Logo

TMC

TMC the metals company Inc.

TMC

TMC the metals company Inc. • NASDAQ
$6.96 ▲ 19.38% (+1.13)
Market Cap $2.87 B
52w High $11.35
52w Low $0.72
Dividend Yield 0%
P/E -8.81
Volume 17.73M
Outstanding Shares 413.03M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $55.302M ▲ $-184.517M ▼ 0% $-0.57 ▼ $-183.656M ▼
Q2-2025 $0 $21.975M ▲ $-74.341M ▼ 0% $-0.2 ▼ $-73.45M ▼
Q1-2025 $0 $18.015M ▲ $-20.588M ▼ 0% $-0.06 ▼ $-19.509M ▼
Q4-2024 $0 $16.266M ▼ $-16.061M ▲ 0% $-0.05 ▲ $-14.707M ▲
Q3-2024 $0 $19.962M $-20.52M 0% $-0.063 $-19.822M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $115.648M ▼ $175.615M ▲ $216.239M ▲ $-40.624M ▼
Q2-2025 $115.759M ▲ $173.694M ▲ $91.834M ▲ $81.86M ▲
Q1-2025 $2.346M ▼ $64.485M ▲ $81.251M ▲ $-16.766M ▲
Q4-2024 $3.48M ▲ $62.998M ▲ $80.116M ▼ $-17.118M ▲
Q3-2024 $360K $61.312M $82.781M $-21.469M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-184.517M ▼ $-11.487M ▼ $-20K ▼ $11.406M ▼ $-111K ▼ $-11.507M ▼
Q2-2025 $-74.341M ▼ $-10.662M ▼ $296K ▲ $123.776M ▲ $113.413M ▲ $-10.712M ▼
Q1-2025 $-20.588M ▼ $-9.347M ▲ $-70K ▼ $8.293M ▼ $-1.134M ▼ $-9.417M ▲
Q4-2024 $-16.061M ▲ $-13.791M ▼ $-50K $17.373M ▲ $3.12M ▲ $-13.841M ▼
Q3-2024 $-20.52M $-5.711M $-50K $5.601M $-114K $-5.761M

Five-Year Company Overview

Income Statement

Income Statement TMC is still essentially a pre-revenue company: it has almost no sales and has been reporting steady losses each year. Those losses appear driven by development, engineering, and corporate costs rather than any mature operating business. The level of losses has been fairly consistent, not exploding higher, but there is no sign yet of a path to profitability because commercial operations have not started. Financial performance today is more like a research-stage venture than a traditional mining company.

Balance Sheet

Balance Sheet The balance sheet is very light, with a small base of assets and only modest cash on hand. Equity has recently slipped into negative territory, which means accumulated losses now exceed the book value of assets. Debt remains limited, so leverage is not yet a major problem, but the thin capital cushion raises questions about financial resilience and the need for fresh funding. Overall, the balance sheet reflects an early-stage, capital-hungry project rather than a fully funded mining operation.

Cash Flow

Cash Flow TMC consistently burns cash from operations, reflecting ongoing spending on technology, studies, and overhead without offsetting revenue. There is little to no capital spending yet on large-scale physical assets, so cash use is mainly operating rather than big construction at this stage. Because the business does not fund itself from internal cash generation, it depends heavily on external financing to keep progressing. The pattern is typical of a development-stage resource company but underscores financing risk if funding conditions tighten.

Competitive Edge

Competitive Edge TMC’s main competitive strength is its early and exclusive access to large seabed areas rich in battery metals, secured through international exploration contracts. Its partnership with a specialized offshore engineering firm adds operational know-how that would be hard for new entrants to quickly replicate. At the same time, the company faces substantial headwinds: unclear global rules for deep-sea mining, strong environmental scrutiny, and the fact that competitors could emerge if regulations eventually open the door more widely. The company’s position is potentially powerful but highly dependent on regulatory outcomes and public acceptance.

Innovation and R&D

Innovation and R&D TMC is heavily focused on innovation, from its deep-sea nodule collection vehicle to plume-control systems and advanced onshore processing designed to minimize waste. It has demonstrated at small scale that it can turn nodules into battery-grade materials, which is a meaningful technical milestone. However, most of this technology is still unproven at full commercial scale and must operate reliably in extremely harsh deep-ocean conditions. Future progress reports on pilot operations, environmental impact data, and processing efficiency will be key indicators of whether its R&D translates into a workable industrial system.

Summary

TMC is a high-risk, early-stage venture aiming to open an entirely new source of critical battery metals from the deep ocean. Financially, it remains pre-revenue, loss-making, and dependent on external funding, with a thin balance sheet that leaves little room for setbacks. Strategically, it holds valuable seabed rights and has built notable technical partnerships, giving it a potential first-mover edge if deep-sea mining is ultimately allowed and accepted. The core uncertainties lie in regulation, environmental approval, technology scale-up, and long-term financing. The company’s future will hinge less on current financial metrics and more on whether it can clear these scientific, political, and capital-raising hurdles in the coming years.

NEWS

November 13, 2025 · 4:01 PM UTC

The Metals Company Announces Third Quarter 2025 Corporate Update

Read more

November 6, 2025 · 8:05 AM UTC

The Metals Company Announces Third Quarter 2025 Corporate Update Conference Call for Thursday, November 13, 2025

Read more