibility, permitting, capital requirements and operating costs of a nodule processing plant in Brownsville, leveraging Mariana's software-first, AI-driven approach to plant design, construction and operations. Due diligence is progressing at full pace, with two U.S. government agencies considering financial support for our Brownsville plant. Encouragingly, the agencies are working together on the file, and I hope to have more substantive news to share on that soon."
Operational Highlights
NOAA Holds Virtual Public Hearing and Closes First 60-Day Public Comment Period for the USA-A Consolidated Application
On October 19, 2026, NOAA closed the first public comment period for the consolidated application submitted by TMC USA for an exploration license and commercial recovery permit over the USA-A area under the Deep Seabed Hard Mineral Resources Act (“DSHMRA”) and its implementing regulations. Prior to the closure of the 60-day comment period, NOAA held a virtual public hearing on October 13 to hear from the public as to our application. As part of NOAA’s transparent permitting process, the public will have multiple opportunities to share their views on the substance of the USA-A application.
NOAA Publishes TMC USA’s Consolidated Application for an Exploration License and Commercial Recovery Permit for TMC USA-A in the Federal Register
On August 19, 2026, we announced that NOAA had published in the Federal Register the consolidated application submitted by TMC USA for the USA-A area under DSHMRA and its implementing regulations. Publication of the consolidated application in the Federal Register followed the determination of full compliance by NOAA on April 28, 2026, and provided public notice of TMC USA’s submission. We believe the rigor of NOAA’s review supports the long-term durability and legal defensibility of any licenses or permits issued and reinforces the high standards applicable to all applicants. NOAA’s review will continue under DSHMRA and its implementing regulations and is now expected to proceed through remaining steps, including:
- Certifying the application
- Conducting the required environmental review and providing a draft Environmental Impact Statement (“EIS”) for public comment
- Making a final determination on whether to issue the exploration license and commercial recovery permit and associated Terms, Conditions, and Restrictions (“TCRs”)
NOAA Publishes Notice of Intent in the Federal Register to Prepare an Environmental Impact Statement for TMC USA’s USA-B Exploration License Application
On August 17, 2026, we announced that NOAA had published in the Federal Register a Notice of Intent (“NOI”) to prepare an EIS for the exploration license application submitted by the Company’s subsidiary, TMC USA, under DSHMRA and its implementing regulations. The USA-B application area in the Clarion Clipperton Zone of the Pacific Ocean covers approximately 122,000 km2 of seafloor and hosts an estimated 1.02 billion tonnes of polymetallic nodules based on TMC’s Technical Report Summary for the Initial Assessment published in August 2025. The publication of the NOI followed the earlier certification of TMC USA’s application for an exploration license over the USA-B area and represented another key step in a steady, transparent cadence of expected regulatory milestones:
- NOAA will publish for public comment a draft EIS and draft Terms, Conditions and Restrictions (“TCRs”) for TMC USA’s proposed exploration activities on the USA-B area
- Following the public comment period, NOAA will consider comments and finalize the EIS
- NOAA will then make a final determination on the issuance of the license and its associated TCRs
TMC Announces Appointment of Liam Mallon, Former President of ExxonMobil Upstream, to its Board of Directors
On September 29, 2026, we announced that Liam Mallon, former President of ExxonMobil Upstream Company, had joined our Board of Directors. Mr. Mallon brings over 40 years of global energy and offshore operating experience, including leadership of ExxonMobil’s worldwide upstream business, where he oversaw
TMC USA Enters into MSA with Mariana Minerals
On July 21, 2026, TMC USA entered into a Master Services Agreement with Mariana Minerals for a phased program to advance a proposed polymetallic nodule processing and refining industry park at the Port of Brownsville, Texas, beginning with mobilization, concept development and technical design work to establish plant feasibility and design basis, as well as a trade-off and opportunity assessment program for Phase 1, Stage 1 of the proposed onshore nodule processing facility.
