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TMC the metals company Inc. is a development-stage deep seabed minerals company with no operating revenue, reporting a net loss of $60.1 million for the quarter and $80.7 million for the six months ended June 30, 2026, compared with losses of $74.3 million and $94.9 million in the prior-year periods. Operating expenses rose sharply, driven by a jump in exploration and evaluation expenses to $56.1 million in the quarter, largely from mining, technology and process development and the new Allseas commercial nodule collection system agreement.
Cash was $98.7 million at June 30, 2026 (down from $117.6 million at year-end), with operating cash use of $20.7 million in the first half and modest financing inflows from option exercises and the employee share purchase plan. The balance sheet shows a substantial royalty liability of $145.0 million and negative equity of $27.4 million. TMC recorded a $23.1 million gain on dilution of its equity-method investment in The Metals Royalty Company, partially offsetting higher operating costs. On the regulatory front, its U.S. subsidiary’s consolidated application under DSHMRA for a CCZ exploration license and commercial recovery permit has been found in full compliance and advanced to certification and environmental review stages, while ISA contract extensions and related proceedings continue.
TMC the metals company Inc. reported second quarter 2026 results and a broad regulatory and project update. For the quarter ended June 30, 2026, the company recorded a net loss of $60.1 million, or $0.14 per share, improving from a $74.3 million loss a year earlier. Exploration and evaluation expenses rose sharply to $56.1 million from $10.5 million, driven by a $37.2 million settlement of initial and negotiated costs owed to Allseas and higher share-based compensation and prefeasibility study spending. General and administrative expenses increased to $15.6 million from $11.5 million. At June 30, 2026, TMC held $98.7 million in cash, reported no financial debt, and stated it believes this liquidity will cover working capital and capex needs for at least the next twelve months.
Regulatory milestones included NOAA determining TMC USA’s consolidated USA-A deep-seabed mining application is in full compliance and formally certifying the USA-B exploration license application. The USA-A area covers about 65,000 km² with an estimated 619 million tonnes of polymetallic nodules plus potential upside, while USA-B spans about 122,000 km² with an estimated 1.02 billion tonnes. Internationally, the Seabed Disputes Chamber of ITLOS ordered provisional measures protecting the due process rights of TMC subsidiaries NORI and TOML, and the ISA Council approved a five-year extension of NORI’s exploration contract.
On the project side, TMC and Allseas signed a commercial agreement for the first offshore nodule recovery system, targeting commissioning in Q4 2027 with a nameplate capacity of 3.0 million wet tonnes of nodules per year, subject to approvals. TMC USA entered a Master Services Agreement with Mariana Minerals for phased concept and design work at the Port of Brownsville, Texas, and TMC signed an exclusive offshore survey and exploration services agreement with Eco Minerals. TMC highlighted its equity stake of 22.4% in The Metals Royalty Co., which holds a 2.0% gross overriding royalty on the NORI area, alongside an option to repurchase up to 75% of that royalty.
Allseas Group S.A. and affiliated entities report an increased stake in TMC the metals Co Inc. following a share issuance tied to a commercial contract. On July 1, 2026, Allseas Group S.A. acquired 7,305,567 TMC Common Shares at $4.66 per share under a Contract for Development Work and Commercial Production effective March 30, 2026.
Based on 433,221,138 TMC Common Shares outstanding, Allseas Group S.A. and Allseas Investments S.A. may be deemed to beneficially own 66,502,501 shares, or about 15.4% of the company. Argentum Cedit Virtuti NV, Stichting Administratiekantoor Aequa Lance Foundation and Edward Heerema may be deemed to beneficially own 67,502,501 shares, or about 15.6%. The new shares were issued in a private transaction relying on a Section 4(a)(2) exemption and are not registered for public resale.
TMC the metals Co Inc. reported that major shareholder Allseas Group S.A. acquired additional common shares. On July 1, 2026, Allseas acquired 7,305,567 common shares of TMC pursuant to a Contract for Development Work and Commercial Production between a wholly owned Allseas subsidiary and TMC.
The footnotes state that these common shares were issued at $4.66 per share under that commercial arrangement, rather than through a cash open‑market purchase. Following the transaction, one reported line shows 62,419,168 common shares directly owned. The filing notes that related entities and Mr. Edward Heerema may be deemed beneficial owners but each disclaims beneficial ownership except to the extent of their pecuniary interest.
Madsbjerg Christian reported acquisition or exercise transactions in this Form 4 filing.
TMC the metals Co Inc. director Christian Madsbjerg reported stock-based compensation awards in the form of restricted stock units (RSUs).
He was granted 16,528 common-share RSUs that vested immediately upon issuance and 19,075 additional RSUs that vest on the date of the company’s 2027 annual meeting of shareholders, subject to his continued board service. These awards were made under TMC’s Nonemployee Director Compensation Policy and 2021 Equity Incentive Plan, and there were no open-market purchases or sales involved.
TMC the metals Co Inc. director Brendan May reported compensation-related share activity. On May 29, 2026, he was granted 16,528 restricted stock units (RSUs) under the 2021 Equity Incentive Plan, vesting at the company’s 2027 annual shareholder meeting, subject to continued service.
On June 2, 2026, 20,768 common shares were sold at an average price of $6.42, in multiple trades between $6.40 and $6.46 per share. According to the disclosure, these sales were executed automatically to cover tax withholding obligations from RSU vesting and were not discretionary trades. After these transactions, May directly holds 193,346 common shares.
Khama Sheila reported acquisition or exercise transactions in this Form 4 filing.
TMC the metals Co Inc. director Sheila Khama reported equity awards rather than market trades. On May 29, 2026, she received two grants totaling 33,844 common shares at a stated price of $0.00 per share.
According to the footnotes, 16,528 restricted stock units (RSUs) were granted in lieu of cash fees under the Nonemployee Director Compensation Policy and vested immediately. A separate 17,316 RSU grant will vest on the company’s 2027 annual shareholder meeting date, contingent on her continued board service.
Karkar Andrei reported acquisition or exercise transactions in this Form 4 filing.
TMC the metals Co Inc. director and ten percent owner Andrei Karkar reported stock-based compensation and updated holdings. He received two grants of common-share-based restricted stock units on May 29, 2026: one for 16,528 shares that vested immediately in lieu of cash fees under the Nonemployee Director Compensation Policy, and another for 17,857 shares scheduled to vest on the company’s 2027 annual meeting date if he continues serving as a director.
After these awards, Karkar directly holds 459,996 common shares. Separately, 60,953,495 common shares are held indirectly through ERAS Capital LLC, where he is managing member, with a footnote stating he may be deemed to share voting and dispositive power but disclaims beneficial ownership beyond any pecuniary interest.
TMC the metals Co Inc. disclosed that director Andrew Hall received equity awards in the form of restricted stock units instead of cash fees. He was granted 16,528 common-share RSUs that vested immediately and an additional 18,263 RSUs scheduled to vest on the date of the company’s 2027 annual shareholder meeting, contingent on his continued board service. Each RSU converts into one common share upon vesting.
Greig Andrew Carlyle reported acquisition or exercise transactions in this Form 4 filing.
TMC the metals Co Inc. director Andrew Carlyle received equity compensation in the form of restricted stock units instead of cash fees. On May 29, 2026, he was granted a total of 36,820 common shares through two RSU awards at no cash cost.
One RSU grant vested immediately upon issuance, while the other is scheduled to vest on the date of the company’s 2027 annual meeting of shareholders, subject to his continued board service.