TMC the metals Co Inc.
Business
TMC the metals Co Inc. is a deep seabed minerals developer focused on collecting, processing and refining polymetallic nodules from the Clarion Clipperton Zone in the Eastern Pacific Ocean. The company develops nodule projects containing nickel, copper, cobalt, manganese and rare earth elements through strategic partnerships with offshore and onshore operators. TMC operates exploration contracts under both international (ISA) and U.S. (NOAA/DSHMRA) regulatory regimes, with subsidiary projects in development and exploration stages targeting critical mineral production for semiconductors, energy infrastructure, aerospace and batteries.
Summary from 10-K filed 2026-03-31
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Exploration and evaluation expenses | 40 | 51 | 50 | 145 | 93 | |
| General and administrative expenses | 100 | 31 | 23 | 30 | 57 | |
| Operating loss | 140 | 81 | 72 | 174 | 150 | |
| Nauru and Tonga warrant costs | 38 | — | — | — | — | |
| Change in fair value of royalty liability | 131 | — | — | — | — | |
| Equity-accounted investment loss | −287,000 | 226,000 | 571,000 | — | — | |
| Gain on dilution of investment | −6 | — | — | — | — | |
| Loss on termination of contract | — | 199,000 | — | — | — | |
| Change in fair value of warrant liability | 12 | −1 | 986,000 | −2 | −9 | |
| Foreign exchange loss (gain) | 4 | −1 | 310,000 | 24,000 | 82,000 | |
| Interest income | −3 | −176,000 | −1 | −1 | 1 | |
| Fees and interest on borrowings and credit facilities | 3 | 3 | 781,000 | — | — | |
| Loss and comprehensive loss for the year, before tax | 320 | 82 | 74 | 171 | 141 | |
| Tax Expense | 144,000 | 48,000 | 41,000 | 77,000 | — | |
| Loss and comprehensive loss for the year | 320 | 82 | 74 | — | — | |
| Loss per share - Basic (in dollars per share) | 0.83 | 0.25 | 0.26 | 0.71 | 0.69 | |
| Loss per share - Diluted (in dollars per share) | 0.83 | 0.25 | 0.26 | 0.71 | 0.69 | |
| Weighted average number of common shares outstanding - basic | 385 | 322 | 289 | 240 | 205 | |
| Weighted average number of common shares outstanding - diluted | 385 | 322 | 289 | 240 | 205 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2023 2023-09-30 | FY 2023 2023-07-31 |
|---|---|---|---|---|---|---|
| Cash | 118 | 3 | 7 | 23 | — | |
| Receivables and prepayments | 3 | 2 | 2 | 5 | — | |
| Total current assets | 121 | 5 | 9 | 28 | — | |
| Exploration assets | 43 | 43 | 43 | 43 | — | |
| Right of use asset | 2 | 4 | 6 | 6 | 7 | |
| Equipment | 519,000 | 771,000 | 1 | 2 | — | |
| Software | 2 | 2 | 2 | — | — | |
| Investments | 13 | 8 | 8 | 9 | — | |
| Total non-current assets | 61 | 58 | 60 | 60 | — | |
| TOTAL ASSETS | 182 | 63 | 69 | 88 | — | |
| Accounts payable and accrued liabilities | 46 | 43 | 31 | 19 | — | |
| Short-term debt | — | 12 | — | — | — | |
| Warrants liability | 13 | — | — | — | — | |
| Total current liabilities | 59 | 55 | 31 | 19 | — | |
| Deferred tax liability | 11 | 11 | 11 | 11 | — | |
| Royalty liability | 145 | 14 | 14 | 14 | — | |
| Warrants liability | — | 912,000 | — | — | — | |
| Total non-current liabilities | 156 | 26 | 27 | — | — | |
| TOTAL LIABILITIES | 215 | 80 | 58 | 46 | — | |
| Common shares (unlimited shares, no par value - issued: 422,966,333 (December 31, 2024 - 340,708,460)) | 681 | 477 | 438 | 434 | — | |
| Additional paid - in capital | 238 | 138 | 123 | 124 | — | |