TMC and Eco Minerals Enter Exclusive Offshore Survey and Exploration Services Agreement
On July 22, 2026, TMC and Eco Minerals entered into a Mutual Master Services Agreement under which Eco Minerals will serve, subject to vessel availability, as TMC’s exclusive provider of vessel charter and marine survey services, including advanced seafloor mapping, sampling and autonomous survey capabilities. TMC will provide Eco Minerals with environmental and regulatory advisory services, drawing on its offshore assessment and permitting experience. The companies may jointly pursue third-party survey and exploration services opportunities. The agreement builds on an existing memorandum of understanding identifying TMC as a potential processing partner for Eco Minerals, subject to a standards-compliant prefeasibility study, due diligence, definitive agreements and required regulatory approvals.
Industry Update
TMCR Royalty Interest Mesabi Metallics Confirms
On September 28, 2026, Mesabi Metallics announced it would invest
TMC USA Partner Mariana Minerals Raises
On August 3, 2026, Mariana Minerals announced a
Financial Results Overview
At September 30, 2026, we held cash of approximately
We reported a net loss of approximately
General and administrative expenses were
Conference Call
We will hold a conference call on November 12, 2026, at 4:30 p.m. ET to provide an update on recent corporate developments and third quarter 2026 financial results.
Third Quarter 2026 Conference Call Details
| Date: | November 12, 2026 |
| Time: | 4:30 p.m. ET |
| Audio-only Dial-in: | Register Here |
| Virtual webcast with slides: | Register Here |
The virtual webcast will be available for replay on the ‘Investors’ tab of the Company’s website under ‘Investors’ > ‘Media’ > ‘Events and Presentations’, approximately two hours after the event.
About The Metals Company
The Metals Company is a developer of lower-impact critical metals from seafloor polymetallic nodules, on a dual mission: (1) supply metals for energy, defense, manufacturing and infrastructure with net positive impacts compared to conventional production routes and (2) trace, recover and recycle the metals we supply to help create a metal commons that can be used in perpetuity. The Company has conducted more than a decade of research into the environmental and social impacts of offshore nodule collection and onshore processing. More information is available at www.metals.co.
Contacts
Media | media@metals.co
Investors | investors@metals.co
Forward-Looking Statements
This press release contains forward-looking statements and information within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results of TMC may differ from its expectations, estimates, and projections and consequently you should not rely on these forward-looking statements as predictions of future events. These statements may be identified by words such as anticipates, believes, could, estimates, expects, intends, may, plans, possible, potential, should, targets, will, would and variations of these words or similar expressions, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements with respect to: the Company's strategy to pursue exploration and commercial recovery of seafloor polymetallic nodules under the U.S. regulatory regime; the anticipated certification, public notice, public comment, environmental review, including the EIS process, and final determination process for the consolidated application submitted to NOAA under DSHMRA and for the USA-B exploration license application, including the scoping and EIS process initiated by the Notice of Intent; the anticipated scope, timing and outcome of NOAA's review of the consolidated application and the USA-B exploration license application; NOAA's statement in its November 3, 2026 letter that it expects to notify TMC USA of its final determination as to certification by the middle of December 2026; the Company's expectation that a commercial recovery permit, if approved, will be issued in advance of targeted Q4 2027 offshore collection system commissioning; the Company's belief that the rigor of NOAA's review supports the long-term durability and legal defensibility of any licenses or permits issued; the expected development, commissioning and operation of the first commercial nodule collection system under the development and operating agreement with Allseas described in this press release (the “Allseas Agreement”), including the nameplate production capacity of 3.0 million wet tonnes per annum and the expected timing of system commissioning in Q4 2027; the expected design, cost and scope of a capital-light initial production system, including anticipated reductions in capital and operating costs at start-up, the expected addition of a second production vessel and the planned full-capacity conversion of Hidden Gem, the anticipated phased scale-up of production to 12 million wet tonnes per annum in line with market demand and available funding, and the expectation that the long-term production profile described in the Company's technical reports will be preserved; the phased program with Mariana Minerals to advance a proposed U.S.