TMC the metals Co Inc. Earnings Per Share Disclosure
19.Loss per Share
Basic loss per share is computed by dividing the loss by the weighted-average number of common shares of the Company outstanding during the year. Diluted loss per share is computed by giving effect to all common share equivalents of the Company, including outstanding stock options, RSUs, warrants, Special Shares and options to purchase Special Shares, to the extent these are dilutive. Basic and diluted loss per share was the same for each year presented as the inclusion of all common share equivalents would have been anti-dilutive.
Anti-dilutive equivalent common shares were as follows:
For the year ended | For the year ended | |||
December 31, | December 31, | |||
| 2025 | | 2024 | |
Outstanding options to purchase common shares | 30,377,325 | 27,885,450 | ||
Outstanding RSUs |
| 48,322,148 |
| 34,312,655 |
Outstanding shares under ESPP | 793 | 1,882 | ||
Outstanding warrants |
| 55,850,282 |
| 38,180,770 |
Outstanding Special Shares and options to purchase Special Shares |
| 136,004,597 |
| 136,239,964 |
Total anti-dilutive common equivalent shares |
| 270,555,145 |
| 236,620,721 |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Mar 27, 2025 | |
| 2023 | Mar 25, 2024 | |
| 2022 | Mar 27, 2023 | |
| 2021 | Mar 25, 2022 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.