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TMCWW

TMC the metals company Inc.

TMCWW

TMC the metals company Inc. • NASDAQ
$1.46 ▲ 43.14% (+0.44)
Market Cap $603.02 M
52w High $3.84
52w Low $0.05
Dividend Yield 0%
P/E -2.32
Volume 658.47K
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 a pre-revenue, development-stage company. Over the last several years it has generated essentially no meaningful sales, and its costs have consistently been higher than any income it brings in. Losses appear to have narrowed somewhat in the most recent years, but the business is still clearly in the spending-and-building phase rather than the earning-cash phase. That means results today are driven by research, engineering, and corporate overhead, not by operating mines or processing plants. Profitability will depend entirely on whether it can move from testing to commercial production and do so at attractive metal prices and operating costs.

Balance Sheet

Balance Sheet The balance sheet is very small and quite thin for an industrial project of this ambition. Total assets have drifted down over time, and cash has been drawn down from earlier levels. Shareholders’ equity has recently slipped into negative territory, which signals accumulated losses have more than offset past capital raised. There is only a modest amount of debt so far, but the combination of limited assets, low cash, and negative equity suggests the company is financially fragile and highly dependent on future funding to keep advancing its projects. Any delays or cost overruns could put added pressure on its financial position.

Cash Flow

Cash Flow Cash flow is consistently negative and entirely driven by operating and development spending. There is no offsetting inflow from a producing business, and capital spending on physical assets is still minimal, reflecting the early stage of the project. In practical terms, the company is burning cash every year and must rely on external capital—equity raises, partnerships, or new debt—to fund its plans. Until commercial production starts and stabilizes, investors should expect this pattern of cash outflows to continue and possibly increase as it moves into more capital-intensive phases.

Competitive Edge

Competitive Edge TMC is trying to build an early lead in a brand‑new niche: deep‑sea polymetallic nodule collection. Its main strengths are its early start, access to promising seabed areas, and strong technical and commercial partners in offshore engineering, metals trading, and refining. These relationships and its claimed “capital‑light” approach could help it scale faster than a go‑it‑alone rival. However, the competitive landscape is unusual: the real competition is not just other deep‑sea miners, but also established land-based producers, evolving battery chemistries that might use fewer of these metals, and public and regulatory resistance to deep‑sea mining. TMC’s position could be powerful if the industry is allowed and accepted, but it is also highly exposed to regulatory, environmental, and reputational pushback.

Innovation and R&D

Innovation and R&D Innovation is the core of TMC’s story. It is developing technologies to collect nodules from very deep water, move them to surface vessels, and process them onshore with minimal solid waste. Collaborations with firms like Allseas and PAMCO, and the concept of a “digital twin” for environmental monitoring, show a strong focus on engineering and data-driven oversight. The company is also working on processing flowsheets that aim to use nearly all of the nodule mass and potentially handle recycled materials in the future. The upside is a potentially more efficient, lower‑footprint supply of critical metals; the downside is that much of this is still being proven at scale. Technical feasibility, real-world environmental impact, and regulatory acceptance remain key uncertainties, even if early tests have been encouraging.

Summary

TMC is a high‑risk, early‑stage resource technology company rather than a traditional, cash‑generating miner. Financially, it has a thin balance sheet, ongoing losses, and steady cash burn, which together make it heavily reliant on continued external funding and supportive partners. Strategically, it has notable advantages: early access to a large resource, strong industrial allies, and a differentiated technology and sustainability narrative around deep‑sea nodules. At the same time, its future depends on several big “ifs”: whether deep‑sea mining is permitted at scale, whether the environmental impact is seen as acceptable, whether the technology works reliably and economically at commercial volumes, and whether demand and pricing for the contained metals stay supportive. Outcomes could be very favorable if these pieces come together, but the path is uncertain and inherently volatile given the regulatory, environmental, and execution risks involved.