-based nodule processing and refining industry park at the Port of Brownsville, Texas, including the establishment of plant feasibility and design basis and the anticipated benefits of Mariana Minerals' software-first, AI-driven approach to engineering, procurement, construction and plant operations; the status, timing and outcome of funding processes with the U.S. government agencies named in Executive Order 14285 regarding plans to build nodule processing and refining capacity in the United States, and the Company's current intention not to pursue other capital market transactions until one or more of those processes are completed; the Company's belief that its cash on hand and the borrowings available under its credit facilities will be sufficient to meet its working capital and capital expenditure commitments for at least the next twelve months; the anticipated benefits of the Mutual Master Services Agreement with Eco Minerals, including exclusive vessel charter access and survey capabilities, the joint pursuit of third-party opportunities and potential processing collaboration, in each case subject to vessel availability, definitive agreements, government financing and required approvals; the estimated resource potential of the USA-A and USA-B areas, including estimated nodule tonnages and potential exploration upside, and the resource estimates described in the Company's technical reports; the Company's pursuit of complementary processing routes, including the anticipated benefits of its relationship with PAMCO and the negotiation and entry into definitive processing agreements with PAMCO; and the anticipated development of the Mesabi Metallics steel complex and iron ore mine. The Company may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including, among other things: the scope, timing and outcome of NOAA's review of the consolidated application and the USA-B exploration license application, including the conduct of the environmental review under the National Environmental Policy Act, the nature and volume of public comments received, the absence of any mandatory statutory deadline under DSHMRA, the risk of further delay and the fact that certification is an intermediate step in NOAA's review that does not constitute approval or issuance of any license or permit; the terms of any exploration license or commercial recovery permit ultimately granted, including the risk that the terms, conditions and restrictions imposed are more restrictive than anticipated; legal challenges in U.S. courts by third parties claiming to be adversely affected or aggrieved by NOAA's actions, including the pending action challenging NOAA's certification of the USA-B exploration license application and the risk that a vacatur of that certification would require further proceedings before a license could be issued; the need for continued U.S. policy support and the effect of shifts in political priorities, legal interpretations or agency leadership, and opposition to deep-seabed mining from governments, non-governmental organizations and other third parties; the ability to obtain an exploitation contract from the International Seabed Authority (“ISA”) or permits from the U.S. government, risks related to the Company's dual-path permitting strategy, the ISA's response to the provisional measures prescribed by the Seabed Disputes Chamber of the International Tribunal for the Law of the Sea and the outcome of the proceedings brought by the Company’s subsidiaries Nauru Ocean Resources Inc. and Tonga Offshore Mining Limited against the ISA; the successful continuation of the Company's alliance with Allseas, including under the Allseas Agreement, and Allseas' ability to perform as expected; the risk that the initial production system does not reduce capital or operating costs as expected and that the addition of a second production vessel and the scale-up of production do not occur on the anticipated timeline or at all; the development, testing, integration, scaling, commissioning and operation of the offshore collection system and its key components; the performance of other contractors and counterparties, including the risks that the Mariana Minerals phased program does not proceed beyond its initial stage or does not establish plant feasibility on acceptable terms and that the definitive agreements contemplated with Eco Minerals are not entered into, and that definitive processing agreements with PAMCO are not entered into in a particular time period or at all; changes in environmental, mining and other applicable laws and regulations; the availability of and access to capital on acceptable terms and the sufficiency of the Company's cash, including for amounts needed to fund its share of costs under the Allseas Agreement, and the Company's dependence on U.S. government funding for a majority of onshore capital spending and the risk that U.S. government funding processes do not result in awards with terms, conditions or contingencies favorable to the Company, and the risk that the Company requires additional capital before those processes are completed; risks related to strategic partnerships and technology sharing; uncertainties relating to processing nodules at commercial scale and to the accuracy of resource estimates; metals price volatility; the outcome of any pending or future litigation; and other risks and uncertainties described in greater detail in the section entitled “Risk Factors” in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 31, 2026, in the Company's Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026, filed on May 14, 2026 and August 13, 2026, respectively, and in the Company's subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company expressly disclaims any obligation to update any forward-looking statements contained herein, whether because of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.