| Accumulated other comprehensive loss | −1 | −1 | −1 | −1 | — | |
| Deficit | −951 | −631 | −549 | −515 | — | |
| TOTAL EQUITY | −33 | −17 | 11 | 42 | — | |
| TOTAL LIABILITIES AND EQUITY | 182 | 63 | 69 | 88 | — |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Loss for the year | −320 | −82 | −74 | — | — | |
| Amortization | 252,000 | 362,000 | 360,000 | 418,000 | 453,000 | |
| Lease expense | 2 | 2 | 800,000 | — | — | |
| Accrued interest on credit facilities | — | 416,000 | — | — | — | |
| Share-based compensation and expenses settled with equity | 97 | 25 | 12 | 20 | 75 | |
| Unrealized foreign exchange | 3 | −1 | −51,000 | −53,000 | −15,000 | |
| Interest paid on amounts drawn from credit facilities and short-term debt | −823,000 | −73,000 | — | — | — | |
| Corporate income taxes paid during the year | −93,000 | −34,000 | — | — | — | |
| Receivables and prepayments | −1 | 127,000 | 748,000 | 960,000 | −3 | |
| Accounts payable and accrued liabilities | 1 | 12 | −2 | 15 | 22 | |
| Net cash used in operating activities | −43 | −43 | −60 | −67 | −56 | |
| Proceeds from investee distribution | 692,000 | — | — | — | — | |
| Acquisition of equipment and software | −245,000 | −515,000 | −578,000 | — | — | |
| Net cash provided by (used in) investing activities | 447,000 | −515,000 | −578,000 | −1 | −4 | |
| Proceeds from Korea Zinc Private Placement | 85 | — | — | — | — | |
| Proceeds from Registered Direct Offerings | 42 | 24 | 16 | — | — | |
| Expenses paid for Registered Direct Offerings | −734,000 | −357,000 | −1 | — | — | |
| Proceeds from shares issued from At-the-Market Distribution Agreement | 15 | 5 | 30,000 | 30 | — | |
| Proceeds from drawdown of Credit Facilities | — | 4 | — | — | — | |
| Repayment of drawn amount on Credit Facilities | −4 | — | — | — | — | |
| Proceeds from drawdown of Allseas Short-Term Debt | — | 2 | — | — | — | |
| Repayment of Allseas Short-Term Debt | — | −2 | — | — | — | |
| Proceeds from drawdown of Allseas Working Capital Loan Agreement | — | 8 | — | — | — | |
| Repayment of Allseas Working Capital Loan | −8 | — | — | — | — | |
| Proceeds from Employee Stock Purchase Plan | 67,000 | 39,000 | 102,000 | 114,000 | — | |
| Proceeds from exercise of stock options | 3 | 463,000 | 77,000 | 76,000 | 4 | |
| Net cash provided by financing activities | 157 | 41 | 20 | 30 | 135 | |
| Increase/(Decrease) in cash | 114 | −3 | −40 | −38 | 75 | |
| Impact of exchange rate changes on cash | −28,000 | −65,000 | 51,000 | 53,000 | 10,000 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is TMC the metals Co Inc.'s CIK number?
TMC the metals Co Inc.'s SEC CIK number is 0001798562 (1798562). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find TMC the metals Co Inc.'s SEC filings?
All of TMC the metals Co Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did TMC the metals Co Inc. last report earnings?
TMC the metals Co Inc. (TMC) most recently filed an earnings 8-K with the SEC on May 14, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001104659-26-061202). This is TMC the metals Co Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is TMC the metals Co Inc.'s most recent earnings 8-K?
TMC the metals Co Inc.'s latest earnings 8-K (Item 2.02) was filed May 14, 2026 under accession 0001104659-26-061202. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View TMC the metals Co Inc.'s latest earnings 8-K →
Look up any company's CIK number →