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TMC the metals company (TMC) investor relations material
TMC the metals company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Pivoted operations to the U.S., filed three NOAA applications, and published two SEC-compliant technical reports with a total resource value exceeding $23 billion.
Holds $165M in liquidity as of November 13, 2025, with no immediate need to raise capital from public markets.
Achieved industry firsts in resource statements, pilot mining, and near-zero waste processing, including world-first nodule reserves and battery-grade manganese sulfate production.
U.S. regulatory progress is advancing, with a clear permitting path, support from executive orders, and full compliance status for exploration applications; commercial production targeted for Q4 2027.
Positioned to supply critical battery metals, addressing U.S. dependence on imports for Ni, Mn, Co, and Cu.
Financial highlights
Q3 2025 net loss was $184.5 million ($0.46/share), up from $20.5 million ($0.06/share) in Q3 2024, driven by non-cash royalty liability increases, warrant costs, and higher G&A expenses.
Cash balance was $115.6M at September 30, 2025, rising to $165M post-quarter from warrant and stock option exercises.
Exploration and evaluation expenses decreased to $9.6M from $11.8M year-over-year; G&A expenses rose to $45.7M from $8.1M, mainly due to $35M in share-based compensation.
Significant non-cash items included a $131M increase in royalty liability and $38.1M in warrant costs for Nauru and Tonga sponsorships.
Free cash flow for Q3 2025 was -$11.5M, down from -$5.9M in Q3 2024; total assets at September 30, 2025, were $175.6M, with total liabilities of $216.2M.
Outlook and guidance
Targeting commercial production in Q4 2027, with regulatory and technical milestones aligned to this timeline.
Management anticipates sufficient liquidity for at least the next 12 months, but additional financing will be required for commercialization.
U.S. regulatory process changes may accelerate permitting, but Q4 2027 production start remains on track regardless.
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Next TMC the metals company earnings date
Q4 202523 Mar, 2026
Next TMC the metals company earnings date
Q4 202523 Mar, 2026
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Frequently asked questions
TMC the metals company Inc. is a Canada-based company focused on the exploration and development of deep-sea mineral resources. The company specializes in harvesting polymetallic nodules from the ocean floor, which contain key metals such as nickel, cobalt, copper, and manganese. These materials are critical for the production of batteries, electric vehicles, and renewable energy technologies. The company is headquartered in Vancouver, British Columbia, and its shares are listed on the NASDAQ.
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