| TMC the metals company Inc. Condensed Consolidated Balance Sheets (in thousands of U.S. dollars, except share amounts) (Unaudited) | |||||||||
| ASSETS | As at September 30, 2026 | As at December 31, 2025 | |||||||
| Current | |||||||||
| Cash | $ | 79,260 | $ | 117,633 | |||||
| Receivables and prepayments | 2,394 | 3,049 | |||||||
| 81,654 | 120,682 | ||||||||
| Non-current | |||||||||
| Exploration assets | 42,951 | 42,951 | |||||||
| Equipment | 402 | 519 | |||||||
| Software development costs | 2,347 | 2,125 | |||||||
| Right-of-use asset | 477 | 1,907 | |||||||
| Investments | 31,713 | 13,447 | |||||||
| 77,890 | 60,949 | ||||||||
| TOTAL ASSETS | $ | 159,544 | $ | 181,631 | |||||
| LIABILITIES | |||||||||
| Current | |||||||||
| Accounts payable and accrued liabilities | $ | 52,581 | $ | 46,048 | |||||
| Warrant liability | — | 13,351 | |||||||
| 52,581 | 59,399 | ||||||||
| Non-current | |||||||||
| Deferred tax liability | 10,675 | 10,675 | |||||||
| Royalty liability | 140,000 | 145,000 | |||||||
| 150,675 | 155,675 | ||||||||
| TOTAL LIABILITIES | $ | 203,256 | $ | 215,074 | |||||
| EQUITY | |||||||||
| Common shares (unlimited shares, no par value – issued: 441,291,524 (December 31, 2025–422,966,333)) | 751,611 | 681,343 | |||||||
| Additional paid-in capital | 266,242 | 237,696 | |||||||
| Accumulated other comprehensive loss | (1,203 | ) | (1,203 | ) | |||||
| Deficit | (1,060,362 | ) | (951,279 | ) | |||||
| TOTAL EQUITY | (43,712 | ) | (33,443 | ) | |||||
| TOTAL LIABILITIES AND EQUITY | $ | 159,544 | $ | 181,631 | |||||
| TMC the metals company Inc. Condensed Consolidated Statements of Loss and Comprehensive Loss (in thousands of U.S. dollars, except share and per share amounts) (Unaudited) | ||||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Operating expenses | ||||||||||||||||
| Exploration and evaluation expenses | $ | 23,538 | $ | 9,633 | $ | 92,883 | $ | 29,644 | ||||||||
| General and administrative expenses | 9,506 | 45,726 | 45,860 | 65,705 | ||||||||||||
| Operating loss | 33,044 | 55,359 | 138,743 | 95,349 | ||||||||||||
| Other items | ||||||||||||||||
| Charge on Allseas settlement | — | — | 7,868 | — | ||||||||||||
| Naoero and Tonga warrant cost | — | 4,977 | — | 38,056 | ||||||||||||
| Equity-accounted investment loss (income) | 4,853 | 492 | 9,376 | 438 | ||||||||||||
| Gain on dilution of investment | (3,834 | ) | (2,967 | ) | (26,905 | ) | (2,967 | ) | ||||||||
| Change in fair value of royalty liability | (5,000 | ) | 131,000 | (5,000 | ) | 131,000 | ||||||||||
| Change in fair value of warrant liability | (527 | ) | (3,852 | ) | (13,351 | ) | 12,818 | |||||||||
| Foreign exchange loss (gain) | (30 | ) | 43 | (866 | ) | 3,599 | ||||||||||
| Interest income | (906 | ) | (1,339 | ) | (3,082 | ) | (1,505 | ) | ||||||||
| Fees and interest on borrowings and credit facilities | 720 | 681 | 2,099 | 2,535 | ||||||||||||
| Loss and comprehensive loss for the period, before tax | $ | 28,320 | $ | 184,394 | $ | 108,882 | $ | 279,323 | ||||||||
| Income tax expense | 41 | 123 | 201 | 123 | ||||||||||||
| Net loss and comprehensive loss for the period, after tax | $ | 28,361 | $ | 184,517 | $ | 109,083 | $ | 279,446 | ||||||||
| Net loss per share | ||||||||||||||||
| - Basic and diluted | $ | 0.06 | $ | 0.46 | $ | 0.25 | $ | 0.75 | ||||||||
