Every 10-Q that TMC the metals company Inc. (TMC) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow TMC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full TMC filings page.
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 remains a pre‑revenue developer and reported a net loss of $20.6 million for the three months ended March 31 2026, similar to the prior‑year period. The loss was driven mainly by exploration and evaluation expenses of $13.3 million and general and administrative expenses of $20.7 million, including significant share‑based compensation.
Cash was $119.7 million and total assets $184.9 million, against total liabilities of $212.2 million, leaving negative equity of $27.3 million due largely to a long‑term royalty liability of $145 million and an accumulated deficit of $971.9 million. Net cash used in operating activities was modest at $0.6 million in the quarter because many costs were non‑cash.
The company continues to focus on securing permits and building infrastructure for future deep‑sea nodule production. Its U.S. subsidiary’s consolidated application for an exploration license and commercial recovery permit under the Deep Seabed Hard Mineral Resources Act has been found in full compliance and has entered the certification review stage. After quarter‑end, TMC signed a development and production contract with Allseas for an offshore collection system targeting 3.0 million tonnes of wet nodules per year and agreed to settle $34.4 million of amounts owed to Allseas through issuance of 7,377,835 common shares.
TMC the metals company Inc. reported a larger quarterly loss as it ramped financing and recorded non-cash fair value changes. For the quarter ended September 30, 2025, net loss was $184.5 million, driven by a $131.0 million increase in the fair value of its royalty liability and higher share-based compensation. Operating expenses included exploration and evaluation of $9.6 million and general and administrative of $45.7 million.
Liquidity improved: cash was $115.6 million and total assets $175.6 million, supported by an $85.2 million investment from Korea Zinc and a $37.0 million registered direct offering, plus $14.8 million from ATM sales. Total liabilities were $216.2 million, with equity at $(40.6) million. Year to date, the company expensed $38.1 million related to Nauru and Tonga warrants and recognized $62.3 million of share-based compensation.
Shares outstanding were 408,855,173 as of September 30, 2025, and 413,492,045 as of November 12, 2025. Accounts payable and accrued liabilities were $46.8 million, including $32.9 million owed to Allseas and affiliates. Net cash provided by financing activities was $143.5 million, lifting period-end cash balances.
TMC The Metals Company Inc. reported progress on permitting, financing and development of seafloor polymetallic nodule activities. The company submitted two exploration license applications (TMC USA-A and TMC USA-B) covering a combined 199,895 square kilometers to NOAA and a commercial recovery permit for a subset of TMC USA-A covering over 25,160 square kilometers, described as the first DSHMRA commercial recovery submission. Shares outstanding were 397,155,318 (December 31, 2024: 340,708,460).
The filing details multiple financing events and facilities: receipt of $85.2 million from Korea Zinc (net proceeds $83.3 million), proceeds from registered direct and ATM programs, amendments expanding a 2024 credit facility to $44 million with maturity extended to June 30, 2026, cancellation of an undrawn 2023 facility with $2 million underutilization fees, and repayment of a $7.5 million Working Capital Loan in Q2 2025. The company recorded a $33.1 million expense for Nauru warrants and noted share-based compensation expense and reserve levels for equity plans. The company continues exploration and development work, incurred technology and development costs, and disclosed contingent obligations and guarantees related to NORI and the Republic of Nauru.