| Weighted average number of common shares outstanding – basic and diluted | 440,992,646 | 405,506,978 | 433,563,803 | 372,713,658 | ||||||||||||
| TMC the metals company Inc. Condensed Consolidated Statements of Changes in Equity (in thousands of U.S. dollars, except share amounts) (Unaudited) | |||||||||||||||||||||||||||
| Common Shares | Preferred Shares | Special Shares | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Deficit | Total | |||||||||||||||||||||
| Three months ended September 30, 2026 | Shares | Amount | |||||||||||||||||||||||||
| July 1, 2026 | 433,726,201 | $ | 707,361 | $ | — | $ | — | $ | 298,406 | $ | (1,203 | ) | $ | (1,032,001 | ) | $ | (27,437 | ) | |||||||||
| Conversion of restricted share units, net of shares withheld for taxes | 259,756 | 1,074 | — | — | (1,074 | ) | — | — | — | ||||||||||||||||||
| Allseas obligation settled with equity | 7,305,567 | 43,176 | — | — | (43,176 | ) | — | — | — | ||||||||||||||||||
| Share-based compensation and expenses settled with equity | — | — | — | — | 12,086 | — | — | 12,086 | |||||||||||||||||||
| Loss for the period | — | — | — | — | — | — | (28,361 | ) | (28,361 | ) | |||||||||||||||||
| September 30, 2026 | 441,291,524 | $ | 751,611 | $ | — | $ | — | $ | 266,242 | $ | (1,203 | ) | $ | (1,060,362 | ) | $ | (43,712 | ) | |||||||||
| Common Shares | Preferred Shares | Special Shares | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Deficit | Total | |||||||||||||||||||||
| Three months ended September 30, 2025 | Shares | Amount | |||||||||||||||||||||||||
| July 1, 2025 | 397,155,318 | $ | 606,246 | $ | — | $ | — | $ | 203,181 | $ | (1,203 | ) | $ | (726,364 | ) | $ | 81,860 | ||||||||||
| Issuance of shares and warrants under 2025 Registered Direct Offering, net of expenses | 3,333,334 | 6,509 | — | — | 461 | — | — | 6,970 | |||||||||||||||||||
| Exercise of Class A warrants | 1,638,270 | 4,743 | — | — | (4,743 | ) | — | — | — | ||||||||||||||||||
| Exercise of Class B warrants | 2,525,000 | 7,778 | — | — | (2,778 | ) | — | — | 5,000 | ||||||||||||||||||
| Conversion of restricted share units, net of shares withheld for taxes | 704,491 | 3,467 | — | — | (3,467 | ) | — | — | — | ||||||||||||||||||
| Exercise of stock options | 3,498,760 | 10,110 | — | — | (7,989 | ) | — | — | 2,121 | ||||||||||||||||||
| Naoero and Tonga warrant cost | — | — | — | — | 4,977 | — | — | 4,977 | |||||||||||||||||||
| Share-based compensation and expenses settled with equity | — | — | — | — | 42,965 | — | — | 42,965 | |||||||||||||||||||
| Loss for the period | — | — | — | — | — | — | (184,517 | ) | (184,517 | ) | |||||||||||||||||
| September 30, 2025 | 408,855,173 | $ | 638,853 | $ | — | $ | — | $ | 232,607 | $ | (1,203 | ) | $ | (910,881 | ) | $ | (40,624 | ) | |||||||||
| TMC the metals company Inc. Condensed Consolidated Statements of Changes in Equity (in thousands of U.S. dollars, except share amounts) (Unaudited) | |||||||||||||||||||||||||||
| Common Shares | Preferred Shares | Special Shares | Additional Paid in Capital | Accumulated Other Comprehensive Loss | Deficit | Total | |||||||||||||||||||||
| Nine months ended September 30, 2026 | Shares | Amount | |||||||||||||||||||||||||
| January 1, 2026 | 422,966,333 | $ | 681,343 | $ | — | $ | — | $ | 237,696 | $ | (1,203 | ) | $ | (951,279 | ) | $ | (33,443 | ) | |||||||||
| Conversion of restricted share units, net of shares withheld for taxes | 8,949,307 | 16,762 | — | — | (16,762 | ) | — | — | — | ||||||||||||||||||
| Exercise of stock options | 2,045,126 | 10,248 | — | — | (7,529 | ) | — | — | 2,719 | ||||||||||||||||||
| Share purchase under Employee Stock Purchase Plan | 25,191 | 82 | — | — | (26 | ) | — | — | 56 | ||||||||||||||||||
| Allseas obligation settled with equity | 7,305,567 | 43,176 | — | — | — | — | — | 43,176 | |||||||||||||||||||
| Share-based compensation and expenses settled with equity | — | — | — | — | 52,863 | — | — | 52,863 | |||||||||||||||||||
| Loss for the period | — | — | — | — | — | — | (109,083 | ) | (109,083 | ) | |||||||||||||||||
| September 30, 2026 | 441,291,524 | $ | 751,611 | $ | — | $ | — | $ | 266,242 | $ | (1,203 | ) | $ | (1,060,362 | ) | $ | (43,712 | ) | |||||||||
| Common Shares | Preferred Shares | Special Shares | Additional Paid in Capital | Accumulated Other Comprehensive Loss | Deficit | Total | |||||||||||||||||||||
| Nine months ended September 30, 2025 | Shares | Amount | |||||||||||||||||||||||||
| January 1, 2025 | 340,708,460 | $ | 477,217 | $ | — | $ | — | $ | 138,303 | $ | (1,203 | ) | $ | (631,435 | ) | $ | (17,118 | ) | |||||||||
| Issuance of shares and warrants to Korea Zinc, net of expenses | 19,623,376 | 71,686 | — | — | 13,432 | — | — | 85,118 | |||||||||||||||||||
| Issuance of shares and warrants under 2025 Registered Direct Offering, net of expenses | 12,333,334 | 24,149 | — | — | 12,548 | — | — | 36,697 | |||||||||||||||||||
| Issuance of shares and warrants under 2024 Registered Direct Offering, net of expenses | 5,000,000 | 2,237 | — | — | 2,763 | — | — | 5,000 | |||||||||||||||||||
| Shares issued from ATM | 7,542,996 | 14,784 | — | — | — | — | — | 14,784 | |||||||||||||||||||
| Exercise of Class A warrants | 1,888,270 | 5,467 | — | — | (1,690 | ) | — | — | 3,777 | ||||||||||||||||||
| Exercise of Class B warrants | 7,358,096 | 14,229 | — | — | (6,579 | ) | — | — | 7,650 | ||||||||||||||||||
| Conversion of restricted share units, net of shares withheld for taxes | 10,177,224 | 17,509 | — | — | (17,509 | ) | — | — | — | ||||||||||||||||||
| Exercise of stock options | 4,210,884 | 11,563 | — | — | (8,980 | ) | — | — | 2,583 | ||||||||||||||||||
| Share purchase under Employee Stock Purchase Plan | 12,533 | 12 | — | — | (2 | ) | — | — | 10 | ||||||||||||||||||
| Naoero and Tonga warrant cost | — | — | — | — | 38,056 | — | — | 38,056 | |||||||||||||||||||
| Share-based compensation and expenses settled with equity | — | — | — | — | 62,265 | — | — | 62,265 | |||||||||||||||||||
| Loss for the period | — | — | — | — | — | — | (279,446 | ) | (279,446 | ) | |||||||||||||||||
| September 30, 2025 | 408,855,173 | $ | 638,853 | $ | — | $ | — | $ | 232,607 | $ | (1,203 | ) | $ | (910,881 | ) | $ | (40,624 | ) | |||||||||
| TMC the metals company Inc. Condensed Consolidated Statements of Cash Flows (in thousands of U.S. dollars) (Unaudited) | ||||||||
| Nine months ended September 30, 2026 | Nine months ended September 30, 2025 | |||||||
| Cash used in operating activities | ||||||||
| Loss for the period | $ | (109,083 | ) | $ | (279,446 | ) | ||
| Items not affecting cash: | ||||||||
| Naoero and Tonga warrant cost | — | 38,056 | ||||||
| Amortization | 117 | 173 | ||||||
| Lease expense | 1,430 | 1,430 | ||||||
| Allseas obligation settled with equity | 35,308 | — | ||||||
| Charge on Allseas settlement | 7,868 | — | ||||||
| Share-based compensation and expenses settled with equity | 52,863 | 62,265 | ||||||
| Equity-accounted investment loss (income) | 9,376 | 438 | ||||||
| Gain on dilution of investment | (26,905 | ) | (2,967 | ) | ||||
| Change in fair value of royalty liability | (5,000 | ) | 131,000 | |||||
| Change in fair value of warrant liability | (13,351 | ) | 12,818 | |||||
| Unrealized foreign exchange movement | (987 | ) | 3,451 | |||||
| Interest paid on amounts drawn from credit facilities and short-term debt | — | (823 | ) | |||||
| Changes in working capital: | ||||||||
| Receivables and prepayments | 655 | 284 | ||||||
| Accounts payable and accrued liabilities | 7,565 | 1,825 | ||||||
| Net cash used in operating activities | (40,144 | ) | (31,496 | ) | ||||
| Investing activities | ||||||||
| Investment in investee | (1,000 | ) | — | |||||
| Acquisition of equipment and software | (128 | ) | (140 | ) | ||||
| Proceeds from investee distribution | 263 | 346 | ||||||
| Net cash (used in) generated from investing activities | (865 | ) | 206 | |||||
| Financing activities | ||||||||
| Proceeds from Korea Zinc Private Placement | — | 85,165 | ||||||
| Proceeds from Registered Direct Offerings | — | 42,000 | ||||||
| Expenses paid for Registered Direct Offerings | — | (719 | ) | |||||
| Proceeds from shares issued from ATM | — | 14,784 | ||||||
| Proceeds from exercise of Class A warrants | — | 3,777 | ||||||
| Proceeds from exercise of Class B warrants | — | 7,650 | ||||||
| Repayment of drawn amount on credit facilities | — | (4,275 | ) | |||||
| Repayment of Allseas Working Capital Loan | — | (7,500 | ) | |||||
| Proceeds from exercise of stock options | 2,719 | 2,583 | ||||||
| Proceeds from Employee Stock Purchase Plan | 56 | 10 | ||||||
| Net cash provided by financing activities | 2,775 | 143,475 | ||||||
| (Decrease) increase in cash | $ | (38,234 | ) | $ | 112,185 | |||
| Impact of exchange rate changes on cash | (139 | ) | (17 | ) | ||||
| Cash - beginning of period | 117,633 | 3,480 | ||||||
| Cash - end of period | $ | 79,260 | $ | 115,648 | ||||
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were TMC’s third-quarter 2026 financial results?
TMC reported a net loss of approximately $28.4 million, or $0.06 per share, for the quarter ended September 30, 2026. That compares with a net loss of $184.5 million, or $0.46 per share, a year earlier. Operating cash use was $19.4 million.
When does TMC expect NOAA’s USA-A certification decision?
NOAA expects to notify TMC USA of its final certification determination by mid-December 2026, rather than the end of October. The additional time is for reviewing over 1,600 public comments. Certification would not itself constitute issuance of the commercial recovery permit.
How could TMC process its first nodules if Brownsville is not ready?
TMC may use PAMCO’s existing processing facility in Japan through its five-year partnership. TMC says PAMCO would need plant modifications before receiving the first nodules. TMC’s team and external engineering consultants have been working in Hachinohe to align the processing and offshore schedules.